What will happen to bitcoins in an online wallet with lost password? - page 2.

nara1892

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Quote from: Karpeles on March 10, 2017, 03:18:50 PM

depends on the company and the web wallet

some can't access your funds if you lose the password or id, but they have secret seed that would allow you to recover the wallet, and you may export the private keys, so you would not lose your funds

the answer depends on the service

agree. probably an online wallet provides a service to recover your wallet, but offline ones do not because you own the private keys. however, I ever read the policy of an online wallet that they cannot recover your wallet when you lose your identifier. so the key is identifier. if you still have it, I think you can get your coins back.

TheAlgorithm

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On web wallets your Bitcoin is nearly always safe. You can just contact their support and there will usually be a way to sort out the problem (although you might have to provide your identity, which could be a problem).

If you own the private keys and you're on a cold wallet or something, then that means your Bitcoin is lost forever, and in most cases won't be in circulation again. That's okay though, because it's very unlikely to actually happen.

calkob

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Quote from: FLoving on March 10, 2017, 03:05:55 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.

ReLieD

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Quote from: FLoving on March 10, 2017, 03:05:55 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.

You do not have to worry at all. You can always have your account back.
Either there should be an option for resetting your password by send a confirmation in your email
Or you can use the code which was provided to you when you had created a backup.
And like how can you loose your password. Did you forget or something.
Is yes then probably try to remember or just try the steps mentioned above

Sled

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Quote from: FLoving on March 10, 2017, 03:05:55 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 the bitcoins will be there forever because there but if the owner has a proof that he owns that bitcoins like he knows the email or maybe mobile number that included in that online web wallet account then he can easily get those bitcoins back. Now a days, Most of the online wallets requires mobile number so even you forgot your email you can use your mobile number as a back up and they will just send you some codes and then you can now reset the password of your account or recover your coins on it.

Vaskiy

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Updated codings in bitcoin saving online wallet provide the best security. Even if at some situation the password is lost, now you can retain the entire bitcoin within the wallet to a new bitcoin address. I believe one cannot use the bitcoin address of the wallet with lost password anymore.

shinratensei_

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Quote from: FLoving on March 10, 2017, 03:05:55 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.

The bitcoin will go to the trash and the wallet provider can't do anything with that amount. But the email identification will prevent that thing to be happen in the future, the reset password feature.
But if he wasn't to do anything and his bitcoin will always on the cold storage.

South Park

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Quote from: Xester on March 11, 2017, 04:47:50 AM

Quote from: FLoving on March 10, 2017, 03:05:55 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.

Those bitcoins will not be lost but will remain untouched. The site in their agreement with the users will clearly state that the bitcoin in the wallets will remain untouched by the company except if necessary. Those bitcoins though not lost will be considered lost since they will be left untouched until the site is still running. But this will be a warning to all of us to really keep the password safe so we wont regret anything.

While the chances are low, it is possible a hacker or group of hackers hack the site of the web wallet and get access to the lost coins, so there is the possibility the coins are not lost forever, although the owner will not see them again one way or another.

royalfestus

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Quote from: Nanda Dewi277 on March 11, 2017, 02:14:17 AM

Quote from: FLoving on March 10, 2017, 03:05:55 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

Where do u make the request? and are there occasions where u see someone got it back?. What of wallets that u may not have to use email address to register? what can be done with that?

jak3

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if its some usual online wallet then probably you can get the password reset by requesting them but if its a wallet like blockchain and you do not have the password or private key then yes you are locked out for ever.. and your coin will be there forever no one can reach them

Mometaskers

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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.

erikalui

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With xapo and coinbase, you can still recover your coins (with 2FA or by contacting their support) and even in case of exchange wallets but with blockchain wallet, if you've taken the backup or remember the backup phrase or private key, you can recover the wallet even if you've forgotten the password. However, many people haven't taken these precautions and saved the private key or backup phrase and hence have lost complete access to their wallet.

ivanst776

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Quote from: ethereumhunter on March 11, 2017, 11:50:53 AM

Quote from: FLoving on March 10, 2017, 03:05:55 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 the amount of bitcoin will stay in that online wallet without any one can access and maybe for the owner of the online wallet can not access unless the owner have your id and your password so he can login into your account. but i don't know what exactly will happen because i am still need learn about this later.

The administrator of the wallet website can reset anytime the password to any email and access on your wallet but the TOS and laws will not allow this to happen, but at least they can freeze the account but the bitcoins can be spent but only digits will be stored as a reference.

For example, the administrator of the forum can reset the password or even lock the account for some reasons and you have nothing to do rather than respect the decision. Some wallet services do not have this option as they encrypt or have a harder system to get access to their client's funds.

mobnepal

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For xapo and coinbase like wallets, you can request password reset to access your funds but if you are using blockchain.info like client side encrypted wallets than if you loss your password and haven't made proper backup of your wallet than those bitcoin will stay there forever. Because your passwords are not saved anywhere online (according to them) so even blockchain.info will not have access to your bitcoins.

Rude Boy

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When a user loses his wallet, it has the effect of removing money out of circulation. Lost bitcoins still remain in the block chain just like other bitcoins. However, lost bitcoins remain dormant forever because there is no way for anybody to find the private key/keys that would allow them to be spent again. Because of the law of supply and demand, when fewer bitcoins are available, the ones that are left will be in higher demand and increase in value to compensate.

jovs

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Quote from: BingoDog on March 10, 2017, 03:30:57 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.

I guess the best answer on that problem is to always have an memo on your phone or even have a trust person to know you password. But i also think that the situation stated is impossible to happened especially to people with only one wallet or two. And if you are going to have multiple accounts i suggest that just pattent all your password acount as one for easy and for you to not forget your password.

SikatBray

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Online wallets are more or less can be retained. All you need to do it click 'forget password'. But in case you lost complete access to account, I think it will stay in your address but company can easily claim it as its own fund when it wishes so! So no disappearance of funds.

ethereumhunter

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Quote from: FLoving on March 10, 2017, 03:05:55 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 the amount of bitcoin will stay in that online wallet without any one can access and maybe for the owner of the online wallet can not access unless the owner have your id and your password so he can login into your account. but i don't know what exactly will happen because i am still need learn about this later.

ivanst776

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Quote from: FLoving on March 10, 2017, 03:05:55 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 are many scenarios for this situation, for example if this person used coinbase, xapo or any other online wallet which does not provide private key then these bitcoins will move from one wallet to another within the company as they do this regularly.

So the balance to a user of these services is only in digits as a reference to their database, so whenever the user gets logged in back and requests to make a withdrawal or a transfer of these funds then the funds will be taken from the hot or cold wallet as regular.

SvenBomvolen

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Quote from: joshy23 on March 11, 2017, 11:26:53 AM

I don't think that they would be issue if you lost your password in an online wallet. My online wallet I'm using will make you enter you email or the phone number you used to register and then they'll just send a verification code to reset your password. The problem arises here if you change your phone number and forgot to update the information in your online wallet. Or if you can't remember the password of the email you used to register in your online wallet. So make sure you don't lose both information.

It's all ok if you forgot the password and the site sends it to your e-mail. But I am wander what to do if a person died, for example? How in this case take his bitcoins? Maybe this bitcoins stays unlocked forever? Does anyone have an idea for this point?

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