Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Wallets => Topic started by: ancrypto on July 13, 2023, 02:30:48 PM
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Depending on the kind of wallet or exchange platform the cryptocurrency user is using, there are different repercussions to forgetting the wallet password.
If we are talking of a custodial wallet or exchange, there are likely to be options for password recovery or account restoration. This is because there is a third-party involvement in such platforms and the user is not the sole manager of his/her password or keys.
Custodial platforms usually establish the user's identification, entailing verification, which makes things easy while seeking assistance from the provider’s support team.
However, the consequences of forgetting the password are not-so-good in the case of non-custodial wallets or similar platforms. Since only the user has complete control over their account, losing the password or keys typically results in losing access to the funds.
With their higher focus on security and user control, non-custodial wallet providers often do not provide the ability to recover or change passwords. So, if you are a user of a self-custodial wallet, you need to take this responsibility seriously! Simply put, you must adhere to best practices to prevent this.
To do so, you can use password managers, set up backup and recovery options like seed phrases or private key backups, and securely store passwords or passphrases in several safe locations.
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its true that forgetting a password is a common concern, but I as a user of the OneKey open-source wallet can regain access to our wallets:
Password Recovery Options: OneKey offers password recovery mechanisms, such as security questions or alternative methods chosen during setup. This allows users to reset their password securely.
Seed Phrase Backup: During the wallet creation process, OneKey prompts users to generate a seed phrase. This backup phrase, usually consisting of 12 to 24 words, serves as a fail-safe. Users can restore their wallet by entering the seed phrase, even if the password is forgotten.
Community Support: The OneKey community is a valuable resource. If a user encounters difficulties, engaging with the community through forums or support channels can provide helpful guidance on password recovery.
Wallet Restoration: In extreme cases where both the password and seed phrase are forgotten, OneKey allows users to reinstall the wallet and input their seed phrase to regain access. They can then set a new password.
Open-Source Transparency: The open-source nature of OneKey ensures transparency and trust. The community can review the code, enhancing security. This transparency is crucial when dealing with sensitive issues like password recovery.
Open-source wallets, like OneKey, shine in scenarios where users face password-related challenges. Their transparent code, combined with robust recovery options, empowers users to regain control of their wallets securely. It's a testament to the user-friendly and security-focused design of OneKey.
thus the wallet prevented me from having any horrible experience in such case.
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Except for the Wasabi wallet where your password will become part of your passphrase after you create your account all the other wallets can be backed up by saving the Passphrase provided by the software, if its on decentralize exchange you always have the option to recover your password as long as you have the email you've used when you create an account on that exchange.
Password is very important always see to it that you keep a backup of your password you can write it down so you can retrieve it anytime you need it.
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Humans are fallible, and we believe that we may remember a thing now, but when the use of that thing diminishes, we may forget the security of that thing. No matter how many passwords or other security we remember, we should keep a separate note of those passwords or security so that we can recover our important information from there if we ever forget it.
When our device is lost or damaged we lose a lot of important information and as a result we suffer a lot. Basically, so that we don't have to be victims of all these sufferings, important passwords and important information should be noted in advance and kept in important places so that they are useful when needed.
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Depending on the kind of wallet or exchange platform the cryptocurrency user is using, there are different repercussions to forgetting the wallet password.
There is a big difference between exchange platform, custodial wallet, and non-custodial wallet, and when we talk about wallets, we mean non-custodial wallet where you can access the private key or wallet seed.
The password is the encryption of the wallet file which contains the wallet seed, so password + wallet file = wallet seed.
1) If you have access to the wallet seed or private key, you do not need a password.
2) If you do not have access to the wallet seed or private key, you need the password + the wallet file.
3) If you do not have the wallet seed, private key, or wallet file, your funds are lost.
4) If you do not have the wallet seed or private key, but you can access the wallet file without remembering the password, then if the password is simple and can be guessed, you can access your coins, otherwise you have lost them.
Except for the Wasabi wallet where your password will become part of your passphrase after you create your account all the other wallets can be backed up by saving the Passphrase provided by the software,
Wasabi wallet use BIP39 seed there is no difference between them and wallets that follow the same approach. There is a big difference between BIP39 passphrase and wallet password.
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4) If you do not have the wallet seed or private key, but you can access the wallet file without remembering the password, then if the password is simple and can be guessed, you can access your coins, otherwise you have lost them.
This case is similar to the case in which a hacker steals the wallet file and then uses one of the programs that hackers use, such as the Brute Force, to guess the password. This program may take from several days to a month to guess the correct password, but in the end it may succeed.
The question here is how can someone with minimal experience in Crypto lose the seed, private key, and password? This goes against the most basic security principles that every crypto beginner knows. The most likely case here is that the wallet file is stolen.
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This case is similar to the case in which a hacker steals the wallet file and then uses one of the programs that hackers use, such as the Brute Force, to guess the password. This program may take from several days to a month to guess the correct password, but in the end it may succeed.
Just a slight correction, brute forcing is the technique. A hacker can use many brute forcing tools, from their own script to popular pen-testing apps available on the internet. Heck, you can probably call the recovery tool that is quite popular for Bitcoin right now a brute forcing app too. CMIIW.
The question here is how can someone with minimal experience in Crypto lose the seed, private key, and password? This goes against the most basic security principles that every crypto beginner knows. The most likely case here is that the wallet file is stolen.
I would not be surprised if it happens though. It is not that unbelievable. Even experienced users can lose their seed, or save it somewhere unsafe like the cloud, etc. There is no limit to human stupidity or lack of awareness, especially if they're still new to things and don't know how to secure their wealth correctly.
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1) If you have access to the wallet seed or private key, you do not need a password.
It's true.
A wallet password is to encrypt the wallet file or a layer of protection for access to the wallet. It is helpful to prevent hackers to access your wallet and steal cryptocurrency stored in it.
If you have a private key, it is enough to move funds.
If you have a mnemonic seed, you can import it and get access to private key then spend fund.
How to back up a seed phrase? (https://blog.lopp.net/how-to-back-up-a-seed-phrase/)
Why is seed splitting is a bad idea? (https://www.youtube.com/watch?v=p5nSibpfHYE)
It is for Bitcoin wallet but can apply to all non custodial cryptocurrency wallets.
Reminder: Choose open source, non custodial wallets to use.
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This case is similar to the case in which a hacker steals the wallet file and then uses one of the programs that hackers use, such as the Brute Force, to guess the password. This program may take from several days to a month to guess the correct password, but in the end it may succeed.
Hackers do not tend to do this randomly because Brute Force an average password requires time and costs, as you will pay the cost of guessing each possible word to reach the correct password. Assuming that you do not use a short password (there is no reason to use a short password), hackers rarely Brute Force a random wallet file, they know that the wallet file contains Bitcoin with a value greater than the value of Brute Force and they know that you will not transfer the money at any moment otherwise all their effort will be meaningless.
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The password, it doesn't make any difference. The Seed-phrase was invented for a reason. If you have saved it, there is absolutely no problem to restore access. When you restore access, you can set a new password.
P.S. Therefore, do not forget to save the Seed-phrase (password as well) - but it is not so important, but (desirable).
I can share interesting articles on security. It is really important.
Links:
- https://b2binpay.com/en/how-to-protect-your-crypto-wallet-top-10-tips
- https://www.linkedin.com/pulse/navigating-wallet-security-protecting-your-digital-assets-tripathi
- https://a16zcrypto.com/posts/article/wallet-security-non-custodial-fallacy
Your safety is in your hands. It always has been and always will be! ???
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However, the consequences of forgetting the password are not-so-good in the case of non-custodial wallets or similar platforms. Since only the user has complete control over their account, losing the password or keys typically results in losing access to the funds.
If you lose your password, then get your seed phrase backup, create a new wallet and import the seed phrase to set another password. The seed phrase generates the keys which are required to spend your coins and you will still have full control over your coins. As long as it is not wallet file encrypted with password, you do not need the wallet password.
Except for the Wasabi wallet where your password will become part of your passphrase after you create your account all the other wallets can be backed up by saving the Passphrase provided by the software,
Wasabi wallet use BIP39 seed there is no difference between them and wallets that follow the same approach. There is a big difference between BIP39 passphrase and wallet password.
Wasabi makes it confusing and misleading. The password on Wasabi is the passphrase and not password. You can download the wallet to find that out to be true.
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If you forget the password to your exchange wallet, then you have to use the "forget password" option to receive a message from the exchange, with instructions on how to create a new password. If you forget the password to your wallet, there's nothing to worry about, the password is just an extra layer of security to prevent unauthorized users from accessing the funds on your device. The most important thing is the seed phrase, import the seed phrase afresh and your funds will appear.
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For most cryptocurrency wallets, forgetting the password can lead to a challenging situation. Here's what typically happens:
1. **Private Key or Recovery Seed:**
- Users are usually provided with a private key or a recovery seed phrase when creating a wallet.
- If you forget your password, having the recovery seed or private key allows you to regain access to your wallet.
2. **Reset or Recovery Options:**
- Some wallets offer password recovery options, often involving email verification or other security measures.
- However, this varies between wallets, and not all provide password recovery options.
3. **No Recovery Options:**
- Certain wallets, especially more secure ones like hardware wallets, may not have password recovery options.
- In such cases, losing the password or recovery seed could mean losing access to the funds permanently.
It's crucial to emphasize the importance of securely storing recovery phrases or private keys. Losing access to these could result in the irreversible loss of funds. Always follow best practices for securing and backing up your wallet information. If in doubt, refer to the specific instructions and support channels provided by the wallet provider.
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I don't usually back up my wallet passwords, i try to use one i can remember easily. What i back up is my wallet seed phrase, i make multiple copies of it and store it in more than one location. If i ever forget the password that encrypts my wallet file, i would simply use my seed phrase backup to recover my wallet and set another password.
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It is better not to forget the password and especially the strong phrase of the wallet, otherwise you can forget about your money, in general, if you are in the crypto world, I believe that you need to keep cryptocurrency not only on wallets (if on wallets, then on different, on 3-5) plus not large portions on different exchanges.
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It is better not to forget the password and especially the strong phrase of the wallet, otherwise you can forget about your money, in general, if you are in the crypto world, I believe that you need to keep cryptocurrency not only on wallets (if on wallets, then on different, on 3-5) plus not large portions on different exchanges.
If you forget your wallet password, you can use your seed phrase to recover the keys and address and you will set a new password and you will have full access to the wallet and be able to use it to spend your coins.
The most important thing is to not lose your seed phrase backup. If you lose your seed phrase backup, then forget about your coins as it has lost.
If you use passphrase, you should also not forget it. If you forget either your seed phrase or passphrase, your coin will be lost.
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It is better not to forget the password and especially the strong phrase of the wallet, otherwise you can forget about your money, in general, if you are in the crypto world, I believe that you need to keep cryptocurrency not only on wallets (if on wallets, then on different, on 3-5) plus not large portions on different exchanges.
If you forget your wallet password, you can use your seed phrase to recover the keys and address and you will set a new password and you will have full access to the wallet and be able to use it to spend your coins.
The most important thing is to not lose your seed phrase backup. If you lose your seed phrase backup, then forget about your coins as it has lost.
If you use passphrase, you should also not forget it. If you forget either your seed phrase or passphrase, your coin will be lost.
Yes, it is better not to forget the phrase, it is better to write it down somewhere, to memorize it of course it is not particularly easy because it consists of many words, personally I do not manage to memorize it, after a few months I begin to forget it.
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If you forget the password to your exchange wallet, then you have to use the "forget password" option to receive a message from the exchange, with instructions on how to create a new password. If you forget the password to your wallet, there's nothing to worry about, the password is just an extra layer of security to prevent unauthorized users from accessing the funds on your device. The most important thing is the seed phrase, import the seed phrase afresh and your funds will appear.
Passwords can easily be retrieved if one forgets their password to their crypto wallet since it’s just an extra security feature that prevents unauthorized access to your wallet when using your device. The most important thing that gives you access to your wallet and assets is the seed phrase so no matter what happens we should not forget or misplace the seed phrase to our wallet else we should as much forget about our assets because there is no other way to recover the seed phrase.
Using custodial wallets or exchange wallets you don’t really need to bother much when you forget your password if you still have have access to your email and linked mobile number all you have to do is just click on the forget password button and follow the steps to recover your password since you don’t have access to the wallet’s private key so you don’t have to worry about losing your seed phrase or private key. Custodial wallets are not safe to store our assets because we are not in possession of the keys meaning we don’t have total control of our assets. Let’s not forget “Not your keys not your coins”.
The best wallet choice that gives us full control of our assets is a Non Custodial wallet because only you can access your private key and seed phrase unless shared with other people and anyone who have access to your seeds and keys will be able to access your funds.
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If you use passphrase, you should also not forget it. If you forget either your seed phrase or passphrase, your coin will be lost.
This is correct, some newbies who extend their seed phrase with a passphrase do not know that if they lose that passphrase, they have lost their funds and can only recover their base wallet using their seed phrase. This is why i always recommend that people who set up a passphrase or create a multisig wallet should have a good knowledge of what they are doing, or else they could lock themselves out of their funds.
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It is better not to forget the password and especially the strong phrase of the wallet, otherwise you can forget about your money, in general, if you are in the crypto world, I believe that you need to keep cryptocurrency not only on wallets (if on wallets, then on different, on 3-5) plus not large portions on different exchanges.
If you forget your wallet password, you can use your seed phrase to recover the keys and address and you will set a new password and you will have full access to the wallet and be able to use it to spend your coins.
The most important thing is to not lose your seed phrase backup. If you lose your seed phrase backup, then forget about your coins as it has lost.
If you use passphrase, you should also not forget it. If you forget either your seed phrase or passphrase, your coin will be lost.
Yes, it is better not to forget the phrase, it is better to write it down somewhere, to memorize it of course it is not particularly easy because it consists of many words, personally I do not manage to memorize it, after a few months I begin to forget it.
If you memorize a password or your personal information, it is unsafe because you will surely forget your memorized password or personal information in the future. No matter how well you memorize, if you don't practice regularly, you are bound to forget. Therefore, we should note down our personal information or password and save it in a good place before forgetting it and getting into danger. Whenever we save those notes in a good place, but if we forget the password or personal information, we can later collect that password or personal information from that place and use it again. But before storing, you should ensure a place where only you will have access or only you will have the key to that locker so that your personal information will be very safe.
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If you memorize a password or your personal information, it is unsafe because you will surely forget your memorized password or personal information in the future.
I do not backup my wallet password because it is not necessary. If I forget the password, I can import the seed phrase and set another password of my choice. The important things that we advice people not to memorize but to backup are:
- the seed phrase
- passphrase
If either the seed phrase or the passphrase backup is lost, the coins on the addresses generated by the wallet is lost. That is why it is good to backup the seed phrase (and the passphrase). If passphrase is included, it is better to backup both differently in different locations.
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There is no problem if you forget the password of crypto currency wallet but if you forget Seedphase (12/24 words), Numeric Key, private keys, etc. then definitely it will never be possible to recover that wallet. Password is only used to login to the device but if you uninstall access to your wallet from that device then for re-installation you must install the wallet with Seedphase, Numerical Key, private keys etc. In that case the password is not so important for you. So, there is no problem if you forget the password, but you must write down the above security measures in the notebook so that they cannot be lost or even if they are forgotten, they can be recovered.
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There is no problem if you forget the password of crypto currency wallet but if you forget Seedphase (12/24 words), Numeric Key, private keys, etc. then definitely it will never be possible to recover that wallet. Password is only used to login to the device but if you uninstall access to your wallet from that device then for re-installation you must install the wallet with Seedphase, Numerical Key, private keys etc. In that case the password is not so important for you. So, there is no problem if you forget the password, but you must write down the above security measures in the notebook so that they cannot be lost or even if they are forgotten, they can be recovered.
Let me ask you this question, what did you mean by numeric key? I have not heard of something like that before since I have known about bitcoin. What are important are the seed phrase or the private key. The password that is talked about here is not the phone password, it is the wallet password. Although, it is true that you do not need the wallet password. What is important is the seed phrase or the private key.
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There is no problem if you forget the password of crypto currency wallet but if you forget Seedphase (12/24 words), Numeric Key, private keys, etc. then definitely it will never be possible to recover that wallet. Password is only used to login to the device but if you uninstall access to your wallet from that device then for re-installation you must install the wallet with Seedphase, Numerical Key, private keys etc. In that case the password is not so important for you. So, there is no problem if you forget the password, but you must write down the above security measures in the notebook so that they cannot be lost or even if they are forgotten, they can be recovered.
Let me ask you this question, what did you mean by numeric key? I have not heard of something like that before since I have known about bitcoin. What are important are the seed phrase or the private key. The password that is talked about here is not the phone password, it is the wallet password. Although, it is true that you do not need the wallet password. What is important is the seed phrase or the private key.
If you have not heard about private key then you are still newbie to crypto. When you store your btc or any other crypto? I think you used exchange and haven't created wallet yet. If it is true then you should know that your money is in the risk as you are not the real owner of asset so far you haven't control over your seed phrase or private key.
In short when you create wallet,you will be given paraphrase and private key to restore or open in other mobile. Paraphrase container English alphabet while private key contains Alphanumeric. Seed phrase will control multiple wallet address while private key control only one specific wallet. if you forgot or lost then their is no other way to restore. While the password os just for opening your already available account, for transaction and confirmation. If you lost password,you still have a chance to recover through recovery phrase but if you lost phrase then your fund will be lost.
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If you have not heard about private key then you are still newbie to crypto. When you store your btc or any other crypto? I think you used exchange and haven't created wallet yet. If it is true then you should know that your money is in the risk as you are not the real owner of asset so far you haven't control over your seed phrase or private key.
Why did you quote me? Who are you referring to that is new to crypto? Point of correction, private keys are not numeric keys but alphanumeric keys and I asked a question what he meant as numeric key. Your post is pointless in regard to what I posted.
In short when you create wallet,you will be given paraphrase and private key to restore or open in other mobile. Paraphrase container English alphabet while private key contains Alphanumeric.
What is paraphrase? Stop posting what are not true. Or try always to proofread your posts before posting it.
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If you use passphrase, you should also not forget it. If you forget either your seed phrase or passphrase, your coin will be lost.
A passphrase is just a password made up of letters, numbers and characters, and in some cases it can be very simple and very easily broken by the brute force method, even if someone has forgotten it. In cases where passphrase is a bit more complicated and the person who lost it is not capable of trying to figure it out himself - there is at least one reliable service with a very good reputation that deals with rescuing such wallets.
Of course, if someone has set up a very complicated passphrase and has no idea what it roughly consists of, there will be no help - at least not until one day powerful quantum computers appear.
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A passphrase is just a password made up of letters, numbers and characters
Passphrase is not password. It is word extension in a way you can use salting process to extend the seed phrase with additional one word which can be of any number of characters and the characters consist of any character in which space can be included which is also valid.
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A passphrase is just a password made up of letters, numbers and characters
Passphrase is not password. It is word extension in a way you can use salting process to extend the seed phrase with additional one word which can be of any number of characters and the characters consist of any character in which space can be included which is also valid.
The difference is in the function and the name, but if you forget the passphrase, you have not necessarily lost what it protects, if there is a way to somehow manage to recover it. Is there a difference between brute force a password and a passphrase of the same complexity?
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The difference is in the function and the name, but if you forget the passphrase, you have not necessarily lost what it protects, if there is a way to somehow manage to recover it. Is there a difference between brute force a password and a passphrase of the same complexity?
If you have your 12 word seed phrase and you are not able to remember like one or two words from the seed phrase, you can also be able to bring force the words easily. The more the words, the more difficult or impossible it would be becoming. The higher the computational power your computer has the shorter the time required to brute force the seed phrase. Also you can brute force password you used to encrypt a wallet, or the password/passphrase used to encrypt a paper wallet or the passphrase you used to extend your seed phrase. The shorter the characters are, the more chance for easy brute force.
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As far as I remember discussions on BTT up to 4 lost words are some kind of limit up to which something can be done, anything beyond that has too much complexity and takes too long for today's computers. What I wanted to say is that a lost password does not mean the end, and although there are many more cases where users have completely prevented themselves from accessing their wallets, there are also many cases where the effort paid off.
The man who locked his BTC on a special type of USB stick and had two more attempts left before the device deletes itself allegedly succeeded after a long time with the help of some smart people to break through that complex protection.
That's why you should never just give up trying to save what may seem impossible.
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I do not backup my wallet password because it is not necessary. If I forget the password, I can import the seed phrase and set another password of my choice. The important things that we advice people not to memorize but to backup are:
- the seed phrase
- passphrase
If either the seed phrase or the passphrase backup is lost, the coins on the addresses generated by the wallet is lost. That is why it is good to backup the seed phrase (and the passphrase). If passphrase is included, it is better to backup both differently in different locations.
That's right, I do the same thing. I don't understand the need (somewhere) to store the password, if in this case it is more important to store not the password, but 12/24 words of seed-phrases. After all, in case you lose your password, you will be able to recover it with the help of a (recorded by you) seed-phrase. Generally, in my understanding (backups) are the most insecure kind of preservation possible. In case your device is hacked, it will be easier for the fraudster to know your secret words.
P.S. It's entirely up to each individual what to do and how to do it. But in my understanding, everything you save on computers/phones is as unsafe as possible. Many articles (on safety) say that it is better to avoid this method. 8)
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I do not backup my wallet password because it is not necessary. If I forget the password, I can import the seed phrase and set another password of my choice. The important things that we advice people not to memorize but to backup are:
- the seed phrase
- passphrase
If either the seed phrase or the passphrase backup is lost, the coins on the addresses generated by the wallet is lost. That is why it is good to backup the seed phrase (and the passphrase). If passphrase is included, it is better to backup both differently in different locations.
That's right, I do the same thing. I don't understand the need (somewhere) to store the password, if in this case it is more important to store not the password, but 12/24 words of seed-phrases. After all, in case you lose your password, you will be able to recover it with the help of a (recorded by you) seed-phrase. Generally, in my understanding (backups) are the most insecure kind of preservation possible. In case your device is hacked, it will be easier for the fraudster to know your secret words.
P.S. It's entirely up to each individual what to do and how to do it. But in my understanding, everything you save on computers/phones is as unsafe as possible. Many articles (on safety) say that it is better to avoid this method. 8)
I agree with you that backing up your seed phrase and pass phrase ie enough for one to have access to his bitcoin, when his password has been forgotten. However, there is nothing bad to write down your password for the prevention of importing seed phrase, but of course we are human and there is no guarantee that we will not have issues that will lead us to unforseen circumstances, that we will not be able to access our wallet. This is why the seed phrase is the best to keep safe and backed up because, you will see have full control of that wallet, which the password is no more, otherwise your bitcoin will stay locked in your wallet address forever. No bitcoin is lost, this is because after 20yrs,if the password is seen or remembered, or the seed phrase is seen and imported to another wallet, you will have access to those bitcoin.
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I agree with you that backing up your seed phrase and pass phrase ie enough for one to have access to his bitcoin, when his password has been forgotten. However, there is nothing bad to write down your password for the prevention of importing seed phrase, but of course we are human and there is no guarantee that we will not have issues that will lead us to unforseen circumstances, that we will not be able to access our wallet. This is why the seed phrase is the best to keep safe and backed up because, you will see have full control of that wallet, which the password is no more, otherwise your bitcoin will stay locked in your wallet address forever. No bitcoin is lost, this is because after 20yrs,if the password is seen or remembered, or the seed phrase is seen and imported to another wallet, you will have access to those bitcoin.
Yes, I'm not saying "you shouldn't write down the password" - no, on the contrary, you should write it down + save it. But in case of loss (of the password) it won't be so critical. The main thing is to memorize your seed phrase. If it is lost, it will be much more trouble, because it is impossible to restore access. Don't forget - we can still change the password in case of anything. There is no tech support for cryptocurrency. No one will help you, your funds will be lost forever. + there is and will be tons of useful information on this topic on the internet.
A few articles:
1. https://www.cossacklabs.com/blog/crypto-wallets-security
2. https://chainstack.com/web3-security-best-practices/
3. https://coinscreed.com/the-increasing-importance-of-crypto-wallet-security.html
P.S. Be careful and take things slowly. Double-check everything, several times. 8)
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If you memorize a password or your personal information, it is unsafe because you will surely forget your memorized password or personal information in the future.
I do not backup my wallet password because it is not necessary. If I forget the password, I can import the seed phrase and set another password of my choice. The important things that we advice people not to memorize but to backup are:
- the seed phrase
- passphrase
If either the seed phrase or the passphrase backup is lost, the coins on the addresses generated by the wallet is lost. That is why it is good to backup the seed phrase (and the passphrase). If passphrase is included, it is better to backup both differently in different locations.
from the beginning I entered crypto and my friend taught me this,
because the password is only for wallet security and transactions, nothing else
The important thing is that we have to save the passphrase and seed of the wallet we created
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The important thing is that we have to save the passphrase and seed of the wallet we created
That is if you added a passphrase, not everyone extends their seed phrase with a passphrase, and for such people, they are to make only backups of their seed phrase in more than one location. However, it is worth mentioning that extending your seed phrase with a passphrase is a good extra layer of security and also good for plausible deniability.
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Depending on the kind of wallet or exchange platform the cryptocurrency user is using, there are different repercussions to forgetting the wallet password.
It is very simple, if you're using an exchange and forgot your password, you could make a recovery of that through the email and mobile contact you have, they will make a verification on that and change your login password, but if you're using a cold storage, the password only restrict you from having access to the coins through the device, once you have the private keys, you may not worry too much.
To do so, you can use password managers, set up backup and recovery options like seed phrases or private key backups, and securely store passwords or passphrases in several safe locations.
This is a bad practice and i will not support or advise anyone to go into this kind for any reason, making use of a password manager is as the same with someone subscribing into a third party entity for the safety of his wallet security forgetting that such person can also be a threat to him, there are more advanced means to safe your wallet keys and passwords than this, use washers, print them on laminated sheet, make use of metalic sheets encryption, or write them where online you can have access to offline.
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It is better not to forget the password and especially the strong phrase of the wallet, otherwise you can forget about your money, in general, if you are in the crypto world, I believe that you need to keep cryptocurrency not only on wallets (if on wallets, then on different, on 3-5) plus not large portions on different exchanges.
Not really, passwords just encrypt the wallet file and incase if user forgot his password and he can't able to remember or brute force then the wallet recovery is still possible with Mnemonic phrase. All you need to create new wallet and import using the keys then all your funds will be accessible again so we should keep the phrases secured and passwords may not be that much priority.
If we are talking about exchanges we can simply use the forget password option and reset via the link sent to our email.
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If we are talking about exchanges we can simply use the forget password option and reset via the link sent to our email.
If it is with the exchanges and online wallets, they're easy. Just as you have said, we can just forget password. But it's not advisable to keep your funds in any of those and that's why we're using wallets that provides us with seed phrases or recovery phrases and once the password is forgotten for accessing the wallet, charles tim explained how we're going to recover that by importing it with a new password if the wallet allows to do so.
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If we are talking about exchanges we can simply use the forget password option and reset via the link sent to our email.
If it is with the exchanges and online wallets, they're easy. Just as you have said, we can just forget password. But it's not advisable to keep your funds in any of those and that's why we're using wallets that provides us with seed phrases or recovery phrases and once the password is forgotten for accessing the wallet, charles tim explained how we're going to recover that by importing it with a new password if the wallet allows to do so.
If it's a non custodial wallet it should give private keys or recover seeds.
And if it's exchange it's login via email and password but when talking about hot wallet it's more complicated and especially Blockchain.com wallet it provides seeds but we need ID to login and it's a buggy wallet that sometimes don't let us access our funds even when we have all the necessary information so we can forget if we missed on of the credentials to login.
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If we are talking about exchanges we can simply use the forget password option and reset via the link sent to our email.
If it is with the exchanges and online wallets, they're easy. Just as you have said, we can just forget password. But it's not advisable to keep your funds in any of those and that's why we're using wallets that provides us with seed phrases or recovery phrases and once the password is forgotten for accessing the wallet, charles tim explained how we're going to recover that by importing it with a new password if the wallet allows to do so.
If it's a non custodial wallet it should give private keys or recover seeds.
And if it's exchange it's login via email and password but when talking about hot wallet it's more complicated and especially Blockchain.com wallet it provides seeds but we need ID to login and it's a buggy wallet that sometimes don't let us access our funds even when we have all the necessary information so we can forget if we missed on of the credentials to login.
People should just avoid that web wallet. Yes, it is convenient and quite good for first timers but if it is about longevity, being buggy is not good at all. Just use the recommended wallets by most because that is how it goes for the most of us. No headache, no problem and easy access and at same time most of them are open source.
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If it's a non custodial wallet it should give private keys or recover seeds.
And if it's exchange it's login via email and password but when talking about hot wallet it's more complicated and especially Blockchain.com wallet it provides seeds but we need ID to login and it's a buggy wallet that sometimes don't let us access our funds even when we have all the necessary information so we can forget if we missed on of the credentials to login.
I don't think OP get little miss understanding about forget password using non custodial wallet, getting access trough seed phrase and impossible can forget password for recovery to log into wallet.
Difference when using exchange wallet market has possibility forgetting password but still linked with email account registering to exchange market. There are not problem with forgetting password or losing 2fa access with exchange wallet because has way to recovery and the exchange required re KYC document if want reset 2fa.
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If it's a non custodial wallet it should give private keys or recover seeds.
And if it's exchange it's login via email and password but when talking about hot wallet it's more complicated and especially Blockchain.com wallet it provides seeds but we need ID to login and it's a buggy wallet that sometimes don't let us access our funds even when we have all the necessary information so we can forget if we missed on of the credentials to login.
I don't think OP get little miss understanding about forget password using non custodial wallet, getting access trough seed phrase and impossible can forget password for recovery to log into wallet.
Difference when using exchange wallet market has possibility forgetting password but still linked with email account registering to exchange market. There are not problem with forgetting password or losing 2fa access with exchange wallet because has way to recovery and the exchange required re KYC document if want reset 2fa.
I don't understand what you meant in those bolded words, but what I know is that you can use your seed phrase to get access to your wallet that you forgot the password. Like you mentioned above, if it is an exchange, that is probably simple because there are third parties who will help you by sending you an email in which you used in registering that account.
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- I'm the one who's experienced it several times that I've forgotten the password on a centralized platform, and usually when this happens to me it's the usual thing that the exchange does is they will disable my withdrawal or restrict my account with them within 24 hrs before it resume again.
For others, they do the same thing. And as for metamask, you really need not to forget the seed because if you lose it, there is no chance of recovering that account wallet for sure.
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The important thing is that we have to save the passphrase and seed of the wallet we created
That is if you added a passphrase, not everyone extends their seed phrase with a passphrase, and for such people, they are to make only backups of their seed phrase in more than one location. However, it is worth mentioning that extending your seed phrase with a passphrase is a good extra layer of security and also good for plausible deniability.
People can forget anything, people forget their bank passwords, people forget to take their important documents with them, people forget their wallet passwords, but it is not unusual. But there is definitely something to be careful about, if you forget the password of the bank, maybe you can go to the bank later after some trouble to get that password back, but if the password of a wallet is lost, then if it is not saved later, then it is impossible to fix the password. In case such mistakes do not happen, we can note down the password of the wallet and some personal information in a diary. Apart from keeping it in the electronic device, when he keeps notes in the diary, he will find the important information of his wallet when he searches, in this case, there is no chance of losing his wallet.
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The important thing is that we have to save the passphrase and seed of the wallet we created
That is if you added a passphrase, not everyone extends their seed phrase with a passphrase, and for such people, they are to make only backups of their seed phrase in more than one location. However, it is worth mentioning that extending your seed phrase with a passphrase is a good extra layer of security and also good for plausible deniability.
People can forget anything, people forget their bank passwords, people forget to take their important documents with them, people forget their wallet passwords, but it is not unusual. But there is definitely something to be careful about, if you forget the password of the bank, maybe you can go to the bank later after some trouble to get that password back, but if the password of a wallet is lost, then if it is not saved later, then it is impossible to fix the password. In case such mistakes do not happen, we can note down the password of the wallet and some personal information in a diary. Apart from keeping it in the electronic device, when he keeps notes in the diary, he will find the important information of his wallet when he searches, in this case, there is no chance of losing his wallet.
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People can forget anything, people forget their bank passwords, people forget to take their important documents with them, people forget their wallet passwords, but it is not unusual. But there is definitely something to be careful about, if you forget the password of the bank, maybe you can go to the bank later after some trouble to get that password back, but if the password of a wallet is lost, then if it is not saved later, then it is impossible to fix the password.
If it is a noncustodial wallet, the password is an encryption that is not beyond the device that you have the wallet. It is not even beyond the wallet. Which means if you uninstall the wallet and install it back and import the seed phrase or you make use of a new wallet and import the seed phrase, you will be able to set another password.
About bank password. I do nothing more than to click on forgot password to set another password through an email sent me through an email link.
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People can forget anything, people forget their bank passwords, people forget to take their important documents with them, people forget their wallet passwords, but it is not unusual. But there is definitely something to be careful about, if you forget the password of the bank, maybe you can go to the bank later after some trouble to get that password back, but if the password of a wallet is lost, then if it is not saved later, then it is impossible to fix the password.
If it is a noncustodial wallet, the password is an encryption that is not beyond the device that you have the wallet. It is not even beyond the wallet. Which means if you uninstall the wallet and install it back and import the seed phrase or you make use of a new wallet and import the seed phrase, you will be able to set another password.
About bank password. I do nothing more than to click on forgot password to set another password through an email sent me through an email link.
Thank you Charles-Tim for the information above. The way OP presented the topic, it looks as if it is a way of obviously stating the disadvantages of non custodial wallets while promoting the custodial wallets. A simple check as Charles said will show that the encryption is on the wallet and no connection to the Blockchain. Using the seed phrase to import in another wallet will thwart the power of the password.
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but if the password of a wallet is lost, then if it is not saved later, then it is impossible to fix the password. In case such mistakes do not happen, we can note down the password of the wallet and some personal information in a diary.
It is not a bad idea to back up the password that encypts your wallet file, but that is not the most important thing to do as the password only encrypts it locally. What you should securely back up is your seed phrase, so that even if you lose the password or even the device, you can always restore your wallet in another device anytime, using your seed phrase backup.
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To create and control a centralized wallet, it has email, so in this case, if you forget the password of the wallet, there is an opportunity to forget it through email, so there should not be any problem if you forget the password in this case.
But in case of non custodial wallet there is a private key or security word which cannot be memorized. They should be kept in a good place. If someone loses these then he will lose his wallet for life and there is no way to recover that wallet. That is only truth
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To create and control a centralized wallet, it has email, so in this case, if you forget the password of the wallet, there is an opportunity to forget it through email, so there should not be any problem if you forget the password in this case
There are more serious risks in using a custodial wallet, not your keys, not your coins, and the service can confiscate your money at anytime. What about the risk of the service collapsing and going bankrupt, custodial services are also known for fractional reserve scam, so what you see in your account is not your funds but just numbers. My point is that you should not store your funds in a centralized service for whatever advantage you think there is.
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Depending on the kind of wallet or exchange platform the cryptocurrency user is using, there are different repercussions to forgetting the wallet password.
It is possible to make recovery as long as the user is the bearer to that specific wallet, if you're using a custodial wallet, all you could do is to go through the forget password section and follow the prompt response needed and they will verify your identity and send a recovery link to reset your password on your email address used, if its a non custodial wallet, you may need to import your wallet keys on other device because the password is only effective on the particular devise used while the coins are stored on the blockchain.
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if its a non custodial wallet, you may need to import your wallet keys on other device because the password is only effective on the particular devise used while the coins are stored on the blockchain.
You are right, your password only encrypts your wallet file locally, so losing your password is of no significance when you have the seed phrase, it is to simply import it into another device and create a new password. However, people should ensure they set a strong password and back it up, it could protect them from attacks on their wallet locally.
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There are other users who turn an exchange they trust into their wallet; like me, I can't deny that I also have assets hidden in some centralized exchanges, which I think will not be the same as what happened with FTX. Although there is still a risk, that can be said because, of course, they still hold my password and my cryptographic assets.
Now if we use other wallets like Trust wallet, Klevr wallet, Electrum wallet, and Bluewallet here, we must not forget the password, especially the seed phrases, because once we forget it, don't expect to recover the password assets that you have. But if you have a backup, there is still a chance to recover it.
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I don't know how easy it is for a user to to forget his password like that, despite that, they will still be looking around for the password recovery agencies or developers not knowing that they will only accumulate to their predicament by stealing more funds from them, in short, the best means to go safe is in keeping our password safe and having an alternative storage to where we are saving them.
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- I'm the one who's experienced it several times that I've forgotten the password on a centralized platform, and usually when this happens to me it's the usual thing that the exchange does is they will disable my withdrawal or restrict my account with them within 24 hrs before it resume again.
For others, they do the same thing. And as for metamask, you really need not to forget the seed because if you lose it, there is no chance of recovering that account wallet for sure.
Well, at least you got access to your funds. And the fact that they block withdrawals is often done for security reasons. And in the case where you need a seed phrase, it's much more complicated. Because it is not possible to restore access via e-mail/phone number, etc. ::)
P.S. Therefore, absolutely everyone should be careful and write down all information that is related to personal funds. There is not always technical support, and it is much easier to lose access. 8)
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People can forget anything, people forget their bank passwords, people forget to take their important documents with them, people forget their wallet passwords, but it is not unusual. But there is definitely something to be careful about, if you forget the password of the bank, maybe you can go to the bank later after some trouble to get that password back, but if the password of a wallet is lost, then if it is not saved later, then it is impossible to fix the password.
If it is a noncustodial wallet, the password is an encryption that is not beyond the device that you have the wallet. It is not even beyond the wallet. Which means if you uninstall the wallet and install it back and import the seed phrase or you make use of a new wallet and import the seed phrase, you will be able to set another password.
About bank password. I do nothing more than to click on forgot password to set another password through an email sent me through an email link.
In addition to this, we should know that the crypto asset we are having are not directly stored on the wallet we are using, the wallet on contains the unblocking keys we may require to have access to where they are being locked on the blockchain, therefore, password is only device specific in cryptocurrency and what determines having access to our coins is the private keys we are having, as you have said already, this only applies to non custodial users.
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There is not always technical support, and it is much easier to lose access. 8)
People who use BTC need to know that they are the ones responsible for the safety of their funds and if they lose it, they have lost it for good, however losing your password does not mean you have lost your funds and you can recover your wallet with your seed phrase.
Take note that simply because an exchange can help their users recover their password does not mean it is a safe platform to store coins, not your keys, not your coins. If the exchange does not lose your money in fractional reserve 'scam', then they can be hacked or they will just confiscate your money anytime.