Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Ferki on January 14, 2021, 10:49:35 AM
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Many Bitcoin holders have forgotten or lost the passwords of their accounts, maybe forever. It is assumed that 3.7 million bitcoins remain without access to the wallet.
For the actual value of Bitcoin, that's a good thing.
But imagine the same thing would happen to you. In my opinion, the only possibility would be to wait for super quantum computers to decipher the keys.
What do you do to avoid such an incident? Do you inform your family about your accounts and the associated keys, passwords, etc.?
Do you use several storage options to secure your keys? Or are you the one who believes in eternal life and Covid-19 and other diseases would only hit others, never you? Are you just lazy and want to do that later?
Or haven't you even thought about it until now?
PS: I will try to repeat this post once every 6 months or to push it to remind the lazy ones of you what can happen ;)
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Thank you for this simple but very important review. I'm sure many people don't care much about their account passwords. They think that the risk of forgetting is impossible. I myself created a password with special characters that I can easily remember. However, usually I copy it in another container for anticipation
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Thank you for this simple but very important review. I'm sure many people don't care much about their account passwords. They think that the risk of forgetting is impossible. I myself created a password with special characters that I can easily remember. However, usually I copy it in another container for anticipation
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Security is one of the most important things, that's why I would never leave my coins/tokens on an exchange, it is the worst thing to do. Some of my family members have encrypted backups of all my wallets. I also have encrypted copies on hard drives, Trezor, Ledger, and Keep Key. I always carry a master copy of everything with me and I also have it in a highly water and fire resistant box.
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Everyone, I believe, has taken security measures against their assets. It is impossible for the results of his hard work to be left without a strict security system. And everyone has their own safety mechanism that allows them to be comfortable throughout their life ...
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True. When we have Bitcoin funds we keep it safe. And when we pass away our Bitcoin funds are lost forever not unless we inform and educate our love ones about our funds for them to recover it in times of emergency or again when life has come to an end.
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I have given access to my family I trust to be able to log in to my crypto wallet, this can be done to avoid things that will happen in the future such as death.
Some people may not do it because they have a lot of money, this is an option and we need to remind everyone of this
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PS: I will try to repeat this post once every 6 months or to push it to remind the lazy ones of you what can happen ;)
Thanks for your efforts, I think many people will pay more attention to this topic thanks to this topic.
Maybe many people expect quantum computers to find keys for Bitcoin wallets, but I think that if that happens all the value of Bitcoin will disappear and even if the wallet is opened, the value its also just $0. If we don't have a way to deal with the quantum computer, all the advantages of crypto and Bitcoin will be broken, crypto will lose all of its value and we don't need to unlock Bitcoin wallet :)
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PS: I will try to repeat this post once every 6 months or to push it to remind the lazy ones of you what can happen ;)
Thanks for your efforts, I think many people will pay more attention to this topic thanks to this topic.
Maybe many people expect quantum computers to find keys for Bitcoin wallets, but I think that if that happens all the value of Bitcoin will disappear and even if the wallet is opened, the value its also just $0. If we don't have a way to deal with the quantum computer, all the advantages of crypto and Bitcoin will be broken, crypto will lose all of its value and we don't need to unlock Bitcoin wallet :)
I think that there are much more bitcoins lost for various reasons. Back in 2017, there was information about about six million bitcoins, to which access was lost.
If quantum computers appear, then most likely they will immediately fall into the hands of criminals and many bitcoin wallets will be hacked. Moreover, this primarily applies to wallets with large amounts of bitcoins, since this information is publicly available. So many bitcoins will be thrown onto the market that its price will almost depreciate. However, this may not happen. After all, cryptocurrency is also developing very quickly.
The secret keys to our wallets must be kept on paper, which will be kept in a safe place.
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Just the fiat money, Bitcoin can also be lost though it is really sad to think about it considering its price right now in the market. Now, there is nothing much we can do with lost Bitcoin as it is really just like a lost air once it is gone it can be gone forever. If we have to wait for the use of quamtum computing to recover lost Bitcoin, is that not the technology that will actually kill Bitcoin in the first place? What is the use of something that can help us recover something when that something is already rendered worthless? Just wondering...
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Just the fiat money, Bitcoin can also be lost though it is really sad to think about it considering its price right now in the market. Now, there is nothing much we can do with lost Bitcoin as it is really just like a lost air once it is gone it can be gone forever. If we have to wait for the use of quamtum computing to recover lost Bitcoin, is that not the technology that will actually kill Bitcoin in the first place? What is the use of something that can help us recover something when that something is already rendered worthless? Just wondering...
The point of this thread was not the question of what we should do with the lost Bitcoin, but how we should protect ourselves from not losing Bitcoin.
Speaking of quantum computers; do you really believe in the beginning everyone will be able to have it?
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Indeed, in order to keep bitcoins need a very competent approach to bitcoin security in wallets. The main problem of people is that they are really lazy to save passwords and secret keys in a safe and secure place. Many people forget or lose access to their bitcoins forever. Maybe someday supercomputers will be able to find access to such wallets.
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So many holders are always careless when it comes to the security of their wallet, they are ignorant of this risk management and some are just have this I don't care altitude to save and write them down in a safe place. I can't imagine loosing access to my wallet, it's just as if I forgot my bank details when I know that my bank is virtually operated without customer support.
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So many holders are always careless when it comes to the security of their wallet, they are ignorant of this risk management and some are just have this I don't care altitude to save and write them down in a safe place. I can't imagine loosing access to my wallet, it's just as if I forgot my bank details when I know that my bank is virtually operated without customer support.
Yes, right. Many wallet owners think that the standard system is the safest and guarantees there is no risk of losing the contents of their wallets. Even though there are many fraudulent attempts out there, considering that virtual wallets can be accessed from anywhere ...
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PS: I will try to repeat this post once every 6 months or to push it to remind the lazy ones of you what can happen ;)
That is good to remind the community.
But not applicable to all. I agree some are lazy. But what about those holders who are careful? Some users experienced such deadly cases like fire burn the house, tsunami, and earthquake.
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What do you do to avoid such an incident? Do you inform your family about your accounts and the associated keys, passwords, etc.?
Do you use several storage options to secure your keys? Or are you the one who believes in eternal life and Covid-19 and other diseases would only hit others, never you? Are you just lazy and want to do that later?
Or haven't you even thought about it until now?
I experienced losing a private with a small amount of Bitcoin on it, I want to move forward from that bad experienced but the thought that those Bitcoin will grow to a lot of money is something stressful to think about, but what can I do it's something that happens without your control, but it made to be very careful on my private key.
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Is it real? Wow, if think about the amount, it may be feeling so dizzy because of it. Additionally, many new coins are upcoming and this may always happen. And about that amount of BTC, will they be successful in doing the job and we can see the future really for bitsin
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What I always did is writing them in my private note and let my brother knows about it just in case something negative will happen to me.
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Yes everyone it is very important to keep security keys very securely. Because if you lost it you will never get your access back to your account. So every one should keep it very securely regarding its importance.
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Unfortunately, my family does not know well what cryptocurrency and blockchain are, if I leave them my passwords and private keys, I think they are unlikely to be able to deduce them.
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Really brother I was surprised after seeing your topic. Because 3.7 million bitcoins have been lost. What would I do if this happened to me this summer? I haven't thought about that yet. But I will keep at least one of my trusted people to keep my private key or password safe. Because it is not possible to say what happens when. If something happens to me. So that my family can access my bitcoin wallet.
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It has been a classic matter and always a big problem to many Bitcoin holders. I also read some news about losing their private keys, passwords, PIN, and also other crucial data. We know that losing them means that we don't have the money. So, be patient an make it as one of our good lessons
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There are many bitcoin holders who forget their passwords so many of their BTCs get stuck. I have heard such incidents on social media a lot of the time so all the holders should have their passwords and the backups should be stored on a good device. Many times again many bitcoin holders are dying but all the holders should share something with their family then they can be found back.
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There are many bitcoin holders who forget their passwords so many of their BTCs get stuck. I have heard such incidents on social media a lot of the time so all the holders should have their passwords and the backups should be stored on a good device. Many times again many bitcoin holders are dying but all the holders should share something with their family then they can be found back.
that's the advantage of bitcoin, the more people forget to access their wallet, the fewer bitcoins in circulation and the bitcoin supply will be close to the maximum so this will have a good impact on the price of bitcoin, which of course will make the price even more expensive because the more people want buy bitcoin.
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For users who misplace a wallet or key, the process can be overwhelmingly frustrating. However, the misplacement and potential loss of 20% of all BTC tokens should have little effect on the broader cryptocurrency industry. Bitcoin is easily split into very small denominations, unlike fiat currency. This allows for loss of a sizable quantity of BTC without an overall impact on the currency itself. Even given that miners are approaching the final BTC, the rate of loss of tokens can continue for years without there being any sort of impact on the functionality of the coin. Indeed, even if there were very few individual tokens, the protocol for how BTC can be divided could be adjusted to facilitate its continued functioning. Of course, this doesn't help those people who have lost their tokens.
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3.7 million Bitcoin lost just like that is a testament to the ridiculousness of our life for such a valuable asset.
I think that person will just hate himself and that really describes himself with sadness.
If this happens to me then I will only realize myself if it is an act which is very not imitated.
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It is a huge amount of lost Bitcoins, and many people who have lost hard drives, pen drives, other memory devices and in many cases also passwords. When you see news like this, it is normal to remember backups at different levels to prevent this from happening again, but most people don't learn.
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A very large amount for me, and of course the person concerned suffered a big loss. This is a warning for us, how important the key is to enter our wallets. Don't lose it, and keep it in a safe place. Make sure your assets are maintained and under control.
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From the very beginning, Bitcoin was created if only those who could send Bitcoin were those who had the private key.
If they don't have the Private Key or it is lost then don't expect that they can get the money back in Bitcoin.
This warning has been created since Satoshi Nakamot first designed Bitcoin and this should be a lesson for all of us so that we don't lose the private key.
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Back in 2017, there was information about more than six million lost bitcoins. By now, there are probably more than eight million. This number will continue to grow over time. And there is nothing we can do about it. People will always lose some of their bitcoins and other cryptocurrencies. The high price of bitcoin will not save from this either. This is the peculiarity of cryptocurrency. We are fully responsible for any actions with cryptocurrency, including for any possible errors when working with it.
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This is common but very important issue for all the crypto community. Every trader should keep their pass code or key in a reliable place due to their security even after death it can use by the next generation.
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I think bitcoin will always have a high demand and can provide price increases every year and those who are able to survive in bitcoin for a very long time can get a lot of profit, it has been proven from the beginning that bitcoin was created until the price is as expensive as this bitcoin has a price movement that good and bitcoin will be harder to get.
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I think that you told a very valuable point for care of users. Because we know that bitcoin account is very important for a user.So if we couldn't take care of and preserving it,I think that it's our fool introduce. Otherwise we lost our valuable things.So when we creat an account must we should conscious from it.So i trust that if we conscious next it couldn't be occurred.
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I think that you told a very valuable point for care of users. Because we know that bitcoin account is very important for a user.So if we couldn't take care of and preserving it,I think that it's our fool introduce. Otherwise we lost our valuable things.So when we creat an account must we should conscious from it.So i trust that if we conscious next it couldn't be occurred.
That's one of the biggest problems people have, especially newbies. Many of the "new" investors are not aware of the importance of security, some invest in cryptocurrencies without having any knowledge of cryptocurrencies or the most basic things of computer science. Then they lose their keys, their wallets, their funds and are scammed. People need prior knowledge and even then they may have problems.