Safeguarding virtual currency

It is entirely yours and only your responsibility to safeguard your digital asset. But losing crypto wallet will not mean everything is lost. You should have backed up vital seed phrase, popularly referred to as private key. This way, you will be able to get back your access to virtual funds within short time. 

What happens on losing the wallet?

The fact is that crypto wallets are available in various forms. It can be some non-custodial wallet with private keys is controlled by the user himself. This means, the platform on which the user has stored the virtual currency will not have access to the key. Hence, it is only the user with full access to it. Therefore, losing the digital wallet will mean losing smartphone where the wallet app has been downloaded. 

In case you use another wallet like a hardware wallet, then there is the chance to lose the entire device. But all this does not necessarily mean, your fund will no more be available. The reason is the hardware wallet does not contain your digital assets. You will need your private key to access them or seed phrase representing the private key. Hence, the wallet can be termed to b\e only an interface where you may send/receive funds. For any issues, you can take help from the leading crypto recovery services.

Overcoming tension

Be it an application that is accessible through a laptop or smartphone or perhaps a hardware wallet, losing access to virtual funds is sure to be a dangerous aspect. This is more so if the latter’s password protection or former’s PIN access is switched off. Theoretically, it means, the thief is likely to open up your wallet. This is provided they are aware of their endeavours, dispatch your accumulated crypto assets perhaps to some other address.

What to do?

Once you establish your wallet, do note down the seed phrase in copy and store it in a safe place away from prying eyes or simply memorize it as deemed fit. It is entirely your choice as to how you store and safeguard your password. Do understand well that no ‘reset seed phrase’ is offered if an email password is forgotten. Equipped with seed phrase, it is possible to establish a replacement wallet. Just import seed phrase within the backup wallet. Once done, you can check out your balance. If finding it tough, you can ask the talented crypto recovery service to get it done.