Some people hodl and some people trade. Some people do both! In the end, your seed phrase is important. If you are hodling, you will need to access your wallet in 1, 2, 5, or even 10 years from now. If you forget the PIN code of your wallet, you will need that seed phrase to recover your wallet.

Or what do you think will happen when your phone with your software wallet (i.e: Trust Wallet) gets stolen or suffers from water damage? What happens if you lose your hardware wallet (i.e: Ledger or Trezor) or it just decides to stop working... That's when you need your seed phrase.

Cryptotag is a company that offers a physical backup solution for secure storage of cryptocurrency seed phrases. A seed phrase, also known as a recovery phrase or backup phrase, is a series of words (often 12 or 24 words) that can be used to restore access to a cryptocurrency wallet. It is crucial for cryptocurrency users to keep their seed phrases safe, as they provide the only means of accessing funds stored in a wallet in the event of a lost or damaged device. 🤯

The importance of a secure seed phrase backup cannot be overstated. If a seed phrase is lost or stolen, there is no way to recover the funds stored in the corresponding wallet. This is why Cryptotag offers a physical backup solution that is durable, fireproof, and even bulletproof, providing users with peace of mind knowing their seed phrases are securely stored. 🔒

In conclusion, a secure seed phrase backup is essential for anyone holding cryptocurrency. Cryptotag provides a simple and secure solution to ensure that users’ funds are protected, even in the event of a disaster or other unforeseen circumstances.

A seed phrase backup device is a must-have for everyone with a self-custodial wallet! This is for the hodlers.

Cryptocurrency enthusiasts and investors have been captivated by Bitcoin's scarcity since Satoshi Nakamoto first created it. With a limited supply of 21 million Bitcoins expected ever to exist, the digital coin's price has shot up and dropped dramatically as investors and traders try to catch the highs and lows. But a big chunk of the Bitcoin is already lost.

How many Bitcoin are lost?

However, something that's often overlooked in conversations about Bitcoin's scarcity is how many Bitcoins have already been lost. Coins can be lost for a variety of reasons, including people forgetting their private keys or losing access to their wallets. Unlike traditional banks, there is no central authority that can help people find and recover their lost Bitcoin.

So, just how many Bitcoins are already lost? While no one knows for certain, several studies and estimates have been made. In 2017, Chainalysis suggested that as many as four million Bitcoins may have been permanently lost. The following year, a report by Coin Metrics estimated that up to 3.8 million Bitcoins are already gone for good.

You've probably heard about James Howells. He was doing some housecleaning in 2013 when he mistakenly threw out a hard drive that contained 8,000 Bitcoin he had mined.

James Howells' hard drive with 8,000 BTC in the junkyard

What does this mean for Bitcoin's scarcity?

Well, the lost coins are no longer part of the supply - they cannot be traded, used, or mined. This means that the overall supply of Bitcoin is already lower than the 21 million cap that was set. As a result, the scarcity of Bitcoin is even higher than many people realize.

Speaking of mining, it's worth noting just how many Bitcoins have yet to be mined. As of August 2021, around 18.8 million Bitcoins have been mined, leaving around 2.2 million Bitcoins left for miners to discover. This may seem like a lot, but it's important to remember that Bitcoin mining becomes more challenging over time, with the reward for a successful block discovery decreasing by half about every four years.

The Bitcoin scarcity model

How long will it take to mine all of the remaining Bitcoins?

If the network's hash power remains constant, the last Bitcoin won't be mined until the year 2140. This means that while many people may see Bitcoin's scarcity as a reason to invest in it, it's important to remember both the lost coins and the remaining coins yet to be mined.

In conclusion, Bitcoin's scarcity is one of the most fascinating aspects of the cryptocurrency world. However, it's important to remember that there are already many lost Bitcoins that are contributing to the overall scarcity.

So remember kids, don't be like James Howells. Store your seed safely!

$BTC #bitcoin #crypto2023 #crypto