What Happens to unclaimed Bitcoins? by edwineconomics

View this thread on steempeak.com
· @edwineconomics ·
$0.06
What Happens to unclaimed Bitcoins?
![BitcoinGlorious.jpg](https://steemitimages.com/DQmbbpB9TADWeriwqTrcEvXWbZJCGcy4hKbXqgZeAZp8HgL/BitcoinGlorious.jpg)

So far, around 16 million bitcoins have been mined out of a total of 21 million that can be mined in total. At the projected rate of supply growth, that means another 5 million coins will be mined in the next century or so. These numbers mean 75% of the total supply has already been issued and coins will become rarer (and therefore more expensive) over time. 

The mysterious Satoshi Nakamoto is said to own 1 million coins and many other early adopters own hundreds if not thousands of coins that they acquired when mining was 'cheap'. That means a relatively small number of users likely hold a very large proportion of the total coins, and over half the total supply is said to be dormant (e.g. zero account activity since acquisition). 

No one knows if Satoshi Nakamoto is a person or a group of people operating under a pseudonym, but let's assume it's just one person... what if he or she got hit by a bus? Not wishing any misfortune on the person or persons who created quite possibly the most revolutionary script ever written (the blockchain) but if he or she no longer exists, and the key to their million coins is lost, this means there is now  only 15 million coins in circulation and 20 million in total after all coins have been mined. 

Presumably there are other early adopters that have thousands, tens of thousands or even hundreds of thousands of coins that they are saving for "payday" when the price hits a new high. But what if some of these people have also been hit by a bus, fallen critically ill, or even just lost their codes? 

Sh*t happens in life. No matter how secure you keep your 'keys', they can always be lost or destroyed. Then what? Do your cyber coins just sit there occupying a few bytes on the internet forever? Is there any way to get them back? My understanding is no, and therefore doesn't that mean all bitcoins will eventually be "locked" in cyberspace, inaccessible to anyone, making the currency effectively a dud? 

Interested to hear thoughts on this from the Steemit community...
πŸ‘  , , ,
properties (23)
post_id5,027,972
authoredwineconomics
permlinkwhat-happens-to-unclaimed-bitcoins
categorymoney
json_metadata"{"app": "steemit/0.1", "format": "markdown", "image": ["https://steemitimages.com/DQmbbpB9TADWeriwqTrcEvXWbZJCGcy4hKbXqgZeAZp8HgL/BitcoinGlorious.jpg"], "tags": ["money", "bitcoin", "cryptocurrency", "economics", "economy"]}"
created2017-06-25 12:48:18
last_update2017-06-25 12:48:18
depth0
children9
net_rshares5,481,342,980
last_payout2017-07-02 12:48:18
cashout_time1969-12-31 23:59:59
total_payout_value0.058 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length2,151
author_reputation3,870,595,414
root_title"What Happens to unclaimed Bitcoins?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (4)
@bjokkeb ·
very Interested !!!
properties (22)
post_id5,028,156
authorbjokkeb
permlinkre-edwineconomics-what-happens-to-unclaimed-bitcoins-20170625t125025501z
categorymoney
json_metadata"{"app": "steemit/0.1", "tags": ["money"]}"
created2017-06-25 12:50:24
last_update2017-06-25 12:50:24
depth1
children0
net_rshares0
last_payout2017-07-02 12:50:24
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length19
author_reputation31,785,000,472
root_title"What Happens to unclaimed Bitcoins?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
@jeffjagoe ·
I have locked myself out of an account with .16 bitcoins. Back in the day it wasn't much of a deal but it is continuing to grow. Wonder if I will ever get them back
properties (22)
post_id5,028,336
authorjeffjagoe
permlinkre-edwineconomics-what-happens-to-unclaimed-bitcoins-2017625t85223155z
categorymoney
json_metadata"{"tags": [], "format": "markdown+html", "app": "chainbb/0.2"}"
created2017-06-25 12:52:33
last_update2017-06-25 12:52:33
depth1
children2
net_rshares0
last_payout2017-07-02 12:52:33
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length164
author_reputation170,695,559,013,658
root_title"What Happens to unclaimed Bitcoins?"
beneficiaries
0.
accountchainbb
weight1,500
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
@edwineconomics · (edited)
what happened? did you lose the code? is there any way to get back access to your account?
properties (22)
post_id5,028,600
authoredwineconomics
permlinkre-jeffjagoe-re-edwineconomics-what-happens-to-unclaimed-bitcoins-2017625t85223155z-20170625t125516707z
categorymoney
json_metadata"{"app": "steemit/0.1", "tags": ["money"]}"
created2017-06-25 12:55:18
last_update2017-06-25 12:55:57
depth2
children1
net_rshares0
last_payout2017-07-02 12:55:18
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length90
author_reputation3,870,595,414
root_title"What Happens to unclaimed Bitcoins?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
@jeffjagoe ·
I lost my encryption key :(
properties (22)
post_id5,028,927
authorjeffjagoe
permlinkre-edwineconomics-re-jeffjagoe-re-edwineconomics-what-happens-to-unclaimed-bitcoins-2017625t85223155z-20170625t125516707z-2017625t85820751z
categorymoney
json_metadata"{"tags": [], "format": "markdown+html", "app": "chainbb/0.2"}"
created2017-06-25 12:58:30
last_update2017-06-25 12:58:30
depth3
children0
net_rshares0
last_payout2017-07-02 12:58:30
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length27
author_reputation170,695,559,013,658
root_title"What Happens to unclaimed Bitcoins?"
beneficiaries
0.
accountchainbb
weight1,500
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
@yacov ·
$0.19
yes ..unfortunately there is nothing to do
Actually, i guess there are people that placed gold and values into swiss accounts and they don't come to claim them for long time because they are dead or whatever  ...i wonder what the swiss bank does in these cases
πŸ‘  , ,
properties (23)
post_id5,028,629
authoryacov
permlinkre-edwineconomics-what-happens-to-unclaimed-bitcoins-20170625t125527465z
categorymoney
json_metadata"{"app": "steemit/0.1", "tags": ["money"]}"
created2017-06-25 12:55:33
last_update2017-06-25 12:55:33
depth1
children2
net_rshares17,684,518,970
last_payout2017-07-02 12:55:33
cashout_time1969-12-31 23:59:59
total_payout_value0.192 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length260
author_reputation294,366,842,111
root_title"What Happens to unclaimed Bitcoins?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (3)
@edwineconomics ·
With physical gold i'm sure the banks have contact details of the owner(s) and there is probably something in the storage conditions that allow the banks to repossess the contents if the owner doesn't pay their storage fees...  with Bitcoin and other crypto's it just disappears from the currency supply... eventually 21 million bitcoin owners will lose their codes or die without passing them on and the currency will end up being just some code in cyberspace?
properties (22)
post_id5,041,257
authoredwineconomics
permlinkre-yacov-re-edwineconomics-what-happens-to-unclaimed-bitcoins-20170625t150154837z
categorymoney
json_metadata"{"app": "steemit/0.1", "tags": ["money"]}"
created2017-06-25 15:01:57
last_update2017-06-25 15:01:57
depth2
children1
net_rshares0
last_payout2017-07-02 15:01:57
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length461
author_reputation3,870,595,414
root_title"What Happens to unclaimed Bitcoins?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
@yacov ·
$0.17
yes i agree that there has to be some mechanism that would recover bitcoins that were not touched for a long period of time putting them in circulation  ...same mechanism should also have a way to resolve situations where someone claims its bitcoin after X years that it was not touched and have a way to recover itΒ΄s bitcoins
πŸ‘  
properties (23)
post_id5,046,338
authoryacov
permlinkre-edwineconomics-re-yacov-re-edwineconomics-what-happens-to-unclaimed-bitcoins-20170625t155053333z
categorymoney
json_metadata"{"app": "steemit/0.1", "tags": ["money"]}"
created2017-06-25 15:51:00
last_update2017-06-25 15:51:00
depth3
children0
net_rshares16,391,019,713
last_payout2017-07-02 15:51:00
cashout_time1969-12-31 23:59:59
total_payout_value0.172 SBD
curator_payout_value0.001 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length326
author_reputation294,366,842,111
root_title"What Happens to unclaimed Bitcoins?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (1)
@lig007 ·
$0.08
If bitcoin or any other crypto will ever catch on to the mainstream, this issue will have to be solved. It won't be acceptable to just lose access and the answer be "hey, that's just how it goes". This is one of the reasons I don't think crypto currency will ever be widely used by everyone.
πŸ‘  
properties (23)
post_id5,028,750
authorlig007
permlinkre-edwineconomics-what-happens-to-unclaimed-bitcoins-2017625t85640344z
categorymoney
json_metadata"{"tags": [], "format": "markdown+html", "app": "chainbb/0.2"}"
created2017-06-25 12:56:42
last_update2017-06-25 12:56:42
depth1
children1
net_rshares8,303,550,766
last_payout2017-07-02 12:56:42
cashout_time1969-12-31 23:59:59
total_payout_value0.076 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length291
author_reputation859,893,061,133
root_title"What Happens to unclaimed Bitcoins?"
beneficiaries
0.
accountchainbb
weight1,500
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000
author_curate_reward""
vote details (1)
@edwineconomics ·
@lig007 totally agree!
properties (22)
post_id7,351,897
authoredwineconomics
permlinkre-lig007-re-edwineconomics-what-happens-to-unclaimed-bitcoins-2017625t85640344z-20170716t124648501z
categorymoney
json_metadata"{"app": "steemit/0.1", "users": ["lig007"], "tags": ["money"]}"
created2017-07-16 12:46:51
last_update2017-07-16 12:46:51
depth2
children0
net_rshares0
last_payout2017-07-23 12:46:51
cashout_time1969-12-31 23:59:59
total_payout_value0.000 SBD
curator_payout_value0.000 SBD
pending_payout_value0.000 SBD
promoted0.000 SBD
body_length22
author_reputation3,870,595,414
root_title"What Happens to unclaimed Bitcoins?"
beneficiaries[]
max_accepted_payout1,000,000.000 SBD
percent_steem_dollars10,000