- Officially 18 million BTC entered the circulation.
- 1.5 million BTC seemed to be lost or out of circulation.
- The loss could be due to many factors including locked wallets.
According to the official reports, till 19 October 2019 around 18 million BTC have entered circulation, which happened at block 600,000. But a recent analysis from Coinmetrics suggests that over 1.5 million Bitcoins are out of circulation permanently.
So where are these 1.5 million BTC
The creator of Bitcoin, Satoshi Nakamoto created a Bitcoin on such a design that tracing of every Satoshi is next to impossible, so it’s quite difficult to find out what happened to those lost 1.5 million BTC.
Though experts are doing their best to find what happened to this huge amount of BTC supply.
Reports from these experts suggest that there are at least 1,501,730.43842331 lost Bitcoins and 197,047.31922097 stolen Bitcoins.
What happened to the lost Bitcoins
Daily around 2 to 3 million coins are circulated in the market from which exchanges holds up to 6.7% of the amount, becoming the largest fishes in the sea. In addition to that there are many corrupted address and coins such as 50 BTC in the Genesis Block which are unredeemable through any way.
Other ways BTC are being lost maybe that they are sent to non-existing address, or some other coins addresses. Some accounts are inaccessible by their user and bitcoins received in such account are unrecoverable. There is also a significant Number of accounts containing and holding 1000 BTC or more which is keeping those BTC out of circulation for a long period of time.
Effects of declining quantity of Bitcoins
As we all know there is a limit number of bitcoins that could be mined which is 21 million, to maintain this number rewards to each block reward miner which was 12.5 BTC is expected to be reduced to 6.25 BTC in May 2020 which is just half of the current reward.
Though number of bitcoins is declining the active users of the coin are increasing day by day, currently there are about 500,000 to 700,000 daily users.
This much craziness and scarcity in the market could result in a significant growth in the price of bitcoin in the future time. This scarcity of coin in the market may be a key factor in assuming the real number of bitcoin in market in upcoming times.
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