Due to the growth of cryptocurrencies, there is a rise in popularity with the issue of losing wallet keys. This is why Qurrex has devised ways to solve this problem. It is impossible to extract a cryptocurrency if you don’t have a password. It is almost impossible to crack the 256-bit private key. If you lose your key, you also lose your cryptocurrency no matter how much it was. The total number of every cryptocurrency in the world is limited. There are a lot of dead bitcoins that will never be recovered because someone lost their key or because someone died and never told anyone about their key. Let us look at different ways how people lose their keys.
Throwing out your hard drive or your USB
This is one of the most mistakes people do. They lose the carrier on which the wallet was kept. We have had cases where people got rid of their hard drives carrying their wallet keys knowingly but this was back in the days when cryptocurrency was not valued much. Nowadays no one would do that but still, accidents do happen, you can accidentally lose your removable media or damage it.
Losing access to your password
People use complicated keys for their wallets. There have been platforms that store passwords and sometimes these platforms may let us down and lead us to abandon our fortune.
Some people, however, don’t trust the digital media to store their passwords. They use the old fashioned way which works somehow. They simply write their passwords on paper. This is a simple and effective tool at first sight because it won’t be cracked. It is, however, easier to lose a paper that carries your password more than it is to lose your digital password.
Forgetting the cod of the wallet
Some crypto-owners don’t trust physical or digital storages. They trust their memory more. This is one of the most reliable ways people can store their wallet keys but don’t trust your memory too much. The memory is a tricky thing and it can lead you to lose a lot of money in this cryptocurrency world.
An accident
There are about 110 Bitcoin owners who die every day. This is a fact based on statistics. When you die, you die with your key. If you die and you have no one else who can access your password, your savings will be gone forever. Fiat funds can be used by someone when you die but cryptocurrency can never be used by anyone else.
The solution
It is very easy to lose possession of cryptocurrency even without someone hacking and stealing from you. It can be your own mistake. Some of these mistakes can be avoided but the fact remains that accidents happen when we least expect them. The Qurrex technology will maintain an exchange condition and this will make us relieved from the burden of worrying about losing our key.
Website : https://qurrex.com
Whitepaper: https://drive.google.com/file/d/1klzZPHdjCBnurHCJjJbjwsed_5rx4W1U/view
Facebook: https://www.facebook.com/qurrex/
Twitter: https://twitter.com/qurrex
One Pager: https://qurrex.com/files/Qurrex_Onepager.pdf