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:
- 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.
- 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.
- Identity protection: Avoid giving away your information on social platforms and try to keep your wallet key only to yourself.
- 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.
- 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)
- 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)
- 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.
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.
Something, which facilitates the people in their lives, automatically will have some values. Whether it is in goods or in services. Therefore, Bitcoin’s uses and its benefits are the reason behind its value. Bitcoin community is active as other social networks. In addition, the main reason behind its increasing worth is the limited supply of bitcoins. Whereas, the government is unable to trace and tax. Bitcoins are in limited quantity. Accordingly, the price of bitcoin in this year is 50x. which is seriously an insane swing of any currency.
Currency needs some qualities
There are some qualities which should be in any currency. These qualities make the money more powerful.
Actually, money/currency should be limited in supply. As economics proves that demand will increase with limited supply. Similarly, with the bitcoin, the total supply of 21 million coins increases its demand. In the result, its values increase day by day. Today’s value of bitcoin is $2251 as of May 23rd 2017.
The utility of any currency or object plays an important role in the determination of its value. In the result, higher demand enhances the higher price.
As currency/money always use in the transaction process, or in exchange meanings. Accordingly, If money has an ability of easily transferable then it will use by a large number of people. Moreo, if it has not, then money/currency’s demand will be low. Accordingly, Bitcoin’s transfer availability is in more than 100 financial sectors.
Everyone in the world has an authority to keeps his/her transactions private. Whereas, People like the process, which provides them such kind of privacy for their transactions. However, Bitcoin provides such type of process to its users.
Here is some discussion about how bitcoin value.
Bitcoin technology has worth for solving the long-standing two general problems. Clever solution for transactions of digital spending is achieved by the self-organizing and time-base record. The blockchain populate the bitcoin network, is well known public ledger.
There is not central server to control or shut down the bitcoin protocol. Censorship resistance of bitcoin is critical. Clearly, means there is no one to control the usage of bitcoin. Censorship resistance to digital currency and its payment system makes the bitcoin an irreversible disruptive technology.
In the field of computer science, Satoshi Nakamoto’s innovations are milestones. Even so, with no limitation, bitcoin become the number one exchange and payment network. Each bitcoin users are responsible for his/her bitcoin’ security. Most of the people like the anonymous behavior of transactions are one the reason of bitcoin’s fame.
To the solution of double-spending, Bitcoin’s explicit design features offer users additional value:
- Bitcoin’s payment method
- Secure storage and transmission of user’s data
- Blockchain (decentralize public transaction ledger)
- Contract mechanism
Secure way for transactions
In addition, bitcoin user’s wallet generates the public keys. Therefore, no one is allowing to step-in transaction’s process.
Bitcoin is peer-to-peer decentralize network. However, nodes are distributing to decentralize the whole network. Whereas, Bitcoin is designed to seek the nodes. In short, the greater decentralization the healthier the network.
Above all are few aspects, that makes the bitcoin valuable. So, take time and make the decision with bitcoin world.
Tags: current bitcoin value, Bitcoin’s success factors.
The U.S. SEC (Securities and Exchange Commission) has filed charges against the Centra Tech ICO (Initial Coin Offering), claiming that the legendary boxer, Floyd Mayweather promoted a token sale, which was allegedly a sham security offering.
According to the SEC complaint, the co-founders of Centra ICO are involved in the ICO fraud and made material misstatements as well as omissions that were intended to trick the investors whereas, the Centra ICO was also an “unregistered securities offering.”
SEC Ceases ICO
According to the Securities and Exchange Commission, Centra only pretended to have relationships with major financial institutions and lied about it. The major financial institutions which sent Centra several cease-and-desist letters are:
In addition to that, some of the executives showed in Centra’s advertising materials were also fake. The co-director of SEC’s Division of Enforcement, Stephanie Avakian stated:
“We allege that Centra sold investors on the promise of new digital technologies by using a sophisticated marketing campaign to spin a web of lies about their supposed partnerships with legitimate businesses.”
Furthermore, he added:
“As the complaint alleges, these and other claims were simply false.”
The Securities and Exchange Commission originally subpoenaed Centra in the month of February as part of its wide-investigation into ICOs.
Centra ICO Dependence
The Centra ICO is quite well-known because of its use of celebrity endorsements to advertise its product. Floyd Mayweather, who is known as a legendary boxing champion and has made paid-endorsements for numerous ICOs, had worked a lot on the promotion of the token sale on various social media platforms and got more than 5,600 like and 1,500 retweets. DJ Khaled was also hired by Centra for the promotion of the ICOs; however, no celebrity was named in the summons.
Steve Peikin also stated:
“As we allege, the defendants relied heavily on celebrity endorsements and social media to market their scheme…. Endorsements and glossy marketing materials are no substitute for the SEC’s registration and disclosure requirements as well as diligence by investors.”
The SEC has also cautioned that some of these ICO endorsements by celebrities might be illegitimate especially if the parties don’t make any obligatory public disclosures. On the other hand, Mayweather’s tweet promoting the token sale, such as, doesn’t specify that it is a paid advertisement.
Buying Bitcoin is extremely simple. All you need to have is a Bitcoin wallet because, Without it, you can’t buy the coins. The goal of this post is to provide you the complete idea about how to buy bitcoins straightaway.
How To Buy Bitcoins:
There are countless Bitcoin sellers, exchanges and wallet servers. The number is so high, it makes the process of choosing a reliable and reputed service quite overwhelming and daunting for the newbies.
Users are required to provide identity verification in order to buy bitcoins. Once the information is verified, your account is activated and you will be able to buy bitcoins without any legal obligations.
Buying Bitcoins with PayPal:
Although the site has banned its merchants from accepting bitcoin payments, there is still a way to buy Bitcoin through PayPal. It’s called “Local Bitcoins”.
The service facilitates the trading of Bitcoin through PayPal ads. What happens here is that the user posts an ad stating exchange rates and method of payment for trading bitcoins.
The interested users respond to the ad and discuss terms. Once everything is finalized, the transaction takes place between the two parties.
The payment methods for Local Bitcoins include:
- Bank transfers
- Gift cards
Local Bitcoin is considered to be the safest way to exchange Bitcoin with PayPal. In addition to the user safety, it offers escrow service to make sure the transaction takes place in a safe environment.
Buying Bitcoins Through Coinbase:
Coinbase is the largest and most renowned bitcoin broker in the world with presence in over 30 major countries. In order to buy Bitcoin from Coinbase, you will need to provide your identity and bank card as a proof.
Coinbase users are categorized into two levels: level 1 and 2.
- Level 1 users: Also known as fully verified users can buy up to $1,000 worth of bitcoin per week.
- Level 2 users can only buy up to $100 worth of bitcoin per week.
The transaction fee of Coinsbase is 3.99%; which is pretty low compared to other exchanges.
Buying Coins Through CoinMama:
CoinMama specializes in helping users to buy large quantities of coins through debit/credit card. The CoinMama users can buy up to $5,000 worth of bitcoins per week and up to $20k per month.
The transaction fee of coin mama is 5%; which is slightly higher than Coinbase. This service is best for users who like to buy a lot of bitcoins with credit card/debit card.
BitPanda is an Austrian bitcoin broker and is well known across Europe. It accepts payments through both credit and debit card and provides instant bitcoins. The transaction fees are around 3-4%. However, the exact number is only disclosed to their registered users.
The Final Word:
These are some different techniques to buy instant bitcoins. All are pretty safe and involve no danger. However, when dealing through “Local Bitcoins”, make sure to arrange a meet up at a public place and bring a close friend or family member in the event things go south.