Some people store a lot of their wealth in bitcoin. While there are many benefits of bitcoin, it is not nearly as secure as people would like to think. In addition to the risk of having your bitcoins stolen, there is also the risk that they can be lost due to hard drive problems that affect your bitcoin wallet. A stunning 2.78 million bitcoins have been lost since the cryptocurrency was first invented.
What does this mean for people that have lost their bitcoins? Is there anything that they can do to get them back? Fortunately, there often are ways to recover the digital currency. However, it is best to try to prevent having them lost in the first place. Here are some tips to prevent bitcoin loss and restore them if the unthinkable happens and they get deleted from either your local or online bitcoin wallet.
Consider using an online bitcoin wallet
There are different ways to store your bitcoins. You can store them on a local disk or online. Many people are scared about storing their wallets online, because they fear that they will be much easier to steal. This is a valid concern, but there are also very serious risks with storing bitcoins on a local hard drive as well.
When you store your bitcoins on a local disk, you run the risk that they will be destroyed if anything happens to your hard drive. You also have to worry about losing the disk that they are stored in. Some people have resorted to digging through toxic waste or resorting to hypnotherapy to try finding their lost bitcoins. This is why it is better to store them online where they will be backed up on a regular basis.
Use data recovery tools if you store your bitcoins on a local disk
We pointed out that there are serious concerns about storing your bitcoins on your local hard drive. You run the risk of losing them if your disk is corrupted, infected by a virus or physically damaged.
The good news is that these problems don’t necessarily mean that your bitcoin wallet will be lost forever. You might still be able to cover it with a good data recovery tool, such as R-Studio.
Make sure that the keys to your bitcoin wallets are both secured and easy to recall
Securing your bitcoin wallet is obviously a major concern. You don’t want to store the key to your wallet somewhere where it can be easily accessed by anybody that uses your machine.
At the same time, it is important to make sure that you don’t lose access to it yourself. Some bitcoin owners use highly encrypted tools to store their bitcoin wallet keys. This may sound like a good idea if you are worried that somebody might gain access to the machine. The problem is that you might get locked out of it yourself.
The solution is to make sure that you are keys are always accessible to you and only you. Try to remember them by memory if at all possible.
Protect Your Bitcoins at All Costs
Losing your bitcoins is no laughing matter. The good news is that there are lots of things that you can do to try restoring them. You should also try to prevent losing them in the first place.