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RE: Steemit Crypto Academy Contest / S2W3 - Blockchain In Our Lives. by @whileponderin.
- Loss of Master Key or key Phrase results to permanent loss of account:
Once a users loses his key phrase or master keys, he has lost his wallet or account forever and nothing can be done to retrieve it back. Unlike in the traditional centralized system that have systems in place for recovering such informations.
You are absolutely right. I agree with you. If we forget our bank account passwords, we can easily retrieve them because banks are run by men, but only on blockchain. If we lose our account keys, we will lose everything. This is a huge loss.
Because we all know that blockchain is not run by anyone. It is a decentralized system which means that people can transact with each other without a third person and if we lost our private keys then it is difficult to recover our account.
And then I request you to visit my post too so that we can express our views together. I hope you will come soon. Thank you.