More than four million Bitcoins worth $ 140 billion have been dormant for the past five years, according to blockchain data.
$ 140 billion Bitcoin is missing
Almost exactly one million Bitcoins, which were supposed to be owned by the inventor of Bitcoin, Satoshi Nakamoto, were issued in 2009 and remained immobile. 1.4 million BTC was mined in 2010 and 2011, with the rest mined in the episode until 2016.
The UK’s National Cyber Security Council (NCSC) said, “Over $ 140 billion of Bitcoin is currently missing or inaccessible.” said.
It is unclear how they came to the conclusion that all these cryptocurrencies were lost because last year some Bitcoin miners signed 145 BTC addresses that were mined in 2009 to show ownership. NCSC cited as evidence an American programmer who had only two password retries for $ 220 million of BTC.
“Have a paper wallet”
NCSC’s solution is to buy a paper wallet. That way, as long as you can secure your funds and remember where you put it, you can come up with a pretty solid solution.
Most of these cryptocurrencies were probably lost in the early days when Bitcoin’s value was in penny. Lots of people wiped their hard drives or uninstalled the BTC software. These were specifically coders who were trying to understand what BTC was or didn’t think anything about the penny BTC they had.
However, since at least 2013, much more care has been taken to prevent waste storage problems.