Topic: What will happen to bitcoins in an online wallet with lost password? - page 3. (Read 3758 times)
March 11, 2017, 10:26:53 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.
March 11, 2017, 09:59:03 AM
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.
It is easy to recover your online wallet password by your email that you have used on making that online wallet of yours, that is why it is important on remembering every details when you made an online wallet. You could just simply save all the important details in your PC or in your cellphone, as long as you know that it is safe.
Also, if you forgot the email that you have used, you can try to contact their Support team on that certain wallet, for you to ask help on retrieving your lost password.
March 11, 2017, 09:32:39 AM
You can still reset it. Online wallet are using email to receive notifications and confirmations. I reset my passwords very often lately because i dont remember them. Just go to "forgot password?". And the confirmation will receive thru your emal. Just make sure the email you registered is valid and functioning. You can contact also their support. If you use XAPO wallet. Be patient. They respond very late.
March 11, 2017, 09:28:45 AM
It's hard to say what will happen, I've used it and still use it, although it's not often. Online wallets always find the risk of losing money, because most of them use cloud data, and hackers can easily hack, steal information or get your money clean. This is really dangerous, I still use it because of the convenience, however, I only have a small amount of money there, that is the best way to ensure safety.
March 11, 2017, 08:46:53 AM
People who use bitcoin web wallet suppose to keep their password safe and securely because there is only a small chance that you can recover your accounts especially to people who live in non-supported countries. That is why we should never use third party wallet. They can still our Bitcoin if they want to. Lol
March 11, 2017, 08:34:33 AM
There nothing to happen if someone's lost their wallet password because it will just stay their and it will become untouchable because the wallet is locked by losing the password. But there still a way to get access to the account if you lost the password. If you still have the email which most of the online wallets requires then you can get the bitcoins back.
March 11, 2017, 07:24:10 AM
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 can always use the "forget password" feature or if the account was verified, prove to them that it's actually you. The online wallet that I'm using allow doing video calls, you just have to set a time with the support staff. They are really active and you can talk to different support staffs, just in case the one that you contacted before is offline.
There are also online wallets that allow you to import private keys. If you only imported the address using the private key, you don't have to worry at all since you can just create another wallet and import the same address.
When you can't do any of this, then I'm afraid that your bitcoins are lost forever. The only way for your coins to move again is when the online wallet gets hacked and all of the coins are sent to the hacker's wallet or if the online wallet you used chose to run away all the coins. Otherwise, it's there forever.
March 11, 2017, 07:23:21 AM
I have an idea that the owner of such online wallets have something for that case. Just like mobile operators who remove the number from their base if it is not used for 6 months; and if you had some money on that number account they are automatically stays at the compain. But for the correct information I suggest you to write to a support of one of such wallets.
March 11, 2017, 07:14:19 AM
Quote from: el kaka22 link=topic=1820904.msg18146300#msg18146300
I read our central bank has millions worth of money unclaimed on numerous accounts as account holders discontinue banking for various reasons.Hence this will not be a new situation just due to bitcoin nor bitcoin's online wallet functionality. If you ask your insurer about unclaimed insurance amounts, you might get shocked.
March 11, 2017, 07:00:55 AM
At first your coin will be there forever and after years coin still there wihout user activity maybe wallet provider will access your coin
They will notice it later on and as they monitor the inactive accounts they will surely grab those coins left by the user so bitcoin is not lossing completely.Imagine those hackers can steal your money even they are not the admin of the site how much more those owners who have the full control of it.
March 11, 2017, 06:18:59 AM
On the other hand if we tall about an exchange wallet such as coinbase then its a little different story as they do not give access to your private key so they 'may' have access to your bitcoin.
Hopefully they will not touch those bitcoins until they run their business legit. For the case of Xapo, we will have the same amount of bitcoins until they are into the business. There will be no big differences for the case of forgetting password with online wallets nor standalone wallets. Our bitcoin will remain unspent in most of the cases.
I read our central bank has millions worth of money unclaimed on numerous accounts as account holders discontinue banking for various reasons.Hence this will not be a new situation just due to bitcoin nor bitcoin's online wallet functionality. If you ask your insurer about unclaimed insurance amounts, you might get shocked.
March 11, 2017, 05:38:15 AM
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 the online wallet gives access to your private keys such as blockchain.info, then if you lose the password and every other way to access that wallet then the bitcoin on that private key will be lost forever. websites such as blockchain.info don't have access to your private key so there is no way they will be able to recover the bitcoin. On the other hand if we tall about an exchange wallet such as coinbase then its a little different story as they do not give access to your private key so they 'may' have access to your bitcoin. 
March 11, 2017, 05:33:28 AM
At first your coin will be there forever and after years coin still there wihout user activity maybe wallet provider will access your coin
They will notice it later on and as they monitor the inactive accounts they will surely grab those coins left by the user so bitcoin is not lossing completely.Imagine those hackers can steal your money even they are not the admin of the site how much more those owners who have the full control of it.
March 11, 2017, 05:22:04 AM
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.
At first your coin will be there forever and after years coin still there wihout user activity maybe wallet provider will access your coin
March 11, 2017, 03:47:50 AM
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.
March 11, 2017, 03:31:47 AM
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.
March 11, 2017, 02:45:49 AM
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Yeah it depends on the service. and The question came to my mind after looking at a notice of blockchain wallet. once when I was creating my blockchain it said that if I lost my wallet ID or password then I would not be able to recover my coins.
Well, since you're specifically referring to blockchain.info then they've already said it pretty clearly.Yeah it depends on the service. and The question came to my mind after looking at a notice of blockchain wallet. once when I was creating my blockchain it said that if I lost my wallet ID or password then I would not be able to recover my coins.
They claim to have no copy of user's password, so if you loose it, you better have backed-up your secret phrase/mnemonic.
If you do, then I think they'd be able to help you recover/generate the wallet. If not, then I'm not sure they'd accommodate other ways of verifying account ownership. If you were actively buying/selling from their exchange with your personal bank account/cards/etc, then they might be able to verify via the documents, but if you were just using their wallet, then that's hard.
So, make sure you always backup any/all mnemonics for your wallets.
March 11, 2017, 02:30:28 AM
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
March 11, 2017, 01:49:45 AM
Most members are saying the same thought which is very true because this would depends on the service,asking for password recovery would be so troublesome if you cant provide proofs that you own that wallet and all web wallet provider do really have the seeds which there a possibility those bitcoins could be accessed again.
March 11, 2017, 01:38:13 AM
Most online wallet service providers keep all the private keys to the bitcoins. You balance is actually in the SP own ledger. Therefore, if you can prove who your ownership of the account, the SP should be able to help.
If case if the online wallet service is shutting down, there should be a period of time in which users can withdraw their balances. However, most like the unclaimed balance will go to SP's pocket.
If case if the online wallet service is shutting down, there should be a period of time in which users can withdraw their balances. However, most like the unclaimed balance will go to SP's pocket.
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