Cryptocurrency, as the name suggests, is a cryptographically secured currency, fully virtual by nature. It is based on the blockchain technology and is turning out to be a major disruptor in the field of financial transactions.
The transactions in cryptocurrency usually take place through wallets which are secured through passwords, one has to, you guessed it right, remember. And the unthinkable happens. You have a brain freeze, and the password to your wallet, which I believe had a substantial amount of coins, in it, is forgotten. Poof. Gone. So what is the way forward? How do you get back access to your wallet? Before we get to that, let’s understand what is a Bitcoin wallet?
The Bitcoin Wallet
A Bitcoin wallet is simply a collection of Bitcoin addresses and it stores the key to those addresses. Important to know that there are quite a few types of Bitcoin wallets, each having its own level of security. There are desktop wallets, mobile ones as online services.
Now, what happens if the password is forgotten and your service provider is not able to help you out.
A quick guide to a few things you can do:
- Make an attempt to log in with every possible password combination you remember using or probably have ever used.
- Make use the 12-word Wallet Recovery Phrase to create a new wallet. It will contain all the Bitcoin addresses and balances of your previous wallet.
- If everything fails then as a last resort use a password cracker to hack your wallet. This is not advisable at all as the first solution though. Last resort I did say.
Brainwallet! What about it?
A brainwallet is nothing but a cryptocurrency key, created by the user itself, through the password or passphrase. The key is then transformed into a 256-bit number based on the SHA-256 hash algorithm. Now since SHA-256 is a deterministic method, users can always use the same password to recreate their private key. However, now there is one thing you need to take care of: using this method would mean security of your Bitcoin wallet would now depend on how unpredictable your password would be.
Quickly get hold of the latest file of your wallet
A list of all the probable passwords that could be
A CPU that imitates Flash Gordon or someone quicker
A good amount of time to be spent
And of course, patience.
However, do not forget the password cracking tool. Two of the best right now are John the Ripper and Hashcat.
Having known the methods to recover your password, go invest.