Lost Passwords Lock Millionaires Out of Their Bitcoin Fortunes
Bitcoin owners are getting rich because the cryptocurrency has soared. But what happens when you can’t tap that wealth because you forgot the password to your digital wallet?
According to Ian Pitt, CIO, LastPass by LogMeIn, “As would-be millionaires are currently scrambling to figure out how to access their Bitcoin fortunes, the importance of proper password management and investing in a password manager cannot be stressed enough. It has now come to light that some people have lost roughly $140 billion in Bitcoin because they forgot their passwords and have gotten locked out of accounts. This is an unfortunate dilemma, as users only get 10 password guesses before Bitcoin accounts become encrypted for good, and I can only imagine how many people are thinking: “if only I had taken better care with my password.”
Sadly, this is not surprising. Because passwords are everywhere – and at times incredibly frustrating – many people often forget about their importance. People have too many passwords to deal with, and as we can see from this case of the lost Bitcoin fortunes, passwords get forgotten. As people look to prevent this kind of forgetfulness in the future, they must look to a password manager, which will store and organize all your passwords and auto-fill them the next time you want to login, protecting them with a single master password—the last password you’ll ever need. And, password managers are more than just secure storage devices, they can help generate strong new passwords for accounts, provide a secure place to store other information like credit card or bank account numbers, and alert you when information has been compromised on the dark web.
If anything can be learned from this unfortunate situation, it’s that you shouldn’t leave your most important information vulnerable to your own memory—safeguard it with a password management solution.”