Cryptocurrency near me: Do you want to know how to recover your lost crypto? Read on to learn how to do it the right way.
Bitcoin, sold in tokens, is typically stored in digital wallets that are only accessible with a private key. Studies show that 20% of all Bitcoin currency is lost and/or unrecoverable.
If you’re searching ‘cryptocurrency near me’, you’re likely new to buying crypto. If so, there are things you should know about Bitcoin and other digital currencies before you get in too deep.
In this article, we’re discussing what to do if you need to recover lost cryptocurrency. So if you’re investing in crypto, keep reading our cryptocurrency guide.
What Is Cryptocurrency?
A cryptocurrency is a form of digital currency. Crypto differs from traditional money because it doesn’t have a regulating or central issuing authority. Instead, it uses a decentralized system.
This decentralized system documents all transactions made and uses cryptography to secure transactions instead of depending on financial institutions. Because it’s a peer-to-peer system, anyone can send or receive payments.
Bitcoin was founded in 2009 and was the first cryptocurrency on the market. While there are several other currencies, Bitcoin is synonymously known by everyone.
How Can You Lose Cryptocurrency?
Because crypto is stored in a digital wallet, it must be very secure to prevent hacks or security breaches. Your Bitcoin is considered lost if it’s irretrievable or unrecoverable. Here are two ways you can lose your crypto:
Lost Keys
The most common reason Bitcoin is lost is that people forget the key to their digital wallet. The owner owns the Bitcoin, but they’re unretrievable without the correct seed phrase.
A private crypto key is a 256-bit string of numbers, so it’s crucial to your Bitcoin access to safely store this key.
Emailed to the Wrong Address
If you make the error of sending Bitcoin (BTC) to a bitcoin cash (BCH) address, this can result in the permanent loss of your coin. This is because Bitcoin and other currencies are inflexible, making it impossible to reverse an incorrect transaction.
How to Recover Lost Cryptocurrency
While there are steps you can take, it’s only sometimes possible to retrieve lost cryptocurrency. Therefore, it’s wise to approach your situation with this in your mind.
However, here are some ways you can attempt:
Recover Keys
There are software applications that can assist you in recovering the private key to your Bitcoin wallet. However, this is usually only successful if the coin owner has deleted some or all of their keys. So, if you’ve forgotten your passwords, backup seed phrases, or PINs, then the software may not help your case.
Recovering Your Assets
When you own a digital wallet with crypto inside, you can unlock both using your seed phrase. This means that you can input your backup recovery seed into a new wallet as long as you have your backup recovery seed. This should allow you to regain access to those crypto assets, even if they were previously lost.
Cryptocurrency Tips
When working with Bitcoin, it’s helpful to know a few tricks of the trade before you begin. Here are three of our top cryptocurrency tips:
- Split Your Stacks: Don’t put the entirety of your cryptocurrency stack in a single wallet, but instead use multiple and distribute your coin between them
- Use Cold Storage: Consider having some coins in cold storage, meaning these wallets are not connected to the internet and are virtually impossible to hack
- Never Use Public Wifi: When connecting to your wallets, never connect using public wifi, or you risk hackers gaining access to your coin
Searching Cryptocurrency Near Me? Look No Further
Before investing all your money in Bitcoin, take some time to familiarise yourself with all the ways you can lose your cryptocurrency. Knowing this ahead of time can allow you to make specific changes to your investing methods and will enable you to avoid common pitfalls like forgotten passwords.
