Carefulness of bitcoin transaction to avoid permanent loss.

[Pi-network314159]

I came across a post on bitcoin dicursion concerning lost of bitcoin and I did a resech and i was able to discover that about %30 of bitcoin in the world has been lost to either a wrong address or a due to misplacment of seed phrase. Now I start wondering that what could be the reason for such lost? of amount which is currently about $554billion. And I think most of them is due to carelessness, if the rate of carelessness do not reduce, am afraid we will still lost more bitcoin in the future. Bitcoin is precious and also limited In supply not like bank notes which can be printed anyhow.

So my advice to us is that,

1. let us be mindful on how we keep our seed phrase or how we transact bitcoin.

2. Let's alway check and properly confirm a bitcoin address before sending coin to it. Since any mistake on it is in reversible.

Then I still have another question on this advice. Has any effort been made to produce a software that could retrieve a lost bitcon?

So shear you thought on this.

[tabas]

Those people didn't lost their Bitcoin due to sending it to a wrong address on intention. When someone sent it to a wrong address, it's only few things like being a victim of a malware copy clipboard virus or copied random addresses and then sent it there for which the latter is highly unlikely to happen. What usually these Bitcoin owners did is that, they've never told their private keys to anyone and unexpected thing happened to them and so, it can't be recovered anymore. Whilst the others, mostly the early adopters did ignored the importance of keeping their private keys since everyone was just like starting before.

[Zaguru12]

Then I still have another question on this advice. Has any effort been made to produce a software that could retrieve a lost bitcon?

It is absolutely worthless to get such kind of software because the most common thing that causes the lost of bitcoin aside the owner burning it, is when the private key or the seed phrase is lost. A lost private key or seed phrase is better to be left alone. A software to recover lost bitcoin will only mean a software to brute force seed phrase or private from scratch which is not available or possible at the moment. Even if it were to be a reality it will actually defeats many purposes of bitcoin like people brute forcing others hidden private keys in the name of it been lost.

[Churchillvv]

Then I still have another question on this advice. Has any effort been made to produce a software that could retrieve a lost bitcoin?

So shear you thought on this.

I don't really think it's possible to reverse any Bitcoin transaction. That is where this phrase comes in "Not your keys, Not your coin". If you have access to wallet there is absolutely no way to retrieve any coin in it.

In the aspect of software, I haven't heard or seen any software promising to reverse a sent transaction. Except for scammers promising to help you retrieve your lost bitcoin on payment in order to scam you.

[Stalker22]

Then I still have another question on this advice. Has any effort been made to produce a software that could retrieve a lost bitcon?

The way Bitcoin works, with transactions recorded across many different nodes, makes it real hard to reverse transactions or un-send money once its gone through.  Thats kind of the whole point of Bitcoin - it runs on a decentralized network where everyone keeps track of transactions on a shared ledger so no one can mess with it.  If someone somehow invented a way to "retrieve" lost bitcoins, that would punch a huge hole in what makes Bitcoin special.  It would kill the idea that the system can't be changed or controlled by central authorities.  

Bitcoin is meant to resist censorship and oversight.  If people could retrieve lost coins whenever they wanted that power could definitely get abused to censor transactions or  to centralize the control. It would undermine trust in the system, which could wreck the currency altogether.  Sure it sucks when bitcoins are lost forever.  But thats the price for having a currency that no individual or government can manipulate.

[Jegileman]

Then I still have another question on this advice. Has any effort been made to produce a software that could retrieve a lost bitcon?

So shear you thought on this.

If you have searched online on how to retrieve lost bitcoin, you’ll see some site that are claiming to do so for people. Don’t fall for those cheap scammers and never you pay any money to anyone that claims to be professional and can help you claim it back. Some sites even go as far as including testimony of members that are claiming that they are under them and retrieved a bitcoin through them before.

[hatshepsut93]

And I think most of them is due to carelessness, if the rate of carelessness do not reduce, am afraid we will still lost more bitcoin in the future.

You are extrapolating the data without looking at the conditions that led to such high loss. Lots of coins were lost in the early days when they were cheap and people owned thousands of coins and there wasn't even the current methods of key management like seed phrases or hardware wallets - only wallet.day file from Core client.

The rate at which coins are getting lost has slowed down significantly and it would take thousands of years before all coins are lost.

[odunybiz]

Then I still have another question on this advice. Has any effort been made to produce a software that could retrieve a lost bitcon?

So shear you thought on this.

If you have searched online on how to retrieve lost bitcoin, you’ll see some site that are claiming to do so for people. Don’t fall for those cheap scammers and never you pay any money to anyone that claims to be professional and can help you claim it back. Some sites even go as far as including testimony of members that are claiming that they are under them and retrieved a bitcoin through them before.

Claim what? Just say byebye to it. I don't know how expert you are in Blockchain that can help you to trace or get back a coin sent to a wrong address. This people are just looking for a newbie to scam. So be careful out there.

[khaled0111]

It is absolutely worthless to get such kind of software because the most common thing that causes the lost of bitcoin aside the owner burning it, is when the private key or the seed phrase is lost.

It's not just worthless, it's impossible. Bitcoin transactions are irreversible. If you mistakenly send your coins to a wrong address, there is no way to get it back. Any bot or software that claims it can do it is a scam.
However, there are some legit tools that can help you recover your wallet in case you lose its seed or password as long as only few words are missing (btcrecover is one of those tools)

[Richbased]

Then I still have another question on this advice. Has any effort been made to produce a software that could retrieve a lost bitcon?

I don't really think that there can be any software that will retrieve Bitcoins sent to wrong address or Bitcoin that it's owner has lost the seed phrases because if such software comes into existence then there will actually be no privacy and security of our coins stored in our various wallets as others can possibly know about your holdings and moreover even have access to it so I don't think such a software is possible.

[stompix]

I came across a post on bitcoin dicursion concerning lost of bitcoin and I did a resech and i was able to discover that about %30 of bitcoin in the world has been lost to either a wrong address or a due to misplacment of seed phrase. Now I start wondering that what could be the reason for such lost? of amount which is currently about $554billion.

From the article:

KATIE REES
PUBLISHED SEP 28, 2023
If correct, this means that almost 30 percent of Bitcoin's supply has been lost forever. Based on Bitcoin's current value, this amounts to $554 billion, all of which will never be recovered.

The price was at that date $26355, that would mean for $554 billion we would need 21,020,679 lost coins (lol), that would mean 70,068,930 mined coins , again lol.

Articles that can't get basic math right need to go to the trashcan immediately!

[Pi-network314159]

Then I still have another question on this advice. Has any effort been made to produce a software that could retrieve a lost bitcon?

It is absolutely worthless to get such kind of software because the most common thing that causes the lost of bitcoin aside the owner burning it, is when the private key or the seed phrase is lost. A lost private key or seed phrase is better to be left alone. A software to recover lost bitcoin will only mean a software to brute force seed phrase or private from scratch which is not available or possible at the moment. Even if it were to be a reality it will actually defeats many purposes of bitcoin like people brute forcing others hidden private keys in the name of it been lost.

Exactly I was thinking in same direction too, that is the more reason why lost bitcoin can not be recovered because it's a threat to bitcoin not only bitcoin but to the entire crypto space. It will be a tool to use in hijacking people fund from the wallet.
The importance of the Lost coins I believe it has created more scarcity and the more it got missing the more valuable bitcoin becomes. Emaging when we only have 15millon bitcoin in existence, what do you feel would be the price of each one?

[CryptopreneurBrainboss]

So my advice to us is that,

1. let us be mindful on how we keep our seed phrase or how we transact bitcoin.

Sometimes I wonder why we keep reminding people how to keep their seed phrase safe, don't they know that they're in an industry that puts the control of their finances in their own hands and with great power as that, comes greater responsibilities to protect our finances.

If you're investing in Bitcoin, aren't you supposed to know that you have to protect your investments. If you keep your seed phrase unprotected then you'll be the one to suffer the losses of losing everything you put into acquiring the Bitcoin you own.

When you make investment into Real estate or other investment, don't you protect them so why aren't you giving the same protection to your Bitcoin.

Then I still have another question on this advice. Has any effort been made to produce a software that could retrieve a lost bitcon?

This will contradict the whole point of a decentralized currency because for this to happen there has to be some sort of centralized server like what is happening with our fiats currency. Bitcoin sent can't be retrieved unless the person that received the Bitcoin decided to send them back. We should be mindful of the addresses we're sending Bitcoin to by double confirming if the addresses are correct.

[BlackBoss_]

Lost bitcoins can be from mistakes when sending bitcoins to a wrong address but can be from no backup of a wallet for recovery.

With sending bitcoins, you must check the address a few times, checking it carefully before broadcasting a transaction.

On centralized exchanges, usually you will receive confirmations one or two times, like on the exchange website and in your email, checking them carefully. You can whitelist Bitcoin addresses on exchanges too but always checking before you finalize your withdrawal request, even the address is whitelisted.

With your own wallet, checking it by yourself and keep your devices clean to avoid malwares.
How to lose your Bitcoins with CTRL-C CTRL-V

[Saint-loup]

I came across a post on bitcoin dicursion concerning lost of bitcoin and I did a resech and i was able to discover that about %30 of bitcoin in the world has been lost to either a wrong address or a due to misplacment of seed phrase. Now I start wondering that what could be the reason for such lost? of amount which is currently about $554billion. And I think most of them is due to carelessness, if the rate of carelessness do not reduce, am afraid we will still lost more bitcoin in the future. Bitcoin is precious and also limited In supply not like bank notes which can be printed anyhow.
[...]

I wasn't aware of those figures to be honest, thank you for posting it but you should have opened your topic into another section IMO, because it's a real concern that any Bitcoin user should be aware of and not only beginners. I think I will report those figures onto my local board, because several users there have some concerns about that. Digital illiteracy among people seems to be progressing in my country, even among youngsters who are very comfortable with smartphones and tablets but not with computers, even for doing basic tasks.

[Pi-network314159]

Snip

I wasn't aware of those figures to be honest, thank you for posting it but you should have opened your topic into another section IMO, because it's a real concern that any Bitcoin user should be aware of and not only beginners.

That's true thou, but since am still learning, I think I should just advise my fellow beginners because bitcoin discussion is for more leaned people and they might know all this and nevr take it necessary or seriously.

[Wakate]

Snip

I wasn't aware of those figures to be honest, thank you for posting it but you should have opened your topic into another section IMO, because it's a real concern that any Bitcoin user should be aware of and not only beginners.

That's true thou, but since am still learning, I think I should just advise my fellow beginners because bitcoin discussion is for more leaned people and they might know all this and nevr take it necessary or seriously.

You have done well by creating this post. It really makes a lots of sense and since you are still learning, it shows that soonest you are going to be fully knowledge about Bitcoin and Blockchains. One of the things we all need to be serious about is making sure that we confirm the wallet address we are sending funds to before we process the transaction. I have seen many cases where scammers created a new wallet address that is similar to the one I was always sending funds to and sent about token that is not even upto 5 cent just to lure me so that I could have mistakenly send funds to that address. I was smart enough to notice that and ignore the address.