Wallet Recovery Services is a firm that helps find lost digital keys. They report that they are contacted about 70 times every day by people who are trying to recover the Bitcoin in their digital wallets. This is triple the number of calls that they received in December 2020.
Bitcoin not currently regulated
Bitcoin is a virtual currency that was created by a mysterious coder known as Satoshi Nakamoto, in 2008. The concept was that anyone could open a digital wallet that serves as a bank account for Bitcoin.
There is no company or platform that stores the accounts or has access to their passwords. And the wallet allows the cryptocurrency to be stored securely with no banking or government regulation.
The Bitcoin network is controlled by computers, not banks. They are regulated by software that contains an algorithm set to follow specific cryptocurrency rules. Within the digital framework, the Bitcoin owner can create an address, with a private key known only by the wallet’s owner.
In the Bitcoin network, wallets don’t open without the correct password and they are not stored in any system. And to open the account, the owner can remain anonymous. If a password is lost, access to the account is gone.
