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SuperCrypto

What if someone lost his Bitcoin wallet?

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On 12/22/2019 at 1:54 PM, SuperCrypto said:

A question arises in my mind that if a person lost his Bitcoin wallet, he would not be able to return it again, so how much Bitcoin was lost for this reason, and it cannot be used again. Given that this currency lacks any tangible physical presence, unlike other monetary currencies that are controlled by banking banking institutions, bitcoin is not controlled by specific persons or entities other than its users.
If lost, it can never be recovered, as if it had been burned, right?

a wallet can be restored to its owner if he has the private keys but if not then yea he lost his coins for good because you cant actually recover it by any other mean.

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If a bitcoin wallet is lost, it can never be recovered, as if it had been burned. That's not entirely true, it can't be recovered if the owner doesn't have the private key to test it, the bitcoin in the wallet is still intact and is on the blockhain network.

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If he lost it, someone will find it and if not found it is still on the Bitcoin address but there is no use of it, it becomes a holding stake, reducing the supply of Bitcoin in the market

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Of course, if there was a collapse of tokens in the wallet, then no one will return the coins to you. This was to be expected, since access to the wallet is closed. 

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When creating a wallet does not matter online or offline always create a private key from the address on which the asset.

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23 hours ago, silvergain said:

i will be careful next time, i decided to use yobit bitcoin wallet for transaction. yobit looks impressive and trusted. lot of features have in this platform. i also can make transaction from yobit bitcoin wallet to other bitcoin wallet. the problem is fees per transaction is high but i feel safe rather then using official bitcoin wallet. cause i don't wanna take that risk again

A friend advised me to use a trust wallet for bitcoin and a lot of other currencies. Because it has very little commission in transferring currencies. It also allows you a simple mobile application, through which you can manage your digital currencies and your tokens, and allows you to have full control over your private keys at the same time.

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One wouldn't really think much of this, all I really wanted to do was invest and be part of it but the way I was misled by this brokers was terrible, to easily take money from all in the name of investment and when I wanted to make withdrawals every single attempt was fruitless with constant hassle to invest more I really can't say more than I have already said. I would really consider myself to be one of the very few lucky ones as I was able to have my funds recovered from this scam Binary option brokers, although it was through unethical means as far I am concerned but what can I care after how my hard-earned funds where taken from me, these guys are the best in less than 7days all my funds including bonuses had been recovered, If your broker lost your funds trading Binary options.  You can contact his mail
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at the time of registration you will get 12 phrase and that yiu have to save and write  it out..in case of losing your wallet this will be usefull to recover your wallet..

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As long as you have your private keys to your wallet you can never worry of closing anything. If your computer crashes , you get another computer download wallet again or open app again and you just insert your private key or your password to regain access to your wallet. Your coins are always on the blockchain

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if someone loses their wallet because they forgot their password, I think they can still be fixed. but if for example they store it in a hardware wallet and the file is lost because it is stored on the hard disk or a lost computer, it can not be restored because there is no online access. but I don't think anyone would do such a stupid thing, because valuable assets are certainly well kept.

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If you use a wallet that only you have keys to(private key, mnemonic phrase), and you lose these keys, then the money is gone forever. Just to mention the actual BTC total supply isn't correct since many and many bitcoins are lost in the very early days where people tried mining, got tons of them and then lost the key somewhere without expecting that BTC will ever go so high in price.

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This is the one main problem of bitcoin, this is not retrievable, once you are done to send some bitcoins, you can not be able to get it back, in this case, if you are lose your bitcoin wallet, you cannot receive some bitcoin anymore unless you are buy some of it.

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7 minutes ago, neurolicious said:

If you use a wallet that only you have keys to(private key, mnemonic phrase), and you lose these keys, then the money is gone forever. Just to mention the actual BTC total supply isn't correct since many and many bitcoins are lost in the very early days where people tried mining, got tons of them and then lost the key somewhere without expecting that BTC will ever go so high in price.

i have read on here a while ago there was an estimation that the amount of lost bitcoins could be around 2 million coins, which makes the total amount stands at 19 million only.

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Just now, Naga said:

i have read on here a while ago there was an estimation that the amount of lost bitcoins could be around 2 million coins, which makes the total amount stands at 19 million only.

Yep that is the speculative number, could be more could be less. It definitely directly contributes to Bitcoins price aswell. Imagine all these people who lost access to their coins they accumulated with old Celeron CPU's lol

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2 minutes ago, neurolicious said:

Yep that is the speculative number, could be more could be less. It definitely directly contributes to Bitcoins price aswell. Imagine all these people who lost access to their coins they accumulated with old Celeron CPU's lol

its actually really hard and very sad for those who were mining bitcoin just for the fun of it and then now they see its price  and regret not holding it or paying attention to it....i was one of these dummies mining on my cpu lol

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2 minutes ago, Naga said:

its actually really hard and very sad for those who were mining bitcoin just for the fun of it and then now they see its price  and regret not holding it or paying attention to it....i was one of these dummies mining on my cpu lol

I'm in that boat aswell but I don't even remember the amount I had mined with my Pentium4. It must've been a few atleast lol. I'm happy that I didn't accumulate thousands.. I would not feel good right now lol. I just experimented with the mining couple days as it was something new and then forgot about it. Had a private key I generated in notepad file somewhere in that computer... Sadly that computer is already in scrap yard somewhere... x

Edited by neurolicious
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18 minutes ago, neurolicious said:

I'm in that boat aswell but I don't even remember the amount I had mined with my Pentium4. It must've been a few atleast lol. I'm happy that I didn't accumulate thousands.. I would not feel good right now lol. I just experimented with the mining couple days as it was something new and then forgot about it. Had a private key I generated in notepad file somewhere in that computer... Sadly that computer is already in scrap yard somewhere... x

i swear this is the same with me, i also had it on a note in the computer and started mining and it was easy and you see your bitcoin increase everyday but then i forgot about it and the pc was thrown away. 

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If some lost his Bitcoin wallet then its means he lost every thing and this is true because now this time we saw that BTC is so much secure and good coin and its value is increased day by day and this will reached now 7000$ but before two years it will touch the 20,000$ and i hope in 2020 it will touch the 100,000$.

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if you have necessary keys,it is never lost.if you lose your wallet, then you lack the keys necessary to actually use those Bitcoins. So although the coins do not disappear, they are effectively removed from the economy since you cannot spend them. This is why it is important to backup your wallet.

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If someone loses his trumpet access, then the coin will be lost, then from your personal wallet key is very important and you store it in a very safe place and record your account and password so you can easily access it again.

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hi there... yes this could be a serious problemm... you need to keep your password very secure, you need to be very aware. Please save your password somewhere where it would be secure( no issue of thief or lost)... losing your password could mean to be loseing all your btc

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2 hours ago, Jamil1011 said:

If anyone lost his bitcoin wallet it will not be possible for him to get it back and he will loose all his bitcoins stored in thar wallet.

There is no such thing is losing a wallet, if you have a backup phrase or private key you can always get back your coins. losing a wallet is losing one of those two.

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15 hours ago, Amit01229 said:

Your safety on your hand if you use Private wallet to store your BTC we need to save Private Keys and if we loss then it's impossible to recover and no one can recover and for that's why blockchain is most secure technology.

There are some peculiarities related to blockchain technology that may help you to save your money, and the founder of Arielot and its technical director “Daniel Yavrovich” shared these secrets.

Arielot works with innovative technology projects including blockchain-based projects, as it includes a team of highly skilled engineers and developers, and helps its clients find the most effective solutions.

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