Estimates suggest 20% of Bitcoin’s supply has been lost. Some may argue that it helps reduce the BTC supply, while others think it is a challenge to further adoption.
Dealing with the challenges associated with managing cryptocurrency has seen many simply leave their funds on cryptocurrency exchanges, creating a massive demand for crypto custody services, to the point whereWhile keeping cryptocurrencies with a third party is often seen as a security risk because that third party can itself get hacked, experts told Cointelegraph that custody services are the best option out there when it comes to lost coins.
Crypto assets are often considered lost after remaining dormant for a specific number of years. While this method does point to coins that are effectively not currently in circulation, it is flawed.
Speaking to Cointelegraph, Chris Brooks, founder of cryptocurrency recovery business Crypto Asset Recovery, noted that in his experience, people should be more worried about leaving their seed phrase or private keys inthat can be mistakenly thrown out, rather than about hackers or scammers. Brooks said:
Speaking to Cointelegraph, Yuriy Kovalev, CEO of crypto trading platform Zenfuse, said that lost coins represent a hidden cost of security in the cryptocurrency space that benefits everyone else:
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