When will altcoins restore their BTC value
The Wallet Savers: This company restores crypto wallets
The Bitcoin rate is rising and you have forgotten your password for your wallet or even accidentally deleted it? Then this Berlin company could be your salvation.
After a rather quiet phase, Bitcoin is currently at dizzying heights and many experts even assume that the price will continue to increase. Ethereum also benefits enormously and has seen high price increases since mid-2020. With every price increase, the number of desperate people who got hold of Bitcoins or Ether in the past and now have to find out that they no longer have access to their coins grows.
This is where ReWallet comes in. The Berlin-based company helps people regain access to their wallets. We spoke to ReWallet about cryptocurrencies, lost wallets and missed opportunities.
First hype and disillusionment: crypto enthusiasts looking for the right business model
The founders had actually lost sight of cryptocurrencies until they were surprised by the new boom in 2020. The entrepreneurs were classic early adopters. They owned Bitcoin when the asset was largely unknown to the public and ridiculed by most financial experts. At that time, the entrepreneurs wanted to get fully into the crypto business: “We have dealt intensively with Ethereum and smart contracts. But we couldn't think of a convincing business model ”, so the founders. In addition, the fear of the state intervening in the uncontrolled currency and a total crash associated with it was too great. "We were concerned that the state would defend its monopoly of money offensively and sooner or later ban Bitcoin." After the end of the ICO wave, the two felt that their concerns were confirmed and turned to other entrepreneurial projects for the time being.
Where is the password? Restore Bitcoin and Ethereum Wallet
Then came 2020. With a global pandemic and a dwindling Bitcoin inventory, prices rose and, according to Elon Musk's tweets, reached new highs in early 2021 as part of the gamestop hype and Tesla's entry. The same was true for Ethereum, which has also benefited greatly in the Bitcoin channel.
The founders were thrilled. After all, there were still a few BTC and Ether on the wallets from back then. But of course Bitcoin and Ethereum Wallet are encrypted. At that moment, the entrepreneurs realized that their wallets were no longer working:
We felt paralyzed. I still found my old hard drive, but the wallets could no longer be found.
But giving up was out of the question for her. After many sleepless nights, they managed to restore the wallets. But that was only the first step towards accessing the coins.
Lost access to the Bitcoin wallet: what to do?
And then there were the passwords: “I didn't write down my wallet passwords properly. I knew the rough structure of the password, but I couldn't get it together“, remember the entrepreneurs. But giving up was not an option so close to the finish line. They started looking for a solution and finally found software that could try out many different passwords in a short period of time. They adapted this software so that it could perform calculations on many servers at the same time. Because the performance of a single ordinary desktop PC would not have been sufficient to restore the password in a timely manner.
After two days of computing time, the time had come: the software spat out a result and you were able to restore the passwords for your Bitcoin and Ethereum wallet. One of the founders describes how remembering the password helped restore that password quickly:
We already knew approximately which characters had to appear in the password and we were also able to limit the length to four characters. This enabled us to configure the software so that we could quickly find the right password could.
But the story of the founders from Berlin does not end there - on the contrary, it is only just beginning. On their odyssey to restore their wallets, they have acquired a toolkit of experience, knowledge and technology. "We learned a lot and realized that there are thousands of people who have the same problem", said one of the founders about the beginning of their service. Today they help customers around the world restore wallets that they thought were lost.
"Can you restore my Bitcoin wallet?" - everyday life during the crypto boom
At first glance, the work of the founders does not differ from the usual office jobs. For a large part of the day they sit in their Berlin office and answer customer inquiries by email.
We often get inquiries from people who were paid in Bitcoin by a customer a few years ago. At that time you didn't think about it any further - until you read about the enormous price jumps in the newspapers. Now, understandably, these people want their money. No wonder - if you paid for 3 Bitcoins (approx. € 1,000) in 2015, you can now sell these Bitcoins for almost € 150,000.
Far from encrypted wallets, ReWallet also helps with deleted wallet files or physical problems with the storage media. Several wallets believed to be lost have already been restored.
All incoming inquiries are first analyzed for feasibility. The company cannot always help regaining access to the wallet, for example if the password is extremely long and there are no clues as to the composition of the password. "Some competitors claim that they could still gain access to the wallet - this is often fraud," the company describes the difficult market.
But that doesn't mean that the wallet is lost forever. A few years ago, many cases still seemed hopeless because the password was too long or too complicated. However, the founders are constantly developing their program. The company describes how it can restore more Bitcoin and Ethereum wallets with each update: “With each update of the software, we test the new functions on old wallets that we could not restore at the time. Sometimes the software can then save the wallet - our customers are particularly pleased. "
Restoring your wallet is a matter of trust
The company is aware of the specific situation its customers find themselves in. After all, one could just keep the bitcoins after restoring the wallet. Customers have to have a lot of trust in the company - that's why ReWallet concludes a proper contract according to German law with every new customer. So both parties are on the safe side. Today, ReWallet has a consistent history of positive reviews, reducing the fear of new customers.
Nobody should be afraid of losing even more money if wallet recovery fails. That is why we work on a success basis. Our message is: try the service, you have nothing to lose
20 percent of the wallet value is due if ReWallet manages to restore the Bitcoin or Ethereum wallet. So far they have been very successful "We receive inquiries about our service every day.”
An inquiry is almost always worthwhile, especially since it can be completed in a few minutes. In addition to trust, the company attaches great importance to the simplest possible processing. “The situation is stressful enough for our customers; one mistake can cost them several thousand euros. We don't want to burden them even more. "
On the website you fill out a simple, short questionnaire with the most important information about the lost wallet. On this basis, the company then checks whether there is a chance of restoring the wallet. If the assessment is positive, you will receive a contract. Then the company starts work.
You can find more information about recovery on the company's website: www.rewallet.de
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