Can you recover lost crypto coins?

In Summary

• The buying, selling, trading, and other transactions of cryptocurrency started to function in the same way as the regular fiat currency.

• The common reasons for the loss of cryptocurrency are that people sometimes lose access to their hardware wallets, forget their passwords, or lose access to their passkeys.

Representations of virtual currency Bitcoin are placed on U.S. Dollar banknotes in this illustration taken May 26, 2020.
Representations of virtual currency Bitcoin are placed on U.S. Dollar banknotes in this illustration taken May 26, 2020.
Image: REUTERS

The cryptocurrency was launched a long time ago and a few handfuls of people who judged the currency rightly made some impressive money by investing in it on time.

The buying, selling, trading, and other transactions of cryptocurrency started to function in the same way as the regular fiat currency. Platforms like the yuan pay group became common.

However, there are flaws in almost everything and people made this shocking discovery that they can also lose their digital coins. People did not foresee this coming so it came as a big surprise and shock for all. 

The common reasons for the loss of cryptocurrency are that people sometimes lose access to their hardware wallets, forget their passwords, or lose access to their passkeys.

Thus, there was a need to implement methods for the recovery of lost cryptocurrencies. The negligence of the software designer and the glitches in hardware has also caused people tremendous loss. To make things worse, cryptocurrency hacks also started and increased the risks of cryptocurrency.  

Recovering Lost Passwords

As stated above, losing passwords is a common problem that leads to the loss of cryptocurrencies. The only way to recover your lost password is by trying to remember it. If you cannot do it on your own then hypnotherapy is an option. It cannot be said that this method will always work but, it is the best option that you have. If your millions of rupees are at stake because of a password then it is worth a try to seek help from hypnotherapy.  

Recovering Deleted Files

Another common issue for lost cryptocurrency is when users mistakenly delete some files. Of course, the first place to look for it is in the recycle bin or trash can of your desktop/laptop/phone. If you are one of those people who keep their recycle bin clean so you have deleted the files from there as well then there are still some rays of hope left for you.

You cannot permanently delete the files by just deleting the trash or recycle bin from your hard drive. The formatting of the files requires more than just a delete. Most of the files that you send in the trash are overwritten by other files. Thus, you need to try to find your bitcoin cash files by performing a scan on all the deleted files on your hard drive. At this point, you need to be patient to sort through all the deleted files until you get your file. 

Recovering Cryptocurrency Wallets

Most people tend to store their digital coins in a cryptocurrency wallet because it is regarded to be safer from hacking. However, you can also lose your coins in a cryptocurrency wallet.

A crypto wallet is considered to be one of the essential resources of a digital currency user and investor. These wallets have become common due to their potential advantages. 

If you delete some file from your wallet by mistake then you can lose your coins so to recover it you will need to find a specific file in the trash. This file is called the "wallet.dat."

This file is also important if you have lost your private key because you can recover it from this file. Once you find this file on your computer then you can easily recover your lost cryptocurrency.

Conclusion

If none of the above-mentioned techniques works for you then you can take help from recovery companies. These companies have trained software engineers who can help you.

Try to make sure that you keep your wallet safe and remember all your critical information like passkeys so that you never need recovery management.