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Lost Bitcoin Wallet Password? What to do from Go Bit Go

Last updated Friday, January 17, 2014 08:57 ET

If you have lost or forgotten your Bitcoin Wallet Password, finally there is help in a New "Decrypt It Yourself" Guide to Password Recovery.

New York, USA, 01/17/2014 / SubmitMyPR /

Once upon a time, your Bitcoin wallet wasn't worth much but that once low valued wallet is now worth how much? Thousands? Millions? A new life - free of monetary struggles? That's great news! The bad news is – you lost or forgot your password! Hey, it happens but unlike your favorite website, there is no "I forgot my password" option. What do you do when your Bitcoin fortune is so close yet so far, and the only thing that separates you from that fortune is a few digits? That's where this DIY (Decrypt It Yourself) Bitcoin Password Recovery guide comes in!

As a service to Bitcoin miners and investors, Go Bit Go has created a free step by step password recovery guide that is designed to decrypt Bitcoin passwords as well as most other crypto- currency passwords. Go Bit Go warns that this guide will not work for every one or for every password, but it is likely your best bet in recovering your wallet.

What is required for Bitcoin Wallet Password Recovery?

1. The latest copy of your Bitcoin wallet file (wallet.dat):
Your wallet is stored on your computer located in different locations based on your operating system - you can google it for more information. You should also be making backup copies of this wallet file, but you must use the latest copy. If you are using a copy of the wallet and you have updated your password after the latest copy, this will not work due to the wallet keys being changed.

2. Good idea of what the password is:
Hopefully, you know what the password should have been but maybe you are one character off or the capitalization is off. These common mistakes are the most likely reason that you are locked out of your wallet. If you have no idea of what the password is, the wallet would need to be "brute forced" cracked which is currently not an option for Bitcoin wallets.

3. Basic understanding of Linux:
While this guide should get you going, you may come across problems along the way. Remember, google is your friend when trying to understand the problem and figuring out a solution.

4. Computer
You will need a computer to run the program - the faster CPU (with as many cores as possible), the better!

5. List of potential passwords
You will need to generate a list of potential password phrases based on your best guess for your password.

6. Time....and....Patience
You should be up and going pretty quickly but depending on your assumed password, it can take days, weeks, months, and so on to recover your password. The longer you can devote your PC to attempting the recovery, the quicker it will happen.

This guide is designed for Bitcoins, Litecoins, Dogecoins and most other crypto-currencies.

A lost password is not the end of your wallet. Many users have successfully recovered their wallets using Go Bit Go's Guide to Bitcoin Password Recovery, but if you don't want to do it yourself, Go Bit Go also offers a Bitcoin Password Recovery Service where they will do it for you, using a cluster of high powered CPU's and a custom generated password list. The good news is that there is only a fee if the password is successfully recovered. So, don't give up. Your wallet might just be within reach.