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Why when you sign up for bitcoins they do all the security questions of your identity but then you cannot use none of them to recover wallet

Bitcoin Stack Exchange

Bitcoin News / Bitcoin Stack Exchange 148 Views

The Bitcoin network is a decentralized network of computers located all around the world. There is no central authority with which your identity is registered when you own some amount of bitcoin, so there is no mechanism to 'recover a wallet with facial recognition', or anything else like that. You simply will have the private keys that allow you to spend your coins, or not.

That said, there are many businesses and services that exist around the world, that work to provide users with bitcoin-related services (such as facilitating buying/selling of coins, storage service, payment processing, etc). Some of those services may require you to give up your personal information in order to become a customer, but in that case your information is not transmitted to the bitcoin network itself, it is just held by the company (and anyone they share it with, or lose it to).

So it may be possible to recover your account with such a business by way of your KYC/personal information, it will just depend on the services offered by said business. But when you are the custodian of your own coins/keys, it is your responsibility to make the appropriate backups and keep them safe.


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