Do you know the feeling of losing access to your Bitcoin stored in your wallet? Well, it is one of the most lost feelings of the world. A lot of people lose access to their Bitcoin wallet.
However, there are some best practices you can adopt to secure your Bitcoin or for quicker bitcoin recovery:
- Always keep a backup of your wallet.
- Code your wallet with a robust password.
- Store wallet backup at several locations (private cloud, CD, USB drive etc.)
- Backup periodically when backing a data file.
If you backup your wallet, it will secure your Bitcoin in the time of a hardware or software failure or even when you have lost your wallet or got it stolen. However, there are some steps which you should definitely follow:
Basically, you have three methods to back up your bitcoin wallet:
- File backup
- Private key
- Seed phrase
How to restore your hardware wallet?
The Ledger and Trezor hardware wallet give a mnemonic seed phrase as a backup and recovery at the time you set them up. The name comprises of a 12, 18 or 24 randomly generated phrase. You should write it down somewhere but never store it on an internet connected gadget.
After you have written down the seed phrase, you can use the seeds to restore your wallet on some new gadget, provided the old one is lost, stolen or damaged. You can easily restore wallet or get new wallet after you type it in the mnemonic seed.
This way you can restore your lost Bitcoin.
How to restore Bitcoin Core?
If you use Bitcoin Core as your wallet then it is good as it helps in securing the network. Bitcoin Core uses a file called wallet.dat to store private keys which matches the Bitcoin of your wallet.
After you have located the file, you can easily backup. All you need to do is just copy it to another device like a USB drive, external hard drive or any private cloud storage place. Don’t copy it to online cloud storage, even if the file is encrypted.
In order to restore the wallet, you should copy the backup on a present wallet.dat file in the Bitcoin Core Installation.
Conclusion
So, you can see that when you backup your wallet at the time of hardware or software failure, you will just lose the wallet. After you have got the backup, you get a peace of mind. It is simple to restore your Bitcoin wallet from a backup, through some instruction or simple copy/paste guidelines.
Never risk your Bitcoin and always keep a backup of your wallet so that you can easily restore it later. Apart from this, there are several other ways by which you can lose your bitcoins. If you bitcoins have been lost, scammed, stolen or something like this, then you should consult professionals to recover it for you. Bitcoin Binary Options recovery is your one-stop solution to get your Bitcoins recovered. Consult them today and recover lost Bitcoin.