Bitcoins are the most innovative and revolutionary discovery ever in the mankind’s history. It has become one of the most valuable currency in digital form. Working based-on cryptographic protocol, which also makes it one of the most secure virtual currency of the Internet.
Due to it’s huge popularity and market demands, bitcoin is getting more and more adopted by the worldwide communities due to its open source technology, which can be easily be verified for any issue.
What Happens When Bitcoins are Lost?
Bitcoin is hard to earn. When someone loses his/ her bitcoin wallet, it brings the effect of removing money out of the currency circulation. All those lost bitcoins still remain in the “blockchain” system just like any other bitcoins.
However, all lost bitcoins remain dormant forever because there is really no way for nobody to find the private key(s) which would allow them to be spent again in the future.
Due to the law of supply and demand, when fewer bitcoins are available in circulation, the ones that were left will be in higher demand and thus increase in value to compensate.
Bitcoin cryptocurrency of the future should not be lost by anyone as it takes time and efforts to earn bitcoins and effectively maintain the present bitcoin’s circulation.
If someone really looses their bitcoin wallet, then it still remains in the system but can’t be spent by anyone without the private key created by the wallet owner.
So, the bitcoins should not be lost by anyone. What do you think about the bitcoin technology and the future of money? Please let us know via comment.