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Author Topic: What happens to all the BTC that people lose the keys to?  (Read 1419 times)
DoublerHunter
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May 29, 2017, 08:21:21 AM
 #21

If they lose the keys for their wallets even that is private keys or backup phrases like the usual wallets right now then it is not possible anymore to recover those amounts of money and it will be lost forever and the only thing that the person can do is to be careful in securing their accounts next time so they will not be worry about losing the keys for the wallet.

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Carlsen
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May 29, 2017, 08:34:33 AM
 #22

It is a very nice feature of bitcoin, that coins can get lost. At least I think that it is.
When the keys are lost, the coins are stuck in the wallet forever.
That means as well, they are not part of the supply anymore.
And a smaller supply increases the price.
That is something we all benefit from.

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May 29, 2017, 08:40:52 AM
 #23

If they lose the keys for their wallets even that is private keys or backup phrases like the usual wallets right now then it is not possible anymore to recover those amounts of money and it will be lost forever and the only thing that the person can do is to be careful in securing their accounts next time so they will not be worry about losing the keys for the wallet.

For bitcoin users, the key is the only thing to secure their money. Bitcoin has high security, so if you lose the key, you have no way to retrieve it.

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May 29, 2017, 08:42:41 AM
 #24

I would imagine that there is plenty of BTC that was mined/purchased a long time ago that people have either lost the key pair for, or lost the password to whatever wallet they stored it in. TBH I don't know what happens to "regular" money when it is stored in online accounts that get lost, but does anyone know if there is some kind of procedure for recycling long-lost-cryotocoins?

There cannot be made nothing. They are lost forever. At least with the actual know ledges in this field. In the future who knows....
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