Summary of ‘I Forgot My PIN’

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Rating

8 Overall

8 Applicability

8 Innovation

8 Style


Recommendation

Bitcoin has been making huge inroads into established financial systems and providing a form of electronic currency that many believe to be unhackable. However, as former Wired editor Mark Frauenfelder relates in this harrowing personal tale, security measures surrounding bitcoin are both imperfect and unforgiving for the average user. This cautionary tale is a must-read if you’ve ever considered jumping into the bitcoin pool. getAbstract recommends this engaging and eye-opening piece to anyone interested in bitcoins or concerned about data security in general.

In this summary, you will learn

  • Which methods are available for secure access to your bitcoin balance,
  • How bitcoin security mechanisms can lock you out of your funds if you make a mistake and
  • Why security holes could still leave your bitcoins vulnerable to hackers.
 

About the Author

Mark Frauenfelder is the director of research for the Institute of the Future’s Blockchain Futures Lab and a former editor at Wired.

 

Summary

After Mark Frauenfelder invested $3,000 in bitcoins in January 2016, he researched ways to protect his bitcoins while keeping them accessible. Many bitcoin owners manage the keys – which associate owners with their funds – through an online wallet, but experts recommend using a hardware-based wallet. These devices resemble USB drives, allowing you to store your bitcoin keys safely offline. When you’re ready to spend your funds, you plug in the device and access them without “exposing the keys to the Internet.”


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