One of the cryptocurrencies that have developed the most outstanding record of use and management since its creation in 2015 is Bitcoin, demonstrating why it has been the pioneer in a market that, for many, is complex and volatile. Still, with surprising returns, its growth has exceeded 10,000% from its origin. Please click this link if you are considering investing in Bitcoin.
Many people have achieved wealth thanks to cryptographic investments because the bullish phases have benefited companies and individuals who started their assets with little capital. After a few months, their money has quadrupled.
A story with many millions involved
Although many have managed to withdraw their winnings, others have yet to have the same luck as the computer programmer whose fortune has been dramatic because he needs to remember his wallet password.
In the virtual wallet, he has stored more than 7,000 Bitcoin, where the attempts to enter have been unsuccessful, resulting in 8 of the ten failed attempts.
If the last two opportunities fail, it could be losing more than 100 million dollars, a fairly significant amount and one that undoubtedly has the developer in mind.
When you invested in Bitcoin, its value was around 1 to 1.10 dollars for each unit of Bitcoin.
The data of the virtual wallets is always recommended to be stored or protected in a safe place where there is no risk of being obtained and then becoming victims of scams; in the specific case of Thomas, I write down the password on a piece of paper which he later lost.
Said password unlocks a small hard drive known as IronKey, which can store passwords, but, which is very peculiar when using all attempts, it could be encrypted forever and not have access to said Bitcoin.
What represents the loss of digital keys
Forgetting the password is the worst thing that can happen to an investor, discovering that they have made a lot of money investing in an asset and not knowing how to recover that money by forgetting the data and the password. Unfortunately, Thomas is not the first to experience this; it turns out that more than 20% of cryptocurrency users need to remember their passwords.
The crypto asset market is quite vulnerable regarding the security and protection of stored cryptocurrencies. For example, the loss of security keys has represented between 40 and 50% of lost Bitcoin worldwide.
But since everything has a solution, although these situations are catastrophic for some people, there will always be someone who can help us solve the problems that arise in our day to day, and this is the case of a young man and his father, recognized as cryptocurrency recovery, small business owners in New Hampshire.
Both entrepreneurs concluded that 14% of these lost bitcoins are potentially recoverable. Their job is to compile a list of possible passwords for each customer. Then they try to understand how their customers created those passwords and thus help them remember the correct combination.
Carrying out this exhaustive work, they have unlocked 35% of the 72 lost passwords they have in their work history. These cases become increasingly worrying when legal tender amounts represent more than 100 billion dollars in cryptocurrencies.
Transactions with crypto assets are protected with passwords like those of an ordinary bank account. The risk, however, is more significant when people need to remember passwords or save and lose them because they do not consider them relevant.
On the other hand, the less secure, the easier it is to hack. It represents another essential risk since you need to remember the valuable password to avoid losing your money by not recognizing the valuable password. Remember that this type of operation is highly tempting to all those who have the business of hacking accounts to usurp identities and be able to obtain bitcoins in favor of hackers.
The young programmer who owns the wallet whose password is an enigma and who is only two attempts away from losing everything comments in an interview that the situation is a painful memory and that he hopes it will serve as an example for others to learn from his mistakes.