Besides being a successful and easily accessible digital cryptocurrency, bitcoin is also known for its digital storage in bitcoin wallets. While this particular kind of storage might sound a good and safe option for many investors, it’s the worst nightmare for those who lose it while it’s stored. Unlike as it sounds, losing bitcoin doesn’t mean dropping these coins from the wallet but losing its access from your end.
Today, Bitcoin is considered a huge profitable asset that is massively increasing in quantity. From the value of $0.0008 to reaching the peak of $23,000 at today’s time; Bitcoin has seen an extensive surge in price and spike in interest through the years it has been created.
That is why countless traders have invested a huge sum of money in this volatile asset, making its current supply up to 21 million. But, have you ever wondered whether all of these bitcoins are actually owned by someone or even safe?
How Does Bitcoin Get Lost?
In the midst of thousands of investors trading bitcoins daily, there’s probably a high chance of losing bitcoin due to a myriad of reasons. Chainalysis – famous investors lost their bitcoin worth around $4 million today at the end of 2011, there are many more investors that have already lost or are just on the verge to lose their most precious asset of all-time. However, here are a few more ways that can be a reason for your lost bitcoin.
- Lost or Discarded Device
Since bitcoin is a digital currency and stored in wallets that are present on different devices. Thus, one common way of losing bitcoin can be by breakage, dysfunctioning, or loss of these devices in which you have stored your bitcoin.
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Normally these wallets are stored in hard drives and motherboards like every other computer. Therefore, broken, fired, or damaged states of these device parts can ultimately lead you to misplacement of your bitcoin.
- Forgetting the Password
Like every other app, accessing bitcoin wallets also requires a private key’s password and codes that allow the owner to access its bitcoins. Forgetting these important credentials can lock your bitcoin wallet forever which is something horrible even to think.
This occurs mostly when people fail to remember in their memory or throw away the paper where they wrote these important things.
How to Recover Lost Bitcoin?
Ensuring everything is safe and secure can maximize the odds of recovering your lost bitcoin that is increasing daily in number. Without further ado, let’s take a look at some easy yet effective ways to recover the lost bitcoin.
- Checking Up the Landfill
Well, the treasure lies in the landfill. The past experiences of investors with their lost bitcoin states that they suspect their bitcoin was mistakenly extracted out in the landfill. Therefore, as soon as you feel your bitcoin is missing, check the garbage of your house if you can find any clue there.
- Hire Services
This increasing concern regarding bitcoin has brought many efficient services into consideration. These bitcoin recovery services like the bitcoin mastery app works pretty well in hacking the wallet or finding other effective alternatives to regain access to your bitcoin. It can be by running backup software or scraping out the transaction history of your Bitcoin.
- Try Guessing
This is probably the last option that you should consider while recovering your bitcoin. While you may have very limited tries to enter the password but these are the golden opportunity in this scenario. Such as, a well-known investor Stefan Thomas forgot his bitcoin wallet password that contains up to $220 million worth of bitcoins. However, he has now used nearly all of his chances except two to enter the correct password.
Conclusion:
Either novice or experienced, every trader has its share of experience in losing bitcoin and may never gain it back. Therefore, don’t be a fool to share your wallet details with anyone or write it on a piece of paper that will eventually end up in any dustbin or dumped landfill.
