Devoted to discussing Monero market dynamics and Monero news
Monero is a secure, private, untraceable currency. It is open-source and freely available to all. With Monero, you are your own bank. Only you control and are responsible for your funds, and your accounts and transactions are kept private from prying eyes. In this subreddit we discuss Monero market dynamics and news.
Luke-Jr decides to rename "paper wallet" to "Paper ECDSA private keys" for all of us. Replaces all paper wallet information on the Bitcoin Wiki with what he prefers to use (HD mnemonic wallet backups).
Luke-Jr doesn't like paper wallets. To this end, he has renamed/moved the official Bitcoin wiki for "Paper Wallet" to "Paper ECDSA private keys", making it confusing and difficult for users to learn what a paper wallet is and how to stay safe when making one. Meanwhile, he has created a brand new "Paper wallet" page in which he redefines a paper wallet as a Armory/Electrum backup of a HD wallet mnemonic seed, and says that these should not be confused with what you and I and everyone else calls a paper wallet. The other contribution Luke-Jr made to the original paper wallet wiki was to unlink my own service (bitcoinpaperwallet.com) from the wiki, his reasoning being, "BitcoinPaperWallet was removed because it is a website for generating private keys". As someone who has put a lot of energy into paper wallet education and generally helping the bitcoin community with paper wallet generation, I find this utterly baffling. I don't want to get involved in a revision battle here. Luke-Jr has already started that, reverting any changes I make to the wiki instantly. If you have an opinion on this matter and you have bitcoin wiki editor privileges, please express it on the discussion page. Edit 1: you can also express opinions right here of course :) Edit 2: much of the discussion on this page is about whether or not paper wallets are a good idea, or if websites should be used to generate them. Can we at least agree that these pro/con arguments should appear on a wiki page called "paper wallets" so everyone can find them? If those arguments appear on a wiki page called "Paper ECDSA private keys" then nobody will see them. Edit 3: Gladoscc on the wiki has renamed "Paper ECDSA private keys" back to "Paper Wallet" as of 12:41 UTC, so you may be confused if you visit the wiki to see what all the hubbub is about -- unless his change has been reverted by the time you read this. :) Edit 4: Gladoscc's change didn't last for more than 24 hours before Luke-Jr re-reverted the changes, and then added in a confounding set of redirects in the wiki so that "Paper Wallet" redirects to "Paper wallet" which then redirects to his page on HD wallet mnemonic seeds. I cannot understand how this is supposed to help end users who want to learn what a paper wallet is (and why they're risky, and how hard it is to produce them in a safe way.)
How do I backup a wallet onto real paper without the backup being dependant on a specific bitcoin program
Right now I got my wallet backuped in a form of 12 word seed phrase that I think is bip32. Apparently It can only be restored in multibit HD so once they go down my money is gone.. Tried to make a new wallet in electrum and had it backed up with a 13 word seed that is bip44 and no I could not back that wallet up in multibit HD. So yeah, how the hell do I backup my wallet onto paper without being dependant on mywalletizbest.exe? I dont want to store the wallet data onto an USB cause its to volatile compared to good ol´paper that I have stored in my 300 pound safe. :P
02-28 18:23 - 'Really sucks, sorry for your loss. Here are some tips for anyone with over 5BTC (arbitrary #) should have: / 1. Hardware wallet (Nano and Keepkey available on Amazon) / 2. Paper backup of Seed / 3. Only keep a small amount of BTC...' by /u/sreaka removed from /r/Bitcoin within 9-14min
''' Really sucks, sorry for your loss. Here are some tips for anyone with over 5BTC (arbitrary #) should have:
Hardware wallet (Nano and Keepkey available on Amazon)
Paper backup of Seed
Only keep a small amount of BTC on your Mobile or Online Wallet. My rule, never more than 1BTC.
Bare minimum, keep BTC on desktop wallet like Electrum with password protection and backed up.
Encrypted Bitcoin Wallet updated! Open Source on Github. Perfect for long-term Bitcoin storage. Create a new BIP38 paper wallet or use an existing private key or vanity address. Additional themes now available. Generate a distributed passphrase backup to ensure your passphrase is protected.
Is it hard/realistic to memorize your 24 word Ledger phrase?
I am purchasing a ledger, still worried about losing it. What is the best setup? Store the ledger somewhere safe, and a piece of paper with the 24 words on it somewhere else? If someone finds this piece of paper can they steal my btc? Also, is it hard to memorize these 24 words? Is it common?
You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments. It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following videos for a good starting point for understanding how bitcoin works and a little about its long term potential:
Limited Supply - There will only ever be 21,000,000 bitcoins created and they are issued in a predictable fashion, you can view the inflation schedule here. Once they are all issued Bitcoin will be truly deflationary. The halving countdown can be found here.
Open source - Bitcoin code is fully auditable. You can read the source code yourself here.
Accountable - The public ledger is transparent, all transactions are seen by everyone.
Decentralized - Bitcoin is globally distributed across thousands of nodes with no single point of failure and as such can't be shut down similar to how Bittorrent works. You can even run a node on a Raspberry Pi.
Censorship resistant - No one can prevent you from interacting with the bitcoin network and no one can censor, alter or block transactions that they disagree with, see Operation Chokepoint.
Push system - There are no chargebacks in bitcoin because only the person who owns the address where the bitcoins reside has the authority to move them.
Low fee scaling - On chain transaction fees depend on network demand and how much priority you wish to assign to the transaction. Most wallets calculate on chain fees automatically but you can view current fees here and mempool activity here. On chain fees may rise occasionally due to network demand, however instant micropayments that do not require confirmations are happening via the Lightning Network, a second layer scaling solution currently rolling out on the Bitcoin mainnet.
Borderless - No country can stop it from going in/out, even in areas currently unserved by traditional banking as the ledger is globally distributed.
Portable - Bitcoins are digital so they are easier to move than cash or gold. They can even be transported by simply memorizing a string of words for wallet recovery (while cool this method is generally not recommended due to potential for insecure key generation by inexperienced users. Hardware wallets are the preferred method for new users due to ease of use and additional security).
Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also check out the bitcoinity exchange resources for a larger list of options for purchases.
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage. Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".
Securing your bitcoins
With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
If you prefer to "Be your own bank" and have direct control over your coins without having to use a trusted third party, then you will need to create your own wallet and keep it secure. If you want easy and secure storage without having to learn computer security best practices, then a hardware wallet such as the Trezor, Ledger or ColdCard is recommended. Alternatively there are many software wallet options to choose from here depending on your use case.
If you prefer to let third party "Bitcoin banks" manage your coins, try Gemini but be aware you may not be in control of your private keys in which case you would have to ask permission to access your funds and be exposed to third party risk.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email! 2FA requires a second confirmation code to access your account making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the btc subreddit are active scams. Almost all altcoins (shitcoins) are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. Don't trust, verify. Also as they say in our community "Not your keys, not your coins".
Where can I spend bitcoins?
Check out spendabit or bitcoin directory for millions of merchant options. Also you can spend bitcoin anywhere visa is accepted with bitcoin debit cards such as the CashApp card. Some other useful site are listed below.
Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out. If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.
Just like any other form of money, you can also earn bitcoins by being paid to do a job.
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins.
The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
one bitcoin is equal to 100 million satoshis
1,000 per bitcoin
used as default unit in recent Electrum wallet releases
1,000,000 per bitcoin
colloquial "slang" term for microbitcoin (μBTC)
100,000,000 per bitcoin
smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki. Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval. Welcome to the Bitcoin community and the new decentralized economy!
Help recovering from old wallet.dat for an old friend.
Hey all, I've been in the Bitcoin space since early 2012. I have a situation that I would love to get some assistance with, I will explain the situation momentarily. Please do not message me and ask me for the wallet.dat file it's not going to happen. TL;DR I have an old wallet.dat file from late 2012 or early 2013 from a coin I sold to a friend. Tried to recover the coins in 2018 and failed, later found out that someone had access to the computer and could have easily stole them. Would the current Bitcoin Core be able to read an old wallet.dat file, and is there any way to easily view the balance of a 2012 wallet.dat file without having to load the entire blockchain? In the early days of Bitcoin as many of you OG's know, the only option to securely store your coins was to use the default Bitcoin wallet in a wallet.dat file. A friend of mine was really wanted to invest in Bitcoin but didn't know how, so I sold one to him because I didn't want him to get screwed. I installed Bitcoin QT on their home laptop, had him write down the password on a piece of paper and had him put a backup of the wallet.dat file onto a USB. Fast forward to when the price went to $20k plus, he calls me up super excited and said he wanted to sell his coin because he could use the money and I encouraged it because from my prior experience I knew the momentum was unsustainable and I had sold a few coins of my own. Anyway, I go over to his house and we huddle around his computer. He tells me that he upgraded the hard drive in his computer and gave me his old one and I went back to my house to get an external hard drive reader. I came back, booted up his old drive and remembered that we would have to let it sync up in order to get the coins out, and on his internet that wasn't going to happen anytime soon. He gave me the hard drive and I went home and left on Bitcoin QT overnight and in the morning I was shocked to see that there were no transactions on the wallet. Quick note, he had the wallet password in a file on his documents titled "Bitcoin Wallet Password.txt". smh. I started to panic, and I realized how bad this looked on me. I called him and told him that there were no coins on there and asked if he had his USB stick and he told me he had lost it years ago. I frantically looked through all of my old wallet files to find any transaction that could link to his address, to show that his coins were still in there. After a while I realized I had sent the coins from the now defunct btc-e.com, and had no way to check up on the coins. I did everything in my ability to try to recover lost data from the hard drive to no avail. I asked him if anyone else has had access to his computer, and then asked him how he replaced his hard drive because I know him well enough to know he wouldn't pull apart a laptop to replace the hard drive. He told me he took it to a shop to have it replaced a few months earlier. I suspect that I'm either trying to view the wallet incorrectly or whoever replaced his hard drive snooped on his hard drive, stole the coins and replaced the wallet.dat file and generated a new one. I have to admit, I was relieved a little bit to have an explanation to coins not being there but I could imagine he thinks I may have had something to do with it. I made a few more attempts over the years whenever I was reminded of the situation to no avail. We kind of fell out after that and haven't spoken in a while. Recently, I saw a post on his Facebook that his wife is pregnant they are having a baby, and that's why I'm here. I would love nothing more than to be able to message him and let him know that I have 11 grand waiting for him, because I'm certain the money would mean the world to him during such a stressful time. Any help or insights would be incredibly helpful and appreciated.
I want to gift a small (very small) amount to a 1 year old, what would be the best future proof way of doing this?
My best friends have a child that’s 1 in a few days, as a bit of fun I would like to give the child a small amount of bitcoin. With any luck it’s worth something when they are old enough to understand it or at least be a bit of an interesting time capsule. I was thinking a paper wallet but is there anything better?
The BIP39 derivation key from some versions looks like to be wrong. Previously, I had used the same paper backup to recover it (18 months ago) from an old phone that broke the screen. Recently I migrated my phone (which bricked) to a new one. Both the backup and the BIP 39 did provide the same set of addresses. I asked the Support, and for the second time (the first time I payed more than 300$ in fees due to a Replace by Fee order was called as a CPFP without my previous consensus), I had a terrible experience with them, they did not even reply explaining possible solutions. The aforementioned explanation is what I suggest that happened due to some experience I have as developer. Another thing I asked them was to provide to me the releases of the previous versions and they said they would not provide that on email. They suggest me to look at their github release (I believe I would be able to compile their project and try to create the Android Apk, but I did not try because it would surely consume time, and luckily I had the option to try with the old screen broken phone). The repaired old phone had the software installed and configured, then, with the pin I was able to rescue the bitcoins. In summary, from now on, I do not plan to use none of the softwares developed by them anymore. The communication is terrible and lost my credibility. I understand that the software is not Beta but some core features should already be stable. In this sense, it is surely hard to me to keep trusting in their team. Use hardware or paper wallets (generate public keys offline and save them) if you want to hold as a reserve. If you have recommendation for a trustable Android one it would be good to hear.
Looking for a secure, educational and interactive way to gift some Bitcoin to family.
This question about gifting Bitcoin. A few friends have recently had children, or have children who are of an age where they can appreciate the value of saving for the future. I want to educate, and gift them some Bitcoin. I read a post on here recently of someone who gifted his family some Bitcoin last Christmas. Unfortunately I can't find that post now, but the gist of it was that his gift included several steps: getting them to write down their seed words, then check the words (so they learned the value of the seed), finishing with the final step where they 'unlocked' their wallet to find Bitcoin. I know this isn't technically how it worked, but my example paints the picture. The original poster came under criticism because of a security flaw (though I felt it was a little harsh, as the overall idea was about educating and introducing them to Bitcoin). Does anyone:-
recall this post I refer to (very unlikely, but worth asking)
have any experience of gifting Bitcoin in an interactive, educational way?
Note: I am sure some people will recommend hardware wallets. I know the benefits of these, but the size of my gift ($50 or so) doesn't justify me spending money on the hardware wallet - I'd rather put that money towards more Bitcoin.
Is a half-paper wallet safe if you move funds in and out a lot? By this I mean a paper wallet that's not printed but stored on your computer so you can receive easily but can't import your keys without a little time. (By the way I have a gambling addiction so paper wallets help me to not spend funds)
On the latest Noded podcast with the Bitcoin Rabbi, the Bitcoin Rabbi talked about how he made, for experimental reasons, a 15-of-15-MultiSig-wallet with 14 of his friends. This got me thinking about secure long term storage of funds. Multi-Sig is the way to go. And usually I'd say something like a 3-of-5 or 2-of-3 setup, where all keys are on permanently offline media (paper, hardware wallet, permanently offline laptop,...). But how much less secure would something like this be in comparison? Alice's 6-of-10 setup between her, Bob and Charlie.
Banksafe in Alice' name, paper seed-backup and/or hardwarewallet
The advantage is, that this would be pretty easy to setup. They all have their laptop ready, a shared Dropbox folder to put the master-public-keys in. They could perform tests every 3 months or so, signing a message with all devices, and that wouldn't be too much work, because everything except the banksafe wallet is easily accessed. Bob and Charlie can do the same thing in the same group, they would simply have their own banksafe with a different wallet in there. Why is this stupid?
Top 10 Tricks to keep your wallet secure with Bitcoin
If you are keen on building a Bitcoin portfolio, then getting a Bitcoin wallet is one of the main things you need to remember. You can have several choices, but when it comes to using a Bitcoin wallet, you also need to know how to keep a secure Bitcoin wallet. To keep your Bitcoin wallet safe, 10 tips and tricks:
There are various types of wallets available, but when it comes to selecting the safest one, you must consider the hardware wallet. For those who have questions about cyber threats, it is fine. Companies such as Trezor and ledger have USB-like decisions that come with security features that can be accessed only with the private key.
2.Keep the private key offline- Holding the private key offline is another way to protect your Bitcoin wallet, i.e. you can pen down the key on the paper and keep it in a secure location.
Keep an online check-Another part of the effect you can not ignore is that you must have a stable internet connexion. If you have a Bitcoin wallet on your laptop, then the public network must be linked to your laptop.
Move to advanced antivirus software- The system's antivirus software is one of the main things that you do not undermine. Windows is vulnerable to more general malware and other malicious programmes. So, you have to consider downloading an advanced antivirus system if you are using a Windows operating system.
Neve click on a suspicious link-Take care of your internet malicious behaviour. Often you can experience fishy links; these are malware that can hack into your device and corrupt all the data. Make sure you sue the same URL address and make sure that you check the URL and verify that it is secure if you are using the online wallet where you are expected to enter the private key.
Never share a private key- You must never share a private key with third parties, regardless of the degree of confidence. Ignoring private key exchange is a stern no.
Use strong passwords-Another key factor that you need to take into consideration is the strong passwords that you use for the private key. To keep it powerful and original, it must be a combination of numbers and alphabets, make use of case-sensitive letters along with special characters.
Never share a private key- You must never share a private key with others, regardless of the degree of trust.
Use two-factor authentication-Using two-factor authentication is one of the simplest ways to keep your wallet secure. This nullifies any form of hazard.
Digital wallet backup- Getting a digital wallet backup will keep your asset secure. You can use this digital wallet backup if you lose the wallet or your computer fails to work. Make sure you keep the backup in a secure place, and you can recover it quickly.
Conclusion- You can ensure the protection of your crypto-currency wallet with these simple tips. For more important news of this nature, contact theBlockchain Council today.
Make Paper Wallets to Keep Your Bitcoin Addresses Safe. For long-term storage of bitcoins (or giving as gifts) it's not safe to store your bitcoins in an exchange or online wallet. These types of sites are regularly hacked. Even keeping a live wallet on your own computer can be risky. Your Keys, Your Bitcoin. By printing out your own tamper-resistant bitcoin wallets and generating your own ... Offline / Paper Wallet : Your wallet and your bitcoins are physically at your disposal thanks to QR codes and your private key, once your wallet is printed with a secure computer and printer. You are in full possession of your bitcoin, no one can hack your Bitcoin, like real banknotes, you have your funds permanently and you are the only holder of access to your Bitcoins. Paper wallet is a document containing all of the data necessary to generate any number of Bitcoin private keys, forming a wallet of keys.However, people often use the term to mean any way of storing bitcoins offline as a physical document. This second definition also includes paper keys and redeemable codes.A paper key is a single key written on paper that is used multiple times like a wallet ... Eine Paper-Wallet ist eine ausgedruckte Bitcoin-Adresse samt zugehörigem privaten Schlüssel. Sie eignet sich für größere Beträge, die sie langfristig halten und nicht laufend ein- oder auszahlen wollen. Die Paper Wallet gilt als sehr sicher, da sie nicht am Computer gespeichert wird und Hacker keine Chance haben, an sie heran zu kommen. ABER: die sichere Erstellung von Paper Wallets ist ... Eine Bitcoin-Wallet ist wie eine Geldbörse mit Bargeld. Falls Sie nicht mehrere tausend Euro in Ihrem Geldbeutel aufbewahren, sollten Sie das auch bei Ihrer Bitcoin-Wallet nicht tun. Überhaupt ist es ein bewährtes Verfahren, nur kleine Mengen von Bitcoins für den täglichen Bedarf auf ihrem Computer oder Smartphone zu haben und den restlichen Teil Ihres Vermögens an einem sicheren Ort zu ...
Bitcoin Paper Wallet - So schützt du deine Bitcoins gegen Hacker
Are your Bitcoins Safe? Backup your wallets quickly and easily using this crafty app! - Searches All user profiles for wallets, and prompts to backup. Even if your wallet is on the desktop, it ... A short Tutoral on How to creat a Paper Backup using the Pi Wallet. Visit our store at www.pi-wallet.com. Brian shows how to import a paper wallet he got from https://getcryptocrate.com/ and explains why private keys matter and why you should think twice about ho... Creating a Bitcoin Paper wallet is considered one of the safest ways to store your Bitcoin. With a paper wallet, your funds are stored offline and therefore ... All you need to know about making your first bitcoin paper wallet... Bitcoin paper wallets are easy to make but are they safe and should we use them? https:/...