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Bitcoin => Bitcoin Discussion => Topic started by: Outhue on February 06, 2023, 06:09:35 AM



Title: Lost Bitcoin?
Post by: Outhue on February 06, 2023, 06:09:35 AM
If we want crypto currency to be a currency we have to keep spending right? But at the same time it's something worth keeping too since I do the same with my fiat in bank for more than 2years without touching it. Is it possible to say that Bitcoin in every wallets for the past 2years without moving are considered lost due to death or lost recovery keys? It's pretty hard to believe that anyone won't come back for their Bitcoin after 2years with no activities on the wallet.


Title: Re: Lost Bitcoin?
Post by: Charles-Tim on February 06, 2023, 06:14:04 AM
If we want crypto currency to be a currency we have to keep spending right? But at the same time it's something worth keeping too since I do the same with my fiat in bank for more than 2years without touching it.
Keeping fiat in savings for 2 years? When fiat do depreciates in value.

Is it possible to say that Bitcoin in every wallets for the past 2years without moving are considered lost due to death or lost recovery keys? It's pretty hard to believe that anyone won't come back for their Bitcoin after 2years with no activities on the wallet.
Even bitcoin mined in earliest time of bitcoin creation can not be considered as lost bitcoin, it is possible that the owner do not just want to spend it yet or do not want to spend it but still has the key.


Title: Re: Lost Bitcoin?
Post by: Despairo on February 06, 2023, 06:18:54 AM
A wallet without any transaction for 2 year is considered as the owner is death or lost seeds? no way, there are many people are holding Bitcoin for more than 2 years without moving it because they're trying for long term holding.

Bitcoin is still 13 years old which is same like a child enter junior high school, I would say Bitcoin is really lost when the age of Bitcoin is exceed the average person lifespan, around 60-80 years old. It's just my assumption though, there's still a little chance those Bitcoin will be moved because we don't know what the next technology or the previous owner hide their seeds.


Title: Re: Lost Bitcoin?
Post by: hd49728 on February 06, 2023, 06:25:11 AM
If we want crypto currency to be a currency we have to keep spending right?
Having chances to move and trade your cryptocurrency is one of most important reasons we invest, trade, speculate in one cryptocurrency. If we can not sell after buying, we should not buy at beginning.

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But at the same time it's something worth keeping too since I do the same with my fiat in bank for more than 2years without touching it.
If that bank is bankrupted, you won't be able to touch your fiat after more than 2 years but with Bitcoin, no bank controls it, no damage from any bankruptcy.

Quote
Is it possible to say that Bitcoin in every wallets for the past 2years without moving are considered lost due to death or lost recovery keys? It's pretty hard to believe that anyone won't come back for their Bitcoin after 2years with no activities on the wallet.
2 years are too short time but some inactive UTXOs 2years+ can be lost bitcoins but some others are not lost bitcoins. It is just owners did not move it after 2 years +. Especially strong hodlers who want to invest more than 4 or 8 years.


Title: Re: Lost Bitcoin?
Post by: yudi09 on February 06, 2023, 06:32:35 AM
If for two years fiat is kept in the bank, they keep rotating our money and it looks like it will be profitable because of interest when it is just a wind of heaven sold by them to get customers. If we keep a large amount of fiat, then one day when we need it and want to withdraw it, the bank will make excuses by telling us to come back in the next few days. That's my experience.
Not to mention the decline in value.

It's different from keeping Bitcoin in a wallet for years. Whenever the owner needs it, then we can use it. If Bitcoin was stored for 1 year ago, maybe the benefits we can get have made us a rich man, especially those who store in a wallet before Bitcoin has the current price.

Not lost, but don't want to use it. Maybe this is the same as what was said above.


Title: Re: Lost Bitcoin?
Post by: m2017 on February 06, 2023, 06:33:39 AM
If we want crypto currency to be a currency we have to keep spending right? But at the same time it's something worth keeping too since I do the same with my fiat in bank for more than 2years without touching it. Is it possible to say that Bitcoin in every wallets for the past 2years without moving are considered lost due to death or lost recovery keys? It's pretty hard to believe that anyone won't come back for their Bitcoin after 2years with no activities on the wallet.
In part, it is. For bitcoin to remain a currency, it must be used as a currency that circulates among p2p people. In part, this is what happens, but the cryptocurrency also began to be used as an investment instrument. Therefore, some of them are in sleep mode and don't move at all. It is impossible to say for sure which of the immobile btc are currently dormant and which are lost. 2 years no transactions or 20 years - time is not a determining factor. About a year ago there was news that btc were moved, which were immobile since it were mined over 10 years ago and which didn't move anywhere. As you can see, this happens, but many might think that those same bitcoin are irretrievably lost.


Title: Re: Lost Bitcoin?
Post by: Maus0728 on February 06, 2023, 06:33:42 AM
It's pretty hard to believe that anyone won't come back for their Bitcoin after 2years with no activities on the wallet.
You can't truly consider it lost as long as that person has access to their private keys. Additionally, since it is their bitcoin, they are free to do whatever they want with it, including holding onto it or spending it elsewhere.

Remember the term sovereignty, which Bitcoin is also known for? That's that.


Title: Re: Lost Bitcoin?
Post by: witcher_sense on February 06, 2023, 07:03:20 AM
If we want crypto currency to be a currency we have to keep spending right? But at the same time it's something worth keeping too since I do the same with my fiat in bank for more than 2years without touching it. Is it possible to say that Bitcoin in every wallets for the past 2years without moving are considered lost due to death or lost recovery keys? It's pretty hard to believe that anyone won't come back for their Bitcoin after 2years with no activities on the wallet.
First, a single individual can have dozens of bitcoin addresses on multiple wallets,  which he may use for different purposes, including daily expenses, paying bills, and long-term hodling. In other words, you can't determine whether a particular person is dead or alive just by looking at blockchain activity; for this, you need to know all his accounts and all his bitcoin addresses, which is impossible. Second, if a person doesn't spend his bitcoin, it usually means he has a job or other source of income that enables him to successfully fight the urge to spend the scarcest asset on planet Earth: he can even buy more bitcoin with money he earns on fiat job. Third, why do even care what people do with their own money? Their inactivity doesn't prevent you from using bitcoin as a means of exchange because there are many people who live off bitcoin and spend it on a daily basis. You surely will find with whom to transact, and this way you can promote the usage of bitcoin.


Title: Re: Lost Bitcoin?
Post by: serveria.com on February 06, 2023, 07:48:35 AM
If we want crypto currency to be a currency we have to keep spending right? But at the same time it's something worth keeping too since I do the same with my fiat in bank for more than 2years without touching it. Is it possible to say that Bitcoin in every wallets for the past 2years without moving are considered lost due to death or lost recovery keys? It's pretty hard to believe that anyone won't come back for their Bitcoin after 2years with no activities on the wallet.

Dude, I personally know at least a handful of guys who have been hodling for 5, 8 years and longer. I'm hodling since 2011 myself. I don't think that coins sitting in a wallet untouched for 2 years can be considered lost or abandoned. Of course, there are case of owners forgetting passwords, disk drive failing, owner dying or going missing but these make up a small part of all older wallets/addresses with balance.


Title: Re: Lost Bitcoin?
Post by: livingfree on February 06, 2023, 07:50:58 AM
If we want crypto currency to be a currency we have to keep spending right? But at the same time it's something worth keeping too since I do the same with my fiat in bank for more than 2years without touching it.
Have you checked the policy of the bank where you've kept your savings for 2 years without even touching it? In all banks, they have a policy about account dormancy and that might be too long already so, I suggest you to check it once in a while.

Is it possible to say that Bitcoin in every wallets for the past 2years without moving are considered lost due to death or lost recovery keys? It's pretty hard to believe that anyone won't come back for their Bitcoin after 2years with no activities on the wallet.
Nope. Not really, there have been dormant wallets that have even moved after more than 5 years. We can just ignore that thing as most of us are holding for so long.

As long as we know how to keep our keys safe, we can leave it there for so many years being untouched and will just have to get back on it eventually if we're satisfied on the price and if we want to spend or sell it already.


Title: Re: Lost Bitcoin?
Post by: ajiz138 on February 06, 2023, 08:04:08 AM
If for two years fiat is kept in the bank, they keep rotating our money and it looks like it will be profitable because of interest when it is just a wind of heaven sold by them to get customers. If we keep a large amount of fiat, then one day when we need it and want to withdraw it, the bank will make excuses by telling us to come back in the next few days. That's my experience.
Not to mention the decline in value.

Saving money in a bank is like that what we have saved to the bank then it will be rotated by them with the various benefits they offer or loaned back to other customers, so it is clear that when we ask for a large amount of withdrawal it will not be direct disbursement and the bank will definitely be looking for cash to collect in a few days.
Well because of inflation so depreciation occurs frequently even in the recession that we have been facing so far, so in this case it is different from bitcoin which we know with a value that will tend to continue to rise.

I'm hodling since 2011 myself. I don't think that coins sitting in a wallet untouched for 2 years can be considered lost or abandoned. Of course, there are case of owners forgetting passwords, disk drive failing, owner dying or going missing but these make up a small part of all older wallets/addresses with balance.

I also don't think a wallet that hasn't moved for 2 years is considered lost even with as you said there are many who have more than 2 years of wallets without moving they can still access it as long as the sheed phrase, the password with a safe store, because for me no matter how many years we leave the wallet without moving it will not be lost.


Title: Re: Lost Bitcoin?
Post by: NeuroticFish on February 06, 2023, 08:12:43 AM
Is it possible to say that Bitcoin in every wallets for the past 2years without moving are considered lost due to death or lost recovery keys?

No. Not at all. Whoever wants people think like that have malicious intentions. No matter for how long the money is not touched, if one has ideas to get that money away - under whatever reasons - that's plain theft.

* There are people and institutions holding for at very least 5 years.
* There are people using paper wallets, collectible items holding bitcoin and other things for many years. The coins are not moved, but they're most probably regularly checked.
* I expect successful LN channels stay open for many years.

And there are just few examples people have bitcoins not moved for many years. And 2 years? That's nothing. Even with 10 years time frame I would not be certain (!), since in 2011 there were already made Casascius coins.


Title: Re: Lost Bitcoin?
Post by: jeraldskie11 on February 06, 2023, 09:00:06 AM
There are many users who hold Bitcoin but their keys were not lost. No one can transfer Bitcoin on that address if you don't know the private key and that's what we really like in Bitcoin. Billionaires really trust holding Bitcoin because of its anonymity and security, and it's just a cent for them and it don't really bothers them that's why they can hold it for a longer period of time. But that doesn't mean there's no one lost their keys.


Title: Re: Lost Bitcoin?
Post by: MusaPk on February 06, 2023, 09:36:24 AM
A wallet without any transaction for 2 year is considered as the owner is death or lost seeds? no way, there are many people are holding Bitcoin for more than 2 years without moving it because they're trying for long term holding.

We cant say that a wallet that is dormant for two years has no owner. In Mar 2022, there is a wallet from Satoshi era that suddenly woke up as 489 BTC were moved from that wallet Transaction Details on Whale Alert (https://whale-alert.io/transaction/bitcoin/23f998960590b7f27deb8ecc1959b3ccdf6a3762624088904d62c413acff6b38). There is no confirmation whether that was Satoshi or someone else.  If someone can move his bitcoin after 11 years then 2 years is very small time limit. Bitcoin is mostly seen as an asset of investment so its very obvious that people will HODL bitcoin for a long time in coming days.

Bitcoin from Satoshi-era wallet suddenly activates after 11 years. (https://finance.yahoo.com/news/bitcoin-satoshi-era-wallet-suddenly-183011976.html#:~:text=A%20bitcoin%20wallet%20that%20has,million%20at%20today's%20exchange%20rates.)



Title: Re: Lost Bitcoin?
Post by: Lucius on February 06, 2023, 10:13:52 AM
If we want crypto currency to be a currency we have to keep spending right?

That was some kind of idea in the beginning, but when people realized that Bitcoin works better for them as an investment than as a currency, we got what we have today.

Is it possible to say that Bitcoin in every wallets for the past 2years without moving are considered lost due to death or lost recovery keys? It's pretty hard to believe that anyone won't come back for their Bitcoin after 2years with no activities on the wallet.

I thought that those geniuses from various companies dealing with blockchain analysis had strange ideas in the past when they said that all BTC that has not been moved for 4 years is lost, but now I see that there are those who have even stranger ideas. For someone who has been on the forum for a long time, where long-term investing is discussed dozens of times every day, you really have strange thoughts - and not only when it comes to this topic.


Title: Re: Lost Bitcoin?
Post by: BenCodie on February 06, 2023, 10:17:07 AM
Bitcoin can only be lost if the owner loses the accessibility to it. If you lose your private key or if you lose your seed phrase, then you lose your coins. If you keep your private key or seed phrase, you don't lose your coins. You could create a wallet, write down the seed phrase or print the private key, keep it in a safe place for 5, 10, 100 years even, and that seed phrase/private key will always have those bitcoins.


Title: Re: Lost Bitcoin?
Post by: maydna on February 06, 2023, 11:06:12 AM
As long as they don't lose the recovery key, the bitcoins will still be in their wallet, and they can access them whenever they want. Many people still keep their bitcoins in their personal wallets and haven't wanted to transfer or sell them to exchange for some reason. And bitcoin holders in those wallets may still be waiting to see the price reach their desired price target, and then they will sell it.

But to make cryptocurrency a currency, it will depend on your government policy. For now, we can use bitcoin as an online payment for goods we buy from the internet.


Title: Re: Lost Bitcoin?
Post by: TheUltraElite on February 06, 2023, 11:08:10 AM
If we want crypto currency to be a currency we have to keep spending right? But at the same time it's something worth keeping too since I do the same with my fiat in bank for more than 2years without touching it. Is it possible to say that Bitcoin in every wallets for the past 2years without moving are considered lost due to death or lost recovery keys? It's pretty hard to believe that anyone won't come back for their Bitcoin after 2years with no activities on the wallet.
Spending or storing crypto is a personal choice, no one made it obligatory to spend bitcoin in order to keep its status as currency instant. That would be silly to think of.

Keeping bitcoin as a store of asset is being done my many people. They will use that money when they need it. It is not that those wallets which remains inactive for a few years have seen their owners demise. It is possible but can only be speculated at this point, not proved.

Forget about getting access to keys for lost wallets, those offers are scams, trying to lure you by using your greed.


Title: Re: Lost Bitcoin?
Post by: Yatsan on February 06, 2023, 11:22:40 AM
If we want crypto currency to be a currency we have to keep spending right? But at the same time it's something worth keeping too since I do the same with my fiat in bank for more than 2years without touching it. Is it possible to say that Bitcoin in every wallets for the past 2years without moving are considered lost due to death or lost recovery keys? It's pretty hard to believe that anyone won't come back for their Bitcoin after 2years with no activities on the wallet.
Not all stagnant or stored Bitcoin are considered lost; it will only be if the owner won't have any access into that particular wallet. Also, we are not required to use it continuously but rather only use it if you'll be needing to do so. But indeed there are instances wherein owners of Bitcoin reaoly forgot their crypto asset in their wallet. Remember that guy who accidentally thrown his flashdrive containing huge amount of Bitcoin and recently spending huge amount of money by trying to recover it? I believe there are other instances having the same point. If you are one of people who are curious of why they became negligent at a certain point, it is because this technology has not yet shown its potential before, unlike with the present werein we saw how huge its market price increase became.


Title: Re: Lost Bitcoin?
Post by: JoyMarsha on February 06, 2023, 11:33:42 AM
Depending on the owner's plans, a bitcoin asset can be used as a value store for years. He has the option of trading it for currency or holding onto it for future use. As long as a person has his private keys on him, he is free to do whatever he wants with his bitcoin. If a person frequently leaves their bitcoin untouched for long periods of time, you won't likely assume they are no longer around.


Title: Re: Lost Bitcoin?
Post by: Merit.s on February 06, 2023, 11:39:32 AM
Bitcoin don't get lost even if you leave your bitcoin in your wallet for ten years it remains there,it can only be considered lost,if the owner did not have access to his  wallet, either due to he has forget his password or lost his seed phrase.The second way is if he didn't keep his wallet safe from hackers or malware,that is only when they will have access to his bitcoin. It is just like our fiat banking system, if you are using an ATM or Credit card,if you forget your pincode,you can not have access to your funds till you go to your bank.In bitcoin case because you are your bank therefore you are responsible to provide accessibility to your bitcoin,if not it remains there in your wallet. All these are part of the reason that all bitcoin in the world cannot be bought,because some bitcoin are just there in their wallet without  anybody having access to them due to lost of seed phrase.


Title: Re: Lost Bitcoin?
Post by: posi on February 06, 2023, 01:28:42 PM
If for two years fiat is kept in the bank, they keep rotating our money and it looks like it will be profitable because of interest when it is just a wind of heaven sold by them to get customers. If we keep a large amount of fiat, then one day when we need it and want to withdraw it, the bank will make excuses by telling us to come back in the next few days. That's my experience.
Not to mention the decline in value.

On the contrary, I have seen my parents have some savings in the bank, and they have withdrawn the money many times with almost no problem. If talking about bank profitability will not comparable to bitcoin, but it is safer than bitcoin.

It's different from keeping Bitcoin in a wallet for years. Whenever the owner needs it, then we can use it. If Bitcoin was stored for 1 year ago, maybe the benefits we can get have made us a rich man, especially those who store in a wallet before Bitcoin has the current price.

Not lost, but don't want to use it. Maybe this is the same as what was said above.

If you buy bitcoin for $69k, now your asset value has lost more than 60% of its value, compared to inflation from 2022 to the present, bitcoin is causing a bigger loss.

Why are you trying to talk bad about fiat and use nice words for bitcoin? While both are important in life and we can properly allocate assets to both.


Title: Re: Lost Bitcoin?
Post by: xSkylarx on February 06, 2023, 01:49:17 PM
If we want crypto currency to be a currency we have to keep spending right? But at the same time it's something worth keeping too since I do the same with my fiat in bank for more than 2years without touching it. Is it possible to say that Bitcoin in every wallets for the past 2years without moving are considered lost due to death or lost recovery keys? It's pretty hard to believe that anyone won't come back for their Bitcoin after 2years with no activities on the wallet.

2 years is very short because the holder holds longer than that; it should be like 6 years or more because if there is still no movement from those years, for sure it was a lost bitcoin or the owner died. That was very long if there was no activity on that wallet. Also, if bitcoin was already lost, it will be gone forever unless you find the private key for an unknown reason and can open it again. Not sure if those people who hold morethan 6 years is that what are their target selling point.


Title: Re: Lost Bitcoin?
Post by: yazher on February 06, 2023, 02:03:36 PM
A wallet without any transaction for 2 year is considered as the owner is death or lost seeds? no way, there are many people are holding Bitcoin for more than 2 years without moving it because they're trying for long term holding.


That's right and at the same time by not doing any transactions, they save their privacy and most of the time it's for their own safety. Nowadays when people see huge numbers of BTC being moved to some exchanges, they make a fuss about it by posting it and they won't let the man do his thing with his bitcoins according to his free will. Those who don't do any transactions are actually the smartest people because they wanted to keep their BTC private with no one noticing it and no one knowing about it. Maybe some of those people are celebrities that we have known for a long time and because they have multiple sources of income, they don't much care about their BTC at all until it reaches the desired amount they want to sell it.


Title: Re: Lost Bitcoin?
Post by: Lucius on February 06, 2023, 03:06:47 PM
If you buy bitcoin for $69k, now your asset value has lost more than 60% of its value, compared to inflation from 2022 to the present, bitcoin is causing a bigger loss.

Why are you trying to talk bad about fiat and use nice words for bitcoin? While both are important in life and we can properly allocate assets to both.

If you buy Bitcoin only to sell it at a higher price at some point, then you are making a really stupid move if you do it during a big bull run and then find yourself in trouble when the correction follows. Anyone who has any idea how the market works will not find themselves in such a situation, but it seems that there are many who have not learned anything from the mistakes made by other people.

I agree that you shouldn't put all your eggs in one basket, because that's the only correct way to try to protect yourself from all risks - but in general, fiat is one of the worst ways to store value, especially if you look at it in the long term. It's true that Bitcoin is extremely volatile, but if you were to take a 4-year period into account, anyone who invested in late 2018 at a price of roughly $3500 has profited over 600% today.


Title: Re: Lost Bitcoin?
Post by: martyns on February 06, 2023, 03:07:38 PM
There are innumerable individuals in the space who held bitcoin in their cold wallets; some of these individuals have since passed away without disclosing their 12 private keys or even providing their loved ones with login information for the exchanges where they kept their bitcoin and altcoins. It is quite distressing to see lost bitcoins in exchanges and wallets because they no longer belong to the owner but rather to the exchange or wallet where they are being kept. Regarding those keeping bitcoin for a long time, the user's wallet or exchange should be in an active status to make it clear that he or she is alive and fully aware of all transactions occurring in the account. There are specific years for long-term purposes for bitcoin.


Title: Re: Lost Bitcoin?
Post by: rat03gopoh on February 06, 2023, 03:29:11 PM
But at the same time it's something worth keeping too since I do the same with my fiat in bank for more than 2years without touching it.
Is it true?
I think the bank only considers your account inactive when they are done dredging your savings for monthly fees until it is left with zero after a few years.
It doesn't apply to bitcoin. There are no exact parameters for considering bitcoins to lose access. The owner can leave without touching it indefinitely without even 1 sat of deduction.


Title: Re: Lost Bitcoin?
Post by: kryptqnick on February 06, 2023, 03:41:38 PM
I remember a Vice News video (https://www.youtube.com/watch?v=A_OPJMoLVdw) that explained they presume coins that weren't moved for 5 years were lost. I thought that it wasn't long enough, as while lots of those unmoved coins might be lost, it's not unthinkable that someone just won't move their funds for 5 years and would continue hodling. Still, the op's suggested 2 years barrier is even lower, and I hope estimates of the amount of lost coins don't use it. I wish those who write articles like 20% of BTC is lost or 30% of BTC is lost would come forward with such info as how many years they take as their criterion.


Title: Re: Lost Bitcoin?
Post by: GideonGono on February 07, 2023, 02:46:27 AM
If we want crypto currency to be a currency we have to keep spending right? But at the same time it's something worth keeping too since I do the same with my fiat in bank for more than 2years without touching it. Is it possible to say that Bitcoin in every wallets for the past 2years without moving are considered lost due to death or lost recovery keys? It's pretty hard to believe that anyone won't come back for their Bitcoin after 2years with no activities on the wallet.
I think there are some people who just want to sit their crypto investment for a long term.
I mean we can't be sure that all of those unmoved Bitcoins are actually lost.
I am really curious on how many lost Bitcoin are really out there but I guess we couldn't really know that for sure.


Title: Re: Lost Bitcoin?
Post by: ChiBitCTy on February 07, 2023, 03:50:06 AM
Just echoing what some have already said, plenty of people leave bitcoin wallets sitting for 2 or more years, that's really not something uncommon at all.  I don't think really any sizable percentage of bitcoin wallets no matter how old can be counted on as being "out of comission" or lost, so to speak.  There's quite a few who've opened wallets and sat bitcoin in it for the long haul in my opinion, and speculating too far is kind of futile imo.


Title: Re: Lost Bitcoin?
Post by: wxa7115 on February 07, 2023, 04:19:29 AM
If we want crypto currency to be a currency we have to keep spending right? But at the same time it's something worth keeping too since I do the same with my fiat in bank for more than 2years without touching it. Is it possible to say that Bitcoin in every wallets for the past 2years without moving are considered lost due to death or lost recovery keys? It's pretty hard to believe that anyone won't come back for their Bitcoin after 2years with no activities on the wallet.
There is no way to be sure that any coins have been lost, someone could claim the coins at a particular address are lost, but unless they can prove that at some point in time they owned those coins and they lost access to their private key we cannot say those coins are really lost.

And even in that scenario we cannot be completely sure about it as they could always find the private key and recover them or they were just lying about it and they can still move them, so even if some coins have not moved for a long time that does not mean anything, as there are coins which have not moved for way longer than 2 years and we know they are not lost as their owners signed a message and demonstrated they still hold control of them.


Title: Re: Lost Bitcoin?
Post by: Nrcewker on February 07, 2023, 04:28:36 AM
If we want crypto currency to be a currency we have to keep spending right? But at the same time it's something worth keeping too since I do the same with my fiat in bank for more than 2years without touching it. Is it possible to say that Bitcoin in every wallets for the past 2years without moving are considered lost due to death or lost recovery keys? It's pretty hard to believe that anyone won't come back for their Bitcoin after 2years with no activities on the wallet.

If Bitcoins are there in the wallet for long term, that doesn’t mean those coins are lost. It maybe the owner is Hodling for longer period of time. If you generally have a big amount of Bitcoins, then you won’t be that much careless that you will forget the private key of the wallet. As I have seen generally the long term holders don’t touch the coins for 4 year cycle, they invest for 4 years altogether. So yes we cannot just claim that those Bitcoins are lost. And comparing Fiat and Cryptos are completely useless. Both have different features and they are completely different.


Title: Re: Lost Bitcoin?
Post by: imamusma on February 07, 2023, 05:11:47 AM
If for two years fiat is kept in the bank, they keep rotating our money and it looks like it will be profitable because of interest when it is just a wind of heaven sold by them to get customers. If we keep a large amount of fiat, then one day when we need it and want to withdraw it, the bank will make excuses by telling us to come back in the next few days. That's my experience.
Not to mention the decline in value.
Banks can guarantee the safety of their customers' funds, especially if it is a state-owned bank. However, at the same time, the account owner has signed an agreement that the money is used by the bank as capital and the account owner will only receive a fairly low interest as profit sharing. Some people think deposits are very profitable because they make profit every year on interest, but they forget that currency is losing value day by day.

It's different from keeping Bitcoin in a wallet for years. Whenever the owner needs it, then we can use it. If Bitcoin was stored for 1 year ago, maybe the benefits we can get have made us a rich man, especially those who store in a wallet before Bitcoin has the current price.

Not lost, but don't want to use it. Maybe this is the same as what was said above.
Bitcoin investments are profitable, but at the same time they are detrimental. This means that this investment is risky because apart from price volatility, the security risk depends only on you. If you are smart enough to protect your private keys safely from the moment you invest, you may still be able to access your wallet even after several years. Then imagine if you lose access, it will be stored there forever without being able to be moved by anyone because your bitcoin are not stored in the wallet.

But that doesn't mean people won't consider bitcoin as store of value asset. Whether you realize it or not, many institutions have used bitcoin as store of value, and other large investors have done that too. We may not have reached that stage yet, but we are what is needed to keep this industry strong.


Title: Re: Lost Bitcoin?
Post by: worle1bm on February 07, 2023, 05:36:05 AM
The people holding their coins in wallets for more then 2 years don't mean they have lost access but they are simply holding their coins for long term without even selling or moving them to other wallets.There are some dormant address having so many coins but still they have access to their wallets and can spend them anytime they wish to do so.


Title: Re: Lost Bitcoin?
Post by: Erumo on February 07, 2023, 08:41:23 AM
I would believe more that Bitcoin in the wallet is untouched due to address owner has lost access to it (lost password, seed), then think that Bitcoin is untouched in the wallet because the owner has died. Or more likely people hold and aim to make a trade only when Bitcoin price hits, lets say 100k. People do keep funds in places just to save them for black day after all. They dont keep banknotes in books for example, coz they have forgotten in which book they have placed them in. It is understandable, that some % of Bitcoins are lost forever. But I would considered such silent wallets as a holding wallets, rather then think that wallets owner is dead or lost access to them.


Title: Re: Lost Bitcoin?
Post by: CageMabok on February 07, 2023, 08:58:39 AM
If we want crypto currency to be a currency we have to keep spending right? But at the same time it's something worth keeping too since I do the same with my fiat in bank for more than 2years without touching it. Is it possible to say that Bitcoin in every wallets for the past 2years without moving are considered lost due to death or lost recovery keys? It's pretty hard to believe that anyone won't come back for their Bitcoin after 2years with no activities on the wallet.
Bitcoin will not die in the wallet even if the wallet cannot be opened again due to loss of the private key. And the movement will remain the same as you see the Bitcoin in the wallet that you can still open now. For cryptocurrencies that you want to use as currency, of course you have to see if the cryptocurrencies have started to be accepted in your country and also by any sellers in your area. Because you also can't spend it alone unless you enter the market like other traders.


Title: Re: Lost Bitcoin?
Post by: kro55 on February 07, 2023, 09:16:45 AM
If we want crypto currency to be a currency we have to keep spending right? But at the same time it's something worth keeping too since I do the same with my fiat in bank for more than 2years without touching it. Is it possible to say that Bitcoin in every wallets for the past 2years without moving are considered lost due to death or lost recovery keys? It's pretty hard to believe that anyone won't come back for their Bitcoin after 2years with no activities on the wallet.

2 years is very short because the holder holds longer than that; it should be like 6 years or more because if there is still no movement from those years, for sure it was a lost bitcoin or the owner died. That was very long if there was no activity on that wallet. Also, if bitcoin was already lost, it will be gone forever unless you find the private key for an unknown reason and can open it again. Not sure if those people who hold morethan 6 years is that what are their target selling point.

Two years or 6 years or maybe longer, then I think just because it didn't move or didn't make any move doesn't mean that bitcoins are definitely lost. Many people have a lot of money, and they don't need to use that bitcoin, so they have no reason to move it, big investors have big goals, they have a long-term vision that can last for decades, and will always hold their investment until then. Over the years, we have also seen a few whale wallets waking up after 5 years, 7 years of hibernation.


Title: Re: Lost Bitcoin?
Post by: yudi09 on February 07, 2023, 10:29:38 AM
If for two years fiat is kept in the bank, they keep rotating our money and it looks like it will be profitable because of interest when it is just a wind of heaven sold by them to get customers. If we keep a large amount of fiat, then one day when we need it and want to withdraw it, the bank will make excuses by telling us to come back in the next few days. That's my experience.
Not to mention the decline in value.
Banks can guarantee the safety of their customers' funds, especially if it is a state-owned bank. However, at the same time, the account owner has signed an agreement that the money is used by the bank as capital and the account owner will only receive a fairly low interest as profit sharing. Some people think deposits are very profitable because they make profit every year on interest, but they forget that currency is losing value day by day.
That's true if the bank can guarantee every customer's money. I'm not saying that keeping your money there will make you lose it, but they give you a reason to come back in a few days. Maybe there was something at the time that made them give that answer.
Beyond our discussion, it's better to expect profits on Bitcoin investments than to expect profits from banks through the amount of interest per year.


Title: Re: Lost Bitcoin?
Post by: Accardo on February 07, 2023, 01:11:25 PM
A lost bitcoin can't be accessed, but it helps the growth of bitcoin as it contributes to all the bitcoin in the market. Because they're not being spent, similar to the hodled BTC you mentioned. Once a person can access their coins, it'll be considered their own way of helping the network grow. Some people have been hodling for more than 2 years, and they do that to make more profits unlike the banks, the money saved in banks gets inflated. So, it's better to hodl Bitcoin than money in the bank. Like everyone else, the hodled Bitcoin is not lost unless considered lost by the owner.


Title: Re: Lost Bitcoin?
Post by: yohananaomi on February 13, 2023, 09:27:48 PM
The people holding their coins in wallets for more then 2 years don't mean they have lost access but they are simply holding their coins for long term without even selling or moving them to other wallets.There are some dormant address having so many coins but still they have access to their wallets and can spend them anytime they wish to do so.
for investors who are used to it, of course, when storing coins in their wallet, it's not unusual that it can take quite a long time, because it is adjusted to the price conditions that might be desired.
at least it will always be in accordance with the halving period which will occur once every 4 years, but indeed everything is adjusted according to individual criteria and will always not be the same.
but usually will use several wallets for each transaction to be adjusted according to the coin, so that there are wallets that are active and those that are not active, it does not mean that if it is not active the wallet cannot be accessed.


Title: Re: Lost Bitcoin?
Post by: dothebeats on February 13, 2023, 09:37:18 PM
AFAIK, they assume that coins that haven't had any movements for the past 5+ years or so are considered lost bitcoins. There really isn't any way of saying that these are lost; some of these coins are just safekept for the future. No connection to the internet means a high chance that the machine storing those keys and those coins won't be compromised. There's a lot of factors that should be considered before stating that coins are lost forever, and this is a good article (https://blockzeit.com/how-much-bitcoin-has-been-lost-forever/#:~:text=Through%20research%20into%20production%20times,the%20form%20of%20dead%20coins.) that ponders on this topic.


Title: Re: Lost Bitcoin?
Post by: Wiwo on February 13, 2023, 09:50:54 PM
If we want crypto currency to be a currency we have to keep spending right? But at the same time it's something worth keeping too since I do the same with my fiat in bank for more than 2years without touching it. Is it possible to say that Bitcoin in every wallet for the past 2years without moving are considered lost due to death or lost recovery keys? It's pretty hard to believe that anyone won't come back for their Bitcoin after 2years with no activities on the wallet.
What makes you think that an inactive wallet is a dead wallet, even if it stays inactive for long period, I am not convinced that even Satoshi wallet will remain inactive forever since Bitcoin is developed to promote anonymity and privacy,  Bitcoin is hard to be tied to an individual most especially in self custody wallet, it becomes clear how no bitcoin should be termed as dead on forever inactive and the advantage that these inactive wallets have on the networks is that it contribucontributesstability of the market movement and aid scarcity of Bitcoin as long as there remain inactive.
-That is why you hear some slogans such as, lost Bitcoin is a donation to everyone holding bitcoin, what that means is, the amount in the circulating supply will become limited and this will force the price to increase.


Title: Re: Lost Bitcoin?
Post by: _BlackStar on February 13, 2023, 10:19:35 PM
AFAIK, they assume that coins that haven't had any movements for the past 5+ years or so are considered lost bitcoins. There really isn't any way of saying that these are lost; some of these coins are just safekept for the future. No connection to the internet means a high chance that the machine storing those keys and those coins won't be compromised. There's a lot of factors that should be considered before stating that coins are lost forever, and this is a good article (https://blockzeit.com/how-much-bitcoin-has-been-lost-forever/#:~:text=Through%20research%20into%20production%20times,the%20form%20of%20dead%20coins.) that ponders on this topic.
Losing access to the wallet is usually the reason why most users lose their bitcoins. While a coin that hasn't moved for more than 2-5 years cannot be guaranteed dead as anyone looking to invest long term will definitely regularly check that they have valid access to their wallet. This will be different from hacking cases where bitcoin are stolen by hackers, and lost bitcoins can be interpreted as losing access to a user's wallet where in the end they can no longer transfer their bitcoins at any time to another wallet.


Title: Re: Lost Bitcoin?
Post by: KennyR on February 13, 2023, 10:42:32 PM
Just because those coins that aren't transacted for a long time being considered lost doesn't mean they can't be used forever. It is like what we have with traditional long term investment. When one holds the access to the wallet, there is nothing to worry how long the wallet is being kept idle without any transaction. The bitcoin in the wallet will be considered and the same helps with different calculation in the market.


Title: Re: Lost Bitcoin?
Post by: boyptc on February 13, 2023, 11:57:39 PM
2 years won't be enough to say that they're lost forever. Here's a news that hasn't been moved for 11 years --> https://decrypt.co/120905/dormant-bitcoin-address-moves-400-btc-after-11-years

Long term holders are wise.

We can't assume that if a wallet didn't have any activity for 2 years, they're already lost. Just like what's with this news, after 11 years it has moved.


Title: Re: Lost Bitcoin?
Post by: letteredhub on February 14, 2023, 05:02:34 AM
If we want crypto currency to be a currency we have to keep spending right? But at the same time it's something worth keeping too since I do the same with my fiat in bank for more than 2years without touching it. Is it possible to say that Bitcoin in every wallets for the past 2years without moving are considered lost due to death or lost recovery keys? It's pretty hard to believe that anyone won't come back for their Bitcoin after 2years with no activities on the wallet.
We can't consider a bitcoin in a wallet to be a lost one all because it has been in the wallet untouched or unattended to for two years or more, just like the fiat money deposited for savings in like manner an owner of bitcoin can imply such choice with his asset keeping his keys safe and secure, for anyone can have such plans so it's not wise to think it's owner might have been deceased and as to why the asset has been untouched for such a long period. In 10 cases it could be 2 losses but how then do you know for sure!


Title: Re: Lost Bitcoin?
Post by: xSkylarx on February 14, 2023, 05:36:40 AM
If we want crypto currency to be a currency we have to keep spending right? But at the same time it's something worth keeping too since I do the same with my fiat in bank for more than 2years without touching it. Is it possible to say that Bitcoin in every wallets for the past 2years without moving are considered lost due to death or lost recovery keys? It's pretty hard to believe that anyone won't come back for their Bitcoin after 2years with no activities on the wallet.
We can't consider a bitcoin in a wallet to be a lost one all because it has been in the wallet untouched or unattended to for two years or more, just like the fiat money deposited for savings in like manner an owner of bitcoin can imply such choice with his asset keeping his keys safe and secure, for anyone can have such plans so it's not wise to think it's owner might have been deceased and as to why the asset has been untouched for such a long period. In 10 cases it could be 2 losses but how then do you know for sure!

But it will be confirmed later on if the owner really died, like 6–8 years passed, and still there are no transactions on that address, then it could be concluded at that time that it's lost, and it is not like the bank, where if you are a relative you can still get the funds, but in bitcoin you can't if you don't have the private keys. That is why it is better to tell someone about it so that whatever happens, they can still access it.


Title: Re: Lost Bitcoin?
Post by: bounceback on February 14, 2023, 05:40:50 AM
Is it possible to say that Bitcoin in every wallets for the past 2years without moving are considered lost due to death or lost recovery keys? It's pretty hard to believe that anyone won't come back for their Bitcoin after 2years with no activities on the wallet.
We cannot decide too soon that a bitcoin that has not been active for 2 years in a wallet is a bitcoin that is lost or whose holdings can no longer access the wallet, because sometimes many investors make long-term investments and after buying their first bitcoin then they don't want to touch it again until it arrives at a predetermined time such as leaving it in a bear market period to avoid panic bitcoin price movements that fall during that period and will surely return if the bull market comes later.


Title: Re: Lost Bitcoin?
Post by: siniminomorocomunisakito on February 14, 2023, 08:24:21 AM
There is no simple answer to this question, as it all depends on a number of factors. What matters most is probably whether or not someone still owns or controls Bitcoin, and how much control they have over them at that point. There are many possibilities here too. For example, there is a possibility that Bitcoins could be lost due to mishandling, theft or hackers. And finally, there is a possibility that the owner of the wallet has died.


Title: Re: Lost Bitcoin?
Post by: MusaPk on February 14, 2023, 08:47:58 AM
Losing access to the wallet is usually the reason why most users lose their bitcoins. While a coin that hasn't moved for more than 2-5 years cannot be guaranteed dead as anyone looking to invest long term will definitely regularly check that they have valid access to their wallet. This will be different from hacking cases where bitcoin are stolen by hackers, and lost bitcoins can be interpreted as losing access to a user's wallet where in the end they can no longer transfer their bitcoins at any time to another wallet.

There is probability that coins that are not moved for more then 5 years are lost forever, though its no way a standard for declaring a bitcoin as lost forever. Bitcoin that were mined in early days are usually the one that are lost. Since people at that time are not taking it serious. But Bitcoins were handled with lots of care when bitcoin price jumped high.


Title: Re: Lost Bitcoin?
Post by: BALIK on February 14, 2023, 09:17:44 AM
Is it possible to say that Bitcoin in every wallets for the past 2years without moving are considered lost due to death or lost recovery keys? It's pretty hard to believe that anyone won't come back for their Bitcoin after 2years with no activities on the wallet.
We cannot decide too soon that a bitcoin that has not been active for 2 years in a wallet is a bitcoin that is lost or whose holdings can no longer access the wallet, because sometimes many investors make long-term investments and after buying their first bitcoin then they don't want to touch it again until it arrives at a predetermined time such as leaving it in a bear market period to avoid panic bitcoin price movements that fall during that period and will surely return if the bull market comes later.

Yes, 2 years is too short a time, while the bull market we usually see will take at least 4 years to repeat. So we were too hasty to conclude that those bitcoins were lost just because of 2 years of inactivity.

In my opinion, there is no fixed period to determine that some bitcoin is lost just because it hasn't moved for years and there is no method to determine how many bitcoins have been lost. Unless we know the owner has lost their private key or, for some reason, they have lost access to their bitcoins.


Title: Re: Lost Bitcoin?
Post by: CryptSafe on February 14, 2023, 09:21:32 AM
If we want crypto currency to be a currency we have to keep spending right? But at the same time it's something worth keeping too since I do the same with my fiat in bank for more than 2years without touching it. Is it possible to say that Bitcoin in every wallets for the past 2years without moving are considered lost due to death or lost recovery keys? It's pretty hard to believe that anyone won't come back for their Bitcoin after 2years with no activities on the wallet.

It is possible one can hold bitcoin on their wallet for years without touching it. Have you not heard of dead wallets ressurrecting after years of inactivity? Of lately, a wallet holding about 420 bitcoin was activated after a long time holding. What you have asked is possible and feasible. I would want to correct an impression from you, not all dormant wallet holding bitcoin for years are assumed inactive. Some of the wallets owners are still very much alive but they have that as investment for a long time and are still very much aware of the market trends. I think some of them are well to do in the sense that they have other investment business they are running or if possible, they are well paid in their jobs so therefore see no need always putting eyes on their bitcoin investment as they have enough for living.
All I am trying to point out is that it does not necessarily means that inactive wallets are dormant as a result of dimise of their owners but rather they wallet can be seen as a long time bitcoin investment.


Title: Re: Lost Bitcoin?
Post by: MFahad on February 14, 2023, 01:52:34 PM
If we want crypto currency to be a currency we have to keep spending right?
Yes it is like that if you don't spend it then how will you meet your needs in life. i will prefer crypto currency as a asset more than currency.

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But at the same time it's something worth keeping too since I do the same with my fiat in bank for more than 2years without touching it.
Your country's currency may increase in two years but i am living in devolping country whuch currency is depreciating day by day So keeping money in the bank for two years has no real benefit and there is risk of banning account, country default,war situation which cause deprive you this holding fiat in bank


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Is it possible to say that Bitcoin in every wallets for the past 2years without moving are considered lost due to death or lost recovery keys? It's pretty hard to believe that anyone won't come back for their Bitcoin after 2years with no activities on the wallet.
More than 15% Btc wallet has still not moved btc and not considered lost yet because there is chances that these wallet holder still waiting for btc to acquire New ATH and sell above 1 00k. today i was reading one article that one wallet woke up after 10 year and send their btc on 8 Feb Article (https://decrypt.co/120905/dormant-bitcoin-address-moves-400-btc-after-11-years?amp=1) . This article clearly indicate that still many people are holding BTC for more than 5 years and not considered lost Btc.


Title: Re: Lost Bitcoin?
Post by: crunck on February 18, 2023, 01:48:42 PM
If we want crypto currency to be a currency we have to keep spending right? But at the same time it's something worth keeping too since I do the same with my fiat in bank for more than 2years without touching it. Is it possible to say that Bitcoin in every wallets for the past 2years without moving are considered lost due to death or lost recovery keys? It's pretty hard to believe that anyone won't come back for their Bitcoin after 2years with no activities on the wallet.
Two years is too short a time, and there is no exact answer to this type of question. Since long-term bitcoin holdings have become commonplace these days, it's not uncommon for a wallet to go dormant for years. Very few people want to spend their bitcoin because everyone knows that the value of bitcoin will be very high in the future.
By the way, I don't like bitcoin being a currency because when it's a currency, it's stable and not volatile, I like bitcoin's volatility.


Title: Re: Lost Bitcoin?
Post by: naira on February 18, 2023, 03:09:54 PM
Is it possible to say that Bitcoin in every wallets for the past 2years without moving are considered lost due to death or lost recovery keys? I
Just because 2 years of inactivity on your wallet made your Bitcoins disappear?

The question is who locked it? or who froze it? this is not a bank totally controlled by a third party, if you hold the keys and keep them safe for 10 years, the Bitcoins in the wallet are still yours. There is no expiration on the Bitcoin wallet.


Title: Re: Lost Bitcoin?
Post by: raja9167 on February 20, 2023, 07:56:23 AM
If we want crypto currency to be a currency we have to keep spending right? But at the same time it's something worth keeping too since I do the same with my fiat in bank for more than 2years without touching it. Is it possible to say that Bitcoin in every wallets for the past 2years without moving are considered lost due to death or lost recovery keys? It's pretty hard to believe that anyone won't come back for their Bitcoin after 2years with no activities on the wallet.
To understand the concept of lost bitcoins, we need to first discuss the nature of cryptocurrency. Bitcoin, like any other currency, is worth something because people believe it has value. However, unlike traditional currencies, it is not backed by a government or any physical asset. Instead, its value comes from its scarcity and the trust people have in its decentralized network.
As a decentralized currency, Bitcoin relies on its users to maintain its network and security. Transactions are recorded on a public ledger called the blockchain, which is maintained by a network of nodes around the world. This means that anyone with access to the internet can send and receive bitcoins, without the need for a central authority.
However, this decentralized nature also means that there is no way to recover lost bitcoins. If a user loses their private key or dies without passing on their recovery information, their bitcoins are essentially lost forever. While it may seem hard to believe that someone would leave their bitcoins untouched for two years, it is not uncommon for people to forget about or lose access to their wallets.
In fact, it is estimated that as much as 20% of all bitcoins in circulation may be lost or unspendable due to forgotten passwords, lost keys, or other similar issues. These bitcoins are effectively removed from circulation, reducing the overall supply and increasing the scarcity of the remaining coins.
So, to answer the original question, it is possible to say that bitcoins that have not moved for two years are likely lost due to death or lost recovery keys. While it may be hard to believe that someone would leave their bitcoins untouched for so long, it is not uncommon in the world of cryptocurrency. As the use and adoption of Bitcoin continue to grow, it is important for users to take the necessary precautions to protect their private keys and ensure the safety of their assets.


Title: Re: Lost Bitcoin?
Post by: Tespata on February 20, 2023, 08:47:06 AM
The work of traders and occasionally, as in the previous few months, the work of market manipulators is what we see on the price charts. Not directly, anyway, it never symbolizes the adoption. Since daily new people decide to start buying, especially when they experience inflation in their local fiat currency due to the continuous printing of it, the number of addresses holding a certain amount of bitcoin is increasing. This is especially true when they discover bitcoin, the only currency with a finite supply, which is why it is constantly rising.