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RE: What Happens to unclaimed Bitcoins?
yes ..unfortunately there is nothing to do
Actually, i guess there are people that placed gold and values into swiss accounts and they don't come to claim them for long time because they are dead or whatever ...i wonder what the swiss bank does in these cases
With physical gold i'm sure the banks have contact details of the owner(s) and there is probably something in the storage conditions that allow the banks to repossess the contents if the owner doesn't pay their storage fees... with Bitcoin and other crypto's it just disappears from the currency supply... eventually 21 million bitcoin owners will lose their codes or die without passing them on and the currency will end up being just some code in cyberspace?
yes i agree that there has to be some mechanism that would recover bitcoins that were not touched for a long period of time putting them in circulation ...same mechanism should also have a way to resolve situations where someone claims its bitcoin after X years that it was not touched and have a way to recover it´s bitcoins