Bitcoin has infested tech news lately–the cryptocurrency’s unlikely rise in value, its subsequent and unsurprising fall in value, what complete tools Bitcoin zealots can be in front of a reporter, and so on and on. I’ve watched all of this as an unwitting spectator.
I didn’t go to the gadget show in 2014 planning on investing in Bitcoin, but one of the first events I attended featured a diverse contingent of BTC startups, one of which had a dollars-to-Bitcoin ATM. How could I not gamble a few bucks to earn an anecdote to throw into a Bitcoin explainer?
I put a $5 bill into this thing and followed an exhibitor’s advice to install the Mycelium wallet app on my phone, scan a QR code off the ATM’s screen, and set a 15-character passcode to protect my stash of .00513 BTC.
Guess what I forgot to do as I headed to my next CES appointment?
I then mostly ignored the app, except for the occasional check to see how my investment had decayed. That habit faded, and when I tried resetting my phone the next fall to fix some touchscreen bugginess, I didn’t even think about the risk of losing access to my tiny Bitcoin hoard.
By which I mean, I didn’t even think to open Mycelium until several months after that unsuccessful phone-troubleshooting exercise. Then I realized that I could no longer remember the 15 characters I’d typed on my phone’s screen two years earlier, without which I could not restore the backup I had made right after my ATM transaction.
That’s where things have remained, even as Bitcoin’s value has soared and then plummeted. It’s annoying, but at least I have two things going for me: The app won’t lock me out as I keep guessing the passcode incorrectly, and at the current exchange rate I’m only out $57 or so. I’ve done much worse gambling in Vegas.