Bitcoin is getting more and more popular each day. In 2011, you needed to write to a man from another country to order a pizza for you with Bitcoins, but now you can do things similar to that in various major cities. In a few countries like the Netherlands, the whole towns are Bitcoin-accommodating, (for example, Arnhem, regularly called ‘the Bitcoin city’).
This growing popularity of Bitcoin has caught attention of many people, and thus we see so many people asking how to earn bitcoin.
The best and easiest way to earn Bitcoin is through mining. There are several mining pool which one can join in order to earn their own bitcoin. Apart from that, it can also be earned through carrying out certain tasks, or accepting bitcoin payments if you own a business. In short, Bitcoin can be earned in as many ways as real money. So, next time someone asks how to earn bitcoins, you know what to tell them.
On a blockchain platform, all the participants are free to check the transactions. This transparency level provides the much security to the users. Basically, it is a public verification process, where the cheating percentage is fall to its minimum level or zero. Unfortunately, it is not also good in privacy matters.
To improve the privacy terms, confidential transactions are its potential solution. Whereas, these transactions hide the transacted bitcoin which is using in test environment and academia.
A number of bitcoin core developers discover the confidential assets. These transactions are categorically designed for the bitcoin. Confidential assets carry a level to any blockchain asset such as ownership paper, stock etc.
Blockstream engineer Gregory Sander says, “With Confidential Assets, we can generate multi-asset transactions where both the amount and the asset type itself are encrypted”.
Basically, confidential assets are not a new born concept in the technology world. It is increasing in two ways.
The first part of this puzzle is planted on confidential transactions, which was introduced by the current Blockstream CEO Dr. Adam back. Blockstream developers Gregory Maxwell, Dr. PIETER Wuille and mathematician Andrew Poelstra further work on this and expand it to blockchain’s alpha sidechain.
According to these transactions, only receiver and sender will come to know the transacted amount. A public verification process, that is the rest of the world-where the transactions were created between the sender and the receiver. But the transacted amount is masked.
Whereas, in confidential transactions are masked in a programmed way that public verifier will able to perform a certain type of math on them. If they cancel out the transaction, anyone is capable to add up the committed amount on the sending end. And, add up all amounts on receiving end. In addition, if they don’t cancel, means no amount was created out. In that way, a public verifier will fail to know how much was transacted. They have the idea that system wasn’t cheated.
The second part of the puzzle is quite new, which boost up the masking to assets themselves. Confidential assets include blockchain based assets not only bitcoin.
Sanders says, “While the sender and receiver would know that, say, a gold certificate was transacted, a public verifier would only know that ‘some asset’ was transacted — in ‘some amount”. “And if multiple assets are transacted at once, the public verifier would see that multiple types of ‘some assets’ changed hands, and he can verify that no ‘some assets’ were created out of thin air. But he would still not know what was transacted exactly, or how much of each ‘some asset”.
Confidential assets advanced in two different projects.
For one, it may be associated with the existing sidechain such as a liquid. This is an organize blockchain fix to the bitcoin. Where the blocks confirm by the service provider. which permits the transactions at little cost without troubling the main blockchain. Exchanges use this to let the customers move the bitcoins among different accounts without confirmation from the blockchain. Confidential assets allow to move the fiat currency as well.
In addition, Blockstream start a teamwork with Japanese IT company Digital Garage.
Sanders explains, “Digital Garage is working on a loyalty points blockchain” and “This means that all types of companies can issue their loyalty points, and customers can use them or trade them atomically for other assets using market makers. Privacy is huge here because you do not want to be showing the whole world how many points are outstanding on your books”.
Furthermore, confidential assets sidechain is a private decentralize exchange. This elementary setup can expand to mediators that act. Sanders says, “For the Digital Garage demo we have implemented a trustless, blinded swap of multiple assets through peers already. If we can deploy fiat currency on the blockchain, we can make similar arrangements between Bitcoin and U.S. dollar, euro or yen”. Blockchain use case complexity matrix
Sometimes you have to face different issues with your funds. They may be snatched or hacked by someone. Whereas, bitcoin is a digital currency and addresses may be hacked by someone. To prevent from hacker, bitcoin must be kept behind multiple layers of security. In this article, we will discuss the ideas, how you can prevent your accounts as well as your addresses.
The most important feature of the bitcoin is transactions aren’t reversible. This means that once you do transactions either receive or send coins, they don’t have revers back feature. But, if your bitcoin account gets hacked then also you are not able to get back them.
Make sure first while you are dealing with someone via bitcoin technology. That person should be reliable and well-reputed. These precautions are necessary, but this is incomplete security.
To secure your accounts some basic personal checks, which may reduce the chances of your account being hacked or compromised. They are;
- Secure your email account
- Secure your technology related social media accounts
- For all the online accounts, use unique and strong password
- Enabling two-factor authentication
The Main Issue:
Someone breaks into an unlocked house and take precious diamond jewelry away. This is not jeweler’s fault. You were not able to keep your things secure from a robber. Same with the email accounts. People says that their accounts got hacked. The reason is they don’t completely put security to their accounts.
If a hacker has access to your email account, he will see the history of websites you log in. In addition, will visit the sites one by one and ask to reset the new password. Once the password gets restart, you will easily cut off from your account.
Secure Your Email Accounts:
Following are some terms by which you can secure your account.
- use the strong and unique password
- keep eye on login activity
- review and remove email auto forwarder
- the review linked accounts
- 2-factor authentication
Use Strong And Unique Password:
Now, its technology era and you have to follow its rules and regulations. When you make an account on social media you have to use unique and strong password consisting of letters, words or capitals. In addition, especially in a case of bitcoin. You have to make sure that your password is strong, tricky and unique.
Keep Eye On Login Activity:
well-reputed email provider websites allow you to see which locations and devices recently accessed your email account. If your email account is open on both laptop and mobile, sites will show you double login sessions. And, you don’t recognize your login session, immediately sign out of all other sessions.
Review And Remove Email Auto Forwarder:
Most of the email sites provide a feature where email can be forward to different addresses automatically. If you monthly received the invoice from telephone company then your spouse or housemate will receive the copy of the same email. Which is more secure for your email accounts.
Here, the issue is, if the hacker got access to your accounts in past. Possibly they have auto-forward setup. Accordingly, the one for sensitive emails to be forwarded to them. These saved emails can be used against you.
Review Linked Accounts:
Review links accounts may be used for good and bad both purposes. We humans like new changes in our routine life. The problem is when we don’t want to log-in and after switching to new one, emails still send to the old addresses.
In that sense, you simply link to two accounts. And, you also have the accesses to both accounts, you can log into the new one, link the old one and all emails sent to the old account will still arrive in your new account. You can send email from a new account by using the other addresses. while you are doing small business it is useful for you. Where you can receive, and send the email to the same inbox. But, the problem is still the same. If your account gets hacked and hacker receives and send the emails same as you. In that scenario, you don’t have another option. So, keep your accounts secure by adopting different ways of security.
Two factors authentication needs two things to get access to your email account.
- your password
- your mobile phone
If two-factor authentications are enabled, no one can get access to your email account.
Secure Your Technology Related Social Media Accounts:
People are friendly with the social media they do the same with email accounts. They won’t need a new password or new email account.
For all the online accounts, use unique and strong password
your password should be strong and unique. The reason behind is,
Why Should Password Be Strong And Unique?
we already discuss that password of your accounts should be strong. It is simple, that your login different accounts with same and simple password. You are leaving your account open to hacking.
Especially, when you are treating with bitcoin wallet addresses. you need more security for your funds. Hundreds of time we log in with hundreds of the sites. Which may have an option of encrypting. So, it’s totally up to you to choose a suitable and reliable site for your transactions.
It very simple for the hackers to hack bitcoin wallet. So, use password management tool for a strong and unique password. It will help you surely.
Enabling Two-Factor Authentication:
One of the best and free ways to secure your accounts is two-factor authentication with the time period of two minutes only. 2F-authentication create an extra layer to any account by requiring two things. Are, • something you know which is your password. And,
- something you have is your device
Now, many sites support two-factor authentications including google, Luno, and Facebook etc. It is possible that you already receive a message with the one-time pin for certain transactions from your bank or credit card provider. These are the type of 2F authentication.
How To Enable 2FA?
Download and install 2FA app:
You need to install well reputed and reliable 2FA app on your device. Like, freeOTP, authy, google authenticator, And, set it up on supported sites.
Set up 2FA on your online account:
There is a large number of sites who support 2FA authentication. For setting up, please contact the supporting sites. For example, I am giving you the example of Luno. Below is some instruction for Luno,
You have to,
- Add a new account
- Scan QR code as shown by site
- Save that account
Luno will send you six-digit code,
- Store this code and store it in safe place
- Type it into your 2FA app
- Click enable
Above code changes in every 20-30 seconds. Your device and Luno now connected. As a result, if someone wants to get access your account, he/she have to get Luno password first.
There are too many ways to secure your bitcoin account from hacking. In the end, a decision is yours.