Stefan Thomas, man has two password guesses left to access his $300m Bitcoin

Two login guesses left for the US programmer to access his $300m Bitcoin wealth

We've all been there, missing the important password to log into your account absolutely, or we just have so many to recall.

But what if you get your password wrong too many times that you lose access to a cool $300 million worth of your Bitcoin account?

That's the issue facing computer programmer Stefan Thomas, who, before he's locked out of IronKey, the tiny hard drive that allows him to access his Bitcoin riches, has two password guesses literally left.

Thomas's Bitcoin investment was worth more than AUD $315 million on Tuesday.

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Stefan Thomas is trying to figure out the code to a small hard drive that holds 7,002 Bitcoin

Thomas wrote his password down on a bit of paper in a not-very-techy move - then lost it.

IronKey makes 10 attempts at passwords - and he's up to eight, reports The Sun.

The computer is permanently encrypted after 10 failed attempts and he will lose access to his Bitcoin fortune.

The Bitcoin was awarded to the German-born, San Francisco-based programmer in 2011 as a reward for creating a piece of animation explaining what the cryptocurrency really was.

Since the beginning of 2020, the price of Bitcoin has skyrocketed - a mammoth 720 per cent since March 2020.

Thomas said that his failure to access his Bitcoin had contributed to several nights of sleeplessness.

"He told The New York Times, "I would just lie in bed and worry about it.

"Then, with some new strategy, I would go to the computer and it wouldn't work and I would be desperate again."

Fortunately for Thomas, he made his fortune with another currency called the Ripple.

So, he's put his IronKey in a safe facility for the moment, before he can find out a way to crack his passcode.

He's not the only one to have Bitcoin floating around in the cybersphere worth millions of dollars because they have forgotten their password.

Brad Yasar, a LA-based entrepreneur and businessman, said he had hundreds of millions of Bitcoin dollars that he couldn't access because the codes were lost.

"I'd say I've spent hundreds of hours trying to get those wallets back over the years," he told The New York Times.

People will go through a variety of security measures for conventional bank accounts to access their password or build a new one.

But that's not the case for Bitcoin - there's no one to help you open or locate your password.

Bitcoin bypasses banks and government authorities, but it only works if passwords can be remembered by people.

Now, Stefan Thomas admits that the cryptocurrency concept has gone a little cold.

Let me put it this way, this whole notion of being your own bank: Do you make your own shoes? "Said he.

"The reason we have banks is because we don't want to deal with all the stuff banks do."

Stefan Thomas says he long ago "made peace" with the reality he may never gain access to his $220 million bitcoin fortune. His password is locked in a hard drive that gives users 10 attempts before wiping clean.