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Author Topic: What happens when bitcoins are lost  (Read 798 times)
mostkey
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October 24, 2017, 04:48:32 AM
 #41

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.
because the average owner of a bitcoin purse in which it contains bitcoin would not have allowed his private key to be known to others, as they would be safe, their passwords, one way of avoiding bitcoin to be stak, is to have an associated heir personal key data of bitcoin wallet.

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October 24, 2017, 05:07:22 AM
 #42

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.
Yes other than that i must say or think that there is no other option regarding on if bitcoin might lost.

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October 24, 2017, 07:51:55 AM
 #43

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.
But i think it is not the disadvantage of bitcfoin, because the blockchain is giving you more option throuh which you can keep your private key more secure and can also give you opportunities in different condition to recover your private key, it require some information, but if you remain as fail to provide these information then you can lost your bitcoin and wallet.
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October 24, 2017, 08:21:33 AM
 #44

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 you die or lose your key, it will disappear forever. If you store it on a hard drive then it will disappear but you store it on the web wallet it is still used in the transaction.

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October 24, 2017, 09:59:08 PM
 #45

If, for whatever reason, private keys to the bitcoins are lost, bitcoins remain encrypted in the blockchein block chain. That is, access to them is, as it were, lost forever and these bitcoins are excluded from circulation. However, in this case, the only way out is to break the encryption of the block chain. Perhaps it is still too early to talk about this, however this topic may be relevant when all bitcoins are mined and their value will be fantastically high. In addition, it is possible that by that time programs will be written that can break such encryption. It will already be worth it.

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October 24, 2017, 10:49:58 PM
 #46

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 its less likely to happen. Many have already use this and with its technicality it would be probably recovered. I'm just so positive about it. Otherwise, other financial institutions may not be threatened with bitcoin. I believe people who had invested with this a lot will make ways to not let this happen. Nevertheless, we should always have a reserve money for our financial security. Bitcoin investment should only be part of our total assets. For the meantime that's its not yet lost, then we should have invested some also with other investments in stocks or insurance or having a business. Putting eggs in different baskets. Let's just be prepared for anything.

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October 24, 2017, 11:06:12 PM
 #47

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 don't think there are a lot of people losing wallet access though. It's real money we're talking about here and probably the only.time this can happen is when someone dies and didn't have the foresight to provide walet information to family or friends. Everyone's being careful now about their btcs since its becoming more and more expensive nowadays

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October 24, 2017, 11:29:32 PM
 #48

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.

That is basically it, they vanish. Pretty much what would happen with money people lose all the time but in this case more money is printed, thats what makes bitcoin desired, the limited supply.

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October 25, 2017, 03:05:34 AM
 #49

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.
because the average owner of a bitcoin purse in which it contains bitcoin would not have allowed his private key to be known to others, as they would be safe, their passwords, one way of avoiding bitcoin to be stak, is to have an associated heir personal key data of bitcoin wallet.
Well I think it’s a million dollar question for all users of bitcoin if bitcoin lost but I think bitcoin is a digital currency and everyone know how to deal and keep save his money bitcoin cannot be lost as for as believe because I believe bitcoin is the modern technology and there will be alternate of encase of lost because there are a lot of good qualities in bitcoin that can help us.

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October 25, 2017, 06:30:59 AM
 #50

Losing bitcion is a terrible issue because there is no way to retrieve them so when a person forgot his password and cannot open their wallet anymore that would be consider as lost bitcoin it will remain in the blockchain and will become stagnant forever and since there are limited number of bitcoin in the circulation chances are bitcoin can be gone if majority of holder will lose their access in their bitcoin wallet

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October 25, 2017, 01:41:19 PM
 #51

Bitcoin for many people treat like a business and job. I think when the bitcoin get lost, many people also lost a business or job. In bitcoin, people learned how to earn money and also saving it, so if the bitcoin get lost many people can't earn and save more money anymore. Because of bitcoin, teenager continue pursuing college. It helps oneself , loveones and all our peers so if it lost, we can't able to continue our studies and it won't help us to get more money, and our life will not be  success .

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October 25, 2017, 04:47:02 PM
 #52

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.

When bitcoin are lost, some business will lost too specially those business that using bitcoin or related to it. If bitcoin lost, some people will affect. A very very negative effect, we all know that people who are veterance here in bitcoin have a lot of experience here and have a big account. So if bitcoin lost, maybe they will dissapointed. And specially like me or those people who starting bitcoin or newbie.

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October 25, 2017, 04:50:12 PM
 #53

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.
Yep hopefully more people lose their private keys

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October 25, 2017, 05:00:41 PM
 #54

I doubt that it will lost a large amount of bitcoins. This will not affect the price. The price proposal forms. Now, everyone thinks the price will rise, but what will happen if the whales will put their money in another coin. For example they like best idea segWit2x. They will buy all coins and raise the price higher than btc. The Achilles heel of bitcoin is the fact that there is no turnover in the trade. Perhaps btc1 can solve this problem. It seems to me we do not expect easy times.

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October 25, 2017, 05:04:40 PM
 #55

If someone lost his bitcoin for hacking his bitcoin account it is a very sorrow news for all. Today those person lost his money but next day we can lost so it is a very important to save our bitcoin. If someone use blockchain and coinbase account i thing it is a best for save your won wallet for bitcoin saving.

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October 25, 2017, 05:43:26 PM
 #56

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.

Your claims are true, when the wallet or private key got lost, it will never be recovered and will be lost forever unless it will be cracked by someone or something. These lost coins contribute to the scarcity build up in Bitcoin which contribute to the increase in Bitcoin's price.

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October 25, 2017, 06:03:00 PM
 #57

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.

Your claims are true, when the wallet or private key got lost, it will never be recovered and will be lost forever unless it will be cracked by someone or something. These lost coins contribute to the scarcity build up in Bitcoin which contribute to the increase in Bitcoin's price.

Cracked by someone or something, I wonder what you mean by this? What you think who hold the private keys for 1 million bitcoins? Someone or they ate lost?
How many bitcoins are lost until now, and when all bitcoins be in circulation one day what can developers do about all this lost coins? There are many inactive wallets but how developers can now that bitcoins in that wallet are lost because no one use them for years, or someone just decided to keep them there for years and not touch them? Lost bitcoins are sensitive topic, I believe that in future something will happen about that, developers will think of something to do with them.


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October 25, 2017, 06:30:48 PM
 #58

Welp if you lose your private keys you lose your bitcoins. Sad but this is how it is.

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