What if someone lost his Bitcoin wallet?

[SuperCrypto 7193]

A question arises in my mind that if a person lost his Bitcoin wallet, he would not be able to return it again, so how much Bitcoin was lost for this reason, and it cannot be used again. Given that this currency lacks any tangible physical presence, unlike other monetary currencies that are controlled by banking banking institutions, bitcoin is not controlled by specific persons or entities other than its users.
If lost, it can never be recovered, as if it had been burned, right?

[melikf78 987]

if you delete your wallet app you can access again with using your 12 phrases and private key but if you lost your private key you will lose your btc. keep your 12 pharses and private key safe

Edited December 22, 2019 by melikf78

[Jimmy 437]

It can be never recovered unless the user or some people find the private key of that lost wallet and also the coin will stay on the address and not be buned, Always do back up your data including bitcoin private key and other crypto wallet online and offline, Store it on safe place.

[Interface User 1070]

Because Bitcoin is digitally running its hard to detect the lost wallet. In my perspective if you forgot the password or keys everything of your efforts will gone.

[SuperCrypto 7193]

17 hours ago, Lubna said:

Yes we can say it. every year, a decent amount of bitcoin is being lost. people also send bitcoin in wrong address which is also lost

However, the main problem that confuses investors lies in the belief that the process of "currency burning" will always be able to reduce the number of units of the existing currency and contribute to raising the prices of the digital currency. But the volatility of the circulating supply of cryptocurrencies often makes this goal difficult to reach.

[harsh 248]

Even if you lost your bitcoin wallet, you can still claim it back. Just go the login page of the wallet and put your secret key which can be used to reclaim your wallet. If you also loose the private key you will loose your wallet forever.

[silvergain 271]

8 minutes ago, harsh said:

Even if you lost your bitcoin wallet, you can still claim it back. Just go the login page of the wallet and put your secret key which can be used to reclaim your wallet. If you also loose the private key you will loose your wallet forever.

i lost my private key and also lost secret key. actually my pc got crash and lost every data. later on i installed windows 10 and saw my hard disk is fully blank. this case i installed bitcoin wallet but i was hopeless. my wallet is fully gone and i was not able to reclaim this. i got lucky because had only low balance but also worries to use it

[Romaan1987 601]

Yes this is a very interesting question that if a btc wallet lost than funds will be also lost. Supply of bitcoin is already very less only 21 million. but it is a rare case that one have lost his btc.

[Afrizal rahman 2636]

Yes, that's why we have to keep a password backup in paper or wherever. so that if we forget we can remember again. and the problem of losing the wallet is that it can't be returned anymore, because this wallet is a kind of online and a bit of a digital kind so losing it makes us really lose.

[SuperCrypto 7193]

5 minutes ago, silvergain said:

i lost my private key and also lost secret key. actually my pc got crash and lost every data. later on i installed windows 10 and saw my hard disk is fully blank. this case i installed bitcoin wallet but i was hopeless. my wallet is fully gone and i was not able to reclaim this. i got lucky because had only low balance but also worries to use it

This is really unfortunate .. It seems that dealing with bitcoin wallets should be very careful. Copies of the private key must be kept on paper so that it is not lost forever. Good, the amount is small, but be careful next time.

[silvergain 271]

2 minutes ago, SuperCrypto said:

This is really unfortunate .. It seems that dealing with bitcoin wallets should be very careful. Copies of the private key must be kept on paper so that it is not lost forever. Good, the amount is small, but be careful next time.

i will be careful next time, i decided to use yobit bitcoin wallet for transaction. yobit looks impressive and trusted. lot of features have in this platform. i also can make transaction from yobit bitcoin wallet to other bitcoin wallet. the problem is fees per transaction is high but i feel safe rather then using official bitcoin wallet. cause i don't wanna take that risk again

[adriano2010 77]

If lose private keys you can never recover that bitcoin and even if there are some people who say maybe in future can get bitcoin private keys with super computer i don't think will happen. 

[Fadzinator 285]

If you lost your private key then your “ACCESS” to that wallet is lost also. That means your bitcoin still remain in blockchain - and will not be deducted in the current supply. If quantum computer can crack your private key then they can access your coin (in the future)

[Fatihgani12 348]

Well, it's true that if it disappears it will burn away without being noticed anymore, hopefully all of us here don't fix things like this. If you don't want to solve this you have to be careful and always careful.

[BTC Future 3946]

Your wallet is your private key. I personally try to find the private key at any wallet I register with and type it down at a piece of paper which I safely store somewhere noone would ever bother to look. Also write down any recovery phrase or passwords you used and download, store and backup any json file cointaining your information.

All of these are ways to be able to safeguard yourself from losing any other way of access you have to your wallet.

 

Edited December 23, 2019 by BTC Future

[Tatiana 540]

I guess when you loose the wallet it cannot be returned and you may basically to say goodbye to all of your coins there. The other story with hacking, as I heard, it is possible to find some tracks and return your coins, but I do not know details. 

[Ankit Nepal 719]

On 12/22/2019 at 4:39 PM, SuperCrypto said:

A question arises in my mind that if a person lost his Bitcoin wallet, he would not be able to return it again, so how much Bitcoin was lost for this reason, and it cannot be used again. Given that this currency lacks any tangible physical presence, unlike other monetary currencies that are controlled by banking banking institutions, bitcoin is not controlled by specific persons or entities other than its users.
If lost, it can never be recovered, as if it had been burned, right?

A website gives you secret words and keywords which are useful to recover your lost wallet. Simply type those  keywords (may be of 12 words) then you will get your wallet back as it was before.

[SuperCrypto 7193]

2 minutes ago, Ankit Nepal said:

A website gives you secret words and keywords which are useful to recover your lost wallet. Simply type those  keywords (may be of 12 words) then you will get your wallet back as it was before.

It is not that easy to know the Private key so as to the decentralized wallets.. The sites you are talking about are just guessing regular passwords and not for decentralization wallets. I have not heard of anyone who succeeded to retrieve his wallet.

[xprince1996 865]

On 12/22/2019 at 6:54 PM, SuperCrypto said:

A question arises in my mind that if a person lost his Bitcoin wallet, he would not be able to return it again, so how much Bitcoin was lost for this reason, and it cannot be used again. Given that this currency lacks any tangible physical presence, unlike other monetary currencies that are controlled by banking banking institutions, bitcoin is not controlled by specific persons or entities other than its users.
If lost, it can never be recovered, as if it had been burned, right?

Yes the bitcoin wallet cant be recovered anymore and the bitcoin contain of the wallet will be burned forever and no one can restore it anymore even satoshi nakamoto.

[febriyana 934]

I think that is advantage about Bitcoin wallet. Where for example we lost it, let's say the computer is formatted and reinstall. So anything program is erased. That is no problem we still have a chance to recover Bitcoin wallet. First you need install the wallet then recover the wallet using private key or word phrase. And viola! Your Bitcoin come back to your wallet.

[tienda 8776]

If someone lost his private key, because I think you mean or we are talking about the private key, we dont loss a digital wallet maybe a physical wallet yes. So yes if we loss our private key there are not any option to recuperate what you have hold on your wallet.

[Chloe Jessica Robinson 1]

I never thought that one day I will invest my money on forex trading because of the numerous scam and risk involve in it...i was so frustrated because I have a daughter to take good care of...so my best friend introduced me to Mr Alex Gray who happen to manage my account very well...I started with $500 and a profit of $7,500...behold it was a testimony and ever since then... I was able to take care of my daughter health,
Contact him via WhatsApp:
+1 619 399 2841

[Nurul Huda 944]

On 12/22/2019 at 10:35 PM, Ibnusmanedoz said:

If you loose access to your wallet I think your coins are gone. Your private key is what matters. You need to keep that in very safe place.

Thank you for your attention because you gave important advice to keep my coins safe in my wallet so that I will automatically secure my private key more safely and it will not be lost then I will store it in a very safe place.

[PiroSense 2681]

On 12/22/2019 at 6:54 PM, SuperCrypto said:

If lost, it can never be recovered, as if it had been burned, right?

That's if you lost the private key itself. If you use an online hot wallet, then it's recoverable since the private key is in the hands of the wallet provider itself and not on you. If you store it on cold wallet, once it's gone, there's no claiming it back.

[saddamali 194]

You can not recover your wallet if you forget private key.Always safe your private key various system.Never put any third party software otherwise you can lose your all money.