Wasting BTC

[rjroshan 0]

Always problems are coming and going this happening like a circle in our life. I'm thinking about BTC wasting all over the world. Bitcoin is very valuable to commercial society for many reasons. What we can do stop bitcoin wasting ...

Imagine most of the time our bitcoin wallet remains 0 - 20,000 Satoshi and we cant used them to withdraw because of minimum threshold. For example, let's get 1000,000 accounts which only 1,000 satoshis left their accounts. 
Total wasting BTC amount is 1000,000*1000= 10 BTC
This wasting amount of bitcoin more than those numbers for the whole world.
On the other hand thousands of people dying every single minute around the world. What happens to their online wallet. We all know about the security of online wallet and can,t access that account easily and who knows those wallet's strong password, back up keys, 2-factor verification and security question after they died.

[PiroSense 2681]

4 hours ago, rjroshan said:

What happens to their online wallet.

Online wallets are easier to recover, since they only rely on passwords and not on private keys (which is impossible to crack). For example, an online wallet in an exchange is used to trade cryptocurrencies without the need to know or store the address's private key. This means that the private key is still in safe place in the exchange's database. The relative of the owner could request an account ownership once the death has been proven.

 

4 hours ago, rjroshan said:

On the other hand thousands of people dying every single minute around the world.

Only few percentage of those people actually hold cryptocurrencies. In fact, in America alone, only 8% of the people actually hold cryptocurrencies.

[tienda 8776]

Yes I think Blockchain and also websites exchanges needs to convert the die coins to others coins to avoid scammers because scammers create news coins every day when the people invest on them they die in short time!

[Oxygen 1004]

its is a good question. due to limited supply of bitcoin we cant say any thing on this type of topic. their might be btc will remain very less in supply after 50 or 100 years.

[Oxygen 1004]

I just read a news recently that an exchange owner have lost his private keys of a wallet which have almost 33 BTCs in it. this is also a part of wasting btc.

[Sumayya 493]

The bitcoin is not wasted, since it is on the exchange server and also if you do not use it in future the exchange will claim it

[Kaëns Christophe 231]

These wasting you talk about are little amount but there are also wallets where huge amounts of bitcoin are lost forever because they are stored on USB key or myetherwallet for example and the owner doesnt remember the recovery key password. This problem concerns millions of dollar in BTC lost.

[sdsonjoy50 886]

Yes you are right so many bitcoins are being wasted, but you are saying that many people are dying. Bitcoin in their wallets is also wasting away, it is not possible to prevent the bitcoin that was lost when the real people died, but if the system of sampling might save a lot of BTC.  Would go

[Interface User 1070]

This is large amount of Bitcoin are wasted. I think the way to lessen it is to share the private keys to trusted relatives to ensure the existence of coins if the original user was gone. Because blockchain and Bitcoin is decentralized it's hard or impossible to detect the coins without using passwords or keys

[tienda 8776]

On 12/23/2019 at 9:36 AM, heelsibat said:

The blockchain technology should invent nominee system for the bitcoin and other cryptocurrencies. If anyone dies then they can provide their cryptocurrency to their desired one.

Yes I agree with you!

[vivek jain 308]

On 12/23/2019 at 1:11 PM, PiroSense said:

Online wallets are easier to recover, since they only rely on passwords and not on private keys (which is impossible to crack). For example, an online wallet in an exchange is used to trade cryptocurrencies without the need to know or store the address's private key. This means that the private key is still in safe place in the exchange's database. The relative of the owner could request an account ownership once the death has been proven.

 

Only few percentage of those people actually hold cryptocurrencies. In fact, in America alone, only 8% of the people actually hold cryptocurrencies.

although bitcoin holders are very less by percentage, but a time will come when whole world will fight for to hold some bitcoin and it will be very healthy priced.bitcoin is going to rule the world.

[Naga 1250]

On 12/23/2019 at 6:12 AM, rjroshan said:

Always problems are coming and going this happening like a circle in our life. I'm thinking about BTC wasting all over the world. Bitcoin is very valuable to commercial society for many reasons. What we can do stop bitcoin wasting ...

Imagine most of the time our bitcoin wallet remains 0 - 20,000 Satoshi and we cant used them to withdraw because of minimum threshold. For example, let's get 1000,000 accounts which only 1,000 satoshis left their accounts. 
Total wasting BTC amount is 1000,000*1000= 10 BTC
This wasting amount of bitcoin more than those numbers for the whole world.
On the other hand thousands of people dying every single minute around the world. What happens to their online wallet. We all know about the security of online wallet and can,t access that account easily and who knows those wallet's strong password, back up keys, 2-factor verification and security question after they died.

not only those bitcoin holders who diet but also those who lost keys to their wallets and those who bought thousands of bitcoins back in 2011 and didnt store it well and also lost it, this will affect the price of bitcoin because there is no less bitcoin in the world.

[PiroSense 2681]

9 hours ago, vivek jain said:

but a time will come when whole world will fight for to hold some bitcoin and it will be very healthy priced.bitcoin is going to rule the world.

I do agree to you, but I'm talking about what the OP thinks of the problem of wasting BTC.

[Afrizal rahman 2636]

Yes a lot of us hear about cases of losing their BTC. I don't understand why this is happening, but the biggest problem is the case of a scammer. Maybe Blokchain must tighten the system again so that its users will feel comfortable and safe.

[Vanessa 1266]

Most are wasted so we can maybe do something to prevent it.

Trusted family can have access just incase. Well never know.

[khan22 3478]

On 12/23/2019 at 8:12 AM, rjroshan said:

Always problems are coming and going this happening like a circle in our life. I'm thinking about BTC wasting all over the world. Bitcoin is very valuable to commercial society for many reasons. What we can do stop bitcoin wasting ...

Imagine most of the time our bitcoin wallet remains 0 - 20,000 Satoshi and we cant used them to withdraw because of minimum threshold. For example, let's get 1000,000 accounts which only 1,000 satoshis left their accounts. 
Total wasting BTC amount is 1000,000*1000= 10 BTC
This wasting amount of bitcoin more than those numbers for the whole world.
On the other hand thousands of people dying every single minute around the world. What happens to their online wallet. We all know about the security of online wallet and can,t access that account easily and who knows those wallet's strong password, back up keys, 2-factor verification and security question after they died.

Yes you are right that if we use the bittrex and also other exchange which apply this rules for withdraw like this they can also make the rule of buying and selling the coins f the amount is low we can not sell and buy the coins and like this we can also loss our all satoshis in the account which is not good.

[Sumayya 493]

On 12/23/2019 at 9:52 AM, Iftekhar75 said:

Yeah,i agree with you on that. Many btc are wasted but i hope all the money could be recovered as it is online currency.

It is not hard to recover it, that can only happen if the exchange are willing to lower there fees

[Kuroashii 181]

I am sad to read your past experiences just like my friend way back when he was starting in cryptoworld. He said that altbough he's studying stuffs about this, still he made mistakes and lost a lot. Yeah me too. But the good thing is we all learn from our mistakes.

[bliznec 22267]

No, I think that Bitcoin cannot be depleted. Since there are two ways in the cryptocurrency market, buy and sell. There will always be someone who can buy or sell bitcoin. 

[Brushless4500KV 4214]

Yes, there are many wallets in which so many satoshis are wasting. One reason for this is that miners require higher fees than before to validate transactions and it is not worth if they want to validate a transaction which is only 100 - 500 satoshi. Higher fees means more confirmations and more security but something must be done to recover low amounts of satoshis in each wallet. There is also a scamming method called dusting attacks in which scammers send a huge number of low amounts to various wallets.

Regarding the people who die, I have a practical solution. Anyone should keep his private key and seed phrase secret but he can write them down in a piece of paper and only give access to them to his family members so that when he died, his family can use his wallet. This is the easiest solution for this problem.

[SuperCrypto 7193]

On 12/23/2019 at 5:12 AM, rjroshan said:

Always problems are coming and going this happening like a circle in our life. I'm thinking about BTC wasting all over the world. Bitcoin is very valuable to commercial society for many reasons. What we can do stop bitcoin wasting ...

Imagine most of the time our bitcoin wallet remains 0 - 20,000 Satoshi and we cant used them to withdraw because of minimum threshold. For example, let's get 1000,000 accounts which only 1,000 satoshis left their accounts. 
Total wasting BTC amount is 1000,000*1000= 10 BTC
This wasting amount of bitcoin more than those numbers for the whole world.
On the other hand thousands of people dying every single minute around the world. What happens to their online wallet. We all know about the security of online wallet and can,t access that account easily and who knows those wallet's strong password, back up keys, 2-factor verification and security question after they died.

That is why I thought about the black book topic, in which I record all general information about my wallets and platforms that contain bitcoin credit. I mention it to my family where upon my death they can retrieve my Bitcoin instead of getting lost.

[Aereen 456]

Perhaps that is something we do not know about. I guess that could be one of the playing factors that could affect the prices of bitcoin, that of how some bitcoins could not circulate because they are hiatus. 

[Emma 611]

You said about 1k satoshi left after our withdraw.but we don't withdraw only one time, so we can withdraw again and the 1k will be kept there which was from before. by the way, in most wallet, we can withdraw any amount after paying fees.

[babaji 1228]

Well as for those who are dead, its their responsibility to keep their loved ones aware about their coins. Not just bitcoins, it can be same for any bank deposits or real estate, if the loved ones dont know it, its usually lost or confiscated by govt. 

[CryptoMaxim 3829]

On 23.12.2019 at 12:36, heelsibat said:

The blockchain technology should invent nominee system for the bitcoin and other cryptocurrencies. If anyone dies then they can provide their cryptocurrency to their desired one.

I believe while cryptocurrency anonymously this does not need to be created. It is enough to save passwords and private keys from the address of the asset in this case.