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 In bank accounts the money is deposited, withdrawn and transferred to other users.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.
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:
- Green Address
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:
- Bitcoin Core
- Green Address
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.
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 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.
If you know about the bitcoin. which means, you clearly know about this technology. People use digital currency in the sale or purchase of any commodity or in term of service. Actually, this technology chain is wide and control by the computers forming blockchain.
Now, blockchain is also going to help in saving the environment difficulties. An ecologist at the university of the Agriculture sciences in Riddarhyttan is confident that this growing technology will also help to save the environment. Science and he have a discussion about the future of the money, government trends and trust of the public as well.
The blockchain is a procedure to maintain the immutable ledger of the transactions. Which decentralization the supercomputers. Accordingly, because of the lack of trust, the environmental problems emerge. Whereas, environmental crisis grows in a fruitful ground. Which is directly the multiplication of intermediaries. For example, if you buy a ring from the supermarket. Here, you just buy a ring, not even know where it comes from. The supply chain of this ring is very long. It is possible that even retailer has not enough information, where the ring came from.
In the same way, the blockchain base supply chain would mean that you buy a ring by scanning QR from your mobile phone. Where you are able to see each step and positive thing is it cannot be falsified.
How blockchain help the environment?
Blockchain has the ability to change the nature of the ownership. Moreover, in most of the developing countries land rights are not properly distributed as they are in documents. Where the government or a reputed company can easily claim, a land owned by a local community. Whereas, if we put the registry of the same land to the blockchain, which will be immutable. In addition, the real owner of the land will have complete freedom to do whatever with a land.
Blockchain has directly created an influence in policy making. While voting by the blockchain is the secure and organized way to the elections. Now, if you are going to manage an election regarding how to control natural resource. Whether it is a fishery or a forest. You need planning, instruments, ballot boxes and most important thing is to prepare the public to cast vote on the election day. On the other hand, if you do this procedure of voting through blockchain technology. you’ll free cast a vote from your smartphone with your cryptography identity and strong security.
Furthermore, this technology helps by changing incentives. A blockchain guarantee that an event will happen. That sounds weird, but you enter into a contract with the blockchain. You are free to enter business logics as computer code. Next, when condition met the contract will be executed automatically.
Above all discussion is about how blockchain will help in environmental issues. We need more planning to change living, these are few of them.
Within the past 24 hours, the price of most of the cryptocurrencies has declined significantly in the global market.
Ripple has once again dropped below the $49 billion region and has achieved a monthly low at $1.28. For many bitcoin investors, $10,000 mark was a psychological threshold, but the $1 mark of Ripple is also considered as a significant threshold that has led the price of Ripple to upsurge by 33-fold within few weeks. The market valuation of Ripple could possibly decrease further if the price of XRP or Ripple couldn’t withstand itself above $1. Also, Bitcoin struggles to maintain the gains that it recorded on January 25, although it has shown a 3% decrease in the price and is currently trading at $11,153.
Ripple has a huge following in the South Korean market and the extensive day by day exchanging volumes of XRP on UpBit and Bithumb, two of the country’s major cryptocurrency money exchanging platforms, it is almost impossible that the market valuation of Ripple would fall beneath $40 billion.
Currently, the market cap of Ripple is not as much as half of Ethereum’s. Also, it is not expected that the market cap of Ripple would fall below the current levels unless something unexpected happens within a short period of time.
Ethereum’s native cryptocurrency Ether (with EOS) has recorded the lowest losses from the major cryptocurrencies, demonstrating a minor 2% decrease in market valuation.
The tenth most important and valuable cryptocurrency in the market NEM has experienced a startling 16% decrease in its price. The unexpected drop in the value of NEM was said to be set off by a possible security breach which occurred on a leading Japanese cryptocurrency exchange, CoinCheck.
Local Japanese media released reports on January 26, that all Japanese yen withdrawal and cash outs have been disabled by CoinCheck due to suspicious transactions. Also, some unverified reports as well claimed that $500 million worth of NEM was withdrawn from CoinCheck and it’s still unclear whether it was a group of users or a hacker that stole NEM from the exchange.
The cryptocurrency community is eagerly predicting an official statement from CoinCheck, however, it has not been confirmed yet if the exchange was hacked or not.
An abrupt flow of $500 million from a Japanese cryptocurrency exchange could have caused the market to fall. Many investors have suggested that another reason could be the closing of bitcoin upcoming contracts on CME Group, and institutional investors selling huge amounts of bitcoin to deliberately bring down the currency’s price to cash out short contracts.
Shorting of bitcoin and whales selling the digital currency to cash out short contracts could have persuasively contributed to the decrease in the market cap of bitcoin, and because bitcoin is considered as the reserve currency of the market, it looks clear that the rest of the cryptocurrency market fell with it as well.
US-based residents are looking for tax returns and South Korean investors are anticipating the January 31 cryptocurrency exchange recommencement date; the global cryptocurrency market would probably improve instantly within the month February.
What is Primecoin?
Primecoin is a form of cryptocurrency which is issued through a decentralized mining market. Primecoin is derived from Bitcoin and uses prime numbers as a proof of work. Moreover, Primecoin is the first ever cryptocurrency whose design comprises of the scientific computing as its work.
What Are The Advantages Of Primecoin?
The major advantages of Primecoin are:
- Provides more security and minting to the network
- Primecoin generates special chains of prime numbers which mathematical researchers often tend to use
- Primecoin’s design can sustain a high level of security
- Payment transactions are 10x faster than Bitcoin network
Primecoin Symbol – What Does It Represent?
Primecoin symbol is basically a Greek letter psi (Ψ). The shape of this letter symbolizes the Reimann zeta function and is chosen as a tribute to Reimann. The horizontal bar we see in the symbol not only represents the currency symbol convention but also represents one of the precious jewels in the history of math – Reimann hypothesis.
How Does Primecoin Work?
Primecoin works by searching for prime number chains. The chains’ names are Cunningham chains and bi-twin chains. As of now, the distribution of these prime chains is not very well understood as even for its simplest case, the nature of their infinite existence is not proven.
The circulation of primes has been a standout amongst the most vital revelations in math, and the investigation of prime chains follows its lineage to the work of Riemann and prime number hypothesis, with connections to the more profound nature of the seemingly arbitrary pattern of prime distribution.
Riemann’s investigation uncovered the connection between Riemann zeta function and prime distribution, though later on Riemann zeta function has proved to be of higher relevance in other branches of science such as physics, consequently the investigation of prime distribution is a vital piece of the establishment of present day sciences.
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Bithumb, which is the largest cryptocurrency exchange of South Korea has joined with BitPay. On 13th March, it was announced by an executive, that the main purpose of this partnership is to compete in the global remittance market. As the major South Korea Exchange Bithumb merges with BitPay, there’s no doubt that it’s going to impact the crypto-market.
Chief commercial officer of BitPay, Sonny Singh noted while talking to CNBC, that now the businesses will have the ability to change invoices to Bitcoin and utilize BitPay for settling them more economically and faster than the ordinary bank-based remittance networks.
What does Sonny Singh have to say about this partnership?
Sonny Singh told the network;
“Cross-border payments between Korea and the West will be a $200 bln industry this year”
Singh continued by saying;
“Right now, people are doing cross-border payments […] and paying bank wires, FX fees around 4% and it takes about four days. Using Bithumb and BitPay, we’re able to make this a 1% fee in one business day”
A chain of regulations on crypto-markets has been introduced by South Korea, since December 2017, for banning unidentified trading, foreign use of local exchanges, local ICOs, and in addition to that, banning all the government officials from trading and holding cryptocurrencies. Even with such massive trading volumes, South Korea is still an ambiguous market for cryptocurrency users and businesses.
Singh also confirmed that BitPay is on its way to process $4 billion worth of payments this year and is disconcerted by the potential for regulatory disruption.
“We welcome regulation.”
Later, he continued by saying;
“So, I think all the Korean exchanges like Bithumb — they welcome regulations too. We make sure they do proper AML/KYC checks.”
At the beginning of this month, it was announced by the South Korean bank, named “Woori Bank,” that its aim is to start commercialized cross-border payments by using Ripple. According to a report, Bithumb still continues to grow consumer-awareness of cryptocurrency within the country, South Korea, by familiarizing payment terminals to restaurants as well.