If you've forgotten your crypto wallet password, you could be at risk of losing the assets held in your account.
While many prefer to store their digital currency in wallets over exchanges for privacy reasons, it comes with added risk.
Here's what to try if you forget your crypto wallet password.
How To Recover Crypto Wallet Password
There is no way to recover your crypto wallet password, at least in the traditional sense.
To recover passwords for other accounts, such as your social media account or bank account, you will likely be able to reset these online, or at least contract customer support to resolve the issue. This is not the case with crypto wallets.
MetaMask, for example, is one of the most prominent online crypto wallets. It does not store your password, nor can it decrypt or reset it.
However, this doesn't mean all hope is lost just yet.
How To Find Crypto Wallet Password
The first step in attempting to find your crypto wallet password is to enter every possible password combination. This may seem obvious, but in many cases, trying different combinations - whether that's with capitalisation or spelling mistakes - may lead you to the correct password.
If you really do not know what your password is, then you should try using your seed phrase. Your seed phrase - also called a recovery phrase - is a unique set of 12 words that can be used to recover your crypto wallet.
When you first create your crypto wallet, you will have been prompted to save this seed phrase somewhere. Check to see if you recorded the phrase, whether on paper, on your phone, or on your PC, for example.
Without your password or seed phrase, there isn't much you can do aside from trying to find one of them. Ultimately, the best tool here is prevention. You should store your password and seed phrase in a safe place, so you can gain access when necessary.
There are several tools and companies that offer password recovery services, often for a cut of your locked funds. These will ask for all of your possible passwords and check all combinations to unlock your crypto wallet.
Of course, there is a slight risk here that a malicious individual could then have access not only to your wallet, but also to all of your passwords. This means it's vital to do your own research first and only use trusted services with positive, legitimate reviews.
Lost crypto wallets are a major talking point in the crypto commmunity. A long-standing rumour suggests bitcoin founder Satoshi Nakamoto no longer has access to their wallets - believed to hold over 1,000,000 BTC. Up to 34% of BTC that sits in dormant wallets could be lost.
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[Featured Image by Ivan Radic via Flickr]
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