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Man spends 10 years persuading Newport council to let him dig through landfill site for £130m of buried bitcoins. (www.mirror.co.uk)

submitted 2 years ago* (last edited 2 years ago) by [email protected] to c/[email protected]

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[–] [email protected] 37 points 2 years ago (2 children)

The bitcoin isn't stored on the harddrive, it's on the bitcoin blockchain, but he stored the key needed to access it on only that one harddrive. Without that no-one can access it.

[–] [email protected] 8 points 2 years ago (2 children)

That makes a lot more sense. Presumably you can back up the key however you like to avoid situations like this?

[–] [email protected] 13 points 2 years ago

Absolutely, but do mske sure the backups are secure, anyone with access to them can move those bitcoins.

[–] [email protected] 4 points 2 years ago

You can. However, it's easy to not bother, particularly when bit coin were a few pence each. Now the price is sky high, it's suddenly worth millions.

[–] [email protected] 5 points 2 years ago

So TLDR, he stored the password or an equivalent to the password on a hard drive, and this password is needed to access the Bitcoin