Lost Bitcoin

[Ale88]

So apparently there's like 4-6 million bitcoin that are lost and gone? Just curious if there was any ideas or plans to update the protocol to replace the lost bitcoins if there was a consensus, if that is even possible.

I really hope nobody will ever come up with the idea, or proposal, to recover those bitcoins because it would mean going against Satoshi's vision, as Omega already pointed out simply quoting Satoshi's message. If we start doing changes like this who knows what else could happen to bitcoin's protocol, that's the reason I hope everything stays the same.

[batang_bitcoin]

If there will be some changes then it's going to fuck up the whole network and many will lose trust to blockchain itself. And that's why satoshi has made it clear that lost coins are considered donation to the community and you should accept that fact because it is not going to change and the consensus tells us that there won't be any change that will happen although discussions are there and it's being talked about but it doesn't make sense anymore.

[JiiBs]

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

Oh wow! Satoshi already had speculated on this. That says just how far into the time the pioneer was and for a fact, it’s one way to create scarcity, increasing the demand on what we have in circulation to make it worth even more.
It wouldn’t be a best idea to have new coins added to the network and even should there be any derivation, it would be a fork and not Bitcoin.

[Z-tight]

So apparently there's like 4-6 million bitcoin that are lost and gone? Just curious if there was any ideas or plans to update the protocol to replace the lost bitcoins if there was a consensus, if that is even possible.

That number is speculative, you cannot really know for sure how many BTC's are lost and lost forever. Take note that there are coins that have been in a particular address for a very long time and have not moved, but some people think the coins are lost, whereas the owner still has the keys to the funds and just does not want to move it or spend it yet.

There would be no update on the protocol that would implement what you have suggested, lost coins would remain lost, and if you don't want to lose your coins, work on your opsec and security.

[apogio]

So, after all this conversation, my question is, does it really matter how many coins are lost forever?

A simple thing to consider is that there are 21M coins, for ~8B people. The scarcity of Bitcoin is outstanding.

We must think and calculate in satoshis and not in Bitcoins, because the huge majority of people will own satoshis and not whole bitcoins.

But for all this to happen, we must scale Bitcoin. It's out of topic, but I really need to stress its importance. Bitcoin needs scaling.

[DaNNy001]

If there will be some changes then it's going to fuck up the whole network and many will lose trust to blockchain itself. And that's why satoshi has made it clear that lost coins are considered donation to the community and you should accept that fact because it is not going to change and the consensus tells us that there won't be any change that will happen although discussions are there and it's being talked about but it doesn't make sense anymore.

This factor that you can actually lose your coins and money for good without a way of getting it back is the same thing that will keep everyone to that is supposedly having Bitcoin a little more extra careful because if Incase you should lose the keys to your wallet, it's a bye bye and even Satoshi himself can't do shit about it and the sense that it's actually a plus for others makes it extra special too so if there anything I will be praying for, I think more folks should actually lose their coins so I can get that extra bonus 😁😁.

[batang_bitcoin]

If there will be some changes then it's going to fuck up the whole network and many will lose trust to blockchain itself. And that's why satoshi has made it clear that lost coins are considered donation to the community and you should accept that fact because it is not going to change and the consensus tells us that there won't be any change that will happen although discussions are there and it's being talked about but it doesn't make sense anymore.

This factor that you can actually lose your coins and money for good without a way of getting it back is the same thing that will keep everyone to that is supposedly having Bitcoin a little more extra careful because if Incase you should lose the keys to your wallet, it's a bye bye and even Satoshi himself can't do shit about it and the sense that it's actually a plus for others makes it extra special too so if there anything I will be praying for, I think more folks should actually lose their coins so I can get that extra bonus 😁😁.

I won't wish for that. It's said that it's estimated that there's a million of lost Bitcoins forever and that's more than enough already. That's a big contribution for this limited supply asset that we've got. Which means that from the entire supply limit of it has around 5% that has lost forever while there's still the supplies that haven't been mined yet and it's only going to stop after more than a century.

[Z_MBFM]

Yo,

So apparently there's like 4-6 million bitcoin that are lost and gone? Just curious if there was any ideas or plans to update the protocol to replace the lost bitcoins if there was a consensus, if that is even possible.

When a bitcoin is lost there is no other option but to forget it.  Because as long as the Bitcoin is in your wallet and as long as you have access to that wallet, you own the Bitcoin. once that bitcoin is gone from your wallet or you lose the key of the wallet you will never get that bitcoin back and if it is not under someone else then the bitcoin is completely lost and no one can use it. And there is no way to bring them back. this is why Satoshi made such a comment

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

[dlightag]

Bitcoin has been created in a particular number which was stated in the coinmarketcap maximum supply 21,000,000 and no additional Bitcoin will be creat to add, and any lost of Bitcoin is automatically lost forever and that is the sweetest part of the business and keep reducing as time goes on, while demand keep increasing in the cryptocurrency industries market.

[adpinbr]

Just looking at it in two different views right now there is no review or anything they are intend to make in any bitcoin. if you misplaced your wallet or your private key, your bitcoin are gone if you don’t know if you can get it your it gone for ever.
But come to think of it in the other hand where are all those lost bitcoins I can remember a few years back I had a wallet I can’t even remember the password or the back phrase.

[adaseb]

I don’t think there is 4-6 million lost. Many of the coins from 2010 can still be moved. Just today some dormant miner ended up moving 2000BTC from 2010 to a new wallet. They are 13 years old and just moved today. This is proof that these addresses while dormant can still be moved.

Those from 2009 most likely won’t be moved however. Especially since many are satoshis and those other blocks in the early all had the bitcoins already spent.

[Ayers]

I don’t think there is 4-6 million lost. Many of the coins from 2010 can still be moved. Just today some dormant miner ended up moving 2000BTC from 2010 to a new wallet. They are 13 years old and just moved today. This is proof that these addresses while dormant can still be moved.

Those from 2009 most likely won’t be moved however. Especially since many are satoshis and those other blocks in the early all had the bitcoins already spent.

Yes, we cannot know and cannot control how much bitcoin has been lost. Many wallets have been inactive for many years, which does not mean that the owners have lost them, but more likely that they are still quietly holding out until a more appropriate time.

Additionally, the bitcoin supply is very small compared to the world's population, so even if we had 21 million bitcoins circulating in the market, it wouldn't be enough to meet the demand. So I don't expect as many bitcoins to be lost as many are hoping.

[Supianto]

There is no plan, Satoshi himself told that lost BTC is a donation for everyone because the lower the supply, the higher the price.

[liuka]

So, after all this conversation, my question is, does it really matter how many coins are lost forever?

A simple thing to consider is that there are 21M coins, for ~8B people. The scarcity of Bitcoin is outstanding.

We must think and calculate in satoshis and not in Bitcoins, because the huge majority of people will own satoshis and not whole bitcoins.

But for all this to happen, we must scale Bitcoin. It's out of topic, but I really need to stress its importance. Bitcoin needs scaling.

Well, I often see on social media where the old wallet is active again to transfer BTC to a new wallet or to an exchange. I think we can't know how big the lost coins are, but I'm sure that every year the lost coins continue to exist because the coin owners die and that might be a fact that happens.

However, I think the old wallets that are active again are the owners of Bitcoin miners in the past and they returned when the price was approaching ATH. However, the more coins lost will certainly benefit bitcoin holders.
Scarcity will definitely occur because more and more people in the world are buying bitcoin as their investment asset.

[boyptc]

Bitcoin has been created in a particular number which was stated in the coinmarketcap maximum supply 21,000,000 and no additional Bitcoin will be creat to add, and any lost of Bitcoin is automatically lost forever and that is the sweetest part of the business and keep reducing as time goes on, while demand keep increasing in the cryptocurrency industries market.

Halving + lost bitcoins forever.

This is making Bitcoin scarcer. You see the importance of holding and why you shouldn't just sell it for nothing.

The last Bitcoin will be mined estimated on 2140 and we're all probably dead by that time. The system that has been made for Bitcoin is really to distribute the wealth to everyone who has believed on it, coming from the early adopters and also to the ones that are riding the trains now.

[FinePoine0]

Yo,

So apparently there's like 4-6 million bitcoin that are lost and gone? Just curious if there was any ideas or plans to update the protocol to replace the lost bitcoins if there was a consensus, if that is even possible.

Basically because bitcoins are lost, the price of bitcoins is so high. It will increase in value and lose more in the future, so the more bitcoins are lost, the higher their value will be.

[Nothingtodo]

Yo,

So apparently there's like 4-6 million bitcoin that are lost and gone? Just curious if there was any ideas or plans to update the protocol to replace the lost bitcoins if there was a consensus, if that is even possible.

Lost Bitcoin refers to all those wallets that wallets are currently inactive. However, there are many investors who have Bitcoin holdings in their wallets but they have not yet activated their wallets. But whether it will be possible to reduce the lost Bitcoin total supply through any process, only those who are Bitcoin developers can say for sure. However, for the time being, it is not possible to say with certainty whether all these changes or updates will be possible without Satoshi Nakamoto.

[leonair]

Yo,

So apparently there's like 4-6 million bitcoin that are lost and gone? Just curious if there was any ideas or plans to update the protocol to replace the lost bitcoins if there was a consensus, if that is even possible.

Lost Bitcoin refers to all those wallets that wallets are currently inactive. However, there are many investors who have Bitcoin holdings in their wallets but they have not yet activated their wallets. But whether it will be possible to reduce the lost Bitcoin total supply through any process, only those who are Bitcoin developers can say for sure. However, for the time being, it is not possible to say with certainty whether all these changes or updates will be possible without Satoshi Nakamoto.

People who buy and hold bitcoins but can't exchange their wallets will never get that bitcoin back and no one will ever get it back.  They will remain that way for life.  Satoshi designed Bitcoin in such a way that as long as you have access to the wallet, even if you lose the wallet or transfer bitcoins from your wallet to a wrong address, the bitcoins cannot be retrieved. If once the block is confirmed. so you have to care your bitcoin yourself. otherwise you will lost your bitcoin for lifetime

[Moreno233]

Yo,

So apparently there's like 4-6 million bitcoin that are lost and gone? Just curious if there was any ideas or plans to update the protocol to replace the lost bitcoins if there was a consensus, if that is even possible.

Lost Bitcoin refers to all those wallets that wallets are currently inactive. However, there are many investors who have Bitcoin holdings in their wallets but they have not yet activated their wallets. But whether it will be possible to reduce the lost Bitcoin total supply through any process, only those who are Bitcoin developers can say for sure. However, for the time being, it is not possible to say with certainty whether all these changes or updates will be possible without Satoshi Nakamoto.

I don't understand what you mean by reducing the total supply of lost Bitcoin. Lost Bitcoin are lost forever and to reduce it should technically mean recovering the lost Bitcoin and that I don't know how possible it is. Assuming it were to be possible, I don't think Satoshi will play a part or be willing to get involved in it considering that he has gone away for a long time now after creating Bitcoin. There are many other devs that can attempt to recover them should there be a way of doing that. What I do know is that those coins are gone and gone forever, and if anything changes about this, it will really be a huge news that will shake the market accordingly.

[AndrewWeb]

So apparently there's like 4-6 million bitcoin that are lost and gone? Just curious if there was any ideas or plans to update the protocol to replace the lost bitcoins if there was a consensus, if that is even possible.

So that thieves (who are not the actual owners of the coins) should be claiming lost coins?

They should prove with their private keys that they are the owners.

You can not know the exact number of bitcoin that are lost because you can not say all coins that are not moved to another address are lost. Or which methodology did you use to arrive at 4 to 6 million BTC to have been lost?

I agree. Don't know why people are saying coins that are not moved to another address are lost ? Every now and then someone move a lot of old coins. In the end they all move.

https://decrypt.co/213243/2-billion-dormant-bitcoin-moved-why

And yes, the private keys are proof of ownership.