Without a doubt, one of the greatest obstacles surrounding Bitcoin is how to store it safely. The ease with which you can lose your BTC was highlighted on Sunday by economist, gold supporter, and overall Bitcoin hater Peter Schiff.
As Coin Rivet reported yesterday, in a tweet over the weekend, the Euro Pacific Capital CEO said that he had lost all the Bitcoin he had ever owned.
If his relentless attacks on the number-one cryptocurrency are to be taken seriously, that probably wasn’t much, but he stated:
“So now not only is my Bitcoin intrinsically worthless; it has no market value either.”
I just lost all the #Bitcoin I have ever owned. My wallet got corrupted somehow and my password is no longer valid. So now not only is my Bitcoin intrinsically worthless; it has no market value either. I knew owning Bitcoin was a bad idea, I just never realized it was this bad! pic.twitter.com/6SJvDJOZU6
— Peter Schiff (@PeterSchiff) January 19, 2020
Being so vocal in his contempt of Bitcoin, the tweet from Mr Schiff sparked off a storm of backlash and comments.
Key industry players from Peter McCormack to Morgan Creek Digital partner Anthony Pompliano joined in the thread stating that if he couldn’t handle a password, then he couldn’t handle Bitcoin. There was little sympathy among the replies.
ShapeShift co-founder and key Bitcoin advocate Erik Voorhees even went so far as to give his version of events. He said what really happened was that Schiff forgot his password – and never created a backup phrase.
Peter Schiff maintains that he did not lose his password
Schiff was using a mobile wallet on a phone that he had had for some time. However, he insists that he did not forget