On the other hand, Jimmy Nguyen, president of the Bitcoin Association told Business Insider, “Solutions can still come from cryptocurrency reform, emergency mechanisms that can recover Bitcoin in the event of forgotten wallet passwords or estate transfers can make it a more open and user-friendly cryptocurrency.”
Coinbase exchange has emergency recovery measures Nguyen believes that cryptocurrency exchanges are not secure, noting that many been hacked before.
“For now, the adage holds true. Some exchanges such as Coinbase have some emergency recovery measures that can help users regain access to forgotten keys or passwords. But exchanges are less secure than wallets and some have even been hacked.” Nguyen said.
The recurring incidents of Bitcoin owners losing their access keys, generated a debate about whether the cryptocurrency’s current security system should change. Nguyen argued that mechanisms should be created to ease the process of recovering inaccessible Bitcoin in case owners forget their passwords.
