Recently, i have been coming across more stories of person's that have forgotten their passwords or keys, and because of that, have lost their investments (btc and other coins) in the process.
Let us enlightenment ourselves, What could be some causes of this?
Could it be stress, elaborate passwords or something else (please state what you think is a cause).
From identifying the causes, i believe we will be able to get solutions.
Mostly users didn't save their phrases at a safe place and they even didn't know where there phrase was. And also users are present which forget to have the phrase key of their wallets. Also some users may be in a hurry through which they loss didn't save their key and thus this may be an area of losing the phrases of wallets.
It should be kept in a safe place like I can say we have to make some hardware wallets which are even best for the funds and our funds will be very safe in these wallets at any place.
I think one major cause is definitely stress when people are under pressure, their memory becomes unreliable. Add that to using complex or rarely used passwords (especially ones we think we’ll remember), and it’s a recipe for forgetting.
Also, some folks try to be “extra safe” by not storing passwords anywhere digitally which is smart in theory, but risky if there’s no backup plan.
Maybe a good step forward is educating more people on secure but sustainable storage methods. Like using a reputable password manager, writing down recovery phrases and storing them safely (offline), or even setting up multi-Sig wallets where possible.
Just like we plan for the future of our investments, we should plan for their accessibility too.