Kevin Durant, one of the greatest basketball players in history, has just recovered millions of dollars in Bitcoins, with their value multiplied by 180 (unintentionally) since he made the investment. And why do we talk about "recovery"? Because he had lost his password. This story is not unique: thousands of people who acquired them between 2010 and 2015—when the cryptocurrency system was still relatively undeveloped—can no longer access their funds.
Today, we can store cryptocurrencies in online applications or in systems disconnected from the network. If we use an online application, a simple "I forgot my password" is enough to regain access. But what happens if we store them on a physical device, such as a USB drive? In this case, if we forget the password, there is no way to recover it.
The stories are diverse: from the boy who was hit by a cleaning service post-it with the keys, to the other who searched an entire landfill looking for his lost USB drive—even offering a reward to the City Council—without success. Although it may seem surprising, not even the best hackers can decipher forgotten passwords, and therefore, it's impossible to access those thousands or millions of euros in cryptocurrency.
It's true that storing them on disconnected systems is cheaper, with no fees and a high level of privacy. But is it worth the risk of losing the entire investment just to save a small percentage? Consider that, if we ever want to make a transaction, we'll have to connect them to the network, and then their existence will be recorded. The advice, then, is very simple: never forget the password.
