Does forgetting your wallet password means losing your assets?

Does forgetting your wallet password means losing your assets? This is a question that many users will have when they are first to meet blockchain and digital wallets.

When creating a wallet, there are two important steps: setting a password and backing up your private key. We’ve mentioned many times in previous articles about backing up your private key.

Today we’re going to talk about wallet passwords.

What is the digital wallet password?

After clicking on 「Create Wallet」, the first thing you need to do is to set a password, which requires no less than 8 characters and can be a combination of letters, numbers, or symbols. For security, it’s best to set this password a little more complex.

This password is used for three purposes:

First, when logging into your wallet, you need to enter your password;

Second, you need to enter it to confirm a transfer;

Third, you also need to enter it to display your private key.

Thus, the password is quite important in the use of the wallet.

So, does forgetting your wallet password means losing your assets?

Let’s review how to import wallets.

There are three ways to import a wallet: [private key] [key] [file].

The first one is usually be chosen, that is, import the private key. Input the private key that you have backed up, then reset your wallet name and password. This is the usual way to get your wallet back.

If you forget your private key, you can recover it by using a Json file, click on 「choose Nep6 File」, and you also need to enter the password.

The current version of the NeoLine wallet does not support changing the password, so if you forget the password, you can only reset it by the private key.

If you have forgotten your wallet’s password, you can only reset it with your private key.

Some people think that saving a Json file is enough, but you need the original password to import your wallet by Json file, so if you only save a Json file after creating your wallet, you must remember your original password.

Let’s go back to the opening question: Does forgetting your wallet password means losing your assets? The answer is that if you keep the private key, the asset is still in your possession. Thus, the private key is very important.

As for how private keys can be safely backed up, you can check out previous articles.

That’s all for today. If you have any questions, please leave a comment on our official Twitter account or contact us in the discord.

NeoLine encrypted wallet is a decentralized digital wallet for NEO / GAS / NEP5 asset management, developed by the NEXT team, the Neo domestic technology community, and currently supports the Chrome extension and mobile.

Twitter:https://twitter.com/NEOLine20

Discord:https://discord.com/channels/748375438467793036/759298625477410826

NeoLine mobile is an easy-to-use mobile gateway to the Neo smart economy。