The early bitcoin-investor cashed the physical carrier from Casascius, on which 100 BTC were stored. The user got rich, but not without problems.
The user under the nickname Johngalt at the Bitcointalk forum bought a Casascius bar back in 2012. Then the physical medium costs only $ 500, and the price of bitcoin was $ 5.
The story of an early bitcoin investor
It has become dangerous to store bitcoin on physical media. Throughout the world, the number of crimes against users who have cryptocurrency is growing. Given the risks, the early investor Johngalt decided to cash out 100 BTC. For so many coins, he received $ 10 million.
Johngalt transaction details shared with the Bitcointalk community. The deal has become one of the largest operations to cash out physical bitcoins today. Early bitcoin-investor admitted:
He repeatedly tried to sell an ingot – even through auctions. However, disputes and value of assets and confidence problems each time prevented this. When the price of bitcoin exceeded $ 100,000, Johngalt decided that the risks of storing one item worth millions of dollars are no longer justified.
Complex process and expensive error
Johngalt also spoke about the technical details of cashing 100 BTC. At first he tried to do it through Electrum on Android. However, it turned out that the short private keys used in Casascius bars were outdated.
As a result, the bitcoin investor had to use Bitaddress.org to convert a shortened key to the standard format. After that, he created new wallets through Trezor Suite and manually sent BTC to secure addresses. Only by making sure that the funds were successfully moved, Johngalt publicly announced the cashing of the ingot.
However, there were no errors. Johngalt posted a photograph of a private key from the Casascius, before he deduced the Bitcoin Cash (BCH). BCH uses the same private keys as bitcoin. After publishing the image, an unknown user brought all the coins of the bitcoin engineer in just nine minutes. Johngalt claims that inattention cost him $ 40,000.
The early bitcoin engineer deduced all funds, but does not plan to sell an empty ingot. Casascius-bar will remain for him a valuable historical artifact.
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Source: Cryptocurrency
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