I Forgot my Bitcoin wallet password

A week ago, I managed to lose my password for my Bitcoin wallet. It may sound too easy to solve, but this isn’t your typical Facebook solution where you can just click “forgot password?” and voila! everything’s back to normal. With the cryptocurrency realm, having your password reset is the same thing as leaving your favorite triple chocolate fudge cake in front of chocolate lovers. Encryption is the one of the main factors and it is your own defense against those prying individuals and annoying viruses.

How much was inside my wallet? It wasn’t much, really. It might seem big since it’s worth a month’s rent, utility bills and groceries if converted to my country’s currency. If you compare it to the lost bitcoins over the last crisis from Mt.Gox a few months ago, my coins are nothing but a minute part of it.

Password encryption has evolved into various forms for better security but it would still be prone to hacking unless you or your app have made your password overcomplicated such as having it created randomly with different characters, upper and lower cases and alphanumeric items.

People might still answer that hacking is something that can be done. Perhaps, one can forcefully find your password through their cool skills. However, not all passwords can be recovered easily. I have read in one of the answers in Quora,

“If you have no idea at all of your passphrase, and it was more than a handful of characters long, then we cannot help you. No-one in the world, including the NSA, CIA, D-Wave or anyone else can crack the encryption used in the bitcoin wallet if the passphrase is more than 15 fairly random characters. The bitcoin wallet encryption is strong by design. There are no known flaws in the implementation, and many people have tried to break it!”

As what I have stated awhile ago, passwords have taken its different forms to make it harder for those handful of bastards lurking to get your precious coins. The 2FA(2 Factor Authentication) is now being used in different email addresses and various wallets wherein the user will be having a password and a one-time code that will be sent through the owner’s phone, email or app. It certainly tragic if you still happen to have your no-lock laptop and no-lock phone completely stolen from you though making this 2FA an extreme fail. Another is the use of Mnemonic phrase that consists of a set of twelve random words as your password, which I believe is one clever trick. Other possible ideas have already created more creative ideas to have more passwords possible and easier. The use of biometrics has been used nowadays and is suggested as a password for users such as their heartbeat, thumbprint, voice etc. Ideas get to the extent of using microchip inserted inside the human skin can actually be used as a universal password.