Around 18.5 million bitcoins exist at present around the world. According to cryptocurrency data firm Chainayis, about 20 per cent of them have lost or simply have no access to them. The price of these 20 percent bitcoins is about 14 thousand crore dollars (10.24 lakh crore rupees) at this time. Thomas, a San Francisco programmer, has bitcoins worth Rs 1609 crore but he does not yet have access to them.
The bitcoin blog Chainalysis estimates that 1 in 5 bitcoins is lost forever. The value of these lost bitcoins is about 14 thousand crore dollars (10.24 lakh crore rupees) according to the current price. According to Wallet Recovery Services, he is getting around 70 requests every day who want to get their bitcoins back. A month ago the number of requests was almost one-third.
Password required for bitcoin
Bitcoin does not have any company that provides or stores passwords. It cannot be reset in case of forgetting the password. In such a situation, there is a huge problem for those who do not remember the password, because without the password they will not be able to access their own bitcoin.
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Thomas lost 1610 million bitcoins
Stephen Thomas, a programmer from San Francisco, told a conversation with the US media that he has bitcoins worth about $ 220 million (Rs 1609 crore) but he does not have access to these coins. According to Thomas, an investor gave him about 7 thousand coins to explain cryptocurrency in a video. Each of these coins is currently being traded at more than 30 thousand dollars.
The currency will end after 10 wrong attempts
Thomas’s situation is so serious, it can be guessed that if he tried wrong twice, he could lose his cryptocurrency forever. They have put their digital wallet in a system which will eliminate currency by entering the wrong password 10 times. They have tried wrong 8 times and now they are waiting for some solution. Like Thomas, many other users have lost bitcoin.