Bitcoin is special. Yes any currency could be lost. The lost dollars for example or the lost tokens from theme parks or lost discount points. Everything’s is lose-able.
The conundrum of lost Bitcoins is the most common because of its market dominance. And also because of its crazy wildfire rise in prices.
To be fair it is also the oldest crypto, this means that having been around since 2009, there has been a lot of time for people to lose track of where they put their Bitcoin, they are forgetting, they could have a disorder, they could have other priorities to keep their goldfish memory spans sane and working.
Plus it is not so hard to forget anyway. We live in a big world competing for our attentions. It is so easy to forget the logins, or lose the device used to access the private key, and the result is a sizable portion of the existing money supply being assumed lost. Terribly so.
The crazier it gets the better!
The issue is that in the beginning, no one knew that the internet money or the geeks funds will get up to become such a huge deal!
This is how you end up with stories like the IT worker who wasn’t paying attention and threw out the wrong hard drive. Now he is trying to excavate the local landfill to find his approximately $117 worth of Bitcoin.
People have also gone through the trouble of hiring hackers, some of them 13 year old to crack their hardware storage device, or getting themselves hypnotized in order recollect the memory. The funniest bit is that their hypnotists, they charge in bitcoins too. Hasn’t this turned out to be such a hot community!
It is actually quite difficult to determine how many Bitcoins have been lost, since people are unlikely to report their errors to the world.
Bitcoin can be lost in numerous ways: by sending to nonexistent addresses, losing the hard drives, forgetting passwords, or even something as morbid as someone dying without passing on the access to their private key.
Do you know that there is this 1 million BTC that Satoshi Nakamoto holds and has never traded are assumed to be lost.No one know where those coins are, what happened to them, are they safe?
With a limited supply of bitcoin, these lost Bitcoin will become more and more coveted as time goes on.
A whole cottage industry is beginning to spawn for the “treasure hunters” who seek to recover lost Bitcoin. The industry is now becoming a huge one. Huge here means, approximately $20 billion USD on the table, there is plenty of incentive for companies to find ways to recover this money.
AKA, to hire hackers. Whatever you do in case you lose your bitcoins, just be sure to have a legal adviser at your site! This will help you be careful of the legal gray areas.