Bitcoin

Bitcoin of Millions Worth Lost forever

Bitcoin, the famously volatile cryptocurrency which saw its latest boom by the end of 2017, is not that easy to comprehend when it comes to the technical side. The difficulty rising due to this caused people to irretrievably lose bitcoins of millions worth forever.

According to LongHash and Chainalysis report, 3.79 million bitcoins have been either lost or destroyed. This means that roughly $2.4 billion worth bitcoins are lost forever. Alone the people of the USA have lost around $62 million annually via lost currency coins.

Unlike a physical coin where chances of recovery are still considerable, a lost bitcoin cannot be recovered. Satoshi Nakamoto designed bitcoin in a way there will be always a limited supply of the currency and that the world will never see more than 21 million bitcoins.

READ ALSO: Number of Bitcoin ATMs Hit a New High Worldwide, Reaching 6,000

Losing a hard drive with bitcoin keys on it or locking yourself out of the crypto wallet will only result in permanent loss of bitcoins. It is considerable to note that the low estimate of lost bitcoin is 2,767,468. Both the low and high-end estimates assume that the initial 1 million bitcoins kept by the owner Satoshi Nakamoto are no longer part of the mainstream network.

There are chances of more bitcoin loses in the future but because of the high value of the currency, people will be more careful in making them secure now unlike in the past where people used to lose hard drives having keys on them.

Now one thing the general public may be interested in is that have they accounted for missing bitcoin in the current value of the currency, the fact is that the total number of missing bitcoins can only be finalized when all 21 million bitcoins have been mined.

Although calculations in the market do not account for missing bitcoins, If missing bitcoins are involved in calculations, it may affect the potential investor and result in a decrease in currency’s value. However, the overall market behavior has incorporated the supply and demand for bitcoin.

It is estimated that the wallets which hold 1 million bitcoins might be gone as gone are the days when you could mine 50 odd bitcoins using one ordinary laptop. One way to detect the number of lost and hacked bitcoin is by noticing the fork of bitcoin repo.

READ ALSO: Bitcoin and Ripple, who’s going to take the Crypto Crown?

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Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Contact the editor at editor.opinions@blockpublisher.com

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