$30 billion worth of BTCs disappears forever – Nairametrics

When access to a BTC wallet disappears, the BTC is lost forever. Data retrieved fromCoincover, aBritish crypto analytic firm, showedthat 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

READ ALSO: 83% of BTCs addresses are smiling to the Bank

As bitcoin becomes morepopularand its value continues to increase, considering how to manage it as part of an estate planning exercise is becoming increasingly difficult, said DavidJanczewski,Coincoversco-founder and chief executive, adding that, with bitcoin, theres no bank manager to ask, and no one can break in for you.

Explore useful research data from Nairametrics on Nairalytics

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 fromCoinmarketcapshows 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,

READ ALSO: There are now 13,173 BTC millionaires around the world

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,BTCworks by sharing the account balances and transactions of every user across the globe in a pseudonymous form.

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$30 billion worth of BTCs disappears forever - Nairametrics