Bitcoin (BTC) Loss: The 9 Recovery Best Practices

Our series of Bitcoin loss articles will end with this overview of 9 recovery best practices. Remember that the first thing to do is not to lose any at all.

Possibilities of knowing the misfortune related to the loss of Bitcoin

Yes, it is possible to lose our precious bitcoins and we are not spared from such a mishap. Indeed, the following situations may arise:

– sending bitcoins to an uncontrolled address;

– loss of access to the wallet.

In another article, we gave you tips for recovering after losing BTC. Admittedly, this requires a little bit of technical knowledge, but know that anything is possible if you want to get out of this delicate situation.

9 tips for recovering lost bitcoins

The first trick is not to lose any at all. But life has this habit of having surprises in store for us, so we might as well stay vigilant.

1- Starting sentences or initialization phrases

Try to keep them in safe places and don’t skimp on copies.

2- Sending address

Verify as much as you can the addresses to which you send your coins.

3- QR code

Use QR codes instead of typing the full alphanumeric address. Copy and paste and double check before any transitions.

4- Reliability of addresses

Whenever possible, only send your bitcoins to trusted or known addresses.

5- Weakness of the blockchain

To avoid any loss of BTC, first check if the sending is on a suitable blockchain. Prioritize ERC20 tokens on Ethereum (ETH) or BEP20 tokens on Binance Smart Chain (BSC).

6- Storage policy

It would be best not to keep all the eggs in one basket. So, distribute your assets and don’t forget to store your hardware wallets in a safe place.

7- Verification of the identifier

Verification of the transaction ID will allow you to avoid the loss of Bitcoins, especially if your intuition dictates it to you.

8- Recovery services scam

If your seed phrase is missing, you are truly lost. So avoid any form of help in the form of “recovery services”.

9- Vulnerability of major exchanges

You are not unaware that the major exchanges are liable to hacking. Get an overview via our article on the “10 worst acts of piracy recorded in 2021”. A word of advice: increase your vigilance and use all possible means to avoid the loss of bitcoin.

The loss of Bitcoin can be avoided if you retain the essentials of these points mentioned above. Otherwise, bitcoin (BTC) and cryptocurrencies don’t just make people unhappy either. Take your first step into this magical world and say hello to financial freedom once inside. Don’t forget that by following Cointribune, you will always have tips for better investing.

Source: CoinMarketCap

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Mikaia Andriamahazoarimanana

The blockchain and crypto revolution is underway! And the day when the impacts will be felt on the most vulnerable economy of this World, against all hope, I will say that I had something to do with it.

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