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Article: “What Happens if You Lose Your Bitcoin Password?”

edited March 2021 in Other Investing
“ Bitcoin users have misplaced about 20% of all existing tokens, and unlike fiat currency which can potentially be recovered, it's highly unlikely that these tokens will be returned to circulation, analysis by the Wall Street Journal suggests.”

You can only recover your Bitcoins if you somehow can get hold of your private keys. Without them, your precious Bitcoins are waiting at their position in the blockchain, waiting for you to move them to a different wallet address ...

‘It’s extremely improbable, and effectively impossible [to recover lost coins],’ ... ‘This is what the security of Bitcoin is actually based on. If you've lost your private key, the system is so secure that you may not be able to recover it.’

Steps to Restoring a wallet

Step 1 - Locate your wallet words. To restore your wallet and recover your bitcoin, you must have your wallet words.

Step 2 - Locate your wallet backup folder. A wallet backup is an encrypted copy of your Bitcoin wallet.

Step 3 - Start the restore process.”


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