My no-longer-secret Bitcoin shame

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.

Yes, I’m one of those doofuses who forgot a password to a Bitcoin wallet. At least I have a half-decent excuse: CES.

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.

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