Re: What happens when bitcoins are lost

Quote from: groko271 on October 23, 2017, 09:33:52 PM

Quote from: shahinoor.bd on October 23, 2017, 06:23:47 PM

When you loses wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like any other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key(s) that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate.

yes true.

Go and get a $20 serialised note and bury it in the ground. This is the same as losing your bitcoin wallet, like the $20 it is out of circulation for ever.

I once saw a link where it showed the unused wallets and the amount of btc out of circulation, cant find it now. However here is one similar. https://www.reddit.com/r/Bitcoin/comments/2twrs7/all_42400_dormant_bitcoin_addresses_with_a/

some other related links.

https://www.coindesk.com/meet-man-will-hack-long-lost-bitcoin-wallet-money/
https://news.bitcoin.com/guy-lost-bitcoin-computer-upgrade/

But the Bank of America can create as many $20 notes as they want, as any government bank with its money.
Bitcoin, however, can't be created indefinitely. Once every coin will be mined, there won't be any more creation, and lost bitcoin will remain lost, thus decreasing the whole amount of Bitcoins on circulation.