Categories: CryptoNews

Airbitz Adds Foolproof Bitcoin Wallet Recovery Solution

One of the drawbacks most people see when thinking of Bitcoin wallets is what to do if they would lose access to their funds. While stolen funds can be impossible to recover, losing access to a wallet due to device failure can be circumvented. Leading Bitcoin wallet provider Airbitz has come up with a foolproof solution to reduce bitcoin losses to a minimum.

A Foolproof Bitcoin Wallet Recovery Feature

There have been several ways to recover a Bitcoin wallet throughout the years. Backing up private keys and importing them in a different client has become a somewhat standard practice. But some providers use 12-word sentences to create a seed for wallet recovery. Both are valid solutions, but not exactly user-friendly.

Password Recovery 2.0 is a new feature recently introduced by the Airbitz team. Recovering forgotten passwords to their private data can be done in a more user-friendly way. Two-factor authentication is used to make this process a lot smoother. Users send their first key to their own email address. Airbitz stores the encrypted second key.



Contrary to what some people may think, both keys are needed to unlock the wallet. In fact, they can only be linked together by going through a recovery question process. Failing to provide the right answers to these questions will result in only having one key. An attractive solution, and one that is commonly used by more mainstream financial service providers as well.

Related Post

Airbitz CEO Paul Puey explained it as follows:

“We’re excited to solve one of the biggest challenges facing the mass adoption of cryptocurrency. Solving the problem of securely storing bitcoins without having to worry about lost passwords will help bring the bitcoin economy to the 99 percent of humanity who can benefit from this amazing technology and currently is out of the loop.”

Users will get to choose their own questions and answers. A dedicated web URL to the recovery process will be sent to the user’s email address by themselves. This will prevent losing Airbitz wallet access when a device is broken or stolen. Moreover, this solution will also act as a password recovery tool when the user still controls the original device.

Image credit 1

If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

Embr’s Innovative CeDeFi Ecosystem Aims to Provide Long-term Value To Investors

There has been a lot of discussion about decentralization and why it is essential for…

5 hours ago

Top 5 Yield Farming Coins to Watch In 2022

With the recent boom of Metaverse and Meme coins, it seems that Yield Farming projects…

9 hours ago

Shiba Inu Price Up 5%, Gemini Adds SHIB to Its Platform

Shiba Inu price is up 5% today, peaking at $0.00005592 with a low of $0.00005235.…

15 hours ago

5 Metaverse Coins Valued Under $100 Million

With metaverse applications being the next big trend in crypto, there are still a lot…

18 hours ago

The Work From Home Revolution Has Arrived

With many employers and employees acknowledging the feasibility of remote work, the possibility of it…

1 day ago

WAX Price Up 44%, Increased User Adoption Signals Growing Interest in the Platform

WAX price is up over 44% today, making it the biggest gainer on Crypto.com. With…

1 day ago

This website uses cookies.