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

[Justin]

Bitcoin that is lost or forgotten, and if it cannot be rcovered, it will be considered burning. Burning of bitcoin or any other crypto currency will ultimately help the currency gain market value.

 

[Nomad]

When bitcoin is beyond recovery, it is referred to as burning. A lot of smaller crypto currencies gain prominence through the process of burning. But for bitcoin it is a loss because there is limited supply

 

[BrolySSJ]

When bitcoin is beyond recovery, it is referred to as burning. A lot of smaller crypto currencies gain prominence through the process of burning. But for bitcoin it is a loss because there is limited supply

I thought that Bernie was actually referring to crypto-currency that he is removed from existence and the supply chain in its entirety. This is actually what recently happened so a lot of non-fungible tokens.

 

[Chibson]

I think that'll be the end of that bitcoin because it can no longer be recovered and the owner will no longer have access to his wallet ever again.

 

[BrolySSJ]

I think that'll be the end of that bitcoin because it can no longer be recovered and the owner will no longer have access to his wallet ever again.

This is a major concern however because it reduces the amount of Bitcoin that is actually available and within the supply chain. Hopefully in the future there can be ways in order to try and mitigate this risk and reduce the amount of forgotten Bitcoin.

 

[Elfinito]

If it is lost then it's gone forever, but a forgotten Bitcoin can be recovered if you still have access to the wallet or exchanges that you used

 

[Hojo]

Too bad for somepeople who weren't wise enough to link thier wallet with his or her Gmail incase of forgetting password although they didn't believe crypto will reach this limit

 

[Sotherefore]

If bitcoins is lost,there is 99% possibility that you may not be able to get it back again but if it is forgotten on cryptocurrency exchanges or wallet it is possible for you to get it back with your password.

 

[Shigobad2020]

It has been unfair to most of the people that has no more access to their wallet due to forgotten password or technical error , I was wondering what will later happen to the coin in their wallet.

 

[GoldenLady]

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?

It will be best to leave such coins alone. While adding value to the ones in the market due to scarcity it creates, it's also not easy to know which was left dormant deliberately or mistakenly.

 

[HayKay]

Because of the sensitivity and uniqueness of the blockchain, there'll be no way that the coin would be touched, so that means the coin would be lost that way.
That's why it's advised you take security of your wallet seriously.

 

[Kunkun]

Well in that case if the owner is deceased and the family members don't know about it then I think it goes to the exchange since there won't be anyone to reach out to unless the owner made some sort of arrangement

 

[Mayox25]

It is a very tough situation to forget ones password to ones cryptocurrency wallet and most of these wallet do not provide recovery means in which one can regain acess to such wallet.

 

[Busybee]

Bitcoin is considered digital gold. If someone loses the coins, it is the same as someone losing their gold coins it would remain as lost treasure until someone finds it. Bitcoins' price skyrocketed when one of the big investors died without disclosing the key or password, these coins are considered lost and this has skyrocketed the price of Bitcoins in the market.

 

[tyrim88]

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.

That is just a good info i have just gotten about the issue of cryptocurency in a wallet tha has been forgoten or one that lost his password,but the question i have is that will the liquidated coin go into ciculation.

 

[Smiles20]

The truth is that the Bitcoin is only going to stay there and nothing is going to happen unless somebody is going to activate and send it. This is definitely one of the disadvantages of blockchain technology

 

[greenie]

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.

 

[Bigron]

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?

Any bitcoin wallet that is lost or forgotten stays that way forever. It does reduce the amount of gbitcoin in circulation and I think if a solution was adopted to remedy this occurrence, it would be a great move

 

[Genie01]

This best type of investment I would suggest anyone to do .
It practically meant that the amount is so tiny that you are not worried wether you loose it or not.
That is the practical definition of risk what you can afford to loose. It mostly results in good returns in the future.

 

[Lynaia]

If you forget your wallet password, then the bitcoin in the wallet is lost forever. There's no remedy to that. It might increase fraud if wallet start having a way of generating wallet password or details