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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.

 

TIPS

  • 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.

 

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Binance Hack – What Is Confusing Its Users?

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Binance is the largest crypto-exchange by trading volume, however, on 7th March, its users got affected by a hack of third-party software, and as a result, unauthorized transactions were made from their user’s accounts.
Since then, Binance’s CEO, Changpeng Zhao has claimed that the exchange is working normally and the funds of users are safe as well. Many users have shown their concern and complained by using social media platforms; Twitter and Reddit, that without their permission, their altcoins had been converted into Bitcoin and most of them didn’t even logged into their accounts.
binance hacked
There were many posts on Reddit, claiming that hackers have used their bitcoins for buying VIA coins for 0.025 BTC each. Without attracting any attention, hackers managed to withdrew the bitcoins in small amounts. It’s claimed by a Reddit user, Profetu, that Binance’s administration took actions to the complaints of their users by freezing their accounts in one hour. Furthermore, the user suggested;

“The hacker accumulated VIA in advance (from Binance or other exchange and sent to Binance) then he set a huge sell order at 0.025BTC. Then using API made some account sell alts and buy VIA with that BTC, [and then withdrew] BTC.”

Another user wrote;

“Same happened to me. I had 100% USDT worth $1548. Today I logged in so I can buy some xrp, but my account balance is $200 out of $1548, and apparently I bought 5 VIA coins and exchanged my USDT to BTC while I was in the gym?”

Few traders have presented a theory that the attack was linked with compromised API keys which had been requested by Binance’s users to further use inside the range of other applications such as; chart in monitoring services and trading bots. This theory also explains how the attackers have managed to pass over the two-factor authentication. But at the same time, it fails to explain why this attack affected the users who never requested API keys.

A user asked;

“Do you use any trading bots like profittrailer or gunbot? Do you have any API opened for any kind of services?” – Bonnie_channel

Another Reddit user wrote;

“That is what I am wondering! I never gave permission for this API key to be created. That is why I think it’s an issue on [Binance’s] end”.

Later, a tweet was posted by Binance, saying that deposits and withdrawals are now in a working condition and all illegitimate trades have been rebounded. Changpeng Zhao also said that a phishing website has been used by hackers to get the login information and to divert users from the authentic Binance website.

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Cryptocurrency Security – Here’s All About Its Three Layers!

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So, what’s a decentralized system? In simple words, we can say that a decentralized system works with no servers and each member is permissible to execute transactions. But in the case of the blockchain, each member must have to do some system-tasks as well, such as; storing transactional data.

cryptocurrency Security

Fork: Even a group of members can run an alternate-version of reality, which is called “fork.” The fork works by the similar regulations as the original decentralized system – though it might have a diverse state.

Let’s enlighten you about the hierarchical nature of cryptocurrency security!

First Layer – Tokens and Crypto Coins

  • One of the first and foremost thing in the crypto world is your cryptocurrency security.
  • Whenever you choose a cryptocurrency, you take all the perils and risks related to the protocol.
  • If someone can recognize and utilize protocol flaws, they can compromise the whole network, even including you; it won’t be much important which exchange/wallet you are using.

In the first layer, you can find two different types of currencies which include, the coins (Bitcoin, Ethereum, Bitcoin Cash etc.) and all ICO-issued tokens such as; MOBI or EOS.

What is the Difference?

Well, the difference is in the technical features. Each coin is either an independent network protocol or just a copy of some of it. When you research a crypto protocol from a security stance, make sure to find out if it can be centralized.

Let’s take an example!

In the case of Bitcoin, it’s now centralized around four major mining pools which also means that if all of them collaborate, they can possibly compromise the whole network.

Another advice! Whenever you look for proof-of-stake crypto, make sure to have a look at the genesis. This is also quite imperative, as whoever keeps the preliminary and initial stake can vote for transitions, as well as the network will be also trusting those who have higher stakes. If we take an example of NEO, a PoS network of China, which is same as Ethereum, was distributed 50/50 amid its ICO sales and developer community – unlike Ethereum distribution. Also, the NEO token distribution makes sure that no major stakeholder from the exchange platform or the developing side has enough stake to compromise the whole network.

Tokens

  • Now if we talk about tokens, all of them are based on a smart-contract aspect of few of the coins, which means their reliability and security is first based on the parent cryptocurrency – only subsequently on the smart contract’s code that issued it.
  • Mostly, all ICO coins (tokens) are based on Ethereum and just some of them are issued by smart contracts.
  • Also, it is imperative to point out that Ethereum got hacked a few years ago due to the DAO protocol hack – later hard forked and rolled back to the state. This also shows that the founders of Ethereum probably have a time machine as it looks like they have the ability to go back in time – yet again if it’s required.

Second Layer – Exchanges

One thing that everyone must understand about the exchanges is that they are written in custom-code with infrastructure security and has got nothing to do with blockchain. If we talk about an exchange, it is just a standard centralized web service arrayed in a data centre. That’s why whenever we talk about the exchanges, we always mention reliability and trust.

Almost every month we hear news about the data breaches and security events that occur because of exchanges.

Examples

Here are some latest examples!

  1. Back in December 2017, $63 million in cryptocurrency was stolen from NiceHash by hackers.
  2. At the beginning of this year, January 2018, more than $500 million in cryptocurrency was stolen from Coincheck by hackers.
  3. In February 2018, almost $195 million in cryptocurrency was stolen from BitGrail by hackers.

The hype around cryptocurrencies is due to the number of data breaches. Many exchanges have recently started their business – without investing in proper security measures. Simultaneously, if someone steals tokens/crypto coins from an exchange successfully, it’s nearly impossible to do anything about recovering it.

Third Layer – Wallets

Well, the third layer is linked to your personal security in the crypto world and you must’ve heard a lot about it before.

When you select a wallet for cryptocurrencies, you’ll have two options:

  1. Hot Wallet
  2. Cold Wallet

Hot wallet Vs Cold Wallet

  • The hot wallet is just like an account in exchange or in simple words, it is a website-based wallet.
  • In the case of a hot wallet, your tokens/coins are under the control of your wallet provider.

Whereas, a cold wallet can be a hardware, software or just a paper.

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Semi-Decentralized scaling solution

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Scaling solution Moonbeam is developing by the Bitcoin exchange and wallet provider. Moonbeam is a platform which does not need any SegWit’s transactions.

This platform will provide the proper way to different platforms. Bitcoin exchanges, its hosted wallets, and payment procedures will be available on one platform.  This is basically one-way payment channel with each other.

How does it work:

By taking the transaction’s off-chain, Moonbeam has the ability to reduce the transaction’s fee for its users and Bitcoin’s benefits users usually by dropping the crowding in Mempool. Because this platform can open standardized one-way payment channel contracts with one another.

In these contracts, one party keeps the complete check of transactions and locks up the few bitcoins till the payment sends to another party for the limited time period. Before the timeout, the party who locked up the funds has the ability to send a large number of off-chain transactions by using that locks up bitcoins. whereas, each channel comprises of two on-chain transactions. first one is to open the channel and other is to close it.

These transactions are off-chain, without the blockchain confirmation these transactions are taken as to the simple web page. Luckily, these transactions are economical, means two channel needs minor fees. And, the other ones are completely free of fees.

This payment method is not newborn in the technology era, Satoshi Nakamoto uses the preliminary code for payment channels in Bitcoin’s first release. Today, Bitcoin has the ability to exchange and contrivance these contracts on the blockchain.

Moonbeam is ready to facilitate such type of channels. In this way, heavy volume platform can easily make contact with each other.

Trust:

Moonbeam is basically the semi-decentralized project. It creates the trust level of its users by providing them secure service. A hosted wallet become custodial account where all the transactions operations are done. Whether it is about to manage the funds or send or receive the transactions. Users don’t have the approach to keys directly, an exchange such as coin base or coin mama works in this manner.

Another downside:

There are few other potential downsides of this platform. When we open these channels, for a time period, committed capital should be in bitcoin among the cost of the capital. If the receiver doesn’t use the channel, the platform will wait to regain the control of funds, demanding heavy financing costs.

Another risk is the use of DNS. This type of attacks includes the rerouting domain name request to attacker’s server. These attacks are mostly used to get payments over to another channel which were meant for the authentic server.

Moonbeam does not require any fork to make it impressive solution and didn’t offer the level of decentralization of a lightning network in bitcoin’s scaling troubles. It may be applied by hosted wallets.

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Crypto-Market Rebounds At $426 Billion, While Major Cryptocurrencies See Another Day in the Red

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Once again, major cryptocurrencies are struggling to maintain their surging momentum secured, on February 26. Bitcoin has dropped below the $10,000 mark again, while Ethereum is still struggling to surge above $900.

In the beginning of this year, bitcoin reached to its all-time low and throughout February, the top-cryptocurrency, which assess its dominance over the worldwide cryptocurrency market, drastically surged to around about 39%, as many cryptocurrencies in the crypto-market followed Bitcoin price trend. Bitcoin has performed a lot better than Ethereum and other major cryptocurrencies in the past month and has increased drastically after falling to $6,100, which makes it extremely volatile.

After the slump in January, experts were anticipating that the price of bitcoin would start to recover to its previous levels by the end of February. However, the top-cryptocurrency has sustained to move in between $9,000 – $11,000. Multiple traders have shown their concerns on this short-term performance of bitcoin, mainly because it has low volume.

CEO of Blockstream (blockchain development company) and a bitcoin expert, Adam Back, highlighted that while technical analysis is showing volatile future for bitcoin, the technical advances and fundamentals are pointing toward a positive future for bitcoin.

The largest cryptocurrency trading platform and bitcoin wallet platform, Coinbase, has announced the incorporation of Segregated Witness this week, which is basically a transaction flexibility and ascending solution, along with transaction batching, ensuing the implementation of SegWit by Bitfinex, which is another top cryptocurrency exchange.

The Coinbase team specified on 23rd February, that SegWit has been already turned out to 25% of customers, which surpasses more than 3 million users. He also highlighted the ability of “second-layer scaling solutions” such as; Lightning alNetwork. Coinbase wrote, that the latest technologies that require SegWit, like the Lightning Network, have the ability to drastically upsurge the utility of Bitcoin as a payment network and profit its customers. Coinbase currently has a keen full-time software engineer, who’s working on an open source contribution to the Lightning Network.

Back also mentioned Lightning, SegWit, and further capable privacy solutions as “Bulletproofs”, which are being dynamically developed by the developers of bitcoin in its open source community. While the whole cryptocurrency market is highly volatile in its upside and downside, its price trend will not precisely depict the extent of developments and upsurge in the user activity of most important cryptocurrencies like Bitcoin and Ethereum.

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History of bitcoin

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Bitcoin is a digital currency, world’s famous cryptocurrency. Who creates Bitcoin? Its answer is not that much easy. while the identity of the creature of bitcoin is still a mystery.  In last of 2008, someone going from the username Satoshi Nakamoto, release a white paper to cryptography list. The 9-page paper was entitled” Bitcoin, peer-to-peer electronic cash system”. That day and today, we do not know the creature, is a personality or a team work???

With pseudonym creature, bitcoin asserts itself. In the meantime, Bitcoin creates a strong impact on users of the cryptocurrencies’ world.

Now, here I am going to share bitcoin price history, its origin and how its start work, and rises as a star in cryptocurrency world.

2007:

Basically, working on bitcoin concept was started in 2007. If we consider, that Satoshi Nakamoto is a legend. He starts working on this concept to provide fair and free transaction system. While he was on record as living in Japan.

August 15, 2008:

The allege originator of Bitcoin concept denies the connection with Satoshi Nakamoto. Even so, Neal Kin, Vladimir Oksman, and Charles Bry file an application for an encryption patent application.

A great silence…………………………

August 18, 2008:

18 August 2008, anonymousspeeches.com register a domain, named bitcoin. A site, allows users to join and do transactions. This was the birth of Bitcoin in the real world.

 October 31, 2008:

Nakamoto publishes the design white paper in cryptography list. Whereas, the paper includes that the bitcoin currency is going to solve the issue of currency being copied.

January 3, 2009:

The first block was mined on January 3, 2009. It was,” Block 0, the genesis block, is established at 18:15:05 GMT.

January 9, 2009:

Version 0.1 released. It includes the generation system which creates 21Million bitcoins through 2040.

January 12, 2009:

Version 0.1 of bitcoin released on this date. Compiled

with Microsoft visual studio for windows. In which, bitcoin generation system will generate 21Million bitcoin through the year 2040. In addition, at the end of this year, on 16 December 2009, 0.2 version of bitcoin released. Whereas, 0.3 version released on July 7, 2010.

0.3.13 version of bitcoin released on September 29, 2010.

A Brief Look at Bitcoin History – First Bitcoin Transaction:

First bitcoin transaction takes place between Satoshi and Hal Finney on 12 January 2009.

Born of currency exchange:

First bitcoin market established on 6 February 2010 by doing dollar as Bitcoin currency exchange.

10,000 BTC spent on pizza:

Florida programmer, Laszlo Hanyecz pay 10,000 bitcoins for pizza. That was the real-life transaction takes place in cryptography world.

Pool mins……:

On September 18, 2010, bitcoin pool mining was introduced. Furthermore, several users work together and enjoy the benefit together.

2013:

No doubt, the most important year of the bitcoin. This year, Bitcoin wrote its history. In 2013, its market capitalization reaches $1bn. China bans this technology first. But today, 80% of bitcoin transactions are processed in China and become the largest trader of Bitcoin in the world.

2014:

In 2014, first and most progressive treatment to bitcoin was held by HMRC. Who classified bitcoin as the asset or private money.

2015:

The biggest change comes from banks and industries. Most of the banks trying to change their infrastructure. Whereas, industry executives talking about Bitcoin and some of them do transactions.

2016:

Therefore, it is too early to tell you about the story of Bitcoin in 2016. It reaches heights and sometimes faces loses.

Future Prediction of Bitcoin:

As bitcoin reaches the price of gold, and compete with many more cryptocurrencies. Which makes its strength in the financial market. Looking at the Bitcoin value history, future can be easily predicted. And my prediction is that coming era is bitcoin era.

 

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