A CRYPTOCURRENCY trader claims they found their old computer with over £400,000 worth of Bitcoin, but can't get access to it.

The anonymous Reddit user posted his conundrum on the Bitcoin subreddit, asking if anyone had any ideas on how to access his fortune, or if it's even worth the trouble.

The user says in his post that he lost interest in Bitcoin mining when all he had was 12 BTC in his wallet, and eventually, he lost the computer.

Now, 10 years later, he tells Reddit how he has found his old computer in his grandma's attic, and his Bitcoin collection could be worth around £430,000 if he can get access to it first.

Reddit users have had a mixed response to the post, with some saying the user is lying or that it's too good to be true.

The anonymous post reads: "Around 10-11 years ago, when BTC was still a novelty, I mined it with my pc for a few weeks. I lost interest and did not go to the effort to cash out.

"When the crypto hype really started kicking off around two years ago, I used to joke to friends how I unwittingly threw away a lot of money."

The post goes on to explain how he found a computer that is most likely the one he used back in the day but doesn't know if it's worth the trouble to try to get access.

Most read in Money

He continued: "I need to get some legacy hardware to check the hard drives, so I am not sure yet and wondering if it is worth the effort.

"Of course… if this BTC is still on that pc or otherwise recoverable via clues on that pc… it would be more than worth it to go to great lengths to recover it.

"Anyone willing to give me some tips on where to start?"

Some Redditors responded with helpful tips and positive motivation.

One wrote sarcastically: "Nah. It's only like $570,000 worth, doubt it's worth the effort tbh."

But they followed up questioning why the user never thought to look for the PC before: "Why did you not look for your PC the last time BTC was at these levels, or even quarter these levels?! Something about this all just feels a bit made up."

The risks of buying with cryptocurrencies

Investing and making a purchase in cryptocurrencies such as Bitcoin is risky:

Their value is highly volatile and City watchdog the Financial Conduct Authority has warned investors should be prepared to lose all their money.

Investing in cryptocurrencies is not a guaranteed way to make money.

You should also think carefully about making purchases with a cryptocurrency.

For example, Bitcoin has had wild price fluctuations in recent months and the price can change on an almost hourly basis.

The price of a Bitcoin was at $40,258 on January 9, according to Coindesk, but fell to $34,214 just three days later.

That's a 15% drop.

These price swings are risky for a business as you could sell an item for a Bitcoin at one price and the value may drop soon after, leaving you with less money from a sale.

Similarly, the price of Bitcoin has soared by more than 21% since the start of this week so it can be hard for a shopper to get an accurate idea of the price of an item if its value changes on a daily basis.

Another commenter said: "It's a troll post no doubt. "I found my old PC in my grandma's attic" gtfo.

"I know exactly where all my old PCs are and I sure as s*** would've remembered where 12 BTC would be even if the price had gone to f****** $500 total."

One user was hopeful for the original poster, saying: "Hoping you get a win – and I'm sorry that I can't help on this.

"If you're going to ask around, especially face-to-face, might be best to not mention the potential Bitcoin on it."

It wouldn't be the first time someone lost over six figures in Bitcoin.

Earlier this year, one man lost £275 million in Bitcoin after tossing out his hard drive.

One trader lost out on $2 million in Bitcoin when his crypto password was stolen last month.

The world's richest Bitcoin trader lost $5 billion in one month after the Crypto bubble burst last month.

Source: Read Full Article