Topic: Something you don't have to forget - page 5. (Read 679 times)

I remember before Bitcoin became what it is today but this coin started to get quite a lot of attention because several exchanges had appeared, there was a person who posted that he had forgotten the password from a Bitcoin wallet containing 100 Bitcoins and asked for help on one of the local forums in my country and unfortunately he also didn't back up the Private Key and other things related to his wallet, but I didn't follow the development of this problem whether he was finally able to take the Bitcoin or not, but actually it's quite natural that someone doesn't really care about the Bitcoin they have at the beginning of this coin's appearance. because no one knows about the future, like me who doesn't know that one of the altcoins that is quite stable and currently has a high price and lost quite a lot because it used an online wallet and was hacked.
So no one knows the future and whether in the future Bitcoin will still find its new ATH.

I don’t think the lost coins are due to people forgetting their passwords. There are services out there which can try and brute force the password as long as it’s not too long or feature special characters.

Most people lost their coins forever because they either threw away their hard drive or they overwritten it. And in these scenarios it’s impossible to recover the lost coins.

Now a days nobody forgets their password or throws away their hard drive because Bitcoin has a huge value.

We'll never know for sure... Bitcoin might either end up being worth nothing at all, or it could become valuable due to its very limited supply. Time has proven that Bitcoin has become valuable. This isn't much different from any coin or possession you have right now. As long as the future remains unpredictable, and there's no time traveler from the future telling us what will happen, we're still making educated guesses. Keeping your private key isn't a bad choice, even though in the worst-case scenario, it might be worth nothing.

Bitcoin serves as proof that in its less than 15 years of existence, it has already brought many surprises. And don't forget, Bitcoin could still drop to zero or become even more valuable than it is now. We don't know what the future holds; it's truly a long mystery.

It is a fact that people never imagined that Bitcoin would be so valuable. When the price of Bitcoin was absolutely worthless, people bought these Bitcoins without caring about the value of Bitcoin and even if they lost their password, they did not try to recover it. If we consider from our current position, we are not valuing this shitcoin which is worthless, just like it was when bitcoin was very low and people didn't value it that way. I haven't been on bitcoin forum for long and haven't invested in bitcoin. But I keep my bitcoin wallet very secure and password seed phrase carefully. Because I know if the seed phrase is lost, I won't be able to recover it.

Yeah, many have already lost their Bitcoins forever because of forgetting the keys, seeds, etc. of their wallets.

If it is not for those early adoptions, the market wont grow this much. But thanks to them and to those lost bitcoins forever, they have already contributed to the market for having that retained value.

Probably some have died already without even telling their wallets password and recovery seeds.

op Thank you first for discussing such an important topic. To be honest, there are still many people who keep their bitcoins in the wallet or forget the wallet password. So we have to carefully enter our wallet password so that we don't forget this password. If we are trading in something as important as Bitcoin, we must keep our wallet safe. If not, the chances of damage will be high.

Although the possibility was already hinted at a very early point in Bitcoin's existence, it was probably more of imaginary that each coin would reach as high as $69,000. Possible but highly improbable. To look forward to Bitcoin reaching $50,000 was certainly a far-fetched idea at those early moments. If you've got thousands of them for next to nothing and the price rose to $2, would you rather grab the opportunity to sell it or you'd risk keeping it for that slim possibility knowing that it could go back to nothing?

There is not enough bitcoin for everyone to have 10 BTC, that is part of what it makes bitcoin valuable, and while I do think there were many people that got surprised bitcoin was able to gain so much value over a period of time that was relatively short, there is not really any excuse for those persons to lose their seed words pr private keys.

Because from the beginning they have known how bitcoin works and they knew they had to keep that information safe, so they have only themselves to blame over this.

It always hard to tell what will happen in future about Bitcoin price and that why we are been advised by some people in crypto industry that should invest what will can afford to lose. Even now, we assume that it is possible that we actually know how the Bitcoin price will increase. A lot will have accumulated some huge numbers of Bitcoin, but because nobody can actually tell what will happen to the price of Bitcoin, they are investing what they can only afford to lose. Despite this,  there is little hope that Bitcoin may continue gain value due to its history of halving that backs it up.many people that have lost their wallet passwords at past. It may not be because they are not aware of Bitcoin price gain value, but it may be because they are not properly oriented about the wallets. Even now that the Bitcoin price is so high, some people are still losing access to wallets because they not well proper oriented.
Yes, you have provided sound advice, but the truth is that I will only suggest buying Bitcoin and not any other cryptocurrency because a lot of them pump and dump and end up being worthless forever.I still won't advise anyone to invest in altcoins with the belief that they would increase in value after they dump. but it is a good idea to keep any wallet you have with any kind of coin properly because it may be possible can rise again, but probably of many altcoins to again is very low expect Bitcoin. Many of altcoins were made only to scam people, thus I think they will never rise again.

We should not throw away old wallets because in this market anything can happen. Not only with the bitcoin wallet, I also kept the bounty wallet and airdrop wallet for many years. Although they are not valuable tokens now, anything can happen as you have experienced. Since joining the market, I have never lost a wallet. I store wallets that are no longer in regular use on my own USB. I advise people not to throw them away because anything can happen.

True, but what is done cannot be undone. I guess there are many people or holders of bitcoin who, in the past, forgot about their wallet or lost their seed phrase, which is important for them to access their wallets, but that's their fault and also their biggest regret. It's just that they are the few who missed the biggest opportunity, or, let's say, bitcoin was in their hands but slipped. Well, it can't be helped.

They still have a chance to invest in bitcoin, and I think they do. Also, that's why there are a lot of bitcoins circulating in the market, or liquity; those are the bitcoins we considered locked or forever lost. For example, like what I've mentioned about forgotten wallets that contain bitcoins or hard drives that have bitcoin, there are a lot of stories regarding this scenario. So it's a lesson: keep safe with your seed phrases, as they are the keys to your fortune.

well even though bitcoin’s potential was explored before, not everyone believed in it and in result people did not give much importance to the coin

it sucks to have found out about bitcoin a little later but for those who invested early, they might not have the information we have today the creation of internet was revolutionary but comparing the internet before and today there’s such a huge difference

in a way because of the early investors’ past experiences and mistakes, we got to learn and now we can avoid doing the same mistakes

I understand what you're trying to say, but let me bite on this statement about most people who knew about Bitcoin back then. The truth is that we keep forgetting to factor in the strong possibility that even if you bought Bitcoin back then, you would have likely sold it long before now. Someone who bought at let us say $30, even at $ 1,000 will sell off. So these people we calculate to be early birds, they most likely don't have Bitcoin anymore. Even the guy who sold the most expensive pizza for 10,000 Bitcoins, he lkely has an empty wallet for a really long now.

Coming back to your topic, Bitcoin has taught us a lesson, and I believe that record has served as motivation for many people, and the decision to hodl is now even stronger.

This is indeed a Bitcoin forum where the focus is to discuss about Bitcoin but it is also not wrong to discuss altcoins because there's an alternative board for it. You may say that this forum is now for altcoins and coins but as you have said that this forum main discussions is all about Bitcoin. I agree that this should be Bitcoin discussions and not altcoins but there times where Bitcoin is compared to altcoins or bitcoin is mentioned together with an altcoin.

However, there is still time though to accumulate, it might not be as huge as what we plan because everyone is late or the timing is bad, but you need to be very positive and look for the long term, at least 5 years will be good to see and gauge if you really make it here.

Of course, you need conscious effort to accomplished it, like slowly accumulating and then holding and protecting all your assets be it bitcoin or any other altcoin if you are into it. So don't be discourage, and just look at bitcoin, one year ago we are at our lowest low, but check the price right now, we have gain more than 100%.

And I think investors in the last couple of years are getting smart and knows how to safely secure their private keys or mnemonic phrase.

This post brings up a good point that we should be mindful of where we discuss different cryptocurrencies.  But, since this is a Bitcoin forum specifically, it would be better to focus just on Bitcoin here and take conversations about other coins to the Altcoin section.  

Keeping all your account details secure is certainly important no matter what - your password, wallet recovery phrase, etc.  Of those, the recovery phrase especially allows full access so guarding that is critical.  But really, all sensitive info like that should be treated carefully.

If there's one thing that is certain about the realities that the Blockchain has opened our eyes to, it is that the future of money being decentralized intotal is feasible. Countries like El Salvador, even Britain use crypto, specifically BTC for payments.
I can also agree that the issues of taxing cryptocurrencies is one that is going to make it cement its place in the world history as a decentralized money that is an alternative to fiat currency.

There are many old wallets where I have lost the recovery phrase or private keys. Some of these wallets were used for claiming airdrops or bounties and I quickly forgot about them because the coins weren't worth much or I dumped my holdings. There was probably not much value in those wallets except for perhaps my Shapeshift wallet. I remember claiming an airdrop from it but then I deleted the wallet, a few years later they did a bigger airdrop where people were claiming thousands of dollars and when I tried to re-install it to see if I was eligible I could not recover it. Fortunately, I still had access to my Metamask wallet which was eligible and I made a nice profit from airdropped FOX tokens.

Welp. It do be like that sometimes.

Bitcoin's rise to fameand glory isn't something that you can emulate in just a snap of a finger, so while I understand, and I wholly agree with not forgetting your keys and seed phrases, I say we can't really control what and how people will do in this situation, especially when you consider the fact that for the most part, to get rich in this industry you literally have to wait years and years, and even then there's no real guarantee that you're getting anything in the end. So yeah, don't forget your keys and seed phrases, but don't beat yourself up if you did.

You bet! Butt without these constant reminder, people may have already learned the past mistakes for not keeping those bitcoin safe not expecting for it to go this big. Those are the once in a lifetime opportunities, but as people did not expect it, all of it has gone to waste. I'm pretty sure people nowadays are now keeping the coins they have accumulated from the smallest purchase down to the airdrops they got, hoping for a game changing results.