coin What will happen to lost Bitcoin ?

[Grace 236]

What will be happened to lost Bitcoins in the future? Let's say people lost 5m bitcoin in 100 years then what will happen?

[Fedor00 74]

Well, first of all i dont think bitcoin will still be here in 100 years from now .5m bitcoin lost? No, bitcoin himself will disappear. Anyway, you cant predict what’s gonna happen if 5m will be lost, it may be a good think or not, we’ll see.

[Thekingcallme 1975]

There might be a split or development on bitcoin, a new bitcoin would appear with the same value, or there would be a new invention until then

[cryptokram 102]

20 hours ago, Grace said:

What will be happened to lost Bitcoins in the future? Let's say people lost 5m bitcoin in 100 years then what will happen?

Please excuse first on this topic of yours, What kind of question is this? You are asking us here about 5M bitcoin lost 100 years from now. Do you think anyone here can answer you that correctly? Those members here are not comes from the future. Can't you create other discussion that will become more interesting here in the forum? Sorry again.

[samarkamane 111]

I believe that the bitcoin currency will remain because this is a global trend and also imposed by globalization and also to develop the economies of the world

[dentolas 551]

On 10/22/2019 at 1:05 PM, Grace said:

What will be happened to lost Bitcoins in the future? Let's say people lost 5m bitcoin in 100 years then what will happen?

I think the OP meant to ask what will happen to 5M of lost BTC, and if they would still remain lost a 100 years from now... i think...

meaning BTC that is in wallets for which there are no private keys ...

right now there is no way to retrieve it, will this matter in a 100 years?

 

[cryptokram 102]

6 hours ago, dentolas said:

I think the OP meant to ask what will happen to 5M of lost BTC, and if they would still remain lost a 100 years from now... i think...

meaning BTC that is in wallets for which there are no private keys ...

right now there is no way to retrieve it, will this matter in a 100 years?

 

The question is does bitcoin still exist after 100 years from now? Still so many question in the mind of the individuals here, because there are so many years will come to us but not 100 years, due to for sure after 100 yrs, we are already dead by that time😁

[dentolas 551]

7 hours ago, cryptokram said:

The question is does bitcoin still exist after 100 years from now? Still so many question in the mind of the individuals here, because there are so many years will come to us but not 100 years, due to for sure after 100 yrs, we are already dead by that time😁

I think you are right, there will be no one from here alive to witness it...

It's like when analysing crypto market charts, history is very important, if we look back 100 years, we get to steam engine, maybe early combustion engine ... so we see that has happened in the meantime... and can only try to imagine what will happen on the next 100

[Grace 236]

17 hours ago, rocsus said:

The only you loose you coins is if you loose your private keys. 100 years from now, well I won't be here for sure. As for bitcoins, there is no way to take down bitcoins, or more appropriate term would be the bitcoin blockchain. Atleast I don't know if there is, and if there was one, Govts would have already done it. You don't loose any bitcoin, when you loose your private key, you loose the ability to open that wallet and spend those coins. So I guess the proper answer would be, those coins are as safe as possible, They will stay at that address for the rest of eternity, or atleast till they take down the bitcoin blockchain.

So i think bitcoin will be more valuable Let's say there will be just 1m bitcoin after 1k years...Can You imagine How much would it worth.Omg...

[Grace 236]

5 hours ago, rocsus said:

I wonder what you said, I cannot make heads and tails of it. 1k years, you mean what happens to bitcoins after 1000 years. Really. Here I can't even figure if I will live tomorrow.

Even though I am pretty practical and go around thrashing idiots on their expectation of huge return on Btc investment in a short time frame of a year or 5 or 10, but 1000 years is too much even for me. Well I would expect to see very high prices maybe 10 to 50 years, apart from that, its not my concern, maybe my children's if I ever have any, by the looks of it I  may not. Anyways, NO I won't be able to imagine the worth of btc after 1000 years. I just hope I die, and ask whoever is in charge, to not send me to earth again.

That is not about you lol think about humanity.Do not just look at it for making money today.I am talking about what will happen to bitcoin after 1k years.And i guess a lot of people will lose their bitcoin and if people still use bitcoin then surely it would be too valuable.

[Grace 236]

40 minutes ago, kylepresz said:

In essence, bitcoin is never actually lost. It always exists in the block chain in it's respective wallet address. It's just that no one can access it because they have lost the private keys to the wallet. It's a bit like loosing your internet banking password - the money still exists in your account, but you just can't access it. In conventional banking, the bank can issue a new password, or you can reset the password.

Unfortunately this is not the case with bitcoin.

Unless the developers find a way to figure out which wallets are no longer accessible and recover the amounts for redistribution, or someone can come up with a way to figure out how to re-generate private keys for those wallets, the amounts will remain locked away forever in the block chain - never to be accessed by anyone.

Yes that is the case! They wont be able to take the money because none never know if that bitcoins belong to anyone.(If they use or not...) Maybe my big big big children find my keys and they will try to take bitcoins from my wallet. 

So i think if people lose it then bitcoin would be more valuable.

[Kumar 260]

Bitcoin can't be lost, it will remain on the nodes associated with the blockchain, it's just that it is stolen or sent to wrong address then it's theirs and number you said 5m is not practical and can't happen.

[hexwin 4931]

Lost bitcoins can not be used if there is no private keys for them.
Only way we can see change in this is some distant future and some quantum hack.
But this should be updated than.
Lost Bitcoin can be good as they reduce supply of Bitcoin

Edited October 26, 2019 by hexwin

[Casinoval 330]

It will remain on the chain no one will be able to us use it, the supply in circulation will be reduced and it  will be good for price.

[cryptosix 1643]

On 10/22/2019 at 5:35 PM, Grace said:

What will be happened to lost Bitcoins in the future? Let's say people lost 5m bitcoin in 100 years then what will happen?

So you are going to stay on earth more than 100 years? This question is so much arrogantly, no one can able to predict such things and cannot answer the correct. There are alternative coins which can be replaced if that happens at any time, but still Bitcoin will replace for a new ones.

[Mohs3n71 0]

On 10/22/2019 at 3:35 PM, Grace said:

What will be happened to lost Bitcoins in the future? Let's say people lost 5m bitcoin in 100 years then what will happen?

I don't really understand this question at all, can you at least explain more what do you mean ? how and why people may lost bitcoin ?

[Grace 236]

On 10/27/2019 at 4:27 AM, Itsmeeek said:

That will all be gone there is no how to recover lost Bitcoin. When you lost the private key to your wallet you can't regain it back. So it's better to safeguard you private key and passphrase

So as i understand people will be able to use less Bitcoin in the future because a lot of people will forget or lose their keys.This is so bad for that people but for bitcoin it is good because the price will go up!

On 10/26/2019 at 11:57 PM, Mohs3n71 said:

I don't really understand this question at all, can you at least explain more what do you mean ? how and why people may lost bitcoin ?

As You know many Bitcoin is stored at Hardware wallets like ledger.And When you lose your password then You wont be able to take your bitcoin again.So if a lot of people lose it in the future then we will have maybe less than 7-8m bitcoin circulation.So maybe 1k year later There will just be 1m bitcoin left.Think about How much money would bitcoin worth then....

On 10/26/2019 at 10:34 PM, cryptosix said:

So you are going to stay on earth more than 100 years? This question is so much arrogantly, no one can able to predict such things and cannot answer the correct. There are alternative coins which can be replaced if that happens at any time, but still Bitcoin will replace for a new ones.

Arrogantly? I think You have described your post.Of course You can predict on it.A lot of people lost their bitcoin wallet's passwords a few years ago. You just think yourself! A lot of people out there like You i am sure most of them wont give their passwords to their family and that bitcoins will not be in the circulation anymore too.If You are really a lover of Bitcoin then You should not gain daily profit! You would think about it's future too!!!!

[cryptosix 1643]

20 minutes ago, Grace said:

Arrogantly? I think You have described your post.Of course You can predict on it.A lot of people lost their bitcoin wallet's passwords a few years ago. You just think yourself! A lot of people out there like You i am sure most of them wont give their passwords to their family and that bitcoins will not be in the circulation anymore too.If You are really a lover of Bitcoin then You should not gain daily profit! You would think about it's future too!!!!

Our life is too short and 100 years means you just think, if there are more Bitcoins, then they would look someone a family member. I understand sometime they lose or die and no one can be able to recover, but still 3 millions Bitcoins are left to mine.

Some people are using for illegal purposes and they eventually lose their coins most time.

You re talking about Future tense, but we have to think presentence s we don't know what will happent tomorrow.

[Grace 236]

3 hours ago, cryptosix said:

Our life is too short and 100 years means you just think, if there are more Bitcoins, then they would look someone a family member. I understand sometime they lose or die and no one can be able to recover, but still 3 millions Bitcoins are left to mine.

Some people are using for illegal purposes and they eventually lose their coins most time.

You re talking about Future tense, but we have to think presentence s we don't know what will happent tomorrow.

Of course we dont know what will happen but i am talking about what we face with.Lets wait i think Bitcoin Core team will think this too.This is not a hype coin they should look for it!!

[Devh 564]

On 10/22/2019 at 5:05 PM, Grace said:

What will be happened to lost Bitcoins in the future? Let's say people lost 5m bitcoin in 100 years then what will happen?

You mean to say the Bitcoin who just lost by owners with loss of private key or wrong sending which are in space? If so then these BTC will play an important role in stability of the supply and price. And there will totally a 21M supply and once supply completed in next 15 Years then we can see BTC above 100k USD because 21 MIllion BTC will be used every where in the world. At this time World is not much aware about this and population is 8 Billion and in 15 years the population will above 10Billion so if we divide 16M BTC to just half population then 0.03BTC will come to every user. So see such huge community and the price will above 100k For sure. Where 4-5M is still in space and useless.

[kyoukage01 3181]

On 10/22/2019 at 8:05 PM, Grace said:

What will be happened to lost Bitcoins in the future? Let's say people lost 5m bitcoin in 100 years then what will happen?

Before asking this, try asking first if you can survive for 100 years 😁.

But jokes aside, right now I'm thinking that it depends on whether or not Bitcoin will evolve into another form of currency, or if there are any other cryptocurrencies that can actually dethrone Bitcoin as the top crypto. If the former, new technologies might be developed to recover or regenerate lost Bitcoins; if the latter, lost Bitcoin will just gather dust and be left to rot.

Edited October 28, 2019 by kyoukage01
grammar fix

[Grace 236]

On 10/28/2019 at 1:19 PM, kyoukage01 said:

Before asking this, try asking first if you can survive for 100 years 😁.

But jokes aside, right now I'm thinking that it depends on whether or not Bitcoin will evolve into another form of currency, or if there are any other cryptocurrencies that can actually dethrone Bitcoin as the top crypto. If the former, new technologies might be developed to recover or regenerate lost Bitcoins; if the latter, lost Bitcoin will just gather dust and be left to rot.

No it is not possible to regenerate to post Bitcoins! Actually they are not lost they are just unavailable to use back.Because their owner cant remember the password.

 

By the way why do You guys say who live 100 years.I hope You do not just use bitcoin for today! It is our future.We should even think more than 100 years!

[kyoukage01 3181]

Things can become messy though if the owner of a wallet just died and there is no other way to access his coins. If this happens all those coins die with him. Supply will shrink then as the population who owns Bitcoin ages; hence the idea of recovering/regenerating lost Bitcoins. May or may not happen, but that's how the future works: not everything is written in stone.

[kyoukage01 3181]

10 minutes ago, Yawar said:

I don't think so. The greedy miners will be replaced by altruistic miners and Transaction fees will be zero, due to market pressures. Blocks will be mined every 10 minutes, on average, the same as today.

I wrote that post almost a month ago and I was naive back then. I soon learned that Bitcoin was meant to get rare as time goes by via halving and other market forces, thus regenerating it is a bad idea. I still stand by my other comment that Bitcoins are lost when its owner dies, though.

 

https://www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-exchange-quadrigacx-password-cryptocurrency-scam-a8763676.html

 

Here's the article:

Spoiler

 

Cryptocurrency 'Lost' After Man Dies With Only Password

 

Conspiracy theories have been raised about the whereabouts of the QuadrigaCX exchange's funds

    Anthony Cuthbertson
    @ADCuthbertson
    Tuesday 5 February 2019 11:45

 

The unexpected death of the owner of Canada's largest cryptocurrency exchange has left £145 million of cryptocurrency locked in a digital wallet to which he reportedly had the only password.

Gerald Cotten, who served as the chief executive of the QuadrigaCX exchange, died on 9 December in India due to complications relating to Crohn's disease, according to Canadian court documents filed by the company.

 

The Vancouver-based exchange claimed in a blog post that Mr Cotten's death means they are unable to pay customers around £41m in bitcoin and other cryptocurrencies that they're owed, prompting various conspiracy theories surrounding the whereabouts of the funds.

Some customers have even questioned the death of Mr Cotten, taking to social media platforms to demand proof in the form of an obituary or death certificate. According to Coindesk, a death certificate was included in the list of court documents.

 

Mr Cotton's wife, Jennifer Robertson, stated in an affidavit: "I do not know the password or recovery key. Despite repeated and dilligent searches, I have not been able to find them written down anywhere."

 

New research also raises questions about the true state of QuadrigaCX's cryptocurrency holdings, disputing claims made about the funds in the filings.

 

The funds were allegedly stored in so-called cold storage wallets, meaning they are not connected to the internet and accessible to only people who knew the private keys, or passwords.

 

This is standard practice for many cryptocurrency exchanges, as it helps to prevent hacking. However, other exchange operators say it is unusual for the keys to be held by just one person.

 

"Using a reputable custodian to hold the private keys outside the company is perhaps the best option to ensure these codes are not lost," Erik Wilgenhof Plante, the CCO at the exchange BeQuant, told The Independent.

 

"Following this news, there’s likely to be a large amount of scrutiny on Quadriga, in case someone does hold the private key and attempts to siphon the funds. There is a clear lesson here that having a single person owning this information creates a huge vulnerability; they are not only risking huge amounts of money being lost in the event of their death, but also pose a huge risk for kidnapping by people wishing to steal or use blackmail to obtain the coin.”

 

According to the summary of findings of the research done by cryptocurrency firm ZeroNonsense, "there are no identifiable cold wallet reserves for QuadrigaCX."

 

The report added: "It appears that QuadrigaCX was using deposits from their customers to pay other customers once they requested their withdrawal; It does not appear that QuadrigaCX has lost access to their bitcoin holdings. It appears the number of bitcoins in QuadrigaCX’s possession are substantially less than what was reported in Jennifer Robertson’s (wife of allegedly deceased CEO and Owner Gerry Cotten) affidavit, submitted to the Canadian courts on January 31st, 2019."

 

Other cryptocurrency experts have suggested such theories are being promoted by people hopeful the customers' funds can somehow be recovered.

 

In a message to customers, the QuadrigaCX board of directors said efforts were being made to unlock the cold storage wallets.

 

"For the past weeks, we have worked extensively to address our liquidity issues, which include attempting to locate and secure our very significant cryptocurrency reserves held in cold wallets, and that are required to satisfy customer cryptocurrency balances on deposit, as well as sourcing a financial institution to accept the bank drafts that are to be transferred to us," the message stated.

 

"Unfortunately, these efforts have not been successful."

 

Edited November 15, 2019 by kyoukage01

[Moon 88]

Nothing will happen, except the coins will sit in the chain idle and the price will go up since it is getting scarcer.