Popular Bitcoin critic, Peter Schiff found another reason to further criticize the world’s largest cryptocurrency after encountering some problems with his wallet. According to Schiff, his Bitcoin wallet was corrupted and no longer recognized his password. This made him take to twitter to express his disappointment about the cryptocurrency.
Here is Schiff’s tweet:
I just lost all the #Bitcoin I have ever owned. My wallet got corrupted somehow and my password is no longer valid. So now not only is my Bitcoin intrinsically worthless; it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad! pic.twitter.com/6SJvDJOZU6
— Peter Schiff (@PeterSchiff) January 19, 2020
You Should Be Responsible for Your Personal Details
Keeping one’s password safe and ensuring that it is privately secured is the primary responsibility of any Bitcoin user. This principle does not apply to Bitcoin alone. Much more trivial systems like a simple email requires that users take responsibility for the security of their passwords.
With Bitcoin and other cryptocurrencies, the issue of login details (which includes passwords) appear to be more critical. This is simply because of the direct attachment of such to the monetary value involved. Many people will tell you that if you ever lose the password to your Bitcoin or cryptocurrency wallet, then you money is gone forever.
In one of the replies to Schiff’s tweet, the wallet provider where the acclaimed Bitcoins are stored revealed that losing one’s password may not absolutely imply loss of funds. On the said thread of Schiff’s tweet, there was a reply from the verified twitter handle of Blockchain.com ( Schiff’s Bitcoin wallet provider). The reply reads:
Hi Peter, we're sorry to hear about the issues you're currently experiencing with your Blockchain Wallet.
Please rest assured, your funds are secure 🔒
We will PM you shortly.
— Blockchain.com (@blockchain) January 19, 2020
At the time of writing, neither Schiff nor the wallet provider had reported if he had reached out to them as requested. Also, we were yet to know if the issue had been resolved or not. However, the fact that the wallet provider assured Schiff of the safety of his funds comes as a huge relief to many Bitcoin users who had previously thought otherwise.
What Other Users Think About Schiff’s Situation
Like other precious assets, login details to individual wallets need to be taken seriously by crypto wallet owners. Although, Schiff claimed that he did not lose his password, but that it was his wallet that got corrupted. Under such circumstances, there could have been a lot of possibilities. This would range from the stability of the device with which he used to access the wallet to the platforms protocol from the end of the wallet provider. However, the claim of a corrupted wallet by Schiff is not a common occurrence in the industry.
Schiff’s claim received a lot of backlash from many who believe that it was simply a deliberate attempt to launch a smear campaign on the cryptocurrency. The stems from his reputation as a well known Bitcoin critic. Therefore, the majority of Bitcoin users on the thread elected not to take his claim seriously. Some even used the opportunity to highlight the advantages of the world’s pioneer cryptocurrency.
Not understanding of how a system works is not a good excuse to call it worthless. BTC gives you freedom, but it also puts the responsibility on the owner to make sure their money is secured correctly. By you losing your bitcoin you just made it more valuable for everyone else
— The House Of Trades (@TheHouseOfTrade) January 19, 2020
No matter the claims of Schiff and the eventual outcome, there are lessons to be learned by Bitcoin and cryptocurrency users. The safety of login details, including passwords to Bitcoin and cryptocurrency wallets are the primary responsibility of the wallet owners. Also, when third parties are involved, users must endeavour to establish a robust customer care relationship. This will enable an easy access to support in the case of eventualities. Perhaps, if Schiff knew better, he wouldn’t have lamented publicly.
Iyke Aru is a seasoned author and educator in the blockchain and cryptocurrency industry. He has been in the business of crypto content writing for many years with thousands of his articles across several platforms on the internet. Iyke is based in Nigeria where he stands out as one of the most informed and credible figures in the cryptocurrency industry. Outside blockchain and crypto, you will most likely catch Iyke playing or discussing football with friends and family.