Bitcoin Forum

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The Trezor: January 4, 2016: 7.4 BTC = $3,000

In January 2016, I spent $3,000 to buy 7.4 bitcoins. At the time, it seemed an entirely worthwhile thing to do. I had recently started working as a research director at the Institute for the Future’s Blockchain Futures Lab, and I wanted firsthand experience with bitcoin, a cryptocurrency that uses a blockchain to record transactions on its network. I had no way of knowing that this transaction would lead to a white-knuckle scramble to avoid losing a small fortune.

My experiments with bitcoin were fascinating. It was surprisingly easy to buy stuff with the cryptocurrency. I used the airBitz app to buy Starbucks credit. I used Purse.ioto buy a wireless security camera doorbell from Amazon. I used bitcoin at Meltdown Comics in Los Angeles to buy graphic novels.

By November, bitcoin’s value had nearly doubled since January and was continuing to increase almost daily. My cryptocurrency stash was starting to turn into some real money. I’d been keeping my bitcoin keys on a web-based wallet, but I wanted to move them to a more secure place. Many online bitcoin services retain their customers’ private bitcoin keys, which means the accounts are vulnerable to hackers and fraudsters (remember the time Mt. Gox lost 850,000 bitcoins from its customers’ accounts in 2014?) or governments (like the time BTC-e, a Russian bitcoin exchange, had its domain seized by US District Court for New Jersey in August, freezing the assets of its users).

I interviewed a handful of bitcoin experts, and they all told me that that safest way to protect your cache was to use something called a “hardware wallet.” This little device is basically a glorified USB memory stick that stores your private bitcoin keys and allows you to authorize transactions without exposing those keys to the internet, where they could be seized by bad actors. I settled on a hardware wallet called the Trezor (the Czech word for “safe”), described by the manufacturer as “bulletproof.” I bought one on November 22 for $100 on Amazon (again, via Purse.io).......

Read more....     https://0xbt.net/news/view/20239/

your post is failed attempt to redirect people towards your site where you copy and paste news from other sources. You should always provide the source here and please refrain to do this again

by the way here's the original link to the article
https://www.wired.com/story/i-forgot-my-pin-an-epic-tale-of-losing-dollar30000-in-bitcoin/

The Trezor comes with Seed words and it specifically tells you not to reveal or lose the Seed words. < a sequence of 12 or 24 words > So if you cannot follow these basic instructions, then you should not be trusted with anything else. < This includes a Pin number for your Debit card or online Banking >

Bitcoin gives you the freedom to control your finances. <No Bank can block your account or change your pin to prevent you from having access to your money, like they did in Greece> This unfortunately come at a price, because you take 100% responsibility for your actions. < If you lose vital information like these Seed words, then you are on your own >

What idiot hides a vital password that gives you access to 7 bitcoins on a piece of paper, under a pillow or in a drawer?

As Bitcoins price increases, these kind of stories will become common place. I remember the guy who threw away his hard disk containing lots (thousands?) of Bitcoins. These losses serve one purpose though - They increase the value of the rest of the coins in circulation.

The reference to the reprinted article, indicating the original source, is correct.
But access to the article was closed. Forgot to open it.
Thank you for your comment.

That was a crazy story). I really sympathize with the author who lost his 8 bitcoins. It seems he has done all well, saved his magic words on paper, remembered the pin, but this increasing delay in trezor wallet is horrible. Better to save your bitcoin paper key in safety deposit box. I`m very surprised that he did not fired he`s cleaing service employee after the incident, of course she did not now what threwing out, but..