We reported in the past of a new company that has established an insurance model for bitcoins. It is believed that if you lose your bitcoins (BTC) then you cannot retrieve them again and that money is lost forever.
In a press release Wednesday, DriveSavers Data Recovery announced that advancements in data recovery technology has facilitated in its attempts to recover lost money and to successfully recapture bitcoins. The company, which has been recovering data for nearly three decades, noted that six clients in the past month have sought consultations regarding the loss of bitcoins.
DriveSavers stated in the release that it worked with a customer who mined his bitcoins independently and waited for the digital currency to increase in value – they were stored on Microsoft Surface Pro. Of course, the value of his cryptocurrency skyrocketed, but the issue was that the tablet with the bitcoins wasn’t backed up.
The kind and amount of damage led DriveSavers to establish a “new proprietary technology to access the data.” This led to a 10-day recovery time instead of the average one to two days.
“In some cases, professional data recovery can be a relatively expensive process,” said Chris Bross, senior enterprise recovery engineer for DriveSavers, in a statement. “When bitcoins are at stake, the value of the recovery makes it even more worthwhile.”
He added that the market value of the individual’s bitcoin investment doubled as it recovered the data. In the end, Bross argues that there are three steps to ensuring bitcoins are safely stored: encrypt, secure and backup.
Forgotten wallet passwords, irrecoverable passwords or hard drives being tossed away are some of the most common ways to lose bitcoins. Greg Schvey, a bitcoin researcher, recently stated in an interview that it’s quite “improbable” and “impossible” to recover lost bitcoins because the security of bitcoin is so strict, which was the goal of developers and miners.
However, as bitcoins become more ubiquitous in everyday society and the value inches even higher, more and more recovery technology, products and services are popping up, like DriveSavers and Wallet Recovery Services.
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