Topic: Forgot seed phrase, what to do? (Read 1023 times)

As long as you can get into the wallet, you are fine. Just start another wallet, new seed phrase and import the private keys. If you cannot get into the wallet at all then it is very likely the coins are lost. The best bet in that case is to spend more time finding and recovering the 12 word code than trying to find a way into the wallet without the keys. If you have a private key, things can be done, without that it is near impossible.

I'm always surprised at this whole "You need to immediately purchase a new hardware wallet" approach

There are several options available in this scenario:

1. Drop another $100 on a new Trezor, wait X days for new wallet to arrive, send funds to new Trezor.
2. Create a paperwallet offline, send current funds to paper wallet (check OK), reset Trezor, sweep funds from paper wallet to "new" Trezor address
3. Create an offline wallet, send current funds to offline wallet, reset Trezor, send funds back to "new" Trezor address
4. Create a new wallet on an online computer, send current funds to hot wallet, reset Trezor, send funds back to Trezor
5. Create a new wallet on a mobile device, send current funds to mobile wallet, reset Trezor, send funds back to Trezor
6. Create a new web wallet, send current funds to web wallet, reset Trezor, send funds back to Trezor

Obviously, some of these options are a LOT less "secure" that others... some are cheaper... some are easier... some are quicker... OP will need to decide what level of risk they're willing to carry, how much they want to spend correcting this situation and/or how long they want to wait to rectify the situation.

Options 2-6 are effectively what people need to do when they first purchase a hardware wallet and need to move their funds from their current wallet/storage to a hardware wallet. Sure, it isn't ideal and arguably carries more risk, but done properly (live distro with no network+offline wallet etc) you can minimise the risks involved. Also, waiting around for a new hardware wallet to arrive carries its own risks

Your approach requires OP to use Electrum cold storage with two computers: one always offline that holds private keys and signs transactions, and an online watching only wallet to send and receive. You can not use an Electrum offline wallet to send transactions so OP please only look into this solution if you have a spare computer you can take offline, disable the radio and never put online again:) This (along with Armory) is how we did cold storage until Trezor was available in 2014.

Please be aware that you do NOT have to purchase a new hardware wallet based upon your post.  Having a few Trezors is nice but not needed.  You have a free solution, which is fairly safe if you have basic computer knowledge.  Install Electrum (you are posting in the Electrum forum) on an offline computer and create a new "cold" wallet.  Write the seed down and keep it safe until you finish this easy process.  Once you know the Electrum wallet is good to go and you have the SEED safe and sound you can send the Trezor wallet contents to the cold wallet.  Once you verify the coins are there you can then re-initialize your TREZOR.  This will wipe and create a new wallet.  Brand new SEED words, and of course as you know now ----- WRITE THEM DOWN.  Its a few minutes at most to do this if you know what you are doing.  Then send the Electrum wallet coins to your new TREZOR wallet.  The new hardware wallet has ZERO to do with the wallet currently on your Trezor.  If you don't know how to use the two computer hot/cold wallet approach with Electrum there are threads all over this forum.  Please ASK if you have any questions.  We don't want you losing coins, but I assure you this process is totally safe if you understand what you are doing.

If you buy another Trezor once you have the new wallet set up and your bitcoin safely transferred over wipe the old Trezor and update to newest firmware. Then do an advanced recovery using the seed from the new wallet. That way you have a duplicate Trezor ready to go in case of loss. Trezors do break once in awhile so having a spare around is definitely worth it. I had one go bad after three months replaced for free under warranty.

Man, more money to spend on wallet....I hate this But thanks for the advice

Btw, after I transfer my bitcoins to my new hardware wallet, can I "factory reboot" my old hardware wallet so I can use it again?

Thanks

Better write over your PIN and buy new wallet as fast as possible. Then transfer your bitcoins to next wallet. Keep your seed safe. Once I bought new wallet since my parents trashed my seeds when they found them.

No you need to buy a new hardware wallet and send the bitcoin to the new wallet. Do it before you forget the PIN and lose your bitcoin. Next time keep your seed safe.

Hi,

I've lost my seed phrase I wrote on a paper, but I still know my password pin for my trezor.

Can I retrieve my seed still? (I don't feel like transferring my coin to a new wallet)