Cryptocurrency and Passwords

One knows the reason why one needs a password. Password is a way to safeguard one assert or information from others. As the word denotes, one needs to pass through a lock using or entering words. Every person who uses the internet or a digital device has a password. Password does not distance itself from a cryptocurrency wallet. Your cryptocurrency wallet needs to be protected because it is your wealth. Seeing the rise in the crypto market and accepting cryptocurrencies such as bitcoin, litecoin, konjungate, dogecoin and others, securing your wallet is as important as securing your bank wallet or ATM pin. What happens when one forgets his or her password?

Forgetting one password is closely related to missing your wallet at a demonstration ground. Until one remembers one password, one money is blocked in who knows where. Consulting all the books and papers that have any alphabets and numbers is the only option. A German living in San Francisco, Stefan Thomas, forgot his bitcoin password. His account holds 7002 Bitcoin. He is a cryptocurrency millionaire. However, due to the forgetness of his password, he cannot be counted as part of cryptocurrency millionaires.  Thomas lost his password the day he lost the book he writes his passwords in. Like Thomas, many people have lost their money because they have forgotten their password.

Another way cryptocurrencies wallets have been stranded is death. When a person dies, it is normally easy for one family to retrieve one password if a forgotten password is provided. Nevertheless, cryptocurrencies like bitcoin are not like other accounts that you can request for a forgotten password. One loses all one assert when the password is forgotten. The deceased family will not be able to get access to their digital wallet if none of them knows the password. Some online companies that allow one to buy and sell cryptocurrencies will let one do “two-factor authorisation”. Even if one uses one password for almost all accounts, getting the pass, the two-factor authorisation will be another headache.

How does one go about not forgetting one password when it comes to one digital wealth? Trusting someone with your wallet password is very dangerous, especially when you are very close to the person. Make good use of your google doc, or drive very well. Never forget to set a recovery message in case there is an option for that. Let a family know one’s password. The person knowing it means one can trust the person whether one is alive or dead.

Cryptocurrencies and password are very close friends. They are stressing many people and at the same time securing their assert. Have you forgotten your wallet password or you have lost the book you have saved your passwords in? Could you share your experience with us? We are waiting for your response.