Re: Does loss of BTC affects total amount of BTC in total supply.
Irrespective of rank I believe am still learning in gradual steps about bitcoin and therefore have this question to ask, it would be of good consequence for me if am well enlightened on this particular subject about bitcoin. So just in case, someone I might want to talk to about bitcoin for the very first time happens to ask me I can comfortably address it too.
Question:
I have read few posts of persons talking about losing their wallet's containing BTC and couldn't recover it at all. Hence, as people keep losing their BTC due to loss of wallet seed phrase, can it affect or cause a decline in BTC supply entirely?
Question:
I have read few posts of persons talking about losing their wallet's containing BTC and couldn't recover it at all. Hence, as people keep losing their BTC due to loss of wallet seed phrase, can it affect or cause a decline in BTC supply entirely?
Yes, it directly affects total supply and also indirectly affects the price, as more and more coins are withdrawn from circulation. So, by forgetting your password or losing your passphrase you are sacrificing for others as the remaining coins are going to cost more eventually. At the moment, between 10 and 20% of bitcoins are considered to be lost forever. And then there's Satoshi's wallet which contains 1m coins which are stuck there forever I guess.
