What happens when bitcoins are lost?

[brettt]

If there's a finite amount of btc's to be mined... what happens when they go missing? for example the guy who lost millions because his HDD got thrown out. Or other methods such as lost keys ect.

[majorX]

If there's a finite amount of btc's to be mined... what happens when they go missing? for example the guy who lost millions because his HDD got thrown out. Or other methods such as lost keys ect.

Nothing, only the not lost coins can be used.

[hashturbator]

The coins associated with the lost keys are simply gone forever. There has been discussions about retrieving missing coins from oblivion, but nothing viable is in the works. Even so, it isn't really a problem; while the supply of coins shrink, the value of the remaining coins increase; and BTC can be infinitely divisible should the need arise to satisfy demand.

[gekkomk]

They simply go to bitcoin limbo.

[BitBeat]

New newb here learning the ropes and all...

As for the topic: the same thing that happens to lost gold, IMO.
Gets forgotten until found and the value of the rest of them gets readjusted.

Only this happens naturally with Bitcoin, Gold was readjusted by the powers at be.  I am probably oversimplifying, though.

In some way you can even think of hoarders as lost bitcoins. their coins are not in  the circulation and therefore contribute to scarcity and keep the price higher.
They are somewhat of a double edged sword IMO. Blessing and a curse.
Good that they can drop their bitcoins only once and from one whale there will be thousands more smaller guys maybe willing to spend.

[Kiki112]

New newb here learning the ropes and all...

As for the topic: the same thing that happens to lost gold, IMO.
Gets forgotten until found and the value of the rest of them gets readjusted.

Only this happens naturally with Bitcoin, Gold was readjusted by the powers at be.  I am probably oversimplifying, though.

In some way you can even think of hoarders as lost bitcoins. their coins are not in  the circulation and therefore contribute to scarcity and keep the price higher.
They are somewhat of a double edged sword IMO. Blessing and a curse.
Good that they can drop their bitcoins only once and from one whale there will be thousands more smaller guys maybe willing to spend.

actually no,you didn't oversimplify
it's a valid explanation and I support this, wouldn't even explain it better on my own

[coindice]

Poof! Gone forever, unless the person that lost them somehow regains access to them.

[miners78]

I've seen people say that the limit can be increased if needed, but im not sure.

[gooryheta]

I've seen people say that the limit can be increased if needed, but im not sure.

Not necessary, 21 million bitcoins is enought and even if only 1 million bitcoins left (20 million bitcoins lost), it would be enought for Bitcoin to work normally

[hashturbator]

I've seen people say that the limit can be increased if needed, but im not sure.

Not necessary, 21 million bitcoins is enought and even if only 1 million bitcoins left (20 million bitcoins lost), it would be enought for Bitcoin to work normally

Raising the limit of 21 million BTC is not possible. (not suggesting that is what you're implying ..just that it is more than just not necessary -it's not an option) The only way to increase coin availability is to divide it into increasingly smaller fractions of a coin; .00000001 is currently the smallest unit, however, it can be divided into smaller units if demand justifies it.

[operrajunk74]

Raising the limit of 21 million BTC is not possible. (not suggesting that is what you're implying ..just that it is more than just not necessary -it's not an option) The only way to increase coin availability is to divide it into increasingly smaller fractions of a coin; .00000001 is currently the smallest unit, however, it can be divided into smaller units if demand justifies it.

1 Satoshi is nothing, not even spendable, so I dont see reason to divide Bitcoin more, not now, not in 20 years. But the theoretical possibility is there, I agree

[paul44]

The guy that "lost" those coins must be sick and I kinda feel sympathy for him, even if it was his own stupidity that cause his heartache. Some people don't ever recover from incidents like that!

[BitBeat]

Maybe when the mining gets to hard and unrewarding the network would turn its resources into cracking these old dormant wallets. Sort of like a treasure hunt and a incentive to remain opperational and keep the network alive.! :-)

But I guess it will take eons to crack even at future speeds. 

[hieroglyph]

Say a prayer because they are gone.  Also there is not a infinite number of bitcions.  Not sure if I misunderstood your post but there is a limit.

[FrenchyLaFleur]

Say a prayer because they are gone.  Also there is not a infinite number of bitcions.  Not sure if I misunderstood your post but there is a limit.

A limit to the actual coins, yes, but like others have said, the decimal can be increased if the price ever requires it.

[stompix]

If there's a finite amount of btc's to be mined... what happens when they go missing? for example the guy who lost millions because his HDD got thrown out. Or other methods such as lost keys ect.

They are lost until somebody finds a way to break the private key , and at that moment nothing really matters anymore.

[panck4beer]

If there's a finite amount of btc's to be mined... what happens when they go missing? for example the guy who lost millions because his HDD got thrown out. Or other methods such as lost keys ect.

In future unused coins could be mined again if majority agrees

[stompix]

If there's a finite amount of btc's to be mined... what happens when they go missing? for example the guy who lost millions because his HDD got thrown out. Or other methods such as lost keys ect.

In future unused coins could be mined again if majority agrees

If the majority will agree with this , we'll be opening pandora's box.

[Decoteer]

The lost coin will just be lost.

[tropicalmonsoon]

It'll mean our coins will be worth more