creame (OP)
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Activity: 39
Merit: 0
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October 18, 2017, 04:06:45 AM |
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Hi everyone, Newbie here.
I've been hearing about people getting locked out of their Bitcoin wallets. It sounds like the worst thing that can happen to an investor. If you lose your private key and password, from what I understand, that wallet is locked "forever".
I was wondering, since everything is recorded on the blockchain, could a database be compiled of all these "locked" wallet addresses with their contents and then have the public "help" open them for a bounty. Is that possible or is that idea contrary to what crypto currencies are about.
forgive my ignorance, but I can't imagine these wallets being abandoned.
Thanks for your replies.
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hessanseen
Member
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Activity: 244
Merit: 10
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October 18, 2017, 04:13:26 AM |
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Friend, that's impossible.
Because of this, bitcoin is not going to be centralized.
So, you have to keep your wallet key, you'd better write it down with a pen and paper.
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creame (OP)
Newbie
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Activity: 39
Merit: 0
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October 18, 2017, 04:28:49 AM |
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Friend, that's impossible.
Because of this, bitcoin is not going to be centralized.
So, you have to keep your wallet key, you'd better write it down with a pen and paper.
Thanks for reminding me of that. So it sounds like you are saying that such an effort would be centralized and as opposed to decentralized, and therefore contrary to the whole concept of Bitcoin and the blockchain. Is that right? |
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SUDARMONO
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October 18, 2017, 04:29:21 AM |
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it's a very bad thing for us who have bitcoin in the wallet, we have to keep it neat by way of noting in the book or inserting it in the saved message, and what you are talking about can not help to unlock the wallet.i think we need to be careful in it is masters.
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13abyknight
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October 18, 2017, 04:34:35 AM |
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Hi everyone, Newbie here.
I've been hearing about people getting locked out of their Bitcoin wallets. It sounds like the worst thing that can happen to an investor. If you lose your private key and password, from what I understand, that wallet is locked "forever".
I was wondering, since everything is recorded on the blockchain, could a database be compiled of all these "locked" wallet addresses with their contents and then have the public "help" open them for a bounty. Is that possible or is that idea contrary to what crypto currencies are about.
forgive my ignorance, but I can't imagine these wallets being abandoned.
Thanks for your replies.
It is almost impossible to compile a database of all locked wallets and not even a service as big as blockchain.info can step it up to make this happen. You should always have a hardware/paper wallet to be 100% sure not to lose your wallet and also make backups of the same. Take this as a lesson and never make the same mistake again. |
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creame (OP)
Newbie
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Activity: 39
Merit: 0
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October 18, 2017, 04:36:25 AM |
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it's a very bad thing for us who have bitcoin in the wallet, we have to keep it neat by way of noting in the book or inserting it in the saved message, and what you are talking about can not help to unlock the wallet.i think we need to be careful in it is masters.
Is it really? You make it sound like a candle that goes out and that cannot be rekindled. Like there is no way. You are saying we must be very careful. I hear that. Thanks |
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PX-Z
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October 18, 2017, 04:42:32 AM |
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Hi everyone, Newbie here.
I've been hearing about people getting locked out of their Bitcoin wallets. It sounds like the worst thing that can happen to an investor. If you lose your private key and password, from what I understand, that wallet is locked "forever".
I was wondering, since everything is recorded on the blockchain, could a database be compiled of all these "locked" wallet addresses with their contents and then have the public "help" open them for a bounty. Is that possible or is that idea contrary to what crypto currencies are about.
forgive my ignorance, but I can't imagine these wallets being abandoned.
Thanks for your replies.
That'd why you have to secure your wallet for your own good, make a backup store it offline. And make sure that you're the only one knows this keys/seeds/backup/password or else someone will have an access to your waller and it can hack. Or totally forgotten/lost. Nah, I don't think bitcoin developer will do that. Its also for security purpose thats why when you start using bitcoin it always recommended that you know how to secure your wallet/bitcoin and the risks of using bitcoin. |
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sandy14350
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October 18, 2017, 04:48:01 AM |
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buddy.. this is what decentralization is ... info available to everyone but cannot be accessed without private keys... once keys lost.. then your money lost forever.. thats the reason people keep backup and use hardware tezor wallets and backup keys.... you are a newbie.. hope you remember this life long
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creame (OP)
Newbie
Offline
Activity: 39
Merit: 0
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October 18, 2017, 04:52:50 AM |
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Hi everyone, Newbie here.
I've been hearing about people getting locked out of their Bitcoin wallets. It sounds like the worst thing that can happen to an investor. If you lose your private key and password, from what I understand, that wallet is locked "forever".
I was wondering, since everything is recorded on the blockchain, could a database be compiled of all these "locked" wallet addresses with their contents and then have the public "help" open them for a bounty. Is that possible or is that idea contrary to what crypto currencies are about.
forgive my ignorance, but I can't imagine these wallets being abandoned.
Thanks for your replies.
It is almost impossible to compile a database of all locked wallets and not even a service as big as blockchain.info can step it up to make this happen. You should always have a hardware/paper wallet to be 100% sure not to lose your wallet and also make backups of the same. Take this as a lesson and never make the same mistake again. Everyone is saying the same thing, make a copy in various formats and make back ups. That is the only way. It's scary. You also have to have a good memory. thanks I respect your advice |
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creame (OP)
Newbie
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Activity: 39
Merit: 0
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October 18, 2017, 04:54:20 AM |
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buddy.. this is what decentralization is ... info available to everyone but cannot be accessed without private keys... once keys lost.. then your money lost forever.. thats the reason people keep backup and use hardware tezor wallets and backup keys.... you are a newbie.. hope you remember this life long
Wow Sandy thanks you remind me of my mom |
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ahmad21
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October 18, 2017, 05:26:01 AM |
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Hi everyone, Newbie here.
I've been hearing about people getting locked out of their Bitcoin wallets. It sounds like the worst thing that can happen to an investor. If you lose your private key and password, from what I understand, that wallet is locked "forever".
I was wondering, since everything is recorded on the blockchain, could a database be compiled of all these "locked" wallet addresses with their contents and then have the public "help" open them for a bounty. Is that possible or is that idea contrary to what crypto currencies are about.
forgive my ignorance, but I can't imagine these wallets being abandoned.
Thanks for your replies.
Unfortunately that requires a large number of people to come together share their wallet details and create a database so large. Moreover even if imagine that these people.come together but this would make bitcoin lose its greatest trait that is decentralization. This is possible but against the dignity of bitcoin. Moreover there will be no use of such data base hacking up.into a bitcoin private key is too difficult. |
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creame (OP)
Newbie
Offline
Activity: 39
Merit: 0
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October 18, 2017, 05:32:59 AM |
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Hi everyone, Newbie here.
I've been hearing about people getting locked out of their Bitcoin wallets. It sounds like the worst thing that can happen to an investor. If you lose your private key and password, from what I understand, that wallet is locked "forever".
I was wondering, since everything is recorded on the blockchain, could a database be compiled of all these "locked" wallet addresses with their contents and then have the public "help" open them for a bounty. Is that possible or is that idea contrary to what crypto currencies are about.
forgive my ignorance, but I can't imagine these wallets being abandoned.
Thanks for your replies.
Unfortunately that requires a large number of people to come together share their wallet details and create a database so large. Moreover even if imagine that these people.come together but this would make bitcoin lose its greatest trait that is decentralization. This is possible but against the dignity of bitcoin. Moreover there will be no use of such data base hacking up.into a bitcoin private key is too difficult. Thanks that makes sense. Decentralization is what it's all about. |
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Kakmakr
Legendary
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Activity: 3542
Merit: 1965
Leading Crypto Sports Betting & Casino Platform
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October 18, 2017, 05:54:17 AM |
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You get a seed with most hardware wallets and even some online wallets to recover your wallet. If you lost that seed, you will lose the bitcoins on that device or that service. I prefer to use methods where I am in full control of the private key. I make several copies of the private key and I store it in different locations. < If one location is flooded or destroyed in a fire, I would still have backup copies in other locations >
Most people cannot handle the level of financial freedom that Bitcoin gives to them, they are too reliant on third party service providers to protect their money and their data. < That gives these services the control over your money >
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miyaka26
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October 18, 2017, 07:18:47 AM |
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Hi everyone, Newbie here.
I've been hearing about people getting locked out of their Bitcoin wallets. It sounds like the worst thing that can happen to an investor. If you lose your private key and password, from what I understand, that wallet is locked "forever".
I was wondering, since everything is recorded on the blockchain, could a database be compiled of all these "locked" wallet addresses with their contents and then have the public "help" open them for a bounty. Is that possible or is that idea contrary to what crypto currencies are about.
forgive my ignorance, but I can't imagine these wallets being abandoned.
Thanks for your replies.
It is almost impossible to compile a database of all locked wallets and not even a service as big as blockchain.info can step it up to make this happen. You should always have a hardware/paper wallet to be 100% sure not to lose your wallet and also make backups of the same. Take this as a lesson and never make the same mistake again. Everyone is saying the same thing, make a copy in various formats and make back ups. That is the only way. It's scary. You also have to have a good memory. thanks I respect your advice Don't be scared in bitcoin wallets as the desktop/android and web based application wallet will offer you multiple ways to access your own wallet. It will be a private key, paper wallet, wallet seed, TREZOR, Mnemonic Phrase and other options, it depends on the app what type it will give to access your own wallet, just do the back ups and other alternative methods to access it and you are safe. |
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Dexion
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October 18, 2017, 07:39:11 AM |
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I think it is impossible to collect data from all wallets that are locked in blockchain. because this bitcoin decentralized system ,, my suggestion you should be more careful and more attention again about safety of your wallet, you have to back up key of your wallet or can be written on a paper.
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creame (OP)
Newbie
Offline
Activity: 39
Merit: 0
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October 18, 2017, 08:26:17 AM |
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You get a seed with most hardware wallets and even some online wallets to recover your wallet. If you lost that seed, you will lose the bitcoins on that device or that service. I prefer to use methods where I am in full control of the private key. I make several copies of the private key and I store it in different locations. < If one location is flooded or destroyed in a fire, I would still have backup copies in other locations >
Most people cannot handle the level of financial freedom that Bitcoin gives to them, they are too reliant on third party service providers to protect their money and their data. < That gives these services the control over your money >
i like your second paragraph. I think it identifies how I feel and what is happening. thanks |
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