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

  • Thread starter Thread starter BrolySSJ
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BrolySSJ

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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?
 
This case is very sensitive in some manners. If someone forget or lose then this is surely a mini Heart attack for him. And it remain headache for years. But it should be tackle in carefully. So don't share your privacies as well. But the point is what's the solution. There should be a solution for this as by verification on account he'll able to get his lost coins but its not happening here.
 
Well any Bitcoin that is forgotten in a wallet due to death or forgotten key is lost forever. That is why it is imperative that we should endeavor to disclose our wallet keys to a trusted family member incase of death or even mental issue.
 
if it is forgotten, maybe the impact for this to someone who collect it and loss it in a place or where he can disposed it. Is a big mess.. I can feel what he feel right coz, u collect it for many years and keep it, and in one snap u loss it.
 
Bitcoin is not wasted if forgotten in a wallet. It remains there until you log in to your account and transact with it. However if you atempt to log in and forget your password then it becomes an issue because 10 fail attempt mean your bitcoin in wallet is liquidated and lost forever.
 
I really don't know what will happen to Bitcoin or other altcoin that have been forgetting in a crypto currency exchange platform. However, I think if such a case happen it is the crypto currency exchange platform that will be or claim the ownership of such Bitcoin or other altcoin. But as an investor I think it's best to keep owns password well
 
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?
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Any lost or forgotten Cryptocurrency in a wallet remains there for ever and ever. The effect is that it reduces the overall quantity of bitcoin in circulation. Also, if it were a wallet with back end, it could be taken by the admin of the site but if not, it's left there forever.
 
Akinwale701 said:
Any lost or forgotten Cryptocurrency in a wallet remains there for ever and ever. The effect is that it reduces the overall quantity of bitcoin in circulation. Also, if it were a wallet with back end, it could be taken by the admin of the site but if not, it's left there forever.
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If there's a back door into the side than the admin would benefit greatly from all of the Bitcoin that has been lost or forgotten with them, however at the same time it might be hard to tell them what is being left as a long-term investment and what has just been completely forgotten. And if they do end up taking the Bitcoin from a wall that has not been active for a long time then it could cause a lot of issues for the site later on.
 
It would be very disastrous when one forgot his password or login details, most especially if you're using trust wallet to store your coins. If eventually you forgot your phase words then your coins is completely gone forever.
 
Forgetting a password to your wallet can be so devastating, but I believe there is a way you can recover it by clicking the "forgot password" feature found in many wallets. Otherwise, I like the idea of giving it time when it is forgotten in which the bitcoin will go back to circulation.
 
If someone forget his bitcoin in his wallet nothing will happen to it, it is the owner that loses. That is why it is advisable to keep wallet private keys, the wallet will remain so also the bitcoin in it.
 
If it is a centralized wallet , then the owner of the centralized exchange platform will steal the money because he has access to it ,but in decentralized wallet, it can't be recovered
 
If someone loses his access to crypto wallet , there is no way to recover the coins. But the coins will be there in the wallet , but nothing can be done to recover.
 
If you're saying because you think these Bitcoin in people's wallets are not been used on circulation, so they should removed from their wallet, what happens to those who are long term traders holding their Bitcoin for ten fifteen years consciously?
 
There are some cryptocurrency wallet that can give an opportunity for you to recover your forgotten password with a Gmail account and phone number, you really need to be careful to store your password in a trusted file offline for security purpose.
 
This question has also be in my mind for a very long of what will happened to it, but this post has give an insight of possible options of what will happen, that's why its good to share your wallet information with someone you trusted much or a family member so that when something unexpected happened they will have access to it.
 
I dont think there is any way you can get back these lost coins. So many persons have these issue, not just on bitcoin but on other coins as well. It would be so painful for those who lost their bitcoin in these manner though, as notting can be done about it. It is lost forever.
 
Actually it's gone that's what I can say happens to bitcoin or all other coins forgotten either coincidentally .There is nothing you can do about it so it's gone and lost forever.
 
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.
BrolySSJ said:
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?
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It’s good to at least let one or two of your family members know about all what you’re investing on and maybe if you’re dead they can claim it so that it won’t make all your efforts into waste
 
babdud02 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.


It’s good to at least let one or two of your family members know about all what you’re investing on and maybe if you’re dead they can claim it so that it won’t make all your efforts into waste
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That is fair. However you have to consider access to the wallets as well. Many people do not leave their family with the passwords for their wallet and in this way this will just add to the lost and forgotten bitcoin.
 
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