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Secure Your Bitcoin Wallet

If you are a Bitcoin user, you would know that how important a Bitcoin wallet is. It is used to store all your Bitcoin assets and make transactions with other users.

Due to its significance, hackers, con artists, and thieves are always after your wallet. They develop different techniques to get into your wallet and steal your coins.

Most bitcoin users nowadays lack the knowledge as to how to keep their wallets from these attacks. As a result, they end up losing their assets. And since there is no way to track these tricksters, once you lose your coins, consider them gone for good.

In this post, we are going to discuss the most useful ways to protect your wallet, and hence the coins.

Check out our guide on what are the safest Bitcoin wallets to use to be more secure.

Bitcoin Wallet Protection Tips:

  1. Never use it on a smartphone: Smartphones are prone to hacking and theft. They can easily be hacked through the apps we download or even the mobile camera. So, if you want to protect the bitcoin wallet, stop trading it through smartphones.
  1. Versatile Bitcoin client: It hides users’ IP address and changes their address with each transaction. It also hides your privacy in public protocols, making it less vulnerable to third-party attacks.
  1. Identity protection: Avoid giving away your information on social platforms and try to keep your wallet key only to yourself.
  1. Encryption: Since your wallet is stored on virtual sites, it’s necessary to protect it with a strong password. If you are struggling to create a strong password, DESlock+ can help you create it and encrypt your bitcoin wallets from theft.
  1. Backup Your Wallet: Keep backups of your wallet. The information stored in the wallet is what all your bitcoin transactions are based on. Losing it without having a backup would mean that the information is gone forever. (Learn how to backup a Bitcoin wallet)
  1. Escrow service: Bitcoin transactions are irreversible and involve interactions with untrusted parties. In situations like this “Bitcoin Escrow Service” comes in handy. What happens here is that the buyer sends bitcoins to the Escrow service and the seller sends the product across to the buyer. After receiving the product, the buyer gives green signal to the escrow agent that he can make payment to the seller. The escrow service is considered to be one of the safest and error proof methods of bitcoin transactions. (Here are some of the best Bitcoin escrow services you might want to use)
  1. Multi-signature addresses: This method is extremely useful, especially when multiple users are using the same wallet. Multi-signature addresses prevent the misuse of wallet by an anonymous user. It requires signatures of all users, which helps to inform the signers that a transaction is being made.

Conclusion:

These are some important tips to protect your wallet against cyber-attacks. In conclusion, don’t use it smartphones, don’t publicize your keys, use strong passwords, always have a backup, use escrow service and multi-signature system.

Remember, a Bitcoin wallet address is the most important aspect of your Bitcoin venture. Its security must be on top of your priority list. And to make sure it’s perfectly secured, follow the tips that are discussed in this article.

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Who will be the ‘Amazon Of Sharing Economy’?

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Each day companies are becoming more and more dependent upon blockchain technology applications. Now it is in the news that a company is going to build its own system to get rid of separate portions of the sharing economy scattered here and there. This will obviously be a blockchain based system activated with the help of a single app that will provide the users access to any sort of rent, borrow or share assets available within the network.

blockchain based system

That company is known by the name of ShareRing. It claims that the current market is no more convenient for consumers as it was in the past. The reason behind this inconvenience is that though there are numerous companies available in the online market but most of them are specialized in one particular service for instance office space or transportation etc. due to that reason the user has to go through the laborious task of registering multiple accounts. Even after that there is no guarantee of satisfaction as the things you want to buy or borrow would be available near your locality as these kind of business parties only operate in heavily localized areas. That is where ShareRing has decided to utilize its blockchain based systems to facilitate its users as well as the small business parties.

The Goal behind This Sharing Innovation

ShareRing has an aim of becoming the “Amazon of the sharing economy”. It will provide an ease of access to its users to lease a large number of assets through a single smartphone app. All these users would be interconnected with each other as well as nearby individuals who have items to share. The beauty of this system is that the rental companies would also be able to develop their own “mini” app. This app will provide them the facility to reach a much greater numbers of targeted customers within the share ring. For this purpose ShareRing is already considering deals with big brands, progress of these deals will probably be shared on its website.

Some of the areas in which the ShareRing technology may prove to be useful are:

  • Renting cars, trucks and trailers
  • Co-housing
  • Car sharing
  • Booking delivery drivers
  • Sharing gardens
  • Swapping books
  • Social dining etc

How will the App Work?

The ShareRing’s system will have full support of an integrated smart app which will use geolocation to show users which services are available near them, thus it will also be participating in growing the ecosystem. The company is quiet optimistic about its progress and hopes that soon there would be available one million assets ready to share around the world.

 

ShareRing’s token sharing event going to be launched in May, in the meantime the company is planning to run token hunts and several other campaigns to raise awareness of the project.

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Mining Rewards – What Will the Price of Bitcoin Price Do?

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1080ti GPU from Nvidia is considered as the benchmark altcoin mining hardware for everyone mining Bitcoin or other altcoins. Though ASICs demand awe, GPUs are the smart means to get into mining with low risk.

mining bitcoin

ASIC

You can easily buy a dodgy piece of fire hazard equipment with an ASIC, which would be good for only one or two algos, that consumes electricity, and might get bricked by the time you get it.

GPU:

  • You can get a piece of kit with a GPU that can be easily sold to gamers.
  • It can mine a world of old and new coins.
  • It obviously doesn’t sound like a jet engine and probably won’t impair your hearing – perhaps, it will get you cited by the city.
  • GPUs are the best for amateur miners.
  • Plus, the 1080ti is the sweet spot amid the GPUs.

Investing in cryptocoins or making an investment in tokens is extremely speculative especially when the market is mainly unregulated. So, anyone considering it must have to be ready to lose their whole investment.

Nvidia doesn’t really like miners, however, they surreptitiously like the huge price premium which they have formed for their equipment. Also, it won’t be critical for their brand since they will be getting hundreds of dollars for a 1080ti GPU.

  • Recently, a 1080ti was making as much as $8 per day.
  • At the same time, this also meant that a miner could get their investment back in almost four months.
  • The price of Bitcoin also rebounded from almost $6,000 to $10,000 – making the rewards for mining double.
  • Later, general mining rewards began to plunge, so did Bitcoin.
  • A 1080ti hit $1.40 per day in mining rewards before they started to recover together with the cryptocurrency market.
  • The increase has taken the regular mining reward to a present $2.40 a day.

Usually, alterations in mining rewards lead the price of Bitcoin and basically are a very valuable indicator of what will happen to the crypto prices in the future. A market which is much volatile as the cryptocurrencies, a trader wants as many indicators as he can get and it’s quite better if they are closer to the elementary demand and supply fundamentals.

Mining Rewards

  • Mining rewards are thoroughly linked to open demand for coins since buyers have to go to exchanges in order to get coins real-quick and miners can sell their coins there after they get them.
  • When demand receives the supply, mining rewards escalate instantly and because of mining’s nature, mining rewards are a complex yet delicate indicator of the market wide activity.
  • An overall upsurge in the demand will encounter a less flexible supply of coins – determined by the emission regulations of the several blockchains.
  • That, at the same time, feeds through into price and onto the mining rewards immediately.
  • You could attempt and watch hundreds of coins at the same time, however, the mining rewards will provide you with a clear index-like outline

Mining Reward Fluctuations

If you are looking for a good place to track mining rewards, then whattomine.com and nicehash.com are there; as they are mining profitability pages. These rewards vary over the long-term due to a complex series of features, however, their movement in the short-term is a robust sign of which coins are hot and what ones are not.

  • The fluctuations in the mining reward make a near-term Dow- or FTSE-index like an indicator.
  • Although, they are not the ones that tell you about the present and the past but, they also hand out to the vigilant investors and traders – probably to push prices over the upcoming weeks.

A week is considered as a long time in the crypto world and for the time being, the mining rewards are directing to positive sentiment. As Bitcoin is set to break above the $10,000-mark, mining rewards will probably be a good sign to watch -because in such an erratic trading, you must have to focus on each and every signal that you get.

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SEC Official: ‘Dozens’ of Crypto Investigations Are In progress

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on 15th March, Bloomberg BNA reported that Stephanie Avakian (Enforcement Division Co-Director) of US SEC (Securities and Exchange Commission) has confirmed that “dozens” of investigations have been conducted by the agency in the cryptocurrency space.

Press Report

It was reported in February that subpoenas have been sent by SEC to companies, that are suspected of having trouble with the security laws through their contribution in the ICOs (Initial Coin Offerings). The comment of Avakain follows these press reports as she said;

“We are very active, and I would just expect to see more and more.”

cryptocurrency companies

Statement Released by Securities and Exchanges Commission (SEC)

A statement was released by SEC on 7th March, prompting cryptocurrency trading platforms that they are under the control of the SEC as it monitors them and as an outcome, it must register as exchanges. It’s already clear that SEC holds the main responsibility for proposing securities rules, enforcing federal securities laws, regulating the securities industry, and other actions, which includes the electronic securities markets. SEC supervision ended up as three different companies were suspended from trading due to queries related to the cryptocurrency.

What has SEC done against the crypto-related companies?

Over the past few years, the SEC has taken more steps against cryptocurrency companies that it was seeing as flaunting securities laws. Bloomberg also reported that since September 2017, many actions have been taken by the commission against companies.

On 14th March, Mike Lempres (Chief Legal and Risk Officer at Coinbase) has highlighted in a testimony (before Congress) that the major financial regulatory organizations haven’t agreed on the nature of cryptocurrency. In the US, the regulatory framework for cryptocurrencies still remains unclear.

For SEC, it is a security, while the CFTC (Commodity Futures Trading Commission) deliberates tokens as a commodity. If we talk about the IRS (Internal Revenue Service), it considers tokens to be property, while tokens are considered as currency for FinCEN (Financial Crimes Enforcement Network).

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What’s the Big Deal about Bitcoin Cash?

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Early morning on August 1, Bitcoin’s blockchain split – A separate cryptocurrency was created called Bitcoin Cash

The purpose of a fork is that instead of creating an entirely new cryptocurrency that restarts at block 0, it just creates a replica version that shares the same history. This means that all the previous transactions on bitcoin cash’s blockchain are identical to bitcoin core’s blockchain. However, the future transactions and balances are to be completely independent of each other. Basically, everyone who owned bitcoin before the fork now has an equal amount of bitcoin cash as well.

First things first, if you seem to be in control of your own private keys or store your bitcoin in an exchange that credit users’ balance about bitcoin cash, you’re good to go and can access your new cryptocurrency instantly. However, if your coins are withheld in Coinbase, which said that they won’t be distributing bitcoin cash anytime soon, then you may be unfortunate.

This doesn’t mean Coinbase will be keeping your bitcoin cash but just that they believe it to be unimportant and that it won’t be worth anything in the long run. Although, this is susceptible to change if this is proven to be false.


What’s  Bitcoin Cash?

There are thousands of cryptocurrencies present on the market. Some claim to be better and different than bitcoin, while others are just replicas. Bitcoin cash is just another altered digital currency.

To begin with, it was only created prior to the forking of bitcoin View Postcore, but this isn’t rare. Many other cryptocurrencies have also forked from bitcoin before, but none have been as successful as bitcoin cash is at the moment. One of the reasons behind its popularity is the fact that people now have an equal amount of bitcoin cash present and they are referring to it as “free money.” Also, this hard fork was set to coincide with bitcoin core activating a change in its code called BIP 148, which is a Bitcoin Improvement Proposal. After months of negotiation, Segregated Witness was activated which is meant to help bitcoin core scale during transactions.

Related: What is Bitcoin Cash & How to Get it?

What’s it worth?    

At the moment, bitcoin cash is trading for $655.99 per coin, which is pretty great since it’s so new. It is the fourth-largest cryptocurrency by market cap right now.  However, it’s really hard to sell bitcoin cash since most exchanges aren’t accepting deposits yet. Bitcoin users holding bitcoin cash in exchanges that are not supporting trading or outside exchanges are stuck.

Tags: bitcoin news today

So, what’s next?

Most people are just waiting it out for when bitcoin cash is ready to be sold. If this happens, the price will drop or users might begin to like it and it gains value. The point is, no one can really predict what exactly is about to happen next. We survived the split, just have to make through the after-effects

Related: Bitcoin crosses $52 billion market cap

Image Credits: twitter.com/coinbase, coinmarketcap.com

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