What Happens If I Lose My Bitcoins? | Bitcointalksearch.org

Julian ogan

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Quote from: Iqra.s on August 26, 2019, 07:01:55 AM

Unfortunately, since unique private keys are associated with individual Bitcoin wallets, if the keys are lost then what I will do?

Many wallets will have "seed phrase" which you can store to recover your wallets. Even if you loose private key, you will have seed phrase to recover your wallet.

Lucius

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Iqra.s, you need to make sure you backup your private keys in more then one backup. People often make a big mistake by making only one backup, and if that backup is lost they have big problem, so at least two backups preferably in different locations should be enough.

Today most wallets are using seed (12-24 words), so you do not need to backup individual private keys. This is a very practical solution which made constant backups unnecessary.

Bitcoins can never be losted, they are always on blockchain, but in order to move them from one address to another we need private keys. Even Satoshi is say that all lost coins only add value to remaining coins, and it is not same if we have 21 million of BTC or if that number is actually several million lower then that.

mk4

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You screwed. Being your own bank means you also carry the responsibility of making sure your funds are secure enough, and that you have a well ready backup just in case you lose access to your wallet(may it be a hardware wallet or a software wallet). This is why I never suggest people to buy bitcoin if they haven't done ample reading and research to at least understand the advantages and disadvantages.

"With great power comes great responsibility"

jossiel

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There's no "forgot private keys" feature option for most wallets that we use just like the forgot password option that we used to have if we forgot our login details.

Negotiation

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Quote from: Iqra.s on August 26, 2019, 07:01:55 AM

Unfortunately, since unique private keys are associated with individual Bitcoin wallets, if the keys are lost then what I will do?

I haven't no idea what your wallet type?
If you have added already email that probable to recovery private keys other hands so very strenuous recovery your private key. you have master key already so probable back your otherwise lost your funds.

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In some wallet like Electrum or Bitcoin-qt if you lose the private key you can use the wallet.dat or wallet file from electrum to recover your wallet.

But if you are not using these wallets and you lose your private keys there's no way to retrieve them unless if you have the seed phrase backup.

Bitcoin wallet is not the same as PayPal if you lose access to your PayPal account and Email you can contact Paypal and give your documents to verify that you own that account.

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Quote from: Iqra.s on August 26, 2019, 07:01:55 AM

Unfortunately, since unique private keys are associated with individual Bitcoin wallets, if the keys are lost then what I will do?

Then find a way to retrieve that keys as much as possible.

Most of the ways might only be possible to do by yourself since you are the one holding it and you know your history more than us.

But if you are targeting other keys without their permission, then just forget about it.

jdarren

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To my understanding they are lost forever until you have access to your private key

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Quote from: Iqra.s on August 26, 2019, 07:01:55 AM

Unfortunately, since unique private keys are associated with individual Bitcoin wallets, if the keys are lost then what I will do?

Maybe you can tell us more about which wallet you use? It becomes easier for people to give you an answer then.

Generally if your private keys are lost your coins are lost. Its as simple as that. There is no way to recover them. If you have a seed phrase which you remember then use that to recover the wallet. Again did you lose the seed phrase?

Iqra.s

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Unfortunately, since unique private keys are associated with individual Bitcoin wallets, if the keys are lost then what I will do?

Topic: What Happens If I Lose My Bitcoins? (Read 226 times)