One Fifth of Bitcoin is Permanently Lost, Real Supply of BTC is Very Low

July 8, 2018

 

Stories of lost Bitcoins, abandoned in old laptops, being dug out when cryptocurrency began to surge only to prove inaccessible have become part of crypto folklore. People obsessing over PIN numbers and passwords standing in the way of a new car, a luxury holiday or their kids university funds are common. According to an article in the The Wall Street Journal 20% of all the Bitcoin in circulation is actually lost, existing in limbo, either forgotten about or inaccessible to its owner. Bitcoin is stored in a digital wallet which can only be accessed with the owner’s personal identification number. Unlike the PIN from a bank issued ATM card, a digital wallet PIN address is much longer and considered to be virtually unhackable. As cases of Bitcoin loss have risen and been widely reported on they have given birth to a new kind of hunter. Individuals and small firms have emerged to try and help those who have thrown away their personal fortunes, for a fee of course.

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