As the topic's subject says my question is what happens to the bitcoins that were in deleted wallets? If they just dissapear what will happen when all the bitcoins will be mined? Bitcoins can't be printed out like banknotes isn't it?
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Hi ChrisPop,
It is a common misconception that Bitcoins actually are stored in your wallet. The coins themselves are actually stored on the blockchain, and each wallet is the key to unlocking your personal stash of wealth. A perfect analogy is that we all belong to the first national bank of blockchain, and each one of us can get a safe deposit box (the wallet). If we want to get inside one of these safe deposit boxes, our wallets needs to generate a key (private key) in order to gain access.
If you delete your key (which is a part of the wallet) the coins are still located at the first national bank of blockchain. But its near impossible to get back into the safe deposit box.
The whole "everyone's coins goes up in value" argument is silly and at this point a fallacy. In order for this to happen certain criteria need to be met (which non have). And even if these were to happen that doesnt mean everyone's coins naturally increase in value.
1. All Bitcoins needs to be mined
2. All bitcoins need to be actively traded (last I saw, only %30 of coins ever mined are actively traded and are just being recirculated)
Without either or both of these happening, there is near zero effect of Bitcoins value and someone burning their coins. If I had 500,000 Bitcoins today in cold storage, and I secretly burned them, no one would be the wiser therefore price still says the same. That section needs to be removed from myths because it is a myth itself.
