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Estimated 4 Billion Bitcoin is Lost due to User’s Forgetfulness

Chainalysis has recently revealed, that as much as 4 billion or 20% of all the Bitcoin was lost forever. Chainalysis is a research firm that has handled billions of contracts. From its comment to the New York Times, the company said that a user failure of the password storage has lost like $20 billion of bitcoin is now locked out of reach. The said figure makes up the majority of the cryptocurrency.

According to Kim Grauer, a senior economist, the firm doesn’t help people find their lost bitcoin. The research firm is also unwilling to engage in any investigation on behalf of the holders. The company said that the FBI must investigate for the mission bitcoins where the FBI was accounted for millions of recovery task revenue for the last two years.

Despite all the various methods used by criminals to perform their hacking in Bitcoin, the company still hopes that at least 80% of the Bitcoin transactions should be recovered. For every bitcoin user, the company said that it is the mental block that prevents the access to all the bitcoin holdings. There are also some password recovery services that could help users which has very high success rates.

Jason Miller, a US hypnotist, told the report that 50% of those people who come and visit him are asking for help to remember their wallet password. He also added that more and more bitcoin holders are coming to him for psychological assistance to remember the location of their hard drive or their wallet password.

Miller also said that everyone has a photographic memory. With the man’s hypnotic ability, people can access the photograph. He then told the reporter that he is only accepting six cases each year for a fee of 0.5 BTC along with the 5% of the recovered bitcoin assets.

The traditional way of wallet password recovery, from guessing, hints, and permutations is considered a miss. There are many wallet recovery services which claim to provide 30% chances of recovery. Furthermore, the percentage rate of these services can be lowered if the user has no idea about the concept of his or her password. Bitcoinist and other experts suggest that every user need to store and have a backup file for their wallet password. To minimize the risk of forgetting the password, it is also recommended to securely stored the wallet password.

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