What happens if I lose my bitcoin?
Jhe cryptocurrency the market has fallen in recent days.
After soaring and generating profits for investors, people lost more than $100 billion in Bitcoin.
If you lose your Bitcoinyou will never get it back.
Bitcoin is a current assets, there are limited pieces on the market. They are not lost, but they complete a cycle.
“Unlike fiat currencies like the US dollar, Bitcoin was designed to have a limited supply“, said the Trezor blog.
“While more banknotes can always be printed by the Federal Reservenew bitcoins cannot be issued once all 21 million coins have been mined.”
According to Cane Island Digital Researchinvestors lose 4% Bitcoin annually.
Reports show that Bitcoin has 21 million pieces in existence. Nevertheless, Cane Island Digital Research claims that just 14 million coins circulate.
The New York Times published that there is 18.5 million bitcoins mined and believes that 20% of these parts are lost.
The value of lost or inaccessible Bitcoin is approximately $140 billionas described by the New York Times.
How is Bitcoin destroyed?
Usually people make mistakes when store or send bitcoins.
The other situation is when Bitcoin is stolen.
“People frequently lose bitcoins due to the way they store them. For example, many people store their bitcoins online on exchanges,” said Trezor Blog.
“In doing so, they rely on the exchange to secure their assets. While there are certainly reputable exchanges operating in the world today, there have been a plethora of instances over the past decade where exchanges have stolen their users’ assets or failed to prevent hackers from doing so.”
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