• Please note to have a link in an article you must first request permission from the administrator and pay a fee. You can read more information here.

What happened to bitcoin that is lost or forgotten about in wallets?

  • Thread starter Thread starter BrolySSJ
  • Start date Start date
In trusted cryptocurrency wallet such cryptocurrency will continue to be there as long as the wallet company is still in existence meaning that it is completely lost . There is absolutely nothing that can be done about it.
 
BrolySSJ said:
How many people collected Bitcoin when it first started off in the form of an AirDrop, and they stored this Bitcoin in a wallet. However, many probably didn't see the potential of Bitcoin or did not have faith in the coin as I'm sure most people felt the same way. As a result it is likely that many forgot about their wallets that contained many Bitcoin or even people that forgot their passwords to the wallet.

This reduces the amount of Bitcoin that is in circulation. Because whilst it has already been mined it is not being used as it is just sitting in a wallet. What are your thoughts on this? Do you think that there should be a time period before this Bitcoin is added to circulation again? Would this help with the price regulation? How do you propose we go about adding this to the circulating Bitcoin if it is lost, and do you think this is possible?
Click to expand...
Bitcoins that are misplaced or left unattended in wallets are not permanently lost. If the wallet is ever opened, they can still be found on the blockchain and recovered. The bitcoins are effectively lost and can't be reclaimed if the wallet is lost, misplaced, or has no password.
 
Hello! I am interested in such a question, now many programs are offered to search for wallets by seed phrases. How realistic is this?
 
Apart from the fact, that Bitcoin may be lost, I believe that Bitcoin does not affect the price since the blockchain dates it as an illiquid supply, I believe, according to what I understand by on-chain metrics, that any Bitcoin that has not been moved for a certain time is considered illiquid and does not influence the price of the asset.
 
I remember registering again in Binance and losing complete access to the old account or even losing the details of the old email thanks to the support of Binance that rejects KYC they transferred assets from the old email to the new one and closed the old account and get restored my wallet where there is 250 $ value of bitcoin that where some pennies in the past. This case applies to those of noncustodial wallet addresses.
 
You must log in or register to reply here.
Back
Top