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Why Missing Bitcoin Is Even Rarer Than 21 Million?


Photo by DALL·E

So many people yet so few Bitcoins to go around.

We were promised 21 million but we’ll get much less than that.

Many Bitcoins have already been lost (we’ll soon see how much) and the ones still to be mined are less than 8% of the total supply.

And we won’t get them all until 2140.

Plus, from next year, we’ll get half of what we got until now per day (only 450 BTC).

Thus, there’s less real supply, there’s not much more to draw from, and it will take a long time to mine them all.

When people realize this, when they really digest the scarcity of this asset, imagine what will happen to Bitcoin’s price.

Let’s dive into this shortage growing by the day.

How is Bitcoin lost?

There are many ways to contribute to a thinner supply of Bitcoin.

Here are the main ways to fail at holding on to your precious BTC:

  • Hard drive or cold wallet fails.
  • People forget or lose their seed phrase (private key).
  • People send Bitcoin to the wrong address.
  • People die or disappear without any plans for their digital assets.

Much of it is due to human error so it’s important to be aware and take appropriate measures to secure your digital assets. Here’s a great article on protecting your crypto.

The alternative is many sleepless nights ahead of you.

Top cases of Bitcoin lost or frozen forever

Satoshi Nakamoto: 1.1 million BTC

The pseudonymous person or group who created Bitcoin mined 22,000 blocks with a single rig between January 1st, 2009, and January 25th, 2010.

Rewards back then were 50 BTC per block.

And since then, Nakamoto hasn’t moved a single BTC. We don’t know if Satoshi has access or has deliberately left them untouched, but some say these BTCs will never be used.

Mirceau Popescu: 1

Sources


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