Crypto Phrase is a series of words generated by your crypto wallet, which gives you access to the cryptocurrency associated with the waller. Crypto phrases are like the deed of ownership for cryptocurrency, it allows you to claim ownership and use the cryptocurrency associated with the phrase. As long as you have your Crypto phrase, you’ll have access to all of the crypto associated with the wallet that generated the phrase — even if you delete or lose the wallet.
In case of damage to your computer or phone, you can download the same crypto wallet again and use the crypto phrase to get access to your crypto wallet back.
To further understand how the crypto phrase works, the concept of the private key and public key should be understood.
To be able to store any kind of cryptocurrency, there is a need for a Public Key and a Private Key. A Public Key is a cryptographic code that allows users to receive cryptocurrencies into their accounts (it is like the account number). A public key is equivalent to an Email Address,(email address needs to be shared to receive mails), just as the Public Key is to receive cryptocurrencies.
The Private Key, on the other hand, is made available only to its user and authorizes the user to stimulate transactions from their account. The private key is only known to the user and serves as the user’s digital ID. The private key authorizes the user to spend, withdraw, transfer, or carry out any other transaction from his or her account. The Private Key should be private to the user, it should not be shared with anyone.
Over the years, there have been lots of cases of lost crypto phrases, some have even made national news cause of the amount of money about to be lost if the phrase is not recovered.
In the United Kingdom for instance there is a case of Jame Howell who mistakenly lost the hard drive he stored the key phrase of a wallet that has 7500 Bitcoin in it, he wants to search the landfill but the city council won’t allow it cause of the risk of pollution and how low the chances of actually recovering the hard drive is. Also in San Francisco, a German-born photographer name Stefan Thomas has lost access to 7000 Bitcoin when he lost the paper he wrote his crypto phrase on.
Matthew Melon’s family, after his demise, were unable to locate the passcode needed to retrieve his fortune, rumored to be about $1billion stored in XRP cryptocurrency.
There are lots of people that have been locked out of their fortune due to the loss of their crypto phrase, they can do nothing but watch the market trend of Bitcoin and other currencies knowing how rich they can be if they can remember the crypto phrase associated with the wallet.
According to a data firm, Chainalysis, about 20 percent out of the existing 18.8 million Bitcoin, limited in supply, appears to be lost or stranded in wallets. It is presently valued at about $140 billion or more.
However new technologies are now in place to help victims of lost crypto-phrase recover them. Some people even go as far as hypnosis so they can remember their phrases and there have been some success stories.
Recover Lost Crypto Phrase
How to recover your lost crypto phrase
Yes, you can recover your lost crypto phrase, so congratulations if you have lost your phrase and you are on the search for ways to retrieve it.
As developers and hackers learn and understand the technology behind blockchain, some have been able to come up with ways to backtrack the key phrase hatching process. Hackers have been able to reverse the case and get your private key ( crypto phrase) from your public key.
There have been success stories recorded in this regard but it is not popular because the cryptocurrency phrase recovery community doesn’t want to make this method popular enough for bad actors to learn and take advantage of. This is the major reason why they have not been a lot of articles or explanations on how this is carried out. However, you can easily hire a recovery expert from a trusted platform like Recoveries pro to help you recover your crypto phrase.
We offer investigative and consulting services hired mainly by victims of online fraud to help them get their money back. We specialize in dealing with online scams and help provide reimbursement to the victims using disputes, tracking down digital fingerprints, cyber analysis and thorough investigative and recovery work.