When the one who has access to a BTC wallet dies, the bitcoins are gone forever. Till now, about 4 million bitcoins with $30 billion worth have been lost due to the death of the owner according to data recovered from Coincover, a British crypto analytic firm.
It was reported that most of these cases were due to their next of kin not having access to BTC wallets of the dead persons. When access to a BTC wallet disappears, the BTC is lost forever.
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The practice is common to the majority of people and not just limited to BTC wallet access alone. Most people keep information about the money they have in savings, their investments and assets.
Now that BTCs have become a part of what we engage in daily as humans, we might witness a rapid increase in the volume of Bitcoins lost being lost in sooner years.
David Janczewski, Coincover’s co-founder and chief executive said that “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. He further added that “there’s no bank manager to ask, and no one can break in for you.”
BTC has no central figure responsible for users’ transactions. Instead, BTC works by sharing account balances and transactions of every user throughout the world in a devised form.
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However, out of the whole total of 21 million BTCs which is ever going to be produced, recorded production of about 18.5 million BTCs has been made and already in circulation, leaving a figure of 2.5 million BTCs left unproduced.