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Author Topic: What happens when bitcoins are lost  (Read 799 times)
GreatOrchid
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October 23, 2017, 09:56:10 PM
 #21

Yes it is impossible to recover them back once that they are lost, and the same happens if you die with your bitcoins inside a wallet, there is no way to recover them back, the only way is if someone just login to your wallet and steal your coins or just use them for buying something or just for withdrawing them, but if they dont have the private key or the password it is impossible for them to login to the address.
This is a good question, but yes, it works like that.

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Gaff
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October 23, 2017, 10:12:50 PM
 #22

Yes it is impossible to recover them back once that they are lost, and the same happens if you die with your bitcoins inside a wallet, there is no way to recover them back, the only way is if someone just login to your wallet and steal your coins or just use them for buying something or just for withdrawing them, but if they dont have the private key or the password it is impossible for them to login to the address.
This is a good question, but yes, it works like that.

When bitcoins lost I feel lost too because I can't concentrate things well and since bitcoin motivates me the way I live now, I can't imagine life without it. I keep on waiting that bitcoin will somehow become the most powerful currency in the universe. If that happens that bitcoin are lost, I feel miserable because I've been spending my life, my time with it.

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October 23, 2017, 10:14:53 PM
 #23

when bitcoins are lost, it is almost impossible if not impossible to recover it, that is why you are always advised to confirm the wallet address and re-confirm the address again before sending out a payment or initiating a transaction

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October 23, 2017, 10:42:14 PM
 #24

yes there is no way that your bitcoins can be recovered once that you forget your password or the privatekey, or any of those security layers that allow you to access to your wallet, this is one of the most incredible things about bitcoin, because nobody can access your account without one of those security caps.
Far as i know there is noone who can recover those bitcoins, so be careful with it and protect your private key.

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October 23, 2017, 11:40:27 PM
 #25

yes there is no way that your bitcoins can be recovered once that you forget your password or the privatekey, or any of those security layers that allow you to access to your wallet, this is one of the most incredible things about bitcoin, because nobody can access your account without one of those security caps.
Far as i know there is noone who can recover those bitcoins, so be careful with it and protect your private key.

In fact there is no such way through which we can recover our bitcoin once it lost. Therefore it is too much important to be careful while transferring fund to some one. you must keep safe your private key, because if someone will find it then it will also become difficult for you  to recover your wallet.

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October 23, 2017, 11:49:00 PM
 #26

When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate.

Yes, if you lose your wallet together with your private keys, your bitcoins will be lost forever, in oblivion. However, there might be a chance to find the private key in the future once more sophisticated super computers can break and hack your wallet. And yes, as per supply and demand, with less the 2 million bitcoins to be mined, but the demand is even higher in the next 5 years, its pretty obvious that the current price can double or triple in the future.

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October 24, 2017, 12:59:42 AM
 #27

When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate.

Sadly, there is no way to retrieve lost Bitcoin if you don't know its private keys. I've heard that there is a person who lost his more than 300 Bitcoin way back in 2010 because he accidentally throwed his laptop in the garbage truck and his Bitcoin were stored in an offline wallet. Those lost Bitcoin will definitely increase its value as the demand increases.

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October 24, 2017, 01:50:25 AM
 #28

Whether due to irrecoverable passwords, forgotten wallets from when Bitcoin was worth little, or the death of the bitcoin owner, it’s safe to say there are lots of people besides Howells who’ve lost their bitcoins. The question is whether or not those coins are lost for good.
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October 24, 2017, 01:55:39 AM
 #29

When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate.
if I will lose my bitcoin, then the bitcoin exchange rate will continue to increase.
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October 24, 2017, 02:01:06 AM
 #30

Very interesting discussion, more coins lost, more scarcest  BTC becomes and hence more valuable.

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October 24, 2017, 02:07:01 AM
 #31

yeah, i agree with what you're guessing. because when bitcoin lost, and no one got the private key. it'll be remain in that lost wallet. could go pump some demand and price growth too  Smiley

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October 24, 2017, 02:17:06 AM
 #32

if bitcoin you lost can only surrender because bitcoin as far as I know there is no responsible ,, therefore we must be careful to store bitcoin well ,, do not be arbitrary to store bitcoin ...

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October 24, 2017, 02:23:17 AM
 #33

Yes, but it's not forever... In dozens of years big computers will be able to break the encryption and find the private keys of these accounts. Maybe before 2047....
After, all 21 million bitcoins have been extracted and the bitcoin rate will rise to incredible heights, it can be extracted from the block chains by selecting the cipher to the closed keys and the previously lost bitcoins? It will be something like a new kind of mining. However, apparently, this occupation will be worth it, given the course of bitcoin at that time.
incredible heights... I don't know. It's likely to not be number one anymore in few years... maybe months
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October 24, 2017, 03:03:45 AM
 #34

When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate.
i think you are right

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October 24, 2017, 03:44:47 AM
 #35

When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate.
if I will lose my bitcoin, then the bitcoin exchange rate will continue to increase.

You are assuming that the demand does not decrease (like it did in 2014-2015).

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October 24, 2017, 03:57:33 AM
 #36

you're assumptions are all correct.
since there are no regulating bodies with bitcoin therefore lost coins will not be retrieved anymore.
and as a consequence this will result to lower supply and will further result to higher price later on.
Cheesy

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October 24, 2017, 04:15:33 AM
 #37

When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate.

It's lost forever. The more people who lose Bitcoin are effectively giving it more value.

Is there really no other chance to recover it? Well even though they've lost a wallet they will still have contributed in increasing the value of BTC. Now I know one of the reasons why btc is getting more popular. I just hope there will be a way to recover lost wallet in the near future. It's really sad if those wallets has a huge amount of btc.

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October 24, 2017, 04:28:47 AM
 #38

There is no possibility to recover it, as long as you do not know your recovery password, I have experienced it with a lot of luck because I keep bitcoin not just in one wallet because I am afraid the hacker eventually find out and take my wallet. There is no way but to return it other than making a new wallet, because it works the wallet, if we forget our wallet and then lost all the btc you have.

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October 24, 2017, 04:39:06 AM
 #39

Yes, and there is practically no possibility of brute forcing to find the private key. Alternatively, there is not even a practical possibility of having Bitcoins already in a newly created wallet since the number of maximum number wallets is 2^160, there is not even a rare chance of such probability. Thus the only way to retrieve the funds from the wallet is to use a backup if available or there is no other option.

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October 24, 2017, 04:39:29 AM
 #40

When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate.

This is one of the disadvantages of the bitcoin that it will going to stay forever in the block chain and gone if we lost our private keys therefore we should to take care of our keys to avoid this thing to happen unlike fiat that even the owner will lost or dead still the physical money exist and it can be use by the charities. We just hope that block chain specialist could do a programs in which it can trace the inactive or floating wallets to recover it like what they do in SegWit programs.

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