6/23/2023 0 Comments Bitcoin expert reveals 3 step![]() So, you know, at the time, it might have been less money. Yeah, I think a good chunk of that, especially, like, some of the larger ones, were very early wallets. And so you can imagine it's probably hundreds of thousands, if not millions of people, who are in my situation.īut I think they said it was 20 per cent of all the bitcoin accounts are owned by people who can't access them. In The New York Times article about this, they had an estimate, which was something like locked up in these wallets. How many people do you think are not able to access their fortunes? We know that this has been a very good year for bitcoin. I would stay up all night trying different ideas for how to recover it, or just, like, staring at the ceiling for hours. And apparently I didn't do a very good job of that. Back then, you had to kind of come up with your own solution. Since then, a lot of people have come up with all kinds of clever solutions like, you know, metal wallets where you can put down your secret keys and things like that. And so if you hold your bitcoins, like I did, in a completely independent wallet - so not with an exchange, not with a bank, not with any kind of institution, but yourself - then it's just like cash. And so a little thing comes up when we're going to our bank or whatever, "Did you forget your password?" And then you push it and then you go through a business of changing your password. OK, this happens, right? We all know we lose our passwords. Yeah, it's a really good question, isn't it? Stefan, how is it possible that one measly little password stands between you and hundreds of millions of dollars? Here is part of his conversation with As It Happens host Carol Off. The IronKey gives users 10 password guesses before it encrypts its contents permanently, and Thomas' bitcoin is lost forever. Since then, the currency's value has skyrocketed, and Thomas' holdings are worth $220 million US ($321 million Cdn.) ![]() Later that year, he lost the password to his IronKey, the USB hard drive that contains the digital wallet that holds his bitcoins. For his efforts, a bitcoin enthusiast awarded him 7,002 bitcoins. Back in 2011, he produced an animated video explaining how the digital currency works. The San Francisco software developer and CEO was an early adopter of bitcoin. ![]() Or, he would be if only he could remember his password.
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