Crypto wallet computer crash
One interesting case that was not picked up by media as much as it should have, happened in August It clearly showed that having a functional backup is even more important for bitcoin holders as it is already necessary for all computer users with their normal data.
Even though he managed to grab his USB stick with the bitcoin wallet backup, this was — as was the computer with the built-in SSD drive - also hit hard by fire. In his post he stated that the bitcoin wallet saved on the computer stored an amount of 17 BTC. Since he and his mom had suffered serious financial loss, he now was requesting help on how to recover his bitcoins. However, he made a big mistake: All of his bitcoin wallet backups were stored in the burned house nearby the destroyed computer — so they all were damaged by fire — and one of the bitcoin wallet backups was a paper one which is normally a good idea, but not when your store it in a non fireproof environment.
Obviously the paper burned immediately when hit by the flames. What the Reddit post did not finally answer was if the person was successful in recovering his bitcoins. However, he is definitely not the only one.
In contrast, most financial systems have a single point of failure, making them vulnerable to attacks. While the blockchain ensures that your funds are always kept safe, you can most certainly lose your ability to access those funds. If you step out of the room and lose both your scoresheet and your key to the room, then you will no longer be able to access your scores — unless you have a spare key. When you create a wallet , you are given a private key.
This key allows you to access the blockchain so you can use your funds as you see fit. So, if your private key is stored on your hard drive when it crashes, you lose your ability to access the blockchain and also your ability to use your coins. Private keys come in several forms, including wallet files, seed phrases, and QR barcodes. No matter what type of keys you have, always, always, make sure to keep multiple backups of them. This way, if your computer crashes or gets hacked, you can use your private keys to restore your wallet on another device.
Best practice is to keep your keys off of your local hard drive in general and store them in a safe offline environment. And, most importantly, never give your keys to anyone! In our next article, we will dive a bit deeper into the different types of private keys and how they can be used to restore a lost wallet.
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