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Secure Your Bitcoin Wallet

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:

  1. 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.
  1. 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.
  1. Identity protection: Avoid giving away your information on social platforms and try to keep your wallet key only to yourself.
  1. 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.
  1. 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)
  1. 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)
  1. 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.

Conclusion:

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.

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Amazon to Accept Bitcoin by October

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A newsletter from The James Altucher Report stated that Amazon to accept Bitcoin soon. It is said that this will be officially announced on October 26th during their earnings conference call.

So, will Amazon really begin accepting Bitcoin?

There are still some speculations on this statement, however, since eBay and PayPal already accept bitcoin and with Google recently joining the community. It’s only a matter of time until Amazon follows the same path.

Back in 2013, Amazon Web Services partnered up with Digital Currency Group i.e. one of the major investors in bitcoin and blockchain firms in order to:

“… provide such a service so the blockchain providers in DCG’s portfolio can work in a secure environment with clients who include financial institutions, insurance companies and enterprise technology companies.”

Basically, Amazon’s aim is to be the intermediary between DCG’s portfolio and their customers while transacting cryptocurrency.

According to Altucher’s newsletter:

Amazon is “working with financial institutions and [crypto experts] to spur innovation and facilitate frictionless experimentation.”

If Altucher happens to be right about this then once this news is announced, it could cause a massive boost to the cryptocurrency’s price.

We’ll have to wait to wait until October to find out what’s in store for us.

Story Credits: steemit.com

Image Credits: change.org

Tags: Amazon Bitcoin, amazon bitcoin payment

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Bitcoin Crash Reasons: Once Again as The Bitcoin Drops Below $9,000

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Most of the cryptocurrencies in the cryptocurrency market have fallen by more than 16% and the market has experienced another major correction as the bitcoin price has dropped by 14%.

The price of Bitcoin has dropped below $9,000 and is currently trading at $8,704. Many investors are now wondering about the bitcoin crash reasons.

The major cryptocurrencies like Bitcoin Cash, Stellar, Ripple and Cardano have also dropped by 12-16%. Analysts have shown their concern towards Ripple because it fell below the $1 mark for the second time in two weeks.

Bitcoin Crash Reasons

For many bitcoin investors, the mark of $10,000 is a psychological threshold. Similarly, the $1 mark indicates the same threshold for XRP or Ripple investors. We can clearly see that Ripple’s price has recovered after dropping below $1, whereas the XRP’s price has fallen below $1 twice within the past 2 weeks.

Other cryptocurrencies are also struggling to show signs of short-term recovery. Cardano and Bitcoin Cash have remained constant for weeks and have continued to maintain their positions as the 4th and 5th most valued cryptocurrencies in the market. In the past week, these two cryptocurrencies have dropped significantly, while the other cryptocurrencies have moved in the same trend. Over the last 24 hours, many major cryptocurrencies have suffered losses and also, there’s been a decline in the value of many virtual currencies.

The whole cryptocurrency market has fallen by almost $120 billion and the previous month had been a slump for the cryptocurrency market. Even after the major corrections, the market usually records gains in the mid-term, often on a monthly basis but based on the momentum indicators, daily trading volume, and overall interest, it looks dubious that we’d see a rise in the cryptocurrency market by a large margin in the short-term.

Well, it is a feasible period for many newcomers to enter the cryptocurrency market, but on the other hand, it is not actually the best time to invest in the market. Investment in the market would be an option if it shows some signs of recovery in the short-term, but at this time, the most important thing is to expand the assets and minimize the risks.

What Triggered the Crash?

We’ve seen that the cryptocurrency market was hit with a series of developments and negative news. Even some regions are still struggling to recover from trading ban FUD that was started by the government of South Korean and now, the Indian government.

The cryptocurrency market was typically composed of casula investors and speculators, who’ve been keeping their eyes on the short-term profits. However, the speculators left the market after the slump in the price of most cryptocurrencies. So apparently, the market needs to struggle in order to recover.

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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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