Have you ever thought of losing your bitcoins? It may be scary to think but it happens quite regularly. Chainalysis’s research reveals that around 2.78 to 3.79 million bitcoins become inaccessible and lost forever that indicates 1 out of 5 existing bitcoins gone normally. Therefore every person who buys bitcoin and stores it on your computer must know about how to bring back the bitcoin wallet. But before thinking about the loss of coins and wallet recovery , you must think of how to store it safely there are many significant steps to remember:
- Secure your bitcoin wallet by storing it with a password.
- Make sure about your wallet have a backup
- Wallet backups may helpful for you in the process of recovery of your lost wallet.
- In case of a hardware or software failure, these backups help you a lot to recover your bitcoin wallet.
- And make sure that your backup is on several locations like USB, CD…
- Whenever you restore your other data backup bitcoin your wallet also.
- There are many ways to restore your data like BIP39 Mnemonic seed phrase, Wallet.dat file backup this type of website helps you to backup your all data but you have to choose one of these websites based on your bitcoin wallet.
Recovering process through Mnemonic seed: This method can recover your bitcoin wallet by using a mnemonic seed that is an order of 12, 18 or 24 wordings. Normally most of the hardware wallets which are more popular in storing bitcoins generate a casual mnemonic seed phrase as a backup option for your bitcoin wallet while you stores wallet for the first time, the phrases are generally created with the certain number of words that are casually created. It’s very important to note these words in your mind, paper, and other devices which don’t have any internet access, to keep these words safe people usually store these words in metallic substitutes and also laminate the paper in which they have that words. These words are the only backup for your lost or the stolen wallet. When you want to recover your wallet you just click the recover wallet option and type your mnemonic seed phrase. Not all the wallets generate word phrase but if you have your word phrase then you don’t need to panic about your wallet recovery in case of any wallet problem.
Recover your bitcoin wallet by using wallet.dat: Desktop wallets often make you use a particular file called wallet.dat which is used to store your private and important information and keys, depending on the operating system of your desktop you may have your wallet.dat in any one of the locations. When your wallet file is located in this walle.dat then your recovery process is quite easy, if you need to restore your wallet just copy and paste the backup on a wallet which already exists. You need to be careful while you type on your existing data because this method wipes all the data on the particular wallet.dat file. There is no insurance on your digital wallets so you have to be careful and store your bitcoin wallet safely.