Post
Topic
Board Bitcoin Discussion
Re: 90% is already there, only 10% is left
by
mynonce
on 15/12/2021, 12:01:59 UTC
From 90% already in circulation, about 3.7 million Bitcoins are reported as "lost"...
What are your prospects for the next few years with regard to Bitcoin?
Expect new challenges...

Andreas Antonopaolous stated in his video:

“The cryptographic keys and algorithms used in Bitcoin do not last forever [anyway]. At some point, the elliptic curve digital signature algorithm (ECDSA) and SHA-256 will be obsolete. Maybe in ten or twenty years; certainly less than fifty years. They will no longer be strong enough to protect coins that haven’t been switched over to… a stronger cryptographic algorithm.”

Moreover, Antonopoulos added that the Bitcoin code needs to be recycled from time-to-time into better cryptographic algorithms; people with enough computing power should/could break keys and retrieve the lost coins. He also added that recovered BTC could act as ‘bounty’ for dedicating their resources.

“Essentially, it creates a bounty for testing the system, and rewards people who [exercise their skills].”

https://www.youtube.com/watch?v=IYtAevJIy5E
Minute [4:20 - 7:50]