RE: Why Cryptocurrencies are revolutionary (from an Oustider’s perspective)
And i would like to ask you a question with "non-technical" terms :)
It's about bitcoin hard drive wallet or the bitcoin core, which represent my stock of Cryptocurrencies.
Assume that I have 5 bitcoins that are physically stored in a wallet on my local hard drive. One day this hard drive is damaged, no way to restore, so where will my bitcoins go? Does Bitcoin ecosystem will lose 5 coins from its total 21 mils of coins?
As what I can imagine, bitcoins is similar to gold, except gold is tangible material, bitcoin isn’t. So if I store my gold in a secret place and then I lose the address to look for it again, the gold is still there. But bitcoins are just digital, virtual instances. They do not really stay in a position in space. So how we can determine they are?
That is a very good question. Something that I do not have the proper answer for. However, if I were to guess, if they are gone. They are gone forever. Which is a curious thing to think about... Because what if we relied on bitcoin as our only currency, and somehow they all got destroyed. Then what? haha maybe it is just a fallacy of monetary systems? Or maybe there is an actual answer for this. Anybody willing to chip in??