![]() ![]() Whatever their wallet is worth, the money is lost. In some ways this is an appealing aspect of cryptocurrencies – it’s more accessible and outside the reach of governments.īut if the wallet owner loses the key – whether because of a reformatted hard drive, a lost scrap of paper, or a faulty memory – there is no backup for them to regain access to the wallet. ![]() There is no central service or company that can store or reset passwords. Unlike a traditional bank, a cryptocurrency wallet is encrypted by a private key that is only known by the wallet owner. ![]() But, as a recent article in the New York Times highlights, for some investors, a simple forgotten password stands between them and their inaccessible fortunes. Personal opinions aside, B itcoin and other cryptocurrencies have become wildly popular in recent years, and many early investors have made fortunes. I s jumping into cryptocurrencies one of your 2021 goals ? Or, maybe you’re already invested, and you’ve been closely watching the rollercoaster over the past several months. ![]()
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