Loosing Your Private Keys

I just read a story about a German guy, who forgot the password to his encrypted hard drive. The drive contains 7002 BTC, which is worth over 250 million USD. He only has 2 attempts left to guess the password or the Bitcoin will be lost forever. You can read more about this unfortunate guy right over here.

Via Tenor

This and similar stories have come up all the time in the last years and they show one of the largest "problems" of cryptocurrencies. In this modern age we are used to having a "Forgot Password" button, which we can just click in case we don't remember our password. Cryptocurrencies on the other hand are secured by private keys / passwords, which are usually shown only once when creating a new wallet and there is no way of restoring them, if you loose your backup or forget the password. People however tend to not store their password / private key in a secure place.

Via Tenor

A similar thing happened to myself when I first got into cryptocurrencies in 2014. I started earning a few Satoshis every day using Bitcoin faucets. Back then I seem to have created a new Bitcoin wallet without any backup and when I switched my computer I probably forgot to copy it over. Fortunately in my case it is only a total of 40 bucks I lost and not 250 million. You can find my "forever lost" Bitcoin under the address 1vjhoaHgFtecgDNB8wtm4fepNUA9wBfy9.

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