Bitcoin Wallet Address: Understanding BTC Wallet vs Address
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Things you should look for in a cryptocurrency exchange
“Let’s say you want to buy 1 Bitcoin, sign up on an exchange and wait for 3 days. A few days later you receive an e-mail saying ‘Our servers compromised… all funds stolen. We are sorry’. Now where to go? ," Recent volatility in cryptocurrency space has created a new customer base looking for profit and quick money, these customers are new investors or rookies can take part due to the open nature of cryptocurrency. It is important to choose with which exchange you are buying and selling cryptocurrency. Many major exchanges have faced various potential threats in the past such as hacking, regulatory issues, bad business practices due to messy combination of poor management, neglect, and raw inexperience. Attacks Number of exchanges attacked and many million of dollars stolen, MtGox was the first one where a group of hackers compromised the servers due to the central nature of the service provider. It is easy to gain access and take control of private keys which controls your bitcoin, so you should always keep your private keys in your control. There are multiple ways to do that, such as hardware wallets, or keeping it in your laptop, mobile phone, etc. Liquidity Another problem with many exchanges are lack of liquidity, which means when one wants to withdraw a big chunk of bitcoin, for example,1000 BTC at current price is about $17 Million, exchanges don’t have that much cash available and ready to move, and therefore the entire BTC market can fluctuate in seconds. Accessibility There is no such thing as an instant in these exchanges as you have to first verify (KYC and AML) your account which can take 10 minutes to 3 days depending on your region. Only after such long waiting you can transfer real cash from your bank account, but that is also unlikely, because many local banks are not supporting these kinds of exchanges. The solution to this problem is to buy using an escrow mechanism and get crypto in the same region where one pays using local currency in the same region, such service provider being known as LocalBitcoins. Support Another approach to the above mentioned problem is to reduce the cost of switch for traders, so the users can convert token to token without leaving the wallet. It is only in decentralized exchanges which lacks support for a commodity, ease of use and overall lacks user support. Due to financial transaction exchanges were always under scrutiny, Bittrex came under radar for an incident in which a handful of user documents merged into one support ticket and released in a public forum. Once again, there is no support when you do not understand something of the website of the exchange or you need to know certain things about the fees. So, you will have to create the support ticket yourself and wait for the answer an hour depending on the volume of tickets. The support system of exchanges is dingy and the company like ‘Coinbase’ does not even have a live chat or a phone number where one can call and get help. Manipulation Cryptocurrencies are speculative and bound to manipulation - there have been many incidents on these central exchanges where “Spoofing” is seen. With ‘spoofing’, one puts large buy or sell orders driving traders in one direction and then cancels the order before execution. This implies that anyone who can gain access to trading with large amount of BTC can drive prices to go crazy. As a precaution many exchanges are locking down a number of accounts if any suspicious activity seen, resulting in distress within the community and customers. Similar incidents reported by community, where whenever ‘Tether’ currency denomination released on Blockchain, there was a sudden surge in the value of the Bitcoin. ‘Tether’ is a cryptocurrency which backed by $1 and it is one of the subsidiary of ‘Bitfinex’. ‘Bitfinex’ banking relationship jeopardized due to a DDOS hack. This gives rise to the question: is Tether a cryptocurrency or just a scam. Newcomers to Blockchain may notice the irony — in an industry obsessed with decentralization, some of the biggest exchanges are centralized, trusted institutions. Future “Decentralized exchanges are the way of the future,” said Hugh Madden, technical director for ‘openANX’, a decentralized exchange infrastructure protocol. With the new model in decentralised exchanges you have no order book — buy and sell orders are matched peer-to-peer. There is no central authority where hackers can attack and drain money. Exchanges have to address these problems in future:
Accessible - faster KYC process , international banking support and integration.
End-to-End Security – Exchanges need to scale , better security for customers to their own data centers.
Cold Storage – Storing all bitcoins, cryptocurrency in cold storage reduces the risk of hacking coins.
Technology Architecture – Right now the exchange architecture is straightforward and the insecure REST API exposed to the world. Using service such as Apache Kafka can reduce I/O throughput.
Banking – The banks do not understand cryptocurrency, if the exchanges want to stay, they have to work together with the bank to provide full transparency within the system .
Liquidity – Right now every exchange lacks liquidity,one of the solution to this problem could be the introducing of new services - for example, the user can spend coins from the exchange for some service or asset.
Easy – It is easy to use.
These protocols are still in development phase, but as we continue to see the threats on centralised exchanges, it is imminent that decentralised exchanges will take over. The answer lies in technology development and complete use of tokens. In conclusion, as a crypto user one has to be very careful what exchanges they are dealing with and make sure the exchange has a valid banking setup or relationship, verification process and resolution mechanism and meets all the terms and conditions; make sure also, that in case of hack or solvency, you will get your money back or at least a part of it . Do your own research before engaging in the cryptocurrency space.
A Bitcoin tech remittance company can't come soon enough
So I've been trying to work out how I can receive my Xmas money from my parents in the UK to here in Australia by leveraging Bitcoin. I'm quite happy to keep my Xmas money in Bitcoin and not convert it to Aussie dollars, however currently for my parents to convert an amount of GBP into Bitcoin is quite inconvenient. Here are the options I could think of:
Have them register an account with Bitstamp, ANX or Kraken. Have them jump through the hoops of submitting personal documents for their account to be enabled. Send money to the company via bank transfer, then finally purchase the equivalent in Bitcoin and send to my Bitcoin wallet address. For my non-technical parents, this will be very confusing and a lot of hassle. (Overall Rating: 4/10)
Have them sign up to Circle.com and use their GBP credit card to buy Bitcoin instantly. However, this means the GBP will first be converted to USD at a poor rate, plus they will pay a bank/credit card fee. If only they could link their UK bank account, this would be almost perfect, they'd just have to wait a few days for the bank transfer (Overall Rating: 9/10)
Have them meet someone in person via LocalBitcoins.com. However, this would mean they would have to setup their own Bitcoin wallet and understand how it works, then arrange to meet someone they've never met which could also be a problem in the small town they live in where not many people have heard of Bitcoin, then they have to pay a higher price for Bitcoin then the current market rate as the prices on LocalBitcoins is generally much higher. (Overall Rating: 5/10)
It makes me really excited for the day the company comes along who can make remittances happen with ease using Bitcoin. No BS, just transfer the fiat to that company, the company buys Bitcoin from an exchange and either sends it to the recipient as Bitcoin (minus their fee) or sells it on an exchange in the recipients country and sends the local currency to the recipient. Right now, it's simply not easy enough. What I've decided to do is have them send GBP to my UK bank account (which luckily I have from when I used to live there), then jump through all the hoops myself with a company like Bitstamp, Kraken or ANX using my UK personal documents (as luckily I hold both British and Australian Passports/driving licences), then buy Bitcoin with the GBP and send the Bitcoin to my Bitcoin wallet that I can use over here.
ICO Update – Jul 2 2017 Here is the progress of the Initial Coin Offerings that we are following. Please go to https://urbancrypto.com/ongoing-icos/ for a full list of Ongoing ICOs. Giga Watt ICO Update – Jul 2 2017 The Giga Watt ICO moves along ith slow contributions coming in. They have issued 12,579,633 tokens and the current rate is $1.05 per token. So, they have raised over 12 million dollars which in itself is a huge accomplishment. The ICO period is one of the longer ones we have seen and we will see how far they go with 29 days left for this Blockchain-based Mining Solution To read more on Giga Watt click https://urbancrypto.com/giga-watt-wtt-profile/ To follow the crowdsale click: https://cryptonomos.com/wtt/ FUND YOURSELF NOW ICO Update – Jul 2 2017 Fund-Yourself-Now, a blockchain based crowdfunding platform launched its ICO on June 17th with a period of 46 days. Their hard-cap is 7.5 million FYN tokens or about 65,000 ETH which at current market prices is approximately 22 million dollars. FYN already has a pipeline of upcoming ICOs to be launched on their platform and we will be detailing them shortly. Here is the progress so far: Contract Overview | FundYourselfNow ETH Balance: 4,506.062166217484335852 Ether ETH USD Value: $1,314,778.82 (@ $291.78/ETH) No Of Transactions: 817 txns To read more about the Fund Yourself Project Now click here. https://urbancrypto.com/fund-yourself-now-crowdfunding-platform-profile/ Corion ICO Update – Juy 2 2017 Corion’s goal is to be a multifunctional Platform for businesses and individuals to join and build a worldwide decentralized network, based on mutual benefits, simplicity, security, cost-effectiveness, speed and a stable means of payment. Corion launched its ICO on June 18th, 2017. There was no minimum or maximum cap set. The sale has not generated a lot of contributions in the past 24 hours. The Crowdsale has raised $1.3 million dollars so far. To read more about Corion, click here: https://urbancrypto.com/corion-platform-stabilized-cryptocurrency/ To follow the Corion ICO click here: https://www.corion.io/ Polybius Bank ICO Update – Jul 2 2017 Polybius Bank states that they will combine features of modern banking, IoT, Big Data and Blockchain-based technologies while also meeting security and UX requirements. They opened their crowdsale on May 31, 2017. The terms are that each PLBT token will cost $10 and the maximum number of tokens to be sold is 20,000,000. That leaves the possibility of them raising up to $200 million dollars. They have already raised around $26,000,000 dollars as per their website. The ICO will come to an end in a couple of day, to read an update from our friends at BitcoinChaser click here: http://bitcoinchaser.com/ico-hub/polybius-ico-update To follow the Polybius ICO click here: https://polybius.io/ DAO Casino ICO Update – Jul 2 2017 In on-line gaming the biggest issue that all parties involved have to deal with is trust, the DAO Casino platform directly addresses this issue and removes the need for any trust from the parties involved. Built on the Ethereum Blockchain and powered by the Ethereum ERC20 token protocol, DAO Casino, through its decentralized, open-code platform is transparent and there is no way for any of the parties to take advantage of each other. This produces the first truly “fair” on-line gaming platform. The ICO was off to a quick start and continues to raise funds. The sale has a hard cap of $25,000,000, As of the time of this publication they have raised around 13 million dollars. To have a look at our complete profile, click here: https://urbancrypto.com/dao-casino-blockchain-gambling/ To follow the DAO Casino crowdsale directly, go to https://dao.casino/ Upcoming Initial Coin Offerings We have updated our list of upcoming ICOs and it is extensive. We have added links to the companies websites and whitepapers where available. For a completely comprehensive list click here: https://urbancrypto.com/upcoming-icos/ We anticipate uploading Profiles on the following upcoming ICOs in the next few days: Populous – Invoice and Trade Finance OpenAnx – Decentralized Exchange PrimalBase – Distributed Workspace for Tech Community MyBit – Decentralized Asset Management OmiseGo – eWallet Platform If there is an ICO that you would like to see a Profile that we have not listed, please let us know and we will do our best to provide it ASAP. ICO Update – Jul 2 2017
Courtesy of Pixabay. In my previous post, ‘What is a Bitcoin Wallet and How Does it Work—A Beginner’s Guide,’ I introduced you to Bitcoin wallets—note the difference in the titles.If you haven’t read the post, you should stop here and read it first. It is important you read the previous post because it will help you understand the ideas we are going to explore here. Bitcoin Address Check to see if it has been reported as a scam ; Report a bitcoin scammer like the bitcoin sextortion porn scam email, investment scam, or mining scam; Check a bitcoin wallet balance; Find a bitcoin address owner; Bitcoin Wallet Transaction Alerts notify you by email when a bitcoin address has activity on the blockchain Two-factor authentication (2FA) is a way to add additional security to your wallet. The first 'factor' is your password for your wallet. The second 'factor' is a verification code retrieved via text message or from an app on a mobile device. 2FA is conceptually similar to a security token device that banks in some countries require for online banking. the official bitcoin wallet of. create account .bitcoinwallet.com . trusted. nearly a million users have relied on bitcoinwallet.com as their official bitcoin wallet since 2014. we are regulated and based in the united states of america. free between users. send and recieve bitcoin with any bitcoinwallet.com user instantly with no fees. personalized bitcoin address. anyone can send bitcoin ... Specify the bitcoin wallet address of the recipient. Amount you want to send. Leave a note (optional). Type GA code (if you installed GA key to protect your account). Instant Buy step-by-step. Simply select "Buy / Sell" from the Navigation menu and follow the steps further below. Steps: Make sure the Buy button is selected; Choose the currency (the local currency you'll spend or the bitcoin ...
How to Locate your BlockChain Wallet Address - YouTube
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