What happens if you lose access to your Bitcoin wallet?

If you lose access to your Bitcoin wallet, you lose the ability to access or control the Bitcoin stored in that wallet. This typically happens if you misplace your private keys, which are essential for authorizing transactions and accessing your funds. Without the private keys, it is impossible to recover the Bitcoin, as there is no central authority to reset passwords or provide backup access.

In some cases, if you have a backup of your private keys or recovery phrases stored securely elsewhere, you can restore access to your wallet. However, if these backups are also lost or inaccessible, the Bitcoin is effectively lost forever. This underscores the importance of securely storing and backing up your private keys and recovery phrases.