Mechanism for Retrieving lost BTC

[Lucius]

@Lucius
"How many posts have you seen of a novice showing up here and addressing someone as if talking to a bank clerk - "I lost my BTC, please sir give it back to me"
I have not seen. Maybe because everyone knows that in this system, your destiny is in your hands.

After 6 years on the forum, I saw a lot of confused users who literally came here and addressed the forum as someone responsible for their problems - because they no doubt identified Bitcoin with the bitcointalk forum as a place where they can seek some justice. You will find most such examples in Beginners & Help, Marketplace> Service Discussion> Web Wallets & Exchanges, but also in the Electrum board.

[o_e_l_e_o]

being affected by the error of BTC database

If someone has lost access to their coins, it is down to human error on their part, and not due to any errors in bitcoin.

without any fear to invest there assets since there's a way of getting back there asset in case of any of that happens.

Can you just imagine how many newbies would spam this forum complaining that some bad trade they had made was actually because they had been hacked, or they spent bitcoin to buy some scam altcoin, and demanding that the transaction be reversed? Thankfully it will never happen.

Can you imagine losing your coin(donating to another), then go home crying out blood

I'd probably go home and examine my security and back up practices to ascertain exactly how I managed to permanently lose access to my coins. What I wouldn't do is suggest that bitcoin should compromise on the very thing that makes it bitcoin, to the disadvantage of everybody else, in order to compensate me personally.

[Kong Hey Pakboy]

A. lost of private keys of the users
- If you don't have a back up or you don't have anything to prove that you are the owner of the private key then your bitcoin is essentially lost.
B. Death of BTC owners
- For this one, I think having the important details printed on a paper for safekeeping that your loved ones can get access to your wallet is enough to insure that your death will result to another loss of bitcoin.
C. Error by BTC users.
- I don't know much about this one but I am pretty sure that it can still be fixed.

[Abiky]

It is known that there is 21million BTC available and minable. Then about  87% of these minable BTC has been mined. Also, the last BTC would be mined in 100+yrs.
Research also showed that about 20% of the whole BTC supply are permanently lost or irretrievable.
The causes of these losses are and not limited to;
A. lost of private keys of the users
B. Death of BTC owners
C. Error by BTC users.

Just like the fiat banking system, where monies hardly lost because there is always provision for next of kin who will claim such monies in the case of demise. BTC should have a similar feature. If not, there should be a periodic review, maybe every 5years, when all the platforms give access to the owners to retrieve thier BTC without private keys either by answering easy questions. (Though this might compromise security, but this should only apply to such accounts that has been dormant for years).
Again,  if the above proposals do not apply, there should be a system that will re-incorporate the permanently lost BTC into circulation as new BTC(maybe every decade) in order to augment the fixed 21million supply.
With this the BTC supply would be technically infinite, because it will look like recycling the lost 20% every 10yrs.
For this to be effective, there should be a system to accurately differentiate lost BTC from BTC on longer term savings.

If the above does not fit still. Is there a way to recover lost BTC?
Because I see this as a feature fighting against BTC growth, because not all users are educated, not all are technically inclined and not all are good record keepers.
Thank you all.

There is no mechanism to retrieve lost Bitcoin. This is to prevent people from relying on a third-party or middleman. Rolling back transactions will only make Bitcoin centralized similar to the banking system of today. If Satoshi wanted to include this feature into Bitcoin, he would've done it within the project's early days. In a decentralized system, you're responsible of protecting or securing your Bitcoin against hacks, theft or loss.

Once your coins are gone, they're gone and will stay on the Blockchain forever. The more people lose their Bitcoins, the scarcer the cryptocurrency will become. Even Satoshi said that lost Bitcoins are considered as a donation to the community. People should be educated more thoroughly about how Bitcoin works, so things these can be avoided in the future. I wouldn't worry about lost coins since there's more than enough Bitcoin for everyone (thanks to Bitcoin's divisibility of up to 8 decimal places). Just my opinion

[maxreish]

If you are familiar with decentralized system it is gradually different from the fiat banking flow of system's because banks are centralized.
Those bitcoin losses are the disadvantage of accepting it. I mean, those are some glitch that we have to fully accept. Its the holder's responsibility on how to handly his bitcoin and on how to secure it.

[wahyu wida]

If you are familiar with decentralized system it is gradually different from the fiat banking flow of system's because banks are centralized.
Those bitcoin losses are the disadvantage of accepting it. I mean, those are some glitch that we have to fully accept. Its the holder's responsibility on how to handly his bitcoin and on how to secure it.

right, every bitcoin holder is responsible for his own wallet, so we must prepare preventive measures so that there is no loss of assets in our wallet. if that happens, it will be difficult to return it, unless we store it in an exchange wallet, at least we can complain