bitcoin Lost bitcoin and demand of circulated bitcoin

[xBDT Script 4371]

We all know that there will be only 21m bitcoin and that is it. There are no more once all of them will be mined. Now question is - will we have exactly 21m bitcoin in circulation? Simple commonsense answer is that a big "No".

There are over 4m bitcoin already has been lost and each day we see people are looking for ways of how to recover their lost fund. I in face lost one of my wallet seed even not long ago. Well I know this are not even number considering the millions of lost bitcoin.

We can assume that the million bitcoin satoshi has - lost

They guy who lost his hard drive and could not find - lost

These are some I can remember now but the list is really long and if you have something in mind then please comment of the post.

Anyway this was not the goal of this topic. The goal is - When we lose any bitcoin I mean when we are losing our private key then it actually increase the value of the bitcoin we have in circulation. Imagine simple supply and demand chart:

Less means more demand and more demand means the value increase. And if we compare the value with the current fiat system then we will be millionaires some day if not billionaires. Just hold few bitcoins!

[Devh 564]

8 minutes ago, xBDT Script said:

We all know that there will be only 21m bitcoin and that is it. There are no more once all of them will be mined. Now question is - will we have exactly 21m bitcoin in circulation? Simple commonsense answer is that a big "No".

There are over 4m bitcoin already has been lost and each day we see people are looking for ways of how to recover their lost fund. I in face lost one of my wallet seed even not long ago. Well I know this are not even number considering the millions of lost bitcoin.

We can assume that the million bitcoin satoshi has - lost

They guy who lost his hard drive and could not find - lost

These are some I can remember now but the list is really long and if you have something in mind then please comment of the post.

Anyway this was not the goal of this topic. The goal is - When we lose any bitcoin I mean when we are losing our private key then it actually increase the value of the bitcoin we have in circulation. Imagine simple supply and demand chart:

Less means more demand and more demand means the value increase. And if we compare the value with the current fiat system then we will be millionaires some day if not billionaires. Just hold few bitcoins!

There will some chances in which many bitcoins are still in space and does not have specific destination. Means those who send to wrong place or so. And there is a big reserve by hackers and wallet or exchange owners that They will spread BTC gradually to public. Like in crypto talk we are getting and 0.1% paid to yobit again in fees. So this demand will increase more and more and the more fun will come in future. The supply of bitcoin definitely increase the demand just look The world population is 8 Billion and there are 600 Million+ users involved seriously in crypto. So this avg increasing 2% daily so accordingly if amount of supply divided by half world population then it will comes 0.04 avg BTC to each user. So that time we will see BTC at 100k Dollars + lol.

[xBDT Script 4371]

22 minutes ago, Devh said:

So this demand will increase more and more and the more fun will come in future.

Whatever the waste it's not actually waste for the entire network. Only the person who lose it can feel the lose but for the entire network it's a gain. So I do not feel much sad when I see there are x amount of bitcoin has lost.

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The supply of bitcoin definitely increase the demand just look The world population is 8 Billion and there are 600 Million+ users involved seriously in crypto. So this avg increasing 2% daily so accordingly if amount of supply divided by half world population then it will comes 0.04 avg BTC to each user. S

You nailed it in here, just sent a reaction for this. 

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o that time we will see BTC at 100k Dollars + lol.

Well we will see btc to have $100k in no time but it will be interesting to see if this will hit millions or not. Some already speculate that it is possible. 

However in am into bitcoin to be the main currency like we have USD now. Imagine a time like this. Those of us are here even holding 0.01BTC will be considered huge wealthy LOL 

[williamz902 696]

I have been wondering how much has been lost so far. 4 million sounds about right. I haven't had time to check. It's sad though. I think the developers need to find a way to identify which currency is actually lost and then recover it from the block chain and start re-circulating it again.

[xBDT Script 4371]

16 minutes ago, williamz902 said:

I have been wondering how much has been lost so far. 4 million sounds about right. I haven't had time to check. It's sad though. I think the developers need to find a way to identify which currency is actually lost and then recover it from the block chain and start re-circulating it again.

And being the same as government fiat currency, LOL.

This is impossible, no one can recover the bitcoin unless they have the private key and brute forcing a private will take millions of days, you can't do it at all.

That's how the bitcoin network doesn't work, you know till date, it's the most immutable and decentralized blockchain till now. Even with a fork,you can't recover the coin. If it was possible, then it would not anymore be called as cryptocurrency.

[Mohs3n71 0]

actually its better for market that those who lost their coins (big big wallets) never find their coins again :)) Or we will see another round of dumps

[hexwin 4931]

1 hour ago, xBDT Script said:

And being the same as government fiat currency, LOL.

This is impossible, no one can recover the bitcoin unless they have the private key and brute forcing a private will take millions of days, you can't do it at all.

That's how the bitcoin network doesn't work, you know till date, it's the most immutable and decentralized blockchain till now. Even with a fork,you can't recover the coin. If it was possible, then it would not anymore be called as cryptocurrency.

There is always small percentage chance that some quantum hack can recover that private keys by quantum brute forcing, but it is small % as we know that every encryption in history has been broken

[xBDT Script 4371]

2 hours ago, kylepresz said:

I wonder how we might get around this problem in the future.

Creating awareness. Showing people what we were and what we are now, giving them this examples of the guy lost over 7,500 btc in his lost hard drive, the pizza guy (I know it was not lost case but this is a very good story to tell and get their attention).

Just now, alther said:

It's like chasing a dream, but dreams that can turn into reality.

If bitcoin can rise to $19k from nothing then it can have any price in future. If you have them hold them. Find a job or something else for you daily expenses.

Just now, hexwin said:

There is always small percentage chance that some quantum hack can recover that private keys by quantum brute forcing, but it is small % as we know that every encryption in history has been broken

I think it's nearly impossible, may be possible in theory only.

[hexwin 4931]

5 minutes ago, xBDT Script said:

I think it's nearly impossible, may be possible in theory only.

It is not theory that every single encryption has been broken so far is it?
Why would you think that sha-256 would be any different.
If devs became lazy and don't update in time... who knows what may happen

[xBDT Script 4371]

Just now, hexwin said:

It is not theory that every single encryption has been broken so far is it?

You have a point here. And in this case we will have a mess in the entire crypto currency world. Imagine someone was able to figure out your private key or mine? How am I going to feel secure then?

I am not criticizing you but trying to find a satisfactory opinion about it.

 

Just now, SarapCrypto said:

However, there is no official effect on the price yet or maybe this fact has already been factored before. 

In bitcoin nothing is official since there are no central authority for it. 😊

[hexwin 4931]

7 minutes ago, xBDT Script said:

You have a point here. And in this case we will have a mess in the entire crypto currency world. Imagine someone was able to figure out your private key or mine? How am I going to feel secure then?

I am not criticizing you but trying to find a satisfactory opinion about it.

In that case we will have mess everywhere as sha-256 is military used encryption and other system are using it also. We need to stay alert and update on time, but not just bitcoin, everything else also

[Mohs3n71 0]

51 minutes ago, SarapCrypto said:

Those lost Bitcoin has a lesser chance of being recovered and those controlled by Satoshi Nakamoto are not moving so Bitcoin in circulation will always be less than 21M. However, there is no official effect on the price yet or maybe this fact has already been factored before. 

you can only see it's effect on the market when they start moving, if you enter 4m coins at once in this market we can see bitcoin's price under 1k easily

[xBDT Script 4371]

39 minutes ago, hexwin said:

In that case we will have mess everywhere as sha-256 is military used encryption and other system are using it also. We need to stay alert and update on time, but not just bitcoin, everything else also

Well obviously we have constant development is happening and as we build we will see new technology and algorithm will be added with the updates like we have  seen from the last 10 years. There should not be any mess. Thanks for assuring.

7 minutes ago, Mohs3n71 said:

you can only see it's effect on the market when they start moving, if you enter 4m coins at once in this market we can see bitcoin's price under 1k easily

We already have the effect. Because of those lost bitcoin we see more people are very careful in management of their bitcoins and everyone is valuing it as an important asset to those who have it. And those who are not able to buy it but know about it they are trying hard to  have some holding. So we are seeing greater demand. We will see more of course.

[hexwin 4931]

5 minutes ago, xBDT Script said:

Well obviously we have constant development is happening and as we build we will see new technology and algorithm will be added with the updates like we have  seen from the last 10 years. There should not be any mess. Thanks for assuring.

I think hackers are working day and night, lets hope nothing will leak from google and there are no bad players there who can take advantage of anything they found or create. 

[xBDT Script 4371]

8 minutes ago, rocsus said:

Given the market, the demand of btc and alongwith the price of btc will definitely go up. As for bitcoin hodlers, it would be a nice profit, it is just a matter of time. No doubt about that.

 

As I like earlier I referred the Satoshi Nakamoto quote about lost coins, it's definitely adding value to each of the coins, as per Satoshi, each lost coins are donation to the community.

Long term holders are the mostly beneficiary of this. Imagine at the end of the all coin minted, how much BTC will be available in circulation. I doubt it will be more than 18000000 BTC.

[xBDT Script 4371]

Just now, rocsus said:

I believe, the demand for Bitcoins should increase with the adoption of btc by all people worldwide. As for now, i don't see that happening. The list of countries growing negative perception is increasing and not decreasing. There is no attempt on educating the world about the benefits of bitcoins and all the prosperity it can bring. The price spike we are seeing is nothing more than market manipulation or manufactured manipulation. To see Bitcoin reach its real price, Bitcoin needs to be adopted by everyone in the world, where it is not seen as a competing currency to the national fiat currency, but as means of change, change that will affect the whole world. I hope I live to see that day.

Well, it will take a lot of time. May be more 5-10 years to be adopted globally. Till now, the adoption is very limited it's unlikely to be increased within the next couple of years. You know in Japan you can have coffee with BTC and I believe within next five years, we will see a lot of countries will ensure this benefit. The changes will come slowly. Bakkt is a good one for us increasing the words about bitcoin.

No one specifically focusing to make people learnt about bitcoin though, I like one educational video series of DeepOnion. You can check their youtube channel, they have released a series of videos where beginners can learn a lot of things easily.

[Khan 1414]

8 hours ago, xBDT Script said:

Whatever the waste it's not actually waste for the entire network. Only the person who lose it can feel the lose but for the entire network it's a gain. So I do not feel much sad when I see there are x amount of bitcoin has lost.

Yes, as no one feel bad that the Bitcoin is lost and one day all the Bitcoin will be mined and government will take the control of Crypto Currency.

[xBDT Script 4371]

Just now, Khan said:

Yes, as no one feel bad that the Bitcoin is lost and one day all the Bitcoin will be mined and government will take the control of Crypto Currency.

that's far away, I think it will not be possible. Govt will not be able to regulate cryptocurrency transaction at all. may be they can only try. If someways it happens, I think it will kill the cryptocurrency.

Government will rather introduce their shit centralized currency soon I think.

[Afrizal rahman 2636]

Many say that their bitcoin has disappeared. the possibility of their personal data falling on another person or scammer has entered into his account. for that we use a strict password, don't worry if you forget your password, because there are features that can fix that problem.

[Laboni 755]

If that is lost and the demand and price of the currently promoted Bitcoin increases, we will get back our lost Bitcoin. How do we find a way to recover lost bitcoin? But Bitcoin prices are likely to rise in the future.

[ultimateclub 392]

I know every day a large amount of bitcoin lost by holders and they are flew in blockchain network. But 4 million/day it's really a big amount. However demand increase the value of anything. As bitcoin has limitation and the users are increasing daily in the market there will be grater demand which will make the btc price to moon. You are right, we should hold some of our bitcoin for future benefits and it's true.

[bliznec 22267]

Of course, to be successful, you need to keep bitcoins in your cryptocurrency wallet. The loss of bitcoins is a very sad process, but they cannot be returned. 

[lucky80 1046]

On 10/27/2019 at 2:04 PM, xBDT Script said:

When we lose any bitcoin I mean when we are losing our private key then it actually increase the value of the bitcoin we have in circulation. Imagine simple supply and demand chart:

Well, Of course. It would increase the value. 

18 minutes ago, ultimateclub said:

But 4 million/day it's really a big amount.

You got it wrong my friend. Please read the OP some more. 

[Hatred 1388]

On 12/12/2019 at 10:37 PM, bliznec said:

Of course, to be successful, you need to keep bitcoins in your cryptocurrency wallet. The loss of bitcoins is a very sad process, but they cannot be returned. 

That's true. You must always place your coin in a safe wallet to maintain its privacy and safeness and to lower the probability of getting your coin lost.

[suzuya 945]

Losing a coin is a really big problem because once you lose it you can never get it back or retrieve it from the lucky address owner. It's like everyday there are lots of users who lose their coins because they are not careful, they should always give attention in the details first before confirm the transaction.