Does Bitcoin have mechanism to recover stolen or lost bitcoin?

levvv

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Quote from: kimjoo11 on May 30, 2018, 09:53:49 PM

In case someone stole your bitcoin or you lost it, you won't be able to get it back.
Is this true?

What are your knowledges about this?

What i know, when somebody have the access to your wallet, either it is a private key or seed wallet, you cannot do anything if they transfer your coins.
Cryptocurrency is decentralized, there is no one can protect or recover your wallet except yourself with your keys and passwords.

smitamitu

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Bitcoin operates in a decentralized network that has faster transaction capacity and advanced security. Once you have lost your bitcoin wallet that it is lost forever. You will not be able to recover it unless you know you password. But if you lost it, no one will be able to recover or usurp it from any sources.

robertcross07

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since it is completely a automatic process followed by blockchain, there is no way to recover stolen bitcoin. This is why it is highly recommended to do all the transactions carefully.

DAVETUN

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Bitcoin is the currency of this age

No mechanism to recover your lost Bitcoin, you are your own security in the cryptocurrency space, reason why you must ensure you guard your private keys and password secretly, to avoid a lost of your Bitcoin, The private keys is what you can use to access BTC, therefore anyone with the Private key owns the wallet.

rogerjordan07

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Bitcoin is encrypted and strictly maintain its privacy. So, it cannot be get hacked or stolen easily. To get rid of stealing or hacking problem, secure account with strong password and maintain your account privacy.

goldminecrypto

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The main advantage of bitcoin is no one can stole your bitcoin easily. And if there is possibility of happening such thing you will be notified as it has a very good security system. For this reason I always prefer blockchain technology and it is the best.

cosmoo

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No, Bitcoin don't have any mechanisms like this. Because of this we all need to be very careful with our transactions and information saving.

rawr1620

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private keys in wallets prevent your bitcoin from being stolen unless you transact it to others it is not stolen but scammed in ither cases one can steal it by getting ahold of your private key

greenvally

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not at all man. there are no ways, but why we will be that much careless to lose your BTC. BTC transaction is a very safe process. If you just stay a little bit aware. no bad is going to happen to us man.

jhache

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Unfortunately there is no such mechanism to recover your stolen or lost Bitcoins. I think it is for the better, as if someone had the power to recover someones Bitcoins than he would have access to anyones wallet and that would have created centralization which is against the crypto principles.

papasmurph

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Quote from: kimjoo11 on May 30, 2018, 09:53:49 PM

In case someone stole your bitcoin or you lost it, you won't be able to get it back.
Is this true?

What are your knowledges about this?

In both cases, you can not recover BTC coins. So you have to be very careful where and how you fill your wallet keys.
BTC can not recover if lost or stolen.

kma.deno

newbie

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Yes, it is true. It will never be get back once a transaction is made. And this is why it is highly recommended to make a transaction very carefully. Since the transactions are done with blockchain technology, this irrecoverable.

Hidden

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that's true because that's why we must keep our wallet well to be difficult to be penetrated by people we do not know because keeping the wallet security is very important to keep the assets we have

AliMan

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Quote from: TradeCrypto on June 02, 2018, 09:44:55 AM

There is no way to recover vet the even if you sending for wrong address you can recover even somebody gets you private key or your credentials they can use it and send the fund where ever they want you can watch transaction but can’t sble to get

As of this moment there's still not a news regarding that one. So staying with bitcoin and keeping it safe is the best thing to do to avoid inconvenience. There's not a way about that recovering the account unless something might come up and helps you to remember the thing you forgot whichyour is your account.

imstillthebest

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Quote from: jak3 on June 02, 2018, 12:13:30 PM

Hey mate it's absolutely true that make you lose your wallet then you are going to lose a little money. The only way to recover those funds is to have a private key backup otherwise just say goodbye to your money. Nowadays some wallets provide additional features like masterseed backup and chiper backup which provides additional helps to recover you funds.

Quote from: jak3 on June 02, 2018, 12:13:30 PM

Hey mate it's absolutely true that make you lose your wallet then you are going to lose a little money.

a little money? well if if your crypto wallet do have a small balance in it then you could probably loose small but if you have a big balance inside your wallet then you will also loose big. So therfor it is really dependent on your balance.

Quote from: jak3 on June 02, 2018, 12:13:30 PM

The only way to recover those funds is to have a private key backup otherwise just say goodbye to your money.

Yeah private key is one of the few tools that we need in order to recover and unluck our wallet but there were also other method such as using your .dat file and others can be using your pin, password , bip codes , etc.

Quote from: jak3 on June 02, 2018, 12:13:30 PM

Nowadays some wallets provide additional features like masterseed backup and chiper backup which provides additional helps to recover you funds.

Yes that right most wallets do have these features in order to safely recover account but there also wallets that do not have these functions and ive been using one of those wallets which i think pretty risky if ever i forgot my password.

jrrsparkles

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Quote from: kimjoo11 on May 30, 2018, 09:53:49 PM

In case someone stole your bitcoin or you lost it, you won't be able to get it back.
Is this true?

What are your knowledges about this?

In blockchain network we can't recieve the bitcoins if you lost your passwords or prviate keys so you need to have the backup of your keys written in a paper and the transactions are irreversible so we can never can get back our bitcoins if someone stole them or we send to the wrong address.

GabrielBrandon

newbie

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I'm afraid still there are nothing to recover this but i hope they will think about it as soon as possible.

jak3

legendary

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Hey mate it's absolutely true that make you lose your wallet then you are going to lose a little money. The only way to recover those funds is to have a private key backup otherwise just say goodbye to your money. Nowadays some wallets provide additional features like masterseed backup and chiper backup which provides additional helps to recover you funds.

Verde_Mantis

member

Activity: 336

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Quote from: kimjoo11 on May 30, 2018, 09:53:49 PM

In case someone stole your bitcoin or you lost it, you won't be able to get it back.
Is this true?

What are your knowledges about this?

For what I know, once the bitcoin are moved into another address there is no way to get them back, unless of course you know the private key of that address. And the same goes if someone dies without leaving written the private keys: they are lost forever.

damrianto

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until now there has been no patented bitcoin rules about the loss law that traders in maintaining bitcoins that have been stolen others or lost .. because it is just a mistake that the traders do in maintaining each account and this happens because personal account key leakage .. this will not be in demand wherever you complain .. this is the risk in the responsibility by traders ..

Topic: Does Bitcoin have mechanism to recover stolen or lost bitcoin? (Read 432 times)