Social Recovery: How it Can Help With Lost Cryptocurrency

Social Recovery: How it Can Help With Lost Cryptocurrency

Since cryptocurrency depends on technology to operate effectively and efficiently, it makes sense that one of the key areas of development for the industry is preventing physical loss resulting from technical mistakes.

According to Ethereum co-founder Vitalik Buterin, users may find themselves in a situation where their digital wallets become irrecoverable due to technical errors. When these mistakes do happen, it can result in significant losses. Buterin estimates that billions of crypto have been taken out of circulation as a result of private key loss, the physical destruction of wallets or private keys, software bugs, and mistaken transactions. Around 3.6M Bitcoin alone has been abandoned in forgotten or lost wallets.

One possible solution, according to Buterin, is social recovery. Social recovery would be a system designed to help users recover lost accounts, wallets, and cryptocurrency after they provide social proof that they are, in fact, the owner of the digital money or wallet.

Buterin has suggested that an automated solution could be developed utilizing smart contracts and guardian addresses to secure wallets and allow for potential recovery.

Argent Wallet is a company that offers a type of social recovery for digital wallets. When the user sets up their digital wallet, they can include recovery tools and guardians. The user is in control and can set up a system that releases funds when certain conditions are met. While this solution has its benefits, it’s not foolproof. This type of approach does leave the user open to smart contract exploits.

Another company that has social recovery options is Nani. Nani allows users to set up recovery tools in the form of trusted friends and other devices.

The user remains in control of their original private key. If they lose their private key, then users can rely on friends or those trusted devices as recovery tools to re-access their account.

Have You Lost Access to Your Digital Wallet or Cryptocurrency?

If you’ve ever lost access to your cryptocurrency or digital wallet, then you know first-hand how difficult it is to regain access to it. Often, when you turn to self-help forums or support groups, you’re told that there’s nothing that can be done.

The truth is, Bitcoin, digital wallets, and other forms of cryptocurrency that appear to be lost can sometimes be recovered using high-tech white hat hacking techniques.

Here at Bitcoin Recovery Co, we have a unique team of skilled, professional computer experts and bar-certified legal experts who work together to find solutions to lost cryptocurrency problems. We can help with cryptocurrency that’s been lost due to funds lost in forks, transfers to invalid addresses, old wallet versions, wallets stuck in watch only, deleted data, storage defects, viruses, and more. What’s more, we run everything by our legal team, the Bukh Law Firm, to ensure our tactics are legal.

You won’t find such an impressive and uniquely talent team anywhere else! Contact us now to get started on your recovery project.