Recovering a lost Bitcoin wallet is contingent on the way it was set up. If you lose access to a hot wallet on a phone or computer, the recovery options generally depend on whether you took measures to back it up.
If you have a recovery phrase (mnemonic phrase), you can easily restore your wallet on the same device or a different one by following the wallet's restoration instructions. Simply enter the recovery phrase when prompted during the wallet setup process, and you should regain access to your funds.
However, if you lost your wallet file and didn't record the recovery phrase or private key, recovery becomes exceedingly difficult, if not impossible. If you only have the public address, you can see the balance but cannot access or recover the private key necessary for transactions.
For hardware wallets, if you lose the device but have the recovery phrase stored safely, you can simply buy a new hardware wallet from the manufacturer, then enter the recovery phrase to regain your funds. This highlights the importance of safely storing your recovery phrase.
In summary, preventing wallet loss requires proactive measures such as routine backups and secure storage of recovery phrases. Always follow best practices in safeguarding your Bitcoin assets.