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Safest Bitcoin Wallets You Can TrustA Bitcoin wallet is basically equivalent to a bank account for the traditional money. It is used to store bitcoins and make transactions with other users.

Bitcoin’s value has raised incredibly over the years. At the time of writing, one BTC is worth $1174.00 USD and it is expected to go even higher for the upcoming days. Apart from being extremely valuable, Bitcoin has also attracted the attention of hackers from all across the world as they are always developing new techniques to breach the Bitcoin security and steal your coins.

To keep the coins protected, it’s essential to use the wallets that offer foolproof security, high reliability and less vulnerability against these attacks.

Here we have discussed some of the most reliable Bitcoin wallets that you can use to keep your Bitcoin assets well-protected. (Also, don’t forget to read our guide on how to secure a Bitcoin wallet)

Copay:

The first one on our lists of safest Bitcoin wallets online is Copay. It’s a multi-signature wallet and comes with a unique feature of restoring funds in a wallet by exploiting old backups.

The service also prompts its users to back up new information at regular intervals to avoid the loss of data.

The only complaint regarding Copay is its slow speed. But it doesn’t stop it from being one of the best iOS wallets out there.

However, Copay is not only limited to iOS. The users of Android and Desktop applications can also enjoy its unique features in a similar fashion.

Bitcoin Armory:

Also known as Armory – this wallet is particularly designed for desktop users and is one of the best out there.

Ever since the smartphones have taken over, the desktop wallets have fallen out of favor. But the Armory still remains to be one of the favorites due to its excellent functioning.

The wallet offers:

  • Multi-signature ability
  • Full node verification
  • HD privacy

And is an open source software.

Blockchain:

One of the most renowned Bitcoin Wallets Address. The Blockchain is available for iOS, Android as well as web browser users.

The wallet provides complete Tor Support Privacy and comes with trusted server verification.

Blockchain is being anticipated to grow more in future due to its exceptionally high amount of capital and the ongoing R&D which aims at making the product even better.

Trezor:

Trezor features cold storage and is a hardware bitcoin wallet. The wallet is open source and carries all the information required to make Bitcoin transactions. The wallet can easily be carried in your pocket. However, the service does not come for free. The price tag is $119.

Xapo:

Xapo is available only for desktop users. It comes with trusted server verification and is probably the only wallet that provides its account holders with insurance. Similar to all other wallets, Xapo is also an open source software.

Green Address:

Green Address is available for android, iOS and web browsers and is a multi-signature wallet. It comes with HD privacy and trusted server verification. One of the reasons why Green Address is popular among the users is its availability as a Chrome extension, which makes accessing it simple and straightforward.

These are some top-notch wallets for users to keep their bitcoins from security vulnerabilities. Some other wallets that you might want to consider are Cool Wallet, Holy Transaction, Ledger, etc.

All these wallets are outright reliable and ensure the highest level of security for their users.

Want to set up a Bitcoin wallet? Read our guide on how to set up a Bitcoin wallet.

 

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China Decides To Protect Yuan With Its Own Centralized Crypto

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The People’s Bank of China (PBoC) sketched out an agenda for 2018. According to this agenda the future of crypto in china has come under discussion again. China had to take this step to protect the national currency of China which is no doubt Yuan. Furthermore, according to a statement dated March 29 on the PBoC website, China will continue to apply strict measures against all kinds of virtual currencies to protect Yuan.

Background of Cryptocurrencies in China

We would have to go a couple of years back  to properly understand the situation cryptocurrencies are facing right now in China. According to the initial coin offering news few years back, Bitcoin had gained great popularity among the Chinese Citizens, prices were also going up steadily.

Concerned with the progress of Bitcoin and other cryptocurrencies,in December 2013 the People’s Bank of China along with some other ministries of China, published an official notice regarding Bitcoin. Originally this notice was meant to reduce or control the financial risk of Bitcoin. Several points were highlighted in that notice pertaining to the risks involved in the sale and purchase of cryptocurrencies.

initial coin offering news

Salient Features of Notice Against Cryptocurrencies

According to the above mentioned notice the People’s Bank of China strictly ordered that:

  • All companies offering Crypto-related services especially Bitcoins, must be registered with the relative government ministries.
  • Organizations dealing specially in Bitcoin-related services should implement necessary measures to prevent money laundering and other illegal activities.
  • Any kind of criminal activity such as fraud, money laundering and gambling etc should be reported instantly to the authorities.
  • Companies behind the deals of Bitcoin and all such services should educate the public about Bitcoin and the technology behind it. This measure will save the majority of laymen from frauds, and fake companies would not be able to mislead the public with misinformation.
  • Bitcoin can only be bought or sold in its original form and not to be exchanged with traditional currency at any cost.
  • Rather than money, cryptocurrency can be best defined as something that serves as a medium of exchange or a store of value.

China’s Latest Approach Against Cryptocurrency

The deputy governor of the People’s Bank of China Fan Yifei outlined objectives in protecting the yuan at the 2018 national video conference.  It was a serious effort dedicated to the major challenges faced by the Chinese monetary system in terms of Yuan.

In his statement Fan supported the development of a government based digital currency in order to protect the yuan against unofficial virtual currencies. However, as was done in the past, no specific policies against crypto currencies were offered this time.

 

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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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Virtual currency Bitcoin being split into 2: here’s what you need to know

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Everyone has turned skeptical on how to scale the bitcoin cryptocurrency since the chances of a “hard fork” have arisen within the market.

Bitcoin seems to be in a crisis and everyone in their community is suffering along with it.

Virtual currency Bitcoin

Stakeholders and developers stuck in a heated argument over “hard fork”

What is the issue?

Basically, Bitcoin is so well-known that it isn’t able to handle the weight of all the transactions. Transactions are processed in “blocks” that include complicated cryptography to verify and set. But, with the currency growing exponentially and the number of transactions increasing, the 1MB size limit of the block that is built into the system is becoming an issue, causing delays in processing transactions. Thus, purchases would take a long time to confirm.

The time taken for a virtual currency bitcoin transaction has been gradually increasing. The median currently sits at 13 minutes.

What are the alternatives?

The split is leading to two possible solutions: “Bitcoin Unlimited” and “Segregated Witness”. They obviously can’t exist together, they’re software updates to the bitcoin network that would change how it works. This “hard fork” would split the chain of transactions in two, producing another chain splitting from the original one.

 

BU vs SegWit

Starting off with Bitcoin Unlimited, you must understand the concept of bitcoin mining. Miners sift through and verify transactions using computers in order to get rewarded with newly issued bitcoins. Professional miners with computers having specialized hardware do the majority of the mining by performing mathematical tasks.

Miners are in favor of BU because it would give them control over the Bitcoin network.They would be able to increase the block size when required and effectively give them control to set the transaction fees.

On the other hand, to keep the cryptocurrency more decentralized rather than giving additional work to miners, bitcoin developers, and enthusiasts are in favor of SegWit.

SegWit would double the transactions per second capacity of bitcoin by juggling the makeup of transactions, stripping out some details such as signatures. It would also add some extra functionality, including possibly moving some transactions off-chain in a way that might not benefit the miners. This solution would keep control over the network dispersed (decentralized).

Although, SegWit is just a temporary solution. It only doubles the network’s bandwidth, while BU allows miners to vote to increase the capacity when required with no upper limit.

Who’s the winner?

It is possible that bitcoin value will fork and then the two opposing currency will co-exist and compete for users and legitimacy. It is up to the users to choose sides and it isn’t simple to predict the future of the BTC world.

What does this mean for the value of bitcoin?

Bitcoin is hitting high records currently and if the fork conflict’s solved in a timely and satisfactory manner, it would make the market even more powerful.

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A Brief Guide on How to Use Bitcoin

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How to Use Bitcoin

Plenty of people who are new to the concept of Bitcoin often ask “how do you use Bitcoin?” and the answer to this question is not that easy because Bitcoin works in the same way as traditional currency. The only difference is that it exists in the form of code and stored on High-Tec computers.

Since the majority of visitors who come to our site are freshies and looking to learn as much as they can about Bitcoin, we will provide a quick guide on how to use Bitcoin.

Start with A Bitcoin Wallet:

The first and foremost thing needed to start your Bitcoin venture is a Bitcoin wallet. There are several types of Bitcoin wallets, but Coinbase or Blockchain are the friendliest ones, especially for those who are new to Bitcoin world.

A Bitcoin wallet works the same way a software (Yahoo, Gmail, etc.) does for receiving emails or a traditional bank account does to send or receive money. But in this case, only Bitcoins are stored in the wallet.

A wallet comes in the form of a software and allows you to send, receive or store the cryptocurrency.

In order to receive Bitcoins, you are required to give the sender your Bitcoin address which starts from 1 or 3; followed by a string of random numbers and letters.

Here’s an example of a bitcoin address: 1GrwYYTDJic27cstVCjzS8Muvutw6JUYqB

Get Some Bitcoins:

Once you have your Bitcoin address and a wallet, all you need is some coins. wondering how to buy coins? check out our guide on how to buy bitcoins from PayPal in two minutes. Apart from PayPal, there are several other methods too. However, the cost will vary based on which method of payment you choose – reversible or irreversible.

The reversible payments (credit card, PayPal, etc.) cost more than irreversible ones (bank/wire transfer) due to the risks involved in the transaction.

Now that you have bought coins, it’s time to put them to good use.

How to Use Bitcoin?

The number of companies starting to accept Bitcoin as a method of payment is growing each day. Some top-notch companies like Microsoft, Overstock, Virgin Galactic, etc. are now offering their services in exchange of Bitcoin.

You can use your coins to buy virtually anything through a Bitcoin debit card. The card also gives you the freedom to shop physically at all the Bitcoin-accepting stores.

If shopping isn’t your priority, make an investment of your Bitcoin assets. There are several ways in which you can invest your coins. Following are the most common ones:

  • Bitcoin trading
  • Holding on to them
  • Getting mining equipment

But before you make an investment, remember that Bitcoin investment can be a risky business due to high volatility in its value.

Another use of Bitcoin is to open an online store and set Bitcoin as an additional method of payment. It will not only give you an opportunity to earn bitcoins but will also provide an extra payment option to your clients.

Lastly, your coins can be used to settle a bet, pay back a friend who bought you dinner or return a loan. In conclusion, Bitcoin can do almost anything that traditional currency does. The only difference is that Bitcoin exists virtually and is relatively new in the market.

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Pakistan Bans Crypto and ICO Transactions

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The central bank of Pakistan has told financial service providers and banks that it won’t be supporting virtual currency transactions. In a statement on its website, the State Bank of Pakistan (SBP) suggested the general public that it controls both international and domestic payment as well as money transfer services.

cryptocurrency Ponzi schemes

Prosecution Against Transferring Funds

According to this cryptocurrency ban news, the State Bank of Pakistan will take action against those who use virtual currencies for transferring funds outside Pakistan. If they found anyone using virtual currencies, tokens or coins for transferring money outside Pakistan, he/she will be subject to prosecution according to applicable laws. The State Bank of Pakistan also asked microfinance and commercial banks, as well as payment service providers/operators to restrict those account holders, who are looking forward to carry out transactions in the form cryptocurrencies and ICO tokens.

The State Bank of Pakistan also noted that it doesn’t recognize cryptocurrencies as legitimate tender and hasn’t sanctioned or licensed anyone for the sale-purchase, exchange-investment or even issuance of any tokens or currencies.

Risks

The State Bank of Pakistan took the action of the following risks:

  • The closure and fiasco of virtual currency exchanges as well as businesses for any purpose, like action by law enforcement agencies.
  • The number of security negotiations of virtual currency exchanges and wallets all-inclusive, in which huge amount of funds was lost.
  • Virtual currencies are extremely erratic, volatile and the prices are mostly based on assumptions.

Furthermore, fraudsters have started to offer “pyramid style investment schemes” as well and have promised high returns to the general public of Pakistan. The State Bank of Pakistan has also warned that such schemes similar to cryptocurrency Ponzi schemes, can cause some hefty losses to the general public.

RBI

The Reserve Bank of India (RBI) stated that all controlled entities that already offer virtual currency services are required to cut off all ties within three-months. These services include:

  • Maintaining accounts
  • Registering
  • Trading
  • Settling/Clearing
  • Giving loans against virtual tokens
  • Accepting the loans as collateral
  • Opening accounts of exchanges that manage them and transfer funds in accounts including the sale and purchase of virtual currencies.

The Reserve Bank Of India (RBI) believed that blockchain technology has a lot of positive applications however, it contends that cryptocurrencies increase several concerns related to the:

  • Protection of customers
  • Market integrity

Preventing financial crimes

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