Bitcoin is an online currency that has revolutionized the world in more ways than one. First established back in 2009 by an anonymous source, this once unheard concept has grown exponentially and continues to do so.
More and more people are investing in the online form of payment. As a result, it has become common knowledge that people out there have lost their access to personal cryptocurrency wallets due to one reason or another.
While it can seem confusing how it is possible to lose access to something like this, it is more common than you think and has happened to millions of people worldwide. With no centralized governing body to give you access to your wallet, should you lose your pin, it is easier to lose access than you think.
how are people finding their lost Bitcoin wallets?
Try and Try Again
It seems commonplace, but if you have forgotten your password, you would simply keep trying your different variations, no? While that is undoubtedly what you do in other places on the internet, it is not recommended or sought after by many of those trying to access their lost wallets.
Most people who have a cryptocurrency wallet have what is known as an IronKey. This is a small hard drive that contains the digital keys enabling you access to your crypto wallet. If you have forgotten your password, you have ten attempts to get in before the contents are encrypted forever. Not ideal if you have millions of Bitcoin sitting waiting to be cashed in.
Some people have enlisted the services of wallet recovery services to assist them in unlocking the hard drive. On the other side of the scale, it has been rumored that some have even lost their access to personal cryptocurrency wallets. It is not recommended for your own safety to do something like this.
What If That Doesn’t Work?
A question we feel many crypto investors have asked themselves when faced with the prospect of losing their stash of Bitcoin. While we recognize this is not something they want to think about, it is worth considering if you are in a situation where you cannot recover the existing Bitcoin you own.
For those who are still interested in exploring the world of crypto, your best bet would be to open a new digital wallet. The Paxful Wallet is one of the top Bitcoin wallets out there and one we recommend you try. Just make sure to keep the digital key and passwords in a safe place, away from any prying eyes, and from which you will still be able to access in the event you forget your password again!
While we recognize that those who have invested in the currency previously would, naturally, want to access their initial investments, this is a safe option if you cannot do that. With the price of Bitcoin wallet and other cryptocurrencies rising exponentially in recent months, we feel confident you will see your investment come to fruition in no time!
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