How Many Bitcoins are Lost Forever?

As a title of example, and as you can see in the image above, it is estimated by Chainalysis, that around 20% of the supply of Bitcoin has lost forever.

At the time of writing this Whitepaper Bitcoin is traded at a price of $55000, so at today’s price, around $203.5 Billion has been lost forever, due to a lack of a recovery mechanism for lost Bitcoins. This of course includes both those who have lost the seed phrase, as well as those who died without the family being able to recover their crypto. This is a problem faced by every blockchain, and even more impactful and significant if we sum up all the crypto lost on every blockchain out there, due to the lack of these recovery mechanisms.

The problem is so significant, that you have blockchains that are competitors in the crypto space, actually coming together under an Alliance created exclusively to solve this problem. The DeRec Alliance was formed with the purpose of creating a decentralized solution for cryptocurrency recovery. This is a solution with some of the largest blockchains and Dags out there, such as XRP, Algorand, Hedera Hashgraph, and more recently Cardano itself.

Fortunately, GenWealth is solving this problem and has created an on-chain solution that enables you to recover your cryptocurrency in case you lose access to your seedphrase, and that provides your family members with a simple process to recover your crypto according to your own rules.