But by proxy, if the medium for which the password is stored is destroyed, and the password gives access to the btc, then access to the coin must also be destroyed. The protocol may still contain the supplied btc, but access to that btc is void if the private key is deleted. Meaning the protocol would just retain the bitcoin mined and do....what with it? Would it then be distributed among the miners?
Not being pushy or anything, just legitimately curious is all
Not being pushy or anything, just legitimately curious is all
Well, not exactly as you put. The interesting aspect of the protocol is that a loss of the private-key do not result in the destruction of any BTC. If the private-key is recovered the access is restored and the user can send the BTC to any public-key. There is no way to the protocol determine if a private key was lost or not. Therefore the BTC in any public-key will remain "untouched" as long the private-key is not used to validate a transference.
Ah ok, I see. So does that mean that a bitcoin is digitally indestructible? Like matter? If no one claims access to the key, then the btc will just be floating around in the nether for eternity?
