Once you lost your private keys, forget your crypto assets forever. That's why it's always advised when creating a new wallet address to write down your private keys on paper not by storing them or screenshots.
Private keys are like access to a locked door. Once forgotten or lose, you gat no access to it ever again.
Topic: Without key can we assess coins on wallet (Read 226 times)
1. If the wallet you are using is controlled by a centralised entity then it is possible that you can recover your coins because centralised platforms always have access to all their uses assets, for example free wallet or coinbase
2. If the wallet you are using is a decentralized wallet, meaning when you opened the wallet you are giving recovery seed or private key this means the wallet is decentralized it might be open source or closed source it doesn't matter but once you lost access to either the recovery seed or the private key it's over
2. If the wallet you are using is a decentralized wallet, meaning when you opened the wallet you are giving recovery seed or private key this means the wallet is decentralized it might be open source or closed source it doesn't matter but once you lost access to either the recovery seed or the private key it's over
No. It is not possible without private key we cannot access the wallet. Because the crypto currency wallets are decentralized wallets and we are only the owner of these wallets. So, must save the private keys on a paper and save it at a safe place. So, you can again use this private key if your wallet is reset.
I notice that without a private key a coin that is been gotten like two years can't be retrieve,
The time frame is irrelevant. Losing the keys from a 2-years old wallet and one created 2 mins ago is equally bad. Try to use Hierarchical Deterministic wallets (luckily most popular ones are HD now) which show you a 12/24-word recovery phrase instead of a long string of numbers and letters (the private key). They are easier to write down and the possibility of making a mistake by missing one character is lower.
You need to ensure that your secret (seed/private key) has been been properly written down and stored in multiple places before you send coins to your wallet. Take your time, do it properly, and you wont have to worry about losing your coins.
Generate a seed > write it down > restore your wallet to check if the the same addresses are recovered > send a small test transaction > send the rest you intend to keep there.
I notice that without a private key a coin that is been gotten like two years can't be retrieve, so in this effect does it mean that their is no any other ways or means someone can bypass private keys and penetrate into he or her coin without applying private key? Because at some extent it can be very easy to lost a wallet key that contain big account of cryptocurrency base on the coin using, so what is the remedy if we lost private key? And how can we retrieve a private key if been misplace, is it possible to retrieve it?
Please am here to learn what I don't know.
Please am here to learn what I don't know.
Absolutely not. Since the wallet is non-custodial, no company, third party or intermediary has the custody of the assets except you. Once you have lost that private key, your assets cannot be accessed forever. No way that it can be bypassed too. The only way to keep your private copy safe is by writing it down on your notebook or piece of paper and keeping it somewhere safe and sound. If you lost it, there's no other way. Not even the creator of that wallet can do anything either because it's decentralized and non-custodial.
Well, you established a case there and that is, the situation of a lost private key or seed phrase other wise, coins stored in a wallet is easily accessible using your password.
In cases of a lost private key or seed phrase, well, this issue has been raised a lot of times and from a friends experience and the multiple reies on the issue I've seen, you can as well say 'Bye' to your coins. No hurt feelings but, its so for your own safety and a deliberate act to ensure your privacy is respected by the service providers. This is why, it the seed phrase and private key always comes with a strict instruction on how you should safeguard it never the less, not your keys, not your coins. So, being cautious enough to ensure its never lost or misplaced is your best hope of recovery otherwise, you could use a custodian wallet which offers minimum safety.
In cases of a lost private key or seed phrase, well, this issue has been raised a lot of times and from a friends experience and the multiple reies on the issue I've seen, you can as well say 'Bye' to your coins. No hurt feelings but, its so for your own safety and a deliberate act to ensure your privacy is respected by the service providers. This is why, it the seed phrase and private key always comes with a strict instruction on how you should safeguard it never the less, not your keys, not your coins. So, being cautious enough to ensure its never lost or misplaced is your best hope of recovery otherwise, you could use a custodian wallet which offers minimum safety.
Those characters in a private key consists or made o what, and what is the normal functions of it, because am now aware that this private key of a thing is like the engine block of Bitcoin wallet for security purposes or reference, and someone have to this wirh carefulness without enrolling into problem of misplacing your coins.
The characters are a completely randomised combination that uses a complex algorithm in its generation that goes beyond human comprehension for an attempt to break it down. This is why, its impossible to hack or bruteforce a wallet that comes with a private key or seed phrase. Your wallet is like your bank account but the only difference is you are the only one is controlling it as long as you have memorize/saved your private key.
Why memorizing the private key? Privaye key consists of characters that are long and not memorizable, even the so called seed phrase that consists of only words should not be memorized. The best is to do backup offline and have like two other copies in case. About seed phrase, the brain can be so deceiving, what you thin you have known for weeks can still yet be forgotten without remembering the whole seed words again. So, memorizing privaye key or seed phrase should be completely discourage and not advisable or recommendable. 
Your wallet is like your bank account but the only difference is you are the only one is controlling it as long as you have memorize/saved your private key.
Why memorizing the private key? Privaye key consists of characters that are long and not memorizable, even the so called seed phrase that consists of only words should not be memorized. The best is to do backup offline and have like two other copies in case. About seed phrase, the brain can be so deceiving, what you thin you have known for weeks can still yet be forgotten without remembering the whole seed words again. So, memorizing privaye key or seed phrase should be completely discourage and not advisable or recommendable.
There is no way you can access your wallet without a private key. If you lose your private key, it will not be possible to recover it from that site in any way. Your private key is your asset. If you lose your private key, you lose your assets. And that is the reality. So my advice to you would be to keep your private key in a safe place so that it is not lost.
Just think how people didn't open the genesis wallet of Satoshi until now, I'm sure some of them tried to brute-force it.
Just for your information, the output of the genesis block cannot be spent. I doubt if many people have brute forced that address instead of the one that holds the most bitcoins, especially if they know that they won't have 50 BTC even if they successfully found a valid private key for satoshi's address.I actually doubt if many people brute force addresses holding large amounts of bitcoins. If you understand your chances you would consider that the entire process would consume electricity for nothing.
Your wallet is like your bank account but the only difference is you are the only one is controlling it as long as you have memorize/saved your private key.
Just a note: The bold part is highly highly highly disapproved.
Private key/seed phrase is needed in order to recover your wallet even if you don't open it for a decade. If you think you could open someone's Bitcoin address after learning that they have some large Bitcoin, then you are wrong. Just think how people didn't open the genesis wallet of Satoshi until now, I'm sure some of them tried to brute-force it.
Imagine those people who lost their Bitcoin because they forgot their seed phrase. Your wallet is like your bank account but the only difference is you are the only one is controlling it as long as you have memorize/saved your private key.
Imagine those people who lost their Bitcoin because they forgot their seed phrase. Your wallet is like your bank account but the only difference is you are the only one is controlling it as long as you have memorize/saved your private key.
Depend on the wallet you use to store your bitcoin.
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If you use a non-custodial wallet but do not take care of such things, no one can help you.
I tend to agree with this...snipped..
If you use a non-custodial wallet but do not take care of such things, no one can help you.
It will depend on the Bitcoin wallet that you've used if that is a custodial wallet, there's a possibility that you can access your wallet through an email address or phone number associated with your Bitcoin wallet or via reaching their customer support. Otherwise, if that is a noncustodial wallet, I think you must move on and forget that you have a Bitcoin wallet that has a Bitcoin inside. Because there's no way to recover it without a passphrase or even a private key. Even though there are thousands of dollars there, there's nothing you can do, it seems like you're a great king without a castle or a box that full of diamonds but don't have a key.
These are very important when having a Bitcoin wallet, you should keep the private key and seed phrase and that's your responsibility if you know how to keep a valuable asset. It's our responsibility to keep them in a safe place.
Private keys? No, recover seed? Hmmm possibly, it will be a bit easier if two or three words from the mnemonic seed is missing, but still this will take months or even year to get but for private keys it's a big no, not even a quantum computer is capable, only recovery seed (Mnemonic) is possible with quantum computer but that is if the words aren't lost completely
You sound confused.Missing 2 words from a seed phrase is trivial to brute force. It can be done in a matter of seconds. Missing 3 words may take a few hours. It's only once you get up to 5 or so words that you start entering the realms of impossibility.
Quantum computing isn't some magic bullet that makes impossible things possible. It speeds up some processes exponentially, but some only linearly. It could make calculating a private key from a public key much faster, but it wouldn't have a significant impact on brute forcing missing words from a seed phrase.
Depend on the wallet you use to store your bitcoin.
If it is a custodial wallet on exchange or any company, you have to secure many things: your device, your email (its password, 2FA), your account (its password, 2FA).
If it is a non custodial wallet, you have to secure your device, your wallet by yourself. Write down private key, mnemonic seed, test it and try to do practical recovery before you actually use that wallet to store your bitcoin.
If you use a non-custodial wallet but do not take care of such things, no one can help you.
If it is a custodial wallet on exchange or any company, you have to secure many things: your device, your email (its password, 2FA), your account (its password, 2FA).
If it is a non custodial wallet, you have to secure your device, your wallet by yourself. Write down private key, mnemonic seed, test it and try to do practical recovery before you actually use that wallet to store your bitcoin.
If you use a non-custodial wallet but do not take care of such things, no one can help you.
I notice that without a private key a coin that is been gotten like two years can't be retrieve, so in this effect does it mean that their is no any other ways or means someone can bypass private keys and penetrate into he or her coin without applying private key? Because at some extent it can be very easy to lost a wallet key that contain big account of cryptocurrency base on the coin using, so what is the remedy if we lost private key? And how can we retrieve a private key if been misplace, is it possible to retrieve it?
Please am here to learn what I don't know.
If you love the coins stored on your wallet, you will not lose the private key. If you think private key is hard and consist of numbers, letters and other characters that are difficult, then try to create a seed phrase. If you know 24 words are too long, then create 12 word seed phrase and do a proper backup on paper and store safely, make like two other copies and make it beyond the reach of any other person. Please am here to learn what I don't know.
The other way is the have your wallet file as another backup but wallet files are not that reliable as they can be corrupted. Without these mentioned, you will not be able to access your coins, which means you should protect them.
Private keys? No, recover seed? Hmmm possibly, it will be a bit easier if two or three words from the mnemonic seed is missing, but still this will take months or even year to get but for private keys it's a big no, not even a quantum computer is capable, only recovery seed (Mnemonic) is possible with quantum computer but that is if the words aren't lost completely
No there's no way to recover your coins without your private key, you know that every time you open a new wallet there's always a warning or precaution that you must keep, hide, and do not show your private key to anyone you should know this by heart, it's our business that we take good care of our private key, you lose it you lose your coins that are on that wallet.
Because at some extent it can be very easy to lost a wallet key that contain big account of cryptocurrency base on the coin using
Whether you have 100 BTC or some hundreds of thousands of satoshis, you should be taking the same protection measures and by that I mean the most secure. As said above, if you don't have the private key (represented in any "encoded" way), you can't prove that you're the owner and thus, you're not. The whole point of Bitcoin is to prevent the payment process of a third party. If you lose that key, there won't be any support to help you with your loss.There are many ways to protect your private keys from getting lost. The easiest and most practical method is writing down twelve words, also known as seed phrase. With that phrase you can derive millions of addresses which means that you don't have to write any of those 64 characters long private keys.
How difficult can the awareness of that phrase be? Write it on multiple papers, hide it on your house, or on your cottage, bury it on the ground. You can't really feel unaware of protecting 12 words.
their is no any other ways or means someone can bypass private keys and penetrate into he or her coin without applying private key?
If that were possible to spend coins without having the corresponding private key then anybody would have stolen anybody else's coins easily and bitcoin (and by extension the altcoins) wouldn't have existed.The whole idea behind cryptocurrency is spending "coins" requires a cryptography proof that can only be produced by a private key (ie. a digital signature using an algorithm such as what bitcoin currently uses called ECDSA) and can not be faked or produced any other way such as by someone who doesn't have the key.
Each Bitcoin output (UTXO) has a specific requirement for it to be spent (ie. conditions for a transaction containing that to be valid). For most, the requirement would be a signature that is signed with the appropriate key and without that, it would be an invalid transaction and it cannot be included in the blockchain. Any blocks that contains an invalid transaction will be rejected by the reference client. There are scripthash addresses with different predefined requirements for it to be spent and those might not require any signature at all, just the conditions to be met.
If you can't meet the requirements to spend that output, you cannot create a valid transaction without it. If you've lost your private key, then there is no way to sign it and there is no way for you to recover the funds.
If you can't meet the requirements to spend that output, you cannot create a valid transaction without it. If you've lost your private key, then there is no way to sign it and there is no way for you to recover the funds.
No, if you lose your private key (or your "encoded" private key in any other form, like a seed phrase, an sss scheme, a QR code, a brain wallet passphrase, ...) your can no longer access your funds. There are no ways around this. You need your private key to sign the transaction(s) spending your funds.
You look at it from the perspective of somebody losing their key (which sucks), but you can also look at it from the security perspective: bitcoin would not be secure if somebody was able to retrieve keys "out of thin air".
There are exceptions, but nothing you (as a normal user) should worry about... Since i don't think you'll be using anything but a standard wallet (which is fine btw).
You look at it from the perspective of somebody losing their key (which sucks), but you can also look at it from the security perspective: bitcoin would not be secure if somebody was able to retrieve keys "out of thin air".
There are exceptions, but nothing you (as a normal user) should worry about... Since i don't think you'll be using anything but a standard wallet (which is fine btw).
I notice that without a private key a coin that is been gotten like two years can't be retrieve, so in this effect does it mean that their is no any other ways or means someone can bypass private keys and penetrate into he or her coin without applying private key? Because at some extent it can be very easy to lost a wallet key that contain big account of cryptocurrency base on the coin using, so what is the remedy if we lost private key? And how can we retrieve a private key if been misplace, is it possible to retrieve it?
Please am here to learn what I don't know.
Please am here to learn what I don't know.
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