HOW I LOST MY COINS!

in life •  2 years ago  (edited)

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You must be wondering where I'm going with this...

Let me start by saying "YES" its true....I lost some coins not too long ago...some crypto coins to be precise...

How did I lose them?

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Good Question!!

Crypto isn't tangible like other coins so they didnt fall off my pocket and get picked by the next person. Nor was I robbed at gunpoint like the guy who lost his Bitcoins in Brooklyn...

I probably lost mine in the Dumbest way possible...

You see I purchased some Digibyte worth about $36 (got me around 680 DGB) right around June 3 when there was a bit of speculation that the price would go up! I quickly transferred the coins to my offline wallet to secure them. (Smart of me right!)

Well what followed was that I decided to add some extra security to the wallet so I created a passphrase for it and I went about doing more Crypto speculation and investment.

Over the next few days I got really got excited as there seemed to be alot of activity around Digibyte and it was looking bullish for DGB. I decided I should take advantage of the volatile price and trade the few coins I had. I get to my digibyte wallet and I key in my poloniex DGB address to withdraw the coins...

I am prompted for a password!!!

I smile back at my computer knowing well I could'nt remember what I had put as my passphrase

I take my first attempt at the password, then a second, a third....before long I've tried countless passwords, even my bank pin but NOTHING!

Nothing I tell you! Nothing!

I had literally no idea what I had saved as my passphrase! It was late in the night and I was tired when I created the passphrase and for some reason I didn't note it down.

THERE ARE MY COINS! DO YOU SEE THEM?

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Its now been about 3 weeks now and I still can't recall my password but I still attempt to remember it everyday.

Long story short, I now own 680 of the most secure coins in the world...They're so secure that even I (the owner) can't get to them...So take notes and ALWAYS ALWAYS:

1. Secure your wallet with a memorable Password (do yourself a favor and make it memorable ).

2. Backup your password

3. Back up the backup of your password

And that dear Stemians is why I'm not sure I'll ever see my coins again.

If you found this useful UPVOTE, drop a COMMENT and RESTEEM it so more can learn from my mistakes.

Power to the Stemians!

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Too bad man... luckily it was only 36 bucks! Not that expensive for such a good lesson.

I agree...I'm more careful now...

This post received a 0.7% upvote from @randowhale thanks to @terminatordvp! For more information, click here!

I only own a small amount of bitcoin, but keep it on an exchange wallet (Luno). Is that a bad idea?

I'll be honest with you. Coins are only really yours when you have stored them in your personal wallet, exchanges can come and go. A good example is the current situation with Steem and Poloniex exchange, those with Steem on Poloniex can neither withdraw nor deposit it at the moment which is really devastating.

I understand... Do you know of any good personal bitcoin wallets? The amounts I am buying is so small that at the moment that I dont think the transfer fees will make it worth it.

In your case you could stick to the luno wallet for now. When you require a wallet for bitcoin, you may consider blockchain.info

Thank you very much for you insite

You're welcome

Dude be glad this is only 36$. Take it as a lesson and learn from it. Sorry for your loss

Thanks : )

This post has received a 1.22 % upvote from @booster thanks to: @terminatordvp.

I set up my digi wallet on mac and transferred all my coins before choosing a pass phrase. When I restarted my computer, digi wallet showed an error. I did have the sense to backup my wallet...Can I download a new wallet, choose a passphrase and then replace the wallet.dat file for the one that I backed up? Someone please help :@

I lost my Doge Coins... about 83,000..... Same thing - I would sell the Wallet File for 20 Dollar - if anyone knows how to crack it do it