For example, HODLers (Hold On for Dear Life) might sit on their BTC wallets, possibly forever. However, it’s not certain that all 20% is lost. We consider this lost Bitcoin.” - Chainalysis. “nother 20% hasn’t moved from its current set of addresses in five years or longer. They compiled a report on Bitcoin holdings, which concluded entities and individuals hold 60% of all BTC and, Now, the fine people over at Chainalysis have another definition for lost Bitcoin. You must take every precaution when storing your seed phrase after creation and if you lose it. I bolded seed phrase because it’s THE last hope for recovery of lost Bitcoin. Sending BTC to the wrong wallet address.Outwitting yourself (making your login process too complicated).Mixing up your pin with your password (Hi, Peter Schiff).But, Bitcoin is digital, and you can lose your BTC the same way you lose files on your computer. Since Bitcoin isn’t physical, there’s nothing to lose in that respect (aside from hardware wallets. However, there are some definitions that you might not consider. It seems like it would be obvious what I’m talking about, and it is. But, unfortunately, there are so many instances of lost Bitcoin. One forgotten number, one forgotten letter, one forgotten device, and there’s nothing anyone can do. Otherwise, you could be left feeling like some of the people whose stories you’re about to read.Īnd that’s because the PINs, passwords, seed phrases, and private keys you use to access your BTC might be all that stands between you and your fortune. Only when you set it up, do you have the wallet.Īnd when you do have it, it’s all on you to make sure it’s safe, and you keep up with the access information. I say probably because of its antecedent, “you.” See, you can have a wallet on an exchange and not HAVE the wallet. If you own Bitcoin, you probably have a wallet. I happen to like talking about cryptocurrency. But for other services, the process might be difficult or, worse, impossible. For a service like Twitter, you can reset the password and be on your merry way. When was the last time you had to click the Forgot Password link on an online account?
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