We all lose money, either paper money or digital currency. But, losing access to the world’s best largest cryptocurrency that costs you an arm and a leg is surely a nightmare. With the regular increasing supply of bitcoin, you cannot neglect the number of bitcoin misplaced, lost, and damaged daily.
According to a study, at the end of 2017, approximately 4 million bitcoin were lost, with no predictions to be found anytime soon. As a digital currency, these bitcoins are often lost due to online mishandling, and the coin ends up getting lost in unknown places. Hence, it is almost impossible to recover the lost bitcoin as there is neither one place where all lost bitcoins gather nor a forum where you can file the complaint of your lost bitcoin.
A bitcoin is stored in specific bitcoin wallets registered on different websites. Hence, you lose your bitcoin basically through these wallets, and finding them is hard unless you’ve special security keys or a firm backup on your wallet. The security step on your bitcoin wallet usually takes place on registering the account and is extremely important when you are on the verge of losing your bitcoin.
However, many bitcoin enthusiasts genuinely feel this an extremely critical step to follow, while others often ignore the fact of losing bitcoin anytime. In the midst of this undebatable question of whether you can get your lost bitcoin back or not. Here are a few answers to clear your confusion.
- Although there have been very few fortunate incidents reported, where the lucky bitcoin owners have found or recovered their lost bitcoins. However, these cases have been very critical where the lost bitcoins have been recovered in very little time. This basically directs that the faster you search for your lost bitcoin, the quicker you recover it. Whereas the longer you take in the process, the more time it takes for the bitcoin to be permanently lost or archived.
- Another factor that increases your chances of recovering bitcoin again is the storage of your bitcoin. Cold wallets are comparatively more safe, secure, and reliable as they don’t require internet connectivity. This ultimately reduces the chances of losing bitcoin by offering cyber hacks, two-factor authentication, and other verification to ensure only you access the account. Other common bitcoin wallet includes encrypted devices, paper wallets, pen drives / hard drives.
- However, forgetting where you kept your bitcoin or the password of your wallet is a whole different case. In this scenario, the chances of recovering bitcoin are comparatively less in the early days, and you completely lose access to your bitcoin. That is why it is suggested to store the bitcoin in other paper and hot wallets, too, so that you have a backup any time.
- Sending bitcoin to the wrong address means throwing over your bitcoin to a place from which getting it back is hard. This is observed to be the most common type of losing bitcoin, but if you’re lucky enough, then you have the chance to get it back. It often happens by mistyping the wrong address, resulting in bitcoin getting transferred to the wrong account. Although the transactions cannot be reversed, you can still contact the owner of that account and plead to send your crypto back only if he replies.
These were some of the common scenarios in which you can likely get your lost bitcoin back after some hassle. However, a stolen bitcoin is not considered a lost one as it’s active in someone else’s hands. Bitcoin rush software also lends a helping hand to help you recover the lost bitcoin with telling maximum practical possibilities. Lastly, be vigilant with every action you do with your bitcoin and ensure its safe every time from storage to transactions.