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Agraoleom
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October 03, 2017, 07:06:08 AM
 #21

It could happen, as there really is a low circulation of whole bitcoins in the world compared to the amount of people. Over time a lot of them will be lost and have been lost already, I'm not sure many people will like to use tiny decimal amounts in the long run. You could also argue that bitcoin is the first iteration of a working digital currency and it seems inevitable that an improved implementation will take the market share.


About the tiny decimal problem, shouldn't it be possible to implement some kind of standard on top of bitcoin making it possible to view, lets say a 0,00000000 Satoshi as, for example 1 nakamoto coin, that sit on top of the actual bitcoin, making it easier to handle?

 
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plaintiff77
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October 03, 2017, 08:08:52 AM
 #22

I think this would not dissappear since we all know its already dominating the economy at present. Millions and more are interested on it and for the next 2 or 3 decades it will always be a bitcoin and eventually will have highet rates where in you will have income at the same time you learn.

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October 03, 2017, 08:10:44 AM
 #23

It could happen, as there really is a low circulation of whole bitcoins in the world compared to the amount of people. Over time a lot of them will be lost and have been lost already, I'm not sure many people will like to use tiny decimal amounts in the long run. You could also argue that bitcoin is the first iteration of a working digital currency and it seems inevitable that an improved implementation will take the market share.
                               This has been also discussed several times in this forum, about retrieving those lost wallets, getting back those lost bitcoin, but i think it wont really affect the price of bitcoin as much as the supply.

How can a diminishing supply, while still in demand, NOT have an effect on price?




I agree that as time passes by, more and more users have been adopting bitcoin, the problem is that it would really be a struggle to get, because of the increasing population of users and just limited supply of bitcoin in the world, and to add that up until now it is really hard to mine.

It will cause the price to go up.
Agraoleom
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October 03, 2017, 08:20:59 AM
 #24

Yes there is a chance that we lose all bitcoin due to different aspect such as human error like forgetting password or losing their on-line wallets but this can be prevented with proper knowledge on how you protect your bitcoin and having your security codes kept in your private records.


So, what you are saying is, if we all just tell ourselves to be less sloppy, human errors will no longer exist?

I am pretty sure, human errors are here to stay, as it is inherent in human nature.
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October 03, 2017, 08:32:32 AM
 #25

Bitcoin can eventually disappear this one disadvantage bitcoin has that is inevitable and no one can controlled, the moment a person forgot his authentication on his wallet or died without proper turn over of inheritance the chance that the bitcoin they own maybe forgotten and just disappear meaning floating in the system which no one can recover that is why we must be very careful but as human we commit mistake and that's normal

Agraoleom
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October 03, 2017, 09:43:27 AM
 #26

Bitcoin can eventually disappear this one disadvantage bitcoin has that is inevitable and no one can controlled, the moment a person forgot his authentication on his wallet or died without proper turn over of inheritance the chance that the bitcoin they own maybe forgotten and just disappear meaning floating in the system which no one can recover that is why we must be very careful but as human we commit mistake and that's normal


Yes, exactly what I am saying.

So it is, inevitable that in time, Bitcoin will seize to exist, be it maybe 300 years from now, or the amount will shrink to a point where it is no longer possible even for the elite to own a fraction of it, meaning it will lose it's attraction as a value asset.

Or something else...
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October 03, 2017, 09:04:19 PM
 #27

I think you have a point but it is unlikely for all bitcoin to get lost. However as more and more gets lost it's value must increase to compensate for the losses if it is to be a useful currency and could make it impractical if it runs out of decimal places to pay for low value goods.
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October 03, 2017, 09:12:11 PM
 #28

There will be a fixed number if Bitcoins, and people, because of human error, will accidentally lose Bitcoins every now and then.

This must mean that Bitcoin will eventually seize to exist? Or at least shrink to minimal amounts, when it shrinks to a certain level, it will no longer be useful.

Is this correct?



Bitcoin is programmed by people meaninit is lrone to error and if it will happen all data will be gone. But people behind bitcoin atleast made progamme if ever accident happen they can eventualy recover the lost data, im sure they have back-up file for it.

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October 04, 2017, 10:15:13 AM
 #29

There will be a fixed number if Bitcoins, and people, because of human error, will accidentally lose Bitcoins every now and then.

This must mean that Bitcoin will eventually seize to exist? Or at least shrink to minimal amounts, when it shrinks to a certain level, it will no longer be useful.

Is this correct?



Bitcoin is programmed by people meaninit is lrone to error and if it will happen all data will be gone. But people behind bitcoin atleast made progamme if ever accident happen they can eventualy recover the lost data, im sure they have back-up file for it.

No, only the owner of the bitcoin has the original unique key for a specific transaction, and no one else can see it, so "people behind it" will not be able to recover it.

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October 04, 2017, 10:15:29 AM
 #30

There will be a fixed number if Bitcoins, and people, because of human error, will accidentally lose Bitcoins every now and then.

This must mean that Bitcoin will eventually seize to exist? Or at least shrink to minimal amounts, when it shrinks to a certain level, it will no longer be useful.

Is this correct?



Yes, it will be a fixed number on bitcoin but do you think if this coin become rare, the price will not increase? On bitcoin, if there is a demand, price will keep on increasing, mean while if there is no demand, price will drop but in this case bitcoin will never disappear? How are you going to make it dissapear? I can guarantee some of them are holding it, the only thing that will be dissapear is the value of each coin but like I said before if there is still demands, its price will always as high as it can

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October 04, 2017, 10:25:34 AM
 #31

The rise and fall of everything happens in the world if we look at the fall appearance of bitcoin. It’s difficult because it was not preplanned that this type of currency will come into existence So it can be say that bitcoin will not disappear one day if its stable currency among the world.

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October 04, 2017, 10:29:09 AM
 #32

Bitcoin wont eventually disappear. In my point of view as what I understood is human error occurs and the wallet cannot be accessible but Bitcoin owner will be the only having access to Bitcoin what they owned.

So errors / discrepancies in minor level is acceptable nothing to be very serious about it.

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October 04, 2017, 10:51:41 AM
 #33

Well there are some cases of lost bitcoin, most of them happened in the past when the value was lower, and people didn't really paid to much attention to them. I don't say it will not happen again, but it will be insignificant. Yes human errors happen, but they tend to decrease as the "value of the act" increases. Take a look to air control in airports. The % of human error there is incredibly small. If it wasn't many people would die. Same thing goes for surgeries in life or death situations. It can happen, but the % for a forced error is very small. Same thing will be with bitcoins, the value is so high, that people will treat it with extremely caution, and the % of lost bitcoins for unforced errors will be minimal, so what you are saying can't really happen in a lifetime.

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October 04, 2017, 11:05:07 AM
 #34

Bitcoin can disappear only if it ceases to be of interest to people. Every day, new crypto-currencies are created which have a chance to destroy it and take first place.
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October 04, 2017, 11:08:00 AM
 #35

I was thinking about similar things.
For example think about a drug seller. He has huge amount of bitcoin and he died. Well all of these bitcoins will be in a dead wallet.


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October 04, 2017, 12:01:59 PM
 #36

because they're bought bitcoin with money then people control their bitcoin and people will manage the situations to keep bitcoin or their asset to not being worthless but maybe someday if there is a new coin which be the replacement of bitcoin people will starting to trade them or collect them so they will starting to sold their bitcoin gradually untill bitcoin is not valuable anymore because lack of interest and eventually bitcoin will disappear so this time i do agree with OP 
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October 04, 2017, 12:11:32 PM
 #37

There will be a fixed number if Bitcoins, and people, because of human error, will accidentally lose Bitcoins every now and then.

This must mean that Bitcoin will eventually seize to exist? Or at least shrink to minimal amounts, when it shrinks to a certain level, it will no longer be useful.

Is this correct?


Yes exactly bitcoin amounts decreases because of human error but it is isn't a big deal as long as the pcs of bitcoins can be spread into many portions. We don't know only in the coming future but i don't think its not a big problem.

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October 04, 2017, 12:25:33 PM
 #38

There will be a fixed number if Bitcoins, and people, because of human error, will accidentally lose Bitcoins every now and then.

This must mean that Bitcoin will eventually seize to exist? Or at least shrink to minimal amounts, when it shrinks to a certain level, it will no longer be useful.

Is this correct?



Bitcoin is deflationary by nature. This is counter-intuitive to how most of us have been raised on an inflationary economic model (fiat becomes worth less and less over time due to inflation).

What you say is correct, but don't forget the less Bitcoin available means the supply is lower. When supply drops and demand stays the same, it means the price increases. Which means the price of Bitcoin never stops rising over the long term.

It's not deflationary. Well at least not by design. Deflation means less coins would be in circulation every year. It's designed just to stop producing new coins at 21 million, but not to burn them after reaching this number. But it's true lost keys to addresses will cause some bitcoins to be inaccessible. They would still exist in the total supply count, but because noone will be able to access them, the effect will be the same as if supply decreased and would make upward pressure on bitcoin price.

For those who think we might run out of bitcoins because to many people loose their keys, it can't happen. It has 8 decimal places for a reason. Even if there was only 1 BTC left it could still be divided equally between 100,000,000 people. And it's price would be the same as total marketcap.
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October 04, 2017, 02:04:34 PM
 #39

In theory yes, Bitcoin could disappear over time from people accidentally losing their private keys, storage devices and even dying without passing their bitcoins/wallets private keys, exchange account passwords, etc. But in practicality, all bitcoin wouldn't completely disappear, at least not in our lifetime. There are enough people who are careful with their holdings and will do what is necessary to keep them safe for themselves and for those who will inherit their bitcoins when they pass away.
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October 04, 2017, 02:07:54 PM
 #40

Believe me, nothing lasts in this world, everything will disappear including bitcoin, I'm sure there will be hackers who mess up bitcoin or someday there is better coin than bitcoin so everyone leaves bitcoin and finally bitcoin disappear.

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