Deborah Harmes, Ph.D.
A recent article in Fortune magazine noted a rather astonishing fact. Whether through theft, mismanagement, or simply misplacing the storage method or key for cryptocurrency purchases, close to 4 million bitcoins have been permanently lost – up to 23% of all existing bitcoin. In the five months since the publication of that article, that number is likely to have risen yet again after the flurry of bitcoin activity in December of 2017.
One Dutch investor recently revealed a novel way to protect his bitcoin assets, and he has shared that idea with the public. After losing a substantial amount of cryptocurrency due to hacking, misplaced storage, outright theft, or exchanges that were not effectively completed, he has had microchips injected into his hands that contain his digital ‘folder’ of investments, and he’s able to access them via an Android app. These microchips have been used as security measures in other areas. Veterinarians have used the chips to track lost domestic pets or valuable large animals. Use of injected chips has already begun by a company in Sweden named Epicenter to enable employees to open the front doors without a keycard and to pay for coffee and meals in the company canteen. Another company in Wisconsin, Three Square Market, has also begun a similar pilot program with rice-sized trackers injected into their employees.
With the new subdermal microwallets, users have reported an increased sense of safety and security since the currencies can be changed at any time via their personally-encrypted mobile phone app. The chips are also encrypted and cannot be scanned and hacked, and the owners of these ‘wearable devices’ always know exactly where the investments contained within their cryptocurrency wallets are.