The Million Dollar Password 💰

The Million Dollar Password

Bitcoin and cryptocurrency have been hot topics of discussion these days. Viewed as a haven against inflation, investors are flocking to cryptocurrencies like Bitcoin. But unlike fiat currencies, investors can’t just store millions of dollars’ worth of cryptocurrency in a bank account.

Many people use something called a digital wallet to hold their cryptocurrency. A digital wallet is essentially a software program one can use to send and receive digital currency and keep track of their balance. To unlock their digital wallets, investors need a private key, which is accessed with a password. But what happens if someone forgets the password to their private key?

According to the cryptocurrency data firm, Chainalysis, of the 18.5 million existing Bitcoin, around 20%, worth about $140 billion today, appears to be in lost or abandoned wallets. Can you imagine how frustrated you would be if you could not cash in on your Bitcoin fortune because you forgot your password?

In a recent article published by the New York Times, Stefan Thomas, a programmer living in San Francisco, has only two guesses left to access his digital wallet worth about $220 million. Stefan forgot his private key password and is now locked out of his fortune of 7,002 Bitcoin. Bitcoin has skyrocketed over 300% in the past 12 months, making many of its investors rich in a short period.

What would you do if you were in Stefan’s situation?

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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Invstr app and web services are provided by Invstr Ltd. Invstr+ advisory services are provided by Invstr Financial LLC, an investment adviser registered with the Securities Exchange Commission (SEC). Securities brokerage and custody services are provided by Apex Clearing, a broker dealer registered with the SEC and a member of FINRA and SIPC. There is no bank guarantee on securities and securities may lose value. Vast Bank N.A. a nationally chartered bank and member of the FDIC, provides the banking products, including the products and services related to digital asset accounts. As with any asset, the value of Digital assets can go up or down and there can be a substantial risk that you lose money buying or holding digital assets. You should carefully consider whether trading or holding Digital assets is suitable for you in light of your financial condition. Your digital account does not support wallet to wallet transferring of your digital assets (i.e. cryptocurrencies) outside the platform. Any Digital Assets in your digital asset account are not insured by any government entities, including but not limited to FDIC or SIPC. The Invstr Visa® Debit Card is issued by Vast Bank, N.A. pursuant to a license from Visa U.S.A Inc and may be used everywhere Visa debit cards are accepted. Invstr Ltd, Invstr Financial LLC and Invstr Securities Ltd are subsidiaries of Marketspringpad Holdings (collectively “Invstr”) and Invstr is solely responsible for the application services and website content.

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