San Francisco programmer Stephen Thomas has forgotten his bitcoin password. If he remembers the password, he will become a billionaire, because with this he will be able to open his digital wallet, in which he has 1700 crores of rupees. Actually, Stephen bought 7,002 virtual currency bitcoins years ago. It is lying in his digital wallet.
Now the price has increased and the value has been Rs 1700 crore. With this password, he will be able to open a small hard drive, which is called an iron key. It contains the private key of the wallet in which bitcoins are kept. Stephen bought Bitcoins and wrote the iron key's password on paper. Prices crashed and Stephen was disinterested. The paper was also lost.
Now he remembered the digital wealth as soon as the prices went up, but he is not able to achieve it. He has made every effort to remember the password. The ban is also that he can only take 10 tries. After this the wallet will be forever seized and encrypted. He has been unsuccessful 8 times and now only 2 chances are left. That is, 2 mistakes and 1700 crores rupees immediately will be seized. Usually the bank providing the account facility unlocks the account.
No regulatory body
Bitcoin has no regulatory body, nor is the company controlled. So there is no such facility as password creation. Due to the forgotten Bitcoin password, now it cannot be recovered. The creator of this is also a pseudo person named Satoshi Nakamoto. His idea behind bitcoin was that anyone can open a digital account from anywhere and keep bitcoins, which is not controlled by any government or regulator. This unique security system is also causing trouble for many others.
Wallet Recovery Service analysis says that there are 1.85 crore bitcoins in the world. Of this, 20% (Rs 10 lakh crore) have been lost by their owners. The firm helps to find the missing 'digital key'. It has started receiving 70 calls daily for password recovery.