If a woman gets to forget her child, bitcoin can lose some of its own coins. Not that a man is allowed to forget his child any more. But, Kanye the face of the Millennial Dream, at least did not make a mistake with a child. Well bitcoin community is obsessed with numbers, it is obsessed with the price rise and fall but also about the supply of the coin.
As of 2018, a total of 6 million BTC are left inaccessible and permanently lost on the bitcoin blockchain. These are all because of the funniest stories ever. I mean some lost their hard drive, some had their dog poop all over it, someone forgot their email id, someone used their girlfriends PC to buy it. They go on, and they get crazier and they are great for the laughs, but dear bitcoins, we are with you!
We understand your loss! We do.
This means that there are 6 million less bitcoins for the world than there were originally supposed to be. This sucks because, the lesser the coins the higher the prices and well, wait. Let’s explore this step by step.
It is clearly not possible to hard fork the chain to recover the lost Bz, 28.5 percent of the bitcon’s fixed supply is permanently lost.
Hence, the maximum supply of BTC cannot be larger than 15 million BTC and as of current, given that 17 million BTC are in circulation, only 11 million BTC that can actually be used, sent, received, and traded exist.
Is the Current Price Inclusive of the Lost Bitcoin?
Here is what i found for an answer, it explained:
That is a very complex question. On the one hand, direct calculations about market cap do not take lost coins into consideration. Considering how highly speculative this field is, those market cap calculations may make it into economic models of the market that impact spending activity. Yet the market has adapted to the actual demand and supply available – just look at exchange behavior. Furthermore, it is well known monetary policy procedure to lower or increase fiat reserves to impact exchange rates.
So the answer is yes and no. Wow that helped! Bravo. Back to square 1.
he price of bitcoin is calculated based on the 17.13 million BTC figure that is supposedly circulating in the market. However, if the supply of bitcoin that is publicly displayed to the public had been 11 million, BTC would be valued at much higher than what it is now.
It is math. Never mind, i was never good at it.
There Won’t be 21 Million Bitcoin
What! That breaks a lot of god’s of a lot of people!
Over the past few years, prominent investors and analysts in the cryptocurrency sector have consistently said that the price of bitcoin could reach anywhere from $100,000 to a couple million dollars because only 21 million BTC can ever exist.
This means that the supply is debatable and it must be questioned what the last bitcoin means to us all. May All the lost ones RIP.