Forgot Password? Bitcoin User Has Just Two Chances Left Or He Loses Rs 1,800 Crore In Cryptocurrency

Forgetting the password is pretty common. People often forget their passwords to email or online banking etc. But this time, forgetting the password cannot hurt more than this. A San Francisco based programmer Stefan Thomas has fallen into crisis.

Thomas has forgotten his Bitcoin password which contains $220 million (Rs 1,800 crore) in cryto-currency. After eight wrong guesses, he now has only two chances left. Thomas stored his bitcoins in an IronKey digital wallet. The digital wallet gives you ten attempts and if you do not get the password right by then, it will encrypt itself and all the fortune will be lost.

In 2011, Thomas was paid 7,002 bitcoins for his work on an animated video explaining how crypto-currency works. Over the past few years, the value of bitcoins has skyrocketed and now one bitcoin is worth $34,000.

However this fortune might be lost by Thomas as he cannot remember the password and there is no other way to retrieve it. He has made peace with this and says “Time will heal all wounds.”he started thinking, what kind of person loses such important information?

But Thomas certainly isn’t the only one to go through something like this. A person often on the road to a millionaire fortune ends up losing everything just because they were not able to access their account. Around $140 billion worth of Bitcoin was lost by various people who could not access their wallet.

Thomas confirmed that in Bitcoin, when you keep the money to yourself in some digital wallet, it is having cash in your own wallet and in your pocket. If you lose this money, then you just lose it. There is no alternative to recover that digital money.

Cryptocurrency data company, Chainalysis has said that there are more than 20% of the bitcoin account owners who cannot access their accounts.