The Crypto Password Recovery Process
Any crypto investor’s main goal is to keep their hard-earned coins secure while retaining sole access to their assets. Hence, cryptocurrencies are attached with various security features such as private keys and mnemonic passphrases to secure digital assets.
The main concept behind blockchain technology is increased decentralization of the system. This means that in most instances, the coin holder has sole custody of the password features and thus sole access to their assets. So what happens when one loses their passwords, is there a way that it can recover them?
Potential ways of Losing One’s Passwords
Before getting to the recovery bit, one must grasp the potential ways passwords could be lost. That way, it may avoid certain potential pitfalls leading to lost passwords. It is said that prevention is better than cure.
Below are the most common instances leading to lost wallet and exchange passwords;
Losing One’s Paper Wallet
Paper wallets are a type of cold wallet that guarantees the total safety of one’s assets from cybercrime. It is a piece of paper with one’s private keys and addresses. However, the printing of such data is the key challenge.
Many don’t bother memorizing the password because it is already printed on paper for one to see. The challenge, however, starts when one loses these documents and can’t quite recall just what their private keys were.
Forgetting the Passwords to Hot Wallet and Hardware Wallets
This may probably be the most common way passwords are lost. Hot wallets such as online, desktop, and mobile wallets don’t come with printed private keys. The same is true for other cold wallets, such as hardware wallets.
These wallets, however, come with the risk of forgetting one’s passwords, especially after a long time of not accessing them. There have been cases of people losing cryptos worth millions of dollars after forgetting one’s private keys. A particular one involves a San Francisco resident called Stefan Thomas. He couldn’t access about $220million worth of Bitcoin after forgetting his private keys.
Passing on Without Passing Down One’s Passwords
In some instances, passwords may be lost when one passes on without sharing their next kin’s password. In such cases, even though the original owner may have never forgotten their passwords, their successors are locked out of their crypto inheritance.
Ways of Recovering Lost Passwords
Now that the potential ways passwords get lost are out of the way, there are ways one may recover a lost password. They are initiated after the password is lost without a safeguard for password loss.
Below are some of the ways passwords;
Collection And Testing Of Best Guesses
In most wallets, there are many options for one to use to attempt to recall their passwords. The method is based on various general assumptions that stand for most people who have lost passwords. The first is that people will re-use the same passwords on several websites not to have too many passwords to recall over time.
Chances are the lost password may be used in one or more other websites. Second, those who don’t re-use the same passwords still retain certain characters or components on all passwords. It Is important to aim for easy remembrance.
Lastly, people who use any numbers usually do so at the end of the passwords. The numbers may be similar or may have some significance in a person’s life to make it easy to recall. Keeping the above in mind, one can note several potential passwords with a higher probability of success.
At times, the process may jog one’s memory, and they may end up recalling the password. Some companies can help one do this, but one can also do so on their own.
The permutation method is applicable for lost passwords without safeguards. There are chances that the best guesses fall short, calling for a more radical approach. A permutation can be seen as a calculated guess.
It shows how many ways one can arrange a certain variable from a given total set of variables, emphasizing the arrangement order. The formula is;
P(n,r) = n! / (n-r)!
- “n” is the total number of variables in the set
- “r” is the items taken for the permutation
- “!” stands for factorial
However, before beginning, one has to decipher a pattern with the other passwords. The patterns include questions such as; Are there any specific numbers common with a good number one’s other passwords? Are there certain special characters that are common too for many of one’s other passwords?
If a user decides to do the permutations independently, they may set a specific number of total combinations to try. With a company, however, there’s a possibility of thousands or millions of password results. It increases the probability of finding the password by a huge margin.
Running a Secure Volume Browser Application
This method has a high probability of positive results. The process involves running the application SVolBro.exe on one’s encrypted storage device, more so a hardware wallet. It can only run in conjunction with a password recovery firm.
A secure volume browser window opens, and a user is then required to select the encrypted folder, which usually has a lock icon, and types the password more than the allowed number of times. Users are encouraged to continue until the message showing attempts have exceeded the limit appears.
The next step involves clicking on the password recovery link, where a password recovery dialog pops up. A password recovery personnel contacts the user and takes them through the steps required to generate a new password.
It is important to note that the user has to access his encrypted wallet to the company personnel that contacts them. The user doesn’t get the old password, and they instead generate a new password.
The loss of a password to one’s wallet is a tough financial error. Initially, one’s hard-earned cryptos would be deemed lost completely. Times have changed for the better, and it is possible to recover one’s password.
Some of the steps involve one’s efforts, and some require a collaboration of one’s knowledge and a recovery firms’ expertise. For some, the password recovery firm does most of the work, but they only apply to specific crypto wallet types.
It is advisable for one always to have a password failsafe. Jotting it down in a will or entrusting it to a commercial service could help avoid the recovery hustle.