As the popularity of Bitcoins continue to increase, so does the number of stories of people who have lost £Millions worth of the digital currency. In 2015 The Telegraph reported that some £625,000,000 wroth of Bitcoins where either lost or dormant. That figure would have doubled in 2017 to over £1 Billion at today’s price of each coin.
After searching through the internet for stories of these so called “lost coins”, it became clear that storing Bitcoins on your home PC or storage device can be risky if you do not carefully look after said hardware. Here are two of the horror stories we found:
Student Loses $67,000 Worth of Bitcoins – This unlucky redditor had nasty surprise after upgrading his computer and losing all his coins stored on his Hard Drive. Although he kept the data file note, it was useless after he realized the coins no longer existed on his Hard Drive.
Man Throws Away £4 Million Worth of Bitcoin – This story goes back to 2013 when the unlucky James Howell threw away his hard drive containing 7500 Bitcoins. In today’s value he would have had double what is worth back in 2014!
Taking care of your coins is very important. If you physically lose them or your private key, you lose them forever! Make sure to keep your coins safe if you plan on saving them for the future.
Have you heard about other horror stories of lost Bitcoins? Let us know in the comments below.