Just a week ago, gold bug Peter Schiff who has a reputation for being a crypto skeptic was quick to say that investing in cryptos was a bad idea. The root of the matter was that he had apparently lost his password.
Earlier today the crypto skeptic said that he has solved his “Bitcoin mystery” after realizing that he misunderstood the pin of his Bitcoin (BTC) wallet for the password.
On Jan 22nd, Schiff posted a tweet in which the crypto skeptic and Gold Bug went on to explain that he did not forget the pin of his wallet, however, once the app was updated he was logged out after which he had no access to his funds.
Peter Schiff also then said that the below-mentioned seed phase was never written by him, “My #Bitcoin mystery is solved. I mistook my pin for my password. When Blockchain updated their app I got logged out. I [tried] logging back in using my pin, which was the only ‘password’ I had ever known or used. I also never had a copy of my seed phrase. An honest but costly mistake!”
When Schiff publicly announced that he had lost his funds, experts from the cryptocurrency went on to term it as a rookie mistake, The CEO of Binance Changpeng Zhao was amongst one of those experts as he went on to said, “I can’t believe I am about to say this, but maybe “stay in fiat”?
This latest Tweet led to quite the argument as Schiff found himself answerable to many crypto enthusiasts, One Twitter user stated, he (Schiff) should be the last person educating/warning people about Bitcoin as he does not even know the most basic things about it!” Schiff’s response was:
“The most basic thing about Bitcoin is that it’s not money. It will not succeed as either a medium of exchange or a store of value. What the episode does show is how easy it is to lose your Bitcoin if you are confused about how wallets work.”
When Schiff first announced that he lost his Bitcoin, he went on claiming that his wallet was hacked or corrupted and blamed that reason for losing his funds. Schiff also went on to say, “I knew owning Bitcoin was a bad idea, I just never realized it was this bad!”
User-friendliness is important for adoption
Many experts in the cryptocurrency hemisphere were quick to give out tips and suggestions as to how crypto wallets should focus on bringing about more user-friendliness which will lower the number of lost keys and in turn lost cryptos.
According to Zhao, the solution to the problem is simple as he said that keeping your crypto assets on an exchange is safer that personally keeping the keys.
The co-founder of Ethereum Vitalik Buterin also had something to say on the issue as he suggested that in order to make security easier, developers can and should create better wallet technology. Buterin also recommended opting for social recovery as a solution to the problem.