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‘I Forgot My PIN’
Article

‘I Forgot My PIN’

An Epic Tale of Losing $30,000 in Bitcoin

Wired, 2017

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Editorial Rating

8

Qualities

  • Eye Opening
  • Well Structured
  • Engaging

Recommendation

Bitcoin has been making huge inroads into established financial systems and providing a form of electronic currency that many believe to be unhackable. However, as former Wired editor Mark Frauenfelder relates in this harrowing personal tale, security measures surrounding bitcoin are both imperfect and unforgiving for the average user. This cautionary tale is a must-read if you’ve ever considered jumping into the bitcoin pool. getAbstract recommends this engaging and eye-opening piece to anyone interested in bitcoins or concerned about data security in general.

Take-Aways

  • Bitcoin relies on a set of private keys to associate owners with their funds.
  • Most blockchain experts recommend using hardware wallets, rather than online versions, to store bitcoin keys.
  • The hardware wallets resemble USB devices and incorporate multifactor security measures.

About the Author

Mark Frauenfelder is the director of research for the Institute of the Future’s Blockchain Futures Lab and a former editor at Wired.


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