If a cryptocurrency user forgets his password, what happens to his wallet?

[Charles-Tim]

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.

[Wiseman]

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.

[Gurujebs]

<snip>

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.

[Z-tight]

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.

[Litzki1990]

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.

[Charles-Tim]

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.

[Altcoin1998$]

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.

[Charles-Tim]

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.

[Gladitorcomeback]

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.

[Charles-Tim]

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.

[Lucius]

~snip~
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.

[Charles-Tim]

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.

[Lucius]

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?

[Charles-Tim]

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.

[Lucius]

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.