Thomas Forget Wallet Password: Bitcoin Security

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Stefan Thomas has been known for not remembering a Bitcoin wallet password for nearly two months. The 7,200 Bitcoin in the cryptocurrency wallet, which Thomas forgot his password, is worth $ 388 million.

Stefan Thomas, CEO of San Francisco-based Coil, USA, is a password away from his Bitcoin worth $ 388 million. When he lost his wallet password, the value of his Bitcoins was around $ 148,000. Software developer Thomas, whose name everyone learned, told the Bitcoin story on the Fintech Beat podcast.

It all started in 2010

Thomas was working as a software developer in 2010. He had a problem with his freelance business: difficulty with cross-border payments. Some of Thomas’ bank accounts were closed due to international payments. With the discovery of Bitcoin, things got easier in terms of payment.

Mt. He stated that before the Gox exchange, there was no website or platform where the Bitcoin price could be tracked or traded. In 2010, Mt. A relatively small Bitcoin community emerged with the Gox exchange. Thomas said that with the emergence of the stock market and Bitcoin seeing price activity, it started to attract people’s attention.

“People were impressed by Bitcoin technology and were talking about the benefits it offers. I was personally interested in Bitcoin’s contribution to payments, and I worked on it in my spare time. ”

First Bitcoin experience

Thomas said he obtained his first Bitcoin through the over-the-counter market (OTC). While explaining this, the famous Papa John’s gave the example of pizza: “At that time, you were giving something for BTC as if you were paying for a pizza to buy Bitcoin.”

In 2010, he stated that Bitcoin was seen as a very new technology and considered experimental. He did not see Bitcoin in a long-term perspective, either. But one day, he saw a community award for making an animated video about Bitcoin. The reward was 13,000 BTC. Thomas got the support of some of his friends for this and won the prize.

The reward was 9,052 BTC. He spent 2,000 of this award on those who helped him in the project and other expenses. He threw the remaining part into his crypto money wallet.

Protected Bitcoins

Thomas wanted to protect his Bitcoins after the amount started to increase. It established a cryptocurrency wallet system consisting of 2 backups and 1 main wallet to protect thousands of Bitcoins it owns. He set the passwords for all of them and now felt completely safe. Until July 2012.

Everything has changed

Stefan Thomas realized that he could not access the Bitcoins he was protecting on July 11, 2012. When he tried to enter the cryptocurrency wallet, his password was rejected and he saw that he had 2 access rights left.

“When I lost, I panicked. I was very bad. Making such a mistake saddened me. I researched how I can get my Bitcoins back. I said maybe I should have given up. ”

Thomas, an early Bitcoin owner, said that at the time there were no cryptocurrency custody companies or options such as powerful hardware wallets. He found the solution in the encryption method IronKey.

Various ways to get it back are offered

Stating that he heard all kinds of cryptocurrency cipher stories from others, Thomas said, “If you want your Bitcoin, it’s your job to keep it safe.” says.

Thomas points out that humans offer many ways to crack the code, from supernatural forces to hackers. He said it could be decrypted, with a possibility.

Blockchain has changed many things

Although there were problems in the early stages of crypto currencies, blockchain technology is promising. Stefan believes that besides decentralization and the creation of a new technology, blockchain is changing the way people view finance and payment systems. If you wonder, we suggest you an another way with click on below. How to buy Etherium with PayPal ?

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