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People can store their Bitcoins offline or online through multiple ways. They are free to use a paper wallet or hardware option to store.  However, users of this technology also have the option to create a wallet on cheaper USB to store coins offline.

Creating low-cost Bitcoin wallet USB

Today, we are going to create a low-cost bitcoin wallet with a USB drive. You have the option to download few different wallets for this procedure. While, for this walkthrough, we use an electrum wallet. bitcoin users need to follow such installation process.

First

You need to download electrum wallet to your computer. Linux, Windows or Mac OS will take few minutes to download.

Second

Install this software directly on the USB drive. Use USB thumb drive for other application isn’t the good idea. There is an option that drive should play one man show as bitcoin wallet.

Offline installation of wallet into USB drive

Third

To perform offline line installation, you need to disconnect from an internet connection. It will be better to refresh your computer before installation. When you are sure that your operating system is offline then plug your device into the computer.

Forth

Open an installation program from your USB drive. The client does not have the option to reach the bitcoin network, but you still have complete opportunity to create a new wallet. This installation follows the same procedure. You need to install to USB, then go through security session. Where you will create a strong password and write down your seed phrase. Keep in mind, if you forget your password or seed phrase, you will not recover your bitcoins on that wallet.

A Little Bank or Bearer Bond Instrument

After securing your wallet with an encoded passphrase and get your seeds, you will have a fresh wallet. you can easily send or receive the bitcoins. like a hardware wallet, you need a device to access your keys, so that you can easily restore it with seed. The cost for this method is round about $2. Furthermore, they also can use the bearer bond instrument.

 

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A Short Story of Scaling – The Master Mind of Bitcoin Drama

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It’s safe to say that everyone knew consensus was going to be extremely hard.

Dating back to earliest forums and boards, the Bitcoin community has always been pondering on how to expand the Bitcoin network to keep up with the work load and accommodate a larger number of transactions. However, it wasn’t until the year 2014 this idea got the spotlight.

Since then, there has been a heated, non-stop debate which, at best, has showcased the creativity of developers working on the project and, at worst, the damage that a non-stop debate can cause to the scientific pursuit.

Now, the experts look back to major stories in an attempt to recognize what could be a notable milestone that shaped the narrative.

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Bitcoin Market Cap Hits $52 billion for the First Time Ever

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Bitcoin investors get apprehensive as Bitcoin’s value surpasses $3000, hitting a new record within a week after the split.

According to CoinDesk.com, Bitcoin climbed to $3,360.87 on Saturday and by Sunday, it had settled down to $3,286.87 while pushing bitcoin’s market capitalization past $50 billion for the first time ever. It’s market cap now lies at $52.3 billion at press time.

The reason behind these price jumps is the launch of Bitcoin Cash, which is a new version of the cryptocurrency. While Bitcoin’s price did have a 5% drop during the initial days of the new currency, it rapidly recovered. Previously in June, Bitcoin had hit the $3000 however, it fell 20% soon after.

As expected, market volumes have increased along with the price due to the increase in trade volume within the past couple of days and by the looks of it, Bitcoin is back and better than ever.

 

bitcoin image via atlanticbase.com

rocket image via Science Learning Hub

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Cryptocurrency Security – Here’s All About Its Three Layers!

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So, what’s a decentralized system? In simple words, we can say that a decentralized system works with no servers and each member is permissible to execute transactions. But in the case of the blockchain, each member must have to do some system-tasks as well, such as; storing transactional data.

cryptocurrency Security

Fork: Even a group of members can run an alternate-version of reality, which is called “fork.” The fork works by the similar regulations as the original decentralized system – though it might have a diverse state.

Let’s enlighten you about the hierarchical nature of cryptocurrency security!

First Layer – Tokens and Crypto Coins

  • One of the first and foremost thing in the crypto world is your cryptocurrency security.
  • Whenever you choose a cryptocurrency, you take all the perils and risks related to the protocol.
  • If someone can recognize and utilize protocol flaws, they can compromise the whole network, even including you; it won’t be much important which exchange/wallet you are using.

In the first layer, you can find two different types of currencies which include, the coins (Bitcoin, Ethereum, Bitcoin Cash etc.) and all ICO-issued tokens such as; MOBI or EOS.

What is the Difference?

Well, the difference is in the technical features. Each coin is either an independent network protocol or just a copy of some of it. When you research a crypto protocol from a security stance, make sure to find out if it can be centralized.

Let’s take an example!

In the case of Bitcoin, it’s now centralized around four major mining pools which also means that if all of them collaborate, they can possibly compromise the whole network.

Another advice! Whenever you look for proof-of-stake crypto, make sure to have a look at the genesis. This is also quite imperative, as whoever keeps the preliminary and initial stake can vote for transitions, as well as the network will be also trusting those who have higher stakes. If we take an example of NEO, a PoS network of China, which is same as Ethereum, was distributed 50/50 amid its ICO sales and developer community – unlike Ethereum distribution. Also, the NEO token distribution makes sure that no major stakeholder from the exchange platform or the developing side has enough stake to compromise the whole network.

Tokens

  • Now if we talk about tokens, all of them are based on a smart-contract aspect of few of the coins, which means their reliability and security is first based on the parent cryptocurrency – only subsequently on the smart contract’s code that issued it.
  • Mostly, all ICO coins (tokens) are based on Ethereum and just some of them are issued by smart contracts.
  • Also, it is imperative to point out that Ethereum got hacked a few years ago due to the DAO protocol hack – later hard forked and rolled back to the state. This also shows that the founders of Ethereum probably have a time machine as it looks like they have the ability to go back in time – yet again if it’s required.

Second Layer – Exchanges

One thing that everyone must understand about the exchanges is that they are written in custom-code with infrastructure security and has got nothing to do with blockchain. If we talk about an exchange, it is just a standard centralized web service arrayed in a data centre. That’s why whenever we talk about the exchanges, we always mention reliability and trust.

Almost every month we hear news about the data breaches and security events that occur because of exchanges.

Examples

Here are some latest examples!

  1. Back in December 2017, $63 million in cryptocurrency was stolen from NiceHash by hackers.
  2. At the beginning of this year, January 2018, more than $500 million in cryptocurrency was stolen from Coincheck by hackers.
  3. In February 2018, almost $195 million in cryptocurrency was stolen from BitGrail by hackers.

The hype around cryptocurrencies is due to the number of data breaches. Many exchanges have recently started their business – without investing in proper security measures. Simultaneously, if someone steals tokens/crypto coins from an exchange successfully, it’s nearly impossible to do anything about recovering it.

Third Layer – Wallets

Well, the third layer is linked to your personal security in the crypto world and you must’ve heard a lot about it before.

When you select a wallet for cryptocurrencies, you’ll have two options:

  1. Hot Wallet
  2. Cold Wallet

Hot wallet Vs Cold Wallet

  • The hot wallet is just like an account in exchange or in simple words, it is a website-based wallet.
  • In the case of a hot wallet, your tokens/coins are under the control of your wallet provider.

Whereas, a cold wallet can be a hardware, software or just a paper.

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History of bitcoin

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Bitcoin is a digital currency, world’s famous cryptocurrency. Who creates Bitcoin? Its answer is not that much easy. while the identity of the creature of bitcoin is still a mystery.  In last of 2008, someone going from the username Satoshi Nakamoto, release a white paper to cryptography list. The 9-page paper was entitled” Bitcoin, peer-to-peer electronic cash system”. That day and today, we do not know the creature, is a personality or a team work???

With pseudonym creature, bitcoin asserts itself. In the meantime, Bitcoin creates a strong impact on users of the cryptocurrencies’ world.

Now, here I am going to share bitcoin price history, its origin and how its start work, and rises as a star in cryptocurrency world.

2007:

Basically, working on bitcoin concept was started in 2007. If we consider, that Satoshi Nakamoto is a legend. He starts working on this concept to provide fair and free transaction system. While he was on record as living in Japan.

August 15, 2008:

The allege originator of Bitcoin concept denies the connection with Satoshi Nakamoto. Even so, Neal Kin, Vladimir Oksman, and Charles Bry file an application for an encryption patent application.

A great silence…………………………

August 18, 2008:

18 August 2008, anonymousspeeches.com register a domain, named bitcoin. A site, allows users to join and do transactions. This was the birth of Bitcoin in the real world.

 October 31, 2008:

Nakamoto publishes the design white paper in cryptography list. Whereas, the paper includes that the bitcoin currency is going to solve the issue of currency being copied.

January 3, 2009:

The first block was mined on January 3, 2009. It was,” Block 0, the genesis block, is established at 18:15:05 GMT.

January 9, 2009:

Version 0.1 released. It includes the generation system which creates 21Million bitcoins through 2040.

January 12, 2009:

Version 0.1 of bitcoin released on this date. Compiled

with Microsoft visual studio for windows. In which, bitcoin generation system will generate 21Million bitcoin through the year 2040. In addition, at the end of this year, on 16 December 2009, 0.2 version of bitcoin released. Whereas, 0.3 version released on July 7, 2010.

0.3.13 version of bitcoin released on September 29, 2010.

A Brief Look at Bitcoin History – First Bitcoin Transaction:

First bitcoin transaction takes place between Satoshi and Hal Finney on 12 January 2009.

Born of currency exchange:

First bitcoin market established on 6 February 2010 by doing dollar as Bitcoin currency exchange.

10,000 BTC spent on pizza:

Florida programmer, Laszlo Hanyecz pay 10,000 bitcoins for pizza. That was the real-life transaction takes place in cryptography world.

Pool mins……:

On September 18, 2010, bitcoin pool mining was introduced. Furthermore, several users work together and enjoy the benefit together.

2013:

No doubt, the most important year of the bitcoin. This year, Bitcoin wrote its history. In 2013, its market capitalization reaches $1bn. China bans this technology first. But today, 80% of bitcoin transactions are processed in China and become the largest trader of Bitcoin in the world.

2014:

In 2014, first and most progressive treatment to bitcoin was held by HMRC. Who classified bitcoin as the asset or private money.

2015:

The biggest change comes from banks and industries. Most of the banks trying to change their infrastructure. Whereas, industry executives talking about Bitcoin and some of them do transactions.

2016:

Therefore, it is too early to tell you about the story of Bitcoin in 2016. It reaches heights and sometimes faces loses.

Future Prediction of Bitcoin:

As bitcoin reaches the price of gold, and compete with many more cryptocurrencies. Which makes its strength in the financial market. Looking at the Bitcoin value history, future can be easily predicted. And my prediction is that coming era is bitcoin era.

 

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Best Auction Sites and Platforms for Bitcoins

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Members of the Bitcoin community are always looking for ways to buy and sell products in exchange for bitcoins. Fortunately, several sites make that possible by offering secure and safe platforms for sellers and automatic escrow protection for buyers who bid to purchase their desired items on sale.

The following auction solutions have gotten a lot of attention over the past couple of years:

OPENBAZAAR

Best Bitcoin Auction Sites

OpenBazaar is a top Bitcoin auction site for everyone looking to purchase or sell all sorts of items in one place. Although it is believed to be a normal shop on the internet, it does offer some auction functions as well. There is no limit as to what items can be sold on the platform. Also, OpenBazaar’s peer-to-peer nature means there is no company or middleman that can remove or block listings, charge fees, or hold money. By accepting bitcoin payments, sellers are opening up to their offering to the rest of the world.

BITIFY

Best Bitcoin Auction Sites

Another Bitcoin trading platform. Bitify was launched in September 2013 and was first known as CrptoThift. It uses an auction system to sell items. It also offers escrow services to the buyers. The buyers have an option to use the escrow service for 1% fee. This means that Bitify acts as a guardian over the customer funds until the transaction is fully settled. You can browse numerous posted items for sales such as E-gift cards, software installers, online gaming accounts and more. Although, it offers more of digital items rather than physical goods.

GLYDE

Best Bitcoin Auction Sites

This platform has been around the longest and sells items super-fast. Buyers can find reasonable deals on electronic items and much more, whereas sellers can benefit from selling their unwanted products. There have been thousands of feedbacks on this platform and have been nothing but positive. So, make sure to drop by this site if you’re ever looking to sell any items. Glyde provides insurance on every package, so in the rare event an item is lost in the mail you will still be compensated for the sale. It is the best bitcoin trading platform to buy and sell with bitcoins.

To help build and enhance your reputation, opt for websites having built-in feedback systems. Also, make deals with already established buyers where you send them the item first and then wait for them to send bitcoins after receiving the goods.

Best Bitcoin Auction Sites

REMEMBER! Your buyer should have an established reputation so you don’t suffer a loss. There could be cases where you send the item to the buyer and they never send the payment.

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