OGs is this true or false

[HeatBit]

So if I don't have anyone to leave my Bitcoin for or suddenly I passed it will still benefits Bitcoin holders in general? 😭😭😭😭
It's like making a donation to people because what they hold will get more value or should I say I burned my Bitcoin for theirs to add more value?

This theory of mine is based on this screenshot I saw online.



Confirm or reject? Drop opinion

If this is actually true then no lost Bitcoin is truly gone without leaving a positive impact for others, this is Brilliance at its finest.

[_act_]

If someone lost his bitcoin, that means bitcoin will become scarce as lesser people will want to sell their bitcoin, which will make other people have more value on their bitcoin. That is just what scarcity about lost bitcoin will be about.

2.3 million to 4 million BTC has been considered lost, which may be true or not true which is not what I will like to discuss, but not small amount of bitcoin has been lost. Sellers reduced, the higher the price.

[Hatchy]

That's definitely true, you can find the real post by satoshi through this link: https://bitcointalk.org/index.php?topic=198.msg1647#msg1647 and indeed, Scarcity is one of the key drivers of Bitcoin's value. The fact that Bitcoin has a fixed maximum supply of 21 million coins is one of the features that makes it unique. When bitcoins are said to be lost, they don't become useless to the network. Instead they effectively reduce the circulating supply, and making the remaining  coins relatively more scarce. In that sense, lost coins indirectly add value to the bitcoins still held by other investors in the market.That's why we often say that lost bitcoins aren't completely useless, they can still contribute to Bitcoin's overall scarcity and value proposition..

[Stalker22]

Confirm or reject? Drop opinion

If this is actually true then no lost Bitcoin is truly gone without leaving a positive impact for others, this is Brilliance at its finest.

It is not that I disagree, but the problem with that theory is that no one can say with 100% certainty that those Bitcoins are actually lost.  We can only speculate based on the number of Bitcoins sitting in dormant addresses.  After all, it wouldnt be the first time someone suddenly moved coins from an address that had been inactive for a decade or more.

As I see it, this whole scarcity argument only really kicks in down the road.  It is going to take years, maybe decades, before it actually matters.  We need to get to the point where block rewards from mining drop so low that new supply dries up, and those lost coins actually start choking the circulating supply.  But of course, if demand completely evaporates in twenty years, it wont matter if there are five million lost coins or fifteen million.  Scarcity only drives price if people are still fighting over what is left.

[hugeblack]

Theoretically, any lost currency would make everyone else rich, so thank you.

Generally, there are several ways to spend the coins in the event of death. Some are centralized, such as relying on third-party services, while others are decentralized, such as creating a multi-signature wallet—one with a lawyer, another with a bank, and a third at home.

[Cryptomultiplier]

That's definitely true, you can find the real post by satoshi through this link: https://bitcointalk.org/index.php?topic=198.msg1647#msg1647 and indeed, Scarcity is one of the key drivers of Bitcoin's value. The fact that Bitcoin has a fixed maximum supply of 21 million coins is one of the features that makes it unique. When bitcoins are said to be lost, they don't become useless to the network. Instead they effectively reduce the circulating supply, and making the remaining  coins relatively more scarce. In that sense, lost coins indirectly add value to the bitcoins still held by other investors in the market.That's why we often say that lost bitcoins aren't completely useless, they can still contribute to Bitcoin's overall scarcity and value proposition..

Bitcoin isn't like gold or fiat currency and that's the difference.
I did find something interesting that Satoshi replied to someone about 16 years ago when asked what happens to private keys that's lost forever, and I quote, ' lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone.'
This reply was on this forum and I somehow found the link:
https://satoshi.nakamotoinstitute.org/quotes/bitcoin-economics/?hl=en-US

Definitely, what your theory proposed is brilliant because of the way Bitcoin was created and made to be transparent and that means that all lost coin is absorbed by the network and this makes Bitcoin more scarce and of more value for every other holder or Bitcoin investor out there.

[Donk1]

It's certainly true that lost coins make every other coin valuable. In fact I have elaborated on this topic several times and it doesn't get to an end..
​That said, being a Bitcoin enthusiast requires responsibility and I believe that in as much as lost coins don't necessarily affect the network, it still certainly makes the Bitcoin system as fair as possible. That's why Bitcoin remains an ultimate technology with the vast potential of a store of value. So yeah, if you think the system isn't fair, I would suggest you ensure that your seed phrase is kept in a place that nobody knows, and also a place you can remember.....
​Check out these topics of mine, as I think they will also be helpful:

https://bitcointalk.org/index.php?topic=5586118.msg66849468#msg66849468

​https://bitcointalk.org/index.php?topic=5569861.msg66231525#msg66231525"

[Chinesebaby]

So if I don't have anyone to leave my Bitcoin for or suddenly I passed it will still benefits Bitcoin holders in general? 😭😭😭😭
It's like making a donation to people because what they hold will get more value or should I say I burned my Bitcoin for theirs to add more value?

This theory of mine is based on this screenshot I saw online.

Confirm or reject? Drop opinion

If this is actually true then no lost Bitcoin is truly gone without leaving a positive impact for others, this is Brilliance at its finest.

What Satoshi said in the image above is actually correct, because one thing you need to understand is that Bitcoin works with respect to demand and supply, and due to its limited supply in circulation, when an individual lost access to his phone, it makes the total number of Bitcoin in circulation less, and the more lesser it's available Bitcoin in circulation, the more the value of Bitcoin will increases, due to the fact that when there is a large demand for a fewer commodity, it's value always increases. Unlike if the commodity was more than the demands for it. So Satoshi was absolutely right.

[Dr.Bitcoin_Strange]

This is true mate, that statement by Satoshi is actually self explanatory, if someone lose their Bitcoin permanently by forgetting or misplacing their private key, it means that that coin can not be traded again, so it reduces the circulating supply of Bitcoin and there by add small value to Bitcoins of other holders. So, the higher the amount of lost coins, the higher the value too.

[Ambatman]

Scarcity drives value but not really a guarantee.
Every lost coins or burnt coins reduce the total amount of coins in circulation.
If you don't have anybody to leave your coins for you can just spend it
And in case of death, there are options like Dead man's switch: better approach proposal

[jossiel]

Yes, as what Satoshi said that considering lost bitcoins forever are a donation to the community which makes the supply in the circulation lesser.

As it will benefit everyone in general with that. The value remains in it and it can't be taken away.

So, as long as no one knows the private keys for those coins then they're burnt forever.

[PrivacyG]

Here is the thing.

If you have a physical Asset like Gold, Silver et cetera.  If you die all of a sudden and it was all buried in the ground and no body knew about it then it takes only time before it is found.  The thing is it CAN be found again and used like before.

If you lost some millions of Dollars.  They CAN be printed again.

But if you lost a hundred Bitcoin.  They are GONE.  As if you threw it all in the void.  Unless a really almost zero chance collision happens and someone gets access to your Private Key all of a sudden.  But again.  Chance wise.  That is pretty much left in the void if your Seed and Private Keys are lost.

So yes.  Lost Bitcoin is a donation to the rest of us.  But there is no way to guarantee whether some Bitcoin is really gone or not.  It is all about speculation.  The only thing that will ever be evident is liquidity on the Markets.  As more Bitcoin is lost, less and less liquidity will be around because there are many Bitcoin that can not be moved any more.  If you look at an Address that has not moved their Bitcoin in years, unless it is a 'burn Address' you can speculate every thing you want.  Maybe the owner died.  Maybe they did not want to move any thing.  Maybe it is generational wealth sitting on that Address for decades.  Maybe the owner lost their seed or died and the heirs did not find the Seed phrase yet.  Who knows.

In time, scarcity will only become sharper and it will at some point become evident.  We can all continue to assume Bitcoin has 21 million units in total.  We will all simply KNOW there is much less than that and most of these Bitcoin will never come back from the void again.

[macson]

It's true that "lost coins" are beneficial to Bitcoin because that mean fewer Bitcoins in circulation, which directly impacts Bitcoin scarcity. So, lost Bitcoins are still very useful to the network. That's why some holders have plans for their Bitcoins, hoping that they can at least inherit or remain in the control of their family if they die. Otherwise, it would be like a donation to the entire Bitcoin network, since no one else would have access to them.

[PX-Z]

Confirm or reject? Drop opinion

If this is actually true then no lost Bitcoin is truly gone without leaving a positive impact for others, this is Brilliance at its finest.

If you understand supply and demand, then you know bitcoin's supply is very limited.
Every lost coin increases bitcoin's scarcity, which can affect its price, whether slightly or significantly. Either way, it matters both. So yes, you can consider it as donation to anyone if you lost your coin either by transfer, lost/broken device or after you died lossing the access of those coins you have.

[AVE5]

So if I don't have anyone to leave my Bitcoin for or suddenly I passed it will still benefits Bitcoin holders in general? 😭😭😭😭
It's like making a donation to people because what they hold will get more value or should I say I burned my Bitcoin for theirs to add more value?

Just hear yourself clearly "(So if I don't have anyone to leave my Bitcoin for or suddenly I passed)".
I understand how sad it feels when it feels like you have sow so heartedly and you couldn't reap it all because of death call, also know that no matter what, everyone will still answer that death call including investors, Satoshi Nakamoto himself and Elon Musk the richest man on earth and must surely have left over of values on earth.
Some are voluntarily donated to the needy or public while they're still alive that's if you don't have or don't want to give to family or relatives.
Failure to take the decision before your death call, anything can happen.
So if you don't have a family to will your bitcoins I guess you won't request to be laid to rest with it if you can't forfeit it.
Or better you can start spending them now if you've enough to sustain your stay but it'll be a honour to donate it and after your departure you'll be remembered for your goodwill.

[LogitechMouse]

---
This theory of mine is based on this screenshot I saw online.
---
Confirm or reject? Drop opinion

If this is actually true then no lost Bitcoin is truly gone without leaving a positive impact for others, this is Brilliance at its finest.

Well, it's a simple law of supply and demand.
Lesser supply, more demand, price will be more expensive.

This is kind of different compared to other things though because those lost Bitcoins aren't really "lost" per se, but we can say that they're kind of inaccessible right now which makes the circulating supply lesser. Just like what others said, there are like 3-4 Million BTC that are already lost or inaccessible. There's no brilliant on that one because imagine those who had access to those Bitcoins, but they've lost it for whatever reason it is. Imagine those who are holding hundreds of Bitcoin back a decade ago, but they lost the keys to it. They could've been a millionaire by now. I don't see any brilliance to that whatsoever.

Yes, there's no lost Bitcoin, but only inaccessible, and if you see it as a positive one, some sees it as a negative thing.

[X-ray]

It's simple logic, ownerless bitcoin = more holder =  less circulating supply = less selling pressure.

It doesn't happen to only bitcoin but happen to any asset that isn't increasing in total supply.

However, it's hard to know which coins lost its owner and which coins are actually lost such as can't be accessed by the original owner anymore so it's just a perception of scarcity.

Total supply will stay the same.

[kingstep]

If this is actually true then no lost Bitcoin is truly gone without leaving a positive impact for others, this is Brilliance at its finest.

Even if a lost bitcoin benefits the bitcoin community, still don't loose it, make adequate plan for what becomes of your bitcoin in the event of your exit. Same way you are careful to will your properties and money in the bank to the right set of people, you should also be careful enough to will your bitcoin to someone you can trust even if it involves just giving them an hint that guides them to the asset you are holding. life can be fickle, the next moment is not promised.

[lionheart78]

Confirm or reject? Drop opinion

If this is actually true then no lost Bitcoin is truly gone without leaving a positive impact for others, this is Brilliance at its finest.

It is not that I disagree, but the problem with that theory is that no one can say with 100% certainty that those Bitcoins are actually lost.  We can only speculate based on the number of Bitcoins sitting in dormant addresses.  After all, it wouldnt be the first time someone suddenly moved coins from an address that had been inactive for a decade or more.

As long as the coin is away from circulation, it contributes to the scarcity of Bitcoin until it reenters the market.  So regardless of whether it is lost or just idly sitting in a wallet, Bitcoin that is not put on the sell order will definitely help to strengthen the demand order, pushing the value of Bitcoin upward.

As I see it, this whole scarcity argument only really kicks in down the road.  It is going to take years, maybe decades, before it actually matters.  We need to get to the point where block rewards from mining drop so low that new supply dries up, and those lost coins actually start choking the circulating supply.  But of course, if demand completely evaporates in twenty years, it wont matter if there are five million lost coins or fifteen million.  Scarcity only drives price if people are still fighting over what is left.

It already kicks in long ago.  See how the price surges when people decide to hoard Bitcoin, and see how it plummets when someone with a huge stash decides to sell their stash.  Hoarding or holding may be an artificial way to make the Bitcoin scarce, but saying scarcity will kick in after the time the block reward is low seems to miss how Bitcoin has already gotten where it is now.

[Dunamisx]

So if I don't have anyone to leave my Bitcoin for or suddenly I passed it will still benefits Bitcoin holders in general? 😭😭😭😭
It's like making a donation to people because what they hold will get more value or should I say I burned my Bitcoin for theirs to add more value?

It is true, just use the scenario of how coins are being burn in altcoins as a scenario, I'm not saying that is the exact definition to why it is adding to everyone's Bitcoin in possession, but just consider it that the market is always volatile and any bitcoin that is lost could contribute more to the effectiveness of other holder's bitcoin value.