Bitcoin loss?

[dothebeats]

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?

According to Satoshi himself, we should be thankful to the lost coins as they are the ones who bring more value to bitcoin due to scarcity. Also, it won't bring any problems at all; it is improbable that all coins would be lost in existence except if there would be a scenario where all our machines (and the internet of course) would be wiped out and be rendered useless. Not too much to worry about the diminishing supply as your current coins are being valued more due to these lost coins.

[reda]

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?

According to Satoshi himself, we should be thankful to the lost coins as they are the ones who bring more value to bitcoin due to scarcity. Also, it won't bring any problems at all; it is improbable that all coins would be lost in existence except if there would be a scenario where all our machines (and the internet of course) would be wiped out and be rendered useless. Not too much to worry about the diminishing supply as your current coins are being valued more due to these lost coins.

Not yet bitcoin is not going to lose it ya future of the money it will use to all counters. It's a future digital currency so it will use full the any bay bill and any purchase the product. Most of the people he doesn't know how to use the bitcoin and how to handle the process and enabling the process. Bitcoin give more information about the economy and finance process. So it's a growth for the future.

[glowing10]

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.

This is exactly the cause which many government are facing due to which I think due to which many countries have not yet legalized or banned it. Probably they would be thinking that this should be under their control so that its can be easily regulated and keep a track.  

Also if few counties start to accept it then the value of each decimal upto 8 will have the good value in future and people would be easily be able to buy and use the bitcoin against the good and services.

[chickenado]

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?

According to Satoshi himself, we should be thankful to the lost coins as they are the ones who bring more value to bitcoin due to scarcity. Also, it won't bring any problems at all; it is improbable that all coins would be lost in existence except if there would be a scenario where all our machines (and the internet of course) would be wiped out and be rendered useless. Not too much to worry about the diminishing supply as your current coins are being valued more due to these lost coins.

It is such a good information. For me, I don't worry so much about the depreciation of current supply of coins for I know that it will just go back to its own and normal rate. Come to think if all bitcoins will be lost that would really affect many investors. And,if internet connection becomes weak,then we can't do anything about that. Could we have an invisible connection to operate? I guess that's too impossible. Let's be all thankful to Satoshi.

[miyaka26]

Well in the late 2010 year when bitcoin is just a useless and priceless money over the internet, people don't really care if they loss or forget the private key as it is reasonable but as this year emerge, people nowadays are becoming more aware and cautions about this negative traits of bitcoin and prepared to protect their coins against the frauds and scam scattered around the globe of the internet, preparing and researching before going through, awareness is now the basic principle of the people who owns bitcoin nowadays.

[Yaunfitda]

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?

According to Satoshi himself, we should be thankful to the lost coins as they are the ones who bring more value to bitcoin due to scarcity. Also, it won't bring any problems at all; it is improbable that all coins would be lost in existence except if there would be a scenario where all our machines (and the internet of course) would be wiped out and be rendered useless. Not too much to worry about the diminishing supply as your current coins are being valued more due to these lost coins.

Satoshi is right indeed. It would have a deflaitonary effect on bitcoin economy. Its like when you are collector. Then item lost in history the more its valuable. Too bad though that those earlier adopter didn't take care of their bitcoins. They should have been millionaires by now. And this should be a lessons learn for us that is new to bitcoin. Saved your private keys and seeds.

[Ranly123]

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?

No bitcoin will be lost if you have back up for your files or accounts. We invest in bitcoin knowing the high risk in the business yet we continue to do this, knowing the risk should make us more vegilant on our accounts to make sure it will not be lost.

[Almat]

Each coin is potentially endlessly divisible. Unless you lose all 21 million, it's not going to run out. 1 Satoshi can easily be worth $1k if demand outpaces supply enough.

[ss890]

I think people are trading and investing bitcoin on the liquidity basis that is the bitcoin movement continues everday from one account to another and it does not really stays at one person. The rate of loosing bitcoin seems to be very very less and I believe that will never affect the bitcoin. Yeah only someone die with private keys then it could be problem as that kind of bitcoin can't be recalled at all without that private key. But again how many people will die before they share the keys and also how muc bitcoin they might just be carrying with them.

[Ararbermas]

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?

Will losing those very important things is the end of your happy life if it has a lot money on it. Thats why dont forget to make some back up on it Which is in the safe place do not let your important keys so you will not repent after.cause it cant help. So this post may aware to those who had no back up on their important things such as password, private key or etc to avoid also that problem. And also Unsupported address? i think you can't send a money if the address is unsupported as my experience on my wallet . beacuse it will become red and your wallet will not allow you to procced the process.

[Elcapsono]

I do not think that we will be able to lose access to our coins even if we forget the password for the wallet. Now there are very good hackers who can crack the password and get coins.

[buxlover]

I think losing of bitcoin is not that easy. The circulation will never come to an end as long as all the coins are destroyed or may be banned by governments from all the countries. The coin might lose but the value will increase accordingly in long terms. Remember that supply and demands calculation, when the pretty much amount of bitcoin are lost for example, one million may be then only it will affect the market severely. But the effect won't be sudden as due to less one million the rate in the market will increase equivalently leading to increased prices per coin. But surely the effect will be much smaller I believe.

[Gozie51]

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?

What you have enumerated are the disadvantages of bitcoin and I would just pick the spot where you said "- people dying with private keys, etc."
For this, the solution is just to disclose to someone you trust your keys while you are alive if you feel so. It could be a next of kins as we rightly have in banking setting. So the next of kin which could either be a wife or relatives should be informed by this, there is continuity in the bitcoin you have.

[redhondaxrm125]

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 question is pretty interesting. I have also been thinking about this when i first entered the crypto world. I thought aboit people owning cryptos dying amd not being able to tell someone their keys.  Plus seeing a lot of people that have been saying they lost or forgot their wallets on social media sites, google and in this forum. Only to find out that their posts were dated 2013-16. Which made me realize that this isn’t the case for today because people are more careful with their possessions because of its value.

[Enzo 666]

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 reasons not acceptable  Because all back to bad use of user so bitcoin away from that


if you think bitcoin will lose only stop using it and lock your account 

[Opquar]

It is nothing to concern yourself with. Decreasing supply just means the value will appreciate. The market will be fine. You will be better off making sure you don't lose your own Bitcoins.

[yugyug]

If the bitcoins were lost and the circulating supply were scarce, then the law of supply and demand follows. The value of bitcoin of bitcoin depends on supply and demand, the lesser the supply (scarce), the higher the price. The bitcoin's rule is that the maximum mined bitcoin with a total of 21 million coin is fixed and in any circumstances that supply can not be change. There have been no actual inventory of bitcoin determining the actual quantity that actively circulated of the whole trading platform worldwide. Its market capitalization only tells the total mined bitcoin but the lost or inactive coin had not been accounted.

[equator]

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?

What you are telling is highly not possible because not all users are immature to not safely keep their wallet so only 50% chances are their and it will only create more demand on the coin as much their will be shortage.

[allthingsluxury]

With proper management these mistakes can be avoided. But you are right, we have seen many cases and many stories where large amounts of BTC have been lost for all time.

[aardvark15]

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?

Yes coins are probably lost all the time and once they are lost, they can't be recovered. At some point, there will be more coins lost every day than mined. I came up with several ways coins get lost.

1) Coins get sent to the wrong address by the sender. Most likely this is an address that no one owns so those coins are gone.

2) The owner either forgets the private key or forgets about the coins and no one knows about them so they are lost.

3) Someone dies and they didn't leave instructions for their relatives to get the coins or the relatives just don't try to get them, so they are lost.

4) Someone has some 'dust' left on an address from a faucet that is worthless now but in the future it has value. The coins are forgotten and therefore lost.

I've got some addresses with dust that it will cost more to move that they are worth right now. They may get lost too.