Approximately $140B worth of Bitcoin lost or inaccessible to owners
Business ı By Rochdi Rais
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"For now, the adage holds true. Some exchanges such as Coinbase have some emergency recovery measures that can help users regain access to forgotten keys or passwords. But exchanges are less secure than wallets and some have even been hacked." Nguyen said.
The recurring incidents of Bitcoin owners losing their access keys, generated a debate about whether the cryptocurrency's current security system should change. Nguyen argued that mechanisms should be created to ease the process of recovering inaccessible Bitcoin in case owners forget their passwords.
"There is an inconsistency, if not downright hypocrisy - among the bitcoin supporters, because they want to advance this narrative that you must have the private keys for the coins to be yours, If they want the value of the coin to grow because it's growing in usage, then you have to adopt a much more open and user-friendly approach to bitcoin," Nguyen said.
As of this writing, Bitcoin is trading at $33,547. The digital token led a bullish rally throughout December and until the first week of January 2021, reaching an all-time high of $40,000. However, the cryptocurrency lost $7000 of its value on Monday.
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