Why We Need Wide Adoption of Social Recovery Wallets
Most users lose their cryptocurrency assets not because they are stolen, but because they do not manage their private keys well.
Real People Who Lost Their Bitcoin Fortunes
3.7 million Bitcoin are probably gone forever.
James Howells: 7,500 Bitcoin
James Howells had 7,500 Bitcoin on a hard drive that he bought in 2010. Unfortunately, in 2013 he threw the hard drive in the trash and did not realize what he had done for months. After that, he tried to search the landfill with no luck.
Campbell Simpson: 1,400 Bitcoin
Campbell Simpson purchased 1,400 Bitcoin for $25 in 2010. Unfortunately, he threw out his hard drive after breaking up with his girlfriend, a mistake that at today's value cost him about $70 million.
MMCrypto
@MMCrypto
I'll admit: approximately 2 months ago I lost 3 #Bitcoin by not backing up a private key. (Painful)
Aug 14, 2021
Shehan
@TheCryptoCPA
If you ever feel bad, just know that one of my clients lost ZB worth of BTC. He/she can see the balance in the wallet, but ...
Aug 14, 2021
Stefan Thomas: 7,002 Bitcoin
Stefan Thomas from San Francisco owns 7,002 Bitcoin worth around $346 million. His Bitcoin was stored in a digital wallet for which he lost the password. He thinks he still has the password to his lost Bitcoin on an IronKey-encrypted flash drive. The IronKey flash drive gives you 10 password attempts to decrypt the data. After that, it deletes it...
Brad Yasar: A Few Thousand Bitcoin
Brad Yasar has lost a few thousand Bitcoin and spent hundreds of hours trying to recover it. Fortunately, he did not lose all of the Bitcoin he mined back in the day and seems to be doing quite well.
Sanity Spa
@sanityspa
I once deleted a wallet.dat file containing 70 BTC. Lesson learned: (1) stop using Shift + Del to delete files...
Aug 14, 2021
Almad
@MadiniT4
My neighbor's girlfriend deleted his Bitcoin wallet app with $10k inside because she was trying to download TikTok and Play Store...
Aug 14, 2021
We need wide adoption of social recovery wallets.
Vitalik Buterin
Emergency Contact
When your device is accidentally lost, you can regain control of the wallet by logging in through a pre-set emergency contact.
Set Emergency Contacts
1
Invite your family or friends to install Mixin and add one another
2
Set your family or friends as emergency contacts
Recovery via Emergency Contact
1
Install Mixin on a new device and enter your old phone number
2
Ask your emergency contact to get the verification code
3
Enter the wallet's PIN to confirm your assets are secure, and update the current account's phone number to the new one.
Frequently Asked Questions
Don't hesitate to contact us if you can't find your answers here.
What is social recovery?
Social recovery is a wallet recovery method that doesn't require a seed or mnemonic phrase while ensuring the wallet remains non-custodial.
Why do I need a wallet with social recovery?
Most people lose their cryptocurrency assets not because they are stolen, but because the owners do not manage their private keys well. Mixin wallet, equipped with decentralized social recovery capabilities, can effectively prevent single points of failure.
How do I set up social recovery?
You can enable social recovery by setting an emergency contact in Mixin.
Is social recovery a paid feature?
All Mixin features are currently free to use, including social recovery. You can invite your family, friends, or colleagues to join Mixin and set them as emergency contacts.
Can I set myself as an emergency contact?
If you have multiple devices, you can sign in to Mixin on both and set the accounts as each other's emergency contacts.
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Secure, private and easy-to-use crypto wallet.
