Joyawan13
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Activity: 910
Merit: 100
elysian.finance
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April 10, 2018, 12:52:15 PM |
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when you buy 10.000.000 bitcoin and you lose it. then it will not come back and will not be created. bitcoin network will keep running and create new coins. but it's not your bitcoin. if you save it in wallet hardware and it is destroyed. then your bitcoin will be lost but the block remains. and can not be copyrighted anymore.
hopefully it will never happen to us, I can not imagine it if I will lose a lot of bitcoin I have, so we should be more careful to be able to store and keep the bitcoin we have, if we lose our bitcoin, that no people which can help we to return the bitcoin we have. |
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Sweetbtc
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April 18, 2018, 04:14:29 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?
There's no way to recover it. It will lost forever and won't be re-create again. In return the demand of bitocin increase and supply decrease which case increase the price. So its better to save your private keys somewhere or tell someone closest you know about your key. Private key is the only way to get access to your precious coins. |
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ElizRu
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Activity: 196
Merit: 10
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April 18, 2018, 04:20:04 PM |
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You can not buy what does not exist. Any currency in a limited circulation and the more it is created, the more it depreciates.
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Ishiro5
Copper Member
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Activity: 224
Merit: 3
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April 18, 2018, 04:25:13 PM |
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This is the one of the most interesting features of bitcoin and every other real cryptocurrency, the INTRINSIC value; it is what protects bitcoin economy from inflation and perhaps what would have been supply manipulation. So it means if i have the private keys of x number of bitcoin and lose that private key without back up or something else happens that makes the person unavailable, then what would be left for the rest of the world would be 21million btc minus 'x' btc.
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hanabii
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Activity: 14
Merit: 0
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April 18, 2018, 04:39:19 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?
it is a very annoying and very regrettable mistake. I really can not believe that the system will return or refund the money. something that happens because of our own system error has nothing to do with it |
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EzzNju
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Activity: 34
Merit: 0
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April 18, 2018, 04:52:13 PM |
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Is it possible to recover lost bitcoins,or is this the reason regulations are being introduced to cover such issues
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Adv Tahmina
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Activity: 294
Merit: 10
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April 18, 2018, 05:13:03 PM |
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Losing some bitcoin will make a sad person disappointed and regret coming because it is impossible to return if there is a machine that can return it is great, but it is not possible. if with this situation there will be no one who wants to invest again.
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israfil
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April 19, 2018, 06:18:49 AM |
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I think your Bitcoin may be lost for a lot of reasons. You have to prove your loss of Bitcoin, I think it can be restored. I think the market value of Bitcoin demanded that the market value would increase.
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brickafterbrickwalldpt
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April 19, 2018, 06:35:39 AM |
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Of course not. If such thing happened, the maximum supply of Bitcoin would increase which is something we want to avoid at all costs. Governments print additional money as much as they can which lead us to where we are. How would you lose 10 millions of bitcoins? If you had that many, you wouldn't keep them in one wallet and definitely not in one physical place. Nobody is going to refund your transactions, they are irreversible because of how Bitcoin was designed. You can only buy BTC that was already created from another person.
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K0korap
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April 19, 2018, 06:46:51 AM |
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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?
I think this still goes to the simple concept of conversion of values from one currency to another. You can just think of BTC as a new currency that is generated throught digital platform. You can'y create unlimited supplies of BTC since it is based on the value that it acquired through investments. |
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mkcube
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Activity: 196
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April 19, 2018, 06:51:13 AM |
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This is the time that i wont happen,the maximum supply of btc would increase in which is something we want to aboid at all cost.Maybe the value market value of btc demanded that the markwt value would increase.
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freesia_pnp888
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Activity: 112
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April 24, 2018, 12:13:23 PM |
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no, it stays forever, it's how crypto works in general.
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The_prodigy
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April 24, 2018, 12:34:30 PM |
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no, it stays forever, it's how crypto works in general.
If someone loses her/his bitcoins, it is impossible to recreate or recover it. Sad to say but it's that's the truth, so the best thing that you can do is to take care of your bitcoins. If you lost that kind of bitcoins, be ready for the result because no one could recover it. There's no such thing like recovering bitcoins. |
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invincible49
Sr. Member
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Activity: 565
Merit: 268
Remember who u are, what u are & who you represent
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April 25, 2018, 12:25:30 AM |
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It feels bad every time we hear someone has lost their bitcoin or altcoins. I hope this has not happened to you. OP, you got your answer in the first page. So you should close the thread.
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pawitrawijaya
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Activity: 126
Merit: 0
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April 25, 2018, 12:46:54 AM |
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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?
I think, the system won't re-create the money again. Because they will probably ask about your reasons, "why your bitcoin can loses?", or anything about that. |
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Krispin47
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April 25, 2018, 01:28:39 AM |
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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?
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. |
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Itha_
Newbie
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April 25, 2018, 01:46:25 AM |
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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 system has ensured that the maximum number of bitcoin in the world is 21 million BTC so there will be no inflation. We see and wait whether the future time of the system re-creates. |
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