What to Do If You Have Lost User Credentials of Your Cryptocurrency Wallet?

Investing in Cryptocurrency is quite rewarding compared to many other types of available investment options. But, it's not easy, and sometimes it is scary, especially if you are new to the Crypto Market. But, why is that so?

Security Protocols in Cryptocurrency

The most important part of any cryptocurrency-based account or wallet is the security protocols. These are made extremely secure manner so that no third party can have access to them. Hence, often people need professional help to recover Cryptocurrency based wallets.

Crypto Wallets are not like Email or Social Media Accounts

Many of us do not pay serious attention to saving and securing our user's credentials. We often forget the IDs or Passwords of our mail and other various social media accounts. This is also the case of remembering user credentials of our bank accounts.

Well, if we somehow lose our user credentials of those mentioned things, recovering them is quite easy. Take an example.

If you have forgotten your user ID or password of your Email or Facebook account, then you can recover it by clicking on the “Forget your Password” types of link and get them back or create a new one. Often those credentials are associated with our mobile numbers. So, we can get back that information on our mobile from the service providers.

The same thing can also be applied to Bank Accounts. If we forget any user information for accessing our bank account, we can apply for the same to the banking authority with our Identity proof and address proof. Then they can give us our user credentials back so that we can use them again.

Cryptocurrency Wallets are Heavily Secured

But, the upper mentioned scenario gets absolutely changed when it comes to having and operating a cryptocurrency account. As the Cryptos are decentralized, hence there is no authority that has control over them.

To have or possess Cryptocurrency, you need to have a crypto-based digital wallet. There are many such wallets (Coinomi, Bip 39, Guarda, Safepal, etc) that comes free. It means anyone can use them on the web or on their mobile as an application.

Access Rules of Crypto-based Wallets

Crypto wallets have two different types of access rules. One comes with a password that you can use to log into your account.

And the second thing is the Seed Phrases. These are a series of common words (12 to 24 words) and are ordered in a certain manner. These are pretty hard and next to impossible to remember. You can use them to make transactions with your cryptos (Sending or receiving cryptocurrencies).

When you are opening an account in a crypto-based wallet, you will have a unique password, series of seed phrases, and or Private Keys. You need to keep this info in a safe place so that you can access them anytime you wish and also no other person can get them.

But, when you lose this information, there is plenty of chance that you may have lost everything associated with them (Not in all cases). You may have remembered your password, but lost your Seed Phrases. Well, in this case, you can log into your account, but cannot make any transactions.

What to do If you Forget Password/Seed Phrases of Crypto Wallet?

Now, you may think that all of your digital assets are gone. But, it does not mean that the world ends here. There are plenty of recovery options that some Wallet service providers may offer. Hence, you need to find more info on their website and user manual and read them carefully. These may help you.

Hire Cryptocurrency Wallets Recovery Professionals

The other way is to hire Cryptocurrency Wallets Recovery professionals to do the tough jobs for you. They are a group of extremely tech-savvy people, who can use their advanced data recovery software and get your wallet back in your pocket.

But, they will ask you for some info about the last password and some of the seed phrases that you can remember. They will find a pattern of those credentials, analyze them and recover your password and seed phrases. You need to pay some fee to hire them.

Conclusion

When you are about to use Cryptocurrency, you must save your user credentials to a very safe and secure place. I also strongly suggest you create a backup of the same. Otherwise, you need to pay someone to get back all your digital assets.