The Risk of Losing Your Coins

by Verdzekov Bernard

Can you retrieve your Bitcoin wallet if it happens you lose your phone? I have had a friend who worked so hard when it comes to bitcoins. I called him Bitcoin Plug. He was really good. He basically always had coins. But an unforeseen circumstance happened to him. He lost his phones to thieves. He became too confused so much so that he didn’t know what to do. He quickly got another, downloaded the app really quick, but he couldn’t recall any information. He knew his password, but didn’t know what to do to have back his coins. He couldn’t memories the 12-word backup phrase. The trauma got him really sick and you know what? His sickness or confusion didn’t bring him back the coins. He lost it all. 

It took him time to gain back strength and the decision to venture in bitcoin again. But today he is all good but can never forget the day his phone was snatched from his hands with a knife pointed at him and he can’t forget his money too.

An app that permits you to transact with money. Money which is only digital and no bank or money institution owes you any explanation if something went wrong with your account. That is why there is this continues saying that, “take the risk and join the rich”. Is the risk not to large already? But you accepted to it the moment you read their terms and accepted. So, no one owes you anything if anything goes wrong. 

There are very wealthy people that have strived positively in bitcoin. They have thousands of dollars that could feed an entire town for months. What becomes of their Bitcoins when they die? They are wills people write when they living and when they die, a lawyer goes and read the will. Will that be same for digital wallets? 

There are stories of people that have million dollars in bitcoin and because the died without giving the password to anyone, the money followed them to the grave. That is a huge wastage because even if it was writing in a will that you were entitled to that money, without the password, you wont benefit. That makes todays money and banks still cool and favorable today. You may have plans to give your wife or children the code, maybe on your sick bed, but unfortunately you didn’t even go to the hospital or actually got sick to release you are dying, you instead got involve in an accident and die. Forget it. If that wallet can’t be hacked, the money follows you to the grave. With banks, after presenting proves of your passing away, the money will be transferred to your listed successors. This will go a long way to help your family after you are death. 

You may say your wife should know the password or children; what makes you think it will be save? What makes you think they won’t compromise your wallet? Even if you trust your family with the password to your wallet, what if a gun is pointed at their head? What will be your options towards that? This is how difficult it will be. People working hard and dying still living their family behind to suffer because of NO digital access to a wallet where their money is all stored. This is a fact. This may not be quickly realis now, but with the Bitcoin is striving, one day it will be the main coin used for transactions.