People still losing their coins?

[Don Pedro Dinero]

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?

[Apocollapse]

Not my friends or someone I know personally, there was someone in social medias claim to lose his coins.

He hold his coins in centralized exchange, he has everything, he know the email, password, 2FA, and back up of everything. But, the exchange ask to click the link/input the code that sent to the email. Unfortunately, he use an email provider that automatically delete email if it was inactive for 6 months.

He's not able to create a new email using name of his old email.

[Don Pedro Dinero]

He hold his coins in centralized exchange, he has everything, he know the email, password, 2FA, and back up of everything. But, the exchange ask to click the link/input the code that sent to the email. Unfortunately, he use an email provider that automatically delete email if it was inactive for 6 months.

He's not able to create a new email using name of his old email.

Well, I was referring more to when you manage your own bitcoins and lose your private keys, so those bitcoins are lost. In the case you mention, although the person loses access, the coins are in the possession of the exchange, they are not lost.

But thanks for sharing the story anyway.

[Cointxz]

I have similar case like this when I use an address that belongs to my old hardware wallet that is not working anymore. I thought I copy my new wallet address but due to my laziness I didn’t bother to double check because I’m confident that it’s my hardware wallet.

Until now , I’m still looking for a way to recover my seedphrase which I don’t know now where I placed my physical copy since I discarded it already along with my broken hardware wallet.

Good thing is the amount is not that huge but still a sad loss since Bitcoin price is already grow x5 when I purchased that Bitcoin that lost.

[_act_]

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.

[Findingnemo]

This is yet another example how much the human errors caused to the loss of Bitcoin in its history.

Not everyone holds Bitcoin equiped with right knowledge and we can blame them for doing wrong things but it's not gonna help however as I always say, this is a lesson for him that will be hard to forget in his future.

Biometric always comes with a recovery password or pin so if someone is putting their money in then it's logical to keep a note of what they used. And also since you mentioned it's mobile wallet then it's not possible to use the wallet file for recovery purpose too (if I am not wrong).

[hd49728]

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.

People lost their bitcoins, already lost their coins, they possibly felt sad about it or were not disappointed at all.

Their lost bitcoins, with us, are gifts as Satoshi Nakamoto said.

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

In the past, people did not have big reasons for making wallet backups and they did not know importance of wallet backups. In recent years, more people know about it but in practice, they can do it very badly and ignore basic steps. It's hard to teach someone and give them enough motivation for doing good practice at beginning. They usually want to experience it by themselves, learn lessons and after all will remember about lessons they already learned.

How to backup a seed phrase? It can help someone but can be meaningless with others.

[Ojima-ojo]

Whatever wallet doesn't give one recovery detail is high risk and not a consideration for storing your Bitcoin, most of such lost Bitcoins are a result of users' mistakes such as the one you mentioned, people are still losing their Bitcoin on a daily but the ratio is reducing rapidly through to awareness about wallet security and control.


The most recent incident was when I sent my 0.001BTC to a wrong wallet address that have no control over anymore although the wallet belongs to me but I don't have access or ways to recover it since I don't have the seed phrase.

[Agbe]

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.

[Dunamisx]

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?

I don't have a similar case or someone who had the same experience like that, but we have heard a lot of similar experience whereby so many people have lost their bitcoin and couldn't recover from it, though it was said that in the early days, the amount is not what they could consider a huge lost, since most of them were probably gifted the bitcoin they have or they got it at no cost to them even if lost, most of them  never care to regret as at then, but now that it has worth a reasonable amount in value, its going to be a huge loss on any holder to lose their bitcoin for reason.

[Zaguru12]

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.

I definitely agree with you it is share ignorance but this has happened numerous times because of lack of knowledge most of the victims were just too careless of actually using the wallet without actually backing it up. For most wallet it will definitely recommend you back up the wallet when setting it up and when you wish to proceed without that it actually asks for the seed phrase for most of the time victims usually copy the seed phrase to a temporary place and then after losses it. Biometrics are usually bad way of accessing wallet as you can forget your password after a long time.

Nonetheless even with remembrance of the password there is nothing that beats actually backing up your seed phrase, if you use hardware wallets there are some that even automatically logs you out after any firmware update and requires one to actually re import the seed phrase, at this stage even a password cannot recover that wallet I have heard of lost wallets like this in the past, so it is possible

[arabspaceship123]

If they understand the consequences of losing seeds they'd be careful. For ppl who haven't used crypto before they're learning about a new system. They're being introduced to crypto for the first time so wouldn't know how wallets work or how to send & receive funds. It takes time. Some ppl will lose cryptos.

[Z-tight]

I don't know the wallet this person is using, but it is a bad error not to back up your seed phrase, especially when your wallet is on a mobile device that you carry with you everywhere you go, your phone could be snatched for God's sake.

Do you know of similar cases?

Personally i have not experienced anything like this because i have enough knowledge about BTC. However, over the years i have read and also heard in real life, really funny ways people have lost their funds, i.e. someone backed up their seed phrase in their mobile phone's 'notebook', and then the phone gets snatched. It simply exposes the fact that there are many people who just cannot be their own bank.

[bitLeap]

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?

App wallets usually have an update system and if your friend misses it without saving the recovery seed it might be difficult. For example I use the Trustwallet wallet where at first they had not implemented the fingerprint system, it still used a combination of passwords. Your friend case seems almost similar but the strange thing is if he does not save the recovery seed it will be difficult to access the wallet because it only relies on fingerprints without covering it with a password.

[GiftedMAN]

Losing one's Bitcoin in this present time is bad after all the teaching about wallet and how to avoid losing your funds, if we keep having cases of lost of funds as a result of carelessness and wrong usage of security procedures it shows that some people are bent on doing what they feel like and not the best things they ought to do regarding the security of their funds. I do not wish anyone this news but at the same time people should learn to listen to good informations so they don't lose what they have suffered so much to acquire.

[RockBell]

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.

And people with technical knowledge are always trying to warn people about what things to do and not to do and peope always fails to listen and even when you are using a wallet and there is seed phrase there is still what they call a pass code, all this are information you need to keep in check in other for you to be able to keep your asset safe this is more reasons why you keeping your money safe is very important.

When you don't have the experience of losing money you won't value it this is enough reason.

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.

This is one of the mistakes a lot of people make they don't backup there seed phrase so there is enough reasons for them to know when and how they can keep there seed phrase safe and after a lot of warnings I have lent to keep my seed phrase safe because the moment you lose it you have eventually lost everything that is how serious all this things can be.

[Frankolala]

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.

Apart from that which is the first thing, he didn't write down his password to his wallet which is another important thing to do. If he doesn't want to write down his password, at least, his seed phrase most be written down. I see it as some careless mistakes that one overlook, until you find yourself in the mess is when you will understand that's a costly mistake.

[Porfirii]

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?

App wallets usually have an update system and if your friend misses it without saving the recovery seed it might be difficult. For example I use the Trustwallet wallet where at first they had not implemented the fingerprint system, it still used a combination of passwords. Your friend case seems almost similar but the strange thing is if he does not save the recovery seed it will be difficult to access the wallet because it only relies on fingerprints without covering it with a password.

The problem with my friend was that, although he wrote the seed phrase somewhere, because wallet apps like that usually ask you at least some words of the seed phrase before creating the wallet, he didn't think that it was important to save it because he thought that the fingerprint was enough. But: what if he'd lost his device? there are so many things bad about what he did, I couldn't believe it when he confessed me his loss.

There is a point in this forum when you can start looking at anyone who says "not your keys not your coins" like a spammer with nothing better to say than what is so basic for many, but after knowing that case of my friend I've become aware of the importance of repeating it to avoid newbies making such a regrettable mistake.

[dezoel]

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.

I think it is because we can get forced to use our fingers by someone else or when we are asleep in order for them to unlock our accounts but if from afar, fingerprints must be better than passwords.

Another thing is like you said, someone might have an amnesia and forgot their password but there is still a 'forgot password' option that can help us recover it, unless only if you still forget your recovery email, number, etc... Whatever security methods we choose, indeed that it still boils down to backing up a seed phrase. So both can still be useless if we neglect doing this. Oh well, we can only hope that our accounts won't get logout or something.

[_act_]

I don't know the wallet this person is using, but it is a bad error not to back up your seed phrase, especially when your wallet is on a mobile device that you carry with you everywhere you go, your phone could be snatched for God's sake.

Even if the person is using a desktop wallet or a hardware wallet, it is very important to backup the seed phrase. Not back up the seed phrase can lead to story that touch such as this one.

I think it is because we can get forced to use our fingers by someone else or when we are asleep in order for them to unlock our accounts but if from afar, fingerprints must be better than passwords.

Fingerprint is not better at all than it makes accessing the wallet easier but which its risks is far worse than its advantages.