How to Recover Crypto Wallet in 2023
The thought of losing your crypto wallet can be terrifying. If you are looking for how to recover crypto wallet, we’re here to help you. After all, losing crypto isn’t like losing a credit card; there’s no office to contact to get a replacement card issued.
You should know that it’s your responsibility to protect your digital assets. However, if you lose your cryptocurrency wallet, don’t panic. If you have backed up your seed phrase, also known as your private key, you can quickly regain access to your money.
How to Recover Crypto Wallet?
A Bitcoin wallet is essentially a collection of Bitcoin addresses that store the corresponding keys to those addresses. Bitcoin wallets come in a variety of forms, including desktop and mobile apps, online services or hardware, and even paper. The level of security is determined by the type of wallet chosen and the service provider.
Unfortunately, some service providers are unable to assist you in regaining access to your wallet, in which case you have three options:
- Try logging in with every password combination you can remember.
- Create a new wallet with all of your previous wallet’s Bitcoin addresses and balances by using the 12-word Wallet Recovery Phrase.
- Hack your wallet using a password cracker.
What Happens if I Lose my Hardware Wallet?
Hardware crypto wallets are known for giving users complete control over their crypto and increasing security. However, such wallets run the risk of being stolen, destroyed, or lost.
Does this mean that if your hardware wallet is lost, burned, or stolen, you will lose all of your Bitcoins forever? Absolutely not.
There are several ways to recover crypto if someone has lost access to their hardware wallet. To restore access to crypto assets, keeping hold of the private keys is all that is necessary.
What is a Private key?
A private key is a string of letters and numbers that can be used to access crypto assets, send and receive crypto, and complete transactions.
Most cryptocurrency wallets provide a recovery phrase with a human-readable backup to recover private keys. BIP39, the most widely used standard for generating seed phrases for cryptocurrency wallets, typically enables the mnemonic form.
How to Recover Wallet With Seed Phrase
If you happen to lose your hardware wallet, such as the Ledger Nano X, here’s how to recover it using the seed phrase.
1.Entering Recovery Mode
There are two buttons on the Ledger Nano X, one close to the USB-C port and the other at the other end. Hold down the button near the USB-C port until the Ledger logo appears.
When instructions appear on-screen, you can toggle between options by pressing the right or left buttons. To confirm your choice, navigate to Restore from the recovery phrase and then press both buttons at once.
2.Set Your PIN Code
Before you can use the Ledger Nano, you must first create a PIN code. You can create a PIN with four to eight digits. To move between numbers, use the buttons, and to select, press both buttons.
Don’t use a device that has a PIN or seed phrase already set.
3.Add Your Seed Phrase
After creating a PIN, add the seed or recovery phrase. Make sure you have it with you when you begin the process because it is 24 words long.
Begin by adding the first few letters to the first word. After that, select by pressing both buttons simultaneously, and Ledger will display a list of words. Find the correct one and confirm.
Repeat until you enter your seed phrase. To get back access to your cryptocurrency, press both buttons at once.
4.Reinstall Apps and Add Your Accounts
After regaining access to your Ledger, you’ll need to reinstall crypto apps and add accounts to Ledger Live. Ledger Live is a desktop and mobile app for sending and receiving crypto.
Now let’s move on to how to recover crypto wallet if it’s online.
How do I Import or Recover my Crypto Wallet?
Many digital wallets provide various methods for recovering crypto wallets in simple steps. The majority of them offer to use a recovery phrase.
A recovery phrase is required to gain access to your wallet and funds. It usually consists of 12/18/24 randomly generated words that are generated when you first set up a wallet. Prepare your recovery phrase, either from your secret hiding place or from an external application.
For instance, Bitcoin.com has no access to your private keys, they are unable to help you restore your wallet. There is no way to recover your wallet or funds if you do not have the 12-word backup phrase.
According to the website, if you have an existing wallet created on other applications such as Ledger, Metamask, or MyEtherWallet, you can easily import it by entering or copying your 12/18/24-word recovery phrase to the Crypto.com DeFi Wallet.
Alternatively, to import your other wallets even faster, you can scan the QR code of the recovery phrase for those wallets.
If you already have a Crypto.com DeFi Wallet, you can recover it by entering its 12-word recovery phrase.
Tips to Recover Crypto Wallet
Crypto wallet recovery is a time-sensitive process. The most important thing to remember is that prevention methods are always better than trying to find a solution after you have lost access. The best security practices for crypto wallets should include;
- By writing down your seed phrase keep your private key safe and keep it in an offline secure location.
- Consider engraving it on fire-proof storing capsules or steel plates.
- Using two-factor authentication.
- Protect the seed phrase by distributing backups to various groups of people and locations, such as family, a safe box at the bank, or a secret location in the garden. One such method is Shamir Backup.
Providers of hardware wallets do their best to assist customers in the event of a wallet loss, but they can’t do much about the loss of a secret recovery phrase.
Watch out for Scam Asset Recovery Services
There are several warning signs, a few of them are:
- Before receiving services, a fee is charged to you.
- The company’s address is unknown or overseas.
- They don’t have a phone number, so you use chat apps to communicate.
- The firm needs your bank account information to deposit the recovered money.
This article discussed ways to recover your wallet’s password or seed phrase if you ever forget it. Cryptocurrency wallets are a secure way to store your crypto. It is important to understand how to use them properly and securely.
Lastly, always make sure to back up your wallet in multiple secure places, and never share your backup phrase with anyone. With these safety measures in mind, you can be sure that your crypto is safe and protected.
Read more: The best anonymous bitcoin wallets of 2023