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How to recover your lost Bitcoin wallet password?
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Key Takeaways
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Over $130 billion worth of Bitcoins, constituting at least 20%, are locked in wallets whose owners have forgotten passwords, exacerbated by rising Bitcoin prices.
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Retrieving lost crypto wallet keys, despite advancements in recovery tools, remains challenging, with success rates hovering around 30%, leaving many users at risk of permanent asset loss.
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To safeguard against wallet access loss, it is advised to store private keys on secure media, avoid cloud storage, and be cautious of costly recovery services and potential scams offering password cracking.
Forgetting your password and losing your bitcoins – is it true?
Bitcoin is the most important invention in human history since the Internet
Roger Ver, investor and bitcoin evangelist
At least 20% of the created Bitcoins are stored in wallets that the owners have lost access to. “I’ve lost my bitcoin wallet password!”. Their combined price is at least $130 billion. Millions of bitcoin were lost. Due to the increase in the price of military-technical cooperation in the last month to an indicator of 32-33 thousand dollars and experts’ forecasts of an increase in value, the number of users seeking to return the key of their wallet has increased.
The story of the programmer Stephen Thomas, who lives in San Francisco, is indicative. Ten years ago, he wrote down the key to his wallet on paper and then lost it. His wallet now contains approximately $240 million worth of Bitcoins. He spoke about his situation to the New York Times. Lost passwords lock millionaires out of their bitcoin fortunes.
Source: pexels
Wallet Recovery Services, a company that recovers lost digital keys, reports that it is approached by 60-70 users every day to access their wallets.
Why is it so difficult to recover the key of the crypto wallet?
The wallet software includes an algorithm that creates a unique address for storing Bitcoins and a key (password) known to the owner of the crypto wallet. Key recovery service does not work in PTS. Loss of the key threatens the owner to lose control over the funds in it completely, which is what happens.
Private keys come in several forms, most often alphanumeric characters in a sequence. Previously, people believed it was impossible to restore access to the wallet if the key was lost. However, now there are special programs that allow you to do this.
But their effectiveness is low. In only 30% of cases, people can restore access to the wallet when the key is lost.
What should I do if I lost my bitcoin wallet password?
People often use the console to recover their password (if the wallet is desktop). First, you should reinstall the wallet program, replace the wallet.dat file with the previously saved version.
Next, you need to start the wallet again, enter the console, type the phrase “dumpprivkey <# wallet>.” The system will issue a code, which will be the new private key of the wallet. But not all versions of desktop wallets can use this recovery algorithm.
There is a situation when a file on a computer containing a private key is deleted; there is no backup copy; the hard disk contains all the information and has been damaged. It is possible to use programs to recover information. There are free and paid versions. If the program can repair the damaged sectors, there is a chance to return the key.
If the owner uses a hardware wallet, he can try to buy another one and when he starts it, select the “Wallet Recovery” option, then enter the seed phrase generated at startup. You can also use special programs.
Recovering the key is the easiest way for those using an online wallet. When a user signs up, the network identifies them. If the key is lost, the wallet owner can request the system support service and follow its instructions.
If suddenly the user has lost all information about his wallet, he must request the administration of the service, providing them with complete information about himself. After verification, access will be restored.
How can I recover the key from a light crypto wallet?
You need to reinstall the program on the PC. When the system asks for the path to the file, you need to specify it, then enter the password. It is also possible to restore access in some “light” crypto wallets using the console.
To get the key, you need to enter the special command Dumpprivkey into the console; after the space, enter the address of the crypto wallet. After that, the system will issue a key. Next, the command importprivkey is typed in the console; after a space, enter the code of the received key. It will restore access to the wallet. However, not all versions of “light” wallets allow you to do this. If you can’t restore access, you should try special utilities, for example, Recuva and others. All of the above methods for recovering the wallet key rarely give a positive result. Most often, the user loses access to the crypto wallet forever.
It should be noted that now there are companies offering access restoration services. However, they require a large percent for recovery. They do not guarantee that access to the wallet will be returned. The user in this situation acts solely at his peril and risk. There are also suggestions for cracking passwords on the net. But no one can guarantee that the entities offering such services will not steal coins from the wallet.
Crypto safety
- It is recommended to store private keys on paper and electronic media, inaccessible to unauthorized persons.
- Physical damage to the media must be avoided!
- Cloud storage is not worth using as it is often hacked.
- Periodically you need to check the media, make copies.
Now you know the answer to the question “what should I do if I lost my bitcoin wallet password”.
How can I recover a lost Bitcoin wallet password?
Consider reinstalling the wallet program, replacing wallet files, and using console commands, but success rates are around 30%, making recovery challenging.
What if my crypto wallet key is lost due to hardware damage?
In cases of damaged hardware, programs may help recover information, but success is not guaranteed, emphasizing the importance of regular backups.
Are there specialized services for recovering lost wallet access?
Yes, companies offer recovery services, but they often charge high fees with no guaranteed success, and caution is advised to avoid potential scams.
Can I use cloud storage for crypto wallet backups?
Cloud storage is not recommended due to security concerns, making it safer to store private keys on both paper and electronic media, ensuring they are inaccessible to unauthorized persons.
What security practices should I follow to prevent wallet access loss?
It is recommended to periodically check and create backups of wallet information, avoid cloud storage, and be cautious of entities offering password-cracking services, as they may pose a risk of theft.
