I forgot to store the passwords needed to access my bitcoin keys.

This was a statement and testimony published On Reddit, a cryptocurrency user known as “Onnar” told that he lost access to his 2.6 bitcoins when he tried to transfer his wallet to a new computer he recently acquired.

He explained that he erased the hard drive of his old computer, which he only wanted to use for work related matters.

Unfortunately, he did not check the password manager he used to store the passphrases needed to access the private keys to the Bitcoin wallet.

Onnar added that he has already encrypted backup copies of his private keys on two external USB drives stored in separate locations.

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But when I plugged a USB drive into the computer to check that everything was working properly, he realized that wasn’t enough.

Can a hardware wallet prevent such an error?

“Onnar” admitted that if he had used the hardware wallet, this would not have happened to him, as the hardware wallet and before using it required re-verification of the recovery words and phrases, meaning to ensure that the phrases were recorded well.

Onnar continued by saying:

After I got my new computer, I said:

Let’s start with Bitcoin.

To import the private key, I just have to decrypt the file from one of the two USB drives I copied earlier.

I saw it was easy and no problem, but when I inserted the USB stick, it asked me for the password.

When using a password manager I didn’t find the password needed for decryption.

I did not find the necessary password, and then I knew that the password was not recorded by the password manager automatically, and I also did not forget it manually.

Onnar concluded that the malfunction and the entire responsibility for lost bitcoins worth more than $100,000 rests solely with him, stating:

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It’s 100% my fault anyway.

The incident that occurred to the user “Onnar” is very frequent in the crypto community, and to avoid it, it must be checked and taken carefully, and passwords and recovery passwords are stored in a safe and secure mode for reference when needed, and to ensure that the necessary steps are taken carefully.

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