{"id":12174,"date":"2021-01-13T23:37:40","date_gmt":"2021-01-13T23:37:40","guid":{"rendered":"https:\/\/bitcoin.ng\/?p=12174"},"modified":"2021-01-13T23:37:41","modified_gmt":"2021-01-13T23:37:41","slug":"man-loses-password-to-7002-250-million-worth-of-bitcoin","status":"publish","type":"post","link":"https:\/\/bitcoin.ng\/man-loses-password-to-7002-250-million-worth-of-bitcoin\/","title":{"rendered":"Man Loses Password to 7,002 ($250 Million) Worth of Bitcoin"},"content":{"rendered":"\n<p>After losing the piece of paper on which he wrote his password, German-born programmer, Stefan Thomas, is left with only two attempts left to recover his Bitcoin, worth $250 million. <\/p>\n\n\n\n<div style=\"height:36px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Missing Password to Bitcoin Fortunes<\/h2>\n\n\n\n<p>The Search for the Bitcoin Password<\/p>\n\n\n\n<p class=\"has-text-align-right\"><strong><em>&#8220;I would just lay in bed and think about it. Then I would go to the computer with some new strategy, and it wouldn\u2019t work, and I would be desperate again.<\/em>&#8220;<\/strong><\/p>\n\n\n\n<p>Stefan stored his Bitcoin in an encrypted hard drive known as an Ironkey. He initially had 10 attempts to access the Bitcoin on the Ironkey. Now, with 8 attempts used up, Stefan only has 2 chances left to <a href=\"https:\/\/bitcoin.ng\/bitcoin-rose-in-value-by-5000\/\" target=\"_blank\" rel=\"noreferrer noopener\">open the<\/a> Ironkey. After 10 failed attempts, the password will be encrypted, making the wallet impossible to access.<\/p>\n\n\n\n<div style=\"height:35px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Simpler Times<\/h2>\n\n\n\n<p>In 2011, Stefan was given 7,002 Bitcoins while living in Switzerland. In return for making the famous animated video entitled &#8220;What is Bitcoin?&#8221; Stefan was given the Bitcoins by an early <a href=\"https:\/\/nairaex.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Bitcoiner<\/a>.<\/p>\n\n\n\n<p>Stefan is now put off cryptocurrencies. He told the New York Times: <em>&#8220;The whole idea of being your own bank- let me put it this way, do you make your own shoes?&#8221;<\/em><\/p>\n\n\n\n<p class=\"has-text-align-right\"><em><strong>&#8220;The reason we have banks is that we don&#8217;t want to deal with all those things that banks do&#8221;<\/strong><\/em><\/p>\n\n\n\n<p>Some other people have faced similar bouts of luck as Stefan. Gabriel Abed, a 34 year old entrepreneur from Barbados, lost approximately 800 Bitcoin which is worth $25 million today. The Bitcoin was lost after a colleague formatted a laptop that contained the private keys  to his wallet. <\/p>\n\n\n\n<p>Before, it was hard to conceive that the Bitcion market cap could rise to $1 trillion. Now, it doesn&#8217;t seem so crazy. In one month alone the price added 50% as interest in the cryptocurrency spiked to unprecedented levels. Traders and investors are looking to the cryptocurrency to hedge against inflation and also make<a href=\"https:\/\/nairaex.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"> profits<\/a>. One analyst believes that this is the beginning of a two-year run towards a $1 trillion Bitcoin market cap.<\/p>\n\n\n\n<p><em>Photo by <a href=\"https:\/\/unsplash.com\/@markusspiske?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\">Markus Spiske<\/a> on <a href=\"https:\/\/unsplash.com\/s\/photos\/password?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\">Unsplash<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>After losing the piece of paper on which he wrote his password, German-born programmer, Stefan Thomas, is left with only two attempts left to recover his Bitcoin, worth $250 million. Missing Password to Bitcoin Fortunes The Search for the Bitcoin Password &#8220;I would just lay in bed and think about it. Then I would go [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":12180,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17,4],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Man Loses Password to 7,002 ($250 Million) Worth of Bitcoin - Bitcoin Nigeria - Trusted Bitcoin Resources and Information.<\/title>\n<meta name=\"description\" content=\"After losing the piece of paper on which he wrote his password, the German-born programmer has to recover his Bitcoin, worth $250 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bitcoin.ng\/man-loses-password-to-7002-250-million-worth-of-bitcoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Man Loses Password to 7,002 ($250 Million) Worth of Bitcoin - 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