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Guideline for Creating a Paper Bitcoin Wallet

A paper wallet is one the most popular and safest options to store your bitcoins. But before we go into the details paper wallet, we’d want you to know what is a Bitcoin wallet and why do you need one.

Bitcoin Wallet:

A Bitcoin wallet is a digital wallet that is used to store coins and make transactions; similar to a traditional bank account.

The wallet consists of two keys: A public key and a private key.

  • Public key: Your address on which other users send coins to you.
  • Private key: Which you use to send bitcoins to others. They key is kept private and only the owner of the wallet knows about it.

The combination of public and private key is what makes a bitcoin transaction possible.

It is important that no one knows about your private key , otherwise, it would give some unwanted entities the access to your wallet, which puts your coins at the risk of theft.

So, if you are using an online or an offline wallet, you’ll be vulnerable to hacking/malware attacks as your keystrokes can easily be logged.

Moreover, a stolen PC or losing your hard drive means you can wave bye to your digital assets for good.

Utilized with care, a paper wallet can shield you against these possibilities.

What is a Paper Wallet?

A paper wallet consists of the public and private keys that make up the wallet in a documented form.

It often has a QR code, so that you can quickly scan it and add the keys into a wallet to perform a transaction.

The prime benefit of having a paper wallet is that it doesn’t store the keys digitally; making it immune to cyber-attacks or a hardware failure.

A downside of the paper wallet is that it’s delicate and must be kept away fire and water.

How to Create a Paper Wallet:

  • Open your favorite browser and go to BitAddress.org
  • After typing some random characters to create randomness, you will be presented with a QR code, a private key, and a public key.
  • Click the tab “paper wallet”
  • Select the number of addresses to generate
  • Click “generate” button for creating new wallets
  • Once the wallet is generated, print it out to make a hard copy
  • Make a note of public addresses
  • Scan the QR code in your Bitcoin app to start depositing funds

What Are Some Security Tips for Paper Wallet?

Due to the fact that these wallets are used to save large amounts of money, it’s necessary to take precautions and make it as secure as possible.

The list of some useful tips for protecting your bitcoin wallet (paper) includes:

  • Make sure no one sees you while creating a wallet
  • BitAdress uses an algorithm named BIP38 to support encryption of private keys. The algorithm utilizes two-factor authentication i.e. something you have (paper wallet) and a passphrase.
  • Use a clean operating system such as Ubuntu to eliminate the risk of a spyware monitoring your activity.
  • Laminate your wallet or store it in a sealed plastic bag to protect it from water/damp.
  • Store it in a locker to protect it from theft.

Follow these tips and your paper wallet would be safer than ever.

To make sure your wallet is safer than ever, read our tips on how to secure a Bitcoin wallet.

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Crypto Exchange EtherDelta Gets Hacked – Loses Coins Worth Millions

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A renowned crypto exchange EtherDelta got its DNS server breached by an attacker on Wednesday, allowing the hacker to redirect millions of users to a malicious website.

The announcement of the hacking was made in a series of tweets where EtherDelta warned users that a hacker had temporarily hacked their DNS server and was redirecting users to a malicious version of the site.

Being a decentralized exchange, EtherData comes under the control of Smart Contracts, meaning that it doesn’t provide the third-party control of user funds. However, the exchange does allow users to import private keys to the exchange itself.

As a result of this attack, the hacker was able to steal private keys from users who unwittingly imported their private keys into the imposter website.

The data obtained has revealed that the hacker stole around 308 ether – worth around $250,000 at the time of writing.

EtherDelta said that clients who got to the exchange using either MetaMask or a hardware wallet are “totally sheltered” from the phishing attack. The organization included that funds from clients who never imported their key on the malicious site “should be safe,” but brokers might need to consider moving their assets to another wallet address as a safety effort — and reconsider their choice to import their private keys directly into a site.

The Risks Associated With Crypto Exchanges:

The attack came days after South Korean exchange Youbit revealed that it lost 17 percent of its assets as the aftereffect of a hack — the second the organization had faced this year — compelling its administrator, Yaipan, to declare bankruptcy.

Like Youbit, EtherDelta was a small exchange. CoinMarketCap reports that it processed just around $7 million of volume during the previous 24 hours, a figure that is, to some degree, lower-than-normal because of the breach. However, the exchange was well known among ERC20 token merchants, as it was one of the first exchanges to support tokens derived from lower profile ICOs (Initial Coin Offerings).

Neither of these hacks will prompt a huge disturbance in the worldwide digital currency markets, but each exhibits the risks related to using crypto exchanges.

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Nasdaq going to invest in blockchain startups

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Nasdaq going to invest in blockchain startups


Blockchain has business potential 

When you are going to generate the money, it’s really hard to beat blockchain. Blockchain startup has its own trends in exchange markets.  Similarly, it has its own business potential. In the same way, large companies all over the world are interesting to invest in blockchain investment by using its potential. First and foremost, the example is Samsung partnering with blockchain to provide blockchain capability to Samsung card.

At the same time, well-reputed companies are taking the interest in blockchain technology. Nasdaq is the world’s second-largest stock exchange company similarly is going to invest in the bitcoin blockchain stock. While it has been the earliest and well-known supporter of new technology in the stock market.

Proxy voting

Financial institutions have to use the proxy voting test. therefore, this growing experiment mostly uses at first emerge. Nasdaq recently completes its test by using blockchain technology. consequently, it will runs it to different exchange sector, whether to approve this technology.

Blockchain ‘time start now

The blockchain is a technology, in which distribution and imputation of transactions are controlled by the internet without any approval of the central authority. As a result, its creates the golden record of data, market infrastructure.in addition, bank hoped that security settlement would be change to corporate actions.

This is the separate issue to implement this technology to its own market or not. Nasdaq is evaluating, whether this system is to be sell to clients including central security depositors. The excitement of investments in blockchain remains high. A technology needs several years of an industry to reap the benefits.

Nasdaq venture

On 19th April 2017 Nasdaq introduce the Nasdaq venture. Which clearly means that company is going to invest in the companies working with blockchain. The announcement does clear one thing, the venture will look after the investment opportunities and will focus on next generation data analysis, machine learning, machine intelligence, cloud and data analysis.

Nasdaq does its first investment in $10M, and it will focus on both late-stage and seed seed-stage placement

The range of investment will be from $1M to $ 10M.  Moreover, each investment will directly support to Nasdaq’s core business strategies and mission. In addition, Nasdaq venture makes it sure that they will focus on data and analytics, machine and artificial intelligence, emerging and frontier marketplaces, digital transfer/payment/transaction processing type of finch companies.

On the other hand, Nasdaq always an active supporter of financial technology innovations, especially in the case of blockchain technology. Therefore, it has a great reputation in the financial sector.  In conclusion, Nasdaq will facilitate the US even so, the other countries by using this system.

As Friedman said, “With the launch of our new venture investment program. We are reinforcing our focus on driving growth. Innovation by evaluating, distributing, licensing and integrating disruptive technologies for the long-term benefit of our global clients.”

 

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A Hard Drive Worth $75 Million That Won’t Recover

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James Howells, the IT laborer who unwittingly disposed of a hard drive containing what is currently valued at around $75 million worth of bitcoin, knows where the missing hard drive is, but he can’t try to recover it. That’s because the city in which the fortune is covered won’t enable him to delve into the landfill.

The missing hard drive is sitting somewhere under 200,000 tons of junk in a Newport, South Wales landfill.

Howells used an old PC to mine a sum of 7,500 bitcoins in 2009. Presently, he sold the parts to the Dell M1710 on eBay after his girlfriend complained about the mining’s clamor. He kept the hard drive in a cabinet, just in case the bitcoins increased in esteem. However, he overlooked the hard drive, and after four years, he disposed of it with the trash.

Howells has not been able to get consent from city chamber to dig into the landfill to recover the hard drive. Doing as such would require particular hardware that is typically used as a part of criminal examinations.

He was informed that a situation where even the police needed to go digging would require a group of 15, incorporating diggers with compulsory personal protection equipment. He couldn’t reserve such an operation, so he set up a wallet for donations:

https://twitter.com/howelzy/status/405690499593699328

City Council Denies Permission:

A Newport City Council representative said somebody has reached them in the past about recovering IT equipment containing bitcoins, but the chamber has shied away because of the expenses of uncovering the landfill and treating the trash, as per Wired. Such an exertion would cost millions and be environmentally destructive, with no assurance that a working drive would be recuperated. Around 50,000 tons of waste is added to the landfill every year.

A city chamber representative said the drive has likely experienced genuine galvanic corrosion from landfill leachates and gases. The landfill isn’t open to the public use.

Howells has the public address for his bitcoin, so he knows the bitcoins have not been moved. Since the information is encrypted, any individual who finds the hard drive would require Howells’ assistance to get to it.

 

Story credits: ccn.com

Image: Google images

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Cryptocurrency Market is Stabilizing as Bitcoin Records 4.5% Gain

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Bitcoin’s price has rebounded to $11,997 with a 4.9% gain after falling to $10,000 recently and is now affecting the whole market with its momentum.

Bitcoin Once Again Hits its All-Time-High:

The daily trading volume of the cryptocurrency market including the top-cryptocurrency (bitcoin) has been comparatively strong over the past 24-hours. The daily trading volume of the top-cryptocurrency remained strong across all major cryptocurrency exchanges including; Bithumb, Binance and UpBit, which demonstrates signs of another recovery towards $13,000, as many experts have highlighted it.

The daily trading volume of bitcoin has hit a monthly high in South Korea, as around about 80,000 bitcoins were traded within a single day. South Korea’s largest mainstream media outlet “HanKyoReh” reported, that for the first time since January, the demand for bitcoin is rapidly growing.

cryptocurrency market stable

Multiple investors have started to invest in the bitcoin market out of the fear of missing out, as the top-cryptocurrency has continued its rising momentum throughout the past few days. Another South Korea’s mainstream media outlet “Chosun” highlighted that bitcoin has built flexibility just within a month, as a lot of investors have started to enter the cryptocurrency market once again.

According to Chosun, strong cryptocurrency (bitcoin) remains above $10,000 mark even though it has been through many adverse issues, criticisms, and huge corrections. At this time, the crypto-market is seeing similar prices as it has seen only two months back, preceding to bitcoin’s enormous bull run that permitted the top-cryptocurrency to achieve its all-time high at $19,000.

CEO of venture capital firm Pantera Capital, Dan Morehead said last week, that the price of bitcoin would be expected to surge by the following week after it recovers from the bear market. He highlighted that most bear markets have a tendency to last 71-days and from now, bitcoin would be in a perfect position to see an upsurge in its price in the coming week.

He added, the past doesn’t predict the future, however, it looks like this is the right correction. It had been on a 71-day bear market so, it looks like within few weeks, everything will go back to normal.

Ethereum:

Other major cryptocurrencies (including Ethereum) with ICO tokens have been following the trend of bitcoin for the past 2 weeks, however, it just dropped to $945 on February 20th. Just few cryptocurrencies have been able to exceed the gains of the top-cryptocurrency bitcoin, and most cryptocurrencies have recorded declines in their worth. Ethereum has declined by 2% against Bitcoin. However, it is also essential to perceive that Ethereum is only down by 0.52% over the past 24 hours.

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