How to save your Bitcoin?
Other cryptocurrencies and bitcoin are the digital finance with lots of benefits. Basically, it gives the freedom to users but with a high rate of responsibilities. Bitcoin and other cryptocurrency user need to be aware of risk regarding the safety of it.
Losing your coins through hacking is one of the dangerous act ever. Especially, using cryptocurrencies for business transactions. In that case, your needs full security for your coin. we will discuss some security points for your bitcoins in this article.
Use strong password
Cryptocurrency accounts need the strong password. Most of the users make mistake while they use simple passwords on multiple accounts. Which is causing the heavy loss in transactions. So, make your accounts secure. In addition, set your password of minimum 16 words including letters, numbers, symbols, and capitals.
Check your addresses
Bitcoin accidents are costly. So, take time and make sure the addresses while you are sending money. You need to keep proper check while you are sending or receiving money. Make sure your bitcoin wallet addresses are right because there are too many scams sites that try to steal your bitcoins.
While you are opening an account with the exchange, you need to activate two-factor authentication for security reasons. Because of your two-factor authentication, it generates the secondary password on your device. Every time, you log in, the site will send you a message of verification. So, scams need the approach to your mobile first.
Isolation of your private keys from the internet to offline is the cold storage of your bitcoins. Paper wallet or hardware wallet is creating this storage. Once, you do it properly, these keys will be un-hackable. Whereas, hardware wallets are the best option to keep your bitcoin secure.
Update your device regularly
Most of the scams directly tend to target window users. Because it is easy to attack any window with viruses. Anti-viruses are not using all the time, they are not able to secure your system mostly. To secure your devices to keep your bitcoin secure, you need to keep crypto related activity separate. Linux is well-known in this context. You just need to update your device.
If you are an active member in the trading process, you need to minimize the counterparty risk. For that purpose, you need to keep some points in mind,
- While you are not actively taking part in trading, then do not keep your coins in exchange.
- It’s better for you to use 20%-30% of coins in trading.
- Among several exchanges, diversify your bitcoins.
- Make this thing sure that it is fine standing with the crypto community.
Backup of your keys
Electrum and trezor generate 13 or 24 words seeds. who restore your addresses. Make sure the backup of your keys. Write them somewhere else or store in USB device.
Your transaction can be seen on the different ledger. To secure your coins, you need to generate the new password with each transaction.
Bitcoin transactions are treating like a digital cash. It is the irreversible process of transactions. So, it needs protection. Enhance your security habits to protect your coins.
Tags: Bitcoin payment, Bitcoin Information.
There are various warriors out there fighting for the cryptocurrency crown, but the lead runners are Bitcoin and Ethereum and both have serious backing. Due to the increase in competition, it is important for investors to understand the similarities and differences between the two.
What is Bitcoin
Bitcoin is the first form of digital currency which was created by Satoshi Nakamoto. Since everything is shown on the public ledger, the blockchain, you can be confident that the transaction is legitimate. Bitcoin offers lower transaction fees than traditional online payment mechanisms and has no interference of banks. Also, it is used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen, which are also trading digitally at the moment.
What is Ethereum
Ethereum is meant to be much more than a payment system. It is also based on blockchain technology and was introduced to supplement decentralized applications.
It even features smart contracts and the Ethereum Virtual Machine. Firstly, Ethereum’s smart contracts allow contract negotiation and facilitation using an app which provides a decentralized way to verify and enforce them. It is powered by the Ethereum cryptocurrency Ether, which is held in the Ethereum wallet. Their aim is to provide greater security than normal contracts and bring down the associated cost. Also, the Ethereum Virtual Machine helps to create blockchain applications in a much easier and efficient way, enabling people to run any program.
Bitcoin vs. Ethereum:
In Bitcoin blockchain, miners mine to earn bitcoins and two-thirds of all available bitcoins have already been mined. The reward for mining halves about every four years and it’s current value is at 12.5 bitcoins with average block time as 10 minutes. Due to this block time, Bitcoin is suffering from slow transaction speeds thus, vendors and purchasers are choosing to shift.
On the other hand, Ethereum rewards its miners with ethers, which is a kind of token that fuels the network. You earn 5 ethers given for each block and unlike Bitcoin, Ethereum’s block time is 12 seconds. Ethereum’s GHOST protocol enables quick block time. The faster the block time, the quicker the confirmations. However, there are also more orphaned blocks. Ethereum gives application developers the opportunity to create all sorts of applications that carry out their own set of operations, which have never been seen before. While smart contracts are set up to be unchanging and trustworthy, they are still ultimately a creation of humans who are capable of error.
Another major difference is the supply of Bitcoin, which is exceedingly low, with just 16.24 million left from 21 million. Whereas, Ethereum has over 89,752,192 coins currently existing. This is an advantage for Ethereum since Bitcoin might be left behind due to its low supply.
Furthermore, both Ethereum and bitcoin use different hashing algorithms. While Bitcoin uses SHA-256 algorithm that produces a number in hexadecimal format, Ethereum uses Ethash algorithm.
Here’s a table representing all the differences between Bitcoin and Ethereum:
The future of Bitcoin and Ether
As we glance into the future, it’s hard to get a grip on who exactly is going to be on top of the chain. Over the years, Bitcoin has become more and more popular, there has been a steady increase in volume since the beginning of 2017. It now represents a technological breakthrough that has the potential to change the way the world banks. Now standing on $2209, for the first time in history, surpassing even the price of gold.
However, as high as Bitcoin pushes, it is going to drag Ethereum with it as well, which is now trading at $175. While the future of Ether is more uncertain than the future of Bitcoin, the potential gains are also much greater.
Both digital currencies continue to push all-time highs for almost every available metric and show no or very little signs of slowing down.
According to the latest Initial Coin Offering news, ICO scams have increased scepticism and suspicion in few recent campaigns. This distrust is somehow defensible with plenty of legitimate projects that act as a ‘front’ for fast money-making-schemes. Though, there are still many genuine and reliable initial coin offerings being launched.
How to Treat Your ICO?
- Before you launch an initial coin offering, you should fulfil certain requirements and standards, including the publication of a whitepaper.
- The main thing is to identify that your attempt to attract an investment in an ICO must have to be in your own way and through more traditional means.
- Make sure that you have provided enough information in order to be transparent and reliable. Likewise, it is worth being cognizant that a typical ICO whitepaper has almost 20 pages, however, a prospectus of a stock market investment can be of almost hundreds of pages.
Determine the Problem
- If you can evidently present an issue in a given industry, and clearly explain how you can solve that problem, you will definitely attract contributors.
- Many companies have claimed that their novelty/solution is firm to change any given industry, as they can be seen in many ICO schedules.
- On the other hand, winners will be those, who’d offer the finest solution; as well as those who are new to the market.
- If you want to make sure that whether your proposed ICO is going to attract the potential participants or not, you’ll have to evidently demonstrate the value that you add to your service.
Determine Why blockchain is the best solution
- The solutions provided by the blockchain technology are definitely worth the hype. Though, in your proposed offering, it’s imperative to demonstrate how and why a blockchain-solution is the finest course of the act for the problem that you are attempting to re
- It is often due to an existing/growing network of contributors that can actually profit from the blockchain network primers as well as tokenization to advance the service/product.
- It is imperative to have the ability to explain how you will attract people to the network that is created by you and how it will be monetized.
Robust Corporate Governance
- Contributors that are potential to your business will always do a good research on the team and explore the idea behind your company.
- Ensure to clearly explain the knowledge and involvement you have behind your company as it’s good to prove that your idea was analyzed and developed already.
- Also, you should form a corporate governance structure that is matched with present structures.
- There are ways to promote your ICO campaign without using Google and other social media platforms – Google, which has already banned advertisements related to ICOs.
- Ensure that you are utilizing each and every tool in your clearance to make the exposure.
- Online presence across cryptocurrency calendar websites, other information portals, and cryptocurrency apps is also quite imperative.
- You can find advisers and agencies that are specializing in ICOs so that they can assist you well, however, pick them wisely before using your budget for extra support.
- Make sure that your diary is full of meet-ups and conferences.
- It is a hard slog to get your name to be known, but still, it is more important that you are ‘far and wide.’
- Inducing a renowned investment entity will also verify the success and failure of the ICO.
- The comfort through which potential contributors can get information about the token sale development and the whitepaper matters a lot, as it demonstrates that you didn’t hide anything.
- A genuine ICO can be tracked through the token sale address, while a fake ICO will try its best to hide how its sale progress is surging through numerous individual contribution addresses.
- This doesn’t only disguise how far the live sale of the ICO will go, but also the accurate amount.
If any of these factors are difficult to find, it is a sign that something is wrong and potential participants should look somewhere else.
Everyone on the network is aware of the word “transaction” but, does anyone ever wonder how bitcoin works?
A Bitcoin transaction may sound simple but it’s actually very complex. In this article, we’ll be outlining how this process takes place and what are its key steps.
Both your Bitcoin wallet address and Bitcoin network must go through series of steps to ensure that the right amount reaches the recipient.
To begin with, it’s important to understand that a bitcoin isn’t a single record of a coin but it’s actually registered as a transaction, that consists of three parts- a transaction input, transaction output and an amount.
- Transaction input- This is the bitcoin address from which the money is sent.
- Transaction output- The bitcoin address to which the money is sent.
- Amount- The amount of bitcoins sent.
When you send those bitcoins onto someone else, your wallet creates a transaction output which is the address of the person who is receiving the coins. That transaction is then registered on the bitcoin network as the transaction input.
With the help of this system, people can trace transactions back to when bitcoin was first born. This creates a completely transparent system in which all the transactions can be viewed at any time.
How can you send bitcoins?
To send bitcoins, you require two things- a bitcoin address and a private key.
A bitcoin wallet address is generated at random and is simply a sequence of letters and numbers.
A private key is another sequence of numbers and letters, but this cannot be disclosed to anyone else.
This infographic explains how bitcoins can be sent.
Are there transaction fees?
Certain bitcoin wallet address allow you to set your own transaction fees. Any portion of a transaction that isn’t traced or picked up by the recipient is the transaction fees. This goes to the miners to solve the transaction block as an extra reward.
Why should I wait for my transaction to clear?
Your transactions are verified by miners and there is a set block time of 10 minutes. So, you might be told to wait until they are done mining.
You can view all the transactions in a block chain with a hex editor. A block chain browser is a site where every transaction in the blockchain can be viewed in human readable terms. If you want to make your activities on the bitcoin network more opaque, you’d have to not use the same bitcoin address repeatedly and avoid sending large amounts of bitcoins to a single bitcoin address.
Richmond Hill, Clearly Canadian is a well-known brand in North America. Basically, it is a multi-SKU premium beverage brand, produced by The Clearly Food & Beverage company of Canada. The brand history started in 1987 in British Columbia, Canada. Therefore, it is well known in North America, Scandinavia, and also in different places in Europe and Japan. Clearly Canadian is the 30-year-old company whose production is very famous across the globe. Now, they are going to accept the payments in Bitcoin Canada.
Clearly Canadian knows the evolution of digital technology. At the same time, keeping in view the market trend. The company is going to starts pre-sales to the Bitcoin world. As the Clearly Canadian’s Bitcoin campaign manager Mitch Callahan says, “Just as Clearly Canadian pioneered the new age beverage industry in the ‘80s and ‘90s…bitcoin, in a much more profound way, is poised to change how we all transact business on a global scale and in our daily lives. Clearly Canadian finds that truly exciting and we are proud to be a new emerging member of the bitcoin community.” In addition, manager says, “Online virtual currencies are clearly here to stay – no pun intended”.
The worldwide consuming brand needs high production. Whereas, the company producing exceed in 5 million cases annually. Clearly, Canadian managers said, “We’d like to pre-sell at least 25,000 cases of Clearly Canadian online to the global bitcoin community. personally, I hope we double, triple or even quadruple that goal. Let’s see what happens. Pricing will be in dollars. Whereas, a transaction in bitcoins through BitPay.The leading Bitcoin merchant processing platform. We have a wish to be a long-term merchant in Bitcoin transaction consumer goods. Hopefully, the new currency’s volatility will remain low facilitating greater adoption”.
In response to Canadian manager’s statement. CEO of BitPay Toni Gallipi stated: “Having a globally recognized consumer brand such as Clearly Canadian Bitcoin join the Bitcoin community is a powerful statement about the increasing popularity and growing base of Bitcoin merchants and users. Many are watching the Bitcoin market closely.we hope that this is the first of many established brands. That see the benefits of adding bitcoins to their payment options. We are happy to have Clearly Canadian on board. Accordingly, wish them very best of success in its campaign”.