How Bitcoins Are lost & How To Recover Lost Bitcoins?
Nearly 4 Million Bitcoins Lost Forever, only 21 million bitcoins will ever exist. Bitcoins can be lost because of many reasons including hardware failures, death & Carelessness.
- Bitcoins can disappear: Yes that’s true Bitcoins can disappear from the Internet forever, just like $50 Bills can burn.
- Out of Circulation: Do You Know 30% to 50% Bitcoins (2.56 Million bitcoins, worth $20 billion) are Likely To be Lost Because They Are out Of Circulation.
- Buying/Selling: More than 2% of bitcoins (121,300 bitcoins worth $1 billion) are lost during buying & selling.
Can we recover lost bitcoins?
“It’s extremely improbable, and effectively impossible [to recover lost coins],” said Schvey. “This is what the security of Bitcoin is actually based on. If you’ve lost your private key, the system is so secure that you may not be able to recover it.”
The Answer Is Yes & No. Many people have lost their Bitcoins and all of them want to recover lost bitcoins. There are number of tutorials to recover bitcoins in cases of technical difficulties. The demand for cracking forgotten passwords increases; many services have come up to assist people in recovering their Bitcoin wallets. However, these options are limited. CryptoNExchanges provides A “Lost Bitcoin Recovery Process” that has a success rate of 50%. To Recover Lost Bitcoins Call On Crypto helpline number 1-877-224-0274 to get instant Support.
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How can you prevent Bitcoins from being lost?
- Make sure to keep your Bitcoin Wallet always backed up and encrypted.
- Avoid keeping Bitcoin money on your Smartphone; instead, move them to a cold storage (offline wallet) or a hardware wallet.
- Use password managers which can easily generate and store your passwords on multiple devices securely.
- For future safety, consult a legal expert and make a plan for your family to access your Bitcoin in case something would happen to you.
- Make sure to upgrade to a two-factor authentication to all your Bitcoin related accounts for better safety.
Though these would take time for their implementation, it can make a huge difference in the end.