What will happen to bitcoins in an online wallet with lost password?

ilovefeetsmell

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Quote from: Ucy on March 11, 2017, 03:31:47 AM

Quote from: BingoDog on March 10, 2017, 02:30:57 PM

Tricky situation but the coins doesn't necessary have to be lost. Many web wallets have ways to,recover your funds, even if the password is lost, like blockchain. The best way is to contact the customer service, explain what happened and I'm sure there will be some kind of solution.

Hugh relief to see Blockchain mentioned. The initial impression was if you lose your password you lose your money as well.

I think it doesn't lose the bitcoin the same as your password. We can recover our password by suggesting on how to do it. There is always a solution to a certain problem like that. People will help you to your problem but make it sure that he/she is trustworthy. Sometimes they're interested in your money and they will take all of your bitcoin. Be observant what he's/she's doing in your online wallet.

Soul Reaper

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According to me loosing bitcoins is much more difficult than loosing paper money.
The scope of a person being a good thief is always more than he being a good hacker.
If you have given a valid email ID or your phone number then definitely you will have a reset option.
Bitcoins in a lost wallet will be useless because of the fact that no body can use them unless they are retained or detected by some hacker.

Shinpako09

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It wont be lost. It will remain in the wallet and wont be untouched even for how many years I think. Unless someone know your password and access your account.

fanbeila

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Quote from: FLoving on March 10, 2017, 02:05:55 PM

Suppose a person have some bitcoins in his online wallet and he forget the password (or lose access to that online wallet in any way) then what will happen to that bitcoins?Will that be there forever or as the wallet providers have access to them and they will get them if they find no any owner for years.

For wallets like electrum, a seed is generated at the time of registration and you could use it to recover your wallet.For other online wallet, i hope they would ask your email id and send your details to it on request.

d-trixx

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Quote from: JL421 on March 15, 2017, 04:49:16 AM

I don't you actually thing anything like that can happen unless he is dead because most of the online wallets have forgot password option and if they have 2fa i thinl you can contact them and they may unlock your account. But if none of this works then i think the money will stay there unless site closes

But nevertheless, even without contacting the support service, you can always restore passwords or access to wallets, with the help of special services. After all, these are elementary things for normal wallets.

JL421

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I don't you actually thing anything like that can happen unless he is dead because most of the online wallets have forgot password option and if they have 2fa i thinl you can contact them and they may unlock your account. But if none of this works then i think the money will stay there unless site closes

Rajadurai

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If you lose your private keys (and the bitcoins on them) it is over, 0 chance to recover.

thisappointed

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Quote from: knircky on March 10, 2017, 02:15:12 PM

Quote from: FLoving on March 10, 2017, 02:05:55 PM

Suppose a person have some bitcoins in his online wallet and he forget the password (or lose access to that online wallet in any way) then what will happen to that bitcoins?Will that be there forever or as the wallet providers have access to them and they will get them if they find no any owner for years.

If with online you mean hosted by a company u can always get it back.

If it's a wallet where you control the keys, such as jaxx then it's gone

Correct, you could retrieve your lost password by contacting the Support of that certain wallet, and then they will suggest to you to retrieve your password by using the email that you have provided when you created your online wallet, and if you can't remember any details about your private info when you have created that online wallet, sadly, that bitcoin stored in your wallet will remain there, unless someone would hacked it up.

So, in order to not to lose your password, it would be better if you are going to save it in your PC or in your smartphones, you could print it also in white paper, but the risk of losing it is big than saving it on the PC or smartphone.

emezh10

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Quote from: ralle14 on March 11, 2017, 02:30:28 AM

Quote from: Nanda Dewi277 on March 11, 2017, 01:14:17 AM

Quote from: FLoving on March 10, 2017, 02:05:55 PM

Suppose a person have some bitcoins in his online wallet and he forget the password (or lose access to that online wallet in any way) then what will happen to that bitcoins?Will that be there forever or as the wallet providers have access to them and they will get them if they find no any owner for years.

if you forget the password maybe you can request a new password, all online wallet features Recover password

If we are talking about the web wallet from blockchain.info you can't request a new password and the only way is by recovering your password using the mnemonic phrase provided from blockchain.

Yes. If blockchain is your wallet then you lost your password all you have to do is to put the given phrase when you already starting. But in the other wallet. I suggest to you that request for a new. You have email address on it so ask for the reset password. Because all I know is that if you lost your password and have bitcoin on it, after a year or a month they will have access on it and get the bitcoin inside that wallet.

ufaiz50

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you can regain to your account if you have a little access like email connected then you can request a password reset but if you don't have any access to the wallet your bitcoin will remain in your wallet and will not be lost

Tyrantt

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We've been talking about this same problem a few months back and the best solution in my opinion would be: If the wallet and bitcoins on that wallet haven't been used for a 10-13 years, those bitcoins would be sent back to the original miner. This way, those who are holding BTC as a long time investment won't have their btc returned even if they forget about that 10-13 year period and also get the lost btc back in the flow.

loposki

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You cant lose your bitcoin by forgetting your password. It remains in that online wallet until you "recover your password" or contact customer service

South Park

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Quote from: Mometaskers on March 11, 2017, 12:52:40 PM

I've only have one online wallet and since this one is strict enough to ask for government IDs I'm fairly positive they'd be able to give me back my bitcoins. All I'd need is to contact them and ask for instructions on how to claim it. They asked for a selfie on registration, maybe I'll just have to do that again or maybe a vidcall. It's a local exchange so if all else fails I can just go to their office. Quite frankly I haven't thought of this. Might be time to have a chat with one of their friendly support guys.

If you took the time to verify your account with and id then that opens a lot more possibilities to recover your account since even if you lose your password you can easily verify your identity by sending a selfie with your id card and get your coins back.

Ron~Popeil

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Quote from: bitbob82 on March 12, 2017, 02:18:26 PM

Quote from: calkob on March 12, 2017, 07:52:41 AM

Quote from: FLoving on March 10, 2017, 02:05:55 PM

Suppose a person have some bitcoins in his online wallet and he forget the password (or lose access to that online wallet in any way) then what will happen to that bitcoins?Will that be there forever or as the wallet providers have access to them and they will get them if they find no any owner for years.

I Think that it really depends on which online wallet you are using. I have never really used them because i think they defeat the point of bitcoin in the 1st place, they make bitcoin use centralised. But if they store your private keys and all you need is a password then i cant see why they couldn't authenticate who you are via some other means and thus allow you access to your wallet.

yes different wallets have their own policies according to which they are giving security to their people. for example if you have lost your gmail password then it will become difficult to get access to your wallet.

True, It completely depends on the wallet which you are using because if you lose password for blockchain then it is really difficult to get access to the wallet and the bitcoins stored over there as it will ask you for the unique sentence which gets generated at the time of creating the wallet which nobody remembers so it becomes almost impossible to retrieve the access to wallet if you lose password of blockchain but there are other wallets like coinbase whose password can be easily retrieved using the registered email address.

artows21

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If someone lost his password and didn't join a adresse email or his phone number to have access to his wallet, that person will simply lost forever his wallet. And nobody has access to this wallet that's why the all money will be locked in this wallet. However it's possible that a good hacker find a way to get through the password and then have access to it and to the money.

bitbob82

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Quote from: calkob on March 12, 2017, 07:52:41 AM

Quote from: FLoving on March 10, 2017, 02:05:55 PM

Suppose a person have some bitcoins in his online wallet and he forget the password (or lose access to that online wallet in any way) then what will happen to that bitcoins?Will that be there forever or as the wallet providers have access to them and they will get them if they find no any owner for years.

I Think that it really depends on which online wallet you are using. I have never really used them because i think they defeat the point of bitcoin in the 1st place, they make bitcoin use centralised. But if they store your private keys and all you need is a password then i cant see why they couldn't authenticate who you are via some other means and thus allow you access to your wallet.

yes different wallets have their own policies according to which they are giving security to their people. for example if you have lost your gmail password then it will become difficult to get access to your wallet.

bitcoin-shark

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if you loose the password and the wallet is from an internet company and you don t have private keys you can try all methods to resque the password like e-mail reset password link or phone verification if you fail all these methods forget your bitcoins

CoinFoxs

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Quote from: FLoving on March 10, 2017, 02:05:55 PM

Suppose a person have some bitcoins in his online wallet and he forget the password (or lose access to that online wallet in any way) then what will happen to that bitcoins?Will that be there forever or as the wallet providers have access to them and they will get them if they find no any owner for years.

There is an option to renew your password but only when you give email id to that online wallet, by doing this you can easily get your bitcoins back as well as approach to your account, if you don't have this option then you should report the support center and they will guide you in a better way than us.

jeraldskie11

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Quote from: FLoving on March 10, 2017, 02:05:55 PM

Suppose a person have some bitcoins in his online wallet and he forget the password (or lose access to that online wallet in any way) then what will happen to that bitcoins?Will that be there forever or as the wallet providers have access to them and they will get them if they find no any owner for years.

When he using online wallet then he forgot the password, you really cannot open it. There is way to recover because online wallets have recovery options. You should remember what did you put in the registration form because your recovery is there.
You know, because it is a online wallet they can access your account if they want but they didn't know if the owner of that account has losten his password.

dothebeats

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Password resets are now a thing, you know? It would ask at least one identifier for your account to check that you are indeed the same user who is trying to access the account that is locked. The coins will not be in limbo IF you know the secret phrase or whatnot that you used as an additional security feature on the account.

Topic: What will happen to bitcoins in an online wallet with lost password? (Read 3758 times)