KeepKey - Bitcoin

How long is it taking to receive confirmations on bitcoin transfers using the KeepKey app?

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What is Bitcoin Cash and some exchanges to try out!

Bitcoin Cash (BCH) came about in August 2017 after a hard fork and a split in the Bitcoin blockchain. Bitcoin Cash is a direct result of the constant debates and many opinions about the future of Bitcoin’s scalability and mass adoption.

Bitcoin vs. Bitcoin Cash

Bitcoin’s blockchain has grown exponentially in recent times. This means that many more users are using the cryptocurrency, which is slowing down the network.
The limited Bitcoin block size of 1 MB means that blocks are filling up quickly, resulting in a long queue of unconfirmed transactions. As a result, at peak times, transactions have become slow and expensive.
Bitcoin cash, on the other hand, was initially created with an 8MB block, which was later on increased in size to 32MB. This change allows for more transactions to be processed in each block mined.
Many see this as a step forward in terms of how best to scale the network.
Bitcoin Cash opposers remain adamant that it’s simply a short-term fix that doesn’t solve the problem in the long run. Also, they claim there’s no implementation of ideas such as Segwit to help effectively break transactions down into smaller, more manageable pieces.
Bitcoin Cash (BCH), Sometimes referred to as Bcash, is a fork of Bitcoin (BTC). When a fork occurs on a Blockchain, the currency is basically duplicated.
This means that anyone with Bitcoins in his possession at the time the fork occurred, got credited with the same amount of Bitcoin Cash.

Buying Bitcoin Cash in 3 Simple Steps

Step 1: Get a Bitcoin Cash Wallet

Before you can buy Bitcoin Cash, you’ll need a Bitcoin Cash wallet to store it in. Hardware wallets that support Bitcoin Cash include industry leaders Ledger and TREZOR.
Both Ledger and TREZOR provide functions for you to use Bitcoin Cash as you would any other cryptocurrency. Both have also introduced the ability to claim your funds if you already owned Bitcoin at the time of the Bitcoin Cash hard fork.
Additionally, there are a variety of software wallets you can use to store Bitcoin Cash as well.
Exodus provides a great user experience with a seamless coin exchange service known as Shapeshift built in.
Edge is a mobile wallet for iOS and Android that supports multiple cryptocurrencies including Bitcoin Cash. It also has a variety of features allowing you to buy cryptocurrencies and exchange them from within the app.
Electron Cash is a clone of the awesome Electrum wallet for Bitcoin. If you’re used to Electrum, then you’ll have no problem jumping on board with its sister technology.
Other wallets that support BCH include Keepkey, BTC.com, Bitpay, and Coinomi. You can view all available wallets on the official Bitcoin Cash website.
Once you have your wallet, you will need your Bitcoin Cash address. It’s a long string of letters and numbers that start with either a “1” or a “3” — similar to normal Bitcoin addresses.
Since many people got confused and started sending Bitcoins to Bitcoin Cash wallets and vice versa, a new format was invented for Bitcoin Cash. The format, called “Cash Address” is 42 characters long and starts with a “p” or a “q”. Here’s an example:
qpm2qsznhks23z7629mms6s4cwef74vcwvy22gdx6a
Keep in mind that Cash Addresses are just a representation of original Bitcoin Cash addresses. This means that the same address can be represented in two different ways (normal format or Cash Address format).
Not all wallets support Cash address format.

Step 2: Find a Bitcoin Cash Exchange

Most Bitcoin exchanges will also allow you to buy Bitcoin Cash, here are top ones around.
Buy Bitcoin Cash Through eToro
eToro allows users from around the world to buy and sell Bitcoin Cash with a variety of payment methods.
eToro is more aimed towards investing in BCH for making a profit in fiat currency (i.e. Dollars, Euros, etc.) rather than actually using it. That being said, eToro does give you access to your coins and allows you to send coins from eToro to other people.
If you use eToro for investment only, you don’t actually need a Bitcoin Cash wallet as you won’t be withdrawing the coins.
*75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. CFDs are not offered to US users. Cryptoassets are highly volatile unregulated investment products. No EU investor protection.
Buy Bitcoin Cash Through Coinmama
Coinmama, one of the oldest exchanges around, allows you to buy Bitcoin Cash with a credit card, debit card or SEPA transfer. Coinmama accepts users from almost all countries around the world.
Buy Bitcoin Cash Through CEX.io
CEX.IO, based in London, is a trusted, experienced name in the industry, having been around since 2013. You can choose from a selection of cryptocurrencies on the site, including Bitcoin Cash.
The exchange has a brokerage service (easier to use, more expensive) and a trading platform (cheaper but more complex).CEX accepts credit cards, debit cards, wire transfers and SEPA.
Buy Bitcoin Cash Through Coinbase
Coinbase is a reputable Bitcoin exchange that supplies a variety of other services including a wallet, a trading platform (Coinbase Pro) and a Bitcoin debit card.
If you’re a beginner, it’s probably best to use the brokerage service which is a bit more expensive, but easier to use. Advanced users can use Coinbase Pro to buy Bitcoin Cash with lower fees.
Coinbase accepts debit cards and wire transfers.
Buy Bitcoin Cash Through Bitstamp
Bitstamp, the oldest exchange around, supports the trading of BCH to Bitcoin and direct purchases with US dollars or Euros. There’s also an option to buy Bitcoin Cash with your credit card at a higher price.
If you know your way around Bitcoin trading platforms it’s best to use that service and not the credit card service since you’ll save substantially on fees.
Other options to purchase Bitcoin Cash include Bitfinex, Cryptmixer, Kraken, Poloniex, HitBTC, and more (you can view all available exchanges on Bitcoin Cash’s website).

Step 3: Transfer the BCH to your wallet

As usual, I recommend that you never leave money on an exchange.
Once you’ve finished buying your Bitcoin Cash, move it to your own wallet (the one you chose in step 1). You can then follow the status of your transaction using a Bitcoin Cash block explorer.
Once you receive three confirmations for your Bitcoin Cash, you can safely say you’ve completed the process.

Conclusion

It’s apparent that Bitcoin Cash has still not gained full acceptance by large parts of the cryptocurrency community. It still sits firmly in second place to its older brother in terms of both price and usage.
Bitcoin Cash has the advantage of being the first major split that has garnered acceptance. Most forks after it didn’t receive nearly enough attention from the community or the media.
However, with internal conflicts inside its founding team and accelerated Bitcoin development for scalability solutions, I’m not sure if there’s an actual use case for Bitcoin Cash other than price speculation.
submitted by MonishaNuij to MonMonCrypto [link] [comments]

Swap Bitcoin With These Top Ranking Services

There are multiple crypto exchange (bitcoin swap) services that help you covert cryptocurrencies. Most of these services are non-custodial and do not require signup. Using these services, you can convert bitcoin or altcoins. In addition, some of these services also offer to buy and sell cryptocurrencies using fiat. Let’s dive in.

How do Bitcoin Swaps work?

Let’s say you want to convert 1 BTC to ETH. Here is an overview of the exchange process step by step.

ShapeShift

ShapeShift is one of the oldest crypto exchange services. The company was founded in 2014 by Erik Voorhees.
You don’t need to signup for crypto-asset exchange equivalent up to $50K.
In addition, you can sign up and connect your wallets to exchange your crypto on Shapeshift, if you want high-value exchange. ShapeShift also has a Fox token, using which you can avoid fees.
Other than a crypto exchange service, Shapeshift also built other products, such as CoinCap, a crypto market API provider, and Keepkey, a hardware wallet.
ShapeShift features:

ChangeNow

ChangeNow is one of the most reliable crypto exchange services. It doesn’t require any signup and doesn’t impose a maximum limit.
In addition, you can also buy cryptocurrencies using your Master or Visa card with ChangeNow.
The team has built multiple products around coin conversion. Such as NowPayments helps you accept payment in any cryptocurrencies and convert in the currency of your choice instantly.
ChangeNow features:

SwapLab

Swaplab is a simple crypto exchange service using which you can convert Bitcoin and other altcoins. Like other services, It is a non-custodial and doesn’t require any signup or account creation.
SwapLab features:

Cryptmixer

Cryptmixer is a non-custodial coin swap service that does not require any account creation.
Unlike other coin exchange services, Cryptmixer is transparent about the fee. It charges .05% as an exchange fee and has high exchange limits.
Cryptmixer features:

SimpleSwap

SimpleSwap supports more than 225 cryptocurrencies. It’s non-custodial with no signup needed.
In addition, anyone can integrate with SimpleSwap using its APIs and earn a commission for every conversion.
SimpleSwap features:

Swapzone

Swapzone is an exchange aggregator working with non-custodial instant cryptocurrency swap services. Currently, the service supports over 300 assets for swaps at best rates and operates through 10+ partnering platforms (for example, Changelly, SimpleSwap, Godex, and ChangeNOW). The aim of the platform is to provide as much information on cryptocurrency swap rates and services as possible, all in one convenient interface.
Swapzone features:

Wrapping up…

Cryptmixer is a crypto exchange aggregator that shows the best exchange prices by scanning multiple websites. Therefore, you would like to check it out before using the services mentioned above.
In addition, many of these crypto exchange services provide APIs, widgets, affiliate links, and white label solutions. You can earn commission by integrating or advertising these services.
submitted by MonishaNuij to MonMonCrypto [link] [comments]

I tested KeepKey + Mycelium + SegWit so you don't have to.

TLDR: you can send and receive Bitcoin to and from native SegWit (Bech32) addresses using KeepKey + Mycelium, but not using KeepKey + KeepKey client (yet?).
Mycelium can import the extended public key (xpub) from your KeepKey, this allows you to get a watch-only wallet on your phone, that can spend only if you connect your KeepKey to the phone. The xpub is not the private key, the private key never leaves KeepKey, you can not spend from just the xpub, cold storage is not compromised. It's a nice combination of the accessibility of an app, and the security of a hardware wallet. My favorite feature is being able to watch the value of my Bitcoin moon plummet from the comfort of my phone. The Mycelium Android wallet finally got it's SegWit update this month, and I used about a buck in Bitcoin to test the new address format.
Importing a KeepKey xpub into Mycelium
The first thing to note is that if you already had a KeepKey account in Mycelium before Mycelium's SegWit update you'll have to remove that account from Mycelium and reimport it to enable SegWit support.
To import your KeepKey’s xpub into Mycelium you need to connect the KeepKey to your phone using a USB OTG adapter, you can get one for about 10 bucks if one did not already come with your phone. When connected, open Mycelium, go to the “accounts” tab, tap the icon of a key with a “+”, tap “advanced”, tap “KeepKey”, and enter your pin.
(If you have enabled passphrase protection on your KeepKey then at this point Mycelium will also ask you to enter the passphrase now. You can read this page for instructions on how to enable/disable passphrase protection: https://help.keepkey.com/how-to-guides/how-to-disable-a-passphrase If you want to enable it change the command from “(false)” to “(true)”. This is an advanced feature so only use this if you know what you are doing, enabling and disabling it has been very flaky in my experience, but once enabled the passphrase feature itself works without error)
Accounts
Mycelium will now scan KeepKey for accounts, if you have multiple accounts on the KeepKey and want to add all of them to Mycelium you will have to go through these steps multiple times to add them one at a time. An account with zero Bitcoin will not be detected by Mycelium.
You can give the account you are adding to Mycelium a label. Mycelium will display a KeepKey logo next to the account name in the accounts tab to indicate this is a watch-only account from a KeepKey.
What can I do with an imported account in Mycelium?
Without having your KeepKey connected you can: -View your Bitcoin balance and it’s fiat value. -View all transactions including those done through the KeepKey Client app. -Generate receiving addresses in all three formats, legacy P2PKH (starting with 1), SegWit wrapped P2SH (starting with 3), SegWit native Bech32 (starting with bc1). -Receive Bitcoin on said addresses and view the incoming transactions before during and after they are confirmed. Note that Mycelium will default to generating SegWit wrapped P2SH receiving addresses, you can change the default to SegWit Native Bech32, but you can not change the default to legacy P3PKH addresses, this is important.
How do I receive Bitcoin with Mycelium?
Choose the KeepKey account from the accounts screen, tap the “receive” button and it will display a SegWit Wrapped P2SH address by default. You can switch to a Legacy or Bech32 address from this screen, and switch the default from P2SH to Bech32, but not to Legacy. This means that by default you will always be receiving Bitcoin on a SegWit address.
How do I send Bitcoin from Mycelium?
In order to send Bitcoin from Mycelium you can tap “send”, enter a receiving address, choose an amount and a fee setting. Next you will have to connect your KeepKey to the phone with the OTG adapter, enter the pin, and enter the passphrase if your KeepKey has one. The transaction will be displayed on the KeepKey’s own display, you should verify the address, amount and fee. Confirm the transaction through the physical button on the KeepKey, twice. Your transaction will be broadcast, you can now disconnect the KeepKey.
How secure is this?
The private key never leaves the KeepKey, cold storage is never compromised. The only way to sign a transaction and send Bitcoin is by connecting the KeepKey, entering the pin to unlock it, and entering the passphrase to further unlock it if you have one enabled, and then using the physical button on the KeepKey to confirm the transaction.
What does not work?
And now finally, the reason I’m making this post, what does not work. At the time of writing the KeepKey client app for Chrome is capable of sending to SegWit P2SH and Bech32 addresses. The KeepKey Client app is however not capable of generating SegWit receiving addresses, nor can it view the balance of SegWit P2SH or SegWit Bech32 addresses. It also can not send Bitcoin that was received on these addresses.
This means that if you use Mycelium to receive Bitcoin on a SegWit address, the KeepKey Client app does not understand this transaction. The KeepKey Client app will not add the balance of this address to your total balance, if this was the only transaction in the wallet it will show a zero balance. The KeepKey Client app will not be able to send Bitcoin that was received on these addresses, you can only do that using Mycelium. This can lead to confusing situations where Mycelium and the KeepKey Client app show two different total balances for the same wallet, because Mycelium sees the real balance, and the KeepKey Client app only sees the non-SegWit addresses balance.
I fully expect a future update to the KeepKey Client Chrome app to enable full SegWit support so the above will no longer be an issue, but right now receiving Bitcoin on SegWit addresses through Mycelium means you can no longer effectively use the KeepKey Client app until it is updated.
submitted by De_Wilde_Weldoener to Bitcoin [link] [comments]

What are custodian and non-custodian crypto-wallets

What are custodian and non-custodian crypto-wallets

https://preview.redd.it/49imikx21jq31.jpg?width=1080&format=pjpg&auto=webp&s=8b9b2aee90a99878bec83328d91425ef1c500777
Cryptocurrency wallets are used to store and transfer cryptocurrency. There are custodial and non-custodial wallets among them. How do they differ from each other?
Custody wallets are somewhat similar to banking tools. Their distinctive feature is that users don’t have full control over their money, since the custodian has the right to access the key. Many exchanges use this type of wallets, trading platforms, services and so on. This allows them to interact with other platform tools. In addition, users have the opportunity to contact the operator for a copy of the key to restore access to it, if you’ve lost it.
However, these wallets have a number of disadvantages. These can be attributed primarily to the fact that the custodian has access to the client’s funds, as well as the fact that the user can’t always get access to them if suddenly some technical work is carried out in the system, and the funds are needed now. In addition, wallets can crack hackers by gaining access to keys. For example, a number of exchanges lost access to wallets last year, and then tens of thousands of bitcoins were withdrawn by hackers, as they received private keys.
Now you need to figure out what a non-custodian wallet is. This is such a wallet that allows the user fully control their money and their private key. These wallets include hardware, mobile wallets.
As for the security of this type of wallets, they also have a number of shortcomings. If the user suddenly loses access to the wallet, then he will never be able to restore the private key, since he is stored only in his copy.
In addition, hackers show great interest in such wallets. They use attacks on site servers and, using their weak protection, then gain access to private keys. Although, of course, non-custodian wallets are still considered more reliable and secure.
Despite the fact that they can be lost, physically crack, while analysts advise using them. The main thing is to be careful while transferring funds and keeping the private key in a safe place. Wallets such as Ledger, TREZOR, BitFreezer, Jaxx Liberty, KeepKey are now considered to be the most protected. They are advised to use cybersecurity experts.
submitted by iTradeBit to bitcoin_crypto [link] [comments]

Top 10 Best Cryptocurrency Wallets for 2019 (Re-Post)

Top 10 Best Cryptocurrency Wallets for 2019 (Re-Post)
https://preview.redd.it/g0j3lqvymxi31.png?width=1500&format=png&auto=webp&s=f1024902cc5c9ad6f0417a419d0c1b4e75c2c13f
You've asked for a list to find the Best Cryptocurrency Wallet, We've delivered! Bitcoin prices have been rising throughout 2019, and have now hit over $10,000! Pair that with newer cryptocurrencies such as ether along with an increasing acceptance of blockchain tech plus media and government coverage, cryptocurrency wallets are needed now more than ever. Whether you are looking for the best cryptocurrency wallets, Bitcoin wallet or the best Ethereum wallet, we've got you covered.
These best cryptocurrency wallets, best Bitcoin wallets, and best Ethereum wallets have proven to be crowd-pleasers, and each comes with its own array of pros and cons that are mostly dependent on user preference:

1. Ledger Nano S (Best Ethereum Wallet)

The Ledger Nano S is a cryptocurrency multi-asset hardware wallet that looks like a folding flash drive. It can store Bitcoin, Ethereum, and other Altcoins. The Ledger Nano S connects via a USB cable and requires interaction with the device to confirm transactions. Ledger’s Nano S is also U2F authentication compliant for use with other services and can run multiple apps. The Ledger Nano is safe, relatively inexpensive, malware proof and cannot be hacked. For those reasons, we think it is one of the best cryptocurrency wallets. See #6 for the Nano's beefed up brother, the Ledger Blue!
Ledger Nano S is available in saffron yellow, flamingo pink, jade green, lagoon blue, and black.
According to Ledger, these are in stock and shipping.
Cost: $59
Buy Direct Here > www.LedgerWallet.com

2. Coinbase (Best Bitcoin Wallet)

CB is an established and dedicated cryptocurrency exchange, a Bitcoin, and Ethereum wallet, and is supported in more than 30 countries. They have helped over 10 million users transact more than $20 billion in cryptocurrency exchanges and is the industry leader for cryptocurrency exchange. They have a great user interface that is easy to use.
Free to sign up but they do charge a minimal transaction fee depending on the size of the transaction. Simply sign up, connect your bank account or credit card, then buy your cryptocurrency. You will need to verify your identity by providing 1 or multiple pieces of identity, depending on how much you buy. Once you've purchased your Bitcoin, You can easily transfer it to your “vault” for better protection. It may take several days to receive the first Bitcoins you purchase. Be sure to turn on 2-factor authentication for additional protection to your account, you can download this on any cell phone using Google Authenticator or Authy.
Sign Up Here > www.Coinbase.com

3. Ledger BLUE

The “Rolls Royce of hardware wallets! It is by far the most advanced hardware security gear on the market. Comes with a color large touchscreen, Bluetooth, and a rechargeable battery. Lightweight for easy transportation and storage. Works with multi currencies and extensible with other apps. Ledger offers enterprise-level security. If it wasn't for the high price point, Ledger would get our vote for the top 5 best cryptocurrency wallets.
Shipping: Available for Preorder, According to Ledger this will ship in late September 2017.
Cost: 229.00€ or roughly $270 USD.
Buy Direct Here > www.LedgerWallet.com

4. KeepKey

KeepKey is a simple hardware wallet that secures Bitcoin, Ethereum, Litecoin, Dogecoin dash, and Namecoin. Your assets are protected from hackers and thieves. They claim to be virus and malware proof because it does not have an operating system like your phone or computer. The firmware is 100% open source and works on PC, Mac, Linux, and Android. You can make modifications to their firmware or create your own, then run it. Keep Key has a great digital display and comes in a very appealing anodized aluminum and black polycarbonate case. They offer a 1-year limited warranty.
As of 8/29/2017, These are finally back in stock!
Cost: $99 USD.
Buy Direct Here > www.KeepKey.com

5. TREZOR

TREZOR is an industry-leading hardware multi-cryptocurrency wallet. They were the original hardware wallet and claim to be the most secure. These are quick to setup and easy to use. They offer a Google Chrome extension that communicates with your hardware. TREZOR combines an easy setup with a small, durable token for authenticating and storing cryptocurrency. The token can also act as a security key for the new U2F authentication process.
These are available in black and white colors.
Customers tell us these are shipping 4 days after the order is placed.
Cost: 89. € or roughly $10 USD. They also offer a “Multipack that contains 3 Trezors and gives you a 22€ discount.
Buy Direct Here > www.Trezor.io

6. StrongCoin

StrongCoin one of the best cryptocurrency wallets. They are a hybrid wallet allows you to send and receive Bitcoins just like any other wallet. However, the Bitcoin private key which is required to send money is encrypted in your browser before it reaches their servers. They can never hold your bitcoins ransom because you are able to download your entire account as a PDF. You can purchase bitcoins directly to your StrongCoin wallet so they are never at risk of theft on an exchange. StrongCoin is the longest running Bitcoin wallet. 110,000 users have signed up and it appears to be a very well known and widely used company. Their wallets are free to create but they do charge a small transaction fee depending on the amount of Bitcoin.
Sign Up Here > www.StrongCoin.com

7. Exodus

If this page were titled The Best Designed Cryptocurrency Wallet and not Best Cryptocurrency Wallets, Exodus would be the clear winner. Exodus is the first desktop software wallet to have ShapeShift built into the interface in order to allow for rapid conversion between various altcoins and cryptocurrencies. Beyond having ShapeShift integration, Exodus is a multi-asset wallet and lets you store your private keys in one application with a customizable user interface. You have full control over your encrypted private keys, they have beautiful live charts and you can customize the look and feel of their interface. They offer 24/7 support via their help desk or email which makes communication nice for late night projects. They also offer a Slack channel for communication with other users. Exodus is available for Windows, Mac, and Linux. This software is free to download.

8. Jaxx – Ice Cube

Jaxx established their brand by allowing for cross-platform support with their crypto wallet. They have added integration support for ShapeShift and gives users a multi-currency wallet that they hold the private keys for. Jaxx announced the “Ice Cube” which is a hardware wallet with a camera and cellular chip for broadcasting transactions that never connects to the internet. The Ice Cube is water and fire resistant. This company is small and can also be stored in a safe or safety deposit box for security. Jaxx has a beautiful user interface and visible code, you can tell they have designed this product for the amateur as well as the most experienced Crypto enthusiast.

9. Mycelium

Granted the prestigious “Best Mobile App” award by Blockchain.info in 2014, the wallet provides the ability to send and receive bitcoins whilst benefiting from bank-grade security. Mycelium is an Android-based multi-asset cryptocurrency wallet that has been tested by hundreds of thousands of users. At the time of writing this, they had the most stars on Google Play. They are in the midst of integrating with a variety of third-party service providers to bring new and emerging applications into a realm of usefulness that can only be achieved with native functionality and a high degree of user trust. They currently integrate with Cashila, Glidera, Coinapult, Trezor, and Ledger. Mycelium also has hardware wallets and is working to further the development of decentralized applications (DApps). They are constantly upgrading this software. They are working on a personal finance tool to pay your bills and manage your finances and investments. This is the best Ethereum wallet and the best Bitcoin Wallet.

10. Electrum

Electrum was created by Thomas Voegtlin in November 2011, as a result, various developers have contributed to its source code. A software wallet that was designed to give users the freedom to manage their funds and private keys in a secure manner. Electrum allows you to store your private keys offline and integrates with some hardware wallets like TREZOR or Ledger products. Electrum utilizes decentralized servers to ensure minimal to no downtime.

Different Types of Cryptocurrency Wallets:

What is a Cryptocurrency Hardware Wallet?

These cryptocurrency Wallets store your information offline so it cannot be hacked. While it is more expensive than most other wallets, It can be a great investment. A lot of people buy 2-4 hardware wallets to spread the risk of losing one. We recommend storing this in a safety deposit box at your bank or in a very safe and secure place in your home. The downside of these wallets is losing your wallet, be careful! For security, we think these are the best cryptocurrency wallets available.

What is a Cryptocurrency Web Wallet?

These are the easiest wallets to use and the most convenient. Most websites will allow for 2-factor authentication through Google, text message, or Authy. This adds a great layer of protection. We have heard of very few cases where these accounts were hacked individually but we have heard of entire exchanges getting hacked which results in stolen bitcoins. We always keep some of our Bitcoin, Litecoin, Ethereum and other Altcoins in web-based crypto wallets so we can easily day trade and move funds around.

What is a Cryptocurrency Desktop Wallet?

These are great wallets for storing cryptocurrency. You don't have the concern of losing your wallet like a hardware cryptocurrency wallets. You don't have the concern of getting hacked like web-based cryptocurrency wallets. These desktop wallets are generally free or low cost. You are however at risk of losing your wallet if your computer fails or is lost or stolen. If you want to make sure you don't lose these wallets, we suggest printing them on a durable material like foam board printing. These can make for the best bitcoin wallet and also the best Etereum wallet.

What is a Cryptocurrency Mobile Wallet?

Both Apple and Android offer mobile app based cryptocurrency wallets. These are great because you can use them on the go and on the fly. We have read several reports on Reddit about fraudulent apps that steal your bitcoin wallet and all of its contents so please be sure to use a well known Mobile crypto wallet.

Link to original blog post: https://www.disruptordaily.com/top-10-best-cryptocurrency-wallets-for-2017/
submitted by Tokenberry to NewbieZone [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome to the /Bitcoin Sticky FAQ

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.
The following videos are a good starting point for understanding how bitcoin works and a little about its long term potential:
For lots of additional video resources check out the videos wiki page or /BitcoinTV.
Key properties of bitcoin
Additional Bitcoin statistics can be found here. Developer resources can be found here and here. Peer-reviewed research papers can be found here and here. And of course, the whitepaper that started it all :)

Where can I buy bitcoins?

You can buy or sell any amount of bitcoin and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, more can be found here.
Here is a listing of local ATMs. Also, Lawnmower is also a handy way to make small recurring purchases of bitcoin. If you would like your paycheck auotmatically converted to bitcoin use Cashila or 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. Here are a couple useful sites (bitkoin.io, preev.com) 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.
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, usually from a text message or app, 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.
Google Auth Authy
Android Android
iOS iOS

Where can I spend bitcoins?

Comprehensive lists can be found at the Trade FAQ or The Bitcoin Directory, some more commons ones are below.
Store Product
Steam, Disco Melee, HumbleBundle, GreenmanGaming, and Coinplay.io For when you need to get your game on
Microsoft Xbox games, phone apps and software
Spendabit, The Bitcoin Shop, Overstock, Rakuten, DuoSearch and BazaarBay Retail shopping with millions of results
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
NewEgg, TigerDirect and Dell For all your electronic needs
Cashila, Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, Pey.de, LRoS, Wagepoint, Hyphen.to Bill payment
Foodler and Takeaway Takeout delivered to your door!
Expedia, Cheapair, Lot, Destinia, BTCTrip, Abitsky, SkyTours, Fluege and 9flats For when you need to get away
BoltVM VPS service
Cryptostorm, Mullvad, and PIA VPN services
Namecheap For new domain name registration
Stampnik and GetUSPS Discounted USPS Priority, Express, First-Class mail postage
Reddit Gold Premium membership which can be gifted to others
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations, such as Wikipedia, Red Cross, Amnesty International, United Way, ACLU and the EFF. You can find a longer list here.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

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. You can view the global node distribution here.

Earning bitcoins

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 to allow users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins)

Bitcoin Projects

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.
Project Description
Lightning Network, Amiko Pay, and Strawpay Payment channels for network scaling
Blockstream and Drivechain Sidechains
21, Inc. Open source library for the machine payable web
ShapeShift.io Trade between bitcoins and altcoins easily
Open Transactions, Counterparty, Omni, Open Assets, Symbiont and Chain Financial asset platforms
Hivemind and Augur Prediction markets
Mirror Smart contracts
Mediachain Decentralized media library
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
Samourai and Dark Wallet - abandoned Privacy-enhancing wallets
JoinMarket CoinJoin implementation (Increase privacy and/or Earn interest on bitcoin holdings)
Coinffeine and Bitsquare Decentralized bitcoin exchanges
Keybase and Bitrated Identity & Reputation management
Bitmesh and Telehash Mesh networking
JoyStream BitTorrent client with paid seeding
MORPHiS Decentralized, encrypted internet
Storj and Sia Decentralized file storage
Streamium and Faradam Pay in real time for on-demand services
Abra Global P2P money transmitter network
bitSIM PIN secure hardware token between SIM & Phone
Identifi Decentralized address book w/ ratings system
Coinometrics Institutional-level Bitcoin Data & Research
Blocktrail and BitGo Multisig bitcoin API
Bitcore Open source Bitcoin javascript library
Insight Open source blockchain API
Leet Kill your friends and take their money ;)

Tipping

Use ChangeTip.com (/changetip) for tipping people on Facebook, Reddit, Twitter, YouTube, Tumblr, Google+, GitHub, Slack and more! (you can even use custom monikers to tailor your tip to the discussion or add a bit of humor). Read more about ChangeTip at their reddit wiki.

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (mL) or millimetre (mm)
microbitcoin μBTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (μL) or micrometre (μm)
bit bit 1,000,000 per bitcoin Colloquial "slang" term for microbitcoin
satoshi sat 100,000,000 per bitcoin Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $500 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. A complete list of bitcoin related subreddits can be found here
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!
submitted by BinaryResult to Bitcoin [link] [comments]

Beginner's Guide: Where to start & FAQ!

New Flair Rule

We've been overwhelmed with newcomer posts. In light of this, we created a bot that will PM people without flairs various pertinent information to read through when they post. In order to stop receiving these, simply add a flair to your name. Thanks!

Welcome to /Litecoin!

(Re-post of u/Sparkswont cuz it was archived)
Whether you're new to cryptocurrency and have no clue what a 'litecoin' is, or a seasoned investor in cryptocurrencies, the resources below will answer all your questions. If you still have questions, feel free to ask below in the comments!
 

What is Litecoin?

Litecoin (LTC or Ł) is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Litecoin is one of the largest, oldest, and most used cryptocurrencies in the world. Similar to Bitcoin, Litecoin uses blockchain technology to process transactions.
So what's the difference? To process a block, Litecoin takes 2.5 minutes rather than Bitcoins 10 minutes. This allows for faster processing times. Litecoin also has the capability to produce a total of 84 million units, compared to Bitcoins 21 million. In addition, Litecoin uses scrypt in its proof-of-work algorithm, a sequential memory-hard function requiring asymptotically more memory than an algorithm which is not memory-hard.
Still confused? Take a look at this video!
 

Where can I buy Litecoin?

There are many websites and applications where you can buy and sell Litecoin, but make sure the exchange you are using is trusted and secure. Here are some exchanges that are trusted in the cryptocurrency community:
Exchange
Coinbase USD/Euro/GBP
Bithump KRW
OKCoin Euro/Yen/USD
OKex CNY
Btcmarkets.net AUD
Bitso MXN
Zebpay INR
 

Where can I securely store Litecoin?

Litecoin (and other cryptocurrencies) is stored in a digital wallet. When storing Litecoin, you want to make sure you trust the place you store them. This is why it is best to store them yourself through the electrum wallet. It is highly suggested to not store your Litecoin in an exchange (such as Coinbase, Poloniex, Bittrex, etc.) because you don't control the private keys. If the exchange ever goes offline, or becomes insolvent, your Litecoin essentially disappear.
Some other options are:
Wallet
Electrum Lightweight Wallet
Official Core Wallet
LiteVault Secure Web Wallet
Paper Wallet Instructions
 
If you're a fan of mobile devices, then Loafwallet is the wallet for you. Developed by a Litecoin Foundation Dev, losh11, this mobile wallet works great! And remember to always make sure to write down your seedkeys.
 
Hardware wallets are another great option, in fact, they are said to be the most secure way to store cryptocurrencies. Below is a list of the litecoin flexible hardware wallets.
Wallet
Ledger
Trezor
Keepkey
 

Where can I spend Litecoin?

Litecoin is in the top ten of all cryptocurrencies by market capitalization. Websites are rapidly adopting Litecoin as a method of payment as well. If you yourself want to accept LTC as a business, you can refer to these merchant manuals. Alternatively, if you would like to explore websites that accept Litecoin, head over to /AcceptingLTC.
Here are also several of our favorite merchants accepting Litecoin.
 

Where can I discuss Litecoin?

The Litecoin community is extremely kind and robust. There are many forums and places where you can discuss Litecoin with others who are interested in the currency. Here are the main ones:
Platform
Reddit
Litecoin Markets Subreddit
Discord
Official Forum
IRC
 

Additional Resources and Help

If you have more questions, or are genuinely interested in learning more about Litecoin then be sure to read this series. If you have a specific question that you can't seem to find the answer too, ask below and someone will help you out!
submitted by ecurrencyhodler to litecoin [link] [comments]

I tested KeepKey + Mycelium + SegWit so you don't have to.

TLDR: you can send and receive Bitcoin to and from native SegWit (Bech32) addresses using KeepKey + Mycelium, but not using KeepKey + KeepKey client (yet?).
Mycelium can import the extended public key (xpub) from your KeepKey, this allows you to get a watch-only wallet on your phone, that can spend only if you connect your KeepKey to the phone. The xpub is not the private key, the private key never leaves KeepKey, you can not spend from just the xpub, cold storage is not compromised. It's a nice combination of the accessibility of an app, and the security of a hardware wallet. My favorite feature is being able to watch the value of my Bitcoin moon plummet from the comfort of my phone. The Mycelium Android wallet finally got it's SegWit update this month, and I used about a buck in Bitcoin to test the new address format.
Importing a KeepKey xpub into Mycelium
The first thing to note is that if you already had a KeepKey account in Mycelium before Mycelium's SegWit update you'll have to remove that account from Mycelium and reimport it to enable SegWit support.
To import your KeepKey’s xpub into Mycelium you need to connect the KeepKey to your phone using a USB OTG adapter, you can get one for about 10 bucks if one did not already come with your phone. When connected, open Mycelium, go to the “accounts” tab, tap the icon of a key with a “+”, tap “advanced”, tap “KeepKey”, and enter your pin.
(If you have enabled passphrase protection on your KeepKey then at this point Mycelium will also ask you to enter the passphrase now. You can read this page for instructions on how to enable/disable passphrase protection: https://help.keepkey.com/how-to-guides/how-to-disable-a-passphrase If you want to enable it change the command from “(false)” to “(true)”. This is an advanced feature so only use this if you know what you are doing, enabling and disabling it has been very flaky in my experience, but once enabled the passphrase feature itself works without error)
Accounts
Mycelium will now scan KeepKey for accounts, if you have multiple accounts on the KeepKey and want to add all of them to Mycelium you will have to go through these steps multiple times to add them one at a time. An account with zero Bitcoin will not be detected by Mycelium.
You can give the account you are adding to Mycelium a label. Mycelium will display a KeepKey logo next to the account name in the accounts tab to indicate this is a watch-only account from a KeepKey.
What can I do with an imported account in Mycelium?
Without having your KeepKey connected you can: -View your Bitcoin balance and it’s fiat value. -View all transactions including those done through the KeepKey Client app. -Generate receiving addresses in all three formats, legacy P2PKH (starting with 1), SegWit wrapped P2SH (starting with 3), SegWit native Bech32 (starting with bc1). -Receive Bitcoin on said addresses and view the incoming transactions before during and after they are confirmed. Note that Mycelium will default to generating SegWit wrapped P2SH receiving addresses, you can change the default to SegWit Native Bech32, but you can not change the default to legacy P3PKH addresses, this is important.
How do I receive Bitcoin with Mycelium?
Choose the KeepKey account from the accounts screen, tap the “receive” button and it will display a SegWit Wrapped P2SH address by default. You can switch to a Legacy or Bech32 address from this screen, and switch the default from P2SH to Bech32, but not to Legacy. This means that by default you will always be receiving Bitcoin on a SegWit address.
How do I send Bitcoin from Mycelium?
In order to send Bitcoin from Mycelium you can tap “send”, enter a receiving address, choose an amount and a fee setting. Next you will have to connect your KeepKey to the phone with the OTG adapter, enter the pin, and enter the passphrase if your KeepKey has one. The transaction will be displayed on the KeepKey’s own display, you should verify the address, amount and fee. Confirm the transaction through the physical button on the KeepKey, twice. Your transaction will be broadcast, you can now disconnect the KeepKey.
How secure is this?
The private key never leaves the KeepKey, cold storage is never compromised. The only way to sign a transaction and send Bitcoin is by connecting the KeepKey, entering the pin to unlock it, and entering the passphrase to further unlock it if you have one enabled, and then using the physical button on the KeepKey to confirm the transaction.
What does not work?
And now finally, the reason I’m making this post, what does not work. At the time of writing the KeepKey client app for Chrome is capable of sending to SegWit P2SH and Bech32 addresses. The KeepKey Client app is however not capable of generating SegWit receiving addresses, nor can it view the balance of SegWit P2SH or SegWit Bech32 addresses. It also can not send Bitcoin that was received on these addresses.
This means that if you use Mycelium to receive Bitcoin on a SegWit address, the KeepKey Client app does not understand this transaction. The KeepKey Client app will not add the balance of this address to your total balance, if this was the only transaction in the wallet it will show a zero balance. The KeepKey Client app will not be able to send Bitcoin that was received on these addresses, you can only do that using Mycelium. This can lead to confusing situations where Mycelium and the KeepKey Client app show two different total balances for the same wallet, because Mycelium sees the real balance, and the KeepKey Client app only sees the non-SegWit addresses balance.
I fully expect a future update to the KeepKey Client Chrome app to enable full SegWit support so the above will no longer be an issue, but right now receiving Bitcoin on SegWit addresses through Mycelium means you can no longer effectively use the KeepKey Client app until it is updated.
submitted by De_Wilde_Weldoener to keepkey [link] [comments]

[Bitcoin Noob Guide] - Why "Get Your Coins Out of Exchanges ASAP" is often bad advice - Very Long Post

A Guide On Where To Store Your Bitcoin

In the daily threads, I often see newcomers asking about buying bitcoin and where to buy bitcoin, and how etc. Almost every post that asks about buying bitcoin on an exchange is almost always followed up with a comment saying how they should never trust the exchange with their bitcoin and should instead move it to some kind of private wallet (usually a software wallet).
While on principle I can agree with this, the fact is that in most cases your bitcoin is generally safer on an exchange than on your personal computer. However, the tradeoff is that you don't have personal control of your private key if your bitcoin is on an exchange.
In this post I would like to delve into this topic a bit further and explain the pros and cons of where you can keep your bitcoin stored.
TL;DR at bottom

What Is A Bitcoin Wallet

To understand where to store your bitcoin, first lets take a quick look at what a bitcoin wallet is. In the absolute simplest terms, a bitcoin wallet is a cryptographic private key. Your private key is used to generate your bitcoin address, and is used to both receive and send bitcoin to other addresses. Usually a wallet contains more than one private key, but doesn't have to.
The most important thing about owning bitcoin is how you store your private keys.
One important thing to understand is that your private key is the only way you can ever spend any bitcoin and if your private key is lost, there is no way to ever recover it. Also, if someone else knows your private key, then they have full access to your bitcoin, and can do what they want with it.

Why You Should Not Keep Your Bitcoin in an Exchange

There are 2 primary arguments for why you should pull your bitcoin out of an exchange.
  1. Exchanges are big targets for hackers.
  2. Exchanges don't allow you to have control of your private key.
So #1 is pretty convincing, and we have seen plenty of exchanges get hacked, but most people are advised to pull their bitcoin out of an exchange for reason #2. The general idea being, that even though you bought those bitcoin, its not you that actually controls that bitcoin.
In order to spend bitcoin that is stored on an exchange, you must login to their system. If the servers of the exchange were to get wiped, so would all trace of your bitcoin, since that is where your private key is stored. That scenario is pretty extreme but it is definitely a possibility. Sketchier things have happened.

So Where Else Can I Store My Bitcoin?

Just to reiterate, "Storing Bitcoin" essentially all comes down to where and how you save that private key that is used to control your bitcoin. Here are the primary ways people store their bitcoin:
  1. Paper wallet - Basically you create a private key and a bitcoin address, and print it out on a piece of paper and then store that piece of paper somewhere safe. (generally your private key is encrypted with a password you must memorize)
  2. Software wallet - Many companies have created software that you can install on your computer or your phone that generate your private key and encrypt it with a password, and sometimes with 2 factor authentication.
  3. Cloud wallet - A service like coinbase that stores your private keys for you and allows you to use your bitcoin by going through their interface. Sometimes they will provide you with a way to backup your private keys to a local location.
  4. Hardware Wallet - A hardware device that generates private keys and transactions etc all within the device such that your key is never seen (even by you) and you can only make transactions if you have the device and know the password for the device.
Essentially #3 is how an exchange works, however some cloud wallets allow you to backup your private key so that you can ensure that you can use your bitcoin even if their services are suddenly wiped out.

Which of Those Wallet Types is Best?

So this is where opinion can start to skew results. Some people swear by one software wallet, while others claim that paper wallets are the only truly secure way to store bitcoin etc. What I will attempt to do is generally state the strengths and weaknesses of each type of wallet.

Paper Wallet

Pros: A paper wallet is useful for a few reasons. Firstly it is not connected to the internet or a computer in any way, so there is no way to hack a paper wallet. Generally the key is not printed out on the paper in plain text, instead you use a standardized encryption method and a password or passphrase to encrypt the private key, and then the encrypted private key is what is printed. If the password or passphrase is not written down anywhere or stored in any way except your own mind, then this is a very secure way to store your bitcoin.
Cons: A paper wallet is printed on paper. This means it is a physical object which can be stolen or destroyed. You can print several copies and store them in multiple locations, but having multiple secure locations can often be costly since this usually means a safety deposit box or a fire-proof safe. It also relies on your memory for decrypting your private key, which means you cant ever forget your password.
Also, its a pain to ever spend any bitcoin on a paper wallet. Due to how bitcoin works, you can send bitcoin to a paper wallet without ever needing to use the private key. However if you ever want to send/spend bitcoin from that wallet, then it requires you to manually type out your encrypted key, decrypt it, and then use it to send your bitcoin out. However, for security reasons, you should always generate a new key and address to use once you have sent bitcoin from a private key, so that would then involve creating a new paper wallet to start the process over again. Very labor intensive.
Conclusion: Fairly secure, but very cumbersome to deal with and can be easily destroyed if not stored in a safe place.

Software Wallet

Pros: Most software wallets are easy to install and setup, and there are software wallets for every operating system including Android (not sure about ios). They automate the whole process of creating and encrypting your private keys, and do this for each transaction so that you don't have to. They also usually provide backup files that you can store on a CD or on some other backup media that will allow you to recover your wallet if your computer crashes.
Cons: You have to trust the creators of the software that there are no bugs that can be exploited in their software. You also have to trust that the computer you installed the wallet on does not have any malware or viruses that have a key logger or some other software that can record your password as you type it into the wallet software.
Conclusion: Software wallets are generally the easiest for hackers to access, since personal computers are fairly easy to hack compared to big company servers. However you get complete control of your private keys. Generally don't store large amounts of bitcoin in a software wallet.

Cloud Wallet

Pros: Very easy to use for online payments and can be accessed anywhere, all you need is a web login. Almost all cloud wallets come with a two factor authentication (2FA) system. The cloud wallet companies with good reputations have insurance (in case funds are stolen), and professional computer security teams that are constantly trying to stay on top of possible hacking.
Cons: They are a big target for hackers. You have to trust someone else with your private key. Sometimes customer service can be lousy if there are issues with their service.
Conclusion: Large target for hackers, and you don't get to control your private key, so don't store large amounts of bitcoin in a cloud wallet or exchange. However most cloud wallet services have a security team that is always working to improve security, and many have insurance that will give you back any coins you lose in a hack.

Hardware Wallet

Pros: Its a physical device which is extremely hard/impossible to hack. You usually have to push a physical button on the device to spend bitcoin, so even if a hacker figures out your password they have to have the device to spend it. Usually are designed with a backup/recovery phrase which is a long sentence that you can hand write and store in a safe place which will allow you to recover your wallet if your device is lost, destroyed or stolen.
Cons: Costs ~$100 or more
Conclusion: Both extremely secure and gives you control of your private key, and without all the cumbersome steps of creating a paper wallet, however it does have a relatively large initial cost since most of the options on this list are free or close to free.

So How Should I Store My Bitcoin

So here is my big piece of advice. DO NOT go out and install a software wallet just cause someone on reddit told you your bitcoin is not safe in an exchange. Overall, I would argue that a cloud wallet like coinbase or even an exchange wallet on one of the big exchanges is probably more secure than a software wallet.
Software wallets can be easily hacked if you have a keylogger on your computer, or by bugs in the software wallet's code. As a computer tech myself, I trust the security of my own computer WAY LESS than a company who's business is based on securing bitcoin wallets. Granted, they are a much bigger target than me, but it would be way easier to hack my computer than it would be to hack an exchange or cloud wallet company like coinbase.
However, it is SUPER IMPORTANT that you understand that when your bitcoin is on an exchange or cloud wallet, you DO NOT control the private keys, and therefore you do not have direct control over your bitcoin.
Overall, I think the most secure way to maintain personal control of your private key is using a hardware wallet. The problem is that they cost money. At some point, if you have enough money in bitcoin, it becomes pretty easy to justify spending $100 to secure your bitcoin in a way that is both extremely secure and puts you in full control. For me, I had about $1500 worth of bitcoin when I decided that I would be really upset if it was stolen or lost and was willing to pay $100 for a hardware wallet. I decided to buy a KeepKey which I absolutely love. Best $100 I've spent in a long time.
TL;DR - Generally a software wallet on your computer or phone is way more vulnerable to hackers than an exchange or cloud wallet like coinbase, and people that have bitcoin stolen from their computer don't make the news. However, when your bitcoin is on an exchange, you do not control your private key which means that theoretically you could lose access to your bitcoin at any time.
Overall I would suggest keeping your bitcoin in an exchange or in a cloud wallet like coinbase until you feel that spending $100 for a hardware wallet is worth it.
submitted by KroniK907 to Bitcoin [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome to the /Bitcoin Sticky FAQ

Maybe you're here because you've received a tip on social media, or maybe you've just been hearing a lot recently about Bitcoin and are wondering what the big deal is? The following videos are a good starting point for understanding how bitcoin works and a little bit about its long term potential:
For lots of additional video resources check out the videos wiki page or /BitcoinTV . Peer-reviewed, research papers can be found here and here. Developer resources can be found here. Lots of Bitcoin statistics can be found here.

Where can I buy bitcoins?

You can buy or sell any amount of bitcoin and there are several easy methods to purchase bitcoin with cash, credit card or bank account. A good list of exchanges sorted by region can be found on the exchanges wiki here.
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. Here are a couple useful sites [bitkoin.io, preev.com] 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 established companies which have secured wallets where they hold the bitcoins for you and provide insurance.
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, usually from a text message or app, making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below.
Google Authenticator Authy
Android Android
iOS iOS

Tipping

Use ChangeTip.com (/changetip) for tipping people on Facebook, Reddit, Twitter, YouTube, Tumblr, Google+, GitHub, Slack and more! (you can even use custom monikers to tailor your tip to the discussion or add a bit of humor). Read more about ChangeTip at their reddit wiki.
Go to /FreeBits to get a few bits to practice with and then tip them forward. Go to /BitTippers to play games and solve riddles to earn your bits. Don't forget your flair!

Where can I spend bitcoins?

Store Product
Microsoft Xbox games, phone apps and software
Spendabit and The Bitcoin Shop Search engines of online retailers accepting bitcoin with millions of results
Overstock and Rakuten Everything under the sun
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
NewEgg, TigerDirect and Dell For all your electronic needs
Expedia, Cheapair, Lot, Destinia, BTCTrip, Abitsky and 9flats For when you need to get away
BoltVM VPS service
Namecheap For new domain name registration
Cryptostorm, Mullvad, and PIA VPN services
Foodler and Takeaway Takeout delivered to your door!
HumbleBundle, Disco Melee, GreenmanGaming, and Coinplay.io For when you need to get your game on
Reddit Gold Premium membership which can be gifted to others
Shipnik Discounted USPS Priority & Express mail postage
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. UK residents can find a comprehensive directory of shops, pubs, websites and other places in the UK that accept bitcoins at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations, such as Wikipedia, Red Cross, Amnesty International, United Way, ACLU and the EFF. You can find a longer list here.
Additional resources can also be found at TheBitcoinPage.com

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

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. You can view the global node distribution here.

Earning bitcoins

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 to allow users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins)

Fundraising

You can use Lighthouse to crowdsource fundraising initiatives with bitcoin. It's similar to Kickstarter, but without intermediaries or exorbitant fees. You can participate in project discussions at /LighthouseProjects, and watch the progress of fundraisers at lightlist.io.

Bitcoin Projects

Here 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.

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (mL) or millimetre (mm)
microbitcoin μBTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (μL) or micrometre (μm)
bit bit 1,000,000 per bitcoin Colloquial "slang" term for microbitcoin
satoshi sat 100,000,000 per bitcoin Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $500 for one Bitcoin, a $10 meal would equal:
If you want to use 'bits' exclusively, just remember that there are 100 satoshis in 1 bit, and 1 million bits in one bitcoin. For more information check out the Bitcoin units wiki.
Still have questions? The friendly folks at /BitcoinBeginners would be happy to help you out, 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. A complete list of bitcoin related subreddits can be found here
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!
submitted by BinaryResult to Bitcoin [link] [comments]

Beginner's Guide: Where to start & FAQ!

Subreddit Flair Rule

we created a bot that will PM people without flairs various pertinent information to read through when they post. In order to stop receiving these, simply add a flair to your name. Thanks!

Welcome to /Litecoin!

(Re-post of u/Sparkswont cuz it was archived)
Whether you're new to cryptocurrency and have no clue what a 'litecoin' is, or a seasoned investor in cryptocurrencies, the resources below will answer all your questions. If you still have questions, feel free to ask below in the comments!

What is Litecoin?

Litecoin (LTC or Ł) is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Litecoin is one of the largest, oldest, and most used cryptocurrencies in the world. Similar to Bitcoin, Litecoin uses blockchain technology to process transactions.
So what's the difference? To process a block, Litecoin takes 2.5 minutes rather than Bitcoins 10 minutes. This allows for faster processing times. Litecoin also has the capability to produce a total of 84 million units, compared to Bitcoins 21 million. In addition, Litecoin uses scrypt in its proof-of-work algorithm, a sequential memory-hard function requiring asymptotically more memory than an algorithm which is not memory-hard.
Still confused? Take a look at this video!

Where can I buy Litecoin?

There are many websites and applications where you can buy and sell Litecoin, but make sure the exchange you are using is trusted and secure. Here are some exchanges that are trusted in the cryptocurrency community:
Exchange
Coinbase USD/Euro/GBP
Bithump KRW
OKCoin Euro/Yen/USD
OKex CNY
Btcmarkets.net AUD
Bitso MXN
Zebpay INR

Where can I securely store Litecoin?

Litecoin (and other cryptocurrencies) is stored in a digital wallet. When storing Litecoin, you want to make sure you trust the place you store them. This is why it is best to store them yourself through the electrum wallet. It is highly suggested to not store your Litecoin in an exchange (such as Coinbase, Poloniex, Bittrex, etc.) because you don't control the private keys. If the exchange ever goes offline, or becomes insolvent, your Litecoin essentially disappear.
Some other options are:
Wallet
Electrum Lightweight Wallet
Official Core Wallet
LiteVault Secure Web Wallet
Paper Wallet Instructions

If you're a fan of mobile devices, then Loafwallet is the wallet for you. Developed by a Litecoin Foundation Dev, losh11, this mobile wallet works great! And remember to always make sure to write down your seedkeys.

Hardware wallets are another great option, in fact, they are said to be the most secure way to store cryptocurrencies. Below is a list of the litecoin flexible hardware wallets.
Wallet
Ledger
Trezor
Keepkey

Where can I spend Litecoin?

Litecoin is in the top ten of all cryptocurrencies by market capitalization. Websites are rapidly adopting Litecoin as a method of payment as well. If you yourself want to accept LTC as a business, you can refer to these merchant manuals. Alternatively, if you would like to explore websites that accept Litecoin, head over to /AcceptingLTC.
Here are also several of our favorite merchants accepting Litecoin.

Where can I discuss Litecoin?

The Litecoin community is extremely kind and robust. There are many forums and places where you can discuss Litecoin with others who are interested in the currency. Here are the main ones:
Platform
Reddit
Litecoin Markets Subreddit
Discord
Official Forum
IRC

Additional Resources and Help

If you have more questions, or are genuinely interested in learning more about Litecoin then be sure to read this series. If you have a specific question that you can't seem to find the answer too, ask below and someone will help you out!
submitted by ecurrencyhodler to litecoin [link] [comments]

Log of AMA with SALTLENDING - @caleb_salt (Caleb), @shawnsalt (Shawn), @gregg_salt (Gregg), @blake_salt (Blake), and @ben_salt (Ben) - shortened from slack chat

boldninja Let us all give a warm welcome to @caleb_salt (Caleb), @shawnsalt (Shawn), @gregg_salt (Gregg), @blake_salt (Blake), and @ben_salt (Ben) from SALTLending.com . AMA can begin so please feel free to ask them questions, but give them some time to respond.
dengson Hello is the team still planning on the $10 ico price ?
blake_salt Our discounted membership sale will have several tiers, leading up to our initial $10 retail price.
dr10 How would you - shortly & in easy words - sum-up the advantages of Salt to magazines and non-crypto people?
caleb_salt @dr10 The advantage is that instead of selling your assets, you can leverage as collateral. This means you get money to spend but don’t trigger capital gains tax, don’t pay exchange fees, and get to benefit from the future appreciation of your asset. The reason you would want to leverage your blockchain assets instead of selling is similar to why you would want to take a home equity loan instead of selling your house.
crypt0whale If membership price is $10, and at this moment in time you can still buy at $1.50 , what happens when the exchanges trade SALT below $10 or above $10?
shawnsalt We will be actively looking to to buy back assess tokens that we can then resell. If the market sells low we will be looking to buy them back.
dr10 What are the references of you and your team members? On what projects did you all work before?
ben_salt @dr10 All our bios can be found here: https://saltlending.com/about
dengson Do you think it's risky to not perform credit checks ?
blake_salt @dengson the loans will be fully collateralized, along with full AML/KYC
cannabanana where are you going to be headquartered at?
blake_salt @cannabanana We are located in Denver, Colorado, buthave subsidiaries in several other countries.
dr10 What gives SALT its value? What can I do with it?
ben_salt @dr10 SALT Membership Tokens or SALT Platform? They have different but interrelated use cases
tranzer What will be the rates to get some loans? What if you are not able to pay it back does your crypto get liquidated and at what rate (when you got out the loan or when you can't pay anymore? )
gregg_salt @tranzer Rates are determined by our lenders in a competitive market environment, based on the available pool of liquidity. As is the case in all credit markets, rates change and are subject to terms, conditions and SALT suitability, as well as KYC and AML screening. If a borrower is unable to repay their loan, then their collateral is partially liquidated to repay the lender. The price of liquidation is based on the market at that time.
crowseye Can you tell us how much of the 120 mil SALT percentage wise will be in circulation on the market after the sales are complete?
shawnsalt It is difficult to say exactly but we are retaining 45,500 for retail sales later. We plan to allow for SALT to be leveraged for loans as an asset and have a rewards program that will lock up a larger amount into contracts. I would be speculating if I said how many will be on the market after distribution, but we will be focused on signing up as many loans and allowing for as many SALT to be spend off the market as possible to drive the demand up.
tranzer Are you going to stop accepting BTC now cause of segwit and all and just accept ETH for few days before and after 1st of August? How long will whole ICO campaign last?
blake_salt @tranzer We have suspended BTC but will be accepting ETH. The discounted sale will run through all tiers leading to the $10 level.
looperstar You have Erik as board director, is there any plans to connect salt with prism?
caleb_salt @looperstar we’ve built our platform to leverage any blockchain asset. while we have a close relationship with the shapeshift team and are actively pursuing partnership opportunities.
toons How will you review security of your solidity contracts ? Will they be publicly available ? (edited
blake_salt @toons We will have both internal audits as well as external performed by Spirenet.
randomtask Say I get a $10,000 loan.. The collateral I put up in Crypto begins to lose value.. What happens next? Is the amount put up for collateral adjusted? Does liquidation occur at some point?
gregg_salt @randomtask A borrower has options. They can pay down the loan, post additional collateral or do nothing and a portion of their collateral is liquidated to repay the lender and the loan continues.
dr10 As I have read on your Website, I can register with 1 Salt and have access to 10.000$ for 3-24 months. If I lock in enough crypto-money and get out I can take a loan of maximum 10.000 Dollars. If I repay these 10.000 Dollars within the first 6 months – Do I still have access to 10.000 Dollars in the remaining 18 months? Or does the access too 10.000$ gets reduce each time? When do I need to register with another 1 SALT?
ben_salt @dr10 the SALT Tokens give users access to different sizes of loans within the platform and can be used to pay down a portion of the interest on a particular loan.
crypt0whale Is there a sneak peak to the actual platform or portal itself? Everything sounds great about SALT, but is there something we can see?
caleb_salt @crypt0whale we will be releasing screen shots of the UI soon.
tranzer Will SALT token holders be able to lend their SALT tokens and receive % of loaning rates as well?
blake_salt @tranzer Our first product is BTC backed US Dollar loans, but it is possible that in the future one will be able to lend or borrow against SALT.
dr10 What are the references of you and your team members? On what projects did you all work before?
shawnsalt I have been involved with Bitcoin since 2010. I operated the fist restaurant/ bar brick and mortar to accept Bitcoin for purchases since 2012 in Colorado. I help run the monthly Bitcoin/crypto meetups here in Denver since 2012. I was originally working on consulting and entertaining several projects before ultimately going full time to start SALT. My background is in business ownership and management with a passion for technology and finance.
dengson For tier 3 and above what will be the amount of capital to be targeted until the $10 range ?
shawnsalt Basically its cost of capital of $10 per $10,000 needed. There are scales of economy that change with very large capital needs such as additional security and risk mitigation attention along with a higher tier of customer support. Ultimately we will be valuing the cost of running the lending network in terms of access in SALT. The model is designed to simplify our revenue model.
crypt0whale If I have $500,000 in my bank account and I come to SALT to put it up as collateral do I determine what margin I get on my cash ?
shawnsalt Currently we are not using Cash as collateral although we do plan on this in future versions. You can either use the cash as a lender to loan out, or you can access borrowing.
thadstrike Hi. It seems that Salt Lending would be just as great an idea without needing to mint a new SALT Membership Token. Why not just charge an annual membership fee for access to Salt Lending that is payable in an existing digital asset? Thank you.
ben_salt @thadstrike The Membership Token allows for unprecedented levels of transparency, audit ability and transferability. Using an existing asset does not allow us to do many of the things we are developing.
tranzer Are you in the talks with any of the exchanges to list SALT on? WIll you convert BTC holdings you get in your token sale to FIAT? Are you going to put any buy walls at some marketprice so it won't dip below that (for instance at $2)
gregg_salt @tranzer We can not comment on exchanges.
arkvader What is your upper limit on the amount you will lend?
blake_salt Ultimately there will be no limit.
deedle But when SALT ultimately accepts SALT as collateral, you could buy $500k in SALT and use that SALT as your collateral as a loan, right?
caleb_salt Correct, as long as the asset is on a blockchain it can be leveraged- there are exceptions for assets that lack the needed liquidity or market cap.
dengson How many salts were released in tier
shawnsalt We are not exactly sure and are currently working on an audit by a third party. This tier was very fast and short at $0.25 designed for the first testers to help us build the site before we had a user interface. The discount has been designed all along to compensate for people who have helped us work through all bugs and issues as fans. The closer we get to releasing the MVP for use this year the less we will discount.
tranzer can price for salt membership change? Like what if salt token gets to $50 per token?
blake_salt Yes the price can change. SALT will always be available directly from us at or slightly above whatever the market price is.
blake_salt Providing that we have available inventory.
dr10 Can I take 50x20 Dollar loans? With each membership paying 1 Salt.
caleb_salt you could take multiple loans, but you would only need one membership so long as the total value of all the loans doesn’t exceed $10k. For more than $10k, you would need more memberships.
deedle That's correct. But when the market price is $10 or greater, people will buy directly from SALT for simplicity. And it will be sold slightly higher than $10 on SALT Lending's site. @crypt0whale
shawnsalt Exchanges will list how they want to. We become just one more buyer and seller except that we will always sell above market and have an incentive to by if prices drop below ours.
bessa why the name salt?
gregg_salt @bessa The SALT name is meaningful to us because it hearkens back to the time in history when table salt gained use as a store of value, becoming one of humanity's first monies. By utilizing salt as a medium of exchange for food, clothing, and other general provisions, it was salt which broke the mold of what a currency could be - there was no longer need for intrinsic value, now value was just an abstraction. SALT is also the name given to our programmed loan smart contracts as an acronym for Secured Automated Lending Technology (SALT).
shawnsalt Secured. Automated Lending Technology is our tech company. Also, because salt tastes good. And it was the first historically used money that was a commodity money, store of value, and used good. It's granular nature and mold breaking historical reference was analogous to Bitcoin at the time with how hard it was for us to get lawyers to understand it.
dr10 So if there are investors with interest rates, how does Salt maximize their gains? Do you focus on 'taking a small part of the interest rates' or in raising the price of 1 Salt Membership Token?
gregg_salt @dr10 if you want to exceed the 10k minimum, you would need to redeem 30 salt and move to the next membership tier.
tranzer Will SALT tokens be burned (those used for membership or anything else)?
caleb_salt no, redeemed SALT Memberships will be held and resold.
bessa Why do you guys do a sale divided in 3 tiers?
shawnsalt Three tiers is an easy way to describe a low, medium, and high use case. Ultimately it is much more granular.
bessa Why do you guys do a sale divided in 3 tiers?
shawnsalt Three tiers is an easy way to describe a low, medium, and high use case. Ultimately it is much more granular.
blake_salt We have had several tiers to incentivize the community to help us build this thing. The closer we get to launch, the less we need to discount our product.
dr10 So if there are investors with interest rates, how does Salt maximize their gains? Do you focus on 'taking a small part of the interest rates' or in raising the price of 1 Salt Membership Token?
gregg_salt @dr10 SALT Lending is not a lender. We do not take economic interest in the loans underwritten via the platform. A separate funding entity may participate along side other lenders.
djselery to bad the btc is frozen right now. i dont trust eth
shawnsalt We have Shape Shift integrated also so you can convert. we plan to have BTC back soon when the network looks to be over the forking conversation.
dr10 @gregg_salt so you only focus on gaining money by having high prices on membership tokens or any other possible incomes?
gregg_salt @dr10 Typically, conventional loans are accompanied by a myriad of itemized fees such as upfront origination fees, which can exceed 5% of the loan balance, and monthly servicing fees that are paid by the borrower on top of the monthly payments to the lender. SALT has opted for a simple model where fees charged to borrowers are rolled into an annual Membership to promote transparency and fairness.
dr10 If I have official qualifications for credit institutes (in germany called SCHUFA), that I am highly relyable in paying back my loans, does this effect the interest rates or anything else in my Salt Loans? Can I have even better lending terms?
caleb_salt It doesn’t effect your interest rates- our platform is for asset backed lending, not credit based. Because blockchain assets are fungible, a borrower’s credit doesn’t have an impact on the loan’s collateralization.
bessa Does SALT hire new people for their team?
gregg_salt @bessa yes. we are actively looking for talented people.
deedle in #trading_altcoins Is there a chance the public sale will have one standard rate? That might make the most sense as those that try and enter the public sale and get pushed out of the first tier rate are likely to be very upset and have potential to smear the brand.
blake_salt We will have several tiers and there are bound to be individuals who are disappointed to have missed a given tier. However, our main focus is providing our customers with an outstanding product and excellent service.
crypt0whale I understand you guys are not allowed to talk much about the exchanges, but have you guys made efforts to present SALT to any exchanges yet and is there any positive feedback that any exchanges are interested in your token?
shawnsalt We have had many exchanges and people related talk to us. to be very specific, the reason we are not talking about exchanges is two fold. 1. This is advised against from legal counsel as SALT is a consumptive use case and should not be sold as an investment. 2. it is not our business to talk about what other businesses are doing. What I can tell you is that we have confirmation of being integrated into the Exodus wallet, and the Jaxx wallet. These are both partnered with Shape Shift. I hope that helps.
kisil when will you release the whitepaper ?
shawnsalt As soon as it is back to us from legal counsel review. Currently we are waiting for review. Anything that will be discussed here will be for general information and will all be covered in the white paper.
kisil will the public ico take place before end of august ?
caleb_salt We are hopeful that the public will be completed before the end of august.
dr10 If I alway pay back my Loans just-in-time. Will there be a feature in the future, that I get better interest rates, because I am a good boy?
shawnsalt Yes. we have a rewards program for all SALT holders that incentives a number of positive behaviors. This would we one of those good behaviors.
eongaban What is the SALT hardware wallet and what assets will it be able to hold?
blake_salt The list of tokens will be constantly growing. If the collateral loses value, a margin call will be made or a portion of the collateral will be liquidated to maintain the LTV. The hardware wallets are Keepkey and Ledger, and will be able to hold SALT and 2fa
tranzer So salt tokens will be issused on the ethereum blockchain correct?
shawnsalt Yes. we would like to migrate to Root Stock if their project is successful but for the time being it will be ethereum.
dr10 What are your marketing approaches. How do you want to get known and conquer crypto-space?
caleb_salt We have an ambitious marketing strategy that will incorporate referrals, paid advertisements, community engagement, and multi-media productions (including a video from you :)
kisil trezor will also work right ?
shawnsalt Yes, but we have not partnered or worked with them yet. We would like to integrate with all respectable Hardware wallet providers.
leongaban How are funds released to the user, direct deposit into Bank account?
shawnsalt Yes. through linked bank accounts.
demtri In which countries will Salt loans be available to?
blake_salt We are working on making our platform available to borrowers and lenders worldwide.
dr10 Can you give a short list of future-features that the Salt Platform will or want to provide?
caleb_salt I can mention one. We will be adding the ability to leverage crypto to spend another crypto.
thrice.pi Realistically what happens if enough fish dont bite SALTS line for a long period of time.. How will you be able to buy up coins for extended periods of time and fund your network. Is there a back up solution in case of this worst case scenario?
shawnsalt We are not going to be selling any of the BTC or ETH collected. We are instead going to be borrowing against it as collateral to prove our model. This gives us a major advantage as we only need a few Million dollars at any point in time for build out. Also, on top of borrowing cash to grow the business, we are going to be raising money in an equity raise and will stay well capitalized. We have many more products coming down the pipe line to build that will cost cash and add value to the network.
tranzer What will be the minimum requirement for other cryptos to be leveraged? Will you add ark in your platform?
gregg_salt @tranzer New asset on boarding is based on demand.
dr10 Will you use Ark as a platform aswell? It hasn't bad performances as Ethereum. Just saying. :minglee:
shawnsalt Willing to look into this for sure.
leongaban For the 100k plan, currently it's 30 SALT, which at $10 will be $300, if SALT goes up to $30, will the amount of SALT needed to reach Premier be reduced?
blake_salt Ultimately we will achieve an equilibrium in terms of the cost of membership.
kisil can i leverage my rare pepes ?
gregg_salt @kisil if they are recorded on a blockchain.
mward when will the ico resume?
shawnsalt No. we are waiting until we have fully verified the security audit of our Ethereum architecture. We will blast out to all of our channels before it goes back online so everyone will be prepared.
donkeydick Will it be a certain amount a month?
shawnsalt There is no program that we will commit to on this. There is a separate entity in our organization that is positioned to buy these back when it makes sense for us. Mostly as a price stabilize and for us to retain for later.
dr10 Ok, a direct question here. If someone says that having 1000 SALT is unneccessary because you can easily borrow 10.000$ for 1 Salt. How do you respond to that. Why is it still a good investment?
blake_salt SALT is not an investment. It afford access to our platform.
dr10 yeah but people will participate in your Crowdsale. Why should they not just wait for a later time? (edited)
leongaban You could resell em
blake_salt Anyone planning on taking a loan will not have an opportunity to purchase membership at a cheaper rate than right now.
blake_salt One can also use SALT to lower their interest rate.
tranzer If someone is holding for say 10,000 SALT on your platform (maybe "locked") will he get any rewards for it for not selling on exchanges?
shawnsalt This is a program that we are focused on but have not put out any official details about. I love the idea as a hybrid form of staking on the platform.
crypt0whale If SALT is not an investment and it simply offers access to your platform what are your top 3-5 reasons to explain that there will truly be a demand to be someone to own SALT outside of putting up your crypto as collateral for a loan?
ben_salt The reason that people want to own SALT is tied to the fact that they can lower their cost of borrowing over the long term. Think of our membership in terms of a loan origination fee, one that early adopters are paying in advance.
thadstrike @blake_salt said earlier that the SALT Membership Tokens are "primarily used to access our platform" presumably only as a "member." If I plan on becoming a "Premier" member for 30 SALT Membership Tokens per year, what value would there be in purchasing more than 30 or 60 tokens (1 or 2 years worth of membership) during the crowdsale apart from just getting a discounted future membership and helping Salt Lending raise money? If an ever-increasing membership fee is the only thing adding value to the SALT Membership Tokens (i.e. 1 token = at least USD10), the membership fee cannot increase beyond the price members are willing to pay? How does a membership token have more than USD10 worth of value over time, especially with up to 120 million (?) tokens minted? Thank you.
blake_salt We believe that the value of SALT will reflect the demand for leverage in the market. Because we do not charge origination fees, we expect that the price of SALT could reflect that. The initial $10 is very low.
shawnsalt Hey SALT fans, thank you so much for taking the time to chat with us and get a better understanding of the project. We greatly appreciate your support and feedback helping us grow and strengthen the business.
gregg_salt Disclaimer: All communication within this Slack channel is provided for informational purposes only, and is subject to change. It is not an offer or a solicitation to buy or sell any securities or other financial instruments. The SALT Token is a consumptive use product permitting access to the services provided by the SALT Lending Platform, as detailed above. Terms and conditions apply. Subject to suitability, KYC, and AML screening. For more information, please visit SaltLending.com.
dr10 Will you work with "real-world"-financial sectoinstitutions?
shawnsalt Yes. we are building SALT to be licenses by financial institutions.
samj What if ones value or wallet decreases below the borrowed value? Is there any insurance to cover that loss?
caleb_salt our tech doesn’t allow the value of the collateral to drop below the value of the principal. It maintains the calibration of the loan to value ratio through maintenance calls and, if needed, liquidation of a portion of the collateral to protect the lender’s investment.
submitted by Jarunik to ArkEcosystem [link] [comments]

Bitcoin 101: How to store your Bitcoin?

Bitcoin 101: How to store your Bitcoin?
THIS IS AN ARTICLE FROM COINDESK
link: https://www.coindesk.com/information/how-to-store-your-bitcoins
Before owning any bitcoin, you need somewhere to store them. That place is called a “wallet.” Rather than actually holding your bitcoin, it holds the private key that allows you to access your bitcoin address (which is also your public key). If the wallet software is well designed, it will look as if your bitcoins are actually there, which makes using bitcoin more convenient and intuitive.
Actually, a wallet usually holds several private keys, and many bitcoin investors have several wallets.
Wallets can either live on your computer and/or mobile device, on a physical storage gadget, or even on a piece of paper. Here we’ll briefly look at the different types.

https://preview.redd.it/017dy44w66921.jpg?width=728&format=pjpg&auto=webp&s=e3400356a874260fe059f6eec958962449ab96d9
Last updated: 20th January 2018
Before owning any bitcoin, you need somewhere to store them. That place is called a “wallet.” Rather than actually holding your bitcoin, it holds the private key that allows you to access your bitcoin address (which is also your public key). If the wallet software is well designed, it will look as if your bitcoins are actually there, which makes using bitcoin more convenient and intuitive.
Actually, a wallet usually holds several private keys, and many bitcoin investors have several wallets.
Wallets can either live on your computer and/or mobile device, on a physical storage gadget, or even on a piece of paper. Here we’ll briefly look at the different types.
📷
Electronic wallets
Electronic wallets can be downloaded software, or hosted in the cloud. The former is simply a formatted file that lives on your computer or device, that facilitates transactions. Hosted (cloud-based) wallets tend to have a more user-friendly interface, but you will be trusting a third party with your private keys.
Software wallet
Installing a wallet directly on your computer gives you the security that you control your keys. Most have relatively easy configuration, and are free. The disadvantage is that they do require more maintenance in the form of backups. If your computer gets stolen or corrupted and your private keys are not also stored elsewhere, you lose your bitcoin.
They also require greater security precautions. If your computer is hacked and the thief gets a hold of your wallet or your private keys, he also gets hold of your bitcoin.
The original software wallet is the Bitcoin Core protocol, the program that runs the bitcoin network. You can download this here (it doesn’t mean that you have to become a fully operational node), but you’d also have to download the ledger of all transactions since the dawn of bitcoin time (2009). As you can guess, this takes up a lot of memory – at time of writing, over 145GB.
Most wallets in use today are “light” wallets, or SPV (Simplified Payment Verification) wallets, which do not download the entire ledger but sync to the real thing. Electrum is a well-known SPV desktop bitcoin wallet that also offers “cold storage” (a totally offline option for additional security). Exodus can track multiple assets with a sophisticated user interface. Some (such as Jaxx) can hold a wide range of digital assets, and some (such as Copay) offer the possibility of shared accounts.
Online wallet
Online (or cloud-based) wallets offer increased convenience – you can generally access your bitcoin from any device if you have the right passwords. All are easy to set up, come with desktop and mobile apps which make it easy to spend and receive bitcoin, and most are free.
The disadvantage is the lower security. With your private keys stored in the cloud, you have to trust the host’s security measures, and that it won’t disappear with your money, or close down and deny you access.
Some leading online wallets are attached to exchanges (such as Coinbase and Blockchain). Some offer additional security features such as offline storage (Coinbase and Xapo).
Mobile wallets
Mobile wallets are available as apps for your smartphone, especially useful if you want to pay for something in bitcoin in a shop, or if you want to buy, sell or send while on the move. All of the online wallets and most of the desktop ones mentioned above have mobile versions, while others – such as Abra, Airbitz and Bread – were created with mobile in mind.
Hardware wallets
Hardware wallets are small devices that occasionally connect to the web to enact bitcoin transactions. They are extremely secure, as they are generally offline and therefore not hackable. They can be stolen or lost, however, along with the bitcoins that belong to the stored private keys. Some large investors keep their hardware wallets in secure locations such as bank vaults. Trezor, Keepkey and Ledger and Case are notable examples.
Paper wallets
Perhaps the simplest of all the wallets, these are pieces of paper on which the private and public keys of a bitcoin address are printed. Ideal for the long-term storage of bitcoin (away from fire and water, obviously), or for the giving of bitcoin as a gift, these wallets are more secure in that they’re not connected to a network. They are, however, easier to lose.
With services such as WalletGenerator and BitcoinPaperWallet, you can easily create a new address and print the wallet on your printer. Fold, seal and you’re set. Send some bitcoin to that address, and then store it safely or give it away. (See our tutorial on paper wallets here.)
Are bitcoin wallets safe?
That depends on the version and format you have chosen, and how you use them.
The safest option is a hardware wallet which you keep offline, in a secure place. That way there is no risk that your account can be hacked, your keys stolen and your bitcoin whisked away. But, if you lose the wallet, your bitcoin are gone, unless you have created a clone and/or kept reliable backups of the keys.
The least secure option is an online wallet, since the keys are held by a third party. It also happens to be the easiest to set up and use, presenting you with an all-too-familiar choice: convenience vs safety.
Many serious bitcoin investors use a hybrid approach: they hold a core, long-term amount of bitcoin offline, while having a “spending balance” for liquidity in a mobile account. Your choice will depend on your bitcoin strategy, and your willingness to get “technical.”
Whatever option you go for, please be careful. Back up everything, and only tell your nearest and dearest where your backups are stored.
For more information on how to buy bitcoin, see here. And for some examples of what you can spend it on, see here.
(Note: specific businesses mentioned here are not the only options available, and should not be taken as a recommendation.)
Authored by Noelle Acheson. Wallet image via Shutterstock.


submitted by Emma-Lee92 to Bitcoin [link] [comments]

Bitcoin Chain Forks and KeepKey

tl;dr KeepKey plans to support all forks of bitcoin as unique currencies and will allow you to swap between them with ShapeShift.

Before the fork

The safest place for your bitcoin before the fork is on your KeepKey. This ensures that you have full control of your money, no matter what happens.

During the fork

There may be periods when the bitcoin network is unstable. Transaction confirmations may become slow, there may be replay risks, and confirmed transactions might get rolled back. In general, the best way to deal with this uncertainty and instability is to do nothing. Avoid sending or receiving any transactions during this time.
How will you know when it is safe? The current beta version of KeepKey has a secure, real-time notification system. In the next week or two, we plan to release this new feature to production. Any KeepKey users who currently use the KeepKey Chrome Wallet will automatically get these changes when we release them.
During the days before and after the fork, we will use the notification system to warn you when it is or isn’t safe to send transactions. Additionally, KeepKey will keep you up to date with the status of any changes that we or our partners are working on in response to the fork.

After the fork

When things have stabilized, you will want to take a few steps to secure all of your coins from all chains. Each chain will be treated as a different cryptocurrency by KeepKey. You may need to ‘split’ your coins to prevent transaction replays. A replay is when a single transaction is valid for more that one post-split cryptocurrency. The KeepKey Client will detect when you have coins that need to be split and offer to split them for you.
Once you have secured all of your coins on the post-split chains, it is safe to resume sending and receiving transactions.

Conclusion

Keep calm and HODL with KeepKey
Edit: formatting and typos
submitted by bgok to keepkey [link] [comments]

Am I understanding the Bitcoin system correctly? Any corrections/clarification/advice would be appreciated.

So weeks (or months?) ago I started researching Bitcoin because I want to get a VPN subscription that takes payment in BTC, and because I just have a general interest in it and may buy 1 or 2 BTC as a long-term investment. It has been a confusing and somewhat daunting thing to grasp so far, and I've been reluctant to jump in until I feel fairly confident that I understand what I want to do and why. It seems that some websites/videos either focus on oversimplifying BTC to the point that they basically aren't saying anything, or they focus on the complex (to me) math and programming that drives BTC. I looked through the newest 500 or so posts in this subreddit which yielded some insight as well, but I want to just lay out my current understanding of BTC and if anyone has any corrections or advice I'd be happy to hear it. This isn't meant to be a guide. It is just me organizing my thoughts so I can better understand how BTC really works. So I'm sure I'll get some things wrong, and when I do please let me know.
THE BITCOIN PROTOCOL/SYSTEM
I understand Bitcoin as a protocol or single system that all users must interact with to buy and sell bitcoin. It is basically a giant ledger that tracks and records all BTC transactions that have ever happened on the blockchain. It started with a Genesis block which created the initial supply of BTC. After that all new BTC have to be mined in a resource-intensive process that solves a very large/difficult equation to a certain standard, in a manner that is designed to find a new solution every 10 minutes or so on average. Aside from mining BTC and receiving the reward for solving a block the only way to obtain BTC now is to receive it in a transaction, either by buying it from a seller or by receiving it as a payment/gift. I'm not too concerned ATM with how mining works in detail, as I care more about how transactions work, or how I can use BTC.
A bitcoin essentially doesn't exist as a physical object or as an ID number, rather the Bitcoin system merely tracks "who" holds BTC, or more accurately "where" BTC resides. This is accomplished via a private/public key system that uses cryptography and authentication to securely transmit and verify transactions. This is one spot where I had trouble understanding the difference between public keys, addresses, private keys, recovery seeds, wallets, etc... I think I have a better understanding of it now so hopefully the next part makes sense.
KEYS, ADDRESSES, SEEDS, WALLETS, WTF, FML
To join the Bitcoin "network" you must first have a wallet. There are a number of different types of wallet programs, services, or devices, but in the end they all accomplish the same goal, providing and managing public and private keys. A wallet is not one address, it is not one private key/public key pair, it is not a file or folder that holds any of that information.
A wallet as I understand it is what I have heard some call a "master private key", or a very long string of letters and numbers that is randomly generated by the protocol that drives Bitcoin. This "Master" is then hashed or something to give you a smaller, more manageable number that is your recovery seed. The recovery seed can be further hashed? to give you a list of 12, 16, or 24 words, which is your mnemonic recovery seed. This unique Master (or at least very, very likely unique number due to the magnitudes of randomness) is used to generate public/private key pairs when needed, and often(or always?) does so in a deterministic manner. This means that the Master would always give the same key pairs in a specific random order. So if you lose a computer or forget a password at any time, if you wrote down your recovery seed or mnemonic recovery seed you can "recover" your wallet or Master.
?1? What I don't understand ATM is how the seed knows whether you already used a key pair. Meaning if I used the first 3 key pairs of my original Mastewallet and my computer was destroyed or I lost access to my wallet software account, then say a month later I found my recovery seed written down(or someone else did) and I used the seed to set up a new account in a different wallet software and/or on a new computer, would the first 3 key pairs I request from the resurrected Master (we'll call it Jesus) MATCH the first 3 key pairs I used months ago? Or does Jesus know that those first 3 pairs were already used and immediately know to give me the 4th key pair when I use Jesus for the first time? Does the seed check the blockchain to see if its first 3 pairs have been used already before it spits out the next available pair? I assume in wallet software/hardware wallets that the wallet.dat? file is what remembers your preferences and previous address/key usage, but the seed has to somehow work on its own, independent of a saved file correct? What prevents a wallet set up from the recovery seed from reusing addresses/keys? ?1?
Once you get your Master and write down your recovery seed, you are basically ready to receive BTC. You can buy BTC from an exchange which will require lots of ID verification and linking to your bank account. This is the cheapest way to buy BTC but is also the least private and most time-consuming(setting up and providing documentation). Also an exchange keeps your purchased BTC within its own wallets until you request that they send them to another address (one you control). You could buy from an individual and pay cash, which is quicker and normally requires little to no identification, but it is normally the most expensive. The individual sends BTC to an address you control after you pay.
When you buy BTC in order to receive it a transaction has to take place. You use your wallet to create your key pair, which gives you your public key/address. You give the sender your address, which is basically a hash of your public key in your selected key pair. The sender then initiates the transfer in Bitcoin software by "signing" the transaction with his private key and publishing his public key so everyone in the system knows which addresses are involved in the transaction. The BTC software checks that the sender's private key corresponds to his provided public key/address, and notes that your public key/address is the destination.
If you want to send your BTC to another address the process is the same. You get the recipient's address/public key, initiate the transaction and sign it with your private key (the private key that corresponds to the public key/address you used to receive the BTC originally), and the BTC software checks everything. You don't actually have to know or type your private key, as the BTC software does it for you. The only typing or input you provide is the recipient's receiving address/public key and your own "sending" address/public key. And sometimes if you have an online wallet or certain wallet software it will automatically select your public key(s)/address(es) that contain enough BTC to cover the transaction.
Once a transaction has been submitted to the BTC system, it has to be confirmed by miners to be finalized and added to the blockchain. This can take minutes or hours depending on what transaction fee you pay (higher fee means higher priority and more likely to confirm fast). Once your transaction is in a block on the blockchain it is best to wait until it has 5 or 6 new blocks ahead of it on the chain to make sure it is really final, which normally takes an hour or so.
If you need to receive more BTC in the future you can use the same address as before but you SHOULDN'T since your private key was used already. You should request a new key pair from your wallet/Master and provide that new address/public key to receive new BTC. So over time you will have a history of used key pairs that you don't want to reuse, but this won't be a problem since one Master can provide an almost unlimited number of key pairs.
ANONYMITY/PRIVACY
The biggest advantage or benefit of Bitcoin is the fact that is exists and operates outside of the control of any bank, company, nation, or government. It is only a program or protocol, so to take part in it you don't need anyone's permission, you just need the technical capability to interact with the system and create a wallet. The caveat of course is that you need software that works with BTC, and if you are joining the system for the first time you need someone to send you some BTC. The Bitcoin system itself is merely a chain of transactions, identified by the address/public key. So Bitcoin itself doesn't identify any person or company on the blockchain. In this way it is KIND OF anonymous, however every transaction must be forever public and visible on the blockchain, so you could follow any recent transaction back to any number of previous transactions. So if someone was able to identify YOU as the owner of a particular address, they could say that YOU sent BTC to a specific address at a specific time in a specific amount.
I'm still a little fuzzy on this stuff but I have some things basically down I think. With online or hot wallets and probably most others you would generally install a program to your PC or phone, and/or create an account through a website. I imagine that most require an email in the least in order to sign up, although there may be some that require no personal info, and some I'm sure require more info. There is also the issue of your IP address being visible or connectable to a particular wallet website/service, and if your PC is insecure then outside entities could intercept your info.
If you buy from an exchange you will normally have to fully identify yourself, often in excessive amounts, and link your bank account in order to pay. Obviously this means that exchange service will know that you bought this amount of BTC on this date. I don't think they HAVE to tell anyone else that you bought from them, but in the case of a government investigating a person or a BTC transaction they often will probably comply I'm guessing.
If you buy from an individual they normally won't need any info from you, especially if you are paying in person with cash or via cash deposit into their bank account. This seems to be the most anonymous method to buy BTC to me.
?2? From what I've read there are many wallet services that cycle or mix BTC within their system, I think it is called shared addresses or something? Basically once you receive BTC to your address within their wallet service, they will hold it. But if it sits there long enough they may transfer it internally among their own addresses in order to keep the majority of their users' BTC safely stored on a few addresses in cold storage. They would digitally credit you with that amount of BTC, then when you want to send some of 'your' BTC they would move the amount that you want to send back to an address under your specific wallet, then you would use that address to make the transaction. So the BTC you received initially probably won't be the BTC you actually send later on. Or more accurately the receiving address you initially got the BTC on won't be the sending address you use to send that BTC later? I know that there are also mixing services that cycle addresses to obscure the trail of transactions for a fee. ?2?
Regarding your IP address, I believe many wallet services support using Tor to access their website, which should help with anonymity.
So if you had to buy from an exchange, you could potentially send the BTC to a personal wallet that has shared addresses, wait a while to let it cycle, then send to another personal wallet in another program/service, and potentially your the trail from you buying from the exchange to eventually holding the BTC in your personal wallet would be obscured?
MY PERSONAL PLAN
I haven't created a wallet or bought BTC yet personally, but want to soon. See if this scenario makes any sense.
  1. Create a mobile wallet in say MyCelium, in order to receive my first BTC.
  2. Buy some BTC via an individual willing to do cash deposit into their bank account. (If I do this will the bank ask for ID from me, or as long as I just fill out the deposit slip with the person's acct number and hand it to them with the cash will they just take it?)
  3. Once they confirm I paid and send BTC to me I confirm that the transaction is on the blockchain an hour or two later.
  4. If MyCelium doesn't do the shared addresses thing where they essentially act as a mixer, I could either send by BTC to a mixing service or to another wallet that I create in say Electrum or Multibit HD(assuming one of those do the shared mixing thing).
  5. Then once I feel confident that everything has been mixed I can send my BTC to another wallet, maybe Electrum/Multibit HD (whichever one I didn't use already) to act as my final BTC wallet.
  6. After that I could send all or part of my BTC to a hardware wallet like KeepKey in order to safely hold my BTC for extended periods.
?3? At what points in the above scenario should I use Tor to obscure my IP address, assuming each of those wallets support it?
Also, am I going completely overboard if I will be buying from an individual via cash deposit? I figure this process would be better applied if I bought via an exchange, but if I buy local is this all pointless? All I'm planning to buy is a VPN service, and possibly buy more BTC to hold as an investment. It's not like I'm buying drugs or doing other dark web stuff. I'm mostly just interested in increasing my privacy in relation to my ISP and advertisements, especially in light of the new ISP/internet laws that have been passed/repealed. (I'm in the USA). ?3?
TLDR:
My main questions revolve around how wallet addresses/seeds work in practice, and how I can maximize my privacy/anonymity when using BTC.
Thanks for any comments
submitted by Graybolini to BitcoinBeginners [link] [comments]

Bitcoin Hardware Wallet's - How Anonymous?

How anonymous are bitcoin hardware wallet's (ledger nano, trezor, keepkey)? If I receive bitcoin to my hardware wallet and then exchange that bitcoin at an exchange (with an account in my name) or use the bitcoin to purchase something is that hardware wallet linked to my name for all future bitcoin I receive to that wallet (or just for the original amount of bitcoin I received and exchanged)?
submitted by h_boy to Bitcoin [link] [comments]

Keepkey BCC/BHC

I had BTC in Multibit HD wallets until August 2nd 2017, then moved them to a Keepkey, as suggested by the powers that be. I have the BTC --on the Keepkey-- so, where’s the BCH? Is it associated with the BTC I have? But not according to the BCH/BCC Hardfork literature (your BHC will be with your pre-fork Multibit addresses) and what my Keepkey is presenting me before my eyes, i.e. No BCH in the BCH account. No automatic delivery of the BCH.
I just checked a tiny test amount’s address in Blockchair (Different PC, different server etc): Last seen receiving 2017-03-11 00:54 Total received 0.00092500 BCH* So, this BTC sat in this Keepkey has BHC but isn’t showing ‘revealing?’ it... How do we get it...
I transferred them @ 2017-08-02 08:51. Block 4786””. The first BCH block was 478559. (Pretty damn close, but numbers are truth and there it is.) I am UTC +9, (So it would have been 23:51 UTC) but that still leaves me outside the 'time zone', doesn’t it?
From Wikipedia: “Bitcoin Cash cryptocurrency wallet started to reject BTC block and BTC transactions since 13:20 UTC, August 1, 2017 because it used a timer to initiate a fork. It implements a block size increase to 8 MB. Bitcoin Cash started futures trading at 0.5 BTC on July 23, but dropped to 0.1 BTC by July 30. Market cap appeared since 23:15 UTC, August 1, 2017”
It is my understanding that: If it was BEFORE the fork, they’d automically load into Keepkey but there is no BCH in the BCH account I added to Keepkey.
Put the Keepkey seed into a BCH accepting wallet? It can’t be that easy, can it?
submitted by inthewild82 to keepkey [link] [comments]

Generate more new addresses to receive payments....

Hi, Another simple question.
How do I generate 'more' addresses on my KeepKey. When I choose the option to 'receive' bitcoin address and qr code are displayed along with the message - Confirm the address below is the same one shown on your KeepKey before using it.
My question is how do I generate another address, I cannot find a button on setting to move past the first generated address.
i.e. I am selling 4 products, I want an address for each one, how do I generate four separate distinct addresses using keepkey?
Thanks for any help in advance!
submitted by carltonblues to keepkey [link] [comments]

Bitcoin (peer-to-peer yet global digital currency) for your business and for yourself

Hello all! I assume Voluntaryism in Colorado means more than sharing pirated links, so I thought I'd write about my favorite subject: Bitcoin. I am a member of the Colorado Bitcoin Network (coloradobitcoin.net) and we hold meetups every month, usually at Southern Hospitality in LoDo: https://www.meetup.com/Colorado-Bitcoin-Society/
What is Bitcoin?
Bitcoin is the first electronic currency that is widely decentralized and not controlled by any company or government. Created in 2009, it is a protocol for value transfer--like how email is a communications protocol compared to snail mail--that relies upon a tech breakthrough known as the "blockchain" to record data (transactions to a ledger) that cannot be changed without a massive amount of electrical and computing power. The economic incentives have (so far) been aligned properly to where it is more profitable to secure the ledger than to attack it.
Why should I care as an individual?
Bitcoin was designed to mimic the properties of gold, but with all the conveniences of digital money. One of the most important is a hard 21 million limit on the number of whole bitcoins that will ever be created. This makes Bitcoin, like gold, a hedge against inflation of government money and an investment vehicle for those who expect it to become a major global currency. The price per bitcoin has risen from literally nothing to fractions of a cent to dollar parity to now $700 over the course of it's 7 year existence. Bitcoin can be purchased in any fractional amount, however, practicably down to less than a dollar's worth.
Bitcoin is also a rather convenient way to transfer value across borders and to friends and family. Sending money costs usually less than 10 cents no matter how much you send and no matter where in the world. Unlike credit cards, Bitcoin doesn't transmit any sensitive information for others to grab and use to create fraudulent transactions. Bitcoin is cash for the internet. Overstock, Dell, Microsoft, NewEgg, Expedia, Gyft, eGifter, CardCash, Purse.io (for Amazon purchases) and others accept it directly online. Several charities do as well. Bitcoin makes donation incredibly fast and easy.
Why should I care as a business?
Bitcoin eliminates chargeback risk and costs typically 1% or less in processing fees (FREE if you accept directly or use Bitpay or Coinbase as a low volume merchant). Bitcoin is free to integrate in most cases and takes little time to understand and setup. Bitcoin can be kept as bitcoin or can be converted immediately to dollars settled to your business bank account by ACH within days. Because there is no chargeback risk, whatever revenue you receive is final, either in Bitcoin or dollars.
Several great tools exist for merchants wanting to accept online or in-person. There really is no reason not to add Bitcoin to your accepted methods of payment! If you have a Stripe or Shopify-based website, integration is as easy as turning the option on in settings. Plugins are available for many carts by external payment processors, API access is available for your own custom integration, and direct invoicing is easy and popular for those using site's like Etsy or other marketplaces. Acceptance in person works just as well via phone, tablet, or computer screen. Several Bitcoin merchant directories exist where users, like myself, look for new places to spend Bitcoin regularly, meaning you can attract new customers.
The Colorado Bitcoin Network exists to expand awareness and adoption and would be happy to provide setup assistance and training for free!
How do you use Bitcoin safely?
Bitcoin is the first opportunity to "be our own bank" in the world of digital money, therefore it can be as safe as you want it to be. Unlike Paypal or online banking, no one else has to have access to your funds, which means no theft or frozen accounts, but at the same time, no one to roll back your own mistakes. Most people buy Bitcoin through Coinbase or Circle and keep it in these accounts, but that is not something I would advise since they control the "private keys" that authorizes the spending of those funds. It largely defeats the purpose of owning Bitcoin.
By contrast, you can easily and safely store and use bitcoin yourself by downloading a mobile wallet like Airbitz or a PC wallet like Copay. Wallets like these generate the private keys solely on your device. What is incredibly important here, however, is that you BACKUP your wallet's private seed (or usepass with Airbitz). Otherwise, if your device is lost or damaged, those bitcoin will be lost forever!
Yes, but is the Bitcoin network secure?
Bitcoin has been operating continuously since 2009 as open source software which has been subject to continuous attack. It is the most proven and secure of any of the new class of "cryptocurrency" that currently exist, however it is still an economic experiment. Risks such as how do we get Bitcoin to safely scale in the number of transactions it can handle and how do we keep Bitcoin decentralized are still major problems the community is trying to solve. Most of the major thefts of Bitcoin, especially the well-publicized ones like the collapse of Mt.Gox, were not failures of Bitcoin, itself, but of the central exchanges that were hacked or suffered internal theft. This was all possible because the people affected had stored their bitcoin on these exchanges under someone else's control. While that may be needed for trading purposes, no one else should have to store bitcoin in the hands of another. This is why I always recommend people transfer their bitcoin to a wallet they control no matter how they purchase it.
Here is a some additional information for those new to Bitcoin / cryptocurrency:
submitted by bits-of-change to VoluntaryColorado [link] [comments]

How to set up your KeepKey Bitcoin hardware wallet Keep Key Setup guide and Review with OJ Jordan Using Keepkey with Electrum to sign BTC transactions and claim HEX - NO AUDIO KeepKey Hardware Wallet Set Up & Tutorial  Live Transaction KeepKey: The Hardware Wallet that Uses ShapeShift

With that being said, your KeepKey does not need to be connected to receive bitcoin. Feel free to save one or more addresses to use at a later date without having to connect your KeepKey. KeepKey will provide you with an unused address to which you can send digital assets. Click on the green clipboard icon to copy the address to your clipboard. To generate more than one new address, click on ... KeepKey KeepKey is a hardware wallet that makes bitcoin security simple. When you entrust KeepKey with your money, every bitcoin transaction you make must be reviewed and approved via its OLED display and confirmation button. Features: Bech32 × Bech32: Bech32 is a special address format made possible by SegWit (see the feature description for SegWit for more info). This address format is also ... New KeepKey? Start Here! Looking for some tips? We'll help you get started with your new KeepKey. FAQ. Answers to our most common questions. KeepKey Security. Need help with KeepKey security? We can help! Troubleshooting. Are you having trouble with your KeepKey? We have answers. Resources. Want to follow us on social media? Check out our resources! KeepKey. English (US) Deutsch Español ... Hier sollte eine Beschreibung angezeigt werden, diese Seite lässt dies jedoch nicht zu. Open your Bitcoin.com wallet app and select Receive. Choose which wallet you want to receive Bitcoin to. Make sure you select a BCH wallet if you are receiving Bitcoin Cash or a BTC wallet if you are receiving Bitcoin. Your chosen wallet will generate an address that lets you receive coins. Copy this by tapping the QR code if you’re on mobile, or by clicking it if you’re on desktop ...

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How to set up your KeepKey Bitcoin hardware wallet

Our bitcoin balance is stored in a bitcoin address which is 26 to 35 alphanumeric characters. This bitcoin address which is used to receive and store bitcoin is also known as public keys. It is ... KeepKey is one of the best hardware wallets. It is the easiest to set up, with a very clean and simple user interface and provides super-safe storage for Bitcoin, Ethereum, Litecoin, Dash, Bitcoin ... Bitcoin Security - KeepKey - Duration: 16:48. BTC Sessions 31,324 views. 16:48. How to Find a Great DEX - Duration: 14:17. Crypto Tips 4,571 views. 14:17. Calling Scammers by their real names ... Bitcoin is a new technology that functions as a digital currency. It is a peer-based, decentralized way to hold, store, send, and receive value. It does this by maintaining a cryptographic ... KeepKey is one of the top hardware wallets. It is the easiest to set up, with a very clean and simple UI and provides super-safe storage for Bitcoin, Ethereum, Litecoin, Dash, Bitcoin Cash and ...

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