New Cryptocurrency Recovery Method Ahead?

New Cryptocurrency Recovery Method Ahead?

Vitalik Buterin, the co-founder of Ethereum, recently suggested that Walletbeat is about to explore a new potential recovery feature that’s got the cryptocurrency world talking. According to a retweet shared by Buterin on social media, Walletbeat will be including embedded wallets in user’s accounts in the future. The idea is that users will be able to recover their accounts using connected wallets when things go awry.

Cryptocurrency experts predict that the system will work by allowing users to connect their other digital wallets to all their accounts from the start. If a user is utilizing a Dapp with an embedded wallet and they already owned an Ethereum wallet prior to that, then this newer system would automatically set up that existing Ethereum wallet as the recovery method for the user’s embedded wallet.

Leveraging existing wallets that the user already trusts to backup or recover keys generated by the embedded wallet poses a great solution for digital loss prevention.

When you lose your physical wallet, the dollars inside become inaccessible. Thankfully in the physical world, you might have the opportunity to retrace your steps and find your lost currency. In the cryptocurrency world, when you lose the ability to sign into your wallet account, it can become almost impossible to recover access to your money.

Unfortunately, sometimes cryptocurrency funds can become permanently inaccessible as a result of easy-to-make errors like:

• Forgetting your password
• Failing to update your wallet version, causing your wallet to get stuck in an old software version
• Accidently transferring cryptocurrency to an invalid address
• Deleting critical data
• Downloading a virus onto your computer

If you find yourself locked out of your wallet or have lost cryptocurrency, regaining access is extremely complex. This is a well-known flaw within the current digital currency structure, but many innovative methods are coming about that could resolve the long-standing issue.

Leveraging existing wallets as a recovery method in the future seems like a very solid solution, but we’ll have to wait and see how effective the process is once it gets implemented.

How Can I Recover My Lost Cryptocurrency Now?

Have you recently lost access to cryptocurrency or a digital wallet? The idea of connecting existing wallets as a recovery option doesn’t exist in practice yet, but there are possibly other ways to resolve your situation depending on the circumstances.

Here at Bitcoin Recovery Co., our team of skilled cryptocurrency recovery experts and lawyers have made it our mission to help as many clients as possible regain access to their rightful digital assets. Our computer experts utilize a variety of recovery methods, including using proprietary algorithms and programs to break encryption and check possible password combinations.

We also work closely with our legal team to ensure that every method we try is ethical and within the scope of the law. We’ve helped hundreds of customers recover over 2,000 Bitcoins, and we’re prepared to help you, too.

Schedule a case review with our team now by filling out our online form.