An innocent question, a lot of angst. Cryptocurrency is a young idea. They are aimed at young people. They are a creative way to say that the world is not perfect and we do not accept it the way it is. Cryptos helps us say that hey, we don’t care if the global population is uncertain about how they feel about this currency format, we know that the gold coinage was dismantled for a new currency and now its time to let fiat currency take the back seat.
Cryptocurrency is how we like to rebel. And in a world full of crap, it is only fair to dissent. But, this glorious glorious idea loved by the enthusiasts, thinkers, and economists is still not irresponsibility free, it is still not perfect or self-correcting. It is still growing up after all.
It has been a little something over nine years to the launch of bitcoin and a little something like three years to ethereum. The currencies have grown a ton since.
The prestigious blockchains, their love, and their stories are both so so unique and different to anything like them in the world. And yet, the world fails to address the problem of the lost cryptos.
Ethereum does not have a fixed supply, it is currently unlimited. Bitcoin has a fixed supply consensus established at 21 million BTC. Although it is widely debated that Ethereum needs a fixed supply and people have suggested a lot of things but nothing is concrete yet. It is a young currency after all, well, younger.
6 million bitcoins have been lost, but people can not be blamed. The currency was new, people quickly gave up and some thought it was bogus, this resulted in nonseriousness, and eventually losing it until it turned into a huge success and the prices rose. Similarly, ethereum was been taken non-seriously, people forget passwords and lose wallets, wallets get hacked, and sometimes people transfer a shit ton of money to the wrong address.
It is said that more than 12,000 Ether have been lost due to typos. A lot more have been lost due to loss of wallets and loss of passcodes. The total count would be much larger but lost to typos until block 5 million were 12 K. At a valuation of $700 each, that’s $8.84M total. That is a lot of money. But, people will be people and maybe one day they will learn, until that day people will keep losing cryptos.