The best way to protect the access key to a cryptocurrency wallet

Those who dabbled with cryptocurrencies in the beginning, and they took it seriously now they are millionaires. Those who tried it and let it pass, thinking it would never have value, missed a unique opportunity. James Howells, an Australian who mined bitcoins in 2013, has spent years looking for a fortune that he did not care about.

Howells mined 7,500 bitcoins in just one week. It amused him to enter that world at a time when practically nothing was known about them.

It was out of simple curiosity: he did not give importance to the possible value that bitcoin could have and got rid of the hard drive in which he kept the passwords from your digital wallet, in which were the mined cryptos. Today, the price of this cryptocurrency is valued at $ 48,573.14.

The passwords Of these wallets are very difficult to guess as they consist of 64 letters and numbers. So, not knowing it or having it noted elsewhere, he has spent years trying to find the hard drive and then recover the data.

As he related, the desperation to find this key made him leave his job and even the couple to recover the 350 million dollars that one day he threw away.

In this scenario you face two big problems: the trash where the hard drive can be is huge; and, on the other hand, the city hall of Newport (South Wales) does not give you the permits to remove all the rubbish, since that would entail environmental damage.

Howells, in an attempt to seduce the authorities, offered to donate 25% of the fortune, if he finds it, to fight the coronavirus pandemic in the city.

James Howells offers to donate 25% of the bitcoins he mined to the Newport administration Photo: AFP. James Howells offers to donate 25% of the bitcoins he mined to the Newport administration Photo: AFP.

In addition, he assured that the excavation will go to his account and risk thanks to the help of a group of investors. This offer has also been kindly declined.

Therefore, this Australian will have to continue negotiating with the city council and find the right offer so that he can twist his arm. Until you get the blessing of Newport City Council, you won’t be able to begin your search in the delimited area where the hard drive might be. And you don’t want to start mining again, since years ago it was much simpler and cheaper.

Password managers: the solution

In order not to fall out of favor like the Australian James Howell, the passwords (passwords) can be safely stored in managers with some type of encryption, and accessed with a “master key” that only the user has. That is, you only have to remember a password to gain access.

This type of program, in addition, usually facilitates the task of creating secure passwords for each site we visit, and it is common for them to have extensions for the most used browsers.

Strong passwords. Managers are usually a good option to store them, without having to remember them. Strong passwords. Managers are usually a good option to store them, without having to remember them.

Likewise, a good password manager should be synchronized with all our devices, and offer some type of multi-factor authentication, through validation with the phone or through a USB token.

Another reason has to do with the increasing complexity of passwords. The more secure a password, the more difficult it is to hack. But it is also difficult to remember.

And, on the other hand, it is increasingly difficult to remember the increasing number of services that require a password. Therefore, we generally end up using the same key for everything, but that way we are making the task easier for hackers.

Finally, it is very easy to guess a password by watching someone type it on the keyboard, and this is what usually happens if we are in a public place, something that hackers take advantage of and then steal our identity and commit all kinds of misdeeds.

With information from La Vanguardia.

By Editor

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