There are hundreds, if not thousands, of dormant wallets that house Bitcoin of different amounts. When we calculate all together, we realize that we are short of the total supply, which I think would trigger scarcity as more people would want to hold the ones available.
Yup, that's the whole idea and the appeal of Bitcoin, lost coins are lost, we don't print more to have a constant supply, and nobody but the free market cares if some coins are truly lost or are just asleep in someone's wallet.
Discussion Questions
- Do you think all dormant wallet (long inactive wallets) are gone forever?
- As we are not certain of Satoshi's return, should we be bothered about his dormant wallets?
- do you think lost Bitcoin can cause Bitcoin scarcity in the future?
- From a total of 21million total supply, can you attempt a prediction guess of the total number of Bitcoin that would be in active wallets after all Bitcoin has been mined?
Apart from number 3 which is clearly a yes since, well, that's how things work, for all the rest nobody would know the answer, maybe Satoshi himself on the second but for anyone else is just crystal globe territory.
But most important, lost coins don't pose a problem, will not pose a problem in the future and if someone thinks oh no we will only have 1 million Bitcoins in 2100, it's not like, that we will still have 100 trillion satoshis.
