Earth is actually very efficient at retaining water, and while some water can escape, the primary reason it doesn't all dissipate into space is due to extremely cold regions in the upper atmosphere.
Here's a breakdown:
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Water's Journey to the Upper Atmosphere: Some water vapor does make its way to the upper reaches of Earth's atmosphere.
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The Escape Barrier: Extreme Cold: The crucial factor preventing the complete loss of water is the extreme cold in certain atmospheric regions. This cold temperature freezes much of the water vapor.
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Limited Escape: Because of the freezing, only a small amount of water, as vapor, has the potential to escape into space.
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Replenishment from Within: It's also important to note that volcanoes release vast quantities of water from the Earth's interior, replenishing some of the water lost.
In essence, while some water loss is possible, Earth's atmosphere, particularly its extremely cold regions, acts as a barrier, preventing the wholesale escape of water into space. Volcanoes also play a key role by releasing water from Earth's interior.