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Author Topic: Does Bitcoin have mechanism to recover stolen or lost bitcoin?  (Read 366 times)
kimjoo11 (OP)
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May 31, 2018, 02:53:49 AM
 #1

In case someone stole your bitcoin or you lost it, you won't be able to get it back.
Is this true?

What are your knowledges about this?
hanidz3
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May 31, 2018, 02:54:09 AM
 #2

 Smiley
duoworld
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May 31, 2018, 02:58:09 AM
 #3

In case someone stole your bitcoin or you lost it, you won't be able to get it back.
Is this true?

What are your knowledges about this?
You need to understand the blockchain and bitcoin mechanisms. They are anonymity and cannot be tampered with, so when your coin is stolen, as long as it is confirmed, then your coin is not yours. This is why the key needs to be kept well. After being obtained by others, the coin will not belong to you.
mk4
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May 31, 2018, 02:59:58 AM
 #4

Nope. There are no chargebacks on bitcoin, as confirmed transactions are final.

One advantage of bitcoin is to be your own bank, being completely cut-off through centralized entities like banks. But of course this also comes with a disadvantage: as bitcoin is decentralized, there is no sort of "official tech support" or a hotline you could call/contact to help you with your lost funds. Being your own bank, you need to also act like one. You need to take wallet security as a number 1 priority.

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diorthotis
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May 31, 2018, 03:20:09 AM
 #5

Nope.
bigmaster23
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May 31, 2018, 03:34:34 AM
 #6

Bitcoin could not easily be stolen though, for that you need to freaking secure your private key as safe as possible in this case you will not get robbed flawlessly by some intelligent hacker no matter how smart they are the private key will be the answer for his/her decade of study to the block-chain technology to put an end to every potential victim he/she can get.

kimjoo11 (OP)
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May 31, 2018, 03:38:39 AM
 #7

Bitcoin could not easily be stolen though, for that you need to freaking secure your private key as safe as possible in this case you will not get robbed flawlessly by some intelligent hacker no matter how smart they are the private key will be the answer for his/her decade of study to the block-chain technology to put an end to every potential victim he/she can get.

Very well said, but I think we don't any escape plans in this kind of matter 'cause we're in Surface Web, in my opinion.
fileo
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May 31, 2018, 03:42:09 AM
 #8

We are not dealing in actual realm of transactions. We deal virtual currency peer to peer system. Once you've lost your bitcoin sorry to say no chance to get it back. Whether you like it or not it simply means we have our full responsibility to our own belongings.

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kimjoo11 (OP)
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May 31, 2018, 03:49:16 AM
 #9

We are not dealing in actual realm of transactions. We deal virtual currency peer to peer system. Once you've lost your bitcoin sorry to say no chance to get it back. Whether you like it or not it simply means we have our full responsibility to our own belongings.

Apologies, I meant in cyber. But thanks for that Smiley
Sihab76
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May 31, 2018, 03:53:38 AM
 #10

No possibility. There are no mechanisms to recover stolen or lost bitcoin. So everybody keep in mind that their password or private key should provide in safe space.
roxbit
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May 31, 2018, 04:02:12 AM
 #11

No possibility. There are no mechanisms to recover stolen or lost bitcoin. So everybody keep in mind that their password or private key should provide in safe space.


Yes, there is no way that a stolen coin will be recovered. Sad to say but when a transaction confirmed and successfully processed. I have experienced it already and it was terrible because you want to tell the person why he stole my coins but there is no way you can message him knowing that only the wallet address is registered.
cissrawk
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May 31, 2018, 04:13:35 AM
 #12

No, you cant recover lost or stolen bitcoin, and there's no mechanism to recover it.
But, if your bitcoin got stolen, then you still have a chance to track it. But, most of them are using mixing service to make it anonymous and hard to track or probably impossible to track.

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Nanashev
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May 31, 2018, 04:37:17 AM
 #13

Stolen bitcoins are lost forever; they is no way to recover them. It is important to understand the blockchain and bitcoin operations. Once a transaction goes through and it is confirmed, it can never be reversed.However, it is not easy for people to steal your bitcoins. Always keeps your private key and other details secret and confidential- your coins are safe.
mk4
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May 31, 2018, 05:56:47 AM
 #14

No, you cant recover lost or stolen bitcoin, and there's no mechanism to recover it.
But, if your bitcoin got stolen, then you still have a chance to track it. But, most of them are using mixing service to make it anonymous and hard to track or probably impossible to track.

True, you can definitely track it. But tracking it doesn't help though, it's pretty much just like adding insult to the injury.

To OP: If you get hacked, there's nothing you can do but just move on and learn from that big big mistake. Always make securing your wallets be a number 1 priority. Investing on good coins/tokens is irrelevant if your wallet is unsecure.

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ranochigo
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June 01, 2018, 11:49:29 PM
 #15

Is this true?
Yes.
What are your knowledges about this?
Bitcoin doesn't have a central authority and that is a feature of Bitcoin. In the real world, fiat can be forced to return with a court order or a lawsuit. This can only be fair if the judges are fair about it and it wouldn't always be the case. Bitcoin can't have anyone to judge if your coins are lost or stolen and rightfully belong to you. It seems logical for everyone to be responsible for their own coins.

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June 02, 2018, 12:43:10 AM
 #16

true, if your bitcoin is lost stolen most likely your bitcoin will not return. difficult to find and detect offender.
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June 02, 2018, 02:30:25 PM
 #17

I think it’s not a easy task for recover stolen or lost bitcoin. So all investor needs to keep secure their password and private key. Because it can provide you the best security.
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June 02, 2018, 02:42:24 PM
 #18

I also do not know about it, because I have never experienced a bitcoin stolen or lost, and I think certainly all that there is a way out or cause loss of hitcoin, and hopefully it will not happen.
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June 02, 2018, 02:44:26 PM
 #19

Its going to be lost forever, that is why we need to be careful on our crypto assets because once the private key is lost, then your hard earned assets will go to waste, This is the dis advantage of being decentralized technology.
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June 02, 2018, 02:44:55 PM
 #20

There is no way to recover vet the even if you sending for wrong address you can recover even somebody gets you private key or your credentials they can use it and send the fund where ever they want you can watch transaction but can’t sble to get

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