There was a time when Bitcoin was just handed out in batches by the hundreds and stored in wallets by geeks and enthusiasts of cryptography. Little did many suspect in those genesis days of the Bitcoin network that these digital assets would be worth tens of thousands of dollars each merely seven to eight years later and Bitcoin would be hailed as the most volatile asset in history and the best means of value storage, topping gold and commodities, combined.
With so much at stake, many of those who had initially neglected the potential of Bitcoin were left biting at their elbows as the asset started appreciating rapidly. The private keys to the wallets containing true fortunes that were hastily written down on notepads became treasures. Those who had suddenly realized that they had accumulated fortunes through hobby mining were left in cold sweat upon realizing that they had lost access to their wallet apps.
What Bitcoin enthusiasts did in order to restore wallet access often borders on the paranormal, as many went to charlatan hypnotists and other quacks to dig into their deep memories. Needless to say, those attempts seldom resulted in anything other than a loss of money on futile attempts at employing the supernatural in the strive to become rich.
However, there are ways to restore the address of a wallet and restore Bitcoin account access via backup and other support service tools. One example is the Mywallet appl which allows users to identify the addresses of Bitcoin wallets. The tools employed in the app by Mywallet are quite sophisticated and give users quite a significant array of instruments that let them tap into blockchain explorer data.
Secret phrases and seed words used in wallet security protocols cannot be recovered if lost. However, users can resort to support services on exchanges if they ever lose their passwords, and can simply refer to the FAQ section for the query “How can I find my wallet password.” In fact, blockchain wallet recovery is not as difficult as it may seem, unlike password recovery. All one needs to do is recall the transaction history, the amount, some account details and other related data that can be hashed into the blockchain as part of a smart contract.
What Bitcoin wallet holders seldom realize is that their wallets are not as secure as they may think. Hackers are always trying to get access to users’ personal data and gain hold of their assets. Such attempts have been made especially clear in light of recent events that have seen the collapse of leading exchanges. However, users must also remember that the centralization of an exchange is by no means a guarantee that the support service will reimburse them their funds in case of a crisis situation.
Still, even if access credentials are lost, users should turn to their wallet application provider first and explain the situation. If wallet addresses are lost, then using applications like Mywallet is likely the only avenue left to identifying the account details.