Let’s be frank, who wouldn’t be blown over the top for losing $20,000?.No, I mean, $150,000 due to a simple art of negligence?
See, until one deals with negligence which is a younger brother to procrastination, both of these sucks if allowed to roar, and the result is not always far from a negative report.
So, a crypto enthusiast, known as Jarrijareed, shared how he lost over $150,000 Of Bitcoin. That is a lot of cryptocurrency if you ask me.
The Truth about Unclaimed Bitcoin Vs Lost Bitcoin Password
No matter how we want to term it, if you lose your bitcoin wallet password we can conclude that it’s already an unclaimed Bitcoin. Why? Because searching for a bitcoin address list using any crypto explorer won’t help a bit. The conclusion is if you do not have the wallet key you have no crypto.
While I will allow Jarrijareed to narrate his story, what I want us to learn are the invaluable regrets and the top lessons and so as not to lose your Bitcoin or Crypto as well.
How I Lost Over $150,000 Of Cryptocurrency In A Broad Day Light
As shared by Jarrijareed (no edit – in his voice and letters),
It’s not a joke. You don’t realize shit happens until it happens don’t be that guy in my position. Please copy your backup codes and secure your wallet it’s not a good feeling
It’s not even about losing 170K it’s about losing a wallet with that much money in BTC. It’s there but you cannot use it. When I start seeing the price go up is when it’s going to piss me off 40% reward to person that finds a way or gives me an idea to restoring the wallet.
The Story Line:
I had purchased a new 27 inch iMac for our new office. I later got so much negative feedback about how it was just too big for my desk and that a MacBook would be better.
Anyway after completing my new office I decided to go on holiday for a week which was fun but had this bad feeling I don’t know why.
I got back to my office and decided I would take a trip to London as there was a super car conference (I’m into cars). I then decided to go clothes shopping as clothes are a lot cheaper in my home country. I decided going to the fancy mall nearby.
I then bumped into the Apple store I bought my iMac from and asked an employee if I could swap it they said no. I’d have to return it first. I thought it would be late now because it had been a while. We looked it up and it was the 14th day of purchase, the employee told me I had 4 hours to return it so I quickly ran home and brought the iMac back.
My wallet was newly transferred onto a Blockchain wallet created on the iMac after I had an incident with an offline wallet and got scared. I used auto generate password by apple with no iCloud to back up the keychain. When creating it I took a screenshot on the iMac of the recovery phrase which is also now gone.
I realized at night and called Apple all over the world to try and find somebody that could help. I went to the store 2 hours before it opened in case there was a delivery van taking the products back to China which is the procedure I was informed by the employee on the phone. The Apple store finally opened, the manager went to check and informed me it was formatted as it’s the standard return- refund procedure.
Bitcoin recovery companies?
Those companies try brute forcing into your wallet offline. It’s only and mainly mostly possible if you remember your password and are sure it’s just a typo mistake. Example: your idea of the password: Password2019. Real password: Passsword2019
It would take an average of 100 years from my research to brute force into my own wallet. Correct me if I’m wrong.
The Hard Lessons Learned From Losing This Amount Of Crypto
1. Using a Hot Wallet.
Using a hot wallet here was not the best thing to do. Meanwhile, a hot wallet is a crypto wallet which he hosted online. An example is using Coinbase online wallet.
Truth is, I started using Coinbase.com/wallet in 2016, but I wouldn’t mess or be tricked to leave up to $20,000 there. You know why? Because I have no control over it.
Your question now: which of the wallets do I have control over?
It is called the HARDWARE wallet. And a recommended + affordable one is Ledger Wallet. We will learn more about this later.
2. Not Keeping a 100% Key Backup
Perhaps the wallet backup key was a screenshot but not saved to cloud or a special folder in an email account like Gmail.
If I want to be straight, I will plainly say that this is a 100% negligence, right? I mean, doing the little things that matter at times is boring – which eventually results in a loss.
3. Not Using A Safer But Cheaper Wallet
Just as I said above, this crypto enthusiast would have saved his head and money by simply buying a less than $150 crypto wallet to use.
For instance, Ledger Nano X would have been enough for his asset management.
The Ledger Nano X is a Bluetooth® enabled secure device that stores your private keys. It makes sure all your crypto assets are safe, wherever you go. More benefits of Ledger Nano X crypto wallet are below.
1. Robust Capacity
This wallet has the capacity to install up to 100 applications on your Ledger Nano X among our list of compatible apps, including Bitcoin, Ethereum, XRP, Litecoin and many more.
2. Manage your crypto Easily
Check your balance, send and receive 23 coins and more than 1250 ERC20 tokens directly with Ledger Live app.
3. Earn crypto while holding
With your wallet, you can earn crypt while you hold it. How? You simply Stake coins and earn rewards directly in Ledger Live. As a matter of fact, Ledger Live supports Tezos.
The WAY Out to Safeguarding your Cryptocurrency from Theft
The ultimate truth to securing your digital asset is “taking control of your wallet. If you don’t have the keys then you do not own your wallet.
The basic stuff is,
Buy a hardware wallet! (If you don’t know how to secure it in another way).
So, that is how Jarrijareed’s bitcoin disappeared.