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How to Recover Your Lost Bitcoin Wallet Password

How to Recover Your Lost Bitcoin Wallet Password - Best Reviews

password-managers.bitcoin.net · by Asher says · June 28, 2010

Are you dreaming about a nice six-year holiday in Hawaii or the Canary Islands now that you have plenty of Bitcoins in your wallet? So you certainly wouldn’t want to lose your password to that wallet/holiday fund, would you? It’s not a problem if you do, but you need to be aware that the only way you can access your precious Bitcoins again is by breaking into your wallet. We will guide you through the process of hacking your own Bitcoin wallet, which is not recommended for rookie users or impersonated accounts.

How Is Bitcoin Stored?

Bitcoin is a cryptocurrency that originates from 1998 when Wei Dai described an idea on the cypherpunks mailing list about using cryptography to control the creation and transaction of a new currency instead of the traditional way of using a central authority.

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Bitcoin wallet is actually a collection of Bitcoin addresses, and it essentially stores the corresponding keys to those addresses. There are various forms of Bitcoin wallets, covering as broad a range as desktop and mobile apps, online services or hardware, and even paper. The level of security depends on the type of wallet you pick and the service provider.

Unfortunately, there are service providers who are unable to help you regain access to the wallet, and in this case there are three things you can do:

What Is a Brainwallet?

A brainwallet is a cryptocurrency key created from a password or passphrase chosen by the Bitcoin wallet user. The key is turned into a 256-bit number using the SHA-256 hash algorithm. Since SHA-256 is a deterministic method, users can always use the same password to recreate their private key. Still, there is one thing you need to consider: using this method means the security of your Bitcoin wallet now depends on how unpredictable your password is.

How to Recover a Lost Password

To regain access to a Bitcoin wallet, users need the latest copy of their wallet file, at least an idea of what their password is, a computer with a super-fast CPU, a list of potential passwords, and time and patience.

Without a password cracking tool, however, the wallet won't open. Two of the most popular are John the Ripper or Hashcat, so pick one that suits your needs.

It might be worth looking into how password recovery tools work before downloading the software of your choice.

With John the Ripper you'll need to inform the software of what it is that you want crack, specify the hash you'd like to decrypt, choose the word list to use for the attack, and, finally, specify the number of CPU cores to use. Of course, you have access to more info than a hacker might, so putting together a list of passwords can streamline the process and could increase the success rate.

You aren’t the first and won’t be the last to crack a Bitcoin wallet. A project called the Large Bitcoin Collider  designed to hint at cryptographic collisions has been able to generate more than 3,000 trillion private keys and check them against existing Bitcoin addresses to see if they contain Bitcoin. As you might have guessed, they did.

Cracking into Bitcoin wallets isn't new; white-hat hacker Ryan Castellucci has done it before. In a research paper entitled “Speed Optimizations in Bitcoin Key Recovery Attacks” Nicolas Courtois, Guangyan Song, and Ryan Castellucci demonstrated that they could recover 18,000 Bitcoin wallet passwords using their technique. Hackers obviously exploited the vulnerability of brainwallets, draining 884 brain wallet accounts of 1,806 Bitcoins.

How to Avoid the Uncomfortable Feeling of Hacking Your Own Bitcoin Wallet

As security experts have endlessly emphasized, humans are the weakest link in the strength of any security. The reason is simple: people come up with lousy passwords, which isn't a problem in most of cases when protecting online accounts.

But when it comes to protecting financial data, such as your Bitcoin wallet, this becomes a huge problem because even with two-factor verification enabled the security of that wallet depends on how strong and unique its password is.

Anyone can generate unique passwords using simple tricks, but remembering them is the most challenging part. Password managers, on the other hand, streamline both tasks: they generate cryptographically secure passwords – hence increasing the security level of the Bitcoin password – store it in a secure environment, and retrieve it anytime a user needs it. Users won't forget a password again, and, as a result, hacking into the Bitcoin wallet won't be necessary, and so the cryptocurrency will remain secure.

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How to Recover Your Funds If You Lose Your Bitcoin Wallet

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What Are the Differences Between UV Machines and Counterfeit Money Detectors?

 
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Most people wouldn’t think counterfeiting is a big problem but these individuals would be wrong. On average, $40 million dollars in counterfeit currency is circulated annually in the United States alone. Although this is roughly only 1% of overall currency circulation, counterfeit money poses a great threat to commerce as well as small and large businesses.

Many victims find themselves out money that can not be replaced, which, once again, can hurt everyone, even consumers. Although the government has allowed watermarks and UV security strips to be introduced to cut down on incidences of counterfeiting, an elite few still manage to print and circulate fake bills.

When we add the fact that current technology exists to make counterfeiting even easier, this makes the potential threat to out nation’s economy even greater. All is not lost however, as we can use technology to our advantage in our fight against the proliferation of counterfeit green.

UV Machines and Counterfeit Detection

The most common form of counterfeit money detection is done via the use of UV machines. Some come in consumer grade hand held varieties as small as a pen. Others are found in money counting machines that are utilized by numerous businesses.

Both consumer and business grade UV devices have a backlight that can reveal the security strip that is currently placed in all US money. It also works by detecting the difference between wood-based paper and the fiber-based paper that real money is printed on. UV detection works especially well with crude counterfeiters who simply photocopy the bills onto regular paper or use fake watermarks or symbols.

UV money counters even sound an alarm when such money is found alerting individuals to the bill’s existence.

UV Detection Versus Counterfeit Money detectors

While a UV counterfeit detection light looks for imperfection in the inking, watermarks, or paper grades, other machines, like magnetic or MG detection devices can find magnetic properties that only exist in legitimate dollar bills. In other words, if the bill is lacking these elements, it is very much a fake.

Is one method better than the other?

Not exactly, in fact, some money counting machines may combine both UV and MG counterfeit detection technology. If an individual were going to make a choice, it would be purely based on preference as both appear to be able to detect fake bills reliably.

Other methods

Chemical detection pens, or CD’s, are pens made with a patented formula that can test the authenticity of currency paper. Because most real dollar bills are made with a pulpy fiber, the pen can detect those fibers on contact. To use properly, all one would have to do is to make a mark on the bill in question. A light or clear mark will indicate the dollar is genuine. If the mark turns dark or gray, then there is a very good chance it is counterfeit.

Another common method of counterfeit money detection is the use of the Color Shifting Reflector. This particular device will allow you to see if the ink on the lower right hand corner of the front of the bill. The metal reflector will show a change of color depending on the viewing angle. The color may change from green to black or from black to green. Legitimate money has this color element and can be seen by the naked eye too.

Again, some bill counters will have a couple or all of these detection items within them. Of course, the good old fashioned hands on method of touch and feel are still a good way to separate fakes from the real thing. Still, if a company or even an individual wants to keep on the lookout for bogus dollar bills, it would certainly be to their advantage to look into the various counterfeit money detectors on the market today.

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Trying to crack a private key with a brute force attack is a bit like trying to count to infinity: the sooner you begin, the faster you’ll never get there.

How Hard Is It to Brute Force a Bitcoin Private Key?

How Hard Is It to Brute Force a Bitcoin Private Key? | Encryption Bitcoin News

wellness health
Jul 20 · 5 min read
 

Bitcoinprivatekey.net · by Encryption

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Trying to crack a private key with a brute force attack is a bit like trying to count to infinity: the sooner you begin, the faster you’ll never get there. Despite being as next to impossible as impossible gets, using a brute force attack to crack a bitcoin private key remains an intriguing idea for many.

The Dream That Never Dies

For math geeks, key cracking is a question of statistical probability and for hopeless dreamers, a question of ambition. Long shots capture the imagination of simple mammalian minds, and for those who wish to rage against the odds, the lottery is a game for the faint of heart — the finest display of sheer dumb mathematical bravery is in trying to brute force Bitcoin.

On the Bitcointalk forum, a related thread from Jun 11, 2018, continues to garner replies to this day. In ‘BitCrack — A tool for brute-forcing private keys,’ board members disassemble the prospects of making a brute force breakthrough with software specially designed for that task, with the most sober minds strongly dismissing the quest as a wild goose chase.

An early response from user Coin-1 politely attempts to dissuade anyone from proceeding any further: “Let’s calculate how much time you need to crack one Bitcoin-address on your machine. You said that your performance is 9 million BTC-addresses per second, i.e. approximately 223 BTC-addresses per second. Thus the brute forcing will take 2160–23 = 2137seconds! I guess it is more than septillion (1024) years!”

On an ordinary computer, attempting to extract funds from a bitcoin wallet to which you didn’t have the key would be a fool’s errand. What if, however, you had a faster, better computer that could attempt many more keys per second — would the tough nut of Bitcoin be a little easier to crack?

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The Scale of the Problem

The first step in overcoming a challenge is in quantifying it. To do that we must look at exactly how many potential keys exist. A private wallet key is simply a number between 1 and 2²⁵⁶ and to brute force it all you need is to continue guessing until you hit the right number between 1 and 115 quattuorvigintillion.

That’s a hard number for the human brain to process, but to put it in perspective, it’s greater than the estimated number of atoms in the universe. At that scale, even the world’s fastest supercomputer — IBM’s Summit — if tasked with brute forcing Bitcoin would effectively take forever to break just one wallet, which would test the patience of even the most determined hacker.

Bitcoinprivatekey.net
Bitcoinprivatekey.net

Wallet Recovery

This sheer uselessness of brute force will dash the hopes of anyone who has ever lost their password or seed phrase and cannot recover their bitcoin, but for those in that very situation, all may not be lost. If you remember at least part of the password, a service such as Wallet Recovery Services may be able to assist. For most cryptocurrencies, however, you’ll need to trust the company with your full wallet. In the case of bitcoin and bitcoin cash, it is apparently possible to engage the service without handing over the full wallet.

If successful in cracking the wallet, a fee equal to 20% of the wallet’s holdings will be incurred, but it’s a no win, no fee endeavor. As always, it’s worth examining how the process works and doing your own research before deciding whether to engage these types of services.

Bitcoinprivatekey.net
Bitcoinprivatekey.net

Quantum of Solace

For some time now, quantum computing has been the great fear for the continued security and fidelity of Bitcoin, with cynics suggesting that private key cracking may be just around the corner. Recently those fears were stoked when Google announced it had reached “quantum supremacy,” completing a computation in just over three minutes that it claimed would have taken a conventional computer 10,000 years.

It was enough to spark debate in the crypto community, for whom quantum computing is a bogeyman trotted out at regular intervals to spread FUD. However, as sober heads including news.Bitcoin.com counseled, this was not the hammer blow promised.

Now, IBM have rubbished Google’s claims. While Google had stated it would take 10,000 years for a conventional computer to complete the computation, a recent blog post from IBM said: “We argue that an ideal simulation of the same task can be performed on a classical system in 2.5 days and with far greater fidelity.”

John Devadoss, Head of Global Development for NEO, and a quantum computing authority, told news.Bitcoin.com: “The quantum computing bogeyman is a bit like the AI bogeyman. First, there are way too many snake-oil salesmen, even in academia, because they want funding for their labs. Second, whilst progress is being made, albeit in arcane niche focus areas, the impractically high error rates coupled with the research lab-like constraints implies that real-world usage is way off on the horizon, if at all.”

For now, at least, it seems that quantum computing has yet to make the necessary quantum leap forward to trouble Bitcoin’s encryption. Cryptocurrency holders should remain vigilant to security threats, but brute force attacks should not keep them up at night. Successfully completing the heist would take an eternity, and ain’t nobody got time for that.

Do you think quantum computing will eventually break Bitcoin? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock.

Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

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How to Import and Export Bitcoin Private Keys

 

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How to Import and Export Bitcoin Private Keys

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How to Import and Export Bitcoin Private Keys


Before getting started with importing your wallet’s private keys, let’s clarify three important definitions.

  • Backup: A file containing a wallet’s private

    Bitcoin private key

    key information. Backups can be exported from a wallet or imported to a wallet.
  • **Export: **The process of creating a file containing a wallet’s private key data. Exported keys can be imported to a new/different wallet to give access to the Bitcoins associated with the exported private key(s).
  • **Import: **The process of gaining control of Bitcoin via an exported backup. Wallets can import private keys via text files or QR code scanning.

Bitcoin is not stored locally on your phone or laptop. They are stored on the blockchain and you use a Bitcoin wallet to access the coins for sending/receiving the cryptocurrency. This means if you lose your phone or buy a new laptop you can access your Bitcoin by importing your key(s) from a previously exported backup. With a backup, you are able to recover your Bitcoin at any time by importing the 

Bitcoin private key

 associated with that wallet from the backup. This is why it is imperative that users take the time to create a backup of their wallet before adding Bitcoin to it. For more on creating a backup, please see our Bitcoin.com wallet guide. If you have not already done so, please go ahead and backup your wallet. This process is covered in detail in the guide on how to use the Bitcoin.com wallet. If you do not backup your wallet and store this information somewhere safe you run the risk of losing all bitcoins on that address in the event that you lose or damage the device on which your wallet is installed. Once you have a backup, you are ready to proceed.

Exporting your Bitcoin.com Wallet

To export your Bitcoin.com wallet private keys by file/text, please follow the steps below:

  1. Open your Bitcoin.com app and select the wallet you wish to export.
  2. Next tap on the settings cog in the top right of your screen.
  3. Select “More Options”.
  4. Now select the “Export Wallet” from the list.
  5. Select File/Text (the QR code option will be discussed below).
  6. It’s important at this point to choose a strong password. A good passphrase is one that is very difficult for others to guess, but easy for you to remember. Do not select well-known quotes or sayings.

The Bitcoin.com Wallet will not allow you to proceed without a password. This is because exporting your wallet involves exposing your private keys to the system clipboard, or worse, sending your private keys unencrypted by email. Once you have a password set up, it’s safe to press “Copy to clipboard” or “Send by email”. You can also chose to export your wallet without the private keys. To do this just tap on “Show Advanced Options” and check the “Do not include private key” option. Please note that you will not be able to spend from the wallet without the private key .

Exporting via QR Code

The QR code method of exporting your wallet is best suited for quickly exporting a wallet and then immediately importing it onto another device via QR code scan. If you’re switching devices and want to move your Bitcoin wallet to your new device with the Bitcoin.com wallet installed, you would select “QR Code” as your export method. If you have more than 1 sub-wallet in your Bitcoin.com app, you will have to export each of them individually.

  1. To export your wallet by QR code, please follow steps 1 to 4 from above and then select “QR Code”.
  2. This will display your private key  QR code (be careful, anyone who scans this will have access to your wallet).
  3. Now just scan the QR code with your new phone and you will have the same wallet on your new device.

Importing private key text to your Bitcoin.com wallet

This is how to import using the copy-to-clipboard method. If you receive an email on your device with your exported wallet, or choose “Copy to clipboard”, on most devices you can press the screen and wait for a “Paste” button to appear, then paste the backup code in to the field.

  1. From the Home screen, tap “Create new wallet” or (if you already have a wallet and want to import a new one) tap the “+” symbol.
  2. Select Import wallet.
  3. Choose the File/Text tab at the top.
  4. Paste the backup into the text field, then enter the password for this wallet.
  5. Press Import Wallet.

If you pasted the backup code correctly and entered the correct password your bitcoin wallet will be imported. A popup window will be shown if your password was incorrect, or the code was improperly pasted. Note, everything within the curly braces { and } including the curly braces should be pasted in order to correctly import the wallet.

Importing a private key using a QR code

The QR code method of exporting your wallet is best suited for quickly exporting a wallet and then immediately importing it onto another device via QR code scan. If you’re switching devices and want to move your Bitcoin wallet to your new device with the Bitcoin.com wallet installed, you would select “QR Code” as your export method.

  • Source device: the one where wallet currently resides and from which you want to export.
  • Destination device: the new device to which you want to import your wallet.
  • On the source device, navigate to Settings>Choose Wallet-to-Export>More Options>Export Wallet>QR Code Tab. This will display your QR code (be careful, anyone who scans this will have access to your wallet).
  • On the destination device, simply tap the Scan tab to open your camera. Align the QR code within the frame until it syncs.
  • Select “Import” to complete the process.

Once you verify this worked and your wallet shows up on the destination device, you can delete the old wallet and destroy the old device or wipe it for resale. Remember to take basic security precautions. Always do this in a private, secure room or space. The QR code, if seen, can be photographed or scanned by others in public.

Importing a private key using the 12-word recovery phrase

This method of importing a private key involves using your hand-written 12-word “seed” phrase that you can obtain from the backup process within the Bitcoin.com wallet. For a refresher on how to obtain your backup seed phrase, see our Bitcoin.com wallet guide. To import your wallet using the seed phrase:

  1. From the Home screen, Create new wallet or (if you already have a wallet and want to import a new one) tap the “+” symbol.
  2. Select Import wallet.
  3. Type in the Recovery Phrase (usually a string of 12 words) into the appropriate text field at the top of the page.
  4. Press Import.

This completes the guide to importing your private key(s) into your Bitcoin.com wallet. If you have any further questions. Visit the Bitcoin.com Forum.

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