Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: ShadowCrypto on September 03, 2020, 05:06:14 PM
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https://zycrypto.com/are-people-dumping-bch-and-bsv-for-the-original-bitcoin/
About 4 million BTC are lost forever
of that, the article says that about 6.4 million bch have stayed stagnant
it then adds that there are more bsv are stagnant or about 8.5 million
not everyone has claimed their bch or bsv and that is why those coins are stagnant. if bsv forked then there would be about 10.5 million new stagnant coins because not everyone would claim the new coins from the bsv fork.... hypothetically speaking
so, it goes to show that there are probably only about 12 million bch out there.
when btc takes off...... like in the 20 to 30k range.... money will then flow into the alts more and bch will then start to really move
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block halving, because the millions of Bitcoins lost on the blockchain are widely recognized by investors in the global market, it is possible that the current market is proving valuation taking into account the real BTC supply. is less than the amount we thought it would be.
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Over the past few years, prominent investors and analysts in the field have consistently said that Bitcoin's price could reach between $ 100,000 and several million as only 21 million BTC coins exist.
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As of July 2018, that total of 6 million BTC is considered inaccessible and permanently lost on the bitcoin blockchain. Due to the inability to break the blockchain to recover that number, 28.5% of the bitcon's fixed supply is probably lost forever.
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According to the latest research from blockchain analytics firm Chainalysis, 3.79 million Bitcoins are gone forever, this is the result with a high estimate and 2.78 million on a low estimate. These numbers show that 17% to 23% of all existing Bitcoin has been lost
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More than 4 million Bitcoins were lost forever due to duplicate transactions that did not generate rewards or were stolen. While the report gives one of the most conservative estimates of the number of coins lost, it still shows that Bitcoin is getting more and more scarce every day.
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If this is true then we can assume that total btc supply is just 17 million and even among them 3 to 4 million are still to be mined so the net supply now could be around 14 million btc only.
This short supply and high demand again confirms the fundamentally bullish asset that btc is and i think btc should break 20k atleast by year end.
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Wow, that was a huge amount Imagine 4 million Bitcoin multiply with today's BTC price it was staggering $4.56 Billion my question is why that Bitcoin is lost? Is there any other option to recover those lost BTC? that was my question and if it's true that it was lost forever the BTC supply was more scarce now.
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Sorry to say but have you wondered the same to altcoins that are stagnant. the volatility in cryptocurrency has made a huge number of traders abandoned that account and wallets. i know of a crypto investment sight that have gone down because wrong market prediction and movement. business was nolonger triving.
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Indeed, a lot of Bitcoins are now lost. Personally, I myself have lost some bitcoins, because I forgot the private key from my wallet and no longer have access to them.
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Indeed, a lot of Bitcoins are now lost. Personally, I myself have lost some bitcoins, because I forgot the private key from my wallet and no longer have access to them.
Thats the important thing about having bitcoin. Always make sure that you hold your private key cause if not surely you are gonna suffer from being stagnant.
If the reports says bitcoin that big have loss already then thats it. We cant undo it and recover unless there is a way yo bypass private key but that would be a million times hard.
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Although it has limited supply, biitcoin will never see 6-digit numbers. If we come to the lost bitcoins. Deletion of wallets may be the main reason for most of the first mining computers. :D
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my question is why that Bitcoin is lost?
Is this because Bitcoin holders forget the private key or the person who owns BTC has died. so that their bitcoins are only stored in private wallets without being accessed by anyone? so that bitcoin is considered lost forever?
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my question is why that Bitcoin is lost?
Is this because Bitcoin holders forget the private key or the person who owns BTC has died. so that their bitcoins are only stored in private wallets without being accessed by anyone? so that bitcoin is considered lost forever?
I have the same thoughts as you, maybe some of them forget the private key to access the wallet, so that the Bitcoin in the wallet never moves to another wallet or another possibility they deliberately discard their private key, because in the beginning Bitcoin existed , the price was still too cheap so they couldn't wait to wait.
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I have the same thoughts as you, maybe some of them forget the private key to access the wallet, so that the Bitcoin in the wallet never moves to another wallet or another possibility they deliberately discard their private key, because in the beginning Bitcoin existed , the price was still too cheap so they couldn't wait to wait.
This is a reasonable opinion. This makes bitcoin scarce and there will be less supply because we can't access it. If this happened any time Bitcoin could become extinct.
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I have the same thoughts as you, maybe some of them forget the private key to access the wallet, so that the Bitcoin in the wallet never moves to another wallet or another possibility they deliberately discard their private key, because in the beginning Bitcoin existed , the price was still too cheap so they couldn't wait to wait.
This is a reasonable opinion. This makes bitcoin scarce and there will be less supply because we can't access it. If this happened any time Bitcoin could become extinct.
If ever Bitcoin becomes extinct, 1 satoshi would be damn very expensive. There could be another integration for adding more decimals in bitcoin.
On the other hand, people will start accessing random wallets looking for BTCs that they may find. It is like finding gold here in Earth but done over the computer. lol
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I have the same thoughts as you, maybe some of them forget the private key to access the wallet, so that the Bitcoin in the wallet never moves to another wallet or another possibility they deliberately discard their private key, because in the beginning Bitcoin existed , the price was still too cheap so they couldn't wait to wait.
This is a reasonable opinion. This makes bitcoin scarce and there will be less supply because we can't access it. If this happened any time Bitcoin could become extinct.
If ever Bitcoin becomes extinct, 1 satoshi would be damn very expensive. There could be another integration for adding more decimals in bitcoin.
On the other hand, people will start accessing random wallets looking for BTCs that they may find. It is like finding gold here in Earth but done over the computer. lol
I do not think so. When BTC mining is finished, it will be like btc commemorative money. Since there will be no mining cost, it will start to surf at low fees.
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Over the last few days I have noticed that the price of Bitcoin has been declining. Even today, but a lot has decreased. If the price of Bitcoin continues to fall in this way, users will suffer. There is a matter of popularity after being damaged. I think users will suffer a lot. Because if this trend of bitcoin continues, the price of bitcoin will go down a lot. So there is a risk of loss. So those who hold on to the small range. Give them a sell if they gain some.
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How can this much bitcoin be lost though. If indeed it's lost due to the owners being dead or have lost their private keys, i wonder if more bitcoin will be minted or it will now result to less bitcoin in supply.
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The bitcoins that have been lost forever are actually much more - about seven million. Their number will only increase over time for various reasons. Since the lost bitcoins are still without access to them on the blockchain, if the appropriate technology appears, then access to them can be resumed. It could also be with the quantum computers that have been talked about so much lately.
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Suppliers are usually behind the loss of bitcoin. Many times they lose their bitcoin due to accidents. Therefore, if a trusted person acquires sufficient knowledge about the supply of Bitcoin, it is less likely to be lost. Lost bitcoins will be easier to recover and demand will continue to grow. You are right that the demand for quantum computers is declining with this.
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More than 4 million Bitcoins were lost forever due to duplicate transactions that did not generate rewards or were stolen. While the report gives one of the most conservative estimates of the number of coins lost, it still shows that Bitcoin is getting more and more scarce every day.
Truly mate , alot of user's makes dupplicate transaction or we can say they makes transaction on wrong adress .
4 million Bitcoin is really a huge amount in Usdt that's we can't accesable or we can say that's amount of bitcoin is in black hole :) .
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My problem is why someone can't just claim his money. Crypto is one sphere where money is made and lost. That is why it is enigmatic
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Why they are not claiming that. They don't want money or them just in some wallet that is lost forever or their owner is no more? I saw some news people lost or somehow throw their hardware wallet in a garbage truck by accident. So I think there are a lot of coins out there that are lost forever. It would be great if we had any data for that.
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According to a recent study by Chainalysis, about 4 million bitcoins have been lost and cannot be recovered. These are no longer in circulation, but are included in the total number of coins that have been mined. So of the more than 18 million BTC that have been mined, only 14 million remain.
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As of July 2018, that total of 6 million BTC is considered inaccessible and permanently lost on the bitcoin blockchain. Due to the inability to break the blockchain to recover that number, 28.5% of the bitcon's fixed supply is probably lost forever.
If the news is perfect then Bitcoin cash will rank in top10 crypto market for many years!!!!
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May be right but I don't know about it. It would be possible if investors died by corona virus Pandemic or lost his private key 🗝 or information. 4 million a huge amount of bitcoin that are very much crucial.
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May be right but I don't know about it. It would be possible if investors died by corona virus Pandemic or lost his private key 🗝 or information. 4 million a huge amount of bitcoin that are very much crucial.
A few years ago there was information that more than six million bitcoins were irretrievably lost. I think this figure is now over seven million bitcoins. No matter how hard people try, bitcoins will be lost for various reasons, and there is nothing we can do about it. The nature of cryptocurrency is such that losses are inevitable.
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The most unusual thing in all this may be that sometime in the future, at a certain point in time, a situation will come when the loss of bitcoin may exceed its production at the moment. As a result, he can become extinct as prehistoric animals. However)
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4 million BTC declared missing, this is really very unfortunate. Why did it disappear? 4 million is a huge number, but what can be done if it can't be accessed. Since the decreasing amount of Bitcoin should be able to influence the Bitcoin Price in a better direction, we will see what happens next.
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With the invention of a super-powerful quantum computer, these lost bitcoins will be able to regain a new lease on life, which will ultimately negatively affect the price of bitcoin.
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It's a good thing but then I feel for those people who in one way or the other lost access to their wallet in the early days of bitcoin, i wonder how they will be feeling looking at the amount of money their lost wallet holds in the blockchain, most especially when they have no money in their pocket.
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This is why searching for information in crypto in forums is so important. Because we can also update information about coins, which we have to move immediately or we have to take it immediately so there is no need for cases of loss. Because all the time these coins continue to evolve either getting better or getting lower.
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With the invention of a super-powerful quantum computer, these lost bitcoins will be able to regain a new lease on life, which will ultimately negatively affect the price of bitcoin.
There are many more lost bitcoins than four million. A few years ago, there was talk of seven million lost bitcoins.
Quantum computers are said to be able to regain access to lost bitcoins and other cryptocurrencies. However, they can also pose a serious threat to the existence of cryptocurrency. It is even difficult to imagine what will happen to digital technologies when quantum computers appear. It will be necessary to completely rebuild the security system, it will be quite difficult.
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With the invention of a super-powerful quantum computer, these lost bitcoins will be able to regain a new lease on life, which will ultimately negatively affect the price of bitcoin.
If this happens, there will be a real threat of being hacked with the help of quantum computers in our cryptocurrency wallets. The statement that in this case the states will not allow such computers to fall into private hands and will strictly control their use does not stand up to scrutiny. We have always made sure that money can buy everything. Such quantum computers will appear primarily among cybercriminals. It is also not very reliable to hope that by this time they will find ways to protect themselves. Therefore, there is a problem and the probability of the worst-case scenario is growing every day.
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This is just one of several cases of lost bitcoin supply and holdings which can never be recovered. I have read of several instances and cases where people have either forgotten their login keys, wallet IDs or hard wallet details and in so doing, have lost their accumulated bitcoin forever. In most cases, these were people who never anticipated the wild growth of bitcoin. Unfortunate as it is, this is the reality and it continually reminds us of the need to keep our digital wallets backed up and safe.
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I don't understand what it means by Bitcoin Cash ABC on hold.
The meaning of being held back is that there are traders who HodL or indeed Bitcoin Cash ABC has lost their private key by the owner?
Or maybe I misinterpreted the OP thread that was written ?
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I think that most of these bitcoin owners no longer have access to their wallets, for example losing their private keys, hardware, etc. Or some of these bitcoin owners are no longer in this world, or have died from disease or covid-19. Or they just hold bitcoins for a certain amount of time and then sell them later when the price is high.
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Thymoty opinion make sense specially those people who hold Bitcoin and died recently due to corona virus. In case nobody knows their private key, their Bitcoin will remain unused forever. Very important to share your bitcoin privacy to your trusted love ones for the future purposes just in case bad things happens along the journey.
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The game of cryptocurrency suits no one, and hates no one in particular. Just look at the colossal waste of good money there. Ultimately, I think someone, probably a hacker would get those funds
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Well sometimes when I heard or read similar like this I can't stop thinking to hope that the owner has to be me so that the fund won't go wasted. ;D
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that's an enormous amount of bitcoins.