As with any other form of asset, the fear of losing your precious Bitcoins can be quite overwhelming. So just for a safety net, you must have wondered: can lost Bitcoins be recovered?
It is only natural to wonder if, if just in case you lose your, you will be able to get them back. Even though Bitcoin prices are not exactly at its peak as of now, they are still quite substantial.
So, if you ever lose some Bitcoins, it can be a pretty major loss. Can you recover them? Let us find out.
You May Also Read: Bitcoin Price History: An Overview
How To Recover Lost Bitcoins?
For those of you who have lost your Bitcoins may have gotten their hopes up at this subheading, but do not.
Truth is, you can only recover your Bitcoins if you somehow can get hold of your private keys.
Without them, your precious Bitcoins are waiting at their position in the blockchain, waiting for you to move them to a different wallet address, as you make some transact using them.
So if you are to make a purchase with these Bitcoins, you will have to transfer the Bitcoins to the wallet address of the vendor. Unless you have the private key, you cannot do that.
So if you had been using a wallet such as Ledger Nano S that has a key recovery option, you can still get it back.
Otherwise, if you had saved it in a paper wallet or a USB drive, you will just have to keep look for them and try to recover them manually.
The fact of the matter remains that your Bitcoins don’t mean anything if you don’t have access to your private key.
You May Also Read: Difference Between Public Key and Private Key
What Do You Do To Save Your Bitcoins Then?
The only way to really save your Bitcoins is to not lose them in the first place. For this, it is absolutely imperative that you store your private keys somewhere really safely.
There are a plethora of options in terms of hardware wallets, web wallets ,app wallets and many more.
Therefore, the crypto world has not really left you with much space to indulge your negligence. Choose a wallet and start early so that you don’t have to wonder about recovery after you have gone and lost them.
Even at its bearish state, a single Bitcoin is worth around $3500, which is anything but negligible. Therefore, your wallet’s security should not be either.
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