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Friday, January 24, 2020

A Beginner's Guide to Cryptocurrency Wallet




Most people think that a cryptocurrency wallet holds Bitcoins and other cryptocurrencies. A cryptocurrency wallet, though, doesn't hold any coins at all. So, what does a cryptocurrency wallet do? What is the difference between a mobile wallet and an online wallet? Here is a complete beginner's guide to cryptocurrency wallets.

How do Cryptocurrency Wallets Work?

Cryptocurrency wallets are small software programs that store public and private keys. They interact with blockchains to process cryptocurrency transactions. Each cryptocurrency wallet has a unique address, a private key, and a public key. The address is like a bank account number. The public key is an encrypted address that other people can use to send money to you. The private key is the key that unlocks your wallet and allows you to send money to other people.

A cryptocurrency wallet doesn't hold any coins. A cryptocurrency wallet confirms your ownership of cryptocurrency. Cryptocurrency doesn't exist in a central location, so no one can hold it or put it into a wallet. Instead, the ownership of cryptocurrency gets recorded in a blockchain. A blockchain is like a ledger system that is held on many different computers. When you buy Bitcoins, the coins don't get transferred into your wallet. Your ownership of the coins gets recorded by a digital transaction in the blockchain.

What Are the Different Types of Cryptocurrency Wallets?

There are several different types of cryptocurrency wallets. Some wallets are more secure than others, and some are more convenient to use. Here is an explanation of the various types of cryptocurrency wallets:

Online Wallets

An online wallet is the most convenient type of cryptocurrency wallet. Online wallets exist on a server on the internet. So, you can access an online wallet from any device that can connect to the internet. Online wallets are password protected. They also often use other security measures, such as two-factor authentication. Even so, because they are accessible online, online wallets are vulnerable to hacking.

Desktop Wallets

Desktop wallets are local programs stored on a desktop device. You can only access a desktop wallet using the local device. Desktop wallets are more secure than online wallets. Even so, they are only as secure as your PC is. A desktop wallet could still be vulnerable to hacking if your PC is not secure.

Mobile Wallets

Mobile wallets are cryptocurrency wallets that you keep on your mobile device. Mobile wallets are convenient because you have access to them wherever you go. You can use a mobile wallet on the go. And, you will also be able to pay for goods in physical stores with a mobile wallet by scanning a quick response (QR) code. Mobile wallets offer the same level of security as desktop wallets do. The drawback of mobile wallets, though, is that mobile devices are more likely to get lost or stolen.

Hardware Wallets

Hardware wallets are devices that store nothing else but your cryptocurrency wallet. Hardware wallets are very secure. They are only connected to the internet when you are using them. They could, though, like mobile devices, get lost or stolen.

How Secure are Cryptocurrency Wallets?

Cryptocurrency wallets store confidential information. If a hacker gets hold of your private key, they have the key to your money. Any cryptocurrency wallet that you use over the internet is vulnerable to hacking. So, you should always keep all your security software up to date. There are also other steps that you can take to keep your cryptocurrency wallet safe.

When it is available, you should use two-factor authentication for all your transactions. Two-factor authentication will protect you by asking for confirmation of each transaction.

Some cryptocurrency wallets also provide multi-signature authentication. Multi-signature authentication provides extra protection by asking for confirmation from a different device.

It is also a good idea to back up your cryptocurrency wallet. If you have a secure backup, you will be able to use that backup to access your funds if you lose your wallet. Remember, your wallet does not hold your coins, it holds your keys. So, if you lose your mobile wallet, but you have a backup on your desktop, so you have not lost your cryptocurrency.

How to Choose a Cryptocurrency Wallet

There are lots of different cryptocurrency wallets available. There are several things to consider when you are choosing a cryptocurrency wallet. You need to think about how and where you will want to use the wallet. You will need to look at the security features that the wallet has. And, you will need to check which cryptocurrencies the wallet is compatible with.

Conclusion

Cryptocurrency wallets hold the keys to your cryptocurrencies. So, whichever type of wallet choose, you must take good care of it. A cryptocurrency wallet may not hold any money, but it is the key to the blockchain that does.

Saturday, November 23, 2019

Shenzhen exposes 39 crypto exchanges defying trading ban


exchanges operating illegally in one city in China will face the wrath of a joint government effort to oust them, reports claim.
On Nov. 22, authorities in Shenzhen have identified a total of 39 exchanges falling foul of China’s cryptocurrency trading ban, according to local news outlet Sanyan Finance.  Read more...

Sunday, November 17, 2019

Do not leave your coins on exchanges!!!

Speaking today at BlockShow Asia 2019, Genesis Block HK co-founder Clement Ip shared a negative personal experience during a panel on how Asian trading firms make profits. His company is a blockchain venture capital firm, crypto quant hedge fund, and mining company focused on investing in blockchain projects. Read more...

Tuesday, October 29, 2019

Nicehash Miner Review


There are a number of ways to earn through cryptocurrencies. Investing in bitcoin or alternative coins, mining bitcoin or alternative coins and trading bitcoin and alternative coins are some of the ways in which one could earn profits in the cryptocurrency market. However, not all of the methods ensure you guaranteed profits. In fact, heavy losses can be suffered in case of investments and trading.


The safest way to earn through cryptocurrency is through mining. While tangible mining calls for powerful processors, building large rigs, air conditioned ware houses and high electricity bills, it can make things complicated. On the other hand, intangible or digital mining is the next big thing in the cryptomarket. The reason being that the process is super easy and seamless. There’s no need to build huge ware house, no need to buy rigs and no need to put yourself in noise-polluted environment.
However, not all the websites offering digital mining are credible and profitable. The best amongst the entire pool of mining websites is a website called Nicehash. What makes nicehash different from others is its ease to use.  Its ease can be determined by the fact that it only takes 3 steps to finally start mining your favorite coin. The first step is to Sign Up on nicehash website, the second one is to download the nicehash miner and the third one is start mining by delving into the world of nicehash profitability.


What sets nicehash apart from other mining platform is its peculiar model. The website itself doesn’t offer mining, in fact it is a marketplace where users are interconnected and you can rent hashing power from the users that are connected to the nicehash.  Another feature that makes nicehash the best option is its integrated business model where you can trade and mine at the same platform increasing the prospects of maximum nicehash profitability.


In order to get an idea of how much fortune can you make, nicehash offers nicehash calculator that lets you estimate your profit before you even start mining. All you have to do is to head here, select the desired currency and then input the value for electricity costs which is calculated as USD/kwh. Once done, select your processor type; nicehash offers CPU, GPU, ASIC processors. After selecting your desired processor, choose the mining device from the dropdown and proceed to entering the number of devices. And that’s it. Just click on the calculate button you would be able to find out with the help of nicehash calculator that how much profit you can earn in one day. And that too without owing a single GPU!


Now that you have made the decision to use nicehash and make money, it’s time to download nicehash here and lay the foundation of fulfilling your unachieved dreams. However, if you are yet to decide whether nicehash miner is your choice or not or are looking for the list of algorithm supported by the miners, just click here and be surprised by seeing an ever-increasing list of algorithms.

Friday, October 11, 2019

KeepKey Launches Native ERC-20 Token Support!





Finally, a hardware wallet that's as series about crypto as you are. Check it out:

keepkey

Friday, October 4, 2019

Crypto KaratGold Coin tokens under investigation by florida regulators

A German company that claimed to raise $100 million in a 2018 initial coin offering (ICO) is being investigated by Florida financial regulators, CoinDesk has learned.
Karatbars International GmbH has announced plans to follow its first token sale with another one in December 2019. While the 2018 token sale was for its allegedly gold-backed KaratGold Coin (KBC), this year the company has been promoting a KaratBank Coin connected to a “cryptocurrency bank” in Miami. Read more..

Friday, September 27, 2019

3 Things to Understand about Keeping Your Bitcoins Safe.


Many people believe that Bitcoins come with the ultimate in online security. In truth, however, it's possible to lose your Bitcoins, or have them stolen. This doesn't mean that they are unsafe. It only means that as with cash, jewelry or other valuables, you need to be careful about their security.


Secrecy: The first rule of cryptocurrency security


When you buy a Bitcoin, you get a private key passphrase that helps you access the coin. It's never a good idea to share your private key with anyone. If you do it, chances are that you will lose control of the key, and the Bitcoin that it represents.
Using a third-party Bitcoin wallet can make keeping your money much simpler. Only two parties know your private key then -- you, and the company running the wallet. While a wallet offers convenience, there are risks involved there, as well. The company running the wallet could take control of your Bitcoins if they chose to do so. If you're using such a wallet, you need to make sure that the company is trustworthy.
If you own a large number of Bitcoins, using a hardware wallet is much better idea. Your money is bound to stay safer then.


You must be careful never to lose your Bitcoins


If you lose your private key for any reason, you lose access to your Bitcoins along with it. There have been numerous stories about such unfortunate incidents reported in the news over the years. In one case, a man in Britain accidentally threw away an old hard drive that contained private keys for $10 million worth of Bitcoins. He was never able to recover his coins. It's important to make multiple backup copies of your private keys, both online and off-line.


Make sure that you don't fall for Bitcoin scams


Just as online phishing scams can end up in loss of access to your bank account and all the money in it, such scams aimed at Bitcoin holdings can put you at risk, as well. It's important to keep all standard safety practices in mind when you deal with your Bitcoin holdings.
Other scams exist. Ponzi schemes, for instance, have you invest your Bitcoins in return for large returns. After making good on their promise for a few months, the operators of these schemes make off with your coins.


A few additional tips to help you with Bitcoin security


Bitcoin transactions cannot be reversed. If you make a mistake and send your Bitcoin to the wrong address, for instance, you will never be able to get your coins back. It's important to make sure that the address you send to is correct.
It is never a good idea to type out a Bitcoin address by hand. These addresses tend to be long and complex, and mistakes can occur. It's always a good idea to copy and paste, or, alternatively, use a QR code.
Since transactions cannot be reversed, it's important to ensure that the parties that you deal with are trustworthy. If you aren't sure, it's always possible to use an escrow service.
With small transactions, one confirmation this usually all the it takes. For large sums, however, it's a good idea to wait for multiple confirmations. It can take six confirmations to be certain that a transaction has gone through.
Keeping your investment in Bitcoins safe can take some understanding of how the technology works. With a little basic knowledge in place, you're in a much better position to stay safe.