When Peter Schiff claimed that his wallet lost his Bitcoin (BTC), many in the crypto community were skeptical. While some believe that Schiff simply lost his password, others, like Ethereum co-founder Vitalik Buterin, highlighted that losing private keys remains an important issue for cryptocurrency users.
Keeping custody of your own cryptocurrency is quite complex, especially for non-tech savvy users. Most wallets require the user to write down the private key before accessing the wallet. Storing the key can be done by simply writing it down on a piece of paper, a method that is prone to failure through the loss, theft or degradation of the paper.
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