There’s one thing that can send a shiver down the spines of blockchain wallet owners, and that is forgetting their crypto wallet password. The reason is that crypto wallet password recovery is hard unless you have the right tools and resources to recover it.
Imagine having all your money in the palm of your hands but you can’t touch it. Even if this is you, don’t give up hope.
We will help you recover it and show you ways to stop the loss in the first place.
Right now, Bitcoin is at its prime. Billionaires, institutional investors, and retail consumers all want to get their hands on it and use it for trading and investing in the original decentralized cryptocurrency.
But for some people, it’s been nothing but pain.
Over 20% of all Bitcoin, worth around $140 billion, has not been able to be found or accessed.
If you’re one of these people or are just worried about joining them, make sure to read this article until the end so that you can learn what options are available to you.
By the way, if you have already tried multiple ways but couldn’t succeed, the best way is to seek professional help. Contact crypto wallet recovery experts here:
Here’s what to do if you’ve forgotten your crypto wallet password.
How do crypto wallets work?
Crypto wallets are programs and devices that hold cryptocurrency. Inside are public and private keys.
The public key is just a long string of random letters and numbers, but it represents your wallet’s address on the blockchain network.
They’re both born with the same private key. It’s similar to how people use your Gmail to send an email your way; anyone can use your wallet’s public address to give you crypto. So since anyone can get it, it’s available for sharing.
Despite what you might think, your wallet can’t “store” assets like a physical one.
Coins and tokens are just bits of data that float around in the blockchain. Each piece is connected to an address there. When the wallet displays your balance, it finds all these bits and adds them up.
When someone wants to prove ownership of their assets with a specific wallet address, they’ll use their private keys.
They’re also used to sign off on any crypto transactions. If someone gets ahold of these keys, then they have full control over the funds in the wallet. As you could imagine, this is very bad, so let’s avoid it at all costs.
How passwords protect your crypto assets?
An unbreakable password is needed to keep your bitcoin assets safe. It acts as the first line of defense against anyone who wants to get their hands on your digital money, and by encrypting all of your information, it makes sure that only you can access it.
If someone were able to get control over your coins through an easily crackable password, they could do whatever they wanted with them without anyone being able to stop them. Think about how scary that is if they decide to clean out what you have and leave you with nothing.
Given how decentralized cryptocurrencies are and their irreversible transactions, getting back stolen funds is incredibly difficult. In most cases, it’s impossible, which makes protection even more crucial.
Ways to recover a crypto wallet password
For a moment, you might think that you’ll never get your wallet back, but there are a few ways to go about it.
Think of the possibilities
It’s always a good idea to sit down and think about what it could be. It might even come to you in a dream tonight; who knows? To help, ask yourself these questions:
Do you think you know what the password is and it just doesn’t work? It could be that it was changed and you’re trying an old one.
Anywhere you’ve used dates, names, or places for passwords, jot them down.
Did you ever use any capital letters, phrases, spaces, or special characters when creating one? Sometimes that makes all the difference.
Verify the most important thing: length. There’s no way to get around this if the length doesn’t match your wallet’s requirements.
You should make note of any ideas that come to mind while brainstorming.
If that doesn’t work, your next option would be to find your seed phrase. The phrase was given to you when you first made the account and it’s made up of 12 random words. It can be used as a recovery solution for your crypto wallet.
Now check everywhere you could’ve possibly written it down. There’s no way you didn’t note this somewhere. Start with paper, then move on to checking your phone, computer, and any other device you have lying around.
If you have an irregular seed phrase, then this option will not work. Also, note that you must type in the words exactly as they were given to you originally. If they are right but placed in an incorrect order, then this step will not work either. If, for some bizarre reason, it just doesn’t work, maybe try seeking help from a recovery expert.
Use an older version
Do you remember if there was an older wallet password on your phone or computer? If so, look for something that might have been backed up before now and see if that password works. But make sure to create a new backup of your current version before you revert back to an older one.
Don’t be afraid to ask for professional help
Recovering your Bitcoin Core wallet password can be tough, but it’s important to know when you need to seek professional help. Trying to recover a password without any knowledge or experience can lead to even more problems and a permanent loss of your funds.
Losing private keys/ passwords can mean the entire digital asset is lost and users will feel the impact if they have spent their money buying digital currency. Fortunately, it is possible for a crypto wallet recovery service like Online Investment Scams to restore access to lost wallets. They offer various services that help individuals who have forgotten their passwords and personal keys gain access to their money again.
While it might cost some money, it could save you more if you make a mistake yourself and lose everything.
The significance of password security
I can guarantee you that everybody has experienced the inconvenience of forgetting their pin or password for something important. If this is the case for you when it comes to your crypto wallet, then you can understand how bad it really is. It doesn’t matter how secure the platform is; if you lose your pin or password, then there’s no way you’re getting back in.
However, the importance of keeping a strong one cannot be stressed enough. You should know all too well that once someone figures out a weak one, they’re going to use it to their advantage and take all your money. If they wanted a challenge, then they’d rob a bank.
Alongside having a strong password or pin, encrypting your wallet is another great idea. This will scramble all your information and make it nearly impossible for anyone to crack it, even if they had access to it.
So now that you know why having it secure is so important, what happens if you forget? Good question and I hope this never happens to any of you but just in case, you won’t be able to unless you have some form of key phrase. There are ways that you can try yourself but using specialized tools or calling an expert would be more effective.