Jeffrey Tucker
A New Currency for the Digital Age
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If the party loses its key, the Bitcoin in the wallet becomes essentially worthless, as it is unrecognizable and inaccessible to anyone. According to Chainalysis, a blockchain analytics company, roughly 20% of Bitcoins have been lost by parties who misplaced the private key. Additionally, if the private key is revealed in a security breach, the value of Bitcoins can be stolen. In 2022, cryptocurrency investors lost a record $3.8 billion to hackers. What Does This Mean For Bitcoin? “If Bitcoin remains a small niche, it’ll be worth less per unit than existing currencies. If you imagine it being used for some fraction of world commerce, then there’s only going to be 21 million coins for the whole world, so it would be worth much more per unit.”