In this article we will tell you what you can do if you have forgotten your Bitcoin password. We explain how the Bitcoin password works in the first place and what the best methods are to ensure that you keep your coins safe and still don't lose access to them.

Bitcoin does not have a classic password, like an account on a website. To access your coins in a Bitcoin wallet, you need a key, the so-called private key. This key is also often called a crypto wallet seed. The seed usually consists of 12 or 24 words that the system selects for the user.

Without this private key, it is not possible for the owner to access the cryptocurrencies in their own wallet . If lost, the owner can no longer sell coins or transfer them to another account.

Every person who wants to buy cryptocurrencies needs a place to store the coins. This can be on a crypto platform. Most exchanges give customers the option to hold their cryptocurrencies in the online wallets on the platform. However, it is safer to have your own personal wallet, which is secured by a private key. You can find more information about the different wallets here .

On normal accounts on the Internet, users can usually easily change their password if they have forgotten their old password. The situation is different with Bitcoin. Anyone who has forgotten their password, i.e. their Private Kay, cannot set a new password for Bitcoin again.

The Bitcoin process, in which you must not forget your password, therefore has a very high-security value. But the risk of losing your Bitcoins is very high if you forget your password. However, it is possible to change the password for other cryptocurrencies outside of bitcoin.

Unfortunately, a password for a Bitcoin wallet cannot be changed. The private key remains the same. Anyone who has forgotten their password for the Bitcoin can only help themselves in this case if they can restore the seed. Saving or writing down the private key can help to find the private key if you forget it.

However, there are now companies that specialize in recovering the private key for Bitcoin. It is important not to fall for possible scammers who only want access to their own bitcoins. However, no provider can guarantee 100% that the private key can be recovered in a specific case.

Now you have the opportunity to purchase the Bitcoin. Easily buy BTC and other coins on the Binance  and  Bitfinex exchanges !

In recent years, numerous Bitcoin owners have forgotten their password when trying to regain access to Bitcoin. One of the most famous examples is the person of Stefan Thomas. The German programmer reportedly owns a whopping $200 million in Bitcoins.

There are said to be over 7,000 coins that Thomas owns. Thomas no longer has access to this massive number of coins. It is speculated that there are several such cases where crypto owners hold massive amounts of bitcoin and other cryptocurrencies but no longer have access to them. 

Stefan Thomas is far from an isolated case. It is said that around 1,500 coins are lost every day. It is therefore important not to let things get too far. You should therefore save your private key both offline and digitally by simply writing it down on a small piece of paper...Old school still rocks!

• The first part: There is a citation to a former block hash, which joins this block to the earlier block in the blockchain.
• The second part: In this, metadata such as timestamp, and nonce correlate to the mining race.
• The third part: In this metadata is the Merkle tree root. This tree root is a data structure that is utilized to efficiently compile all the transactions in the block.

Ever since creating the first digital asset, the birth of the crypto sector has revolutionized the way the financial market is seen. This is because Bitcoin's creation opened a door that other developers could only kick as at then. Since the creation of Bitcoin in 2009, the Satoshi Nakamoto created project has gained massive acceptance across the entire world. With this, there have been numerous projects building on its blockchain or taking out of its source code to create a similar token. In this article, we will be discussing Bitcoin forks, why they happen, and the most popular forks in the history of the asset.

Bitcoin is a digital asset created and launched by Satoshi Nakamoto in 2009. According to the Whitepaper of its creation, the digital asset sought to find solutions to some basic problems in the financial sector. Although no one knows its founder's identity, the asset has continued to wax strong in value and adoption. One of the token's identities is that it affords traders to make exchanges using a decentralized entity. Although the token cannot be physically seen, the amount kept on the network known as blockchain can be viewed by everyone.

Going by the history of Bitcoin, the pseudonymous developer Satoshi Nakamoto created the source code and launched the digital asset in 2009. As a result, various digital assets have adopted Bitcoin's vision in their creation. This means that most of these digital assets banked on Nakamoto's source code when creating Bitcoin. Instead, some developers choose to make slight changes to the codes while creating their crypto. With this, a Bitcoin fork is a slight change in the original protocol of the leading digital asset. A hard fork is upgrading the software and various mining procedures to create a new version of the blockchain. However, a soft fork does not involve the creation of new tokens. Instead, they involve slight changes to the protocol.

One major characteristic of a fork on the blockchain is the changes made to the original code used to develop a token. With this, there is usually the springing up of another token. Initially, developers have been known to create tokens either through development from the core or through the source code of an existing token. Although creating from scratch is similar to a fork, they are different. A fork allows developers to make key changes to a blockchain rather than start from scratch with a new source code. The main reasons developers fork depend on various factors, such as providing more functionality to the newly developed token. A fork also allows developers to address certain security issues and risks. Finally, forks occur when there is an in-house scuffle about the direction of a project. Most times, this leads to the creation of another token.

Over the years since the creation of Bitcoin, we have seen developers make specific changes to the codes, birthing entirely new cryptos. Below are the main forks of Bitcoin that has ever happened since 2009:

The Bitcoin XT was one of the first hard forks of Bitcoin made in 2014. It was during the early stages after the token entered the market. At that period, the token was not full-blown which moved its proponent, Michael Hearn, to propose some new features. The change was simple, the number of transactions carried out will be increased to 24 per second instead of the usual 7. Hearn propositioned that the block size should increase to around 8 MB instead of the usual 1 MB to achieve this aim. Although it gathered quite a massive number of users until 2015, interest in the project began to wane. Presently, it is no longer available, and its website has been pulled down.

After the failure of the Bitcoin XT project, some of the few members interested were still on about increasing the size of the block. To achieve this, a new team of developers floated Bitcoin Classic around the early stages of 2016. Also, the developers learned from the failure of Bitcoin XT. They decided to change their block size to 2 MB instead of 8 MB. Like the previous hard fork, Bitcoin Classic received widespread support, which has continued to dwindle. Although the project is very much around, it has lost the massive support it once had during the earlier stages.

Bitcoin Unlimited has continued to retain its unique status since its development in 2016. Although the developers have already made the code available, they have not still pointed out the type of fork. One exciting aspect of the project is its focus on miners carrying out their activities independently. This means that miners can determine the block size that they want but with a 16 MB limit. Even though it showed promise in the early stages, Bitcoin Unlimited has remained somewhat a shadow of what it was meant to be.

Segregated Witness or SegWit came to light in the wake of its developer's need to reduce the individual block size of Bitcoin transactions. The idea, postulated by Pieter Wuille in 2015, was focused on making sure more transactions were carried out in a short space of time. To make this possible, Wuille said some of the signatures needed to verify transactions would be extended to another block, giving room for the idea. Although it was created as a soft fork, it has helped push more hard forks of Bitcoin across the years.

Responding to the creation of the Segregated Witness, some core developers did not support some of the updates. In light of this, they decided to create a hard fork that would help them avoid the updates. Bitcoin Cash was created in 2016 and moved away from the main Bitcoin blockchain in 2017 after some transactions were not verified on the new blockchain. Bitcoin Cash has continued to move gradually, cementing its place in the market. The token has been fairly successful in trading at a current market price of $373. Notably, Bitcoin Cash refused to use the SegWit protocol and place an 8 MB cap on its block.

After the success that Bitcoin Cash experienced after its creation, some developers went ahead to launch Bitcoin Gold. The sim of this creation was to take Bitcoin back to the period where just GPUs were used. This is because, at the time, miners began to rely on more advanced hardware to create Bitcoin. One key feature was the pre-mine, which allowed miners to make about 100,000 tokens of the asset. During the launch, the developers said that the tokens would grow the community. Although Bitcoin Gold uses all the functionality of Bitcoin, the key difference is how the proof of work mechanism works.

Making a fork out of a blockchain is like entirely creating a new set of rules that would distinguish the new token from the one on the blockchain. Although they have been a barrage of Bitcoin forks, as mentioned above, the biggest remain Bitcoin Cash and Bitcoin Gold. However, you should note that a fork might affect how the community or the wider audience sees a digital asset. This means that a fork might affect the primary token's price and other on-chain analyses. It is also expected that some developers would still want to fork out Bitcoin in the future. This is due to the large success enjoyed by the digital asset.

Everyone heard about Bitcoin in the past 2 years. The mainstream media helped push this cryptocurrency to the mainstream, as its price soared by more than 1,400%. On the other hand, it is not enough to simply hear about something. It is also important to understand what it stands for, how it started, and its basic mechanics. That's why in this article, we're going back to the basics, and introduce Bitcoin crypto in a very simple and straightforward way.

Buckle up, sit down and enjoy this quick guide on what Bitcoin crypto is.

Bitcoin is the most recognized digital, decentralized currency, which is created through solving cryptographic tasks. Transactions are written into a decentralized blockchain, which ensures that Bitcoin is always available and immune to manipulation. The revolutionary aspect of Bitcoin is that it does not need a central authority like a bank for the validation of transactions. The current price of Bitcoin crypto in USD/Eur/Yen (Fiat) is purely created through supply and demand.

The founder of Bitcoin Core is only known under the pseudonym Satoshi Nakamoto.  In November 2008 he developed the currency. Until today it is not known which person or group of persons are behind this anonymous name. Since 2008 multiple persons were associated with the name, but until today no one could yet prove to be the real Satoshi Nakamoto.

Whenever Bitcoin is generated, a new block gets discovered. Each block contains a certain amount of bitcoin. This amount reduces after every four years. The discovery of a new block comes when a user solves hash encryption by the SHA256 algorithm. To make things easier, this is a complicated puzzle which is a string of characters that needs to be decoded using high-end computing power. In the end, a user gets rewarded with bitcoin every time they add a block to the blockchain.

In 2009, if a user would add a block to the blockchain, he/she would get 50 bitcoins. As it stands, the number was revised, and a user would only get 12.5 bitcoins. Since more bitcoins are getting discovered, the mystery of solving the puzzle increases. Thus, mining bitcoin becomes difficult.

Bitcoin difficulty was rated at 1.0 when it first came out. The same strain was measured at 1.18 at the end of 2009. In 2017, eight years down the line, the difficulty was at 4.24 billion. This is an indication that bitcoin mining is becoming difficult than it was before.

In the early days, you only needed a desktop to mine a coin. Not anymore after more miners entered the race. Nowadays, you need a device with complex configurations, and still, the procedure takes long and consumes more power.

It’s easier to send Bitcoin between two parties in different countries. It’s fast and simple as opposed to the bank option.

Money transfer is fast as there is no third party involved. Besides, the fee one pays in a Bitcoin transaction is less compared to bank charges.

You cannot reverse bitcoin payments. Still, the chances of them being counterfeit are zero.

The cash that Bitcoin generates is used to fund illicit activities. Hacking activities have also been on the rise in exchange for bitcoin.

Bitcoin has not been accepted in some countries and in some, they have been banned. The majority of investors have purchased bitcoin using black money. If the global government can decide to regulate the trade of bitcoin, it might become unstable and collapse.

You should invest the amount you are willing to lose. If you lose your stake, it won’t hurt. There are times when web exchanges go out of business. This time, forget all your investment as it is gone. Also, market fluctuations affect the crypto market too. With an investment of $6,000, today might be $3000 an hour later.

The cryptocurrency market is full of uncertainties as much as it’s full of gains. Bitcoin, Ripple, Ether, and others have shown steady growth, but you can’t equate the trend to new altcoins. It’s a matter of time before altcoins can have a sustained track record. Still, not all will shimmer. Be vigilant when investing in altcoins.

Ensure the coin you want to invest in has a purpose for existence. If not, chances are it is going to stagnate. It’s that simple. Invest in an altcoin that solves a particular problem.

The team behind each coin should have a solid background in the industry. Don’t fall prey to a currency established by a group of dreamy-eyed entrepreneurs. Avoid altcoins that are entirely new.

The altcoin you want to invest in should provide a solution to the problem it intends to solve. The answer should be reasonable in that, for example, if the problem is to replace the internet with new blockchain-based infrastructure, explain how you will implement it.

It is very easy to accept Bitcoins as a company. Our guide in three Steps will walk you through the process. Here you can find a small list of vendors that accept Bitcoin.

1. Create a Bitcoin Wallet

You can use an online Wallet or install one on your machine. You can find a list of wallets here.

2. Print a QR-Code

To pay and accept Bitcoins you have to convert your bitcoin address to a QR code. The QR code includes your Bitcoin address, to where the customers are supposed to send their bitcoins.

Paying mobile with QR code

Static QR code: A static QR code, that never changes. Commonly found near the checkout. The customer just has to open his Bitcoin Wallet on their smartphone and click on “Send Bitcoins” to scan the static QR code. The amount (in Dollar or Bitcoin) has to be typed in manually and be confirmed.

Dynamic QR Code: The procedure is very similar. The only difference is, that the QR code has to be created for every individual buy. Then the amount the customer has to pay is already included in the QR code and the customer does not have to type it manually, which is even more convenient for vendors. Also, this makes it easier for beginners to send the correct amount.

You can create a Code here.

3. Show that you accept Bitcoin

That is the easiest part. Just add a visible sticker to your store that reads “We accept Bitcoin”.