How to choose bitcoin wallet and buy your first bitcoins

Beginner's Guide to Trading Crypto. Part 11

Beginner's Guide to Trading Crypto. Part 11

Money Loves Security And So Do Cryptos: A Brief Guide Down Crypto Wallet Lane

Since time immemorial people have been keeping their money and valuables in safe places. Be they purses, clay pots full of coins buried in their backyards or treasure chests hidden in caves with piles of bones strewn around to keep unwanted visitors at bay, they means conceived for safekeeping hoarded valuables are just as creative as they are limitless.
The advent of cryptocurrencies as a new class of valuables and assets instantly spawned the need to keep them safe from the clammy hands of criminals. The logical solution was to develop wallets that would be used to keep cryptos safe. As a result, a multitude of wallets have emerged offering all kinds of added services to their users while remaining means of storage at heart.
There is a huge variety of wallets available: Coinomi, GreenAddress, Blockchain.info, Atomic, Exodus, Jaxx, Electrum, Copay, Bread, Airbitz, Armory, Mycelium, Blockchain Wallet and dozens of others, each offering their services to suit any taste.
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Types Of Wallets

There are several types of wallets available to users and everyone must decide for themselves which one suits their needs best.
Hardware wallets: These are the most secure and reliable wallets available, since they are not connected to the internet at all. Hardware wallets are like flash memory cards that store the user’s cryptocurrencies and access offline. A bright example is the Trezor wallet, which is deemed to be impermeable to hackers. Unless the user loses the device itself, it is safe to assume that the cryptos will stay on it indefinitely and no one will ever gain access to them.
Online, Web or Hot wallets: These are online services, or online wallets that offer to store the user’s cryptos online with direct access to the internet at any time. In essence, online wallets are online accounts in which users store their funds. The risks are very high, since exchange wallets are routinely being hacked and the cryptos stored therein stolen.
Desktop wallets: Desktop wallets are software programs that can be downloaded and installed on a PC and will only be accessible from the device they were downloaded onto. The risks are the same as with hot wallets and another added inconvenience is that loss of the device or loss of access to it means loss of all cryptos stored on it.
Mobile wallets: Mobile wallets are software programs that can be downloaded onto a mobile device, such as a phone or a tablet. There are wallets for Android and iPhones and all of them bear even greater risks than hot wallets. Since mobile devices are susceptible to theft and a variety of viruses, it is extremely risky to store cryptos on them. Though access to the cryptos without private keys is impossible, unless the user stores them on the device, loss of all cryptos with the mobile device is guaranteed.
Paper wallets: Paper wallets are offline cold storage for cryptocurrencies. This is by far the safest means of storing cryptos, which includes printing the public and private keys on a piece of paper and storing it in a safe place. The keys are printed in the form of QR codes for convenience. With paper wallets, the user has complete control over their funds and the only risk lies in losing the piece of paper with the keys.
Other types of wallets: Apart from the five main types of wallets, there were attempts at creating other types of services, such as atomic wallets using atomic swap technology and even combinations of mobile/hot/cold wallets. Despite limited success, hybrids models of wallets did not become popular.

Main Pros And Cons

When looking at wallets and their main advantages and disadvantages, it is easiest to speak of the division between cold and hot wallets.
When speaking of cold wallets, such as the Trezor Bitcoin wallet and Ledger Nano S or X, the same issue will be observed, and that is the fact that such wallets can be physically lost. Though anyone who ever finds them will never be able to gain access to the stored cryptos without the private keys (unless they are pasted on the device), loss of all cryptos on the device is guaranteed. In addition, cold wallets can be difficult to install and are inconvenient for frequent use.
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Hot wallets are far more susceptible to risk than their cold counterparts. Though hot storage is much faster and convenient with a wide variety of options from Coinbase to Blockchain.info, the risk of cybercrime runs high. Mobile or desktop storage is also considered to be hot storage and is also risky, if the device is damaged or destroyed.

Bitcoin Problems

Bitcoin, as the firstborn cryptocurrency, was born with a number of defects. One of the main problems of the king of cryptos is the yet unsolved scalability problem. This refers to the limit on the amount of transactions the Bitcoin network can process due to the limited size of and frequency of blocks in the Bitcoin blockchain.
Said problem poses some difficulties to all Bitcoin users and leads to what is known as backlog in the blockchain. The backlog leads to long queues of transactions in the system. With the average transaction time in the Bitcoin blockchain being around 7 transactions per second and the theoretical maximum standing at 27, it is not difficult to understand how long users of the blockchain have to wait for their transactions to pass in times of heightened demand – the time is in the hours and sometimes even days.

Bitcoin Wallets Review

Since Bitcoin is the most popular cryptocurrency on the market, it is logical to judge wallets by their support of the first cryptocurrency. As such, the following will be a brief review of some of the best and most popular Bitcoin wallets on the market.
Online Bitcoin Wallets
Online or web wallets are the most popular ones out there and the best Bitcoin wallet overall is widely considered to be Blockchain.info, which is easily accessible and convenient for everyday use with good security. As an anonymous Bitcoin wallet, Coinbase follows in the lead with its ability to store a multitude of various coins, but with the same security risks that are inherent to all hot wallets.
Android Bitcoin Wallets
Android is the most popular mobile system in the world and plays host to a number of good mobile wallets. The best Android Bitcoin wallet is widely considered to be the Electrum Bitcoin wallet with its excellent reputation, good security and convenience. Though Electrum has some occasional glitches, they are never critical. Another excellent wallet for Android is the Coinomi wallet with its support for a wide variety of cryptos and excellent user support, which even allows for restore options using special phrases. Coinomi has its issues as well, such as occasional exchange glitches, but the many pros outweigh the cons.
Bitcoin Hardware Wallets
The undisputed leaders as the best hardware wallets for Bitcoin are Ledger Nano X and S, Trezor T and Trezor One, and Keepkey. Bitcoin hardware wallets are comparable in their security, accessibility and usability. The difference is mainly in the price, which ranges from $165 for Trzeor T to $59 for the Ledger Nano S model. In fact, the Ledger Bitcoin wallet is often called the king of hardware wallets. The KeepKey Bitcoin wallet is the in the top three hardware wallets as a convenient and stylish device. Though KeepKey supports over 40 assets, it still lacks coin support.
Bitcoin Wallets For iPhone
iPhone’s iOS system is the second most popular for mobile devices in the world and has support for some good wallets as well. The best iOS Bitcoin wallet for iPhone is considered to be the Abra software, which offers credit card support for topping up crypto balances and a good user interface, which is even more oriented at exchanges. The next software is Edge, formerly known as Airbitz. The Edge wallet is best known for high security and good user-friendliness along with multi-currency support.
Bitcoin Wallets For Windows
Bitcoin wallets for PC are very popular and Windows is leading the way with some excellent offers for wallets. Atomic is by far the most advanced and the best option for Windows users as it offers Atomic swaps technology as its basis. The application offers a wide variety of operations and supports over 300 cryptocurrencies. Exodus is the second most popular choice as a desktop only wallet with support for Bitcoin and many other altcoins. Exodus offers its users a good interface and it is free for use.
Bitcoin Wallets For Mac
Since Atomic and Exodus are cross-platform wallets, they can be used on Windows and Mac. Apart from them, there are also Jaxx and Electrum, which can be used on Mac. Jaxx is a multi-currency wallet with support for around 40 cryptos and has a PIN feature. In addition, Jaxx is free for use. Electrum is one of the oldest desktop wallets and is a lightweight wallet that does not require the full blockchain to operate, meaning less storage needed for its operation. The wallet requires a PIN and is essentially a desktop bank with good security and usability. Electrum is also a Bitcoin wallet for iPad, since it can be used on mobile platforms.
Bitcoin Paper Wallet
Since storing cryptos online on exchange or hot wallets or even on devices is risky, it is oftentimes more convenient to use a simple printer to print out the keys and store them. BitAddress offers a convenient and easy to use, step by step guide to creating a paper wallet with the added benefit of sleeping in peace, known that nothing and no one will ever threaten your Bitcoins.
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Checklist

When embarking on the journey of creating your first wallet, think well of which type to use. The type will depend on the priorities that stand before the user. If security is paramount, then paper or cold storage wallets are the go-to solution. If frequency of use is the name of the day, then hot wallets and their inherent risks are the best way to go.
The most frequent questions related to wallets are how to add money to a Bitcoin wallet and how to set up a Bitcoin wallet. Both questions have no single answer, as each wallet offers its own instructions on how to top up balances and how to set them up. Therefore it is recommended to study all instructions carefully prior to operation.
Either way, there is no silver bullet and some features will have to be sacrificed in deciding how to store cryptocurrencies. The one thing that is constant is the need to store Bitcoins and cryptos and make use of them.

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Originally posted on our blog.
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PAXCoin was matured based on the Bitcoin construction,

PAXCoin was matured based on the Bitcoin construction, which is securing excelled hit and department, and by maintaining compatibility with the Bitcoin API,it is cushy to combine into existing applications verified by Bitcoin. PAXCoin uses the proven Scrypt coding method in LiteCoin and Dogecoin. Also, in prescribe to thin the age long impediment shaping moment, which is a difficulty of Bitcoin, it prolonged the blockade filler to 2 megabytes and implemented the dealing quantify to less than 1 point.
Copay implements a multi-bit pocketbook using p2sh addresses. It supports multiple different wallets and everyone has its own configuration, specified as 3-of-5 or 2-of-3. To make a multi bit billfold joint between two or more participants, Copay needed the extended public keys of all the note-case participants. Then public keys are united into the pocketbook design to make a defrayal speak where finances can be conveyed into the billfold. Conversely, every user has to manage their own private keys and private key is never transmitted anywhere. To unlock a specified wallet for buying stuffs participant signature also captured during the transaction
submitted by makenzoo_ to Crypto_ico [link] [comments]

"Watching-only" mobile wallets as an independent, in-person POS solution

In a recent discussion of the heightened interest Bitcoin was receiving from users of Backpage.com, Demotruk suggested that escorts who may be in the position to receive in-person payments of bitcoin bring along a watching-only mobile wallet and keep their private keys on a separate device in another location, thereby providing greater protection against the loss of funds from a stolen mobile phone. I thought this was an excellent idea that tied into my previous attempts to find merchant POS terminal solutions for in-person payments that did not rely upon third-party payment processors. Mycelium Gear was a big step in this direction by providing the tools needed to present dynamic payment addresses on your own website sourced directly from your own Mycelium or Electrum wallet, but I could not figure out how to make it work on a mobile OS.
After discussing this with a couple of Mycelium developers and doing some tests myself, I wanted to present my own findings and expose this functionality that I believe has remained unknown to much of the Bitcoin community. As it stands today, although not well advertised, both the Mycelium wallet (Android only) and the Copay wallet (Android & iOS) will allow you to create watching-only copies of an existing wallet by importing xpub keys. BIP 32 (or, better yet, BIP 44) HD wallets create "xpub" and "xpriv" seeds for each logical account of addresses. Some wallets allow export and/or import of xpub seeds through their user interfaces. Please test all implementations, FIRST, before beginning real world use! Generated addresses and received transactions must show up the same on all devices being employed.
NOTE: Mycelium iOS is not currently compatible with Mycelium Android due to a different BIP 32 path derivation. The iOS version also doesn't allow xpub key import, thus making it unable to handle its own exports.
The text code generated by Copay is long and unwieldy, and you must be sure to transport it to the receiving device intact. If copying from one iOS device to another, I recommend saving the code to a Note page and sending the note via AirDrop. If copying to an Android device, I recommend copying the code into the body of an e-mail that you can either save as a draft to access on the other device or e-mailing if necessary.
Additional Thoughts: Other combinations of wallets are possible, but I haven't tested them. Electrum v2 should work with Mycelium Android, for example. Sentinel is an app that is supposed to serve as the watching-only copy for several BIP 44 wallets. Earlier in the year, user "btchris" over at BitcoinTalk created a compatibility matrix spreadsheet for the various HD wallets. This is linked from his thread here.
In conclusion, I am happy to recommend receive-only copies of HD wallets on mobile devices as a more secure way for merchants to generate dynamic payment addresses in a POS environment while keeping their spending control of received funds on a separate device. Importantly, this is the only way to do this without using a third-party payment processor like Bitpay or Coinbase and all the AML/KYC encumbrances that go along with them.
My recommendations for the future would be standalone POS apps for mobile devices that can import BIP 32/44 xpub keys while improving the user interface for true POS efficiency. Something similar to how the existing Bitpay or Coinbase Merchant apps and other apps from Square and Paypal are designed. The existing full wallets could be upgraded with a "merchant mode" as well. Thanks to Demotruk and the Mycelium developers for their inspiration and assistance!
For fun, try bip32.org
submitted by bits-of-change to Bitcoin [link] [comments]

Blockonomics.co overview (quick and easy way to send hosted invoices to others)

Blockonomics.co has a couple very interesting tools I want to highlight. They just recently announced their new merchant API that web or app developers can use to integrate invoicing and payment tracking into their projects. However, here's three things that any Bitcoiner can do with Blockonomics right now:
Thanks to the Blockonomics team for some unique and useful (yet permissionless and private) tools!
Invoicing example: https://medium.com/@blockonomics_co/peer-to-peer-no-signups-invoice-in-fiat-get-paid-in-bitcoin-f77772e4308b#.k81375pn8
submitted by bits-of-change to Bitcoin [link] [comments]

[Informational] [CC0] Ménage à M-of-N, Open Minded Transactions with PolySignatory Expressions

Bitcoin Multi-Signature Transactions

A common type of Bitcoin transaction, probably the most common type after a standard transaction is a multi-signature transaction, in which two or more signatures are used to secure Blockchain funds.
A number of Bitcoin clients support the formation and management of multi-signature locked funds. These wallets include Coinbin Bitcoin Wallet, CoPay from BitPay, BitGo, Electrum, and GreenAddress.

Security Across Devices

The concept of multi-sig was initially pitched by many as an opportunity to improve upon the much lamented security issue of placing funds in the hands of potentially insecure computers.
The security of a multi-signature wallet works through the theory of redundancy, the chance of a failure of one security system is greatly mitigated when combined with one or more independent security systems that must also fail simultaneously. In an ideal scenario, a spending request is propagated between multiple independent signing devices, who each allow the user to sign off on the transaction.
A more specific and practical use of this system can be seen in providers of second factor authentication gateways, such as through Electrum or GreenAddress. Using those wallets, it is possible to enlist the services of a third party to confirm that a second factor auth check such as a Google Authentication token check is passed.
In those two of three signature wallets, a user retains his keys in a split configuration. He keeps two user keys on a paper backup, with one of his keys being stored on a computing platform to run the wallet and a third key given over to an authentication check service. In this configuration, even without the authentication check service cooperation the user may recover his funds from his paper backup. The authentication check service cannot unilaterally move the funds.

Security Across People

There are many ancient and well developed mechanisms for sharing secrets across multiple people. Even before the Bitcoin network added support for multiple signature transactions, there was an existing method called Shamir's Secret Sharing that could be used to split a secret private key between independent people.
Multi-signature transactions make this process a lot simpler and easier. When using the system with people, a wallet can setup many different configurations for limiting the authority of an individual to unilaterally spend funds. Various user-friendly wallets support these types of transactions, a common example of a multi-signature wallet being the CoPay wallet which can be used to manage the social agreements to send funds.
In few-of-many multi-signature configurations, funds may be distributed into a setup akin to a petty cash drawer, or a spending pool amongst trusted peers. The multi-signature in this case acts to cryptographically prove the identity of the spending party or parties.
In all-of-many configurations, consensus arrangements may be setup between untrusted peers, where every participating member must assent to any movement of funds. One common method of using this arrangement is in payment channels, where the peers setup cooperative timeouts and then swap funds on a temporary balance sheet to improve transaction speed and granularity or to save on fees.
In most-of-many configurations, a pre-set majority of signatories must agree to move funds. This can be useful for representative organizations, to reflect a vote to authorize actions.

Security With Untrusted Counter-parties

Multi-signature transactions may also be extremely useful when conducting business with unknown and untrusted third parties. Although a common method to alleviating that risk is custodial escrow, multi-signature arrangements offer all of the functionality of a custodial escrow service with the added protection against the custodian absconding with the funds. The bitrated web service provides this functionality for buyers and sellers. In theory, the escrow agent might not even need to know the details of a transaction, instead they might merely cryptographically attest to a statement of fact. That alone could be enough to determine the spending of funds, using oracle multi-signature transactions.
Another method of performing risk mitigating commerce using a multi-signature arrangement is to setup a trade in which a buyer locks but does not sign over funds for his purchase. The buyer is then somewhat protected against possible seller malfeasance; if he is not satisfied with his purchase he may refuse to sign over the purchase funds. This has the downside of offering a large risk to the merchant and not completely defraying the risk to the buyer; in practice it is not commonly used.
One problem multiple-signatures can help solve is the issue of transaction security speed being slow due to the time necessary to complete a proof of work. Generally speaking it is considered secure to wait for six confirmations, and most services wait for around three confirmations, with the rare low-risk service accepting one confirmation. Since a confirmation may take hours to arrive, a strategy using multi-signature funds is to use a trusted co-signer who publicly certifies that the funds will not be double spent: the security risk involved in trusting unconfirmed transactions.
This method allows a merchant or an exchange to instantly credit the sender with a funds transfer, even though the actual movement of funds will require a later settlement to the Blockchain. The services BitGo and GreenAddress both offer this functionality.
submitted by pb1x to writingforbitcoin [link] [comments]

Getting a bitcoin wallet - CoPay (older version) How To Use Bitcoin Multi-Signature with CoPay The Best Kasparov Combinations You've Never Seen Tutorial: Import Existing Wallet into Particl Copay Copay Digital Wallet Dashboard and Getting Started Tutorial For Beginners

How to buy bitcoin & other cryptocurrencies Bitcoin Address Que Es Pete how to find your bitcoin address writing uncovered put and call combinations Corey Elliptic Curve Cryptography The first thing we need to do is to apply the ECDSA or Elliptic Curve Digital Signature Algorithm to our private key. Without a Bitcoin wallet, you can't send or receive Bitcoin payments. So before you get bitcoins, you'll need to buy, download, or create a bitcoin wallet.Online bitcoin wallets. Wallets that can be accessed on the web from any internet connected device. Bitcoin hardware wallets. Physical devices designed to secure This guide will show you how to create and set up your first Bitcoin wallet (an “account”). But first: A “wallet” is basically the Bitcoin equivalent of a bank account. It allows you to receive bitcoins, store them, and then send them to others. There are two main types of wallets. A software wallet is one that you in But they want one person to be unable to manage all the money. So Alice, Bob, and Charlie make an address with a multi-signature by using software from CoPay. It allows you to select a configuration where two of the three signatures are required to sign a transaction and make it valid. In this case, such user combinations are possible-A&B, B&C Bitcoin Core is the “official” Bitcoin client and wallet, though isn’t used by many due to slow speeds and a lack of features. Bitcoin Core, however, is a full node, meaning it helps verify and transmit other Bitcoin transactions across the network and stores a copy of the entire blockchain.This offers better privacy since Core doesn’t have to rely on data from external servers or

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Getting a bitcoin wallet - CoPay (older version)

hai guys iconbtcx india is back with new video subscribe our channel for more amazing videos Instead of searching entire bitcoin key space there is one loop hole in getting private key of any ... Green Address is a user-friendly Bitcoin wallet thats an excellent choice for beginners. Green Address is accessible via desktop, online or mobile with apps available for Chrome, iOS, and Android. Copay is a multisignature wallet being developed by BitPay's bitcore team. Copay has a number of innovative features that make it unlike any other wallet: * It is inherently multisignature ... In this episode I walk you through getting your first mobile bitcoin wallet with an app called CoPay. SUPPORT THE SHOW My website: http://btcsessions.ca/ Buy... Copay Cryptocurrency Digital Wallet Sign Up and Getting Started Tutorial For Beginners 2018 Created by Bitpay, Copay is one of the best digital wallets on the market. If you're looking for ...