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Bitcoin represents a significant shift in the future of money, offering universal access to the financial economy through an internet-based currency. However, unexpected incidents can result in losing control of your private keys or Bitcoin wallet. It is essential for anyone holding Bitcoin to understand and prepare for the responsibilities that come with it.
In this article, we aim to share a real-life incident involving Success, a newly onboarded Nigerian Bitcoiner who uses Blink, a custodial wallet, to highlight the critical importance of securing your Bitcoin. Through his story, we will illustrate how Bitcoin can be lost if not properly protected, even when using a Custodial Wallet where the user's private keys are stored by the wallet service provider.
Discover the importance of securing your Custodial Bitcoin Wallet through Success's experience of unexpectedly losing his Bitcoin. Learn how he could have better protected his wallet and find out if he ultimately managed to recover his funds.
After being introduced to Bitcoin by Destiny and saving half of his two months' pay with Bitcoin through Blink, Success was involved in an unforeseen accident, which resulted in the loss of his Bitcoin!
Read below to learn more about how Success lost his Bitcoin.
On the night of Saturday, August 30th, Success lost his Bitcoin. While returning home from work, he boarded a bus unknowingly filled with criminals. While still on the road, he was brutally harassed and sustained injuries all over his body from the aggressive attack by the criminals.
He was forced to relinquish his phone and everything he was carrying during the attack. The robbers took both his cash, phone, bag, and all of his belongings by force.
Bitcoin remains at the forefront as a decentralized digital currency, empowering individuals to manage their funds independently. Therefore, it is crucial to guard your Bitcoin with the utmost care.
Success took steps to protect his Bitcoin, but unfortunately, things did not end well for him. To understand what happened, read the full story below.
Since Success used Blink Wallet, a custodial mobile wallet, he lost his Bitcoin when his phone and SIM card were stolen, along with other belongings taken by the robbers.
But that wasn’t the worst part!
He had not registered his email address with his Blink wallet. Had he done so, it would have been easier to retrieve his Bitcoin, given that he was using a custodial wallet.
To learn more on how you can secure your Custodial Bitcoin Wallet, read here.
However, with great freedom comes great responsibility, especially when it comes to securing your Bitcoin. One key step in enhancing the security and usability of your custodial wallet is registering or adding an email address to it. below are the importance:
Easy Account Recovery: Linking your Custodial Bitcoin wallet to an email allows for recovery if you forget your password, lose your device, or face technical issues.
Security Notifications: An email connection enables timely alerts about suspicious activities, helping you act swiftly to protect your assets.
To gain more insights on how to recover a Blink wallet, click here.
Initially, Success underestimated the importance of adding emails, and two-factor authentication to his wallet, but after conducting research, he realized how crucial they are in securing Bitcoin wallets most especially Custodial Wallets.
At this point, we will explore how Success could have secured his Bitcoin wallet…
Bitcoin is decentralized and doesn't require government approval. Whether you're using a custodial or non-custodial wallet, security is essential. To secure your Bitcoin wallet, register with a personal email and add two-factor authentication.
Adding 2FA(Two-Factor Authentication) to a Bitcoin wallet greatly reduces the chances of unauthorized access, safeguarding your Bitcoins in an increasingly hostile online environment.
In many places, like Africa, emails and 2FA have been undervalued. Just like Success and others, he overlooked the importance of implementing them in his Blink Wallet!
This oversight made it very difficult for him to recover his lost Bitcoin from his Blink Wallet (a custodial wallet). Had he secured his wallet with his personal email, the recovery process would have been much easier.
Fortunately, with Destiny's assistance and the Blink Team he was able to retrieve his lost Bitcoin. Below is an outline on how we did it.
Curious about the different types of Bitcoin wallets? Check out our detailed blog post on Bitcoin wallets for a comprehensive understanding.
By following these steps, Success regained access to his Blink Wallet and recovered his lost Bitcoin. This experience highlights the importance of securing your wallet with a personal email.
It's important for every Blink user to take note of the lessons in this article and be more security-conscious by adding their email address and enabling 2FA to their Blink Wallet for enhanced security.
You can easily check through the Blink support site, to get the answer to any questions you have related to Blink. Being proactive with security can help you avoid costly mistakes and protect your financial freedom.
Thank you for reading through. If you’re inspired to help Success recover some of his lost belongings consider sending him some SATs; he would really appreciate it
Here is his Blink address: success@blink.sv
