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This Is How to Restore Any Bitcoin Wallet in a Few Easy Steps 👛💲🤑💰

This Is How to Restore Any bitcoin Wallet in a Few Easy Steps 👛💲🤑💰

Has the thought of accidentally losing your bitcoin ever cross your mind? As scary as it may be, it happens quite often.
According to research from Chainalysis, an approximate 2.78 to 3.79 million Bitcoins have become inaccessible and are forever lost. This means that about 1 out of every 5 existing Bitcoins are as good as gone.
Therefore, after you buy bitcoin and store it, it is important to know how to restore your bitcoin wallet.
How to Avoid Losing bitcoin
In order to make sure your Bitcoins are safe in your wallet, there are a few important practices to remember:

Encrypt your bitcoin wallet with a password.
Make sure you backup your wallet.
Creating wallet backups is essential in case of hardware/software failure or if you own a wallet with stolen/lost bitcoin.
Store these backups on several locations (such as CDs, Paper wallets, USBs etc).
Every time you back up data, such as a wallet.dat file, backup your wallet as well.

Backing up your wallet is easy and you can do it using one of the following:
You will have to choose the backup method based on the wallet you are using. Most of the current bitcoin wallets use the third method – BIP39 mnemonic seed phrase.
Restore Your bitcoin Wallet Using a Mnemonic Seed
Most bitcoin wallets are able to backup and restore access to your funds by using a mnemonic seed, a sequence of 12, 18 or 24 words.
Hardware wallets (like a Ledger or a Trezor), which are amongst the most popular options to store bitcoin, will generate a random mnemonic seed phrase as a recovery option to backup your wallet when you first set them up.
These phrases are formed by a certain amount of words that are randomly generated. It’s important to write these words down, usually on more than one pieces of paper, and never store them in devices connected to the internet.
For that reason, many people choose to laminate the paper or even store the word sequence on metallic substitutes, to ensure it will remain readable for years to come.
Example Of How to Restore bitcoin Wallet With the Mnemonic Seed
Once the phrase is written down, it is your only backup to restore stolen, lost or destroyed hardware wallets. Simply click on Recover wallet (for Trezor devices) and type your mnemonic seed phrase.
The sequence of words created by Ledger or Trezor devices are BIP39, which means that they can be used with any BIP39 compatible wallet to regain access to your bitcoin.
Online wallets and desktop wallets are the same. Most, if not all wallets, will provide you with a 12-word seed phrase which is needed in case you lose access to your wallet. Therefore, if you ever lose access to your funds, you can restore them by importing the phrase.
Restore bitcoin Using a wallet.dat File
Often, desktop wallets will also make use of a file called wallet.dat to store your private keys and other important information.
Depending on your operating system, you will be able to access this file at one of the following locations.

If you use Windows: %APPDATA%NameOfWallet/
If you use Linux: ~/.NameOfWallet/
If you use Mac OS X: ~/Library/Application Support/NameOfWallet/

Once the file is located, the backup process is easy. Just copy the file to another device, such as an external hard drive or another computer.
To restore the wallet simply copy/paste the backup over a pre-existing wallet.dat file in the wallet’s installation folder. Keep in mind that this method will wipe all data on the wallet.dat file that you are overwriting. So, be careful not to overwrite an existing wallet.
Wrapping Up
Having a plan B is important in every situation, especially when it comes to your hard-earned Bitcoins.
Contrary to most financial institutions, there is no insurance over your digital coins, so you will have to take steps to ensure their safety.
And since you are solely responsible for your coins, the only way to maintain peace of mind is through a backup plan. Don’t worry, the process is as simple as writing down a few words, or copy/pasting a file. In fact, that’s all you need to do.
So, what are you waiting for? Go back up your bitcoin wallet. With these security measures in place – any future problems with your bitcoin wallet can be avoided.

More info at http://bit.ly/2GTF8qM

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Central Bank of Papua New Guinea Adopts Blockchain Technology

Central Bank of Papua New Guinea Adopts Blockchain Technology

The number of countries with banks experimenting with blockchain technology is growing rapidly. The Pacific island nation of Papua New Guinea (PNG), north of Australia, has joined the movement with its own central Bank of Papua New Guinea running blockchain trials.

Central Bank Governor Loi Bakani, known as a champion of new technologies as a way to enable financial inclusion, recently hosted a conference to showcase his country’s commitment to blockchain technology, with participants from at home and around the world, including Abt Associates, Paycase, Othera, IDbox, Pacific Markets, UCash, Seso and ADCCA.

At the conference, Bakani described the blockchain trials underway at the Bank of PNG and introduced the PNG Digital Commerce and Cryptocurrency Association for the growing number of Papua New Guinea tech entrepreneurs and businesses interested in blockchain technology.

Bakani said, “This will allow PNG to join the Global Blockchain Forum, which gets PNG a cutting edge in discussions about Blockchain at a global level, along with Australia, Canada, U.S.A., Dubai, UK and Japan. There is no reason why PNG can’t be a leader for emerging markets.”

There are already central banks experimenting with blockchain technology around the world, including Bank of America, HSBC, Credit Suisse, Deutsche Bank, Bank of England, People’s Bank of China, Bank of Canada, the National Bank of Cambodia, and the Central Bank of India.

Elizabeth Genia, Assistant Governor of the central Bank of PNG said, “It is the new innovations that can change people’s lives — almost 85 percent of our people live outside the banking system.”

According to Abt Associates’ Jane Thomason, who helped manage the conference, 85 percent of PNG has little or no access to banking services and accounts, and the island is among the most expensive remittance corridors in the world, with nearly 10 percent of all funds transferred going to fees alone.

Thomason told the conference that blockchain-based technologies offer developing nations a way to leapfrog conventional technological advancements, similar to the adoption of cell phones in much of the world.

She noted, “In 30 years working in PNG, I have never had so much optimism that we are working with something that really will change the lives of poor Papua New Guineans.”

PNG’s IT Minister Francis Maneke told the conference, “Papua New Guinea is an ideal proving ground for these applications. In fact, there is a possibility that we will leapfrog many developed nations in our use of this sort of smart technology, giving us a competitive edge as early adopters.”

Conference speaker and Paycase CEO Joseph Weinberg told bitcoin Magazine that the conference looked at ways that blockchain technology could be used in all sectors of PNG’s economy.

“The conference included the creation of frameworks, roadmaps and deployment strategies. In order to make anything of this magnitude work, you need proper planning between the government, regulators, commercial partners and the Central Bank. Corporations in particular need to be engaged as they will enable much of the infrastructure needed to make it happen. This is where PNG is headed.”

Bakani also expressed the hope that blockchain technologies could be deployed in many sectors of PNG’s economy.

“When looking at large-scale deployments of this magnitude,” said Bakani, “we truly value our international panelists and partners and look forward to further discussions as the Bank establishes the next stages of its blockchain implementation.

“The government, along with the necessary stakeholders here in PNG not only recognize the challenges they face, but now see the clear opportunities that blockchain-based systems can enable for their country and people.”

In closing the conference, Maneke said, “We in the O’Neill government are determined to bridge the digital divide to ensure our people can participate in the global economy, and not be excluded from it.”

Funding for the conference was provided by the Australian Government and was managed by Abt Associates.

The post Central Bank of Papua New Guinea Adopts Blockchain Technology appeared first on Bitcoin Magazine.

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