Bitcoin loss?

[Kzp]

One thing always came on my mind when I entered the world of Bitcoin.
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.

But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?

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[Milo_Kidd]

One thing always came on my mind when I entered the world of Bitcoin.
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.

But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?

We will prevent that by back up our accounts and make sure that we manage to know them well. Because the most reason why accounts were lost is because of forgotting them example you forgot the password and etc. But in terms of coin lost that due to unexplainable reason, I can't assure what going on. Maybe you have been hacked, its possible. As a member here I am careful with my move because I know bitcoin is hard to earn.

[Yakamoto]

One thing always came on my mind when I entered the world of Bitcoin.
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.

But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?

It would be an issue if there was enough Bitcoin being lost, but for most cases Bitcoin isn't being lost at insane rates and most people are able to keep their wallets in line due to spreading awareness about backups, the use of online wallets (which shifts responsibility from users, who may be prone to issues, to a company which -has- to maintain their stores otherwise they start to lose a lot of money quickly), and the experience of the community growing as a whole. More people know to keep their stuff backed up, but it could potentially damage the amount of Bitcoin over a long enough time frame. So far it isn't an issue.

[batang_bitcoin]

But bitcoin are totally different, they can be lost
- sending to unsupported address

It's the sender's responsibility to know on what the address he is sending. And this is rarely happening since most of the bitcoin users know that every transaction should be handled with care.

- loosing private keys

You can't lose private keys unless you save it on a file and put it on your flash drive and lock it to your drawer or you can simply write it on a piece of paper and clip it on a folder on your table office.

- people dying with private keys, etc.

I don't understand this.

Which will keep on decreasing the total available supply of the coin. making it more scarce.

It's given as bitcoin has supply limit.

Won't that bring a problem the the economics, no coins left to trade situations?

You should understand on how this thing works, it doesn't mean when bitcoin is not mineable anymore and it's supply limit was reached. The circulation of coins in the market is there and I doubt it there will be no left for trading.

[pinkflower]

Won't that bring a problem the the economics, no coins left to trade situations?

But one BTC property that is often overlooked is that its also divisible by 8 decimal places. So how can you say that there is going to be no coin left to trade? There will be quadrillions or more left.

Dont worry about the supply, BTC1 is worth 100 million satoshis.

[Jovovich]

Won't that bring a problem the the economics, no coins left to trade situations?

But one BTC property that is often overlooked is that its also divisible by 8 decimal places. So how can you say that there is going to be no coin left to trade? There will be quadrillions or more left.

Dont worry about the supply, BTC1 is worth 100 million satoshis.

Well the problem is how to regulate and control all those bitcoin that have already scattered around the web. I cant sense the no coin left to trade situation because as we all know how much is in store for btc.

[jamids]

One thing always came on my mind when I entered the world of Bitcoin.
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.

But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?

Maybe before when the value of bitcoin is not that significant then people wouldn't care that much if their coin will be lost but the situation now where only the people who have much money can directly buy one bitcoin then we would be careful in our coins because it is quite valuable. Doing the necessary things like backing up your keys would prevent you from losing your coins so the possibility of affecting the bitcoin world because of the coins that are lost is less likely because many people will take care of it being afraid of losing their hard earned money.

[TagaMungkahi]

One thing always came on my mind when I entered the world of Bitcoin.
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.

But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?

This is considered a Human error and this would be an epic and rare situation though. Like many people bought their bitcoins way back from the early stages of bitcoin and forgot their addresses or private keys and never had a chance to recover it. But just like what i've said this is really a rare thing to happen, i think it is not possible to affect the active coins from the forgotten ones and maybe Bitcoin developers can do something about this concern and might come up with a better solution.

[amaral1977]

One thing always came on my mind when I entered the world of Bitcoin.
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.

But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?

Of course this is an issue. But only if you look at BTC as a "currency" for everyday transactions. But for what we are seeing now, BTC is not heading that way. It is not looking to have the price stability a currency need. so It´s become more of a store of value asset, while we keeping believing in the tech. For that , being the smaller unit a satoshi i think we will have enough for a long time before the "lost" coins become a problem.

[Hexah]

All the things that you mention about the problem in bitcoin are all individual error about people who are careless with whom they will send their bitcoins, backups their files and in regards to people who dies and their bitcoin being stucked in where they put it I think it will be also consider a human error because they can safe it also to the one they would trust their private keys.

That is really a real problem we encountered by now the scarce of bitcoin because of those errors hope they're is a way that it will be back especially if it has huge amount stuck out there.

[klaaas]

See it as gold.

- sending to space
- loosing gold
- people dying with gold, etc.
Which will keep on decreasing the total available supply of gold. making it more scarce.

Won't that bring a problem the the economics, no coins left to trade situations?

No, this will not be a problem as BTC can be traded xxxxx behind the dot.

[btc_angela]

One thing always came on my mind when I entered the world of Bitcoin.
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.

But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?

It's rare that you can send bitcoin to unsupported address. But now you should be aware that you have to double or even triple check the address before sending it to anyone. If you do send it to a wrong and unsupported address, its your fault not bitcoin. Again, you need to backup your seeds and your private keys because this is the first thing that you will be aware once you are into bitcoin. There are about 21 million bitcoin and so far 16 million are on the circulation. So there's still a lot of bitcoin for everyone. Its gonna be scarce but this will make bitcoin more valuable in the future. Because there will be a huge demand but the supply is getting scarce.

[ProzCoin]

there are about 18 millions bitcoin around the world right now but only 3 millions are traded and used. More than 15 millions bitcoin have lost cause of many reasons such as losing private key, do not remember password, etc. However, it is not a big issue, with 3 millions bitcoin, we can still have a better place and people still want to own bitcoin as many as they can

[bitcad4u]

One thing always came on my mind when I entered the world of Bitcoin.
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.

But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?

It's rare that you can send bitcoin to unsupported address. But now you should be aware that you have to double or even triple check the address before sending it to anyone. If you do send it to a wrong and unsupported address, its your fault not bitcoin. Again, you need to backup your seeds and your private keys because this is the first thing that you will be aware once you are into bitcoin. There are about 21 million bitcoin and so far 16 million are on the circulation. So there's still a lot of bitcoin for everyone. Its gonna be scarce but this will make bitcoin more valuable in the future. Because there will be a huge demand but the supply is getting scarce.

Bitcoin is a one type of currency and it's called digital currency.It is  rare that you can send bitcoin to unsupported address. But now you should be aware that you have to double or even triple check the address before sending it to anyone. And this type of mistake make a bitcoin loss

[kokobaba880]

I don’t think so that bitcoin will loss in the near future. If get much success in the many advance countries and trying to achieve the peak position. Bitcoin loss will cause a panic among the many people lives. Many people will jobless and thus the economy will show grater change in short time.

[mrcash02]

That is a subject well known here. I have seen some people talking about it and I think lost Bitcoins aren't a problem. The supply will surely be lower, but it makes the coin more valuable and "rare". So BTC price can be bumped even more on long term as we know there are many coins that will be lost for several reasons. But I think before (in the past) people have lost more Bitcoins than now because Bitcoin wasn't so popular, so people didn't give much importance to it.

[sukamasoto]

In order to understand bitcoin, people need more advance about compare when they learn on fiat which much easier to understand.
In this digital era, there many invention that being made and bitcoin one of them so we need learn more advance too in order to understand how bitcoin really work and preventing bitcoin losses on the future

[Ewox]

I don't think the supply of bitcoin will be scarce by then, and I'm sure for some of those thinking of passing on their bitcoins had already figured out if the die who would get a hold of their bitcoins. I even had planned out myself that already, I'm passing all of my hodled coins to my daughter if in case I die.

[kpcian]

I think you are aware of this trend then you can never face a loss project, Bitcoin is becoming a popular and profitable platform, day by day Bitcoin price is getting higher so that bitcoin could be one of the most profitable platforms. that is why Bitcoin could not be a loss project.

[Mpamaegbu]

One thing always came on my mind when I entered the world of Bitcoin.
Fiat are issued with registered numbers and recycles in the name of new currency, making the old obsolete.
i.e. They never get destroyed even if the physical notes gets burned and decayed.

But bitcoin are totally different, they can be lost
- sending to unsupported address
- loosing private keys
- people dying with private keys, etc.
Which will keep on decreasing the total available supply of the coin. making it more scarce.
Won't that bring a problem the the economics, no coins left to trade situations?

Your last question though isn't going to happen. There will always be some coins to trade with. All 21million coins can't be lost. Not possible. But before the other worries you raised become a nagging problem the issue would've be taken care of. I see a possibility of countries harnassing the blockchain technology into their financial systems and making Bitcoin holders keep records of transactions through the banks. Yes, this will happen in the near future as countries embrace Bitcoin as legal tender.