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What Happens If I Lose My Bitcoins? |
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Answer» Unfortunately, since unique private keys are associated with INDIVIDUAL Bitcoin wallets, if the keys are lost, there is ultimately no way to retrieve that key without a passcode seed or other retrieval system; and that key is REQUIRED to spend those coins. However, most MODERN wallets, like MYCELIUM, have wallet and key backups that you can build prior to storing money. This will allow you to create a NEW private key so that you may restore your private key on a new wallet if lost. Unfortunately, since unique private keys are associated with individual Bitcoin wallets, if the keys are lost, there is ultimately no way to retrieve that key without a passcode seed or other retrieval system; and that key is required to spend those coins. However, most modern wallets, like Mycelium, have wallet and key backups that you can build prior to storing money. This will allow you to create a new private key so that you may restore your private key on a new wallet if lost. |
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