What happens if I lose my password or seed phrase? (2 Viewers)

[uptrendfinancialsignal]

I opened my mail and I saw “secure your wallet now”. I clicked the link but the page look somehow, like Binance but not really. That's when I knew it's a fake. These people are good at coping everything. I quickly close it but it would have been a big loss if I didn't realise. You need to be very careful in crypto space honestly.

 

[Kennysplash]

Then you lose access to your account if you try to login on another device. Your best bet is to stop using the account once you discover that you have lost the seed phrases. Every wallet emphasizes it that you should keep them safe…

 

[Maya]

You lose your entire assets if you lose your seed phrase. This is one of the major disadvantages of using self custody wallets. On exchanges you can easily recover your password

 

[uptrendfinancialsignal]

You lose your entire assets if you lose your seed phrase. This is one of the major disadvantages of using self custody wallets. On exchanges you can easily recover your password

I remembered how a guy in my area lost access to his wallet. The money all gone. No support, nothing to reset. Even with exchange, it's not 100% safe. This is why I write mine down and hide it well. I don't even put it in my phone notes.

 

[Nomad]

Even with exchange, it's not 100% safe

When you might lose your assets due to hacking on exchange but when it comes to losing password, it is not a problem on Exchanges, especially centralized exchanges. You can easily reset password. You don't even need passwords, you can enable 2FA or biometrics.

 

[Heatman]

Never use any website that's not trusted when it comes to cryptocurrency because they are going to scam you. In fact, I don't click on any link that's about cryptocurrency. I only check what I want from the app.