Dave Bitcoin, or as he is known among users of Bitcoin, is a software architect that helps people find their lost cryptocurrency passwords. Recently, the price increase in Ethereum’s blockchain has resulted in more work for Dave Bitcoin. However, this work buildup would not have been possible without him building trust in a focused manner among his clientele.
Dave Bitcoin’s profession is hacking people’s cryptocurrency passwords, of course with their permission. His services are available at walletrecoveryservices.com, his own website that he uses to crack open people’s lost passwords. He uses the brute force decryption method: that is, his program tries millions of passwords within a short period of time to find out the correct/lost one. He provides his services for different cryptocurrencies such as Bitcoin and Litecoin. In the month of December, he even started decryption of Ethereum wallets. Dave has been providing his services from those times when it was still uncertain if the Bitcoin cryptocurrency was legit, and has maintained his codename since.
According to Dave Bitcoin, it started off during the year 2013 when his curiosity was aroused enough to understand the working of the Bitcoin cryptocurrency and the encryption methods that were followed by cryptocurrency wallets. As he grew to understand its working, he was able to serve those individuals who had lost their wallet passwords. His business also started growing. Dave Bitcoin has had over a thousand clients since he started learning about encryption methods of cryptocurrency wallets. He has provided services mainly for recovery of lost wallet passwords of clients as well as for some other cases where recovery of wallet files were warranted. He claims that his success rate is about 30 percent and this is dependent on the amount of information that the client is ready to divulge to him.
From the month of January this year, the Ethereum businessof Dave Bitcoin has seen an upswing, thanks to its price increase by 1,000 percent. More than half of Dave’s business is Ethereum wallet based. Bitcoin related business is about 40 percent and the balance 10 percent is for retrieval of alternate cryptocurrency such as Dogecoin and Litecoin wallets. Dave charges about 20 percent of whatever is in the cryptocurrency wallet as fees when he sets out to retrieve the wallet password. However, he does not mind helping people out even if the exercise may not bring great financial rewards.
Dave Bitcoin – Business Built on Trust
Dave makes it a point to render his services in the most trustworthy manner to maintain his clientele. The very fact that clients should hand over to him what they think is the password is a matter of risk for them. What adds to it is that most customers would be using variations of the same password for different accounts and multiple transactions.
However, once Dave Bitcoin manages to retrieve a wallet password and charges a fee for it, he emails his clients to change their passwords and stop using any of the passwords that they had handed over to him. Dave uses configurable software for the decryption. For unusual passwords, he had to add customized code to get the job done. His software runs on Amazon Web Services computers and other such high-performance machines. The program is designed to pull out possible passwords from a high-speed online database and perform primitive cryptographic operations on these passwords to determine the correct one.
Dave uses nodes that work on both Windows and Linux. Up to a hundred nodes can be run on the click of a button on the AWS. He works out his investment costs according to the likelihood of success and the decryption charges that are involved. The software package that he uses is designed to perform over a million decryption operations in a second’s time. At the end of it all, his income from his decryption business has not been enough for him to give up his main daytime job as a software architect.
At this point in time, walletrecoveryservices.com seems to be the only one of this kind. Many reputed individuals have used Dave Bitcoin’s service. In fact, Blockchain, the Bitcoin wallet provider redirects clients to avail of his services. To guard his reputation, Dave Bitcoin acts honestly with all of his clients at all times.
Whereas many Bitcoin enterprises have failed and taken away consumers’ money with them, many consumer protection groups are issuing advisories against using the currency because of the near absence of password recovery options. However, there are other groups that believe this very point would help people take security into their own hands instead of relying on others. Dave and others in the industry believe that the Bitcoin is still in its nascent stage and it would be long before people take to moving over to other self-accountable currency systems.