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Brushless4500KV

What will happen to lost bitcoins? Will they remain in the network?

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As you know, each wallet has both a private key and a seed phrase. These keys are used to gain access to your wallet and to recover it in case you lose your PC or hard drive. It is said that if we lose our seed phrase, we will never have access to our wallet and we lose our funds. If someone loses his/her seed phrase, what will happen to his/her BTC funds? Will lost funds remain in the network? How many BTCs have been lost in this way? Can hackers access lost funds?

Have you ever thought about the effects of lost bitcoins on bitcoin network? I think this will ruin miners' efforts if the number of lost bitcoins increase day by day. If you lose your paper money, someone else may find and use it! I want to know what is the similar case with bitcoin.

Edited by Brushless4500KV
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I think they will stay in the network because there is some people I knew they lost their phrases but after while they recovered them and accessed again to their wallets and nothing was missing 

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If you lost the private key or seed phrase, your funds will still remain in the wallet and will never gone. If you need help to the good hackers they can not access it. Private keys or Seed phrase must be in a safe place.


 

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2 minutes ago, miskyming said:

If you lost the private key or seed phrase, your funds will still remain in the wallet and will never gone. If you need help to the good hackers they can not access it. Private keys or Seed phrase must be in a safe place.

So, if someone loses his seed phrase he only loses his access to his wallet. I think there must be lots of bitcoins who were lost this way and they are wandering in blockchain network. Is there any way someone could find them? If no one finds lost BTCs, a considerable amount of money will be lost too because those bitcoins were mined with difficulty. They may remain in the network but as long as no one can spend them they are useless. I think crypto users should be careful to avoid this problem because every bitcoin needs time and electricity to be mined and this means waste of energy. There might be a way to search the network for lost bitcoins.

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2 hours ago, Brushless4500KV said:

So, if someone loses his seed phrase he only loses his access to his wallet. I think there must be lots of bitcoins who were lost this way and they are wandering in blockchain network. Is there any way someone could find them? If no one finds lost BTCs, a considerable amount of money will be lost too because those bitcoins were mined with difficulty. They may remain in the network but as long as no one can spend them they are useless. I think crypto users should be careful to avoid this problem because every bitcoin needs time and electricity to be mined and this means waste of energy. There might be a way to search the network for lost bitcoins.

There are many stories that the miners and investors who lost their bitcoin private keys in the early days when the bitcoin price was cheap. When bullish market happened in 2017, Miners and investors were trying to recover their private keys or .dat file in their old computer and some finding their old hard drives, but they had failed, they can only see their hundred thousands of bitcoins in their address and they can not access it anymore.. It is really important to place your private keys in safe places.

Edited by miskyming
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If like example your private key or anything backup is lost or maybe burned because disaster. What i know is all balance in your wallet will still there forever without ownership. For example in your wallet only have 1 BTC around 2013, if you look on the address that wallet, you will see same amount.

That is like dead balance where wait someone to take the ownership.

How if someone hack our wallet. Don't worry that Bitcoin not lonely again. 😂

But the encryption of wallet is really hard to broken, i don't see any news said hacker success hack the wallet, but for the exchanges is often get hacked.

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Give me 💙 if my post helpful

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Most crypto exchanges such as Kraken take advantage with customers funds because they feel these customers don’t know how to get their funds back, But trust me there are hidden ways you can get your lost funds back from the broker. I was able to withdraw my 45BTC from kraken, You can recover your money by contacting recoverywealthnow360@gmail.com

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It will stay even without value because the security is too high no one can get it from your stored exchange the only thing is that when coins don’t have value anymore so whats the sense

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When we talk about lost bitcoins means that there is no way for anyone to retrieve them. It is different from stolen Bitcoins which eventually end up being sold in the market. Unritrievable bitcoins are already amounted to more than 2 million Bitcoins with some observers suggesting they might even reach 4 million. Most of these Bitcoins were lost in the beginning when hundreds of people were mining 10.000 bitcoins daily and didn't care much to backup their keys and software. Noone thought Bitcoin would become something so valuable and even at 0,01$ price they could sell for profit.

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When we lost the Bitcoin or another coin then it is completely finished for us and it will remain in the network because crypto market is so much changed than the other market because this is the crypto market where your one mistake will give you high loss.


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On 12/13/2019 at 8:57 AM, Migo said:

I think they will stay in the network because there is some people I knew they lost their phrases but after while they recovered them and accessed again to their wallets and nothing was missing 

Yeah I agree it will still part of the volume and the network and it will stay but it will not move because the owner did not have access anymore, one popular case is Satoshi's Bitcoin which until now has not yet moved.


 

 

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in my opinion it will not be lost, it will be in the network, I'm pretty sure with this, but the biggest risk and the biggest loss is still yours. I'm sorry to say that but it is true

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If Bitcoin is lost because the wallet cannot be accessed, of course it will remain on the network at any time. But for sure, we will still lose. Because we can't access our wallet.

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When a user loses his wallet, the effect is to remove money. Like every other bitcoin, Missing bitcoins stay in the block chain. Yet missing bitcoins remain dormant indefinitely since there is no way anyone can locate the private key(s) to spend them again.

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Just now, ZedX said:

Yes, they don't get removed or anything because they are not being used, it is not what makes a coin exist or not exist in the network after all.

So if you loose your Bitcoin somehow they stay forever inactive. There's no such thing as a lost and found. So keep your bitcoin in a safe place. It's just like cash money.


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I think losing private keys means losing bitcoin in this wallet, this is really annoying, but if we think well we will find that everything has a price and this is a high price of security in bitcoin.

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On 12/12/2019 at 11:09 PM, Brushless4500KV said:

As you know, each wallet has both a private key and a seed phrase. These keys are used to gain access to your wallet and to recover it in case you lose your PC or hard drive. It is said that if we lose our seed phrase, we will never have access to our wallet and we lose our funds. If someone loses his/her seed phrase, what will happen to his/her BTC funds? Will lost funds remain in the network? How many BTCs have been lost in this way? Can hackers access lost funds?

Have you ever thought about the effects of lost bitcoins on bitcoin network? I think this will ruin miners' efforts if the number of lost bitcoins increase day by day. If you lose your paper money, someone else may find and use it! I want to know what is the similar case with bitcoin.

I guess a lot of the answers are to the point to this post.The coins will remain in the wallet, and since it is just coding, there is no reason for it to decay or change in any way. Hence if you can find some way to crack the wallet till then, those wallets remain inaccessible, but the funds in them remain safe. 

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crypto currency not like Fiat currency we loss means our local currency not recovered, but with crypto currency when we loss our access keys are some one hack our account, so this coins are store in networks of some one access our account, then we regain this coins its means we recover our coins.


 

   

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Welcome with me

When a member loses his bitcoin wallet, what happens will be the same effect caused by taking the funds out of circulation. Lost bitcoins will remain in the block chain just like any other bitcoins. Lost bitcoin coins will remain frozen forever as there is no way for anyone to find the private key (or keys) that allow these currencies to be spent again.
Because of the law of supply and demand, when the supply of Bitcoin becomes less, the demand for the remaining currencies will be greater and the value of these currencies will rise in order to reward the shortage in supply.

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Nothing much happened if someone lost their private keys of their wallets because without proper information we can't access to our wallets address until we have find out our keys other wise our funds will stuck on that wallets.

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Those that lose access to their bitcoin will never get in touch with their bitcoin, and this bitcoin will remain ever in the blockchain and nothing can spend them there

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Yes, of course, these currencies will be kept online if we lose our wallet information because no one can access it except the real wallet owner, so we must always keep our personal information safe.

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Actually lost bitcoins can be in 3 different ways such as. Having to send bitcoins to a non Bitcoin address will render that as lost. Also having to have Bitcoin in your wallet, but mishappenings happened and maybe you died, that could also be lost of no one knew if you having that and also lost Bitcoin could be of bitcoins being lost accidentally, either by forgetting your wallet password, seed phrase, on your accounts got suspended of suspicious activity.

But they can be retrieved if you have the private keys of your Bitcoin address as to retrieve them if necessary

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Of course, this is what will limit you if you lose the code, and by this you will lose everything that you have, but if the support is lenient with you, they will make a crisis in order to retrieve your data, but they will not help you again. I had this experience before in binance platform where I lost it the first time it was repeated and lost it the second time and lost as I had on that platform


Учитесь, учитесь и учитесь на своих ошибках :classic_smile:

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Suzuki's colleague, Cabinet Secretary Yoshimasa Hayashi, delivered almost the same speech word for word. However, he added that the authorities "will take appropriate measures regarding excessive currency movements", hinting at another currency intervention.   This hint from Yoshimasa Hayashi scared 60% of experts who voted for the pair's southward movement and yen strengthening, 20% pointed north, and 20% took a neutral position. The opinion of the indicators is unambiguous, as they have never heard of interventions. Therefore, all 100% of trend indicators and oscillators on D1 are green, although a quarter of the latter are in the overbought zone. The nearest support level is around 160.25, followed by 159.20, 158.65, 157.60-157.80, 156.60, 155.45-155.70, 154.50-154.70, 153.60, 153.00, 151.90-152.15, 150.80-151.00. The nearest resistance is in the 160.85 zone, followed by 161.30 and 162.50.   In the upcoming week, the calendar highlights Monday, 01 July. On this day, the Tankan Large Manufacturers Index will be published. No other important macro statistics regarding the state of the Japanese economy are planned for the coming days.   CRYPTOCURRENCIES: Causes and Consequences of "Black Monday" on 24 June     Monday, 24 June, presented investors with a very unpleasant surprise – on this day, bitcoin's price fell below $60,000 for the first time since 03 May, reaching $58,468 at one point. Ethereum, in turn, fell below $3,250. Analysts highlight several reasons for the active sell-offs, noting that they reflect overall instability in global financial markets and uncertainty about monetary and regulatory policies in several leading countries, especially China and the US. However, there are also more specific factors that contributed to the development of the bearish trend.   In mid-June, the German government began selling off a huge amount of bitcoins (about 50,000 BTC) confiscated in January. Panic sentiment sharply intensified after the announcement on 24 June that creditor payments for the bankrupt crypto exchange Mt.Gox would begin in early July. The total amount of funds to be distributed among former clients is 162,100 BTC, roughly $10 billion. Bitcoin responded to this news with an 8% drop. It’s no surprise – such a volume of coins flooding the free market can seriously knock down prices. In the derivatives market, long positions worth $177 million were forcibly liquidated, and the total financing rate for futures contracts turned negative for the first time in June, indicating that sales exceeded purchases.   It is precisely on the expectations of Mt.Gox debt payments that the flagship crypto asset's quotes reached the lowest level in the past eight weeks last Monday. In this situation, two things are encouraging. Firstly, the deadline for repayment falls on 31 October, and it's possible that payments will be made in parts over four months rather than all at once. And secondly, there is hope that not all creditors will rush to convert their bitcoins into fiat, but will hold onto them, hoping for price growth.   In addition to the above, BTC miners exerted some downward pressure on the market. It became known that their coin reserves reached a 14-year low, as they had to sell a significant amount of BTC due to the April halving to cover operational expenses. Recall that the cost of mining bitcoin, according to JPMorgan analysts, is $53,000. Historically, this cost level is a strong support for BTC/USD. However, even in March, JPMorgan did not rule out that after the halving, bitcoin could temporarily fall to $42,000.   In the absence of positive signals, the demand for spot bitcoin ETFs continues to decline, major market participants slow down their activity, and start to take profits. This also pressures the prices. CEO of investment company CryptoQuant Ki Young Ju calculated that over the past two weeks, bitcoin whales and miners set a record by selling coins worth $1.2 billion.   According to 10x Research, all last week, US spot BTC ETFs recorded investor outflows, and on 21 June, net outflow exceeded $105 million. 10x Research believes that bitcoin will now need to find a new price range to stabilize the decline and then find growth catalysts. In the medium term, according to 10x Research analysts, it is not worth expecting BTC to return above $70,000.   Popular analyst Matthew Hyland noted that the combined bitcoin balance on centralized exchanges reached a multi-year low. In theory, this could be seen as a bullish signal, but the crypto market leader is not yet eager to show an upward trend. Naturally, the publication of key US economic data could serve as a vector for further cryptocurrency movements. If the Fed takes its first step in easing its monetary policy in September, it could support risky assets, including bitcoin. According to Cryptology experts, the chances of bitcoin reaching a new all-time high by the end of September are quite high, and what is happening now is a phase of accumulation.   Despite the current decline, many investors remain optimistic, citing the cyclical nature of the crypto market. They also do not forget about the US elections. For example, former Goldman Sachs CEO Raoul Pal predicted significant bitcoin and cryptocurrency market growth in Q4 2024. In an episode of The Wolf Of All Streets podcast, the financier noted that risky assets like bitcoin usually rally against the backdrop of US presidential elections. "The final quarter of an election year is a real 'banana zone' for all assets. It always is," Pal optimistically stated, noting that the "banana zone" for cryptocurrencies in autumn is much more pronounced than, for example, for the Nasdaq index.   Bitcoin was also supported by billionaire Michael Saylor. His company, MicroStrategy, is one of the largest bitcoin holders in the world, with 205,000 BTC on its balance sheet. Despite the negative trend, it increased its reserves by another 11,931 BTC (over $700 million) in the past month alone. Saylor is convinced of the first cryptocurrency's ability to grow to $10 million with support from China and other factors. He believes that in the future, governments, especially China, will fully embrace the first cryptocurrency and integrate it into the state infrastructure. The entrepreneur declared all pre-bitcoin economic instruments obsolete. "Before Satoshi Nakamoto, economics was a pseudoscience. All economists before Satoshi tried to develop economic laws with shells, glass beads, pieces of paper, and credit instruments," the businessman wrote, calling bitcoin a "perfect asset."   In previous reviews, we already wrote that the launch of exchange-traded spot ETFs on Ethereum could give a certain boost to the digital asset market. On 25 June, SEC (US Securities and Exchange Commission) Chairman Gary Gensler noted that the registration process for new ETFs is "going smoothly," and the approval date depends on how quickly applicants submit adjusted S-1 forms. Bloomberg analysts call 02 July the expected approval date for new products. Reuters, citing anonymous sources, reports that a consensus has been reached between fund managers and the SEC in negotiations, and only the "final touches" remain.   Co-founder of venture company Mechanism Capital Andrew Kang stated that after the approval of ETH-ETF, Ethereum's rate could correct by 30%, falling to $2,400. In his opinion, at this stage, the main altcoin attracts much less attention from institutional investors compared to bitcoin. Based on this, ETH-ETF will attract only 15% of funds compared to what BTC-ETF received at the start.   Kang noted that to increase Ethereum's attractiveness among investors, its ecosystem needs to be positioned as a decentralized financial settlement layer, a global computer, or a Web3 application store. At the same time, it will be difficult to sell new ideas for Ethereum's application to funds, as the asset is perceived by investors as an overvalued stock of a large technology company.   Significantly more positively views the future of Ethereum Matt Hougan, CIO of Bitwise, a company managing cryptocurrency funds. In his opinion, the appearance of a long-awaited exchange product is undoubtedly a positive factor, and the net inflow of investments into ETH-ETF over the first 18 months will amount to $15 billion. In his analysis, he relies on the experience of Canada and the EU, where in similar products the inflow ratio for Ethereum and Bitcoin is approximately 1 to 4 (i.e., 25%). In other words, if in the first quarter of work for spot Bitcoin-ETF the total inflow was $26.9 billion, for Ethereum it is expected to be at the level of $6.7 billion. In this case, in three months of work, the leading altcoin could rise to $4,400-5,000.   CEO of SkyBridge Capital Anthony Scaramucci believes that the price of Ethereum could rise even higher, reaching $10,000-12,000. Regarding bitcoin, the entrepreneur allows for its growth to $170,000-250,000. The main driver, in his opinion, will be the further institutional acceptance of cryptocurrency. Scaramucci called the approval of spot exchange ETFs an important regulatory barrier breakthrough for attracting new capital. Thanks to this, in his opinion, the share of digital gold in the portfolios of major players will soon be about 3%.   As of the evening of Friday, 28 June, BTC/USD is trading at $60,190, and ETH/USD is in the $3,390 zone. The total crypto market capitalization is $2.24 trillion ($2.34 trillion a week ago). The bitcoin Fear & Greed Index (Crypto Fear & Greed Index) has dropped from 63 to 47 points over the past 7 days, moving from the Greed zone to the Neutral zone.   In conclusion, here is another observation from Matt Hougan. The CIO of Bitwise presented three reasons why long-term investments in both bitcoin and Ethereum are more advantageous compared to investing only in bitcoin. These are: 1. portfolio diversification 2. the opportunity to earn on very different ecosystems and 3. economic benefit.   Considering the difference in the capitalization levels of bitcoin and Ethereum, Hougan believes that 75% of the capital should be invested in BTC and 25% in ETH. According to calculations, over the period from May 2020 to May 2024, the yield of such an investment portfolio is 3% per annum higher than one that only contains bitcoin. However, Hougan acknowledges that in the shorter term, a portfolio including 100% BTC outperforms a diversified one. Moreover, investing only in bitcoin carries fewer risks due to its higher market capitalization and features such as limited coin issuance and a phased reduction in the inflation rate to zero.   NordFX Analytical Group   Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.   #eurusd #gbpusd #usdjpy #btcusd #ethusd #ltcusd #xrpusd #forex #forex_example #signals #cryptocurrencies #bitcoin #stock_market   https://nordfx.com/ 
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