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Author Topic: Blockchain and lost bitcoin  (Read 68 times)
Fantastic33
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January 01, 2018, 11:58:35 AM
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Blockchain is a digital log profile of cryptocurrencies and was first conceptualized in 1991 and was first used in bitcoin. On the other hand, Bitcoin (a cryptocurrency) was first used in 2009, and is continuously growing, and to be able to send and receive bitcoin, one must have a bitcoin wallet.
My question is, is it possible that bitcoins can be lost on your own bitcoin wallet? If that so, can it be traced on blockchain? Can it be still recovered?
Thanks!
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jackg
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January 01, 2018, 12:40:42 PM
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Blockchain is a digital log profile of cryptocurrencies and was first conceptualized in 1991 and was first used in bitcoin. On the other hand, Bitcoin (a cryptocurrency) was first used in 2009, and is continuously growing, and to be able to send and receive bitcoin, one must have a bitcoin wallet.
My question is, is it possible that bitcoins can be lost on your own bitcoin wallet? If that so, can it be traced on blockchain? Can it be still recovered?
Thanks!

If your system is free of malware and you validate the signatures of the download you have then ultimately NO bitcoin should be lost providing you have a good backup. I don't think bitcoin was the first time a block chain was used, it was used on smaller scales beforehand (you wouldn't just stick with a concept without testing it for 18 years).

Therefore if you have good antivirus and a backup of your wallet file then you should be fine. If you have a large amount of bitcoin you might want to look at trezor.io or ledgerwallet.com (hardware wallets). Or you can always print off private keys and store them somewhere safe though with these you might want to redo them yearly as they may start to deteriorate in clarity.

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January 01, 2018, 12:56:22 PM
 #3

Blockchain is a digital log profile of cryptocurrencies and was first conceptualized in 1991 and was first used in bitcoin. On the other hand, Bitcoin (a cryptocurrency) was first used in 2009, and is continuously growing, and to be able to send and receive bitcoin, one must have a bitcoin wallet.
My question is, is it possible that bitcoins can be lost on your own bitcoin wallet? If that so, can it be traced on blockchain? Can it be still recovered?
Thanks!

is it possible that bitcoins can be lost on your own bitcoin wallet?
Yes, those bitcoins would be lost either someone do have access into your wallet or you completely forgot the password or seed of such address.

If that so, can it be traced on blockchain?
It can be traced on blockchain on where those bitcoins go, either it has been moved or just stationary.

Can it be still recovered?
Moved or not those coins cant be accessed by anybody including you specially if you dont have the keys which those bitcoins are considered lost forever.


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bob123
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January 01, 2018, 01:46:03 PM
 #4

My question is, is it possible that bitcoins can be lost on your own bitcoin wallet?

Bitcoins can't get lost. A wallet is a piece of software which manages your private-/public- keypairs to make it easy for you to interact with the bitcoin network (Send/Recieve coins).
Until no transaction is being made (either by yourself or through malware) your coins will 'sit at this address'.


If that so, can it be traced on blockchain?

Transaction can be traced between addresses almost 'infinitely'. But without knowing who is in charge of a specific address you won't be tell
whether the coins have changed the owner or are still belonging to a specific person.


Can it be still recovered?

No. All transactions on the bitcoin network are final.
If you own the private key of an corresponding address you can move the coins, if you don't.. you can't.

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