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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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Gold droops as Businesses Side with Cryptocurrencies

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With cryptocurrencies like Bitcoin and Ethereum, leading the charts, it is hard to ignore the fact that digital currencies are becoming everyone’s new want. Having investors line up right in front, looking forward to making new investments with the cryptocurrencies.

Every month, more digital currencies are added on to the list. Especially, with businesses turning to cryptocurrencies, demands in areas outside the digital world have seemingly begun to decline.

In all this, gold in the sudden surge in demand of virtual currencies our precious metal has suffered immensely.

Supply and Demand

Unlike Bitcoin, there is about $7 trillion worth of gold in the world.

The limits on bitcoin’s supply and the potential worth of the digital currency mean there will be an increase in demand for a limited product, thus driving up the value. Also, the time taken to add Bitcoins to the market has actually dropped since the difficulty to mine a block keeps increasing.

Future of Bitcoin and Gold

Tom Lee, the widely followed strategist said in a report that his model shows how Bitcoin could rise to a range of $20,000 to $55,000 in the next five years.

Moreover, as new cryptocurrencies arise, more and more investors have begun to accept the blockchain technology. Countries are wanting to implement these techniques into their financial sectors and completely decentralize.

Bitcoin now makes up the minority of the entire cryptocurrency market at about 41.6% of all coins and assets.

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Why does IMF chief Christine Lagarde want to regulate the ‘cryptomarket’?

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Christine Lagarde, Chief of the International Monetary Fund (IMF), has said in an IMF blog post that the blockchain technology used to regulate cryptocurrencies can also be considered helpful in regulating and legalizing them.

In fact, it would prove to be a good news for crypto lovers as they have also been longing for the cryptocurrency to be legalized. Once it will be legalized, more people would get attracted towards it and the market ratio will automatically stabilize. According to some, the blog statement of Christine Lagarde can be considered as the first step towards the legal monitoring of cryptocurrency.

cryptomarket

In her above-mentioned blog, Christine Lagarde, appreciates the salient features of blockchain technology, which she refers to as an “exciting advancement that could help revolutionize fields beyond finance.” However, addressing the “dark side of the crypto world” she further explained that cryptocurrency market also needs legalized regulation in order to avoid illegal activities e.g; money laundering and funding terrorist activities around the globe. According to her some of the main features of cryptocurrencies is their anonymity which can inturn prove them safe for criminals and terrorists — that’s what makes them dangerous in short and blockchain technology is the only way to monitor what is actually going on in the world of cryptocurrency. To understand her statement further we must know what actually the Blockchain Technology is.

Blockchain Technology

Blockchain technology is the actual power behind Bitcoin, Ethereum, and other major cryptocurrencies. Technically, it is an openly accessible collection of financial accounts of all transactions which have been made in the crypto system since its starting point.

The reason behind Christine Lagarde’s blog statement

The main reason behind Lagarde’s statement is that she’s also well-aware of the financial stability faced by crypto-market during the past few months. At the same time the tremendous variations in the value of cryptocurrencies have also served to ignite her interest.

She further suggested that cryptocurrencies require the same sort of regulation as implemented on traditional currencies. However, she acknowledged that a lot of work needs to be done. She also suggested the use of biometrics and some other techniques like artificial intelligence, distributed ledger technology etc. could ensure the information-sharing between market participants and regulators.

Lagarde’s point of view is that with the help of modern technology, we can easily turn crypto-market for the public good, instead of making it a place of comfort and shelter for criminal minded people.

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Bitcoin Value Graph- Complete Information About Bitcoin Prices

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Bitcoin’s cost is measured by fiat money, for example, American Dollars, Euro, etc. Bitcoin, therefore, appears similar to any symbol traded on trade markets.

Unlike fiat, however, there is no official Bitcoin cost; just different averages in light of price feeds from worldwide exchanges. Bitcoin Average and CoinDesk are two such names detailing the average cost. It’s typical for Bitcoin to trade at a price marginally different to the normal price.

But inconsistencies aside, what factors determine the price of bitcoins? well, the main factor is supply and demand. The fact that bitcoin is limited in nature leaves the currency mainly at the mercy of supply and demand. When the Bitcoin demand is high, supply drops, and the price goes up and vice versa.

Bitcoin price history is very interesting. In 2009, which was its first year it was just $0.39 per bitcoin. now it is valued at more than $7,000.00 per BTC. Stunning isn’t it.

Here is a Bitcoin value graph giving you an idea of how its price has moved over the years:

Bitcoin Value Gragh

Looking at this Bitcoin value graph, it can be easily determined that Bitcoin value has been on a constant rise over the last couple of years, and the trend is expected to continue in the future as well.

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Legendary Move by “Legends Club” In Las Vegas – Becomes The First Club To Install Bitcoin ATM

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Bitcoin ATM

Over the last few years, Bitcoin has seen an incredible growth in popularity. Numerous stores, corporations, and businesses have started accepting Bitcoin as a form of payment. But this is not the only interesting part. What’s more intriguing is the fact that Bitcoin is no longer confined to only  business community. The currency is starting to take on the entertainment industry just as well.

According to the latest news from LV, a Las Vegas-based club has installed a Bitcoin ATM and is planning to register members through Blockchain.

Peter Klamka – the owner of Legends Club stated: “It was an easy choice to make. The club is recently opened and judging by the traffic, it only seemed a natural location. It was something that I had always planned and there wouldn’t be a better time to pull this move off.”

Looking at Klamka’s history, it’s pretty obvious that the guy is filled with passion for Bitcoin. He operates a company named Bitcoin Direct, LLC, and had also installed a Bitcoin ATM in Mixed Martial Arts Studio in Las Vegas.

Interesting fact: The ATM is branded with one of the club’s strippers – adding some extra flavor to it. The members are also calling it the “Porn Star ATM”. The Porn Star ATM is the second that Klamka has branded. First one was Mike Tyson’s ATM.

While talking about his plans, Klamka proposed that he is also considering to brand sports and celebrity ATMs.

“I also think branded ATMs of any kind will bring new audiences and new users to digital currency,” he said. “Nick Blomgren (who runs the Legends Club as well as the mixed martial arts studio) and some of these performers are more willing to experiment and test ideas.”

“It is similar to branded slot machines that are everywhere in Vegas and in casinos in general,” Klamka said. “In a longer term, it will encourage business to embrace digital currency there are no chargebacks frauds and transaction fees are extremely low.”

“The goal is to make an item for organizations to help drive the business forward,” Klamka told CCN. “We’ve seen individuals wanting to take pictures beside these ATMs.”

“I also think that branded ATMs of any sort will pull new users towards cryptocurrency,” he said. ”

Why It Seemed Such a Perfect Fit?

The MMA community is closely allied with the club, and given the popularity of Bitcoin amongst the MMA community, it only seems natural to have a Bitcoin ATM at the club.

Famer Stephen Bonnar – club executive and UFC hall of Famer – has close ties with MMA fighters and is always working to assemble the MMA fighters as hosts, friends, and members of the club.

Bitcoin and Strip Clubs:

The Legends Room is possibly the first strip club in the world to accept Bitcoin payments in addition to accepting traditional payments for services that the club provides.

Moreover, the club is also working on the idea of registering membership through blockchain. The approach will allow the owners of Las Vegas nightclubs to rent memberships just like real estate.

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LATEST: Why Bitcoin is Hottest 2017! * Experts | Investors | Traders | Reviews

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