About two weeks ago, I was seeing headlines all over the place about how Bitcoin hit an all-time high of around $40,000. I initially thought to myself why I didn’t buy some bitcoin last year when it was only around $5,000. I started doing some research on what bitcoin and cryptocurrency actually are and I was fascinated with how it works.
Bitcoin is a decentralized digital currency that’s built on blockchain technology. It’s virtual and stored on a digital wallet. You might be asking yourself why should I use Bitcoin instead of a credit card? Well, one reason is it allows you to stay anonymous when paying for products and services. Blockchain is a way of recording information and transactions in a way where it’s almost impossible to hack. I can’t believe no one knows who actually created all of this in 2008 because it’s one of the most advanced pieces of technology we have today.
I ended up reading this article about a guy in California who forgot his password to his digital wallet that contained 7,002 bitcoin, which is valued at $220 million dollars. It's on a very secure hard drive, but you're only allowed 10 chances to guess the password before it’s lost forever. I can’t imagine having all that potential money stored and lost forever. He only has two attempts left and at this point, he has “made peace” with the loss. This makes me wonder how he lost the code to something so valuable.
What are your thoughts on crypto and bitcoin being the currency of the future?
Wow Jacob, I had read about this guy and his password dilemma before, and I gotta say it's one of the most bizarre and unlucky stories I've ever heard. This guy probably can't sleep at nights trying to remember his password, I mean it's literally the difference of having his future generations set for years and years to come. It's an unthinkable amount of money.
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