As virtual currency becomes more popular, many people begin to join the bitcoin hoarding ranks, but if it is a virtual currency, it will be easily stolen if the assets are not well protected.So if our cryptocurrency is stolen, what should we do to get it back?
First of all, we need to prevent its loss for personal reasons, otherwise you will regret that in 2013, a British programmer mistakenly threw away the hard disk with the bitcoin wallet secret key as garbage and lost 7,500 currencies!Although he remembered where he left his hard drive, the municipality in the city where he lived rejected his request to try to retrieve the bitcoins because digging the landfill was against the law.We can’t be as sloppy as he is. When we get it, we can store our cryptocurrency in an unmanaged wallet and make it as a backup.Whatever the type of device you use, the process is the same: find the seed phrase that you save in a secure location for this device, and enter it into the replacement wallet.If everything happens as planned, you will see that the balance recovers and the coins reappear within seconds of the import seed back in the wallet.
However, there are some exceptions to this rule, as not all wallets rely on seed phrases to restore access.The most secure, unprogrammable hardware wallet Hashwallet generates a unique recovery key and recovery seed during setting up the smart card device.When combined, these components can be used to regain the money stored in the wallet, and they must be stored separately for security reasons.Once the recovery keys and recovery seeds are securely stored, they are permanently removed from the smart card.
How can the cryptocurrency get lost?
What you have to know is that there is no recovery way that provides a 100% guarantee that you can find it.Because unlike most currencies, the currency does not rely on specific monetary institutions, it is based on a specific algorithm, through a lot of calculation, the currency economy using the entire P2P network many node of distributed database to confirm and record all the transaction behavior, and use the design of cryptography, to ensure the currency circulation security.
The P2P’s decentralized feature and algorithm itself can ensure that the currency value cannot be artificially manipulated by making large amounts of Bitcoins.Cryptography-based design allows bitcoin to be transferred or paid for only by real owners.This also ensures the anonymity of currency ownership and tradable transactions.Because the bitcoin address is anonymous, it requires a key to be transferred.Only bitcoin transactions are publicly available.
The reason why Bitcoin is so prosperous is that it can extremely easily transfer property (exercise some means including but not limited to “money laundering”, and some multinational enterprises to transfer assets through bitcoin). At the same time, do not do real name, accept the address of bitcoin can be generated arbitrarily, that is, only recognize the key but not recognize people.Without the key, bitcoin is lost forever and has nowhere to report the loss.
Two types of cryptocurrency theft
1.If an account is lost on a trading platform, we can find the passwords, or have some professional services for you, such as Wallet Recovery Services, an online company that can restore passwords and repair damaged cryptocurrency wallets, and WeRecoverData, a data recovery service company located in New York City that uses a technology to restore other files from deleted, damaged or partially covered data;
2.The cryptocurrency in your custody but losing your bitcoin private key in two categories:
- If the bitcoin private key is generated through a computer wallet, then please try to recall some relevant passwords, you can try to find them through the dictionary crack, but the probability of recovery is low;
- If the bitcoin private key is generated randomly, then the probability of recovery is very low. In this case, the only theoretical way to recover it is a violent crack, and the probability is about 3 / 100 million percent.
So if you want to ensure that your cryptocurrency is not lost, it’s best to put your money in your wallet.
Now there are many kinds of wallets on the market.We should know that storing a cryptocurrency wallet is essentially a software that helps us store money, view balances, transfer money, and receive money.And the private key of the currency wallet and its importance, we must not share it with others or store it casually. If you lose or forget their own cryptocurrency secret key, there is a great chance that we will not use our assets again.
