Back in the days, storing your bitcoin wasn’t as easy as it is now. You stored your coins using Bitcoin Core software and saved your password in a kind of text file on your computer. If your computer quit working or you lost the file, you were unable to access your bitcoin.
Rumor has it that an Englishman lost 7,500 bitcoins this way. He threw out his hard drive, and therefore could no longer access the backup file. 7,500 bitcoin multiplied with the current price… Oof, that would’ve been no less than 54 million euros. You could buy 100 Lamborghini's with that and a ton of hard drives!
Storing bitcoin became easier over the years. Online bitcoin wallets were, and still are, a lot easier to use than a text file. But still, if you lose your password you will also lose the access to your coins.
A lot of people lost their cryptocurrencies like this. A research from Chainalysis indicates that it concerns more than 2.5 million bitcoin… Let that sink in for a minute.
Lucky for you (and us), the chance to lose your bitcoin nowadays is significantly smaller. Using BLOX, you’ve got your bitcoin and other coins within hand’s reach. BLOX is the all-in-one app for your smartphone.