This Guy Lost $67,000 in Bitcoin When he Upgraded His Computer

Keeping a Bitcoin wallet on a computer makes a lot of sense to consumers, but they do not always take the effects of upgrading the machine into account. One guy upgraded his computer and lost $67,000 USD worth of bitcoin in the process.

Also read: Larry Tabb: ‘Blockchain Technology Has No First-Mover Advantage’

Upgrading the Computer With a Bitcoin Wallet

Bitcoin.com_ Computer Bitcoin Wallet Backup

When users install a bitcoin wallet on their computer, several important files are placed on the hard disk, including the data file containing the private key associated with the wallet address generated by the user. This “wallet.dat” file sits in a folder that users need to make a backup of, in case something happens with their computer, or they upgrade to a new machine.

In the case of one unlucky Bitcoin enthusiast, a computer upgrade cost him close to $67,000 USD. He installed the Bitcoin software on his laptop a few years ago, and he accumulated 150 bitcoins, which were worth $11 USD at the time. Later that semester, he upgraded his computer’s RAM and added a faster hard drive. He wrote down a note about the Bitcoin data file and ensured the note

Read more ... source: TheBitcoinNews