Why Bitcoin watchers need to pay attention to lost coins

Why Bitcoin watchers need to pay attention to lost coins

ambcrypto.com
3 min read
fairly easy
The decentralized blockchain ecosystem comes with a catch: the risk of losing one's coins in diverse ways. And these are no small numbers. A 2020 report by Chainalysis showed that about 3.7 million BTC which hadn't changed addresses in five or more years was considered "lost." This number was more than the roughly two million BTC […]
The decentralized blockchain ecosystem comes with a catch: the risk of losing one's coins in diverse ways. And these are no small numbers. A 2020 report by Chainalysis showed that about 3.7 million BTC which hadn't changed addresses in five or more years was considered "lost." This number was more than the roughly two million BTC yet to be mined.

Recently, cryptocurrency expert Carl Runefelt, who goes by "The Moon," tweeted to pay his respects to the lost Bitcoins.

RIP to the millions of lost, unrecoverable #Bitcoin. Although unfortunate, it only makes the rest of the supply more valuable! — The Moon (@TheMoonCarl) September 19, 2021

Meanwhile, Dogecoin creator Billy Markus wondered whether more cryptocurrency had been lost through exchanges or due to forgotten passwords and keys.

I do wonder if more people lost their crypto leaving it on exchanges that went defunct or losing their keys / encrypting it and forgetting their password. I know quite a few people who had a lot of dogecoin but can't access it due to their own mistakes. "Be your own bank" glhf — Shibetoshi Nakamoto (@BillyM2k) September 18, 2021

Human…
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