Cryptocurrency

Horror Lies in Digital Coins Too

Hey… have you ever wondered what could have been done when, heavy rain smashes against your door and windows while you were laying around in darkness. A darkness that will lead you to hear any form of noise even if someone was whispering at the back of your ears. Does that gave you goosebumps?

According to expert, there always will be two different kind of force that us human have to deal with.  One will be the good force and secondly, the opposite to it, bad force. It is common for us to hear a lot of spine-chilling horror stories that circulates through social media or even by word of mouth.

However, how many from us knew that, horror stories can take place in many forms and situation. It is not always about spirits appearing to the living. For instance, encountering spirits roaming at the roadside, spirits passing by at the back of your shoulder and many more.

If that is what you were thinking, then it is partially correct because there are more to it. Alright, brace yourself for an urban horror story – bitcoin/cryptocurrency’s spooky stories.

Bitcoin or cryptocurrency are well known for, its digital currency that do not have any physical form of it. Now it might have led you to think “what might have possibly happened, it’s not even scarier, not to me”. Maybe you were right, but losing large sum of money unexpectedly do feel like a horror story, right?

James Howell, an IT worker from Newport claims to have dump the hard drive away when he was cleaning his home. To my surprise, the value of the cryptocurrency was around $130 at the time Howells claims to have thrown the hard drive containing his private key away. Dated – 4th December 2017, it is worth $11,350 (£8,435). Losing that much of money do sound like horror story came true, right?

Private key? Now what’s that? Let me break it down for you. Private key is typically a long, randomly generated number that cannot be guessed easily. It is better known as an unique string of password. In digital coins’ era, it is extremely important to secure your password either in hot or cold wallet as it protects your entire data. To be in detail, hot wallet is something that you can access through online while cold wallet will be hard drive.

Besides private key, there is also another kind of key named as public key. A public key will be known by everyone while private key will be known only by the receiver. It is a large numerical value that is used to encrypt data. The key can be generated by certain software program but mostly will be provided by trusted authority.

I hope this article played its role a little on educating the public and creating awareness on how alert one should be before losing the whole sum right in front of your eyes.

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