What Should I Do If I Forgot the Password of My Cryptocurrency Wallet? Part 2

In part 1 we have already told you how cryptocurrency wallets work and in what case their passwords can be lost. Today let's talk about the most important thing: how to recover the password and not lose money? Contents: (please click the topic to scroll down to it)

  1. Algorithm of actions: how to restore online wallets? 3.1. Recovering an ID using email 3.2. Recovery of an online wallet with the help of SEED phrases on the example of Blockchain.info 3.3. Recovery with a private key
  2. Conclusion

 3. Algorithm of actions: how to restore online wallets?

Without deepening into the technical terms and algorithms of the blockchain technology, we have figured out what type of cryptocurrency wallets exist and how they work. Now the time has come for the practical part of this article, where we will look at specific examples of what to do if access to the wallet with beloved Bitcoins is gone. The most popular online service for storing Bitcoin is Blockchain.info. When registering with the service, you must specify email, come up with a password and write a SEED phrase for recovery. If you forgot the password of your online wallet, you can do the following:

  • try to figure it out yourself, looking through all the possible combinations that you could have used (also pay attention to the turned on CAPS LOCK, sometimes the solution is the most obvious thing);
  • the cryptocurrency wallet password can only be restored using the SEED phrase (these are 12 words that MUST be written down or printed on a piece of paper immediately after registration).
  • you can seek help from hackers who will help restore access to your funds for a certain percentage (it is by no means a fact that they will be able to hack the wallet, and that they will not steal your money afterwards).

3.1. Recovering an ID using email

If you forgot your ID number in the system, you can easily restore it using the email address you provided when registering. For this you need to follow two simple steps: Enter your email and captcha, then you will receive a letter with your ID number.

3.2. Recovery of an online wallet with the help of SEED phrases on the example of Blockchain.info

If you can not find the password yourself, but you have responsibly treated your assets and saved 12 words, then you have nothing to worry about. Following the simplest instructions, you can easily return access to your money. When you sign in, click on the "View options" link. Then you need to follow the link "recover funds". A window pops up where you need to enter 12 secret words, which are initiated at registration. That’s it, then access to the assets will be restored. IMPORTANT! Restoration of access to online wallets is possible only if there is a SEED phrase, if it is lost or written with errors, then the chances of getting the coins back oare close to zero. Recovering local "heavy" and "light" cryptocurrency wallets The advantage of local "hot" wallets is the presence of the file wallet.dat, which is stored on the hard disk of the user's computer. This is the most important file, which must be protected as much as humanly possible. To increase the level of security, you should back up this file from time to time, store it on external carrier using a strong password. How to restore a wallet using the file wallet.dat? If you have this file on a USB flash drive, hard drive, etc., then it will be quite easy to get access to your coins. To do this, just install the new program and replace the default wallet.dat file with the previously saved one. By replacing this file, you will again have access to your tools, transaction history, etc. By default, this file is located in the folder: C: / users / appdata / roaming / bitcoin

3.3. Recovery with a private key

This method is a bit more complicated, but also much more reliable, since it will allow you to keep access to the wallet on paper. And even if you lose the file wallet.dat, with a private key you can always regain control of your capital. Let's briefly discuss how to generate a wallet using a private key before we consider how to restore the access to it:

  1. you need to start the wallet and go to its console (this is an analog command line);
  2. run the dumpprivkey command;
  3. wait for the program to respond, the key will look something like this: ReavEHFYYeVsNq68nyUnTnDM2YZ5eRDTEyg6koUHjhyhGTortJ9EuM.

That’s all! It can be written down manually or printed on a sheet of paper. Having done this, you will always have a backup of your Wallet.dat at hand. Now you only need to put it in a safe place and ensure that no one accidentally throws it away as an unnecessary piece of paper. Restoring access to the wallet using a private key (step-by-step):

  1. Download and install the wallet.
  2. Run the program.
  3. Move to the console (command line) of the wallet and assign the following command: importprivkey
  4. Make some tea and wait until all the information is downloaded.
  5. Done! Coins are available again.

4. Conclusion

As you can see, there is a way out of almost any situation. The lost password of the cryptocurrency wallet is not a verdict, but only on condition that you have taken care of the backup plan in advance, namely:

  • you have access to email;
  • you have written down the SEED-phrase;
  • you have made a backup copy of the file Wallet.dat;
  • you have generated and saved the private key.

It is very important to take a responsible approach to the safety of your assets. Having saved all the above files, keys and passwords in advance, you can sleep peacefully, knowing that you can always regain access to your coins under any force majeure circumstances.

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