fabiofem (OP)
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January 02, 2018, 03:45:29 PM |
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What happens if someone loses their bitcoin? Let's imagine that I buy 10,000,000 bitcoin for example. Does the system need to re-create those money?
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"Bitcoin: the cutting edge of begging technology." -- Giraffe.BTC
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drakegon
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January 02, 2018, 03:47:18 PM |
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What happens if someone loses their bitcoin? Let's imagine that I buy 10,000,000 bitcoin for example. Does the system need to re-create those money?
Those money will stay lost forever and the price of BTC will increase even more as the demand will increase as well. |
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OmegaStarScream
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January 02, 2018, 03:55:56 PM |
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As said above, they won't be re created and even If we assume that is the case, how is it going to work? what would be as a proof that you lost the bitcoins? Like satoshi said, with the limited supply, think of it as slightly donation for everyone (less supply).
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Caesar-Giulius
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January 02, 2018, 04:00:34 PM |
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The maximum supply of Bitcoin is 21 millions, there won’t be additional creation every time someone buy Bitcoin. If you have lost your Bitcoin, it will remain lost. You can only buy it from the market to own it again.
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charlotte04
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January 02, 2018, 04:02:08 PM |
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What happens if someone loses their bitcoin? Let's imagine that I buy 10,000,000 bitcoin for example. Does the system need to re-create those money?
If you lost that kind of Bitcoins, the result would be losing that kind of amount forever and I think no one could recover it. |
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jmiro1
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January 02, 2018, 04:05:45 PM |
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The maximum amount of Bitcoin is a constant figure, which is 20999999.9769 BTC. Mostly it is assumed as 21 million BTC. So, creating bitcoins as you like is not the thing that happen as you are thinking. I hope you understand that. Thanks
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SiDtHeBeSt
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January 02, 2018, 04:07:53 PM |
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If someone loses his/her bitcoins, it won't ever be recovered or recreated or anything. Bitcoins lost like these would stay lost forever and the supply of bitcoins will decrease, which will indirectly result into rise in the price of bitcoins. As you would know, bitcoin is a currency which has limited supply, thats the reason it keeps on going up. Higher demand than supply.
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fabiofem (OP)
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January 02, 2018, 04:08:06 PM |
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Thanks guys, I understood, I'll save my bitcoin cents!!
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Rinsend
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January 02, 2018, 04:46:26 PM |
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nothing will prove that you will lose bitcoin.
but as we expect bitcoin prices will continue to increase.
maybe here is not your bitcoin that will be lost.
but the selling price of bitcoin can cause you to lose your money
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JamesIV
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January 02, 2018, 06:10:55 PM |
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There are thousands people lose their private keys every day. And it does not effect in Bitcoin value. Besides, those Bitcoin can not be used because no one know the private keys.
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HabBear
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January 02, 2018, 06:52:09 PM |
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Does the system need to re-create those money?
One of the primary advantages of Bitcoin is that "the system" will never create more than 21 Million coins. This preserves the supply available and therefore the value of Bitcoin. Today's fiat-based currencies are managed in the opposite way, where Central Banks print more money as they need to to control (and manipulate) the value of a currency compared to others. This "need" is done to allow a Countries goods to remain affordable for other Countries, so exports remain high and income and GDP remain high. What this also does is erode the value of the fiat currency, which is why prices for goods and services increase even though it's easier to produce the good/service.
There are thousands people lose their private keys every day. And it does not effect in Bitcoin value. Besides, those Bitcoin can not be used because no one know the private keys.
Wrong, it absolutely affects the Bitcoin value. With fewer coins available to be sold the price of bitcoin stays higher than it would if no coins were ever lost. |
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Jake_Shannen
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January 02, 2018, 07:08:03 PM |
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Yes, I think that made the entire BTc work with all the unlimited supplies that can be made it was ensured that BTC has a limit.
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█▐ REVIZOR 》 CLEARS THE FAILED ICO AND COINS ▬
▬ █| pre-ICO: Jan, 27 - ICO: Mar, 3 |█ ▬ (https://revizor-coin.io/) |
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malikusama
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January 02, 2018, 07:17:39 PM |
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What you are trying to ask? Do you want to know about the effect of huge number of lost bitcoin over its market value?
Bitcoin has fixed supply and no one can recreate bitcoin, once the bitcoin are lost they are lost forever unless or untill someone try to access his lost bitcoins and claim them with the help of service provider, however the probability of recovery is too low.
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Naficopa
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January 02, 2018, 07:23:08 PM |
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What happens if someone loses their bitcoin? Let's imagine that I buy 10,000,000 bitcoin for example. Does the system need to re-create those money?
These lost bitcoins are already lost and will never be recovered. The number of bitcoins is limited and the system can not create more than 21 million. |
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fabiofem (OP)
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January 03, 2018, 11:47:25 AM |
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So if I were a big bank and wanted to get rid of bitcoin, would I just buy them and lose them? That simple???
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CryptosapienZA
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January 03, 2018, 12:09:59 PM |
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What happens if someone loses their bitcoin? Let's imagine that I buy 10,000,000 bitcoin for example. Does the system need to re-create those money?
Then those bitcoins are gone forever. No the system won't recreate lost bitcoins because that will mean the supply will increase. That is what makes bitcoin unique is that the supply is fixed. |
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Swenna
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January 03, 2018, 12:29:19 PM |
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If you look at the cmc, you can see that out of the 21 million supply of bitcoin, only 16,779,400 BTC is in the circulating supply, meaning the remaining is either being hold and kept by Satoshi, the devs and some whales while the others are completely lost forever. If we somehow decided to gather up all the satoshis we have to complete the 21 million btc, it will never be completed as the others are already lost in forgotten wallets and such. There will only be 21 million bitcoin that will be created and mined. You can consider it as some sort of natural resources, limited and non-renewable.
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skyland999
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January 03, 2018, 12:38:10 PM |
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What happens if someone loses their bitcoin? Let's imagine that I buy 10,000,000 bitcoin for example. Does the system need to re-create those money?
the money will disappear will not come back, but the money will reappear with a higher value |
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BabyBoss
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January 03, 2018, 12:43:11 PM |
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What happens if someone loses their bitcoin? Let's imagine that I buy 10,000,000 bitcoin for example. Does the system need to re-create those money?
Bitcoin is decentralized coins but not like cash that even the government said recreate again then they will but bitcoin has circulating supply which is means no re creation because I believe that if they create again some supply there are big trouble where there are chance that satoshi nakamoto loss all of what he has done, maybe the possibilities is it can ruin the marketing platform of bitcoin. So, no need to re create if the total supply already sold then wait for the stable price of each btc. |
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Janine012
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January 03, 2018, 12:51:41 PM |
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NO. It cant revert it or retrace back anymore no matter how big it is. It is one of the block chain characteristics ,is that it is immutable. No one can change what has been transpired as there are million of blocks of transactions that need to be undone first. So keeping your wallet and private keys in tact is very important.
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