People losing their Bitcoin is not a risk to Bitcoin:

[Hewlet]

So I read a thread by a new member who was asking if the information that is being shared here is just theoretical to gaining relevance in the platform or is something that is actually being practiced in real life situation and the first thing that came to my mind is the numerous post about securing ones Bitcoin holding and the fact that some persons might be taking it for granted.

The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.

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[Kemarit]

So I read a thread by a new member who was asking if the information that is being shared here is just theoretical to gaining relevance in the platform or is something that is actually being practiced in real life situation and the first thing that came to my mind is the numerous post about securing ones Bitcoin holding and the fact that some persons might be taking it for granted.

The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.

There are a lot of ways to lost your Bitcoin, specially during the early years, and who wouldn't forget this story? Man who lost 7500 bitcoin in a landfill asks gov't he wants to dig it up.

And so there are a lot of ways that has been shared here in the community on how to protect your private key and mnemonic phrase.

• how do I keep my private key safe?
• How best to secure your Private Keys and/or Seed phrase
• How do i make sure my Bitcoin Private Key is Random and secure?
• bitcoin private key storage
• Best practices to prevent hackers from stealing our crypto assets
• Crypto Security - Additional Protection For Your Seed/Private Keys.

[HajiBagi]

So I read a thread by a new member who was asking if the information that is being shared here is just theoretical to gaining relevance in the platform or is something that is actually being practiced in real life situation and the first thing that came to my mind is the numerous post about securing ones Bitcoin holding and the fact that some persons might be taking it for granted.

The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.

Observing these kinds of threads, I can't help but wonder how some people managed to misplace their private key. We all know that bitcoin is not an investment that should be joked with, as doing so will result in the loss of everything you have worked so hard to accumulate. Therefore, my question is: Why did those who lost their private key purchase bitcoin? The most important thing to keep safe when owning cryptocurrency is your private key; sharing it with others puts you at risk of losing everything you have invested because having your private key is equivalent to having access to your wallet. Therefore, before engaging in cryptocurrency, make sure you are capable of taking all the necessary precautions to ensure that you are not a careless person.

[Upgrade00]

I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.

You are correct. Once you lose access to your bitcoins either through losing your proof of ownership which is your private keys or through sending to the wrong address which you do not control, there is no way to recover the bitcoins. Transactions are immutable and Bitcoin is extremely secure.

If you lock yourself out, you can't get in.

Therefore, my question is: Why did those who lost their private key purchase bitcoin? The most important thing to keep safe when owning cryptocurrency is your private key;

Loss of private keys was more common in the early days when the value of Bitcoin was significantly smaller than it is now. It was easy to be nonchalant about an investment that only had promise but little value at the time. Today when even a few thousand sats is running into thousands of dollars people are more careful with their investments but still make common mistakes one of which is having a single backup in one location.
Having one backup means that any natural disasters that affects that environment results in loss of bitcoins.

[Yaunfitda]

The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.

It's obvious though, even the man himself knows this:

Lost coins only make everyone else's coins worth slightly more.  Think of it as a donation to everyone.

And it's hard to recover lost bitcoins, due to several reasons, yeah carelessness is one of them. Although I think the latest breed of bitcoin enthusiast now are very careful about their bitcoin because they know it's harder to get know as compare to start of bitcoin, 2010-2013 era.

[KiaKia]

The crazy part is Bitcoin OGs still gets their bitcoin wallet compromised, there are many ways that something can go wrong and sometimes you can't turn around a mistake that's already written to happen to you, mind you we learn from it.

There have been few times that my crypto wallet got hacked or compromised and I can't help but wonder why, because I don't like free things online and I am not a fan of strangers sending PM to me on Telegram and social media, if you think you got everything covered and you can't make some stupid mistake well think again, anything can happen.

Still it's better to be cautious than to be careless, and that's why I decide to lower the chances of making my wallet get compromised again, and that's why I decide to go for a hardware wallet, something I should have done for many years back, just be careful with decisions you make.

[Zaguru12]

I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.

There is the seed phrase for that and also a rare case of still having the backup of wallet file for that wallet. This two can be use to recover the wallet but if you include either a passphrase to that seed phrase or a password to that wallet file and you forget them then you can’t still recover that wallet.

It is also true that you can’t recover a lost seed phrase or private key. All those services promising people that they can recover their lost private or seed phrase are fake. The only case is if you forget some words of the seed phrases and still have some then btcrecover can do that

[Don Pedro Dinero]

It's obvious though, even the man himself knows this:

Lost coins only make everyone else's coins worth slightly more.  Think of it as a donation to everyone.

That is the point. The problem of someone losing the keys to manage their bitcoin is personal, not the rest of the ecosystem that actually benefits from it. And it can be done on purpose as well, as someone who decides not to bequeath their bitcoin to anyone in particular, but to the whole community.

[lovesmayfamilis]

Observing these kinds of threads, I can't help but wonder how some people managed to misplace their private key. We all know that bitcoin is not an investment that should be joked with, as doing so will result in the loss of everything you have worked so hard to accumulate. Therefore, my question is: Why did those who lost their private key purchase bitcoin? The most important thing to keep safe when owning cryptocurrency is your private key; sharing it with others puts you at risk of losing everything you have invested because having your private key is equivalent to having access to your wallet. Therefore, before engaging in cryptocurrency, make sure you are capable of taking all the necessary precautions to ensure that you are not a careless person.

I agree. Probably the very first step when getting acquainted with Bitcoin, people need such stories so that they understand the essence of their ownership of their own bank. We are used to seeing people fascinated by the stories of the growth of Bitcoin and people's financial success, but instead, it would be wiser to show the other side so that people are freed from illusions and can soberly assess their ability to keep initial phrases and, in general, their ability to be careful.

[btc78]

So I read a thread by a new member who was asking if the information that is being shared here is just theoretical to gaining relevance in the platform or is something that is actually being practiced in real life situation and the first thing that came to my mind is the numerous post about securing ones Bitcoin holding and the fact that some persons might be taking it for granted.

The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.

Observing these kinds of threads, I can't help but wonder how some people managed to misplace their private key. We all know that bitcoin is not an investment that should be joked with, as doing so will result in the loss of everything you have worked so hard to accumulate. Therefore, my question is: Why did those who lost their private key purchase bitcoin?

maybe these people are so rich that they do not give much importance to the btc they hold or maybe they are so confident that they will never lose their private keys

anyway one needs to understand that their private key is an integral part of holding btc and one that should not be careless with

[MusaMohamed]

The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation

Bitcoin is Bitcoin, is itself and it is not the same as people who have bitcoin and lose bitcoin, bitcoin holders or owners. They are very different things and can not be considered the same in any context.

People who lost bitcoin are not risk factors for Bitcoin and Bitcoin network. I don't understand if anyone consider those people are risky for Bitcoin and its network.

They lost their bitcoins is actually good news and gifts, donations for other Bitcoin holders who don't lose bitcoins. Because total supply will be smaller than 21 million and with same demand, less supply as a principle of supply and demand, price will be higher.

Lost coins only make everyone else's coins worth slightly more.  Think of it as a donation to everyone.

[criptoevangelista]

Self-custody is important to ensure access to your coins, but it is also not something that beginners can deal with easily, many are used to having someone or something to take care of their assets, it is more a matter of adapting to a new thing and get used to storing your things responsibly

[peter0425]

So I read a thread by a new member who was asking if the information that is being shared here is just theoretical to gaining relevance in the platform or is something that is actually being practiced in real life situation and the first thing that came to my mind is the numerous post about securing ones Bitcoin holding and the fact that some persons might be taking it for granted.

The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.

Observing these kinds of threads, I can't help but wonder how some people managed to misplace their private key. We all know that bitcoin is not an investment that should be joked with, as doing so will result in the loss of everything you have worked so hard to accumulate. Therefore, my question is: Why did those who lost their private key purchase bitcoin?

maybe these people are so rich that they do not give much importance to the btc they hold or maybe they are so confident that they will never lose their private keys

anyway one needs to understand that their private key is an integral part of holding btc and one that should not be careless with

and some of them aren't really aware or care about bitcoin back in the days when they acquire the coins ,
there is a officemate of mine that had been paid with bitcoin many years back and since that is the only option His client gave him
then he accept the coin for the sake of His work , and then forget about it till 2017 when the Bull happens and he have heard about bitcoin again
and that's what happened that he have not saved His key so sorry for him losing 10 bitcoins .

[kryptqnick]

I agree with the op's reasoning. When some BTC becomes unavailable because of locking oneself out of the wallet, it's the person who is locked out who suffers from it. Bitcoin become more scarce, so it can have a positive impact on the price if the demand remains the same, but the supply goes down this way.
Some might argue that lower circulating supply is bad for Bitcoin as well because the supply is already quite low, and a decrease makes it even less practical for global adoption. But I don't think it's a valid concern because Bitcoin is highly divisible into sats and because adoption is very far from a rate where it could become a problem.

[hugeblack]

Bitcoin has transferred ownership from being in the hands of a third party, such as banks, who control your money, and after their approval, you can buy and sell to a trusted party, which is the Bitcoin network, so you need the private key to access your currencies. Your failure to maintain that key means losing your money, and then increasing the value of Bitcoin will mean nothing to you. The price increase is not only related to a decrease in supply, but also to an increase in demand.

[CryptounityCUT]

Burning Bitcoins or stored Bitcoins in practically lost wallets can be a hidden gem for Bitcoin's price. With a lower circulating supply and a growing demand year after year, the dynamics are set for something remarkable.

Imagine a decade or two from now when people proudly share stories of acquiring Bitcoin at five figures, reminiscing about the golden age of crypto.

[yazher]

Helping others to secure their bitcoins is praiseworthy work that most of the users have been doing all this time when someone asks about it or wants to learn to prevent others from scamming them. But when others are lazy enough to take this initiative before investing or holding some bitcoins, it's not anybody else fault but him/her because they didn't bother to learn one of the important things about having bitcoins and that is how to secure and prevent themselves from getting fooled to send it to the scammers and hackers.

[Nrcewker]

Here we share real life experiences in form of suggestions and advice, so as a newbie you should consider the suggestions that is provided by more experienced member here in the forum. We know that it’s really hard to buy Bitcoins with your hard earned money, hence here all give appropriate suggestions to secure these precious bitcoins more securely. Use open source wallets, avoid using online wallets and exchanges to store the coins. Follow atleast this, and you will be safe from online attacks for the coins.

[Lida93]

So I read a thread by a new member who was asking if the information that is being shared here is just theoretical to gaining relevance in the platform or is something that is actually being practiced in real life situation and the first thing that came to my mind is the numerous post about securing ones Bitcoin holding and the fact that some persons might be taking it for granted.

Bitcoin is in my opinion 99% of practical and 1% theory, every bitcoin informations we learn from the forum or any other platform are practical experiences of bitcoin users so if anyone is taking them for granted it's to ones disadvantage. Let drop one or two instances to consider:

1. Wallet hack and phishing prevention: when we learn about preventive measures to consider in protecting our bitcoin wallet from been hacked and against potential bug vulnerability we put what we learn to application because having your wallet hacked with your funds stolen isn't a theory. Maybe such people should wait till it happens to them.

2. Trading and investment: Does crypto trading sounds theoretical, maybe they should give it a try and experience the theory that's there in losing money. Etc.

The truth is that people actually loose access to their private keys and will loose their bitcoin In the process and a lost bitcoin isn't even a disadvantage to the network but actually increase the value of bitcoin in circulation and so if you take all the security measures being shared in the platform for granted, you're putting yourself at a serious disadvantage because if you loose your bitcoin due to your carelessness, it's your loss and not that of bitcoin and I doubt their is a means you can use in recovering a lost Bitcoin without your private keys.

People need to be careful in handling their private keys the importance of your private keys is equivalent to that of your funds as it's the only means to ownership of funds in a non-custodial wallet and should never be taking for grant in terms of it's security/safe-keeping.

At the moment a loss of private keys is a total loss of funds and there's no way for recovering it maybe in the future as technology develops developers might create a tech that can be use to brute-force into wallet with lost keys and gain access to funds.

[Blitzboy]

Not following security advice is not only careless, its also digital self-sabotage! We often dont realize how important strong security is until we've lost Bitcoins and are sad about it. The harsh truth is that once you lose your secret keys, you cant get your Bitcoins back. Its not just about a personal loss; its also a stark warning of how harsh blockchain technology can be.

Now think about this: every Bitcoin that is lost accidentally makes the ones that are still in circulation more valuable. Isnt that ironic? Still, lets not make the problem seem small. Its a terrible cash blow for the person. We need to stress over and over again how important security is to our city. Its not just a theory; its a real-life must. It affects how much money you have online. Its clear what the message is: protect your Bitcoins like your future rests on it, because it does.