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Best Ethereum Wallets

Best Ethereum Wallets
When you start using cryptocurrency the number one problem is to find a secure wallet. In this article, we will introduce the most popular Ethereum wallets.

Hardware Wallets

We start with hardware wallets. These wallets provide offline storage for cryptocurrency. This kind of Ethereum wallet is considered to be the most secure.
https://preview.redd.it/86nocaff0mh31.jpg?width=720&format=pjpg&auto=webp&s=7a6d4e9a4ef9945eec416583d487e5553c4377e9

  • Trezor
Originally Trezor was developed for Bitcoin. Now it supports more different cryptocurrencies including Ethereum. This ETH wallet will work in tandem with your MyEtherWallet.Trezor is famous for the features that make it very secure. It provides 2-factor authentication, advanced cryptography and the opportunity to check transaction details before you confirm.
On the other hand, there are a couple of disadvantages. Such as the cost: the Trezor wallet is pretty expensive. If you are not a regular user you probably should consider cheaper wallets. Also, it takes time to access your holdings with this wallet.Thus using Trezor as Ethereum wallet may be a little inconvenient if you are a common user.

  • Ledger Nano S
Ledger Nano S is also a hardware wallet. It connects with any computers via USB. The most important feature of this wallet is security. As well as Trezor it provides 2-factor authentication. Aside from this, this Ethereum wallet has a PIN code to secure the device itself and also you can back up your account on the recovery sheet. Ledger Nano S gives users an opportunity to check details of transactions before the confirmation.
The main disadvantage of the Ledger Nano S wallet is the price. It is cheaper than Trezor, but it is still pricey.

  • KeepKey
KeepKey is a hierarchical deterministic (HD) wallet. It is also in the group of hardware wallets. KeepKey supports a lot of cryptocurrencies.The fact that this is an HD wallet allows users to generate private keys in an unlimited quantity. Undoubtedly this adds to the security level. Moreover, with the help of this device, you review and confirm every transaction. You can also set up a PIN code and a recovery sentence to make sure your holdings are secured enough.
It is easy to start using the KeepKey wallet. You need to download a couple of applications. One is to create a wallet. And with the help of the second one, you will be able to connect to KeepKey through Chrome.
Talking about the disadvantages we should mention the price. It is one of the most expensive wallets on the market to use it as ETH wallet.

Web Wallets

The great thing about web wallets is that you can easily access them. All you need is an internet connection.

  • MyEtherWallet
Unlike the most part of hardware wallets, MyEtherWallet is free. Nonetheless, it provides a high level of security by allowing users to store their keys on their own computers. There is no necessity to give any private information when creating a wallet.This Ethereum wallet interrogates with some hardware wallets such as Ledger Nano S and Trezor. Also, this platform gives an opportunity to write smart contracts.
In addition, MyEtherWallet provides automatic back up. So users should not remember about this by themselves.Moreover, it’s possible to get a paper Ethereum wallet by going to the “Wallet Info” section.
https://preview.redd.it/j7wzg5ki0mh31.png?width=1088&format=png&auto=webp&s=41383744e961877ba6acbf128be7fdcb2f4baf77

  • Coinbase
First of all, Coinbase is an exchange platform. Usually, it is not recommended to store cryptocurrency on the stock platforms. But Coinbase is often considered to be an exception. This platform has a wallet that is suitable for use as ETH wallet. It is easy to use and has an intuitive interface.
One of the major drawbacks of this wallet is that users don’t control their private keys.

  • MetaMask
MetaMask is not just a popular Ethereum wallet. It is a browser extension. It can be installed on a number of browsers such as Chrome, Firefox, and Opera. This form allows accessing your holdings easily.The good thing is that you don’t need to provide personal information for the registration. Also, there is an opportunity to store the private key on your computer.

Desktop Wallets

There are wallets that are made in the form of a software program. They can be installed on your device. Such wallets are called Desktop Wallets.The security level of these wallets is not as good as of hardware ones.

  • Exodus
Exodus is a multicurrency wallet. So it can become your ETH wallet.It is famous for its user-friendly interface. It is a good wallet for those who only start their journey into the cryptocurrency world. Exodus supports ERC20 tokens.Users store their private keys on their computers. This increases the security level. Exodus has a backup feature.
The drawbacks of Exodus are that there is no possibility to add any custom tokens and a small list of ERC20 tokens.

  • Atomic Wallet
Atomic Wallet has a very convenient interface which is suitable even for the beginners. It supports Ethereum and all the ERC20 tokens.The wallet supports atomic swaps. So you can not only have one wallet for Ethereum and all the ERC20 tokens but also exchange them with another user.
Unfortunately, it doesn’t have a hardware wallet yet. So the level of security may not be very high.

https://preview.redd.it/e13whvvl0mh31.png?width=1024&format=png&auto=webp&s=8ee93d65adfcee76b0f8043c6ae1e4c022c16c0b

  • Mist
Mist is the official Ethereum wallet. So it is a full node wallet. Full node wallet downloads the whole Ethereum blockchain on users’ computers. In other words, it downloads all the data about the ETH network. This type of wallet makes any user a full-fledged member of the blockchain.
Mist has developed the way to allow users to interact with their ETH storage easily. It is free. Users don’t provide private information during the process of registration. The only way to access your wallet is to use a password. Your private keys are stored on your computer.The Mist wallet supports smart contracts.

Mobile Wallets

Sometimes it is more convenient to use a mobile wallet, which can be installed on your mobile devices. This type of wallets provides quicker access to your storage wherever you are. Mobile wallets are easier to use than desktop ones, but it is riskier.

  • Jaxx Liberty
Jaxx is free. It supports a lot of cryptocurrencies including ETH. It can work on different platforms such as Linux, Windows, and OSX. There is also an extension for Chrome browser. The interface of Jaxx wallet is simple and good to use.
However, the security of this wallet raises some questions.

  • Coinomi
Coinomi is an Android app. It is easy to use and supports a wide range of cryptocurrencies. With this wallet, you don’t have to think about backup. Coinomi has a feature that helps you to keep all the information. It is secure enough. Your private keys are nowhere but on your device. Coinomi protects the user’s identity when they sign up.
Unfortunately, so far there is only an app for Android.

https://preview.redd.it/4iyn26do0mh31.png?width=1604&format=png&auto=webp&s=7a9d58bb81911aa336aa93320dbdae5f763d4a3e

Paper Wallets

Paper wallets allow printing private keys on paper. And this printed document is used as a wallet. These wallets are not that easy to access. Although the level of security is relatively high.

  • ethaddress
In case you are looking for a way to store your ETH in the most secure Ethereum wallet, but you are not ready to pay for a hardware one, try ethaddress. This wallet is free. It provides a high level of security.

  • WalletGenerator.net
The core of this key-generating wallet is 99% identical to the well-considered bitaddress.org.First of all, it’s necessary to download this website from Github, unpack and open the index.html file directly from your computer. The code version control allows to significantly simplify the mutual verification of the executable code. For more security, disconnect from the Internet at the time of creating your wallet.

How to keep your wallet in security?

Whatever wallet you choose you want it to be as secure as possible. Here are some ideas on how to achieve this:
  • Choose a wallet that suits your requirementsAll wallets are aimed at different goals and ways to use. Some of these wallets offer high security, some provide you with easy access for fast trading. Therefore, you should choose exactly what suits your needs best.
  • Keep your private key safeAlways make sure that your private key is secure and is stored in a safe place. Moreover, do not share your private keys. No, not with friends. Not even with your parents.
  • Set up 2-factor authenticationSome wallets offer this feature to increase the security of your coins. Do not ignore 2-factor authentication, set it up for extra confidence in protection against theft.
  • Backup, backup, and backupNothing protects you better from unforeseen accidents than a good old backup. This way you can keep access to your coins.
  • Store your funds offlineWith all the security levels offline wallets are still the most secure ones. Therefore, it is better to keep large amounts of ETH coins only on offline wallets.

https://preview.redd.it/fg2c449q1mh31.jpg?width=1216&format=pjpg&auto=webp&s=559936b2921ebac41e7cef64187b1920453cf229
To sum up, you should choose the best Ethereum wallet by yourself based on your needs. All wallets have both advantages and disadvantages. Simply decide which feature is more important to you.We wish you an easy choice of the best ETH wallet and the safe storage of coins.

Feel free to follow our updates and news on Twitter, Facebook, Telegram and BitcoinTalk.
Read what the customers say about SimpleSwap on Trustpilot.
Don’t hesitate to contact us with any questions you may have via [[email protected]](mailto:[email protected]).
submitted by SimpleSwapExchange to ethereum [link] [comments]

Best Ethereum Wallets

Best Ethereum Wallets
When you start using cryptocurrency the number one problem is to find a secure wallet. In this article, we will introduce the most popular Ethereum wallets.

Hardware Wallets

We start with hardware wallets. These wallets provide offline storage for cryptocurrency. This kind of Ethereum wallet is considered to be the most secure.
https://preview.redd.it/ovlczorz6mh31.jpg?width=720&format=pjpg&auto=webp&s=eba30a80ba4fd2928272f3fa8dcef39da0177a8f

  • Trezor
Originally Trezor was developed for Bitcoin. Now it supports more different cryptocurrencies including Ethereum. This ETH wallet will work in tandem with your MyEtherWallet.Trezor is famous for the features that make it very secure. It provides 2-factor authentication, advanced cryptography and the opportunity to check transaction details before you confirm.
On the other hand, there are a couple of disadvantages. Such as the cost: the Trezor wallet is pretty expensive. If you are not a regular user you probably should consider cheaper wallets. Also, it takes time to access your holdings with this wallet.Thus using Trezor as Ethereum wallet may be a little inconvenient if you are a common user.

  • Ledger Nano S
Ledger Nano S is also a hardware wallet. It connects with any computers via USB. The most important feature of this wallet is security. As well as Trezor it provides 2-factor authentication. Aside from this, this Ethereum wallet has a PIN code to secure the device itself and also you can back up your account on the recovery sheet. Ledger Nano S gives users an opportunity to check details of transactions before the confirmation.
The main disadvantage of the Ledger Nano S wallet is the price. It is cheaper than Trezor, but it is still pricey.

  • KeepKey
KeepKey is a hierarchical deterministic (HD) wallet. It is also in the group of hardware wallets. KeepKey supports a lot of cryptocurrencies.The fact that this is an HD wallet allows users to generate private keys in an unlimited quantity. Undoubtedly this adds to the security level. Moreover, with the help of this device, you review and confirm every transaction. You can also set up a PIN code and a recovery sentence to make sure your holdings are secured enough.
It is easy to start using the KeepKey wallet. You need to download a couple of applications. One is to create a wallet. And with the help of the second one, you will be able to connect to KeepKey through Chrome.
Talking about the disadvantages we should mention the price. It is one of the most expensive wallets on the market to use it as ETH wallet.

Web Wallets

The great thing about web wallets is that you can easily access them. All you need is an internet connection.

  • MyEtherWallet
Unlike the most part of hardware wallets, MyEtherWallet is free. Nonetheless, it provides a high level of security by allowing users to store their keys on their own computers. There is no necessity to give any private information when creating a wallet.This Ethereum wallet interrogates with some hardware wallets such as Ledger Nano S and Trezor. Also, this platform gives an opportunity to write smart contracts.
In addition, MyEtherWallet provides automatic back up. So users should not remember about this by themselves.Moreover, it’s possible to get a paper Ethereum wallet by going to the “Wallet Info” section.
https://preview.redd.it/rtvnw6p37mh31.png?width=1088&format=png&auto=webp&s=46fdf6af91d12fccc41d5a0d3fe3ee32ffce61dd

  • Coinbase
First of all, Coinbase is an exchange platform. Usually, it is not recommended to store cryptocurrency on the stock platforms. But Coinbase is often considered to be an exception. This platform has a wallet that is suitable for use as ETH wallet. It is easy to use and has an intuitive interface.
One of the major drawbacks of this wallet is that users don’t control their private keys.

  • MetaMask
MetaMask is not just a popular Ethereum wallet. It is a browser extension. It can be installed on a number of browsers such as Chrome, Firefox, and Opera. This form allows accessing your holdings easily.The good thing is that you don’t need to provide personal information for the registration. Also, there is an opportunity to store the private key on your computer.

Desktop Wallets

There are wallets that are made in the form of a software program. They can be installed on your device. Such wallets are called Desktop Wallets.The security level of these wallets is not as good as of hardware ones.

  • Exodus
Exodus is a multicurrency wallet. So it can become your ETH wallet.It is famous for its user-friendly interface. It is a good wallet for those who only start their journey into the cryptocurrency world. Exodus supports ERC20 tokens.Users store their private keys on their computers. This increases the security level. Exodus has a backup feature.
The drawbacks of Exodus are that there is no possibility to add any custom tokens and a small list of ERC20 tokens.
  • Atomic Wallet
Atomic Wallet has a very convenient interface which is suitable even for the beginners. It supports Ethereum and all the ERC20 tokens.The wallet supports atomic swaps. So you can not only have one wallet for Ethereum and all the ERC20 tokens but also exchange them with another user.
Unfortunately, it doesn’t have a hardware wallet yet. So the level of security may not be very high.
https://preview.redd.it/a810i9277mh31.png?width=1024&format=png&auto=webp&s=6b57cce28966819ea9922675e0c64180996eb9da

  • Mist
Mist is the official Ethereum wallet. So it is a full node wallet. Full node wallet downloads the whole Ethereum blockchain on users’ computers. In other words, it downloads all the data about the ETH network. This type of wallet makes any user a full-fledged member of the blockchain
Mist has developed the way to allow users to interact with their ETH storage easily. It is free. Users don’t provide private information during the process of registration. The only way to access your wallet is to use a password. Your private keys are stored on your computer.The Mist wallet supports smart contracts.

Mobile Wallets

Sometimes it is more convenient to use a mobile wallet, which can be installed on your mobile devices. This type of wallets provides quicker access to your storage wherever you are. Mobile wallets are easier to use than desktop ones, but it is riskier.

  • Jaxx Liberty
Jaxx is free. It supports a lot of cryptocurrencies including ETH. It can work on different platforms such as Linux, Windows, and OSX. There is also an extension for Chrome browser. The interface of Jaxx wallet is simple and good to use.
However, the security of this wallet raises some questions.
  • Coinomi
Coinomi is an Android app. It is easy to use and supports a wide range of cryptocurrencies. With this wallet, you don’t have to think about backup. Coinomi has a feature that helps you to keep all the information. It is secure enough. Your private keys are nowhere but on your device. Coinomi protects the user’s identity when they sign up.
Unfortunately, so far there is only an app for Android.
https://preview.redd.it/75o14iff7mh31.png?width=1604&format=png&auto=webp&s=280cdfaf6ea98e90f626e7bd9e2c3edbf2fd6ba2

Paper Wallets

Paper wallets allow printing private keys on paper. And this printed document is used as a wallet. These wallets are not that easy to access. Although the level of security is relatively high.

  • ethaddress
In case you are looking for a way to store your ETH in the most secure Ethereum wallet, but you are not ready to pay for a hardware one, try ethaddress. This wallet is free. It provides a high level of security.

  • WalletGenerator.net
The core of this key-generating wallet is 99% identical to the well-considered bitaddress.org.First of all, it’s necessary to download this website from Github, unpack and open the index.html file directly from your computer. The code version control allows to significantly simplify the mutual verification of the executable code. For more security, disconnect from the Internet at the time of creating your wallet.

How to keep your wallet in security?

Whatever wallet you choose you want it to be as secure as possible. Here are some ideas on how to achieve this:
  • Choose a wallet that suits your requirementsAll wallets are aimed at different goals and ways to use. Some of these wallets offer high security, some provide you with easy access for fast trading. Therefore, you should choose exactly what suits your needs best.
  • Keep your private key safeAlways make sure that your private key is secure and is stored in a safe place. Moreover, do not share your private keys. No, not with friends. Not even with your parents.
  • Set up 2-factor authenticationSome wallets offer this feature to increase the security of your coins. Do not ignore 2-factor authentication, set it up for extra confidence in protection against theft.
  • Backup, backup, and backupNothing protects you better from unforeseen accidents than a good old backup. This way you can keep access to your coins.
  • Store your funds offlineWith all the security levels offline wallets are still the most secure ones. Therefore, it is better to keep large amounts of ETH coins only on offline wallets.
https://preview.redd.it/z05sf6ci7mh31.jpg?width=1216&format=pjpg&auto=webp&s=546eed6ba6fc867ff4999d77ef88c6baeaeea8f3
To sum up, you should choose the best Ethereum wallet by yourself based on your needs. All wallets have both advantages and disadvantages. Simply decide which feature is more important to you.We wish you an easy choice of the best ETH wallet and the safe storage of coins.

Feel free to follow our updates and news on Twitter, Facebook, Telegram and BitcoinTalk.Read what the customers say about SimpleSwap on Trustpilot.Don’t hesitate to contact us with any questions you may have via [[email protected]](mailto:[email protected]).
submitted by SimpleSwapExchange to ethtrader [link] [comments]

Best Ethereum Wallets

Best Ethereum Wallets
When you start using cryptocurrency the number one problem is to find a secure wallet. In this article, we will introduce the most popular Ethereum wallets.

Hardware Wallets

We start with hardware wallets. These wallets provide offline storage for cryptocurrency. This kind of Ethereum wallet is considered to be the most secure.
https://preview.redd.it/wj8a8xere7i31.jpg?width=720&format=pjpg&auto=webp&s=baa3619e3e5f6cd7e0a0acc008391ffb538e31a0

  • Trezor
Originally Trezor was developed for Bitcoin. Now it supports more different cryptocurrencies including Ethereum. This ETH wallet will work in tandem with your MyEtherWallet.Trezor is famous for the features that make it very secure. It provides 2-factor authentication, advanced cryptography and the opportunity to check transaction details before you confirm.
On the other hand, there are a couple of disadvantages. Such as the cost: the Trezor wallet is pretty expensive. If you are not a regular user you probably should consider cheaper wallets. Also, it takes time to access your holdings with this wallet.Thus using Trezor as Ethereum wallet may be a little inconvenient if you are a common user.
  • Ledger Nano S
Ledger Nano S is also a hardware wallet. It connects with any computers via USB. The most important feature of this wallet is security. As well as Trezor it provides 2-factor authentication. Aside from this, this Ethereum wallet has a PIN code to secure the device itself and also you can back up your account on the recovery sheet. Ledger Nano S gives users an opportunity to check details of transactions before the confirmation.
The main disadvantage of the Ledger Nano S wallet is the price. It is cheaper than Trezor, but it is still pricey.
  • KeepKey
KeepKey is a hierarchical deterministic (HD) wallet. It is also in the group of hardware wallets. KeepKey supports a lot of cryptocurrencies.The fact that this is an HD wallet allows users to generate private keys in an unlimited quantity. Undoubtedly this adds to the security level. Moreover, with the help of this device, you review and confirm every transaction. You can also set up a PIN code and a recovery sentence to make sure your holdings are secured enough.
It is easy to start using the KeepKey wallet. You need to download a couple of applications. One is to create a wallet. And with the help of the second one, you will be able to connect to KeepKey through Chrome.
Talking about the disadvantages we should mention the price. It is one of the most expensive wallets on the market to use it as ETH wallet.

Web Wallets

The great thing about web wallets is that you can easily access them. All you need is an internet connection.
  • MyEtherWallet
Unlike the most part of hardware wallets, MyEtherWallet is free. Nonetheless, it provides a high level of security by allowing users to store their keys on their own computers. There is no necessity to give any private information when creating a wallet.This Ethereum wallet interrogates with some hardware wallets such as Ledger Nano S and Trezor. Also, this platform gives an opportunity to write smart contracts.
In addition, MyEtherWallet provides automatic back up. So users should not remember about this by themselves.Moreover, it’s possible to get a paper Ethereum wallet by going to the “Wallet Info” section.
https://preview.redd.it/o3fod3vve7i31.png?width=1088&format=png&auto=webp&s=9e28f90b32433127ab10711b8ba1698957387978

  • Coinbase
First of all, Coinbase is an exchange platform. Usually, it is not recommended to store cryptocurrency on the stock platforms. But Coinbase is often considered to be an exception. This platform has a wallet that is suitable for use as ETH wallet. It is easy to use and has an intuitive interface.
One of the major drawbacks of this wallet is that users don’t control their private keys.
  • MetaMask
MetaMask is not just a popular Ethereum wallet. It is a browser extension. It can be installed on a number of browsers such as Chrome, Firefox, and Opera. This form allows accessing your holdings easily.The good thing is that you don’t need to provide personal information for the registration. Also, there is an opportunity to store the private key on your computer.

Desktop Wallets

There are wallets that are made in the form of a software program. They can be installed on your device. Such wallets are called Desktop Wallets.The security level of these wallets is not as good as of hardware ones.
  • Exodus
Exodus is a multicurrency wallet. So it can become your ETH wallet.It is famous for its user-friendly interface. It is a good wallet for those who only start their journey into the cryptocurrency world. Exodus supports ERC20 tokens.Users store their private keys on their computers. This increases the security level. Exodus has a backup feature.
The drawbacks of Exodus are that there is no possibility to add any custom tokens and a small list of ERC20 tokens.
  • Atomic Wallet
Atomic Wallet has a very convenient interface which is suitable even for the beginners. It supports Ethereum and all the ERC20 tokens.The wallet supports atomic swaps. So you can not only have one wallet for Ethereum and all the ERC20 tokens but also exchange them with another user.
Unfortunately, it doesn’t have a hardware wallet yet. So the level of security may not be very high.
https://preview.redd.it/g6rslysye7i31.png?width=1024&format=png&auto=webp&s=d55198df56a946a48f58d5086a6632b8978a6286

Mobile Wallets

Sometimes it is more convenient to use a mobile wallet, which can be installed on your mobile devices. This type of wallets provides quicker access to your storage wherever you are. Mobile wallets are easier to use than desktop ones, but it is riskier.
  • Jaxx Liberty
Jaxx is free. It supports a lot of cryptocurrencies including ETH. It can work on different platforms such as Linux, Windows, and OSX. There is also an extension for Chrome browser. The interface of Jaxx wallet is simple and good to use.
However, the security of this wallet raises some questions.
  • Coinomi
Coinomi is an Android app. It is easy to use and supports a wide range of cryptocurrencies. With this wallet, you don’t have to think about backup. Coinomi has a feature that helps you to keep all the information. It is secure enough. Your private keys are nowhere but on your device. Coinomi protects the user’s identity when they sign up.
Unfortunately, so far there is only an app for Android.
https://preview.redd.it/r2zbmwg2f7i31.png?width=1604&format=png&auto=webp&s=37307ab8591daa165e9d7567e3b790fc07c534ac

Paper Wallets

Paper wallets allow printing private keys on paper. And this printed document is used as a wallet. These wallets are not that easy to access. Although the level of security is relatively high.
  • ethaddress
In case you are looking for a way to store your ETH in the most secure Ethereum wallet, but you are not ready to pay for a hardware one, try ethaddress. This wallet is free. It provides a high level of security.
  • WalletGenerator.net
The core of this key-generating wallet is 99% identical to the well-considered bitaddress.org.First of all, it’s necessary to download this website from Github, unpack and open the index.html file directly from your computer. The code version control allows to significantly simplify the mutual verification of the executable code. For more security, disconnect from the Internet at the time of creating your wallet.

How to keep your wallet in security?

Whatever wallet you choose you want it to be as secure as possible. Here are some ideas on how to achieve this:
  • Choose a wallet that suits your requirements. All wallets are aimed at different goals and ways to use. Some of these wallets offer high security, some provide you with easy access for fast trading. Therefore, you should choose exactly what suits your needs best.
  • Keep your private key safe. Always make sure that your private key is secure and is stored in a safe place. Moreover, do not share your private keys. No, not with friends. Not even with your parents.
  • Set up 2-factor authentication. Some wallets offer this feature to increase the security of your coins. Do not ignore 2-factor authentication, set it up for extra confidence in protection against theft.
  • Backup, backup, and backup. Nothing protects you better from unforeseen accidents than a good old backup. This way you can keep access to your coins.
  • Store your funds offline. With all the security levels offline wallets are still the most secure ones. Therefore, it is better to keep large amounts of ETH coins only on offline wallets.
https://preview.redd.it/4wmz9nn6f7i31.jpg?width=1216&format=pjpg&auto=webp&s=71629a341c8866e4f86da03af6b3e2a93fb4e02a
To sum up, you should choose the best Ethereum wallet by yourself based on your needs. All wallets have both advantages and disadvantages. Simply decide which feature is more important to you.We wish you an easy choice of the best ETH wallet and the safe storage of coins.


Feel free to follow our updates and news on Twitter, Facebook, Telegram and BitcoinTalk. Read what the customers say about SimpleSwap on Trustpilot. Don’t hesitate to contact us with any questions you may have via [[email protected]](mailto:[email protected]).
submitted by SimpleSwapExchange to ethereumnoobies [link] [comments]

Basic Bitcoin security guide

Hello,
This post is to give you a quick introduction into Bitcoin security. While nobody can guarantee you 100% security, I hope to mitigate some problems you can run into. This is the “20% of effort to get you to 80% safe”.
First of all, you have to determine how much money you want to hold in Bitcoin and how much effort are you willing to put in. If you are happy just holding a few dollars worth and don’t care if you lose them, that’s one approach to take. For everyone else, lets get started.
Password strength
A lot of the times how secure your money is will be determined by the strength of your password. Since in the worst case scenario we are talking about someone trying to brute force your wallet, casual online passwords are too weak. Under 10 characters is too weak. Common words and phrases are too weak. Adding one number to a password at the end is too weak.
Moreover, you can consider your password much weaker if you:
If you want a really strong password:
Wallet security
Now we are getting to the meat of things.
There are a number of wallets available to store your hard earned bitcoins. If you have a decent amount of coins to store, you should look into software wallets - BitcoinQT, MultiBit, Armory or Electrum. They are among the best place to store your money safely (provided your computer is secure as well). Chose one you think best suits you, install it and encrypt your wallet file with your strong password. You should take your wallet file and back it up (location of the file is different for different clients, so you have to do some research as to where to find that file). Back it up on a CD, safe USB drive or the like. Keep them safe. If you lose that file, you will lose your money.
A quick word on deterministic wallets. Electrum and Armory allow you to create wallets from a seed. If you use the same seed later, you can recreate your wallet on other machines. With deterministic wallets, you only need to keep that seed secure to have access to your money.
In comparison, in BitcoinQT's traditional wallet, every address you use is random, meaning that after you send 50-100 outgoing transactions your backups can be obsolete. Always keep an up-to-date backup of such wallet file if possible.
Okay, sometimes you need to have your Bitcoins with you when you leave your computer. In this case, you should look into either online or mobile wallets. A staple for both of those is Blockchain.info, but there are others to chose from.
A good rule of thumb with these is to not store more money in them than you can afford to lose. They are best used as a convenient way of accessing some money, not storing your savings. Online wallets are especially vulnerable to their servers getting hacked and people’s money getting stolen.
What to keep in mind while using online wallets:
  • Use a secure password (the more money you have in them the stronger the password should be)
  • Always keep a backup of your wallet in case you need to recover your money
  • Whenever possible, enable two factor authentication
  • Don’t use your online wallets from unsafe computers
Cold storage
Sometimes you want to store your bitcoins for a long time in a safe place. This is called “cold storage”. There are a few ways one can do this.
First of all, paper wallets. They are nice for giving people small bitcoin gifts, but also for long-term storage if properly used. What you want to do is generate and print them offline. You can save the linked page for example and run that offline. If you are really paranoid, you can put it on read-only media and access that from a different computer. For really long term storage, use archival-grade paper.
Another approach to take is using a separate computer for storing your money that is offline 99+% of the time. You could set one up easily by buying an old laptop, reformatting it, installing Linux and a Bitcoin client. Generate an address on that machine and send money to it from your main wallet. Depending on how paranoid you are you can connect that computer to the Internet afterwards to synchronize data with the Bitcoin Network and then turn it off and put it away somewhere safe until it’s needed.
Brain wallets
Don’t. They are not for you. Unless you are a security-conscientious programmer, those are not for you.
Diversifying
Keeping all of your eggs in one basket is never a good thing. You should look into diversifying some of your Bitcoin assets in case your other storage methods fail. Some ways you can diversify:
  • Buy a physical Bitcoin. As long as you trust the coin creator such coins can be an effective cold storage
  • Invest - I wouldn’t recommend this for more than some trivial amount unless you know what you are doing, but investing in some Bitcoin stocks could be a way to get more money out of your bitcoins
How not to diversify:
  • Avoid keeping your bitcoins at exchanges or other online sites that are not your online wallets. Such sites can be closed down or disappear along with your money.
  • Alt-coins - there are few cryptocurrencies that are worthwhile, but most of them are just Bitcoin clones. If a currency brings nothing new, it’s worthless in comparison to Bitcoin. Namecoin is a distributed domain name server (although recently it had a fatal flaw uncovered, so be warned), Ripple is a distributed currency exchange and payment system. Litecoin will only be useful in case Bitcoin’s hashing algorithm gets compromised (very unlikely at this time). Beyond that there are few if any alt-coins that are a worthwhile way of diversifying.
Accepting payments and safety
We’ve covered safe ways to store money, now a quick note about bitcoin payments and their safety.
First of all, when you are sending a transaction, pay your fees. Transactions without fees can take forever to propagate, confirm and clear. This can cause you a lot of stress, so pay your fees.
Secondly, when accepting large Bitcoin payments (say you want to suddenly cash in a gold bar into bitcoins), wait for at the very least 1 confirmation on those transactions. 6 is best, but having even 1 confirmations is a lot better than having none. This is mainly a rule of thumb for the paranoid (I wouldn’t be doing this for most casual transaction), but maybe it will save you if you are dealing with some shady people.
Wrapping up...
That should cover the basics. If you want to read more about Bitcoin’s security in general, here is my master thesis on the subject. A lot of questions about Bitcoin and security have also been answered on Bitcoin StackExchange - be sure to check it out.
Comments and improvement suggestions welcome.
EDITS:
  • Removed link to insecure site
  • Removed random article section
  • Added information about deterministic wallets
submitted by ThePiachu to Bitcoin [link] [comments]

Released List of Satoshi Roundtable Attendees Gathering this Weekend

Satoshi Roundtable II
This weekend a group of blockchain and bitcoin industry leaders gather again for the Satoshi Roundtable (satoshiroundtable.org) retreat. Participants in the second Satoshi Roundtable include developers, CEOs, investors, adopters and influencers from the blockchain and bitcoin world.
The retreat is limited to approximately 75 attendees and designed to encourage organic, participant-driven discussion free of the distractions of a conference.
Sessions include several topics of overall blockchain interest and a roundtable discussion on bitcoin capacity.
Please provide any suggestions you have for areas of discussion/ focus.
Partial list of confirmed participants:
Gabriel Abed, CEO, Bitt Charles Allen, CEO, BTCS Gavin Andresen, MIT / Bitcoin Foundation Adam Back, President, Blockstream David Bailey, CEO, yBitcoins Mike Belshe, CEO, BitGo Patrick Byrne, CEO, Overstock / T0 Michael Cao, CEO, zoomhash Dave Carlson, CEO, Mega Big Power Daniel Castagnoli, CCO Exodus Sam Cole, CEO, KNC Miner Matt Corallo, Core Developer Luke Dashjr, Core Developer Anthony Di Iorio, CDO-Toronto Stock Exchange, Founder-Ethereum/Decentral/Kryptokit Joe Disorbo, CEO, Webgistix Jason Dorsett, Early Adopter Evan Duffield, FoundeLead Scientist, Dash Andrew “Flip” Filipowski, Partne Co-Founder, Tally Capital Thomas France, Founder, Ledger Jeff Garzik, Founder, Bloq Yifo Guo, Tech Develope Early Adopter David Johnston, Chairman, Factom Samy Kamkar, Super Hacker Alyse Killeen, Partner, Venture Capital Investor Jason King, Founder, Unsung Mike Komaransky, Cumberland Mining Peter Kroll, Founder, bitaddress.org Bobby Lee, CEO, BTC China, Vice-Chairman of the Board, Bitcoin Foundation Charlie Lee, Director of Engineering, Coinbase/Founder of Litecoin Eric Lombrozo, Founder, Ciphrex Corp / Developer Marshall Long, CTO, Final Hash Matt Luongo, CEO, Fold Jake Mazulewicz, Ph.D. JMA Associates (guest speaker) Human performance researcher Halsey Minor, CEO, Uphold / Founder of CNet Alex Morcos, Hudson Trading/ Core Developer Neha Narula, MIT, Director of DCI – Digital Currency Initiative Dawn Newton, Co-Founder, COO, Netki Justin Newton, Founder CEO, Netki Stephen Pair, Co-FoundeCEO, BitPay Inc. Michael Perklin, President, C4 – CryptoCurrency Certification Consortium / Board Member, Bitcoin Foundation Alex Petrov, CIO, BitFury Phil Potter, CFA, Bitfinex Francis Pouliot, Director, Bitcoin Embassy, Board Member, Bitcoin Foundation JP Richardson, Chief Technical Officer, Exodus Jamie Robinson, QuickBt Jez San, Angel Investor Marco Santori, Partner, Pillsbury Scott Scalf, EVP/Head of Tech Team, Alpha Point Craig Sellars, CTO, Tether Ryan Shea, Co-Founder, One Name Greg Simon, CEO & Co-Founder Ribbit! Me / President, Bitcoin Association Paul Snow, CEO Factom, Texas Bitcoin Conference Riccardo Spagni, Monero Nick Spanos, Founder, Bitcoin Center NYC Elizabeth Stark, Co-Founder & CEO, Lightning Marco Streng, CEO, Genesis Mining Nick Sullivan, CEO, ChangeTip Paul Sztorc, Truthcoin Michael Terpin, CEO, Transform Group Peter Todd, Core Developer Joseph Vaughn Perling, New Liberty Dollar Roger Ver, CEO, Memory Dealers / Bitcoin.com Aaron Voisine, CEO, Breadwallet Zooko Wilcox, CEO, Z Cash Shawn Wilkinson, Founder, Storj Micah Winkelspecht, CEO, Gem
Also, representatives from Blockchain, Bain Capital Ventures, Mycelium, Fidelity Investments and others.
submitted by bruce_fenton to Bitcoin [link] [comments]

A few thoughts - Friday, July 4, 2014

Good morning. Since it's a holiday today, I can write thoughts earlier.

An interesting discussion on the 1MB transaction limit

At https://bitcointalk.org/index.php?topic=673415.0, gavinandresen has some interesting comments about a proposal to increase the block frequency of bitcoins. In the thread, it is proposed that, instead of increaqsing the block size, the developers should instead change the difficulty so that blocks are generated more frequently. If the difficulty is reduced by a factor of 20, then blocks appear every 30 seconds instead of every 10 minutes. That also means that 20MB of transactions can occur every 10 minutes, with transaction confirmations being less binary than they are now.
Currently, if five minutes has passed and you don't have your transaction in a block, then you are no better off than you were five minutes ago. The odds of finding a block in the next time interval are no higher than they were five minutes ago. With a shorter time interval, you might have 3 confirmations of lower strength already. For midsize transactions, this is beneficial because the possibility of your transaction being double-spent lies somewhere between 0 and 1, rather than remaining at exactly 1.
However, this runs into problems that are prevalent in many altcoins. Netcoins are an example of an altcoin that has extremely fast block confirmation times. Their difficulty fluctuates wildly. Mining netcoins can produce 20 blocks in ten seconds. We had to disable netcoin mining because even though they are theoretically the most profitable coin, 75% of the blocks were orphaned. Reducing the block time to several blocks per minute turns coins into a free-for-all, where a "confirmation" doesn't mean anything anymore.
I disagree with the assertions in that thread that it would be possible to reduce the block confirmation time down to 5 seconds and that everything would be fine. Such frequent confirmations would result in the mining turning into a race like the stock market is now, where you build dedicated fiber lines from you to the stock exchange to shave off 1ms from your ping time. If people think that centralized mining is a problem now, wait until 5-second blocks appear. The only possible way to compete in a 5-second block environment is to have a large pool with gigabit upload bandwidth and a very low ping time, something that costs $10k/month.

A non-fork solution to the limit

An extremely interesting suggestion that Andresen brings up, and which is the first actually viable idea I've heard to resolve the 1MB transaction limit, is to build a "new P2P" pool. The pool would find "share-blocks" every few seconds. When one of the "new P2P" pool's shares exceeds the difficulty of the original 10-minute network, then it is published to the original blockchain. As the "new P2P" pool grows in size and eventually gains 51% of the hashrate, it essentally becomes the new bitcoin network, even though this blockchain is operating on top of the original chain. Eventually, the pool and the original blockchain both become integrated into the same client, so that it appears that there is only one blockchain, when the actual implementation is a convoluted way behind the scenes.
As he states, "we can do this without a hard fork." However, Andresen misses that even if the "new P2P" pool is a wild success, each of the 5-second blocks can only be 10KB or so in size. Otherwise, the original blockchain would exceed 1MB every 10 minutes. To address this issue, a missing link of consolidating transactions needs to be developed that can make transactions in the original blockchain become pointers to the pool's blockchain.
The way I see the 1MB limit nowadays is as just another engineering problem that needs to be solved. It may be human-created, but it's just as much an impediment to progress at this point as are the laws of physics. Resolving the problem will require the same development process as solving other intractable problems does. You can't change how cancer behaves, so you accept it as a fact of life and then set about figuring out a cure. Similarly, there can't be any hard forks anymore, so the mistakes in the original bitcoin protocol are now as much a problem as the lack of the protocol once was, and it will take innovative ideas to develop something on top of them to solve the problem.
The "new P2P" pool idea is a promising solution to the 1MB transaction limit. There are a few engineering challenges that need to be addressed, but any idea that doesn't require a hard fork is one that can keep bitcoin viable for the long-term.

Time running out?

While there is still time left for the bubble cycle to hold, time seems to be running out. If this bubble doesn't peak within one (or two, but that is probably stretching it) weeks of three Thursdays from now, then the predictions of many will have been inaccurate.
After a brief rise after the auction, the price is again starting to slide down towards the lower boundary, which should now be rising above $550. A break of the lower boundary, as you may recall, would likely signal the end of the cycle, because that has not happened in the past five years.

"Bitcoins are too difficult" is an excuse

There are still people who believe that bitcoins are too difficult for the average person to hold and spend. I disagree with that viewpoint.
As I stated elsewhere, cold storage is pretty easy and the risk, while not 100%, is very low with reasonable precautions. Printing out a wallet at bitaddress.org and putting the paper in a safe deposit box is only vulnerable to theft in the case that some screen-grabbing virus happens to be taking pictures of the screen exactly at the time the wallet is created, sending the images to some server across the Internet, and (most importantly) the hacker knows what he has. Stealing passwords at phishing sites is easy; doing image processing across videos from a botnet is impossible. As to people who say they would not want to print to a printer, are there any bitcoin-stealing printer firmware viruses that even exist? Given that all routers come with default firewalls and (unlike Windows) there is no single printer architecture, how would anyone even go about targeting your printer? There's a difference between theoretical attacks that could happen to someone, someday, and stuff that is actually happening now.
As to spending bitcoins, everyone has a cell phone and anyone can understand how to point a camera at a QR code.
I propose that the idea that bitcoins are insecure is a product of a few people who post the same story to many forums claiming that they lost hundreds of bitcoins due to some virus, when in reality there are millions of people using bitcoins and about 10 people have ever lost their life savings due to a virus. Some of the stories aren't true, so the number of people who lost bitcoins is even smaller.
People figure out elaborate scams and kickbacks and accounting tricks all the time to rip each other off. Most of these scams are so convoluted and pull in so little money that it is more profitable to simply get a job. It is nonsense to suggest that if people could make a significant amount of money by spending bitcoins rather than credit cards, people wouldn't go to great lengths to save cash.
The reality is that if retailers started offering discounts to pay in bitcoins, then people would be motivated to figure out how to use bitcoins, even if it was actually difficult to create a wallet. Why doesn't Overstock give a 3% discount instead of donating 3% to foundations - as the 3% discount would both benefit them and do more to further bitcoins than anything else would? When you add credit card fees and losses due to chargeback fraud, most retailers could give a 5% discount without any problem. When Coinbase and Bitpay start convincing merchants to offer such bonuses, then the excuse that "it's too difficult" will go away.

Toastmasters

I was asked on Wednesday to write about Toastmasters, an organization dedicated to improving public speaking skills. I attend Toastmaters meetings every other Thursday, which is why I usually do not contribute on Thursdays.
Toastmasters is a great organization that is geared towards people who know little about speaking. My belief is that people who know a little more about public speaking can still learn a lot, but the "competent communicator" manuals that Toastmasters provides focus a great deal on fear of public speaking. People who enjoy public speaking, like myself, or at least people who have no fear of it, may find themselves disappointed by how much emphasis Toastmasters places on eliminating fear of speaking.
One way that Toastmasters addresses fear of speaking is to provide evaluations. But I am always frustrated at evaluation speeches, because the Toastmasters manuals specify that 90% of evaluation speeches should be focused on positive comments. If I performed poorly, I want to know about it; I'm not worried about hurt feelings. In Toastmasters-sponsored speech contests, they do not announce anyone except the winners, which has made me less likely to participate because I can't gain anything from contests where I don't know who I was better than.
Despite these shortcomings, I would still recommend Toastmasters to anyone interested in improving their speaking as there are few alternatives. If anyone knows of a group where feelings and emotions are viewed as less important, please let know as I think there is a need for people who have no fear but could still improve their skills.

Other

submitted by quintin3265 to BitcoinThoughts [link] [comments]

Christmas gift help, how to make a paper wallet?

I was wondering if any of you had ideas on how to make 10$ bitcoin paper wallets I could give out as stocking stuffers on christmas. Apparently coinbase discontinued their paper wallet service and I don't know if I should trust services like https://www.bitaddress.org to generate key pairs.
submitted by Legendofzebra to Bitcoin [link] [comments]

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