What if someone lost his Bitcoin wallet?

[Brushless4500KV 4214]

On 3/24/2020 at 5:44 PM, Peter Urban said:

This is one of few disadvantages of crypto. If you dont have seed or private key you cant get into your wallet and you have lost your Bitcoins. Maybe if you will try many combinations of seed you can get your money back, but that is almost impossible.

I don't think this is a disadvantage. Private keys are like passwords which you need them to enter any account (including fiat accounts). This is a great safety measure and I think seed phrases are one of the most important advantages of crypto wallets because if you lose your device, you can retrieve your wallet and funds inside it but if you lose your credit card, you have to go through formal procedures which is annoying.

[SuperCrypto 7193]

In short, avoid using Wi-Fi in public areas, transfer your digital currencies to a cool wallet, beware of phishing sites, avoid fake advertisements, and avoid downloading untrustworthy programs.

[SuperCrypto 7193]

If you encrypt the wallet and forget the password, knowing that you have lost it, your bitcoin will disappear forever and there is no way to recover it. There are also cases where hackers and pranksters gain access to your bitcoins.

[Lover840 0]

On 12/22/2019 at 4:24 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 its true because the transactions of bitcoin are done through the blockchain technology so the transactions can't be traced or reversed. So when you lose your wallet all btc will be lost. 

[tariqul 566]

If someone loses Bitcoin wallet, then he will lose all his Bitcoin wallet deposits. Bitcoin wallet plays a very important role in depositing Bitcoin.However, we can get our Bitcoin wallet back by private key.We have to be careful about Bitcoin so we don't forget.

[NevermindNe 549]

Yes, true, but if the owner finds the private key to his wallet, that he can restore access to it, if this does not happen, the cryptocurrency will remain on the wallet forever.

[SuperCrypto 7193]

20 hours ago, Lover840 said:

Yes its true because the transactions of bitcoin are done through the blockchain technology so the transactions can't be traced or reversed. So when you lose your wallet all btc will be lost. 

Yes, unfortunately, if your digital wallet is lost and you put its information, you will never be able to retrieve it. Therefore, you should keep your private wallet information on a sheet of paper in the place of security so that you can retrieve it if any malfunction occurs to your device.

[rianpedia 816]

20 hours ago, NevermindNe said:

Yes, true, but if the owner finds the private key to his wallet, that he can restore access to it, if this does not happen, the cryptocurrency will remain on the wallet forever.

Then you have to backup your private key so it doesn't disappear, it can't be accessed to your wallet while there are a lot of our crypto coins there.

[guatazoo 7150]

That's why you are recommended to keep your wallet login details very safe, because if you'll lose the wallet especially for offline wallets, there will no way to recover it again.

[Mohssine 1725]

If someone lose his wallet, he have to try get it back by email or mobile phone , if he can’t sorry all his money gone , unfortunately there is no way to recovery his money, so everyone have to be careful.

[IamLeader12 682]

Yes, these coins will unfortunately be lost and left permanently in the wallet if the owner cannot restore access to it using a private key.

[BrolySSJ 7899]

There are generally ways in which you can recover your bitcoin wallet. There are some wallets that rely on a two factor authentication system that you can use to recover your funds if you accidentally delete your wallet, and there are some that rely on a recovery phase, that when entered can recover your funds. These should always be kept safe for times like this.

[Captain Karim 0]

Yes, your words are true, everything that is lost from bitcoin cannot be recovered, this may have a downside that great wealth is being wasted by its loss, but the positive side is that these lost fortunes may increase the value of bitcoin available in the hands of investors due to the increase in its scarcity.

[SuperCrypto 7193]

Loss of bitcoin wallet is a bad thing that can happen. If you have a large amount of bitcoin, you should avoid using any types of wallets that require an internet connection; use cold storage options instead.

[Laboni 755]

I think the use of the Bitcoin wallet should be backed up so that we can easily get lost. Also if we have a backup key, we can easily recover our lost wallet with that key. Using offline wallets is a great way to protect your wallet. It has less fear of losing.

[rianpedia 816]

32 minutes ago, Shinobi said:

If someone lost their bitcoin wallet than they could recover from backup phrase otherwise it was impossible to recover the lost wallet because bitcoin wallet is secured by privacy so without backup phrase can't recover a wallet

It is important that we store phrase or private key. so that at times we forget and lose the wallet it can help. Private keys can also be recorded on paper or hardcopy.

[ComeBackIsrael 185]

Yes, if the owner of a bitcoin wallet loses access to his wallet, his cryptocurrency is lost forever, since no one else can access it.

[Trader21 1199]

There is not any solution for recovering, if your wallet has been stolen. l advise using coin base, it is so easy and in my opinion more safety for this situation. 

[SuperCrypto 7193]

21 hours ago, Strangernew1 said:

My friend, as far as I know there is no way to recover your lost BTC wallet if you lost your private keys. You should capture a photo of your backup phrase to avoid it 

 

I think it is very difficult and almost impossible to recover the bitcoin wallet if you have lost its private key, so you should take care of the wallets for your cryptocurrencies and keep your passwords and private keys well.

[SuperCrypto 7193]

On 4/3/2020 at 7:35 PM, Princeazam said:

Well, 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.

Well done my friend and I also devoted a very small notebook to the most important notes that I want to keep away from the internet and in a safe place and write all my information about the wallets and passwords and my accounts on the platforms where I registered and have the balance and so I can access the wallet safely.

[Whited35 15285]

If someone has lost  a private key of the Bitcoin wallet , he lost his right to claim his cryptocurrency holdings from his wallet forever. It is the feature of the crypto world that once you lost secret phase or the private key, there are no way to regain the access. 

[Dark_Sky 8489]

On 12/22/2019 at 11:51 PM, Jimmy said:

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.

It can be recover when the wallet has a verification code or owners identity verification. 

Saving all important things or information about your wallet is the nice thing to do. 

 

[SuperCrypto 7193]

1 hour ago, MarsDota2 said:

Bitcoin doesn't have expiration, it means the lost butcoin will be a trash that can affect the price of the market permanently. If there is a bunch of lost bitcoin, bitcoin itself can be called a trash with its price.

This is true, my friend, it is very unfortunate that the Bitcoin currencies that are lost can never be retrieved, and certainly it affects the total volume offered by the currency in the market, but I think that therefore it appears as if the currency has been burned and the company has had a positive impact on its price.

[Treat1234 0]

1 hour ago, jack0 said:

if the wallet use the email and password then contact with support it maybe possible to recover. you must have access to email.

Wallets don't used email and password, unless if you are talking about coinbase and blockchain, he should try to retrace his private key to get access to his wallet

[Wilmer Garcia 0]

Unfortunately if you lose your Bitcoin (BTC) ticket you won't be able to get it back I think it's the point against that wallets have