There are a number of standard threats of any asset, whether gold, currency or even stock.
Some of them face real-world problems, such as loss, theft or destruction, and bitcoin is not immune to this.
Written more than enough literature about the theft of bitcoins and the people subjected to the attack of cybercriminals, but there are also cases when users just lose their tokens.
Just as gold can go down together with the pirate ship, or wads of dollar bills can be burned in the fire, the digital currency can be lost in the blockchain and never found again.
In the framework of the research project Chainalysis analyzed the Bitcoin blockchain and found that from of 2.78 million to 3.79 million of bitcoins disappeared without a trace. This amount amount of cryptocoins is from 17% to 23% of the existing bitcoins. Causes of “loss” is different from nepravilno transactions to the loss of password from the wallet.
According to the classification of the missing coins provided Chainalysis, a large part of the tokens produced in 2017, is still intact and accessible. This is reasonable, because in 2017, bitcoin is becoming more and more valuable, and hence, it is likely that a significant portion of “lost” tokens, just long enough is at the expense of investors as a means of accumulation.
Interestingly, in their study Chainanalysis pointed to bitcoins, which originally belonged to Satoshi Nakamoto. Presumably, he is the winner of over a million tokens .
However, Chainanalysis decided to classify this group of tokens as lost forever. This is a necessary measure, because if one day Nakamoto wakes up a sleeping giant and return their tokens “in the game” , this study will cease to have meaning, and the market will be faced with significant changes.
Whether the value of the lost tokens?
Since the issue volume of Bitcoin are known in advance, the return of the lost coins will play a big role in determining the market – supply and demand will be heavily distorted.
In the future will be lost even more coins, but the speed of their disappearance will be below forecasts Chainalysis, as the coin went up dramatically in price and users will more closely track the movement of bitcoins.
CEO Chainalysis Jonathan Levin, commenting on the results of the study, said:
“Direct calculations of market capitalization does not take into account lost coins. Given how highly speculative this is the area in these calculations of market capitalization, it is possible to construct economic models of market impact costs”.
“However, the market has adapted to the actual demand and suggestions – just look at the exchange rate. In addition, a well-known procedure of monetary policy allows to reduce or to increase the reserves of Fiat currencies to influence exchange rates. So the answer to the question about the importance of bitcoins disappeared – “Yes and no”.”