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Amazing Facts About Bitcoin

The majority of people nowadays already have an idea as to what is Bitcoin and how does it work. But no matter how much you know about this cryptocurrency, there is always something to leave you amazed. Here are the bitcoin facts.

In this article, here are some interesting Bitcoin facts for you.

Bitcoin amazing Facts:

Independent of Third Party Influence:

Bitcoin is an open-source software. Anyone – whether it’s the owner or just a random internet user – can access it. Also, there is no regulatory authority such as a central bank, government or private organizations to control the flow of Bitcoin which makes it inexpensive to use.

Nobody Knows Who Invented Bitcoin:

It has been nearly a decade since the Bitcoin first came into circulation. However, the identity of creator still remains a mystery. Several investigations and search works have been conducted but to no avail.

Some say a programmer named Satoshi Nakamoto invented it but there is no proof to support that claim.

Bitcoin Transactions Are Untraceable:

One of the unique features of Bitcoin is that the transactions are untraceable. Whether a user is trading coins across the street or sending them to the far edge of the globe, all he has to put forward is a wallet ID. The personal information is not required. As a result of this, the transactions become anonymous and downright untraceable.

If You Lose Your Coins, Consider Them Gone for Good:

Bitcoins are stored in a digital wallet and protected by a private key. So, if a user loses the drive on which the wallet was stored, consider your coins gone for good.

Bitcoins Are Accepted as A Method of Payment All Across the World:

Numerous banks, corporations, and retail stores accept Bitcoin as a payment and the number is increasing each day. Using this currency, you can buy comics, fancy clothes, yachts, property, travel around the world and order a delicious pizza.

Amazing, isn’t it?

The First Ever Purchase Made Via Bitcoin Was for A Pizza:

One of the most interesting facts about bitcoins is that the first ever purchase made through this currency was a pizza.

In May 2010, the currency was relatively new and was still pretty far from gaining worldwide recognition. Due to this fact, the value of bitcoin was extremely low – let’s say, two Papa Johns Pizzas for two Papa Johns Pizzas.

Yes, this was exactly the case when Laszlo Hanyecz offered two Papa Johns Pizzas for 10,000 bitcoins, which was then equivalent to $41 or $0.0041 per coin.

However, the circumstances have changed and those 10,000 bitcoins are worth $7.6 million in today’s market.

These are some interesting facts about the ever-incredible currency that is Bitcoin. In conclusion, the characteristics of cryptocurrency are nothing short of incredible! The future belongs to Bitcoin! So make your move and take a dive into the world of Bitcoin; right now!

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How to Secure Your Bitcoin Wallet – Killer Tips for Beginners

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How to Secure Your Bitcoin Wallet

A Bitcoin wallet is a software program to store your coins. It’s pretty similar to the traditional bank account in many ways: it stores your bitcoin assets, is protected by a certain mechanism and allows no access to a third party. The only difference between the two is that one stores traditional currency while the other stores the digital currency that is Bitcoin.

Since Bitcoin is the most popular and valuable form of cryptocurrency, the hackers are always trying to sneak into the wallets and steal your assets. This ultimately makes it necessary for the users to keep their wallet as secure as possible.

In this article, we have discussed some killer ways to help you enhance your wallet security. Give them a solid read.

How to Secure Your Bitcoin Wallet?

Avoid Online Services:

How to Secure Your Bitcoin Wallet

As a bitcoin user, you will come across many services offering to store your coins online. It’s a big no-no! these services don’t provide sufficient security or insurance like a bank. Moreover, many events have been recorded in the past where these services suffered security breaches which saw their users lose millions in USD. If you are seeking the maximum security, go with the cold storage wallets.

Smaller Amounts for Daily Use:

How to Secure Your Bitcoin Wallet

Always carry smaller Bitcoin amounts with you. A Bitcoin wallet address is similar to having a traditional wallet. If you don’t keep a thousand bucks in your wallet, you would want to have the same approach for your bitcoin wallet address. Ask any Bitcoin expert and they will tell to carry smaller amounts for daily uses – and keep the rest in a safer environment such as a server, mobile or a computer.

Always Keep a Backup of Wallet:

How to Secure Your Bitcoin Wallet

Do not, I repeat, do not forget to keep a backup of your wallet. The computers we use are always vulnerable to the failure. Plus, we can’t rule out the human mistakes either. Any of this happens and your coins are gone for good. So, make sure to have a backup computer, hard drive, USB, etc. where you can access your coins in case they are lost.

Go Encrypted:

How to Secure Your Bitcoin Wallet

Encrypting your bitcoin wallet address is another important factor to keep your coins secured. The encryption allows you to set a password on your smartphone/wallet for anyone trying to steal your coins. While setting up a password, make sure it’s strong and not based on generic words. Use random combinations of words, symbols, and letters for the maximum strength.

Always Use an Updated Version of Wallet:

How to Secure Your Bitcoin Wallet

Never use an outdated version and always keep your wallet updated. This is because the older versions are more vulnerable to theft and lack the stability. On the other hand, newer versions include useful features which prevent you from security risks and tackle the problems of various severity.

Conclusion:

These are some techniques that can help you protect your Bitcoin wallet from theft, hacking and other risks. Apart from these, there is multi-signature encryption and offline wallets that you can use to protect your coins. Good luck.

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Cheapest Bitcoin Wallets – Best Bitcoin Wallets 2017

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Before using Bitcoin for any bigger transaction make sure to what you have to know and what are some best ways to secure your Bitcoin wallet. Always keep in mind it’s your responsibility to decide about your wallet carefully. Adopt some better practices to protect your money. A Bitcoin wallet is a collection of some private keys and used to make transactions on the Bitcoin network.

Some best Bitcoin wallets 2017 are:

1- BitCoin Core:

Bitcoin Core is developed to choose which blockchain have valid transactions and the users only accept the transactions for that blockchain. It’s those users who keep Bitcoin decentralized. They run individually their personal Bitcoin Core full nodes and each full node individually follows the same rule to decide which blockchain is valid.

Some Bitcoin Core features are:

  • Full Validation
  • Better Privacy
  • Excellent Security
  • Better User Interface
  • Support the Network

2- Armory:

Armory is a full featured and most secure means available for the users and organizations to generate and store Private Keys. The Armory team is experienced in private key and cryptography ceremonies.  Armory established cold storage and distributed multi-signature. The Bitcoin cold storage is a system for storing Bitcoin safely on a fully air-gapped offline computer.  At Armory, we attempt to improve constantly the best Bitcoin wallet with some extra security features.

3- Mycelium Wallet:

With the Mycelium Wallet, you can send and receive Bitcoin by using your mobile phone. The Supreme cold storage functionality enables you to secure your funds 100% until you spend them.

Features of Mycelium Wallet are:

  • Provide 100% control over your Private-Key.
  • No blockchain download, just install and run in seconds.
  • Manage your multiple accounts and never recycle addresses.
  • Ultra-fast connection to a Bitcoin network with the help of super nodes.
  • Read only addresses and Private-Key imported for secure cold-storage integration.
  • Protected your wallet with a PIN.
  • Support for BIP38 Keys.
  • Compatible with other Bitcoin services.

4- MultiBit:

  • MultiBit enables your Bitcoin wallet to make easy and fast transactions. After the installation process, a wizard guides you through effective steps to create your wallet and its backup. In just a few moments, you’ll be ready to join Bitcoin economy and now you can handle your funds and wallets. Your wallet and its backup resides encrypted on your personal computer and never with a third party.
  • MultiBit adds an extra security layer for your bitcoins when used with KeepKey. KeepKey is USB device which stores and secures your Bitcoin.

5- Xapo:

Xapo Wallet offers a way to handle your funds when or where you want with just the click of a button. You can also manage your funds by sending an email and swipe of your Xapo Debit Card. Xapo iOS is your mobile Bitcoin wallet that combines industry-leading and convenience security to handle your bitcoins and sending currency to your family and friends. Simply scan a QR or wallet address or enter a name, or email to instantly send money worldwide.

Features of Xapo Wallet are:

  • Fully insured Bitcoin storage in the market.
  • Send and receive Bitcoin in just two clicks.
  • Two-factor authentications.
  • By sharing Xapo on social networks you can earn Bits.
  • Zero network transaction fees.

6- Wirex:

Anyone can get the best for digital and traditional currency. You can get an online banking account, cheap money transfer, worldwide issued Bitcoin debit cards, and much more in just one place.

Features of Wirex are:

  • Secure and Convenient: Secured with multi-signature and two-factor authentication.
  • Easy Access: Manage all your accounts, past transactions, and debit cards by using your smart phone 24/7.
  • Total Freedom: Send and receive currency from 130+ countries and with almost no limits.

7- BitGo:

Generally, Bitcoin wallets have just a single Private-Key to make your Bitcoin susceptible to misplaced or theft. The multi-signature technology of BitGo offers three keys for your wallet. BitGo does not have the facility to access your Bitcoin as other Bitcoin companies have. BitGo only holds one key which not enough for the transaction on your behalf.

If only a single key is compromised, your Bitcoin cannot be stolen. This makes BitGo almost hack proof. BitGo required 2F authentications and use high-level security measure to make a full protection of your Bitcoin.

8- GreenAddress:

GreenAddress is a safer Bitcoin wallet which provides you full control and it doesn’t compromise your privacy. Our pre-transaction 2-factor authentications and multi-signature wallet empower you with a supreme control over your transactions. GreenAddress never keep your Private-Keys, not even encrypted. We also make it fast to view and transfer your funds.

9- CoinBase:

CoinBase is the world-famous source to buy and sell Bitcoin.  It is CoinBase is also a popular Bitcoin and Ethereum wallet. CoinBase provides the facility to buy, store, use, and accept Bitcoin and Ethereum securely. You can experience a best digital currency managing on the mobile phone.

Some additional features of Coinbase wallet are:

  • Send and receive Bitcoin.
  • Track the Price of Bitcoin anywhere with the help of Bitcoin price charts, Bitcoin price alerts, and Bitcoin price ticker.
  • You can check transaction history, balance, and transaction details of all your accounts.
  • You can send Bitcoin and Ether via email.
  • Send via QR code with zero transaction fees.
  • You can set a password to secure the mobile app.
  • You can remotely inactivate your phone’s access if it’s stolen or lost.
  • Historical and real-time Bitcoin and Ether price charts.
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REPORT: South Korea Is Considering to Reverse Ban on ICOs

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According to the latest report, in the coming months, ban on the ICOs (Initial Coin Offerings) by South Korea could be eased. In September, it was reported that the Financial Services Commission of the country had moved to ban the blockchain funding model. However, the latest report by the “Korea Times” claims that there’s a chance that the ban may get lifted, especially for token sales.

ICOs

From an anonymous source, it’s stated;

“The financial authorities have been talking to the country’s tax agency, justice ministry, and other relevant government offices about a plan to allow ICOs in Korea when certain conditions are met.”

Even with the local ban, a lot of cryptocurrency users in South Korea are still contributing to international ICOs. The official at the FSC (Financial Service Commission), that manages and supervises the cryptocurrency trading rules, Kang Young-soo, has denied to give any statement on ICOs and just said that third-party-view is being considered by FSC.

Moreover, Young-soo has also confirmed that the government is also looking forward to make a whole lot better infrastructure for regulating the trades of cryptocurrency and also to advance blockchain technologies. On the other hand, international cryptocurrency market is presenting new challenges for lawmakers as well.

At this time, there’s a ban on the overseas residents from trading cryptocurrency in South Korea. The main purpose of this ban is to curb money laundering and other cross-border crimes that might be possible. Meanwhile, it’s been reported that the officials of South Korea are having a word with counterparts in China and Japan, in order to discover regulatory collaboration, which at the same time, also means that any final regimes could be settled with those countries.

Right now, the biggest problem that the government is facing with cryptocurrencies is its inability to efficiently control taxes from cities that hold the currency. Though, countries like Japan have shown a way of managing it, by taking each ICO on a case by case method, while other countries like China have chosen a total ban. China is showing no sign of willingness to ease this ban on the ICOs (Initial Coin Offerings), as this is the country’s own ban, which was revealed in early September to South Korea’s announcement. When a ban on ICO was announced by South Korea, it was really discouraging, as this country is best known for accepting and implementing the latest technologies.

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Bitcoin Hacked 2017, Who To Blame?

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Bitcoin trading was started since 2010 which is the source of Bitcoin’s universal myths or discussions. When a Bitcoin exchanged gets hacked, financial media considers this hack a result of the flaws of cryptocurrencies. Until now, Bitcoin protocol has never been hacked. Due to its next level encryption, hackers do not attack Bitcoin directly. Instead, they manipulate the weaknesses of Bitcoin exchanges.

Are Bitcoin Exchanges Vulnerable To Hacking?

According to the report of the U.S Department of Homeland Security, one-third of Bitcoin exchanges were hacked between 2010-2015.

A South Korean exchange ‘Bithumb’ was hacked last month with 30,000 customer’s data on it. The hackers were able to steal $1million worth of bitcoins. As a result, the price of Bitcoin dropped about 3.5% during the following two days of the event.

Bithumb revealed that employee’s computers which provide the access to customer’s data were targeted during the attack.

In August 2016, Hackers successfully took 120,000 Bitcoins, worth $65million from Bitfinex exchange. In that case “Hot wallet” feature was the weak link. These frequent Bitcoin exchange hacks are no doubt concerning, but this should not be a reason to dismiss Bitcoin usage.

For example, if a diamond jewelry shop is successfully robbed, it’s not the diamonds’ fault, rather the security management that was hired by the owner. Same is the case with the Bitcoin code users.

Why Has Bitcoin Itself Never Been Hacked?  

Bitcoin codes use a network security protocol known as SHA-256. SHA: Secure Hash Algorithm. This is the prime reason why Bitcoin is known as a cryptocurrency. SHA-256 is widely used by the government and financial sector of the Bitcoin and was designed by the National Security Agency.

Crypto experts and programmers believe that SHA-256 is unbreakable by the currently available technology. Chris Wilmer, founder of Blockchain-Focused said, “Bitcoin itself, and most of the other cryptocurrencies, have never been hacked or even really had any downtime.”

Due to the fact that Bitcoin uses SHA-256, and that its transactions are broadcasted to the network for confirmation, Bitcoin is the securest form of currency ever created.

Just think about it, if you have fiat money and it gets stolen or snatched by someone, it becomes incredibly difficult to trace it. In addition, a stolen bag exposes your data including bank’s check book, debit/credit card to untrusted parties and takes a whole lot of months to resolve the issue.

Besides, credit/debit is an old fashioned payment system. Considering the tools available these days, hackers could get an easy approach to this old form of digital money.

Today, the Credit card breaches have become a daily routine. The hits at Target Corp. (NYSE: TGT) and (NYSE: HD) occurred a couple years ago. Neiman Marcus and Wendy’s Co. (Nasdaq: WEN) breach is another example which just happened in 2016. The most recent ones are Chipotle Mexican Grill Inc. (NYSE: CMG), Arby’s Restaurant Group, and Kmart Corp, which happened in 2017.

Whereas, bitcoins are safe at your Bitcoin exchanges and provide maximum security against breaches. Don’t let one or two incidents define the whole currency and start your Bitcoin venture right now!

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