Reddit User Finds Private Keys to A Forgotten Bitcoin Wallet Holding 127 BTC

Reddit User Finds Private Keys to A Forgotten Bitcoin Wallet Holding 127 BTC

  • Reddit user finds private keys to a wallet holding 127 BTC.
  • The lucky ‘schooling’ man is set to invest the profits made in low-risk investments.

One Reddit user, BitcoinHolderThankU, has raised the curiousness of several crypto fanatics on the app after he claimed that he accidentally HODLed 127 BTC for the past 8-9 years. The user cashed out his gains, totaling $4.24 million, on over the counter (OTC) trading desks and plans to invest the profits on investments in the S&P 500.

Following a flurry of messages and crypto media taking up the story, BitcoinHolderThankU wrote a post to explain the journey of finding the crypto and how to cash out. According to the post, the user found the private key on December 22 when the price of one Bitcoin was roughly $23,000 – a total fortune of $2.92 million at the time.

The user spent the next week figuring out how to safely and securely liquidate the large sum of Bitcoins at the best price with the cheapest fees. While centralized crypto exchanges such as Binance and Coinbase were an option, their daily withdrawal limits hindered the user from selecting them as he wanted a quick exit while the price of Bitcoin was still high.

“Not only would it take forever due to the daily withdrawal limits, but at the time, I was also worried that the price of Bitcoin would suffer a major drop throughout the lengthy liquidation process.”

Finally, he selected an unnamed OTC desk to complete the trade, selling all the BTC for a price of $33,439.02 per coin minus a 0.15% fee, bring him a net total of $4.24 million.

Despite the sale’s profits, the user still faces regret aversion on selling all his 127 BTC. Over the past fortnight or so, the price of BTC doubled from previous all-time highs to trade at $41,000 before retracing to current levels of $34,000, as of writing.

“Looking back at things, I would not have sold all 127 Bitcoins if I were given a second chance,” the Reddit post reads. “Instead, I would’ve sold the majority of them and kept a handful to hold for years to come.”

So what next for the lucky Bitcoin HODLer?

The user plans to reinvest the profits in a “safe, low-risk investment channel” once he completes paying his taxes on the gains. At the moment, he plans to keep the money in S&P 500 till he is done with his schooling. The fortunes, however, will not influence his lifestyle at all, he stated in the post. He wrote, “No expensive luxuries, no new house, no new car, nada.”

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Author: Lujan Odera

Trace Mayer: Remove Bitcoin (BTC) Away From Centralized Exchanges During Proof of Keys 2020

The organizer of Proof of Keys, Trace Mayer, wants you to take your Bitcoin (BTC) away from centralized crypto exchanges and to “take control” of it. On a recent social media post, Mayer affirmed that there are only 60 days before the beginning of the event.

Proof of Keys is an event that defends the idea that the BTC is not really yours if you do not possess the private keys. According to Mayer, exchanges often implode or are hacked. This creates a huge problem for holders, as they may end up losing their money for no fault of their own if someone happens to the company. Most funds are not even provided with insurance.

A promotional video made by the initiative affirms that a lot of people don’t really want to hold their private keys or to participate in the consensus of the network, but they should know that this is important for their security.

What is the event all about, though? Participants are expected to use a handle on Twitter and to withdrawal all of their crypto holdings from centralized wallets on January 3. The idea is to weaken the power of centralized exchanges over the network and to empower the users once more, which is basically the original goal that Satoshi Nakamoto had when creating Bitcoin.

According to the event’s website, companies and exchanges are yet to prove their trustworthiness. Often, new traders don’t know how to hold their keys properly, so they go to centralized solutions, despite how open they are to cyberattacks. Fortunately, there is still time to change that and to decentralize the community even more.

Also, for those of you who are not hip to who bitcoin pioneer Trace Mayer is, you can get a quick understanding and how he operates within the space by taking a listen to any number of interviews, including a recent one just like this:

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Author: Gabriel Machado