According to cryptocurrency data firm Chainalysis, out of existing 18.5 million Bitcoin, around 20% of all Bitcoins are lost…forever. It’s something I think about daily and question whether I can do a better job at protecting my keys than the centralized exchanges. Because of the many stories on how someone lost their bitcoin, everyday I trying to come up with another redundant system. It might be over kill, but we are talking about generational wealth here.
https://usaherald.com/approximately-140b-worth-of-bitcoin-lost-or-inaccessible-to-investors/
▶️ 3Speak
Yeah, losing your keys sucks, I was just writing about losing my HIVE master key (and luckily finding it again). Of course there wasn't many coins on there, but it was still scary enough. I can't imagine what losing a significant amount would feel like. I'd imagine some people have straight killed themselves after watching BTC hit 40k after having lost their keys years ago or something. Losing My Keys Post
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I prefer not have invested in bitcoin in the 2012s... than having do it and then lost the keys!!! As you said, I would have killed my self straight ahahahha
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Yeah, Bitcoin was so new, who would of thought to take it serious back than...COVID-19 put Bitcoin on the map for good.
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So what are you doing differently now, so you aren't put in that situation again.
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Redundancy, any new keys are double and then triple checked before being put on both hard copy in a secure place and in an encrypted database that I back up every week in multiple places. Hopefully that does the trick, if I get hit on the head really hard and forget my password I still have the hard copy, if I can remember where the hard copy is stashed after I get hit on the head that is.
20% is a hugeeeee number, isn't it!
-goes to double check my own contingencies.
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Yes sir, even scarcer than anyone can imagine.
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I’m starting to get sick of these stories. It’s their fault they lost them it’s not a badge of honor.
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@crytictruth is could happen to anyone of us, these are stories to learn from.
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It's like the first rule of crypto.
That is quite true and this is why the cryptocurrency holding keys need to be simplified in some way. Not to simplify the encryption, but the way you hold the password for it or some way to authenticate it. For example it would be cool to generate a key based on your mark or face expression or something like this. You don't need to remember it anymore, just to embed that within the key itself somehow.
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Love that idea face recognition...nice.
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