everyone can make mistakes. Nobody canceled the human factor. Let’s talk about 5 frequent bitcoin mistakes, which can cost you a million dollars.
Each of the humans makes mistakes that lead to completely different consequences. If you make a single digit mistake when dialing a phone number, you just call the wrong subscriber. Having mixed up one symbol in the address of a bitcoin purse, you can lose several thousand dollars.
So, the top 5 biggest mistakes in the history of bitcoin.
5th place: too expensive transaction
The first dissatisfaction with commissions for transactions in the Bitcoin network appeared in 2016. Users clearly faced with the problem of scaling. The growing popularity of cryptocurrency has led to the fact that the size of commissions has increased significantly.
In 2013, a British citizen mistakenly set a commission for sending only 0.01 BTC as much as 80 bitcoins. It should be noted that such mistake are quite common among users of the Bitcoin network.
4th place: I need your private keys.
Nowadays it’s hard to surprise someone with e-mails about a fabulous win in a lottery that doesn’t exist or a large inheritance that suddenly falls on your head. However, for some unknown reason, many users stubbornly refuse to use common sense in the world of cryptology.
Several years ago, an intruder sent a letter to the Rogers Data Center provider on behalf of the CEO of Canadian Bitcoins, which was “moving” to this provider. The letter contained a request to provide closed user data. Surprisingly, the provider fulfilled this request, reducing the status of Canadian Bitcoins customers by 149 bitcoins.
3 place: no more existed exchange, but an existing wallet.
In 2014, on the Reddit platform, there was a note in which anonymous crypto investor reported that he mistakenly sent to the bitcoin wallet no longer exists at that time the exchange Mt. Gox – 800 bitcoins.
Previously, he had already conducted transactions between his wallet and a cryptographic exchange purse. Address of the latter was saved and mistakenly used by the crypto investors carelessly.
Reddit users have traced the purse almost to Mt. Gox, but to return the lost bitcoins did not work.
2nd place: a mountain of trash worth million dollars.
The Bitcoin network is decentralized, so all cryptographic wallets developers’ sites have a warning that if private keys are lost, it will be impossible to restore access to the wallet.
James Howell was in charge of bitcoin mining from 2009 to 2013. After his laptop broke down, it was dusted for a while, and after cleaning, the rest of his hard drive, along with other garbage, went to the dump.
It’s hard to imagine how shocked Howell was when he remembered that the disc had the keys to his wallet with 7500 bitcoins on it. The story was widely publicized, and a reward was even announced for finding the disc. However, officially it has not been found yet, and somewhere in one of the city dumps in Wales lying hard drive worth more than 64 million dollars.
1st place: and again Mt. Gox; And again million dollars in thrash
Cryptovalyut exchange Mt. Gox at one time became the largest bitcoin exchanger in the world. And took this place until the only developer of the exchange functionality was Mark Carpeles. After the expansion of the staff of developers made their mistakes led to fatal consequences.
The intruder who penetrated into the system changed the price of bitcoin on the exchange to a few cents, which then for a long time was absorbed in the BTC course.
Before the closing of the exchange, it turned out that another intruder for several years removed from the exchange bitcoins in the amount of 340 million dollars. The management of Mt. Gox, trying to prevent the publicity of this incident, presented it as a deposit and charged the clients of the exchange with free bitcoins. For example, the amount of free accrual for one of the user wallets was 40 thousand bitcoins.
As a result, the total loss of Mt. Gox was 850 thousand bitcoins, and the exchange was declared bankrupt.
The inability to make changes to the blockchain on which the bitcoin and other crypto values are built is a significant advantage for its use in many areas. But the blockchain has the other side of the coin – the price of error and the inability to fix the already perfect. And this must be remembered. Take care of your crypto-money!