People still losing their coins?

[DeathAngel]

You will always read about people losing access to their Bitcoin in one way or another. Just make sure you use cold storage or passphrase protected wallet.dat & hopefully you won’t find yourself in this situation one day. Satoshi once said, “Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone."

[Mrbluntzy]

I've not had such experience because I am extremely careful to copy my seed phrase after creating my wallet. I joined the Bitcoin community when Bitcoin was already being treated as a digital gold and a very valuable asset and their was not time to mess around and be careless with handling my secret key. The only case I have heard from friends is that their fund was being transfered to an unknown wallet without h
Their consent. When they discovered they lost their coins, there was no way to get it back.

[Z-tight]

Satoshi once said, “Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone."

People who lose their funds would not want to hear this, lol.

The only case I have heard from friends is that their fund was being transfered to an unknown wallet without h
Their consent. When they discovered they lost their coins, there was no way to get it back.

This person was probably using a hot wallet and they were attacked with a malware, and as a result their device was compromised, take note that anything online is prone to hacking. Another way this could have happened is if their physical backup was exposed and the attacker simply imported their wallet with the seed phrase and then moved it out.

[Mia Chloe]

We all know that in the early years a lot of bitcoins were lost because they were worth pennies, most people didn't even imagine where this could go, there was no HW and things like that.

People losing their bitcoins or cryptocurrency  in general is more like an endless loop if you ask me and that's because no matter the case or scenario they will always be instances where people make mistakes or where they get hacked and their coins stolen. One of the major differences i seem to notice these days is that we have more cases of hacks especially due to mistakes.

Security is a personal thing and that simply means you could enlighten people more on securing their coins but them practicing it is actually a personal thing.

[Jaycoinz]

You will always read about people losing access to their Bitcoin in one way or another. Just make sure you use cold storage or passphrase protected wallet.dat & hopefully you won’t find yourself in this situation one day. Satoshi once said, “Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone."

A donation indeed, I have read countless times how people have complained about loss of funds or access to wallet and sometimes I just get scared and wonder what if the same thing happened to me especially when the wallet is one that's holding enough Bitcoin, I could even cry knowing fully well how you can't be able to do anything in such situations so in order to avoid such scenario it's better we prevent it than be ignorant and allow because like the popular saying "Prevention is better than cure" which indeed it is.

[Rustam Meraj]

There is one thing that people that have technical knowledge about bitcoin do post on this forum, that people should avoid fingerprint that using password is better. Supposing he was using password, he would not have forgotten the password.

But the real mistake he made is that he did not backup his seed phrase. That is not good at all. Supposing he backup his seed phrase, he would have been able to recover his coins.

That is very important point. People who know a lot about Bitcoin mostly say that it is better to use strong password instead of fingerprint login. If person in this situation had used password they might not have forgotten it. But biggest mistake they made was not making copy of their seed phrase. If they had made copy of their seed phrase they would have been able to get their coins back. This is very important step to keep your cryptocurrency safe.
Everyone should learn from these kind of stories which we are looking on internet or even we are reading many on this forum too.

[Donneski]

You will always read about people losing access to their Bitcoin in one way or another. Just make sure you use cold storage or passphrase protected wallet.dat & hopefully you won’t find yourself in this situation one day. Satoshi once said, “Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone."

Of course when coins are lost, it reduces the number of coins in circulation thereby making everyone else's coin more valuable than they were. One thing about Bitcoin is you're provided with most secured crypto network but it's now left for you as a Bitcoiner to fully maximize the security by keeping every detail of yours safe as well as keeping to the security measures of the creator Satoshi Nakamoto. Anything other than than puts you in at huge risk of losing your coins.

[Questat]

You will always read about people losing access to their Bitcoin in one way or another. Just make sure you use cold storage or passphrase protected wallet.dat & hopefully you won’t find yourself in this situation one day. Satoshi once said, “Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone."

It could be quite a relief if it's already safe in the other person's wallet, at least it could help them a lot,  but losing your bitcoin because you forgot how to access it creates another impact. It would be regretting on our part how we able to store coins when we fail to secure its private keys, still its a lost bitcoin forever.

[Zoomic]

You will always read about people losing access to their Bitcoin in one way or another. Just make sure you use cold storage or passphrase protected wallet.dat & hopefully you won’t find yourself in this situation one day. Satoshi once said, “Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone."

A donation indeed, I have read countless times how people have complained about loss of funds or access to wallet and sometimes I just get scared and wonder what if the same thing happened to me especially when the wallet is one that's holding enough Bitcoin, I could even cry knowing fully well how you can't be able to do anything in such situations so in order to avoid such scenario it's better we prevent it than be ignorant and allow because like the popular saying "Prevention is better than cure" which indeed it is.

I do not wish to make any of those donations against my will and wish . I have never made such a mistake and i do not even wish to have such an experience. That is why I am always very careful with whatever I do on this crypto space. To avoid all this errors,  i make sure i store my seedphrase safely and also ensure that i double-check every transaction i initiate before executing then. Dealings with strangers are also avoided to ensure i do not lose my bitcoins for any reason. Ignorance and negligence is never an excuse . Prevention is indeed way cheaper, yea way cheaper than dealing with the consequences of the errors caused by our own carelessness and negligence.

[bitterguy28]

People losing their bitcoins or cryptocurrency  in general is more like an endless loop if you ask me and that's because no matter the case or scenario they will always be instances where people make mistakes or where they get hacked and their coins stolen.

for me it’s because there will always be newbies or there will always be new information that some of us may not know even if we have been in the industry for a while now

also because hackers will always find new ways to hack people and there will always be sacrifices first before we learn some people will get victimized first because they didn’t know any better before we learn from them

[Yamifoud]

Seeds are the real thing when it comes to securing and claiming ownership of the wallet. While having a fingerprint is just an access option suggested and applied with most apps for easy access instead of a password.

Now, losing control of our wallet is likely possible if we don't mind how important it is to save passwords or seeds. I have experienced this one in the past, and so I learned. I also practice writing down all important details when creating a wallet, as we will surely need it someday.

[Hazink]

I wanted to ask you if you know of similar cases in recent years.
~cut out~
Do you know of similar cases?

I know if someone, this is not a case of bitcoin, has a series of different multi wallets created using Trust Wallet, and they are all logged in on one mobile phone, he has almost all the wallet phrases saved somewhere, but the last wallet that he created was not backed up, and he saw no reason to do that.

Recently the phone developed a fault, and the phone fingerprint is no longer reading the password to the app that has been forgotten up till now. The phone is still kept somewhere until any day he will be able to remember the password, as that particular wallet appears to be holding coins he last bought.

[Dailyscript]

Do you know of similar cases?

In this modern time? Someone is still losing bitcoin through forgetting of password and seed phrase? That person is not serious and careless and I have not seen such unless hacked issues. He woul have tried to login with the password since so that would have known that problem. And if in case he changes mobile phone too, he can still access the Wallet. I discovered two things from the quote, "part/half of his bitcoin" meaning, it is not all the bitcoins were in one wallet, and secondly, "he didn't copied the seeds/password" what about the time he opened the Wallet? He must have copied it and misplaced it after using in to login and add the fingerprint.

Even with the global awareness and internet resources on how to secure our Bitcoins, people are still making silly mistakes to ensure the security of their assets. One thing I think is the cause of people losing their Bitcoin is ignorance, reluctancy, and laziness.

It feels like many people still don't value what they own. Not because they can afford to by some fractions, and more of Bitcoin means they shouldn't take it seriously. Imeeditately, the value gets bigger in the future, that is, when they will start posting on the internet so they can recover their wallet accounts.

[jcojci]

It seem some people still underestimate how they will safe their password and the seed of the wallet. It is important to understand so they will really take care of their Bitcoin from human errors like that. If they have Bitcoin, it means they must know how to secure the wallet and the devices.

If they still now think if that is not too important, we will see many similar cases happen. People tend not too care that everything can happen to their Bitcoin investment especially if they can not take care and safe their devices. That is a lesson for us to always  back up all things and copy in other devices.

[tabas]

Well, not that exactly, but the guy that keeps on finding his hard disk on the land fill. The very lesson here is about making back ups and these people didn't do that. I'm not also fond of saving wallets in the phone anymore and that's why if I've got some in there, they're mostly empty or have some dust amounts. I'm also using fingerprint on my phone to open it but I don't think that I'll ever apply that to my wallet. Because if that's the only way to access it and something happens to my thumb or finger that's registered on that access, it'd be a huge trouble.

[HelliumZ]

Many people have started losing their crypto assets due to the ups and downs in the crypto market. If you observe the ups and downs of Bitcoin's price, you will clearly understand that, especially when Bitcoin goes from $90,000 to $84,000, other currencies are in a dumping position of up to 30%. Later, it was seen that although Bitcoin recovered in price, other altcoins could not recover in price. Thus, those who had invested and stored in altcoins almost lost their wealth.

[MusaMohamed]

Satoshi once said, “Lost coins only make everyone else's coins worth slightly more. Think of it as a donation to everyone."

I can quote a post of Satoshi Nakamoto for exact reference.

Lost coins only make everyone else's coins worth slightly more.  Think of it as a donation to everyone.

If people don't learn, dont' absorb warnings and advice about importance of wallet backups and how many people lost bitcoins by did not have wallet backups, or did not back up their wallets correctly for use later, they will continue to lose bitcoins.

How to back up a seed phrase?

[wmaurik]

It seem some people still underestimate how they will safe their password and the seed of the wallet. It is important to understand so they will really take care of their Bitcoin from human errors like that. If they have Bitcoin, it means they must know how to secure the wallet and the devices.

If they still now think if that is not too important, we will see many similar cases happen. People tend not too care that everything can happen to their Bitcoin investment especially if they can not take care and safe their devices. That is a lesson for us to always  back up all things and copy in other devices.

When someone underestimates how to secure their wallet keys, of course it will be very risky to lose the assets they have collected and of course this is due to their mistake in understanding how to invest in these assets, it is better for them to re-learn about the procedures for investing until they can get results from what they have invested, don't let it be that after collecting these assets you cannot enjoy any benefits from them because the wallet access you have can no longer be accessed.

[Koadharber]

On the occasion of what a colleague of the local forum said, and that I translate to you:

I mentioned not long ago how a friend of mine lost half a Bitcoin by saving it in a wallet on his cell phone, and since he opened it with his fingerprint, he didn't think it was necessary to copy the seed, not even the wallet's password. Until some update asked him for the password and he is still looking for a way to find it out.

I wanted to ask you if you know of similar cases in recent years.

We all know that in the early years a lot of bitcoins were lost because they were worth pennies, most people didn't even imagine where this could go, there was no HW and things like that. But even though the bitcoin loss rate has been reduced in the last years I am sure there will still be human errors like the one in the quote that will end up with bitcoin loss, which is not bad for the rest because as Satoshi said they are like a donation.

Do you know of similar cases?

This is why its really that important that you should really be that knowledgeable about on how to handle yourself when it comes to wallet creation specially on crypto world. Not your keys not your coins or those coins will lost forever on which this is indeed the basic stuff or thing that you do need up to consider once you do step your foot into this space.

People do only realize at the moment or time that you would be losing something and wont really be minding much about into those actions that they will really be that making earlier or simply being aware on the simple basics on how things works. Wallet information or other stuffs should really be known first before you would really be that deciding on digging deeper into this market because once you dont make yourself that being knowledgeable then you would definitely be having these kind of mistakes on which it would really be costly.

[lizarder]

We all know that in the early years a lot of bitcoins were lost because they were worth pennies, most people didn't even imagine where this could go, there was no HW and things like that. But even though the bitcoin loss rate has been reduced in the last years I am sure there will still be human errors like the one in the quote that will end up with bitcoin loss, which is not bad for the rest because as Satoshi said they are like a donation.

Understandably when the price of Bitcoin is not so valuable that many cases of bitcoin are lost due to people's ignorance, but it is very disadvantaged if it still happens as it is today. In the past there were some friends who told me and they lost Bitcoin for reasons of mistakes in storage and might be more specific because of losing the key access to the wallet even though the amount was not so big.

But now there are many people who pay attention to the level of security in storing and that is something that is quite considered. The higher price will make people aware of the care of assets so that it is much safer and may not be left alone without taking certain steps.