When access to a BTC wallet disappears, the BTC is lost forever. Data retrieved from Coincover, a British crypto analytic firm, showed that about 4 million BTCs are (worth some $30 billion at current prices) lost as a result of BTCs owners dying, and their next of kin not having access to such BTC wallet
As BTCs and cryptos become more prominent in human daily activities, the volume of BTC being lost forever is more likely to surge
“As bitcoin becomes more popular and its value continues to increase, considering how to manage it as part of an estate planning exercise is becoming increasingly difficult,” said David Janczewski, Coincover’s co-founder and chief executive, adding that, with bitcoin, “there’s no bank manager to ask, and no one can break in for you.”
What you need to know: Only 21 million BTCs are ever going to be produced in total, and presently, there are about 18.5 million BTCs in circulation. This shows a differential of about 2.5 million BTCs that are left to be produced.
Meanwhile, data from Coinmarketcap shows that BTC is presently trading around the $9300 support levels, with a market capitalization of over $170 million dollars and the flagship cryptocurrency having a trading volume at around $13.8 billion,
BTC transformed digital money by decentralizing this accounting process. Instead of a central figure that is responsible for making sure that their users’ transactions were always adding up, BTC works by sharing the account balances and transactions of every user across the globe in a pseudonymous form.