- No Central Authority: Bitcoin and cryptocurrency are decentralised, meaning there is no central authority or institution that can reset or recover your passphrase for you. This design is intentional to enhance security and prevent unauthorised access to your funds.
- Encryption and Security: Cryptocurrency wallets use strong encryption methods to protect your private keys, which are needed to access your funds. Without the passphrase, the private keys cannot be decrypted, and therefore, the wallet cannot be unlocked.
- No Backup: If you didn’t create a backup of your passphrase or private keys, losing access to your wallet means losing access to your crypto. There is no customer support to contact or password recovery process to follow.
- Limited Attempts: Many crypto wallets have security measures in place that limit the number of attempts you have to enter the correct passphrase. After a certain number of failed attempts, the wallet may be permanently locked, making it impossible to access your funds.
- Blockchain Immutability: Once your crypto is sent to an address generated by your wallet, they are recorded on the blockchain. However, without the passphrase and access to the wallet, you won’t be able to spend or move those funds.
Losing your Bitcoin or cryptocurrency wallet passphrase is akin to losing access to your physical wallet with cash inside. The funds are still there, but you can’t reach them without the necessary keys. Therefore, it is of utmost importance to keep your passphrase and private keys safe and create backups in secure locations to prevent any loss of access to your Bitcoins.
How to tell if your passphrase is wrong
This is simple, you’ll be taken to an empty wallet instead of the wallet that contains your crypto.
Recovery of a lost passphrase
It is often possible for us to hack the passphrase of your inaccessible wallet and recover your cryptocurrency. We’ll need your seed words and your wallet address. There are no upfront fees and you only pay us on success.
Identifying the correct passphrase is contingent upon the amount of information you can remember about it. Lost passphrases can sometimes be recovered in minutes, weeks and sometimes months.