That's good, because more and more bitcoins are lost or no longer accessible for one reason or another, and the most common is the loss of Bitcoin passwords or private keys. And such cases may cause or influence the price of bitcoin to continue increasing until it reaches the maximum market capitalization after the last coin is created.
And to recover lost bitcoins is very challenging and often impossible and will not work and Bitcoins will be lost forever. And no one, even if he is an expert or a central authority, is asked to help restore it, because Bitcoin is decentralized and relies on cryptographic principles for security. So forget it, even though it is painful, it is a reality that must be accepted, especially if you see the already expensive price of Bitcoin, it will definitely be even more painful.
Although I don't currently own bitcoin,
Sorry for your seemingly lack of insight. You have been registered on the forum for 7 months, and you did not buy any bitcoin.
Just think if you would have put $100 per week into bitcoin since the time of your registration. You would have had invested right around
$3,600 and you would have accumulated 0.1584 BTC (currently valued at right around $10,816), so you would have had been in profits right around 2x.. You would have your original amount plus 2x more. also could be referred to having 3x more than the original amount. There shouldn't be any complaint with that, and the main thing would be figuring out how to hold your coins so that you wouldn't feel vulnerable to losing them in one way or another.
It is agree that there is a bit of a learning curve, especially for anyone who might want to hold their own coin rather than keeping it with others.. and it will vary for each of us in regards to how much of our value that we might want to keep on an exchange versus transferring to our own custody and also maybe how to make sure that our UTXOs are manageable and reasonable sizes. Yep.. a learning curve that not everyone ready, willing and able take the responsibilities of holding their own keys, even though holding your own keys can be quite empowering.
I get frightened occasionally when I see threads about people losing their asses.
Those might be examples of people who had not figured out how to secure their coins and/or keeping their coins with questionable 3rd parties.. Yeah, there may well be some risks in terms of being able to get the profits, such as 3x in only 7 months... and surely at the same time, there is a tendency that the longer that people are in bitcoin, the greater their profits, but they still have to figure out how to balance the risks and to not lose their coins.
Because I will feel depressed if I lose what I have saved and purchased. And given how I'm even organizing my investment, I would be devastated to lose it.
So you are more on the conservative side, and I consider myself also to be fairly conservative, but I found out about bitcoin a bit more than 10 years ago, and I also had been investing for 20 years prior to getting into bitcoin.. so there are ways to figure out your position size in order to account for the level of your desires to be conservative in your investment style.
Additionally, some people lose access because they are irresponsible and disregard access codes and other documents pertaining to the wallets. The issue at hand is that, should you misplace your private key, your valuables will be permanently lost. Keeping your bitcoins secure requires keeping them in a wallet. And anytime the price of bitcoin is going up and you have lost yours. It will lead to depression. Aside all this principles just follow instruction.
You are not in a position to lecture any of us about what we should do or how we should do it, especially since you have not been doing it yourself. You are so conservative, scared and maybe you have really good capital preservation practices, but it hardly does any good if you are talking to forum members who likely mostly have bitcoin, and you are lecturing us about what we should and/or should not do in order to exercise good and/or safe security practices in regards to our bitcoin, which you already stated that you don't have any..
But will there be any way in the future that if you lose your seed phrase there would be way of getting it back.
No. There is no way to get back coins if you lose your access, unless you happen to have parts of the private key (or seed) and there might be some ways to figure out the other parts. So if you have part of the solution, then there could be ways to recover the seed, but if you totally lost everything or you don't have enough pieces, then you will be out of luck.
There could be some folks who might pass down their keys or leave instructions, but the instructions would need to be clear enough in order to figure out how to access the wallets, so there could be ways of figuring it out later with fewer pieces of the puzzle.. for example if someone might have had split up the key, there could be possibilities that if 1/2 is found or 1/3 or 2/3 is found then it could become more likely with the higher number of pieces.
Maybe for a stronger security that is why they made everything impossible without a seed phrase.
The seed phrase is one of the most common methods of either backing up or saving a private key, but there are other ways that private keys are backed up, and I don't claim to be an expert on all the ways that private keys are backed up, so there are some aspects of bitcoin that change over time, while still being backward compatible, while at the same time some of the security practices are likely difficult and easy at the same time by design.. .. while at the same time, there are likely more and more user-friendliness in bitcoin, but sometimes there can be needs to learn more complicated things if you are changing your security practices, and there may well be safeguards that need to be taken, but some of them are not difficult under certain systems, such as the seed phrase system is not difficult, but it was not part of bitcoin when bitcoin was introduced, it came about later as a proposal in 2013 as a part of BIP39, and went live in 2014. So it is an example of bitcoin becoming more user-friendly with the passage of time.
A clip from this article says that: >>>>>>BIP39 is part of the many BIPs (Bitcoin Improvement Proposals) that aim to improve the Bitcoin protocol. It was proposed in 2013 by Marek Palatinus, Pavol Rusnak, Aaron Voisine and Sean Bowe. It was implemented on Bitcoin in 2014 and has been adopted by many other cryptocurrency projects since then.<<<<<<<
