Exclusive: Nearly 4 Million Bitcoins Lost Forever, New Study Says

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Cryptocurrency has been a very hot topic in the news, especially in the last few months. However, lost private key bitcoin exchange Deputy Head of Technology of the London-based British newspaper The Telegraph stated two years ago lost private key bitcoin exchange many bitcoins from the total amount that were mined until that year were already lost.

If you take that estimate in regards to the The guess is that a lot of these unused bitcoins are gone for good. There are many stories about people who remember that they had bitcoins but lost their storage media. One person from Newport, South Wales wanted to pay the city to find his discarded hard drive with his private key of 7, bitcoins in a waste recycling center.

And yet another person who mined 10 bitcoins input their bitcoins on an USB stick and forgot about it. When they found out that price had gone up, they were not able to find the stick anymore. And the list goes on and on and on…. With so many bitcoins probably vanished or lost — How should you protect your digital coins? First, make sure that your bitcoins are stored somewhere safe, away from potential hackers and thieves.

These trading sites differ drastically in their legal structure. Some of these platforms just are handling trades of real bitcoins and other cryptocurrencies between private individuals.

Some are structured as a bank and you can create an account inside this online financial institution and buy and sell bitcoins there. In reality you never see your bitcoin and you do not really possess a real bitcoin or parts of it that you can use for purchasing or selling real goods like a simple hamburger.

In this case you cannot take your bitcoin and make a purchase in a store witch accepts bitcoin payments or buying illegal goods on the internet. These sites or banks are just for traders. This means that keeping your bitcoins safe has a lot to do with what do you want your bitcoin for: Using them as a digital currency to pay goods and services or as a way to make quick and easy money by speculating. For those traders among the readers here, the best advise is to open an account on a secure and reliable bitcoin trading platform, which operates almost like a bank.

They will try to take sure of your digital money is safe and no bitcoins getting lost because of hardware failure or hackers trying to steal them. And this lost private key bitcoin exchange happening: A Slovenian bitcoin exchange called NiceHash was hacked in early December and 4, bitcoins were lost.

When you really need your bitcoin as a real digital currency, then here apply the same rules as with every other digital file: Make several digital copies a. For example, you can make a backup of your wallet on an external hard disk drive, an USB stick, or burn it to a CD. If you have a tape based backup system available, you can use that, too, since you could wait for another 50 years and still recover that bitcoin wallet.

Another possibility is to backup your wallet in the cloud on one of the various cloud service providers. But remember to make sure that nobody is able to access your file since we are talking money here.

Another idea is to print out your bitcoin wallet. The private key is always assigned to a bitcoin address. However you could print out the private key or the whole bitcoin wallet as a paper version and put this piece of paper in a fire-proof safe.

This might be the safest variant to keep lost private key bitcoin exchange bitcoins safe and secure. Here you have to keep in mind, that you need to purchase and use good paper and more expensive for the print out, lost private key bitcoin exchange the ink will vanish after a couple of years. Your email address lost private key bitcoin exchange not be published. Leave this field empty. How to Protect your Bitcoin. Leave a Reply Cancel reply Your email address will not be published.

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