I bought 25,000 doge coins as a joke. It was worth over $17,000 by the year 2021. I had a problem remembering the password. I embarked on a journey that exposed me to online hackers, the mathematics behind passwords, and a lot of frustration, because I wanted my coins back.
Everyone uses passwords to manage their digital lives, even though most people don't have thousands in forgottencryptocurrencies. How can people protect their assets as they buy more and more of the virtual currency? We spoke to a number of experts to figure out how to create the best passwords for digital accounts and what the tradeoffs are for storage. Let's get started.
How to hack a coin wallet.
There are a number of ways to lose coin. It's possible that you have a wallet on a hard drive. It's possible that your exchange gets hacked. You could lose your password or have your coins stolen. There is a silver lining for those who lose their passwords. You can hack your own wallet if you still control your wallet.
The hacker I contacted was known for cracking wallets. He agreed to pay a 20 percent fee if he succeeds in breaking into the wallet. Dave and others use brute force. They are just guessing passwords.
You can use Jack the Ripper or Pywallet to hack your wallet. I didn't want to do it myself, so I sent Dave a list of possible passwords.
Dave sent me an email after a little wait. Dave told me that he tried over 100 billion passwords. We had only scratched the surface, so I assumed that my coins were indeed recovered. The password was not used to gain access to my coins. How?
There is a math behind strong passwords.
The harder it is to crack a password, the number of digits in it. A letter or number could be used as a password. There are 52 letters and 10 numbers if the password is case sensitive. It's not very safe. It is possible to guess the password by attempting 62 times. A, a, b, b, c, c, and so on.
Make it two-digit. It is more difficult to guess than it is to guess. There are 3884 possible passwords that could be guessed. Assuming we don't use special characters, a six-digit password has over 50 billion possible permutations. There are 62-to-the-20th power permutations for a 20-character password. It looks like 100 billion is small in comparison.
It was bad news for me since I was pretty sure I had a long password. Talking about facing the music is important.
Passwords are best practices.
Is it possible to create a strong password that is also memorable?
It makes it hard for you to remember and for me to help if you create an unusual password for your wallet. If you use consistent patterns, you can guess your password. Someone who is trying to hack your accounts will have an easier time. It is a difficult task to balance security with memorability.