Creating a Bitcoin Bank in Less Than Thirty Minutes With a ...

DONT LOSE YOUR TRX LIKE I DID😩

I wish I didn't do this mistake but I did, and even though nobody will blame anyone but me...
(I know I do for the most part, but I also partly blame Google)
You see I've been using tronlink in chrome for about a year now and I made around $130 from 20 dollars worth of bitcoin I got from coinbase earn program. AND I LOVE IT!
The only thing is the mnemonic keys that I struggle with, I used to store them on a USB, this wallet was no exception, recently I lost this USB due to becoming homeless for awhile and as stupid as I am I carried the USB in my jeans during a rainy winter. (My grandmother, mom and dad all offered me a place to stay so no worries guys) still had my old PC drive at my dad's house from selling it when I was tryna make some bank so I installed it a couple days ago and got back to grinding TRX, bought some BNKR daily+ and so on..
Anyways my girl was using my computer today for finding a part time since we both lost our jobs this year...
and signed in on her Gmail which made her gmail the standard gmail for the CHROME PROFILE(Note this!! Its the little circle next to the extensions in the chrome browser)
So I googled how to change this, I thought I would backup my private key once I was done, should've done it days ago but didn't think of it until today when she was messing around in my browser (Yes I got really nervous since she isn't very computer friendly 😂)
So I stumbled on Google's support tickets and a top answer told me to just delete the chrome profile and setup a new one since history and bookmarks would come back once I signed in...
(They didn't btw, you need sync activated for that, however when you remove the profile it doesn't say that, it just says that you can log on again and it comes back)
But here's where the warning comes in: IT ALSO REMOVES ALL EXTENSIONS! and it says itself that if you dont have your key you won't be getting your wallet back.
Some steps you can take to avoid this situation:
  1. Saving your key somewhere you can access it remotely, like in an email to yourself or in a private document on the cloud.
  2. If you're on windows backup the chrome "Users" folder in the appdata directory (a quick Google search will show you how)
  3. Turn on autobackup on your PC so you can revert the users folder if necessary.
  4. Write your key on a piece of paper and store it somewhere it won't move or be damaged, like a safe or with your mom like I did (she studied to be a lawyer so she's amazing with documents)
  5. Store your trx on binance so you can login using email and recover password if you lose your wallet.
Thanks for reading guys, if you wanna make my day you can donate anything to:
TPYLfp4Xv38Ji61uS2Cg9bV8p9fj1Wb1j8
TL;DR
If you remove your chrome profile on chrome and dont have a backup of anything you will lose your wallet! Your chrome profile is the circle next to the extensions in the chrome browser. (To be extra clear: its to the left of the three dots in the top right corner where you go to settings, history and stuff like that)
Thank you all for letting me be a part of this community and I promise I have 3 backups and stored my key in like 5 places so this won't happen again. I even made a backup of this post if I would accidentally close it 😂
Much love, peace! ❤
Edit: so I found the mnemonic phrases! Turns out I had them on my second drive aswell, but all it shows is 5 empty wallets, I've only had 3 wallets and I have 3 mnemonic phrases... what. The. ⁉️⁉️
submitted by TheRasmusHansson to Tronix [link] [comments]

Weekly news review (August 17-23)

Weekly news review (August 17-23)
Hello, Community! It's been quite a week, don't you agree? Let's dive into the news!
https://preview.redd.it/2k7n5ljuwqi31.png?width=1200&format=png&auto=webp&s=f23ed393e6fca416815a4c3c10c1a6a60756a6e7

Venezuela’s largest department store will install blockchain-enabled cash registers in its 49 retail outlets.
The megastore operator Traki announced August 22, it will integrate Singapore-based Pundi X’s point-of-sale device, XPOS, to offer a cryptocurrency payment rail for shoppers.
Already available in 30 countries, Pundi aims to sell 100,000 XPOS devices by 2021. This is part of the firm’s plan to introduce cryptocurrencies for everyday use, through an ecosystem of financial products like its XPASS crypto debit cards and Xwallet.
The XPOS payments system supports payments in a range of cryptocurrencies including BTC, ETH, Binance’s BNB stablecoin, as well as Pundi X’s own NPXS and NPXSXEM tokens.

Top cryptocurrency exchange Binance is launching an open blockchain project “Venus” focused on developing localized stablecoins worldwide.
In an announcement published on Aug. 19, the exchange argues it is well-positioned to launch such a currency ecosystem in light of its existing public chain technology, Binance Chain, wide user base and already established global compliance measures.
The exchange says it is seeking partnerships with governments, corporations, technology firms, and other cryptocurrency and blockchain projects in order to develop a new currency ecosystem that will empower both developed and developing countries.
Binance’s ambitious new venture appears to compete directly with plans from social media titan Facebook to launch a fiat-pegged stablecoin, Libra, that would power a global crypto payments network embedded into the company’s three wholly-owned apps: WhatsApp, Messenger, and Instagram.

One of the largest mobile providers in Austria is planning to accept cryptocurrency for payment at certain store locations.
A1, which services some 5.1 million mobile and 2.1 million fixed lines across Austria, is testing cryptocurrency payments at store locations across Austria. Dash, ethereum, litecoin, stellar and XRP will be available for payment, according to a report by Austrian tech news site Futurezone.
The pilot program will also host payments for Alipay and WeChat Pay by the end of August. As of now, Futurezone listed seven initial locations accepting cryptocurrency payments across Austria.
Moreover, A1 told Futurezone that the payment option is not only for local Austrians but increasingly geared toward tourists.

Ukraine’s top law-enforcement and counterintelligence agency uncovered crypto mining equipment on site at a nuclear power plant.
According to local media reports, the Security Service of Ukraine (SBU) confiscated six Radeon RX 470 GPU video cards, a motherboard, power supplies and extension cords, a USB and hard drive, and cooling units installed in the South Ukrainian Nuclear Power Plant on July 10.
All of the equipment was located in a single office, No. 104, in the administrative wing separate from the power facility, from the state-owned Energoatom enterprise.
The power plant is registered as a state secret and outside computer equipment is not authorized to enter the property.
The same day, a National Guard of Ukraine branch uncovered additional crypto mining equipment at same nuclear plant. In this search and seizure, 16 GPU video cards, 7 hard drives, 2 solid-state drives and router were uncovered.

Japanese cryptocurrency exchange Rakuten Wallet has launched trading a year after acquiring Everybody’s Bitcoin.
Confirmed in a press release on Aug. 19, Rakuten Wallet, which is a subsidiary of Japanese e-commerce giant Rakuten, said spot trading of three cryptocurrencies — Bitcoin (BTC), Ether (ETH) and Bitcoin Cash (BCH) — was now live.
In future, developers plan to release an app for iOS and Android, use of which will be mandatory for deposits and withdrawals.
The exchange joins a rapidly expanding ecosystem on the Japanese market, with multiple competitors vying for a slice of the domestic cryptocurrency trade.

We are interested in what you have to say so feel free to post in the comments section below!
submitted by rokkex to Rokkex [link] [comments]

The best Tezos Wallets

The best Tezos Wallets
Tezos is a decentralized blockchain that simplifies formal verification, a method that mathematically proves the accuracy of the code controlling transactions. The Tezos blockchain has its own cryptocurrency called Tezos (XTZ), a cryptocurrency with two main functions – a self-administration system and the ability to form launch contracts using its own programming language – Michelson.
If you decide to convert your fiat savings into Tezos or exchange other cryptocurrencies for XTZ, you may have to make a choice among reliable wallets for this. In this article we will look into the best Tezos Wallets so that can help you understand them better.

Hardware Wallets

Hardware wallets are not liable to spam, viruses, phishing attacks, or malicious of the system. Moreover, they provide a high degree of protection to the private keys. Below is the list of hardware wallets that can be used for XTZ.
https://preview.redd.it/j79t9vbgeth31.jpg?width=800&format=pjpg&auto=webp&s=d828387479fc4a2efed4fc857eb9bdf03f9878e9
  • Ledger Nano S
Nano S is a hard wallet from the product line of Ledger, a French manufacturer company. As all other Ledger products, Nano S traditionally looks like a USB flash drive. But this time, you will need to use the USB cable that comes with the wallet to connect to a computer. Ledger Nano S has a chip that is similar with chips on bank cards or biometric passports. Your private key is stored in an isolated environment and is effectively protected. Ledger Nano S also has a screen on it where you can see each transaction made. In case you lose your Nano S wallet, the account can be easily restored on any other Ledger device. Ledger Nano S supports over 20 cryptocurrencies including Tezos (XTZ).
  • Trezor Model T
Trezor T is the flagship model from the well-known Czech manufacturer SatoshiLabs. Model T has a color Touch-Screen display, an SD port and a quantity of supported coins – XTZ is among those coins. When Trezor T is not connected to the computer, it turns off and disconnects from the Internet. Thus, user funds are stored on the device beyond the reach of attackers. Trezor hardware case is ultrasonically soldered, making it difficult to be restored after being damaged.

Web Wallets

Web wallets can be a simple way to get started investing in cryptocurrency. All web wallets can be used right from a browser without the need of downloading software. Beyond that, many of web wallets offer free mobile apps.
  • TezBox Wallet
TezBox was the first GUI released for Tezos. The wallet was developed by the Tezos community and released during the ICO period. TezBox is available for web, desktop and mobile wallets with its user-friendly interface. Users may be assured that all private keys will be stored on their devices safely due to the secured wallet interface. TexBox is the first wallet integrated with hardware wallets Trezor and Ledger Nano S that gives it the increased security.

https://preview.redd.it/zmnx9fwpeth31.png?width=1696&format=png&auto=webp&s=d926f570fb736dd6fcd338fae270cdcfebad9654
  • Guarda Wallet
Guarda Wallet is available as a Web, Mobile and Desktop Wallet and a Chrome extension. It supports more than 40 coins and 10,000 tokens as well as XTZ. The web wallet enables to access cryptocurrency from any modern browser, the website itself looks presentable and made convenient to use. Using the mobile wallet, you can create a new wallet or import an existing one. Besides the common functions such as storage, deposit/withdrawal of cryptocurrency, users can instantly buy the exact amount of cryptocurrency using a bank card or exchange coins and tokens.
  • Magnum Wallet
While Magnum is a multi-asset wallet, one of the best known assets it supports is Tezos (XTZ). Being a light wallet, you do not need to download the full blockchain of any of the cryptocurrencies it works with. The wallet does not keep users’ personal information. As Magnum is a web wallet, it has the extra benefit of being available for nearly any platform, easy of access from any kind of device with an internet browser. Magnum wallet also supports Ledger devices so those can be easily linked to the app.

Mobile Wallets

Mobile wallets are used on your smartphone via an app. Similar to Apple or Google Pay, you can use mobile wallets when shopping in physical shops as cryptocurrencies become more popular and acceptable. Mobile wallets may be safer compared to online wallets and also be easy to use on the go.
  • Trust Wallet
Trust is a wallet for tokens of ERC20 standard, tooled for mobile devices. It offers simple installation and affordable feature set, that does not require additional user skills and abilities. Trust Wallet and Binance are working on new features, including market monitoring, user networks, test networks, and deep integration with the Binance infrastructure. Trust Wallet already supports Tezos as well as other digital currencies.
https://preview.redd.it/ckrma5aueth31.png?width=1400&format=png&auto=webp&s=f37213bf83c82028b97837545536c353664a8368
  • AirGap Wallet
AirGap is a wallet, that allows you to keep your cryptocurrency securely on your mobile. AirGap is a system with two device access: you can use your old mobile device as a hardware wallet using the AirGap Vault app to keep the private key there; while your working smartphone will have the wallet itself. The connection occurs with QR codes, this ensures a genuine one-way communication between AirGap Wallet and AirGap Vault. This implies that no private information ever leaves the air-gapped old phone. Besides Tezos, AirGap supports diverse amount of cryptocurrencies.
  • Tezos.Blue Wallet
In spite of being a lightweight wallet, Tezos.Blue does not scant on security or its features. It is an original app and that is why it gets strong protection straight from the operating system. Using the Tezos.Blue you will have actual updates from the network for a truly live operational comfort. Tezos.Blue is also available in a desktop version. Tezos.Blue is also available in a desktop version.

Desktop Wallets

Desktop wallet can be downloaded and installed on a computer. Desktop wallets may be safer if your computer is not, or more preferably, has never used the Internet connection. Desktop Wallets are perfect for storing large amounts of crypto that you don’t want to use on an everyday basis.
  • Atomic Wallet
Atomic is a convenient, easy to use and safe cryptocurrency wallet, that receives the preferences of many users around the world. It is a decentralized multicurrency wallet that is known in the crypto community for supporting more than 500 cryptocurrencies including Tezos. The primary goal of Atomic Wallet is not just to store cryptocurrency, but also to create a strong ecosystem with many functions.

https://preview.redd.it/apv4gpe0fth31.png?width=1686&format=png&auto=webp&s=dc5602c0eda220594b427c0b42923b8bacd727ae
  • Atomix HD Tezos Wallet
HD wallets (hierarchical deterministic wallet) are the wallets that use a single 12 or 18-word mnemonic phrase that is used to identify following addresses and private keys in a wallet software. Atomix is HD wallet that supports Tezos, it merges benefits of decentralized and centralized exchanges. With Atomix, all private keys are kept encoded on the computer. No identity verification or registration is required to use the wallet.
  • Simplestaking
Simplestaking is Tezos focused wallet being a web app and desktop app with support for hardware wallet Trezor Model T. The wallet is developed using NgRx state management and Angular framework.
  • Galleon Tezos Wallet (Tezori)
Galleon is a smart open source wallet for XTZ that supports both hardware and software wallets on Windows, Linux and Mac. It was developed by Cryptonomic and funded by the Tezos Foundation.
  • Tezos CLI Wallet
The Tezos CLI wallet can be used by those users who have some coding understanding while it requires the use of command lines. Tezos has mentioned the wallet on its website and has been audited by an independent external security inspector. As the Tezos CLI needs some level of command line knowledge, it can be quite difficult to use.

How to keep your wallet safe

A cryptocurrency wallet can be regarded as a regular wallet with money, but it has advanced features, which increases the level of risk. Simple rules will help prevent the loss of your own savings:
  1. Do not store large amounts for long periods on wallets that do not provide full control. It is better to store large amounts for a long time only in wallets that provide full control over the private key and, accordingly, over digital assets. This will help protect your coins against fraud and cyber attacks.
  2. Encrypt information and back up private keys. In case of reinstalling the PC or the occurrence of force majeure situations, this will help to restore access to the wallet quickly.
  3. Store secret keys on an offline device. It is preferable to use a platform that is not accessible for hacking via the Internet.
  4. Use reliable antivirus software and update it regularly. This will prevent the leakage of personal data that hackers can use to crack passwords.
  5. Register several types of wallets. It will allow you to distribute your funds and use the most suitable wallet depending on the situation.
If you use your Tezos wallet wisely and do not neglect the precautions, the risk of funds loss will be minimized.

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

The best Tezos Wallets

The best Tezos Wallets
Tezos is a decentralized blockchain that simplifies formal verification, a method that mathematically proves the accuracy of the code controlling transactions. The Tezos blockchain has its own cryptocurrency called Tezos (XTZ), a cryptocurrency with two main functions – a self-administration system and the ability to form launch contracts using its own programming language – Michelson.
If you decide to convert your fiat savings into Tezos or exchange other cryptocurrencies for XTZ, you may have to make a choice among reliable wallets for this. In this article we will look into the best Tezos Wallets so that can help you understand them better.

Hardware Wallets

Hardware wallets are not liable to spam, viruses, phishing attacks, or malicious of the system. Moreover, they provide a high degree of protection to the private keys. Below is the list of hardware wallets that can be used for XTZ.
https://preview.redd.it/bzhyno3fs7i31.jpg?width=800&format=pjpg&auto=webp&s=bf2ff218b400ad3281572ff0b3a22920192b703c

  • Ledger Nano S
Nano S is a hard wallet from the product line of Ledger, a French manufacturer company. As all other Ledger products, Nano S traditionally looks like a USB flash drive. But this time, you will need to use the USB cable that comes with the wallet to connect to a computer. Ledger Nano S has a chip that is similar with chips on bank cards or biometric passports. Your private key is stored in an isolated environment and is effectively protected. Ledger Nano S also has a screen on it where you can see each transaction made. In case you lose your Nano S wallet, the account can be easily restored on any other Ledger device. Ledger Nano S supports over 20 cryptocurrencies including Tezos (XTZ).
  • Trezor Model T
Trezor T is the flagship model from the well-known Czech manufacturer SatoshiLabs. Model T has a color Touch-Screen display, an SD port and a quantity of supported coins – XTZ is among those coins. When Trezor T is not connected to the computer, it turns off and disconnects from the Internet. Thus, user funds are stored on the device beyond the reach of attackers. Trezor hardware case is ultrasonically soldered, making it difficult to be restored after being damaged.

Web Wallets

Web wallets can be a simple way to get started investing in cryptocurrency. All web wallets can be used right from a browser without the need of downloading software. Beyond that, many of web wallets offer free mobile apps.
  • TezBox Wallet
TezBox was the first GUI released for Tezos. The wallet was developed by the Tezos community and released during the ICO period. TezBox is available for web, desktop and mobile wallets with its user-friendly interface. Users may be assured that all private keys will be stored on their devices safely due to the secured wallet interface. TexBox is the first wallet integrated with hardware wallets Trezor and Ledger Nano S that gives it the increased security.
https://preview.redd.it/jtj36c6ls7i31.png?width=1696&format=png&auto=webp&s=a3f31dc9676be5f708911ae8cdb9bf96d8ec0fad

  • Guarda Wallet
Guarda Wallet is available as a Web, Mobile and Desktop Wallet and a Chrome extension. It supports more than 40 coins and 10,000 tokens as well as XTZ. The web wallet enables to access cryptocurrency from any modern browser, the website itself looks presentable and made convenient to use. Using the mobile wallet, you can create a new wallet or import an existing one. Besides the common functions such as storage, deposit/withdrawal of cryptocurrency, users can instantly buy the exact amount of cryptocurrency using a bank card or exchange coins and tokens.
  • Magnum Wallet
While Magnum is a multi-asset wallet, one of the best known assets it supports is Tezos (XTZ). Being a light wallet, you do not need to download the full blockchain of any of the cryptocurrencies it works with. The wallet does not keep users’ personal information. As Magnum is a web wallet, it has the extra benefit of being available for nearly any platform, easy of access from any kind of device with an internet browser. Magnum wallet also supports Ledger devices so those can be easily linked to the app.

Mobile Wallets

Mobile wallets are used on your smartphone via an app. Similar to Apple or Google Pay, you can use mobile wallets when shopping in physical shops as cryptocurrencies become more popular and acceptable. Mobile wallets may be safer compared to online wallets and also be easy to use on the go.
  • Trust Wallet
Trust is a wallet for tokens of ERC20 standard, tooled for mobile devices. It offers simple installation and affordable feature set, that does not require additional user skills and abilities. Trust Wallet and Binance are working on new features, including market monitoring, user networks, test networks, and deep integration with the Binance infrastructure. Trust Wallet already supports Tezos as well as other digital currencies.
https://preview.redd.it/n39ltpjns7i31.png?width=1400&format=png&auto=webp&s=1ded201e4b53b02e842fcf0fb09c46a40614f16d

  • AirGap Wallet
AirGap is a wallet, that allows you to keep your cryptocurrency securely on your mobile. AirGap is a system with two device access: you can use your old mobile device as a hardware wallet using the AirGap Vault app to keep the private key there; while your working smartphone will have the wallet itself. The connection occurs with QR codes, this ensures a genuine one-way communication between AirGap Wallet and AirGap Vault. This implies that no private information ever leaves the air-gapped old phone. Besides Tezos, AirGap supports diverse amount of cryptocurrencies.
  • Tezos.Blue Wallet
In spite of being a lightweight wallet, Tezos.Blue does not scant on security or its features. It is an original app and that is why it gets strong protection straight from the operating system. Using the Tezos.Blue you will have actual updates from the network for a truly live operational comfort. Tezos.Blue is also available in a desktop version. Tezos.Blue is also available in a desktop version.

Desktop Wallets

Desktop wallet can be downloaded and installed on a computer. Desktop wallets may be safer if your computer is not, or more preferably, has never used the Internet connection. Desktop Wallets are perfect for storing large amounts of crypto that you don’t want to use on an everyday basis.
  • Atomic Wallet
Atomic is a convenient, easy to use and safe cryptocurrency wallet, that receives the preferences of many users around the world. It is a decentralized multicurrency wallet that is known in the crypto community for supporting more than 500 cryptocurrencies including Tezos. The primary goal of Atomic Wallet is not just to store cryptocurrency, but also to create a strong ecosystem with many functions.
https://preview.redd.it/ycxqtbups7i31.png?width=1686&format=png&auto=webp&s=27f3f8a0d3074a55eb81306e9a64e289aafdde3f

  • Atomix HD Tezos Wallet
HD wallets (hierarchical deterministic wallet) are the wallets that use a single 12 or 18-word mnemonic phrase that is used to identify following addresses and private keys in a wallet software. Atomix is HD wallet that supports Tezos, it merges benefits of decentralized and centralized exchanges. With Atomix, all private keys are kept encoded on the computer. No identity verification or registration is required to use the wallet.
  • Simplestaking
Simplestaking is Tezos focused wallet being a web app and desktop app with support for hardware wallet Trezor Model T. The wallet is developed using NgRx state management and Angular framework.
  • Galleon Tezos Wallet (Tezori)
Galleon is a smart open source wallet for XTZ that supports both hardware and software wallets on Windows, Linux and Mac. It was developed by Cryptonomic and funded by the Tezos Foundation.
  • Tezos CLI Wallet
The Tezos CLI wallet can be used by those users who have some coding understanding while it requires the use of command lines. Tezos has mentioned the wallet on its website and has been audited by an independent external security inspector. As the Tezos CLI needs some level of command line knowledge, it can be quite difficult to use.

How to keep your wallet safe

A cryptocurrency wallet can be regarded as a regular wallet with money, but it has advanced features, which increases the level of risk. Simple rules will help prevent the loss of your own savings:
  1. Do not store large amounts for long periods on wallets that do not provide full control. It is better to store large amounts for a long time only in wallets that provide full control over the private key and, accordingly, over digital assets. This will help protect your coins against fraud and cyber attacks.
  2. Encrypt information and back up private keys. In case of reinstalling the PC or the occurrence of force majeure situations, this will help to restore access to the wallet quickly.
  3. Store secret keys on an offline device. It is preferable to use a platform that is not accessible for hacking via the Internet.
  4. Use reliable antivirus software and update it regularly. This will prevent the leakage of personal data that hackers can use to crack passwords.
  5. Register several types of wallets. It will allow you to distribute your funds and use the most suitable wallet depending on the situation.
If you use your Tezos wallet wisely and do not neglect the precautions, the risk of funds loss will be minimized.


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

The best Tezos Wallets

The best Tezos Wallets
Tezos is a decentralized blockchain that simplifies formal verification, a method that mathematically proves the accuracy of the code controlling transactions. The Tezos blockchain has its own cryptocurrency called Tezos (XTZ), a cryptocurrency with two main functions – a self-administration system and the ability to form launch contracts using its own programming language – Michelson.
If you decide to convert your fiat savings into Tezos or exchange other cryptocurrencies for XTZ, you may have to make a choice among reliable wallets for this. In this article we will look into the best Tezos Wallets so that can help you understand them better.

Hardware Wallets

Hardware wallets are not liable to spam, viruses, phishing attacks, or malicious of the system. Moreover, they provide a high degree of protection to the private keys. Below is the list of hardware wallets that can be used for XTZ.
https://preview.redd.it/2105of4im7i31.jpg?width=800&format=pjpg&auto=webp&s=5e90ee401c95e7088dfab24cce84ab9c79662773

  • Ledger Nano S
Nano S is a hard wallet from the product line of Ledger, a French manufacturer company. As all other Ledger products, Nano S traditionally looks like a USB flash drive. But this time, you will need to use the USB cable that comes with the wallet to connect to a computer. Ledger Nano S has a chip that is similar with chips on bank cards or biometric passports. Your private key is stored in an isolated environment and is effectively protected. Ledger Nano S also has a screen on it where you can see each transaction made. In case you lose your Nano S wallet, the account can be easily restored on any other Ledger device. Ledger Nano S supports over 20 cryptocurrencies including Tezos (XTZ).
  • Trezor Model T
Trezor T is the flagship model from the well-known Czech manufacturer SatoshiLabs. Model T has a color Touch-Screen display, an SD port and a quantity of supported coins – XTZ is among those coins. When Trezor T is not connected to the computer, it turns off and disconnects from the Internet. Thus, user funds are stored on the device beyond the reach of attackers. Trezor hardware case is ultrasonically soldered, making it difficult to be restored after being damaged.

Web Wallets

Web wallets can be a simple way to get started investing in cryptocurrency. All web wallets can be used right from a browser without the need of downloading software. Beyond that, many of web wallets offer free mobile apps.
  • TezBox Wallet
TezBox was the first GUI released for Tezos. The wallet was developed by the Tezos community and released during the ICO period. TezBox is available for web, desktop and mobile wallets with its user-friendly interface. Users may be assured that all private keys will be stored on their devices safely due to the secured wallet interface. TexBox is the first wallet integrated with hardware wallets Trezor and Ledger Nano S that gives it the increased security.

https://preview.redd.it/7llaor3lm7i31.png?width=1696&format=png&auto=webp&s=b67ea39f001f75788a033f091cc7ace212a486bf
  • Guarda Wallet
Guarda Wallet is available as a Web, Mobile and Desktop Wallet and a Chrome extension. It supports more than 40 coins and 10,000 tokens as well as XTZ. The web wallet enables to access cryptocurrency from any modern browser, the website itself looks presentable and made convenient to use. Using the mobile wallet, you can create a new wallet or import an existing one. Besides the common functions such as storage, deposit/withdrawal of cryptocurrency, users can instantly buy the exact amount of cryptocurrency using a bank card or exchange coins and tokens.
  • Magnum Wallet
While Magnum is a multi-asset wallet, one of the best known assets it supports is Tezos (XTZ). Being a light wallet, you do not need to download the full blockchain of any of the cryptocurrencies it works with. The wallet does not keep users’ personal information. As Magnum is a web wallet, it has the extra benefit of being available for nearly any platform, easy of access from any kind of device with an internet browser. Magnum wallet also supports Ledger devices so those can be easily linked to the app.

Mobile Wallets

Mobile wallets are used on your smartphone via an app. Similar to Apple or Google Pay, you can use mobile wallets when shopping in physical shops as cryptocurrencies become more popular and acceptable. Mobile wallets may be safer compared to online wallets and also be easy to use on the go.
  • Trust Wallet
Trust is a wallet for tokens of ERC20 standard, tooled for mobile devices. It offers simple installation and affordable feature set, that does not require additional user skills and abilities. Trust Wallet and Binance are working on new features, including market monitoring, user networks, test networks, and deep integration with the Binance infrastructure. Trust Wallet already supports Tezos as well as other digital currencies.

https://preview.redd.it/kqm6i1onm7i31.png?width=1400&format=png&auto=webp&s=487a0bdf73fed77f875d5126435f4693bc382974

  • AirGap Wallet
AirGap is a wallet, that allows you to keep your cryptocurrency securely on your mobile. AirGap is a system with two device access: you can use your old mobile device as a hardware wallet using the AirGap Vault app to keep the private key there; while your working smartphone will have the wallet itself. The connection occurs with QR codes, this ensures a genuine one-way communication between AirGap Wallet and AirGap Vault. This implies that no private information ever leaves the air-gapped old phone. Besides Tezos, AirGap supports diverse amount of cryptocurrencies.
  • Tezos.Blue Wallet
In spite of being a lightweight wallet, Tezos.Blue does not scant on security or its features. It is an original app and that is why it gets strong protection straight from the operating system. Using the Tezos.Blue you will have actual updates from the network for a truly live operational comfort. Tezos.Blue is also available in a desktop version. Tezos.Blue is also available in a desktop version.

Desktop Wallets

Desktop wallet can be downloaded and installed on a computer. Desktop wallets may be safer if your computer is not, or more preferably, has never used the Internet connection. Desktop Wallets are perfect for storing large amounts of crypto that you don’t want to use on an everyday basis.
  • Atomic Wallet
Atomic is a convenient, easy to use and safe cryptocurrency wallet, that receives the preferences of many users around the world. It is a decentralized multicurrency wallet that is known in the crypto community for supporting more than 500 cryptocurrencies including Tezos. The primary goal of Atomic Wallet is not just to store cryptocurrency, but also to create a strong ecosystem with many functions.

https://preview.redd.it/m41b7viqm7i31.png?width=1686&format=png&auto=webp&s=c69cb497b09e2fe92f163308f9fb2e54faf59c8f

  • Atomix HD Tezos Wallet
HD wallets (hierarchical deterministic wallet) are the wallets that use a single 12 or 18-word mnemonic phrase that is used to identify following addresses and private keys in a wallet software. Atomix is HD wallet that supports Tezos, it merges benefits of decentralized and centralized exchanges. With Atomix, all private keys are kept encoded on the computer. No identity verification or registration is required to use the wallet.
  • Simplestaking
Simplestaking is Tezos focused wallet being a web app and desktop app with support for hardware wallet Trezor Model T. The wallet is developed using NgRx state management and Angular framework.
  • Galleon Tezos Wallet (Tezori)
Galleon is a smart open source wallet for XTZ that supports both hardware and software wallets on Windows, Linux and Mac. It was developed by Cryptonomic and funded by the Tezos Foundation.
  • Tezos CLI Wallet
The Tezos CLI wallet can be used by those users who have some coding understanding while it requires the use of command lines. Tezos has mentioned the wallet on its website and has been audited by an independent external security inspector. As the Tezos CLI needs some level of command line knowledge, it can be quite difficult to use.

How to keep your wallet safe

A cryptocurrency wallet can be regarded as a regular wallet with money, but it has advanced features, which increases the level of risk. Simple rules will help prevent the loss of your own savings:
  1. Do not store large amounts for long periods on wallets that do not provide full control. It is better to store large amounts for a long time only in wallets that provide full control over the private key and, accordingly, over digital assets. This will help protect your coins against fraud and cyber attacks.
  2. Encrypt information and back up private keys. In case of reinstalling the PC or the occurrence of force majeure situations, this will help to restore access to the wallet quickly.
  3. Store secret keys on an offline device. It is preferable to use a platform that is not accessible for hacking via the Internet.
  4. Use reliable antivirus software and update it regularly. This will prevent the leakage of personal data that hackers can use to crack passwords.
  5. Register several types of wallets. It will allow you to distribute your funds and use the most suitable wallet depending on the situation.
If you use your Tezos wallet wisely and do not neglect the precautions, the risk of funds loss will be minimized.

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

My attempt at an ELI5 for cryptocurrency to help my friends.

This is a long one so fair warning and no there is no tl;dr. I've only been at this for about 6 months and worked up this paper the other day for my friends who are interested but know very little about this. Hopefully whoever reads this can make in corrections as I am far from an expert.
Blockchain
Cryptocurrency, Bitcoin, Ether are all blockchains. Blockchains are basically a spreadsheet (LEDGER) that is duplicated multiple times across a network and updated regularly simultaneously. There is no centralized version of this ledger. It is hosted simultaneously by thousands/millions of computers. These ledgers will update on their own, Bitcoin as an example automatically checks itself every 10 minutes. Each of these 10-minute increment of transactions (in bitcoins case transactions would be sending or receiving bitcoins from one person to another for goods or services) are called BLOCKS. For these blocks to be confirmed, accepted, and updated to the ledger nodes are required.
Nodes (Mining/Forging)
A node is a computer running the blockchain software on the network. The blockchain software will automatically download the entire ledger of all transactions since its inception. At regular intervals, the software will take the transactions of a block (data on the ledger) and convert them into a mathematical puzzle to be solved by randomly chosen nodes (MINING). Mining requires powerful processors (typically GPUs) and substantial quantities of energy to receive mined tokens profitably. When a specific number of nodes solve the puzzle with the same answer they are basically confirming that the data on the block is accurate as multiple independent nodes found the same answer. When confirmed, the block gets added to the previous blocks making a chain of blocks aka a blockchain. As an incentive to run your computer as a node you are rewarded with TOKENS. If a single person or group of people wanted to manipulate the ledger, the amount of machinery and electricity used to achieve the majority of miners thus allowing you to manipulate the ledger is so exponentially expensive that it serves no reasonable purpose. This is an example of a Proof of Work Blockchain System (computer solves puzzle and rewarded with tokens)
Tokens
Tokens are part of the core of the blockchain. They are an incentive to validate transactions and create blocks. They gain intrinsic value based on the blockchain they are associated with. Some blockchains grant token holder’s different abilities. With Bitcoin, tokens are needed to pay for transaction fees. Others allow voting rights on how certain blockchain functions are managed. There is a limited amount of Bitcoin that will ever be released to nodes (21 million expected to be all be released by 2033) which also keep inflation from being a problem. Blockchains can create their platform with whatever number of tokens they would like and release them or create means to mine them as they see fit. Essentially, as with any other fiat money (currency that a government has declared to be legal tender NOT backed by a physical commodity), as adoption and trust increases the value of the token will increase. If most people accept Bitcoin for services and stores accept Bitcoin for goods than it is as good as the next currency.
Wallets
Whether you mine for tokens, are paid in tokens for goods or services or purchase tokens from a person or currency exchange you need a place to store them securely and a way to send and receive them. Cryptocurrency Wallets don’t store currency, they hold your public and private keys that interface with the blockchain so you can access your balance, send money and manage your funds. The public key allows others to send money to the public key only. A wallet that is "offline" (see Hardware or Paper below) cannot access funds or send money unless it is accessed with another form of wallet, either desktop, online, or mobile.
1) Desktop Wallet - Installed on your computer and are only accessible from that SINGLE computer. Very secure but if someone hacks your computer you are exposed. 2) Online Wallet - Run remotely (cloud based) and are far more convenient to access but make them more vulnerable as they are controlled by a third party and are also vulnerable to hacking attacks. Exchange wallets are online wallets but you are not in control of the private key. View it as a wallet that is lended to you so you can trade. The wallet is technically not yours. 3) Mobile - Ran on an app and are useful as they can be used anywhere including retail stores 4) Hardware - Private keys are stored on a tangible device like a USB drive. They can make transactions online but they are stored offline. Compatible with web interfaces and support many but not all currencies. To use, plug into a computer, enter a pin, send currency and confirm. Safest form of storage. 5) Paper - Basically a physical printout of your private and public keys. It is not stored online anywhere and the only way transactions can happen is if you transfer money with the help of an Online wallet.
Example of a Public Key = 1A684DbsHQKPVCWgaUsYdF4uQGwTiA9BFT Example of a Private Key = E9873D79C6D87DC0FB6A5778633389F4453213303DA61F20BD67FC233AA33262
Most wallets provide a Recovery Mnemonic Passcode that is a series of words (typically 12 to 24 words) in a specific order. If you lose your login information for your wallet you can supply the mnemonic passcode and retrieve your lost login information. If you lose your login information and your mnemonic passcode your wallet will be inaccessible and your tokens are lost to you. The above basically describes a first generation Blockchain Cryptocurrency such as Bitcoin. It is used basically as currency with no centralized entity regulating the release of additional currency and keeping the ledger of where the money is going secure and extremely safe from manipulation.
Second Generation Blockchain
The second generation blockchains sprung out of this environment with something more valuable. Utilizing the blockchain system to allow applications to be ran on top of a decentralized secure system. Instead of just recording transactions, contracts could be transmitted the same way. More complex transactions (SMART CONTRACTS) allow for things such as: - Funds to be spent only when a required percentage of people agree - Manage agreements between users (such as insurance) - Provide utility to other contracts - Store information about an application such as domain registration information or membership records This basically can allow applications to be ran on top of the blockchain system. This can cut out the middleman for many real-world applications (mortgages, banking, communications, security confirmations etc.)
Proof of Work/Proof of Stake
As I mentioned earlier, Proof of Work (PoW) requires nodes to solve a mathematical puzzle which is rewarded with tokens. Proof of Stake (PoS) is different, the tokens with proof of stake systems are pre-mined meaning they are all created when the blockchain system is created. Blocks are not verified by the typical method. The block validator uses the blockchain software to stake their tokens and are chosen based on specific factors depending on how many tokens the person holds and for how long. Depending on how many tokens they hold will restrict the quantity of blocks they can validate. If they own more they can validate more often but all validators will be chosen randomly keeping the rewards fairly distributed (unlike PoW which typically reward the first completed.) The blockchain still requires a mathematical puzzle to be solved but it is much easier than PoW requiring far less time and energy. If the blockchain has premined all of their tokens then new tokens cannot be mined for rewards in PoS. The reward for staking your tokens to be a validator is a portion of the transaction fee that is charged as part of normal transactions on the blockchain. That is why PoS miners are called forgers. If manipulation is attempted than their stake can be taken from their wallet adding more motivation to prevent data manipulation.
Fork
Some cryptocurrencies may need to update or upgrade the coding of their blockchain software. When this happens usually a fork occurs. This basically means the cryptocurrency splits into two separate cryptocurrencies. Because the nature of blockchain technology, they are decentralized and autonomous so the older version cannot be deleted or removed. If people choose to continue using the old version they can. For mining/forging purposes the nodes will need to choose which they will mine/forge and download the blockchain software on their computer to proceed. When the fork occurs, anyone holding tokens in the original currency will be given the same number of tokens in the forked currency. (When Bitcoin forked to Bitcoin Cash, anyone holding x amount of Bitcoin would receive a new wallet for Bitcoin Cash also containing x amount of Bitcoin Cash.) This is called a Hard Fork and all previous transactions are made invalid. There are also Soft Forks, in this case it is backwards compatible and all previous transactions are valid. This can result in two currencies but in most cases, it doesn’t as it is usually accepted by most miners/forgers because it is backwards compatible.
Exchanges
Online currency exchanges allow you to buy, sell or exchange fiat money (USD, EUR, etc) with digital currencies or in most cases digital currencies for other digital currencies. There are a large variety of different exchanges that are operated in multiple countries but there are around a dozen that the majority of cryptocurrency trading volume are present on. Not all cryptocurrencies will be listed on all exchanges, some have specific prerequisites to be listed on their exchange and there may be fees associated as well. Once your account is set up you will have a list of all available cryptocurrencies to trade. Each currency will have an associated online wallet with the public key address allowing you to send that specific currency to that wallet. (Many exchanges are having delayed or canceled identity verification, currency transfers and lack sufficient customer support due to the influx of new traders) Examples of top exchanges: 1) Coinbase (trades fiat) 2) GDAX (trades fiat) 3) Gemini (trades fiat) 4) Changelly (trades fiat) 5) Bittrex 6) Binance 7) HitBTC 8) EtherDelta 9) Bitfinex 10) Kraken 11) Bithumb 12) Bitstamp 13) Poloniex 14) OKEx
Sending/Receiving Tokens
All wallets have the ability to send digital currency to other wallets. The function is relatively easy, make sure the currency you are sending is going to the appropriate wallet for that currency. Ethereum tokens cannot be sent to a Bitcoin wallet for example. (The tokens aren’t actually moving location; the list of transactions/ownership is what is stored in the wallet). Triple check the wallet private key you are sending the tokens to. If you type the wrong address the tokens will be lost in nearly all incidents. Some mobile wallets allow you to scan a QR code that will automatically enter the public key rather than copying/pasting or typing out the public key.
Taxes
As of January 1, 2018 it appears that taxing on digital currency has changed. Every trade between any digital currencies (Bitcoin to Ether, Ether to Litecoin etc) will be a taxable transaction. If you hold the currency for longer than one year than you will pay capital gain tax when it is traded or sold (15%-20%) and if you sell or trade in less than a year you will have to add the profit to your taxable income to adjust your tax bracket.
Altcoins
Altcoins are basically any coin that is not Bitcoin. Most cryptocurrencies do not have a native blockchain (their own independent dedicated blockchain). Bitcoin, Ether, Ripple, Waves, NXT, Cardano all have their own native blockchain. Many other cryptocurrencies run on other cryptocurrency’s blockchains. Litecoin runs on Bitcoins blockchain, hundreds run on the Ethereum blockchain. These currencies act as smart contracts running on the adopted blockchain.
DApps (Decentralized Applications)
For a blockchain application to be considered a DApp it must be 1) Open source, code available to all 2) Decentralized, uses blockchain cryptographic tech 3) Incentive, must have tokens to fuel itself 4) Algorithm/Protocol, generates tokens and has a built-in consensus mechanism (mining/forging.)
There are 3 types of DApps, each basically piggybacks off the platform of the previous Type 1 – Have their own blockchain (like bitcoin) Type 2 – Use the blockchain of Type 1 DApps Type 3 – Use the protocol of Type 2 DApps
ICO (Initial Coin Offering)
Much like an IPO (Initial Public Offering) that offers stock in a private company to the public, an ICO raises money for new Cryptocurrency ventures. Typically, a minimum investment is required in the form of a cryptocurrency such as Bitcoin or Ether and the investor is given tokens of the cryptocurrency at a reduced cost. Due to the fact that ICO’s are so new, government agencies have not begun regulating these ventures making them extremely risky as anyone with a competent coder can create and market a cryptocurrency that can be used to swindle investors who aren’t cautious. The US government no longer allows its citizens to participate in ICO’s and if you are using a computer with an IP address located in the United States, ICO’s websites will not allow you to invest.
Research
1) Whitepapers – Each cryptocurrency will have their own dedicated websites and most will have a whitepaper that has a description of what their cryptocurrency is designed to do. 2) Roadmaps – Also on each cryptocurrency’s website, they tend to have a roadmap or timeline as to when they are planning to complete certain milestones be it added features to the blockchain or wallet or any other important events. 3) Coinmarketcap.com – List of every available cryptocurrency, the exchanges they trade on, market cap, trade volume, available tokens, newly created tokens etc. 4) Reddit.com (cryptocurrency subreddit) – Subreddits focused on cryptocurrency as well as specific subreddits focused on individual cryptocurrencies. Be cautious as many people on these sites are uninformed and/or are trying to manipulate the market by fooling others to buy or sell based on fraudulent information. 5) Bitcointalk.org – Forums specific to individual cryptocurrencies. There is a lot of self-marketing (bounties) on this site. Take what they say with a grain of salt 6) TwitteFacebook (Social Media) – Many times news from team members or the cryptocurrency’s social media page will break news before it is listed on any of the above-mentioned outlets. Find out who is working for the cryptocurrency you are interested in and start following the team’s social media. Don’t forget to look at their linkedin accounts if available, previous employment and behavioral history to confirm they are competent. 7) Github - Code from projects can be uploaded here and reviewed for issues and revisions.
Common Terms/Slang
Shilling – covert advertising, personally endorsing a token so as to manipulate the price to either recoup a loss or increase gains on a token the individual owns. FUD – Fear, Uncertainty, Doubt; another method to manipulate the price of a token the person owns by making others second guess their investment decision on a specific token. FOMO – Fear Of Missing Out; buying a token (usually after the price has already increased) hoping they haven’t missed the majority of a price increase. Shitcoin – A cryptocurrency that has become worthless overtime or a scam operation. To the Moon – Massive increase in a token’s price.
I'm sure there are probably revisions to be done on this as I am still getting my head around all of the concepts. Any help to this would be appreciated.
submitted by Truantlife to CryptoCurrency [link] [comments]

Crypto Wallet

Crypto Wallet Guide
Humans have come a long way from the barter trading (trading goods without using the money) to gold, then later to paper currency and now we have arrived in the age of digital currency.
There are more than 2000 cryptocurrencies in the world with a market capitalization of around $175 billion, it is necessary to know about them. Where these currencies are stored? How does the crypto wallet work? If You are still reading this, it says you are a beginner and want to explore the crypto world.
To understand the crypto concept, first, know about the crypto wallets.
What Is Cryptocurrency Wallet?
A cryptocurrency wallet is a software program used to store, send, receive private and public keys and can be used to track ownership. It enables you to send and receive digital coins through blockchain. Wallets are a necessary factor for investing and owning cryptocurrencies of any sort.
However, Some wallets are built for a single cryptocurrency( bitcoin and coins forked from bitcoin like bitcoin cash), some can be used for more than one coin(multi cryptocurrency wallet), some wallets you’ll manage yourself, and some will be custodial.
What Are Public & Private Keys?
A public key is a unique identifier for a person and a private key is like a password similar to an ATM pin. A sender will require the public key of the receiver to send him the cryptocurrency and the receiver will be able to access and use these cryptocurrencies by using the private key. A private key must be protected in order to avoid fraudulent activities such as hacking, stealing of cryptocurrencies, etc.
A public key can be extracted from a private key, but a private key can never be extracted from a public key.
A private key should always be kept safe. Exposing it would be vulnerable for various hacks and stealing of the coins by with whom you have shared. sending them to another wallet which they control.
Example of a private key: N2nGYRCBbs6ZRs8w5LHam4r85ikxBzhRNgpNJjqk7D5vrpuaVJB
Example of a public key: 958ikZuaAbGkzXuFL9sfGHYj9ethop8qMh
How Does a Cryptocurrency Wallet Work?
Cryptocurrency wallets work like the safety deposit boxes. Unlike traditional pocket wallets, where they don’t store digital currency. The crypto wallets store your private and public keys and interface with multiple blockchains. Thus, users can track their balance, send money and conduct other operations.
Moreover, currencies don’t get stored in any single place. Also, it is advised not to store the cryptocurrencies on the wallet offered by the particular exchange, because the exchange will own your private key. So better you transfer it to your own crypto wallet to have control over the cryptocurrencies owned by you.
A wallet address is the same as a bank account number. Providing your bank account number to other people, as they need it to transfer your funds. For example: This is like your friend transferring you money, so he needs your bank account number.
In the world of cryptocurrency, if anyone wants to transfer you crypto coins, you should provide him with your wallet address. Similar, like in the real world, however, no two wallets can have the same address, which means that there is no risk of your fund being to transfer to others address. Moreover, there is no limit to the 5number of wallet addresses you create.
Different Types of Crypto Wallets
There are multiple types of wallets that provide different ways to store and access your digital currency.
Hot Wallets vs Cold Wallets
you might come across frequently with the terms “hot wallets” and “cold wallets”. All crypto wallets fall under these two types.
In general, whatever is connected to the internet is less secure than something that is not. This is the difference, where “hot” wallets are connected to the internet and “cold” wallets” are not.
Online, desktop and mobile wallets are hot wallets, while hardware and paper wallets are cold wallets.
1). Software Wallet:
There are three forms of software wallets:
Desktop wallets: These are installed on a laptop or a PC, and can be accessed from a single computer. Although they provide high security, if the computer is attacked by the virus, there is a chance of losing your wallet.
Online wallets: These wallets run on the cloud and can be accessed from any device. Here, your keys are stored online.
Mobile wallets: These wallets that run on an application in a smartphone; they are simpler than the desktop wallets and can be used anywhere.
2). Full Node Wallet:
Here you can control your private keys and provide a full copy of the blockchain. Essentially every coin has an official wallet of this type and that can be found on the official GitHub of the site. “Official” means endorsed by the developers who created the coin.” Many cryptos are decentralized, so there is no real official anything.
3). Coin-Specific:
A wallet which works only with a specific coin.
4). Network-Specific:
A wallet which can hold multiple tokens on a single network.
5). Hardware Wallet:
These type of hardware are specifically built to hold cryptocurrency and keep it safe. This includes USB devices. Moreover, these devices can go online to make transactions and get data and then can be taken offline for transportation and security.
6). Paper Wallet:
This type of wallet lets you to both send and receive digital currency using a paper wallet. You can take a print of your QR code for both a private and public key. With this feature, you can completely avoid storing digital information about your currency by using a paper wallet.
7). Custodial Wallet:
In Custodial wallet, you can’t control your keys directly. Most exchange wallets are custodial wallets.
8). Multisignature Wallet:
It requires multiple parties to sign a transaction for any digital money to be spent. Multisignature wallets are designed to have more layer of security.
How To Choose a Wallet?
Here are some ideas on how to choose the best wallet for you.Hardware and paper wallets are the best to secure funds. Also, We always suggest official or officially endorsed wallet for any given coin.
Ledger Nano S: Multi-currency support, Built-in Display, Easy to operate, Security, Backup and restoration.
Ledger Blue: Malware proof, Multiple currencies, Secure elements.
Jaxx: Exclusive design, Easy to use, Personalized key, available on multiple OS.
Edge wallets: Security, Multi-Currency Support, Easy to use.
Exodus : Multi-currencies, Complete security, Great design, Multi-currencies.
Coinpayment: Bit-go integrated, Online store acceptable, vault, multi-coin wallet.
Most top performing wallets are (Binance, Coinbase, etc.) and they have exchanges too that offers for easy and quick trading between Bitcoin and other crypto or bitcoin and fiat currencies.
Online wallets are prone to security hack and therefore should be used as little as possible. It will be safe to divide your funds among the different types of wallets.
How to Register in a Wallet?
If you are a newbie to the crypto world, then read these points before proceeding:
Download the official wallet from the website.
Register for a custodial wallet service ‘Coinbase’ or non-custodial wallet service like ‘Blockchain’ Wallet (which handles both wallet and exchange with one account).
Purchase a hardware wallet like TREZOR for storage.
Use a universal software wallet or any other wallet that meet your needs like the ones mentioned above.
Coinbase and TREZOR are one of the good major choices, since, they have guides and can be kept safe with the best execution, and also, don’t need to download the full blockchain for a coin.
If you want to know more about particular wallets, Visit our crypto wallet section, you can enjoy reviews on many crypto wallets.
The post Crypto Wallet Guide appeared first on Cryptocurrency information | Cryptocurrency News | Bitcoin News and Crypto Guide.
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Blockchain Wallets

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What a Blockchain Wallet is? What is its purpose?
Find the answer after reading this article.
Public/Private Key
The public key is the digital code you give to someone that wants to transfer ownership of a unit of cryptocurrency to you; and a private key is what you need to be able to unlock your own wallet to transfer a unit of a cryptocurrency to someone else. The encoding of information within a wallet is done by the private and public keys. That is the main component of the encryption that maintains the security of the wallet. Both keys function in simultaneous encryption systems called symmetric and asymmetric encryption. The former, alternatively known as private key encryption, makes use of the same key for encryption and decryption. The latter, asymmetric encryption, utilizes two keys, the public and private key, wherein a message-sender encrypts the message with the public key, and the recipient decodes it with their private key. The public key uses asymmetric algorithms that convert messages into an unreadable format. A person who possesses a public key can encrypt the message for a specific receiver.
Accessing wallets
Methods of wallet access vary depending on the type of wallet being used. Various types of currency wallets on an exchange will normally be accessed via the exchange’s entrance portal, normally involving a combination of a username/password and optionally, 2FA (Two factor authentication, which we explain in more detail later). Whereas hardware wallets need to be connected to an internet enabled device, and then have a pin code entered manually by the user in possession of the hardware wallet in order for access to be gained. Phone wallets are accessed through the device on which the wallet application has been downloaded. Ordinarily, a passcode and/or security pattern must be entered before entry is granted, in addition to 2FA for withdrawals.
Satoshi Nakamoto built the Satoshi client which evolved into Bitcoin in 2009. This software allowed users to create wallets and send money to other addresses. However, it proved to be a nightmarish user experience, with many transactions being sent to incorrect addresses and private keys being lost. The MtGox (Magic the Gathering Online exchange, named after the original intended use of the exchange) incident, which will be covered in greater detail later, serves as a reminder of the dangers present in the cryptosphere regarding security, and the need to constantly upgrade your defenses against all potential hacks. The resulting loss of 850k BTC is a still unresolved problem, weighing heavily on the victims and the markets at large. This caused a huge push for a constantly evolving and improving focus on security. Exchanges that developed later, and are thus considered more legitimate and secure, such as Gemini and Coinbase, put a much greater emphasis on vigilance as a direct result of the MtGox hacking incident. We also saw the evolution of wallet security into the physical realm with the creation of hardware wallets, most notable among them the Ledger and Trezor wallets.
Types of Wallets & Storage Methods
The simplest way to sift through the dozens of cryptocurrency storage methods available today, is to divide them up into digital and non-digital, software and hardware wallets. There are also less commonly used methods of storage of private keys, like paper wallets and brain wallets. We will examine them all at least briefly, because in the course of your interaction with cryptocurrencies and Blockchain technology, it is essential to master all the different types of hardware and software wallets. Another distinction must be made between hot wallets and cold wallets. A hot wallet is one that is connected to the internet, and a cold wallet is one that is not. Fun fact: The level below cold storage, deep cold storage has just recently been implemented by the Regal RA DMCC, a subsidiary of an internationally renowned gold trading company licensed in the Middle East. After having been granted a crypto trading license, Regal RA launched their “deep cold” storage solution for traders and investors, which offers the ability to store crypto assets in vaults deep below the Almas Tower in Dubai. This storage method is so secure that at no point is the vault connected to a network or the internet; meaning the owners of the assets can be sure that the private keys are known only to the rightful owners.
Lets take a quick look at specific features and functionality of varieties of crypto wallets. Software wallets: wallet applications installed on a laptop, desktop, phone or tablet. Web Wallets: A hot wallet by definition. Web Wallets are accessible through the web browser on your phone or computer. The most important feature to recognize about any kind of web wallet, is that the private keys are held and managed by a trusted third party. MyEtherWallet is the most commonly used non-exchange web wallet, but it can only be used to store Ethereum and ERC-20 tokens.
Though the avenue of access to MEW is through the web, it is not strictly speaking a web wallet, though this label will suffice for the time being. The MEW site gives you the ability to create a new wallet so you can store your ETH yourself. All the data is created and stored on your CPU rather than their servers. This makes MEW a hybrid kind of web wallet and desktop wallet. Exchange Wallets: A form of Web Wallet contained within an exchange. An exchange will hold a wallet for each individual variety of cryptocurrency you hold on that exchange. Desktop Wallets: A software program downloaded onto your computer or tablet hard drive that usually holds only one kind of cryptocurrency. The Nano Wallet (Formerly Raiwallet) and Neon wallet for storage of NEO and NEP-5 tokens are notable examples of desktop wallets Phone Wallets: These are apps downloaded onto a mobile phone that function in the same manner as a desktop wallet, but actually can hold many different kinds of cryptocurrency. The Eidoo Wallet for storing Ethereum and its associated tokens and Blockchain Wallet which currently is configured to hold BTC, ETH and Bitcoin Cash, are some of the most widely used examples.
Hardware wallets — LedgeTrezoAlternatives
Hardware wallets are basically physical pathways and keys to the unique location of your crypto assets on the Blockchain. These are thought to be more secure than any variety of web wallet because the private key is stored within your own hard wallet, an actual physical device. This forcibly removes the risk your online wallet, or your exchange counter party, might be hacked in the same manner as MtGox. In hardware wallet transactions, the wallet’s API creates the transaction when a user requests a payment. An API is a set of functions that facilitates the creation of applications that interact and access features or data of an operating system. The hardware then signs the transaction, and produces a public key, which is given to the network. This means the signing keys never leave the hardware wallet. The user must both enter a personal identification number and physically press buttons on the hardware wallet in order to gain access to their Blockchain wallet address through this method, and do the same to initiate transfers.
Paper Wallets
Possibly the safest form of cryptocurrency storage in terms of avoiding hacking, Paper Wallets are an offline form of crypto storage that is free to set up, and probably the most secure way for users, from beginners to experts, to hold on to their crypto assets. To say it simply, paper wallets are an offline cold storage method of storing cryptocurrency. This includes actually printing out your public and private keys on a piece of paper, which you then store and save in a secure place. The keys are printed in the form of QR codes which you can scan in the future for all your transactions. The reason why it is so safe is that it gives complete control to you, the user. You do not need to worry about the security or condition of a piece of hardware, nor do you have to worry about hackers on the net, or any other piece of malware. You just need to take care of one piece of paper!
Real World Historical Examples of Different Wallet Types
Web Wallet: Blockchain.info Brief mechanism & Security Blockchain.info is both a cryptocurrency wallet, supporting Bitcoin, Ethereum and Bitcoin cash, and also a block explorer service. The wallet service provided by blockchain.info has both a Web Wallet, and mobile phone application wallet, both of which involve signing up with an email address, and both have downloadable private keys. Two Factor Authentication is enabled for transfers from the web and mobile wallets, as well as email confirmation (as with most withdrawals from exchanges). Phone Wallet: Eidoo The Eidoo wallet is a multi-currency mobile phone app wallet for storage of Ethereum and ERC-20 tokens. The security level is the standard phone wallet level of email registration, confirmation, password login, and 2 factor authentication used in all transfers out. You may find small volumes of different varieties of cryptocurrencies randomly turning up in your Eidoo wallet address. Certain projects have deals with individual wallets to allow for “airdrops” to take place of a particular token into the wallet, without the consent of the wallet holder. There is no need to be alarmed, and the security of the wallet is not in any way compromised by these airdrops.
Neon Wallet
The NEON wallet sets the standard for web wallets in terms of security and user-friendly functionality. This wallet is only designed for storing NEO, Gas, and NEP-5 tokens (Ontology, Deep Brain Chain, RPX etc.). As with all single-currency wallets, be forewarned, if you send the wrong cryptocurrency type to a wallet for which it is not designed, you will probably lose your tokens or coins. MyEtherWallet My Ether Wallet, often referred to as MEW, is the most widely used and highly regarded wallet for Ethereum and its related ERC-20 tokens. You can access your MEW account with a hardware wallet, or a different program. Or you can also get access by typing or copying in your private key. However, you should understand this method is the least safe way possible,and therefore is the most likely to result in a hack. Hardware: TrezoLedger Brief History Mechanism and Security A hardware wallet is a physical key to your on-chain wallet location, with the private keys contained within a secure sector of the device. Your private key never leaves your hardware wallet. This is one of the safest possible methods of access to your crypto assets. Many people feel like the hardware wallet strikes the right balance between security, peace of mind, and convenience. Paper Wallet Paper wallets can be generated at various websites, such as https://bitcoinpaperwallet.com/ and https://walletgenerator.net/. They enable wallet holders to store their private keys totally offline, in as secure a manner as is possible.
Real World Example — Poor Practices
MtGox Hack history effects and security considerations MtGox was the largest cryptocurrency exchange in the world before it was hacked in 2014. They were handling over 70% of BTC transactions before they were forced to liquidate their business. The biggest theft of cryptocurrency in history began when the private keys for the hot wallets were stolen in 2011 from a wallet.dat file, possibly by hacking, possibly by a rogue employee. Over the course of the next 3 years the hot wallets were emptied of approximately 650000 BTC. The hacker only needed wallet.dat file to access and make transfers from the hot wallet, as wallet encryption was only in operation from the time of the Bitcoin 0.4.0 release on Sept 23rd 2011. Even as the wallets were being emptied, the employees at Mt Gox were apparently oblivious to what was taking place. It seems that Mt Gox workers were interpreting these withdrawals as large transfers being made to more secure wallets. The former CEO of the exchange, Mark Karpeles, is currently on trial for embezzlement and faces up to 5 years in prison if found guilty. The Mt Gox hack precipitated the acceleration of security improvements on other exchanges, for wallets, and the architecture of bitcoin itself. As a rule of thumb, no small-to-medium scale crypto holders should use exchange wallets as a long-term storage solution. Investors and experienced traders may do this to take advantage of market fluctuations, but exchange wallets are perhaps the most prone to hacking, and storing assets on exchanges for an extended time is one of the riskiest ways to hold your assets.
In a case strikingly similar to the MtGox of 2011–2014, the operators of the BitGrail exchange “discovered” that approximately 17 million XRB ($195 million worth in early 2018) were missing. The operators of the exchange were inexplicably still accepting deposits, long after they knew about the hack. Then they proceeded to block withdrawals from non-EU users. And then they even requested a hard fork of the code to restore the funds. This would have meant the entire XRB Blockchain would have had to accept all transactions from their first “invalid” transaction that were invalid, and rollback the ledger. The BitGrailexchange attempted to open operations in May 2018 but was immediately forced to close by order of the Italian courts. BitGrail did not institute mandatory KYC (Know your customer) procedures for their clients until after the theft had been reported, and allegedly months after the hack was visible. They also did not have 2 factor authentication mandatory for withdrawals. All big, and very costly mistakes.
Case Study: Good Practice Binance, the Attempted Hack
During the 2017 bull run, China-based exchange Binance quickly rose to the status of biggest altcoin exchange in the world, boasting daily volumes that surged to over $4 billion per day in late December. Unfortunately, this success attracted the attention of some crafty hackers. These hackers purchased domain names that were confusingly similar to “binance.com”. And then they created sufficiently convincing replica websites so they could phish traders for their login information. After obtaining this vital info, the scammers created API keys to place large buy orders for VIAcoin, an obscure, low volume digital currency. Those large buy orders spiked VIA’s price. Within minutes they traded the artificially high-priced VIA for BTC. Then they immediately made withdrawal requests from the hacked BTC wallets to wallets outside of the exchange. Almost a perfect fait accompli! But, Binance’s “automating risk management system” kicked in, as it should, and all withdrawals were temporarily suspended, resulting in a foiled hacking attempt.
Software Wallets Web/Desktop/Phone/Exchange Advantages and Limitations
As we said before, it is inadvisable to store crypto assets in exchange wallets, and, to a lesser extent, Web Wallets. The specific reason we say that is because you need to deliver your private keys into the hands of another party, and rely on that website or exchange to keep your private key, and thus your assets, safe. The advantages of the less-secure exchange or web wallets, are the speed at which you can transfer assets into another currency, or into another exchange for sale or for arbitrage purposes. Despite the convenience factor, all software wallets will at some point have been connected to the internet or a network. So, you can never be 100% sure that your system has not been infected with malware, or some kind of keylogging software, that will allow a third party to record your passwords or private keys. How well the type of storage method limits your contact with such hazards is a good way to rate the security of said variety of wallet. Of all the software wallets, desktop and mobile wallets are the most secure because you download and store your own private key, preferably on a different system. By taking the responsibility of private key storage you can be sure that only one person has possession of it, and that is you! Thereby greatly increasing the security of your crypto assets. By having their assets in a desktop wallet, traders can guard their private key and enjoy the associated heightened security levels, as well keep their assets just one swift transfer away from an exchange.
Hardware Wallets Advantages and Limitations
We briefly touched on the features and operation of the two most popular hardware wallets currently on the market, the Ledger and Trezor wallets. Now it will be helpful to take a closer look into the pros and cons of the hardware wallet storage method. With hardware wallets, the private keys are stored within a protected area of the microcontroller, and they are prevented from being exported out of the device in plain text. They are fortified with state-of-the-art cryptography that makes them immune to computer viruses and malware. And much of the time, the software is open source, which allows user validation of the entire performance of the device. The advantages of a hardware wallet over the perhaps more secure paper wallet method of crypto storage is the interactive user experience, and also the fact that the private key must at some stage be downloaded in order to use the paper wallet. The main disadvantage of a hardware wallet is the time-consuming extra steps needed to transfer funds out of this mode of storage to an exchange, which could conceivably result in some traders missing out on profits. But with security being the main concern of the vast majority of holders, investors and traders too, this slight drawback is largely inconsequential in most situations.
Paper Wallets Advantages and Limitations
Paper wallets are thought by some to be the safest way to store your crypto assets, or more specifically, the best method of guarding the pathways to your assets on the Blockchain. By printing out your private key information, the route to your assets on the Blockchain is stored 100% offline (apart from the act of printing the private key out, the entire process is totally offline). This means that you will not run the risk of being infected with malware or become the victim of keylogging scams. The main drawback of using paper wallets is that you are in effect putting all your eggs in one basket, and if the physical document is destroyed, you will lose access to your crypto assets forever.
Key things to keep in mind about your Wallet Security: Recovery Phrases/Private Key Storage/2FA/Email Security
Recovery phrases are used to recover the on-chain location for your wallet with your assets for hardware wallets like ledgers and Trezors that have been lost. When you purchase a new ledger for example, you just have to set it up again by entering the recovery phrase into the display and the lost wallets will appear with your assets intact. Private key storage is of paramount importance to maintain the safety of your on-chain assets! This should be done in paper wallet form, or stored offline on a different computer, or USB device, from the one you would typically use to connect to the 2 Factor Authentication (2FA) sometimes known as “two step authentication”. This feature offers an extra security layer when withdrawing funds from cryptocurrency wallets. A specialized app, most commonly Google Authenticator, is synced up to the exchange to provide a constantly changing code. This code must be entered within a short time window to initiate transfers, or to log into an exchange, if it has also been enabled for that purpose.
You must always consider the level of fees, or the amount of Gas, that will be needed to carry out the transaction. In times of high network activity Gas prices can be quite high. In fact, in December 2017 network fees became so high that some Bitcoin transactions became absolutely unfeasible. But that was basically due to the anomalous network congestion caused by frantic trading of Bitcoin as it was skyrocketing in value. When copying wallet addresses, double check and triple check that they are correct. If you make a mistake and enter an incorrect address, it is most likely your funds will be irretrievably lost; you will never see those particular assets again. Also check that you haven’t input the address of another one of your wallets that is designed to hold a different variety of cryptocurrency. You would similarly run the very great risk of losing your funds forever. Or, at the very least, if you have sent the wrong crypto to a large exchange wallet, for example on Coinbase, maybe you could eventually get those funds back, but it would still entail a long and unenjoyable wait.
How to Monitor Funds
There are two ways to monitor you funds and your wallets. The first is by searching for individual wallet addresses on websites specifically designed to let you view all the transactions on a particular Blockchain. The other is to store a copy of your wallet contents on an application that tracks the prices of all cryptocurrencies. Blockchain.info is the block explorer for Bitcoin, and it allows you to track all wallet movements so you can view your holdings and all the historical transactions within the wallet. The Ethereum blockchain’s block explorer is called Ether scanner, and it functions in the same way. There is a rival to Ether scanner produced by the Jibrel Network, called JSearch which will be released soon. JSearch will aim to offer a more streamlined and faster search method for Ethereum blockchain transactions. There are many different kinds of block explorer for each individual crypto currency, including nanoexplorer.io for Nano (formerly Rai Blocks) and Neotracker for NEO. If you simply want to view the value of your portfolio, the Delta and Blockfolio apps allow you to easily do that. But they are not actually linked to your specific wallet address, they just show price movements and total value of the coins you want to monitor.
That’s not all! You can learn how to transfer and monitor the funds in and out of your wallet by clicking on the link.
To be continued!
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How To Download and Use Exodus Bitcoin Wallet - YouTube

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