While Bitcoin had experienced a decent climb since the fork took place. It experienced a $150 drop on August 22, where it is now being traded at $3894.
Everyone has observed this rally quite extensively and some traders have started to believe that this rally might even be reaching its peak.
Organizer of the trading group Whale Club, BTC VIX, commented that he is slowly losing confidence in the rally. Since the price has dipped four times since crossing that $4000 mark, he thinks it’s a sign that the market doesn’t want to push the price higher.
On the other hand, market spectators predict that bitcoin might stabilize around the $4000 mark. We are unaware of whether it’d rise back up or drop down lower. We do know that the next big date that’s marker on our calendars is Segwit2x in November.
News credits: coindesk.com
US whistleblower Edward Snowden has shown deep concerns over the long-term existence of Bitcoin. He talked about the long-term prospects related to Bitcoin in his latest interview. According to him the use of public Blockchain has made the cryptocurrencies vulnerable to misuse. Before considering his point of view, many readers would sure want to know who really Edward Snowden is and why should we value his discussion about Bitcoin and its future aspects.
Who is Edward Snowden?
Edward Snowden is a former Central Intelligence Agency (CIA) employee. He is a computer professional and is well known for being the NSA-whistleblower. He earned international fame after revealing NSA’s surveillance agenda. And now he thinks that Bitcoin has a serious problem. According to him the Bitcoin ledger is extremely vulgar to public and it is not dependable in the long run.
Addressing a large gathering at the Blockstack event in Berlin, Snowden said that no doubt majority of people have their full focus on Bitcoins, pertaining to its transaction rate limitations. Edward stated that the long-lasting flaw of Bitcoin is its public ledger.
Why is Public Ledger not dependable?
When asked that how he could decide whether the public ledger had such major drawbacks, Edward explained that the idea of a public ledger might be a nice one but it is not so much compatible with the local trade mechanism for trade. According to Edward we cannot have a lifelong history of purchases made by everyone neither can such be record maintained for long in the form of public ledger. The most fearing thing about a public ledger is that it always has a threat from the government. Without proper government control no one can be sure what may happen after sanctions from the government arise.
When Edward was asked about a solution he stated that Bitcoin was once considered as the safest way to pay for anything on the internet – the main reason behind it was its anonymity. That’s the reason it was considered as the most favorite currency on the Silk Road platform. Furthermore, it was therefore used as a favorite tool for money-laundering and funding terrorist activities. However, Edward disclosed in his above-mentioned discussion that Bitcoins are much more traceable than any of us will bother to believe. Every wallet on the Bitcoin network has an address which acts as an identity and can be easily used to trace all the activities related to that specific user.
Tor is an open network and a free software which allows people to enjoy maximum level of security and privacy on the internet. Nothing comes close to Tor when it comes to hiding your identity while surfing the internet.
Tor hides your personal identity by routing your system’s internet traffic over several places on the internet. However, there are still some loopholes that you may want to eradicate in order to steer clear from any monitoring agencies.
In this article, we have discussed 5 Do’s and 5 Don’ts to enhance your online safety.
Related: Beginner’s Guide to Tor
Do’s To Increase Your Online Safety:
Anyone who is skeptical of the online privacy should never put his trust into people at the back of the internet such as ISPs, web service providers, government agencies, etc. Tor is the best browser for online anonymity and that’s the biggest reason why we recommend using it.
Update Your System:
Tor is just another software which runs on top of your OS. Meaning that it is only as safe and secure as the system it runs on. We advise you to daily update your OS, Tor client, browser, email clients, instant messaging clients, etc.
If somehow, a hacker is able to get hold of your OS, then even Tor can’t protect your online privacy.
Encrypt Your Data Storage:
Although Tor anonymizes your location, it does nothing to secure the digital data on your computer. Data protection on your system can only be achieved if you keep the data in encrypted form. So, make sure you use a strong encryption algorithm such as LUKS to keep your system from various threats.
Using Tor with Java, Flash, and JavaSript leaves your data vulnerable to attackers. This is because these applications run with user account’s privileges which allow them to access/share your data.
Delete Cookies And Local Data Of Site:
Tor browser hides your real identity using network packets and routes your traffic through numerous relays to protect you from traffic analysis. However, some websites may still be able to track your activities using cookies and data storage. In order to go complete anonymous, make sure your cookies and site’s local data is disabled.
5 Don’ts To Increase Your Online Safety:
Do not use windows:
Windows is simply not best of the choices to improve your online privacy. The OS comes with several bugs and the loopholes that are present in the system and may leave you vulnerable to security issues. Rather use a Linux system for better Tor experience.
Avoid Using HTTP Websites:
The onion router is only a traffic router and does not encrypt the network traffic through the internet. This means that the origin of your network traffic is only anonymized inside the tor network and not outside of it; which results in exit nodes of Tor reading your internet traffic in the form of unencrypted data. The best way to avoid this is using end-to-end encryption such as TLS or SSL while on Tor.
Do Not Use Tor Browser Bundle:
Do not use Tor browser bundle for online privacy under any circumstances. A recent FBI breakdown of freedom hosting (a hidden web hosting service running on Tor network) was only possible due to vulnerabilities of Tor browser bundle. So, make sure you are not using this bundle.
Do Not Use P2P:
Tor network is not built for P2P file sharing as the exit nodes of the network are specifically meant to block file sharing. Plus, downloading torrents is considered abuse to the Tor network as it slows down the speed for other users browsing on the network and increases the threat to your online privacy. So it’s better to not use P2P on Tor.
Do Not Use Google:
If you care about your privacy, do not use Google at all. Google is infamous for collecting user information and browsing data to aid the growth of its ads revenue. The best alternatives to Google for Tor are DuckDuckGo and StartPage.
It’s not easy to steer clear when everyone is after your privacy. Despite all its vulnerabilities and weakness, Tor is still the best privacy tool we have for our online security. However, in order to bypass all these security threats, just follow the Do’s and Don’ts discussed above and you will be good to go.
James Howells, the IT laborer who unwittingly disposed of a hard drive containing what is currently valued at around $75 million worth of bitcoin, knows where the missing hard drive is, but he can’t try to recover it. That’s because the city in which the fortune is covered won’t enable him to delve into the landfill.
The missing hard drive is sitting somewhere under 200,000 tons of junk in a Newport, South Wales landfill.
Howells used an old PC to mine a sum of 7,500 bitcoins in 2009. Presently, he sold the parts to the Dell M1710 on eBay after his girlfriend complained about the mining’s clamor. He kept the hard drive in a cabinet, just in case the bitcoins increased in esteem. However, he overlooked the hard drive, and after four years, he disposed of it with the trash.
Howells has not been able to get consent from city chamber to dig into the landfill to recover the hard drive. Doing as such would require particular hardware that is typically used as a part of criminal examinations.
He was informed that a situation where even the police needed to go digging would require a group of 15, incorporating diggers with compulsory personal protection equipment. He couldn’t reserve such an operation, so he set up a wallet for donations:
City Council Denies Permission:
A Newport City Council representative said somebody has reached them in the past about recovering IT equipment containing bitcoins, but the chamber has shied away because of the expenses of uncovering the landfill and treating the trash, as per Wired. Such an exertion would cost millions and be environmentally destructive, with no assurance that a working drive would be recuperated. Around 50,000 tons of waste is added to the landfill every year.
A city chamber representative said the drive has likely experienced genuine galvanic corrosion from landfill leachates and gases. The landfill isn’t open to the public use.
Howells has the public address for his bitcoin, so he knows the bitcoins have not been moved. Since the information is encrypted, any individual who finds the hard drive would require Howells’ assistance to get to it.
Story credits: ccn.com
Image: Google images
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.
- 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.