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Title: What happens when bitcoins are lost Post by: shahinoor.bd on October 23, 2017, 06:23:47 PM When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate.
Title: Re: What happens when bitcoins are lost Post by: o_e_l_e_o on October 23, 2017, 07:05:15 PM You are correct - that is exactly what happens.
Title: Re: What happens when bitcoins are lost Post by: admissions on October 23, 2017, 07:07:10 PM When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate. It's lost forever. The more people who lose Bitcoin are effectively giving it more value. Title: Re: What happens when bitcoins are lost Post by: Saint-loup on October 23, 2017, 07:07:41 PM Yes, but it's not forever... In dozens of years big computers will be able to break the encryption and find the private keys of these accounts. Maybe before 2047....
Title: Re: What happens when bitcoins are lost Post by: llama_rider on October 23, 2017, 07:13:28 PM One possibility is that advances in cryptanalysis or quantum computing eventually break SHA256 or ECDSA secp256k1. With any luck, this would be gradual process (as with MD5 and SHA1), so that there is time for an orderly hard fork to a different digital signature algorithm or cryptographic hash algorithm. Then the UTXOs with lost private keys can either be formally destroyed as part of the hard fork or claimed by whoever first cracks them.
And as Saint-loup notes, if Moore's Law continues long enough, even brute force attacks might eventually compromise the cryptographic primitives currently used by Bitcoin. Title: Re: What happens when bitcoins are lost Post by: william8829 on October 23, 2017, 07:28:42 PM When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate. I want to specifically talk about the part where you say, "lost bitcoins remain dormant forever". Today I understand that you cannot recover private keys. In the future maybe? I have heard many things were impossible but today are possible. Computer forensics is an evolving field. So If you have lost Bitcoin on a hardrive or flash drive I would suggest you keep them in storage for a few decades because you never know. Title: Re: What happens when bitcoins are lost Post by: Saint-loup on October 23, 2017, 07:32:26 PM One possibility is that advances in cryptanalysis or quantum computing eventually break SHA256 or ECDSA secp256k1. With any luck, this would be gradual process (as with MD5 and SHA1), so that there is time for an orderly hard fork to a different digital signature algorithm or cryptographic hash algorithm. Then the UTXOs with lost private keys can either be formally destroyed as part of the hard fork or claimed by whoever first cracks them. you seem to be very educated.And as Saint-loup notes, if Moore's Law continues long enough, even brute force attacks might eventually compromise the cryptographic primitives currently used by Bitcoin. Do you know what is the probability to import an account with some money in it when a user enter a random private key? AFAIK, there are "only" 52^62 potential private keys. ie 52 characters in lowercase, uppercase or digit. Title: Re: What happens when bitcoins are lost Post by: odolvlobo on October 23, 2017, 08:07:20 PM One possibility is that advances in cryptanalysis or quantum computing eventually break SHA256 or ECDSA secp256k1. With any luck, this would be gradual process (as with MD5 and SHA1), so that there is time for an orderly hard fork to a different digital signature algorithm or cryptographic hash algorithm. Then the UTXOs with lost private keys can either be formally destroyed as part of the hard fork or claimed by whoever first cracks them. you seem to be very educated.And as Saint-loup notes, if Moore's Law continues long enough, even brute force attacks might eventually compromise the cryptographic primitives currently used by Bitcoin. Do you know what is the probability to import an account with some money in it when a user enter a random private key? AFAIK, there are "only" 52^62 potential private keys. ie 52 characters in lowercase, uppercase or digit. Your numbers are off. A bitcoin address is an encoding using base-58. The actual number of possible addresses is 2160. Assuming there are 10 million addresses holding bitcoins (there aren't nearly that many), the probability of a new address duplicating one in use (a "collision") is approximately 1 in 2160 / 223, or 1 in 2137, or 1 in 174,000,000,000,000,000,000,000,000,000,000,000,000,000. Title: Re: What happens when bitcoins are lost Post by: Saint-loup on October 23, 2017, 08:13:30 PM One possibility is that advances in cryptanalysis or quantum computing eventually break SHA256 or ECDSA secp256k1. With any luck, this would be gradual process (as with MD5 and SHA1), so that there is time for an orderly hard fork to a different digital signature algorithm or cryptographic hash algorithm. Then the UTXOs with lost private keys can either be formally destroyed as part of the hard fork or claimed by whoever first cracks them. you seem to be very educated.And as Saint-loup notes, if Moore's Law continues long enough, even brute force attacks might eventually compromise the cryptographic primitives currently used by Bitcoin. Do you know what is the probability to import an account with some money in it when a user enter a random private key? AFAIK, there are "only" 52^62 potential private keys. ie 52 characters in lowercase, uppercase or digit. Your numbers are off. A bitcoin address is an encoding using base-58. The actual number of possible addresses is 2160, and each address is shared by nearly 294 private keys. Each address is accessible by 294 private keys? When I export a private key from an address it only gives one private key to me.... :-\ Title: Re: What happens when bitcoins are lost Post by: odolvlobo on October 23, 2017, 08:15:12 PM One possibility is that advances in cryptanalysis or quantum computing eventually break SHA256 or ECDSA secp256k1. With any luck, this would be gradual process (as with MD5 and SHA1), so that there is time for an orderly hard fork to a different digital signature algorithm or cryptographic hash algorithm. Then the UTXOs with lost private keys can either be formally destroyed as part of the hard fork or claimed by whoever first cracks them. you seem to be very educated.And as Saint-loup notes, if Moore's Law continues long enough, even brute force attacks might eventually compromise the cryptographic primitives currently used by Bitcoin. Do you know what is the probability to import an account with some money in it when a user enter a random private key? AFAIK, there are "only" 52^62 potential private keys. ie 52 characters in lowercase, uppercase or digit. Your numbers are off. A bitcoin address is an encoding using base-58. The actual number of possible addresses is 2160, and each address is shared by nearly 294 private keys. Each address is accessible by 294? When I export a private key from an address it only gives one private key to me.... :-\ Sorry, typo. Should be 296 For every bitcoin address, there are nearly 296 private keys that are associated with it. That is because there are 2160 addresses, but nearly 2256 private keys. Title: Re: What happens when bitcoins are lost Post by: blockman on October 23, 2017, 08:17:18 PM When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate. It's true, I think your title is quite tricky it seemed to be asking but you have the right information on what really is happening to those lost bitcoins. And don't forget about those people that are intently sending bitcoins to those wallets that aren't inactive and that's what we call burning of bitcoins (Correct me if I'm wrong). This is also happening to make the supply lesser that will make the demand higher that which is likely to lead the price of bitcoin to become higher too.Title: Re: What happens when bitcoins are lost Post by: DannyHamilton on October 23, 2017, 08:19:14 PM I don't understand what "each address is shared by nearly 294 private keys." means... It means that there are mathematically an average of 294 different private keys that will all work with the same address. Nobody will ever know more than 1 of those private keys, but logic dictates that on average there are that many other private keys that would work with the same address. Each address is accessible by 294? 296, but yes they would be if you were able to calculate what any of those other private keys are. Realisitcally that will never happen, but if you are calculating the odds of a collision you need to include the possibility of colliding with ANY of those keys and not just the 1 key that you know. When I export a private key from an address it only gives one private key to me.... :-\ Correct. Only one key will ever be known. Title: Re: What happens when bitcoins are lost Post by: probitcrypto on October 23, 2017, 08:25:35 PM Yes, but it's not forever... In dozens of years big computers will be able to break the encryption and find the private keys of these accounts. Maybe before 2047.... But the big question is how do you find out in this millions of bitcoin adress in which address it is locked and in which address there are lots of bitcoin.Is there anyway?i mean say someone dies with is private key in saved in his mind without saying it to anyone. What now? also finding such address is tens to impossiblem Title: Re: What happens when bitcoins are lost Post by: tss_ben on October 23, 2017, 08:31:42 PM When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate. Losing your private keys = losing your bitcoins This is where Token Security Scheme has the solution to the potential problem. Never lose your wallet/private keys again. Check out the TSS project here: https://www.tsstoken.com/ https://bitcointalk.org/index.php?topic=2177307 https://bitcointalk.org/index.php?topic=2243112 Cheers! Title: Re: What happens when bitcoins are lost Post by: setifien19 on October 23, 2017, 08:35:40 PM Absolutely correct , and this is what happening now ( before the hard fork which will release BTG) when people hold their bitcoins in order to get free BTGs , as a result bitcoins in circulation decrease " in number term" which contributes to put bitcoin price higher .
Title: Re: What happens when bitcoins are lost Post by: aardvark15 on October 23, 2017, 08:39:23 PM When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate. Lost Bitcoins are lost forever and can’t be recovered. There are many situations where Bitcoins can get lost such as sending them to the wrong address that no one owns, forgetting the private keys, forgetting you have a Bitcoin wallet, owner dying and no one know about the Bitcoins or how to recover them, leaving dust in address, etc. I’m sure all of these scenarios happen every year and sometimes no one even knows they are lost. Since there is a limited number of Bitcoins and some are always being lost, at some point, more will be lost than in circulation. Title: Re: What happens when bitcoins are lost Post by: groko271 on October 23, 2017, 09:33:52 PM When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate. yes true. Go and get a $20 serialised note and bury it in the ground. This is the same as losing your bitcoin wallet, like the $20 it is out of circulation for ever. I once saw a link where it showed the unused wallets and the amount of btc out of circulation, cant find it now. However here is one similar. https://www.reddit.com/r/Bitcoin/comments/2twrs7/all_42400_dormant_bitcoin_addresses_with_a/ some other related links. https://www.coindesk.com/meet-man-will-hack-long-lost-bitcoin-wallet-money/ https://news.bitcoin.com/guy-lost-bitcoin-computer-upgrade/ Title: Re: What happens when bitcoins are lost Post by: Chris314 on October 23, 2017, 09:42:09 PM When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate. yes true. Go and get a $20 serialised note and bury it in the ground. This is the same as losing your bitcoin wallet, like the $20 it is out of circulation for ever. I once saw a link where it showed the unused wallets and the amount of btc out of circulation, cant find it now. However here is one similar. https://www.reddit.com/r/Bitcoin/comments/2twrs7/all_42400_dormant_bitcoin_addresses_with_a/ some other related links. https://www.coindesk.com/meet-man-will-hack-long-lost-bitcoin-wallet-money/ https://news.bitcoin.com/guy-lost-bitcoin-computer-upgrade/ Bitcoin, however, can't be created indefinitely. Once every coin will be mined, there won't be any more creation, and lost bitcoin will remain lost, thus decreasing the whole amount of Bitcoins on circulation. Title: Re: What happens when bitcoins are lost Post by: jal007 on October 23, 2017, 09:49:48 PM yeah if it lost , it lost foreever , i think there is no get it back and spent it again.
Title: Re: What happens when bitcoins are lost Post by: Marry Finch on October 23, 2017, 09:53:56 PM Yes, but it's not forever... In dozens of years big computers will be able to break the encryption and find the private keys of these accounts. Maybe before 2047.... After, all 21 million bitcoins have been extracted and the bitcoin rate will rise to incredible heights, it can be extracted from the block chains by selecting the cipher to the closed keys and the previously lost bitcoins? It will be something like a new kind of mining. However, apparently, this occupation will be worth it, given the course of bitcoin at that time.Title: Re: What happens when bitcoins are lost Post by: GreatOrchid on October 23, 2017, 09:56:10 PM Yes it is impossible to recover them back once that they are lost, and the same happens if you die with your bitcoins inside a wallet, there is no way to recover them back, the only way is if someone just login to your wallet and steal your coins or just use them for buying something or just for withdrawing them, but if they dont have the private key or the password it is impossible for them to login to the address.
This is a good question, but yes, it works like that. Title: Re: What happens when bitcoins are lost Post by: Gaff on October 23, 2017, 10:12:50 PM Yes it is impossible to recover them back once that they are lost, and the same happens if you die with your bitcoins inside a wallet, there is no way to recover them back, the only way is if someone just login to your wallet and steal your coins or just use them for buying something or just for withdrawing them, but if they dont have the private key or the password it is impossible for them to login to the address. When bitcoins lost I feel lost too because I can't concentrate things well and since bitcoin motivates me the way I live now, I can't imagine life without it. I keep on waiting that bitcoin will somehow become the most powerful currency in the universe. If that happens that bitcoin are lost, I feel miserable because I've been spending my life, my time with it. This is a good question, but yes, it works like that. Title: Re: What happens when bitcoins are lost Post by: jerrison on October 23, 2017, 10:14:53 PM when bitcoins are lost, it is almost impossible if not impossible to recover it, that is why you are always advised to confirm the wallet address and re-confirm the address again before sending out a payment or initiating a transaction
Title: Re: What happens when bitcoins are lost Post by: joinfree on October 23, 2017, 10:42:14 PM yes there is no way that your bitcoins can be recovered once that you forget your password or the privatekey, or any of those security layers that allow you to access to your wallet, this is one of the most incredible things about bitcoin, because nobody can access your account without one of those security caps.
Far as i know there is noone who can recover those bitcoins, so be careful with it and protect your private key. Title: Re: What happens when bitcoins are lost Post by: bitllionaire on October 23, 2017, 11:40:27 PM yes there is no way that your bitcoins can be recovered once that you forget your password or the privatekey, or any of those security layers that allow you to access to your wallet, this is one of the most incredible things about bitcoin, because nobody can access your account without one of those security caps. In fact there is no such way through which we can recover our bitcoin once it lost. Therefore it is too much important to be careful while transferring fund to some one. you must keep safe your private key, because if someone will find it then it will also become difficult for you to recover your wallet. Far as i know there is noone who can recover those bitcoins, so be careful with it and protect your private key. Title: Re: What happens when bitcoins are lost Post by: Jating on October 23, 2017, 11:49:00 PM When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate. Yes, if you lose your wallet together with your private keys, your bitcoins will be lost forever, in oblivion. However, there might be a chance to find the private key in the future once more sophisticated super computers can break and hack your wallet. And yes, as per supply and demand, with less the 2 million bitcoins to be mined, but the demand is even higher in the next 5 years, its pretty obvious that the current price can double or triple in the future. Title: Re: What happens when bitcoins are lost Post by: erickkyut on October 24, 2017, 12:59:42 AM When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate. Sadly, there is no way to retrieve lost Bitcoin if you don't know its private keys. I've heard that there is a person who lost his more than 300 Bitcoin way back in 2010 because he accidentally throwed his laptop in the garbage truck and his Bitcoin were stored in an offline wallet. Those lost Bitcoin will definitely increase its value as the demand increases. Title: Re: What happens when bitcoins are lost Post by: SmartMesh on October 24, 2017, 01:50:25 AM Whether due to irrecoverable passwords, forgotten wallets from when Bitcoin was worth little, or the death of the bitcoin owner, it’s safe to say there are lots of people besides Howells who’ve lost their bitcoins. The question is whether or not those coins are lost for good.
Title: Re: What happens when bitcoins are lost Post by: mustakforum on October 24, 2017, 01:55:39 AM When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate. if I will lose my bitcoin, then the bitcoin exchange rate will continue to increase.Title: Re: What happens when bitcoins are lost Post by: walou on October 24, 2017, 02:01:06 AM Very interesting discussion, more coins lost, more scarcest BTC becomes and hence more valuable.
Title: Re: What happens when bitcoins are lost Post by: crustez00 on October 24, 2017, 02:07:01 AM yeah, i agree with what you're guessing. because when bitcoin lost, and no one got the private key. it'll be remain in that lost wallet. could go pump some demand and price growth too :)
Title: Re: What happens when bitcoins are lost Post by: blackr15 on October 24, 2017, 02:17:06 AM if bitcoin you lost can only surrender because bitcoin as far as I know there is no responsible ,, therefore we must be careful to store bitcoin well ,, do not be arbitrary to store bitcoin ...
Title: Re: What happens when bitcoins are lost Post by: Saint-loup on October 24, 2017, 02:23:17 AM Yes, but it's not forever... In dozens of years big computers will be able to break the encryption and find the private keys of these accounts. Maybe before 2047.... After, all 21 million bitcoins have been extracted and the bitcoin rate will rise to incredible heights, it can be extracted from the block chains by selecting the cipher to the closed keys and the previously lost bitcoins? It will be something like a new kind of mining. However, apparently, this occupation will be worth it, given the course of bitcoin at that time.Title: Re: What happens when bitcoins are lost Post by: manoj kumar k on October 24, 2017, 03:03:45 AM When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate. i think you are rightTitle: Re: What happens when bitcoins are lost Post by: odolvlobo on October 24, 2017, 03:44:47 AM When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate. if I will lose my bitcoin, then the bitcoin exchange rate will continue to increase.You are assuming that the demand does not decrease (like it did in 2014-2015). Title: Re: What happens when bitcoins are lost Post by: mevmike on October 24, 2017, 03:57:33 AM you're assumptions are all correct.
since there are no regulating bodies with bitcoin therefore lost coins will not be retrieved anymore. and as a consequence this will result to lower supply and will further result to higher price later on. :D Title: Re: What happens when bitcoins are lost Post by: ehrz22 on October 24, 2017, 04:15:33 AM When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate. It's lost forever. The more people who lose Bitcoin are effectively giving it more value. Is there really no other chance to recover it? Well even though they've lost a wallet they will still have contributed in increasing the value of BTC. Now I know one of the reasons why btc is getting more popular. I just hope there will be a way to recover lost wallet in the near future. It's really sad if those wallets has a huge amount of btc. Title: Re: What happens when bitcoins are lost Post by: Slash61 on October 24, 2017, 04:28:47 AM There is no possibility to recover it, as long as you do not know your recovery password, I have experienced it with a lot of luck because I keep bitcoin not just in one wallet because I am afraid the hacker eventually find out and take my wallet. There is no way but to return it other than making a new wallet, because it works the wallet, if we forget our wallet and then lost all the btc you have.
Title: Re: What happens when bitcoins are lost Post by: Dudeperfect on October 24, 2017, 04:39:06 AM Yes, and there is practically no possibility of brute forcing to find the private key. Alternatively, there is not even a practical possibility of having Bitcoins already in a newly created wallet since the number of maximum number wallets is 2^160, there is not even a rare chance of such probability. Thus the only way to retrieve the funds from the wallet is to use a backup if available or there is no other option.
Title: Re: What happens when bitcoins are lost Post by: jaocoincrypto18 on October 24, 2017, 04:39:29 AM When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate. This is one of the disadvantages of the bitcoin that it will going to stay forever in the block chain and gone if we lost our private keys therefore we should to take care of our keys to avoid this thing to happen unlike fiat that even the owner will lost or dead still the physical money exist and it can be use by the charities. We just hope that block chain specialist could do a programs in which it can trace the inactive or floating wallets to recover it like what they do in SegWit programs. Title: Re: What happens when bitcoins are lost Post by: mostkey on October 24, 2017, 04:48:32 AM When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate. This is one of the disadvantages of the bitcoin that it will going to stay forever in the block chain and gone if we lost our private keys therefore we should to take care of our keys to avoid this thing to happen unlike fiat that even the owner will lost or dead still the physical money exist and it can be use by the charities. We just hope that block chain specialist could do a programs in which it can trace the inactive or floating wallets to recover it like what they do in SegWit programs. Title: Re: What happens when bitcoins are lost Post by: Aizhen05 on October 24, 2017, 05:07:22 AM Yes, and there is practically no possibility of brute forcing to find the private key. Alternatively, there is not even a practical possibility of having Bitcoins already in a newly created wallet since the number of maximum number wallets is 2^160, there is not even a rare chance of such probability. Thus the only way to retrieve the funds from the wallet is to use a backup if available or there is no other option. Yes other than that i must say or think that there is no other option regarding on if bitcoin might lost. Title: Re: What happens when bitcoins are lost Post by: bitbob82 on October 24, 2017, 07:51:55 AM When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate. This is one of the disadvantages of the bitcoin that it will going to stay forever in the block chain and gone if we lost our private keys therefore we should to take care of our keys to avoid this thing to happen unlike fiat that even the owner will lost or dead still the physical money exist and it can be use by the charities. We just hope that block chain specialist could do a programs in which it can trace the inactive or floating wallets to recover it like what they do in SegWit programs. Title: Re: What happens when bitcoins are lost Post by: FoxTheHuman on October 24, 2017, 08:21:33 AM When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate. If you die or lose your key, it will disappear forever. If you store it on a hard drive then it will disappear but you store it on the web wallet it is still used in the transaction.Title: Re: What happens when bitcoins are lost Post by: Spaffin on October 24, 2017, 09:59:08 PM If, for whatever reason, private keys to the bitcoins are lost, bitcoins remain encrypted in the blockchein block chain. That is, access to them is, as it were, lost forever and these bitcoins are excluded from circulation. However, in this case, the only way out is to break the encryption of the block chain. Perhaps it is still too early to talk about this, however this topic may be relevant when all bitcoins are mined and their value will be fantastically high. In addition, it is possible that by that time programs will be written that can break such encryption. It will already be worth it.
Title: Re: What happens when bitcoins are lost Post by: Asmonist on October 24, 2017, 10:49:58 PM When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate. I think its less likely to happen. Many have already use this and with its technicality it would be probably recovered. I'm just so positive about it. Otherwise, other financial institutions may not be threatened with bitcoin. I believe people who had invested with this a lot will make ways to not let this happen. Nevertheless, we should always have a reserve money for our financial security. Bitcoin investment should only be part of our total assets. For the meantime that's its not yet lost, then we should have invested some also with other investments in stocks or insurance or having a business. Putting eggs in different baskets. Let's just be prepared for anything. Title: Re: What happens when bitcoins are lost Post by: Malsetid on October 24, 2017, 11:06:12 PM When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate. I don't think there are a lot of people losing wallet access though. It's real money we're talking about here and probably the only.time this can happen is when someone dies and didn't have the foresight to provide walet information to family or friends. Everyone's being careful now about their btcs since its becoming more and more expensive nowadays Title: Re: What happens when bitcoins are lost Post by: nazzzzz on October 24, 2017, 11:29:32 PM When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate. That is basically it, they vanish. Pretty much what would happen with money people lose all the time but in this case more money is printed, thats what makes bitcoin desired, the limited supply. Title: Re: What happens when bitcoins are lost Post by: Activitycoin on October 25, 2017, 03:05:34 AM When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate. This is one of the disadvantages of the bitcoin that it will going to stay forever in the block chain and gone if we lost our private keys therefore we should to take care of our keys to avoid this thing to happen unlike fiat that even the owner will lost or dead still the physical money exist and it can be use by the charities. We just hope that block chain specialist could do a programs in which it can trace the inactive or floating wallets to recover it like what they do in SegWit programs. Title: Re: What happens when bitcoins are lost Post by: sofi@ on October 25, 2017, 06:30:59 AM Losing bitcion is a terrible issue because there is no way to retrieve them so when a person forgot his password and cannot open their wallet anymore that would be consider as lost bitcoin it will remain in the blockchain and will become stagnant forever and since there are limited number of bitcoin in the circulation chances are bitcoin can be gone if majority of holder will lose their access in their bitcoin wallet
Title: Re: What happens when bitcoins are lost Post by: Creating N Action on October 25, 2017, 01:41:19 PM Bitcoin for many people treat like a business and job. I think when the bitcoin get lost, many people also lost a business or job. In bitcoin, people learned how to earn money and also saving it, so if the bitcoin get lost many people can't earn and save more money anymore. Because of bitcoin, teenager continue pursuing college. It helps oneself , loveones and all our peers so if it lost, we can't able to continue our studies and it won't help us to get more money, and our life will not be success .
Title: Re: What happens when bitcoins are lost Post by: wormgummy019 on October 25, 2017, 04:47:02 PM When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate. When bitcoin are lost, some business will lost too specially those business that using bitcoin or related to it. If bitcoin lost, some people will affect. A very very negative effect, we all know that people who are veterance here in bitcoin have a lot of experience here and have a big account. So if bitcoin lost, maybe they will dissapointed. And specially like me or those people who starting bitcoin or newbie. Title: Re: What happens when bitcoins are lost Post by: Fatso123111 on October 25, 2017, 04:50:12 PM When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate. It's lost forever. The more people who lose Bitcoin are effectively giving it more value. Title: Re: What happens when bitcoins are lost Post by: Palmerson on October 25, 2017, 05:00:41 PM I doubt that it will lost a large amount of bitcoins. This will not affect the price. The price proposal forms. Now, everyone thinks the price will rise, but what will happen if the whales will put their money in another coin. For example they like best idea segWit2x. They will buy all coins and raise the price higher than btc. The Achilles heel of bitcoin is the fact that there is no turnover in the trade. Perhaps btc1 can solve this problem. It seems to me we do not expect easy times.
Title: Re: What happens when bitcoins are lost Post by: ukboss on October 25, 2017, 05:04:40 PM If someone lost his bitcoin for hacking his bitcoin account it is a very sorrow news for all. Today those person lost his money but next day we can lost so it is a very important to save our bitcoin. If someone use blockchain and coinbase account i thing it is a best for save your won wallet for bitcoin saving.
Title: Re: What happens when bitcoins are lost Post by: Cranidos on October 25, 2017, 05:43:26 PM When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate. Your claims are true, when the wallet or private key got lost, it will never be recovered and will be lost forever unless it will be cracked by someone or something. These lost coins contribute to the scarcity build up in Bitcoin which contribute to the increase in Bitcoin's price. Title: Re: What happens when bitcoins are lost Post by: iv4n on October 25, 2017, 06:03:00 PM When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate. Your claims are true, when the wallet or private key got lost, it will never be recovered and will be lost forever unless it will be cracked by someone or something. These lost coins contribute to the scarcity build up in Bitcoin which contribute to the increase in Bitcoin's price. Cracked by someone or something, I wonder what you mean by this? What you think who hold the private keys for 1 million bitcoins? Someone or they ate lost? How many bitcoins are lost until now, and when all bitcoins be in circulation one day what can developers do about all this lost coins? There are many inactive wallets but how developers can now that bitcoins in that wallet are lost because no one use them for years, or someone just decided to keep them there for years and not touch them? Lost bitcoins are sensitive topic, I believe that in future something will happen about that, developers will think of something to do with them. Title: Re: What happens when bitcoins are lost Post by: xCryptoManiaX on October 25, 2017, 06:30:48 PM Welp if you lose your private keys you lose your bitcoins. Sad but this is how it is.
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