Industry leader in data recovery services provides best practices on how to prepare your data…
Restored digital currency is enough for satisfied customer to buy, furnish new home
Novato, CA. – January 28, 2014 – Experts at DriveSavers Data Recovery have been recovering valuable data for more than 30 years. As such, DriveSavers sees new types of challenges nearly every day and is constantly evolving to keep pace with the ever-changing technology landscape.
A recent evolution in the field of data recovery involves bitcoins, a peer-to-peer digital currency system that’s gained popularity and value since being introduced in 2009.
Senior Enterprise Recovery Engineer Chris Bross said at least six people have called for consultations about bitcoin data loss in the past month. “In some cases, professional data recovery can be a relatively expensive process, said Bross. “When bitcoins are at stake, the value of the recovery makes it even more worthwhile.”
Starting out in 2009 at a mere $0.30 per bitcoin, the virtual currency is now worth more than $800 per bitcoin, with an overall value increase of more than 2,000 percent in less than five years. Car dealerships, casinos, grocery stores, restaurants and other businesses such as Overstock.com and Virgin Airlines will be accepting the new currency in 2014. Bitcoins can also be traded for US dollars (or other currency) through a dedicated bitcoin exchange.
Once bitcoins are obtained, either through exchange via a recognized company or by way of “mining”, they can be stored in an online virtual wallet. Security concerns sometimes deter people from storing their bitcoins online, choosing instead to store something potentially worth thousands of US dollars on a personal computer.
A recent bitcoin recovery by DriveSavers involved a customer that had mined his bitcoins independently and allowed their value to increase while they were being stored on his Microsoft Surface Pro. His investment in Bitcoin mining was so successful he was able to purchase a home and furnish it solely with his bitcoin-generated income.
There was just one problem . . . the tablet containing the bitcoins wasn’t backed up. When the customer performed a number of steps that led to data loss; he compounded the problem by functionally disabling the computer’s ability to boot up. Due to the type and amount of logical damage, DriveSavers had to develop new proprietary technology to access the data, resulting in a 10-day recovery time rather than the average time of 1-2 days.
“Interestingly, the market value of the customer’s bitcoin investment had more than doubled within the time span of our data recovery process”, said Bross.
To protect digital wallets and prevent any kind of data loss, Bross says, “It’s important to remember the three rules of safe computing: Encrypt, secure and backup!”