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One of the concerns every Bitcoin user has is how to keep their bitcoins safe from criminals. Well, the answer to that is to store them in a paper wallet, completely away from the internet in an offline environment.

If you do it right, you’ve just initiated one of the safest ways to store your bitcoin. Although, if you mess up in between, it’s still more secure than storing coins in any Bitcoin exchange platform.

Creating a Simple PapeWallet

Start off with a desktop that is clear from all virus.

If you’re having doubts about this, install a copy of the OS on a USB. This is just for safety purposes, you don’t have to do this step. Although, make sure your computer is completely free from all sorts of malicious and nasty viruses. We don’t want your operating system wiping out on you.

Use incognito mode on your browser, and go on to a bitcoin paper wallet creation site

The most well-known paper wallet creation site is said to be bitadress.org, so use your incognito mode to log on to the site.

Turn off your internet connection once bitaddress.org loads

After the site has loaded, turn off your Wi-Fi or unplug your ethernet cable. This will completely remove any leads for your private keys to leak through the internet without your knowledge.

Don’t worry, bitaddress.org was programmed to function perfectly fine even without an internet connection.

Follow the instructions given to the side and move your cursor randomly across the screen

This is the fun part. You’re required to randomly move your cursor around the screen to generate a seed that will be used by BitAddress to generate your personal wallet.

You have now created two QR codes with a combination of random letters and numbers

Congratulations! You’ve officially created your first paper wallet.

The two QR codes are:

  • Bitcoin Address- It will be a long string of letters and numbers jumbled together. This is what you’re going to be sharing with others in order to send and receive Bitcoins.
  • Private Key- This too is a lengthy combination of alphanumeric, but you’re supposed to keep this secret. You CANNOT share your private key with anyone nor can you store it on a computer and, definitely not on the web.

Remember this. If you lose your key, your bitcoins are lost forever and if someone else gets a hold of your private key, they can easily empty your wallet.

Keep your paper wallet safe

The next step is having an offline copy of your Bitcoin Address. While you’re still disconnected from the internet, print the address (make sure your printer is not connected through wi-fi either). Now you have created a hard copy of your Bitcoin address, which you can later add Bitcoin to for a final cold storage solution.

Always keep a backup of your wallet in another location and make sure it is completely secure. If someone gets their hands on it, you’ve lost everything.

Adding funds to your cold storage wallet

You need to use your online wallet for this. Scan the bitcoin address on the paper wallet or just copy it, then send your fund to your cold storage.

 

TIPS

  • Make sure to store your wallet someplace away from moisture, because you don’t want it getting damaged. Try storing it in a Ziploc bag or laminate it, in order to avoid it from coming in contact with any liquid.
  • Use an Operating System that never goes online, to prevent your PC from leaking out your private keys. Print your wallet offline and never go online from that computer in the future.
  • You can store large sums of bitcoins in your cold storage rather than carrying it with you in an online wallet. Keep small amounts of bitcoin in your online wallet for daily transactions and the rest offline, in a secure spot.

 

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The Beginner’s Guide About Bitcoin Wallet

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Guide About Bitcoin Wallet

A Bitcoin wallet address is equivalent to a bank account for tangible cash. In bank accounts the money is deposited, withdrawn and transferred to other users. Same is the case with bitcoin wallets. These wallets are used to store/withdraw bitcoins and transfer them to other users. There are three major types of bitcoin wallets: web wallets, software wallets, and mobile wallets.

Web Wallets:

Also known as “eWallets” or “browser-based wallets”; web wallets are the easiest to protect and give you complete freedom to use/obtain bitcoins.

Some of the examples of web wallets are:

  • BitGo
  • BlockChain
  • Green Address
  • Hive

Software Wallets:

Software wallets are installed on your PC. The users have complete control over Software Wallets and are responsible for bitcoins’ protection and backups.

Some Examples of Software Wallets:

  • Armory
  • Bitcoin Core
  • Electrum
  • Green Address

Mobile Wallets:

The users with Mobile Wallets have the freedom to store bitcoins on mobile devices. Mobile Wallets are simple and easy to use while transferring coins. All a user has to do is to scan the QR code using “tap to pay”.

How Do Wallets Work?

Each Bitcoin wallet comes with a private key. The key allows a user to spend the coins. It’s usually the owner only who knows about the key. However, if you are not careful enough with protecting the key, there is a huge chance that someone else will be able to figure it out and spend your coins.

What Are Some of The Tips to Keep My Bitcoin Wallet Secure?

As mentioned above, the key-protection should be your top priority while using online Bitcoin wallets. Otherwise, someone else could easily hack into your account to steal your coins. To make sure your wallet is well protected, follow the tips given below.

Strong Password:

Weak passwords are easy to crack. There are several programs that run different patterns, names, and combinations to crack these passwords. To make sure your password is resilient to these attacks, do not use commonly used patterns or names. Instead, go with the strings of random letters, numbers, and symbols.

Multifactor Authentication:

Multifactor Authentication is an additional security authentication to your password. This could be something like a favorite quote, secret question or a captcha.

Private Key Encryption:

Encrypt your private keys. A private key in plain text is easy to guess and easy to access. So, make sure your key is encrypted.

If Possible – Use Open Source Software:

Use open source software where possible as it gives you the freedom to review the source code and ensure it does what it says.Moreover, an open source software is quick to fix the security laps than closed source software. A good example of open source software is Linux which is used by most of the world’s financial system.

Lastly – Keep Backup of Everything:

Keep backup of your private keys and every single information in your wallet. Having a backup is of great significance. If your data is only stored in one hard-drive, and the drive dies, the information will be lost for good.

Learn how to backup your Bitcoin wallet.

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Top Bitcoin Exchnages – Buying Bitcoin Through Different Exchanges

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uying Bitcoin Through Different Exchanges

Bitcoin is a peer to peer, decentralized digital currency. The currency is free from any third-party influence like governments, the central bank, or a governing authority. The currency promises to revolutionize the traditional way of spending money in near future.

Bitcoins are not real coins. It’s a currency that is based on a string of codes and locked with encryption keys. The transactions made through bitcoins leave no traces behind, giving those involved complete anonymity.

There are several different ways to buy bitcoins but the most common way is buying through cash exchanges.

Buying Bitcoins Through Bitcoin Cash Exchanges:

Buying bitcoins through cash can be confusing at times. Especially for those doing it for the first time. But don’t worry, we have compiled a list of Bitcoin cash exchanges that make the whole process simple and straightforward. The list includes:

LocalBitcoins:

LocalBitcoins is a reliable Bitcoin escrow service from where you can cash deposit or cash trade in person. A quick step by step guide on LocalBitcoins includes:

  • Find a local seller who is willing to trade in cash
  • Choose how many coins you want to buy
  • Receive seller’s account number
  • Deposit cash into seller’s account
  • Upload money-deposit-receipt as a proof
  • You are ready to receive bitcoins in your LocalBitcoin wallet

BitQuick:

BitQuick connects you with sellers where you can pay with Bitcoin and buy products online. For now, BitQuick is only available in the US and works the following way.

  • First, you will need to find a seller
  • After finding a seller, discuss the price for bitcoins
  • Receive seller’s bank account number
  • Deposit cash into seller’s account
  • Upload receipt as a proof
  • Receive bitcoins

Wall of Coins:

A peer to peer bitcoin exchange. Wall of Coins offers a number of bitcoin payment methods; however, the cash deposit is the most common method that they offer.

Wall of coins is one of the largest cash bitcoin exchange in the US with over 100,000 deposit locations across the country.

Apart from the US, it also operates in some major countries like Germany, Canada, Latvia, Poland, Argentina, etc.

LibertyX:

LibertyX offers its services at a number of retail stores across the US. However, it requires the buyers to provide their identity which makes it less private compared to those mentioned above.

The maximum limit on buying bitcoins online from LibertyX is $1000, with 1% fee on each purchase.

One of the unique features of LIbertyX is that it grants $1000 worth of bitcoins for free to those who sign up through Facebook.

Bitcoin ATMs:

Bitcoins through ATM? Yes, you read it right. You can buy cryptocurrency through Bitcoin ATMs with only cash. Bitcoin ATMs require no verification, making it one of the most private ways of buying coins.

The average transaction fee through bitcoin ATMs is 5-10%, which is completely acceptable to those who want 100% privacy.

Bittrex:

Bittrex is a USA based digital currency exchange that offers fast trade execution, protected wallets and cutting-edge security measures to ensure the safety of your funds. It is said to be supporting more than 190 cryptocurrencies with a market cap of $354,425,501.

Bitfinex:

Bitfinex is a cryptocurrency trading platform based in Hong Kong that offers peer-to-peer trading of all major cryptocurrencies. It’s known for its customizable interface, security and variety of digital currencies.

Bithumb:

Bithumb is a Korean cryptocurrency exchange portal which is known for its reasonable price rates for bitcoin traders, ability to make quick real-time transactions and protection of every users’ assets with SMS verification. It is currently having a market cap of $314,531,860.

Kraken:

Kraken is a San Francisco based cryptocurrency exchange established in 2011. You can exchange multiple digital currencies as well as buy bitcoins. The currencies traded include Bitcoin, Dogecoin, Litecoin, Ripple, Ven, U.S. dollars, the Korean won and the euro. Moreover, Kraken is known for its security measures to prevent any sort of illegal activities to take place.

GDAX:

GDAX is a U.S. based exchange that offers a spontaneous, trusted and secure interface, along with full insurance of the funds held online.  It is also backed up by major investors such as Union Square Ventures, Andreessen Horowitz, and the New York Stock Exchange. Currently, the market cap of GDAX is at $104,995,957.

Final Word:

These are some of the top exchange bitcoin for USD through which you can buy coins. Each exchange has different terms and conditions for its users. Make sure you go through them carefully before acquiring their services.

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Yahoo Japan’s Subsidiary “Z-Corporation” Purchases Stake in Crypto-Exchange

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On Friday, Yahoo Japan confirmed that it has acquired a minority stake in a cryptocurrency exchange of Japan. According to Reuters, a subsidiary of Yahoo Japan, Z Corporation, has purchased a 40% stake in the Japanese crypto Exchange, “BitArg Exchange Tokyo,” which has the worth of almost $18.6 -$27 million. The exchange will be set to launch in the month of September, 2018.

yahoo crypto news

Rumours of Acquisition

The rumours of the acquisition first came out in March; however, at that time they showed that the investment will be made by Yahoo Japan through YJFX, which is its forex transaction platform, and not through Z Corporation.

In a statement, Yahoo Japan said:

“By utilizing the service operation and security expertise of the Yahoo group, we support the operation of exchanges operated by BitArgo Exchange Tokyo.” Yahoo Japan also added that the exchange intends to offer services for customers that are secure and easy to use.

Monex Group

Japan is considered as an industry hub as it has above three million domestic crypto-traders. The news of Yahoo Japan’s investment showed up just after days when the financial regulator of the country ordered crypto exchanges; FSHO and Eternal Link, to stop operations due to inadequate KYC procedures. Similarly, another prominent acquisition happened this month – Monex Group announced that it struck a deal to acquire Coincheck exchange, as it went through a major hack at the beginning of this year.

After the Yahoo crypto news, Monex, which is known as a major Japanese online brokerage has confirmed its acquisition of Coincheck and was undeterred even with Coincheck getting lots of criticism for negligent-security procedures the whole year that led it to the mugging of $530 million of NEM tokens from its wallet.

Even with interruptions, SB, which is a Japanese banking giant is set to launch its own cryptocurrency exchange after firming up the security measures when the FSA is considering to ramp up its scrutiny of exchanges after the theft of Coincheck. Also, Messaging giant Line, that has a market cap of more than $9 billion and has almost 600 million registered users as well as 200 million monthly active users, has also filed an application with FSA in order to launch its own cryptocurrency exchange in Japan.

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Bitcoin Hitting High Notes

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Digital Currencies on the Rise

Bitcoin has been on the climb to sky-rocket since the currency split into two a week ago, with its total market value standing at around $55 billion, it seems as there’s no place the cryptocurrency would rather be.

It is now standing at $3260.80 per coin after experiencing it hit $3344 for the first time ever.

 

 

Bitcoin Cash, meanwhile, is back up 28% valued at $271.71 after its drop from $727 on August 2.

Trading platform eToro’s analyst, Mati Greenspan says Bitcoin Cash’s dip and Bitcoin’s surge are likely correlated.

Greenspan wrote in an email on Monday morning: “All that money that seemingly came out of thin air to pump up the value of Bitcash is now being fed right into Bitcoin. Bitcash has fallen from its peak of $12 Billion all the way down below $4 Billion this morning. Bitcash sought to replace the original form of digital money but the miners never embraced it. As it was seen by many as something for nothing, many users are now dumping.”

Related: Buy Bitcoin Online

This is how Bitcoin had performed last year, this proves that we’re now on record-breaking grounds.

 

News and Image Credits: businessinsider.com

 

 

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What is Bitcoin Cash – How To Get Bitcoin Cash

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The hottest news coming out of the Bitcoin world is it being split into two. The hard fork, everyone was eagerly waiting for was carried out on August 1st and we no more have Bitcoin – the lord of the crypto – as a single entity. Yes, now there are two bitcoins:! BTC (original Bitcoin) and Bitcoin Cash or BCH (forked version of Bitcoin).

what is bitcoin cash?

Bitcoin Cash is similar to Bitcoin in terms of protocol: same block time, 21,000,000 supply, proof of work SHA-256 hashing, and the same reward system.

However, two of the main things that separate it from Bitcoin are: block size limit and the difficulty level.

Bitcoin Cash proposes to expand the block size to 8 MB compared to Bitcoin which offers a block size of just 1 MB. The other major difference between the two crypto-bros is difficulty level as BCH will adjust the difficulty every 6 blocks as opposed to Bitcoin’s 2016 blocks.

Some other differences are discussed in the following part of the article.

What Is The Difference Between Bitcoin And Bitcoin Cash?

  • BCH is an altcoin forked off Bitcoin
  • It separates blockchain and bumps up the block size up to 8MB
  • It removes Segwit
  • If the split is not successful or the community refuses the usage, BCH will soon diminish after the split.

How To get Bitcoin Cash?

Before obtaining Bitcoin Cash, make sure you go through the following points:

Get Your Private Key Ready:

Get a private key to make sure you have access to Bitcoin wallet. Having a private key is essential as without it, there is no way you can access the coins.

Create A BCH Wallet:

In order to keep Bitcoin Cash somewhere, you will need to create a BCH wallet. This will help secure your bitcoins and also assist to make transactions.

Do Not Trust Anyone:

Do not trust anyone, I repeat, do not trust anyone under any circumstances. You will be contacted with numerous scammers/tricksters whose sole purpose is to steal your coins. You can avoid them by not responding back and keeping your private key unrevealed.

What Are The Exchanges And Wallets That Except BCH?

bitcoin vs other cryptocurrencies:

The list of Exchanges/wallets that except BCH include:

  • Bitfinex
  • com
  • BTCC
  • CoinFloor
  • Quoinex
  • ViaBTC
  • Cryptopia
  • Jaxx
  • Korbit
  • HitBTC
  • Huobi
  • OKCoin
  • Bitflyer
  • Bithumb
  • Bittrex
  • Kraken
  • OKEx
  • Yobit

Wrap Up:

The word is, we now have two bitcoins: Bitcoin and Bitcoin Cash (BCC or BCH).

Just remember to be cautious while splitting your BTC and read as much about the split as possible. Hopefully, you made most of the split and are now enjoying your free coins.

Do let us know how the split turned out for you below!

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