• People have lost roughly $140 billion in Bitcoin because they forgot their passwords or got locked out of accounts, and would-be millionaires are struggling to access their wallets

    6 days ago - By Business Insider

    Surasak Suwanmake/ Getty Images
    People are watching Bitcoin prices rise as some struggle to recover millions of the cryptocurrency, according to The New York Times.
    Those who lost access to their Bitcoin are given 10 guesses before the content of their digital wallet is seized up and encrypted for good.
    Around 20% of the existing 18.5 million Bitcoin are in stranded wallets, worth roughly $140 billion.
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    With Bitcoin prices increasing by over 50% since it reached its all-time high of $20,000 last month, those locked out of their...
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  • There's roughly $140 billion of inaccessible bitcoin in the world right now. Here's what could happen to it

    6 days ago - By Business Insider

    Reuters / Dado Ruvic
    Bitcoin's decentralized nature has been one of its biggest selling points, but imperfect storage methods have made millions of the tokens inaccessible. About 20% of the 18.5 million bitcoin in existence - worth about $140 billion - is estimated to be lost or stuck in locked-off digital wallets, The New York Times reported on Tuesday. For now, those coins are effectively trapped behind incredibly complex encryption and forgotten passwords. Solutions can still come from cryptocurrency reform, Jimmy Nguyen, president of the Bitcoin Association, told Business Insider...
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