How to set up a secure offline savings wallet - Bitcoin Wiki

Groestlcoin 6th Anniversary Release


Dear Groestlers, it goes without saying that 2020 has been a difficult time for millions of people worldwide. The groestlcoin team would like to take this opportunity to wish everyone our best to everyone coping with the direct and indirect effects of COVID-19. Let it bring out the best in us all and show that collectively, we can conquer anything.
The centralised banks and our national governments are facing unprecedented times with interest rates worldwide dropping to record lows in places. Rest assured that this can only strengthen the fundamentals of all decentralised cryptocurrencies and the vision that was seeded with Satoshi's Bitcoin whitepaper over 10 years ago. Despite everything that has been thrown at us this year, the show must go on and the team will still progress and advance to continue the momentum that we have developed over the past 6 years.
In addition to this, we'd like to remind you all that this is Groestlcoin's 6th Birthday release! In terms of price there have been some crazy highs and lows over the years (with highs of around $2.60 and lows of $0.000077!), but in terms of value– Groestlcoin just keeps getting more valuable! In these uncertain times, one thing remains clear – Groestlcoin will keep going and keep innovating regardless. On with what has been worked on and completed over the past few months.

UPDATED - Groestlcoin Core 2.18.2

This is a major release of Groestlcoin Core with many protocol level improvements and code optimizations, featuring the technical equivalent of Bitcoin v0.18.2 but with Groestlcoin-specific patches. On a general level, most of what is new is a new 'Groestlcoin-wallet' tool which is now distributed alongside Groestlcoin Core's other executables.
NOTE: The 'Account' API has been removed from this version which was typically used in some tip bots. Please ensure you check the release notes from 2.17.2 for details on replacing this functionality.

How to Upgrade?

If you are running an older version, shut it down. Wait until it has completely shut down (which might take a few minutes for older versions), then run the installer.
If you are running an older version, shut it down. Wait until it has completely shut down (which might take a few minutes for older versions), run the dmg and drag Groestlcoin Core to Applications.

Other Linux


Download the Windows Installer (64 bit) here
Download the Windows Installer (32 bit) here
Download the Windows binaries (64 bit) here
Download the Windows binaries (32 bit) here
Download the OSX Installer here
Download the OSX binaries here
Download the Linux binaries (64 bit) here
Download the Linux binaries (32 bit) here
Download the ARM Linux binaries (64 bit) here
Download the ARM Linux binaries (32 bit) here


ALL NEW - Groestlcoin Moonshine iOS/Android Wallet

Built with React Native, Moonshine utilizes Electrum-GRS's JSON-RPC methods to interact with the Groestlcoin network.
GRS Moonshine's intended use is as a hot wallet. Meaning, your keys are only as safe as the device you install this wallet on. As with any hot wallet, please ensure that you keep only a small, responsible amount of Groestlcoin on it at any given time.





ALL NEW! – HODL GRS Android Wallet

HODL GRS connects directly to the Groestlcoin network using SPV mode and doesn't rely on servers that can be hacked or disabled.
HODL GRS utilizes AES hardware encryption, app sandboxing, and the latest security features to protect users from malware, browser security holes, and even physical theft. Private keys are stored only in the secure enclave of the user's phone, inaccessible to anyone other than the user.
Simplicity and ease-of-use is the core design principle of HODL GRS. A simple recovery phrase (which we call a Backup Recovery Key) is all that is needed to restore the user's wallet if they ever lose or replace their device. HODL GRS is deterministic, which means the user's balance and transaction history can be recovered just from the backup recovery key.



Main Release (Main Net)
Testnet Release


ALL NEW! – GroestlcoinSeed Savior

Groestlcoin Seed Savior is a tool for recovering BIP39 seed phrases.
This tool is meant to help users with recovering a slightly incorrect Groestlcoin mnemonic phrase (AKA backup or seed). You can enter an existing BIP39 mnemonic and get derived addresses in various formats.
To find out if one of the suggested addresses is the right one, you can click on the suggested address to check the address' transaction history on a block explorer.


Live Version (Not Recommended)



ALL NEW! – Vanity Search Vanity Address Generator

NOTE: NVidia GPU or any CPU only. AMD graphics cards will not work with this address generator.
VanitySearch is a command-line Segwit-capable vanity Groestlcoin address generator. Add unique flair when you tell people to send Groestlcoin. Alternatively, VanitySearch can be used to generate random addresses offline.
If you're tired of the random, cryptic addresses generated by regular groestlcoin clients, then VanitySearch is the right choice for you to create a more personalized address.
VanitySearch is a groestlcoin address prefix finder. If you want to generate safe private keys, use the -s option to enter your passphrase which will be used for generating a base key as for BIP38 standard (VanitySearch.exe -s "My PassPhrase" FXPref). You can also use VanitySearch.exe -ps "My PassPhrase" which will add a crypto secure seed to your passphrase.
VanitySearch may not compute a good grid size for your GPU, so try different values using -g option in order to get the best performances. If you want to use GPUs and CPUs together, you may have best performances by keeping one CPU core for handling GPU(s)/CPU exchanges (use -t option to set the number of CPU threads).





ALL NEW! – Groestlcoin EasyVanity 2020

Groestlcoin EasyVanity 2020 is a windows app built from the ground-up and makes it easier than ever before to create your very own bespoke bech32 address(es) when whilst not connected to the internet.
If you're tired of the random, cryptic bech32 addresses generated by regular Groestlcoin clients, then Groestlcoin EasyVanity2020 is the right choice for you to create a more personalised bech32 address. This 2020 version uses the new VanitySearch to generate not only legacy addresses (F prefix) but also Bech32 addresses (grs1 prefix).




Remastered! – Groestlcoin WPF Desktop Wallet (v2.19.0.18)

Groestlcoin WPF is an alternative full node client with optional lightweight 'thin-client' mode based on WPF. Windows Presentation Foundation (WPF) is one of Microsoft's latest approaches to a GUI framework, used with the .NET framework. Its main advantages over the original Groestlcoin client include support for exporting blockchain.dat and including a lite wallet mode.
This wallet was previously deprecated but has been brought back to life with modern standards.


Remastered Improvements



ALL NEW! – BIP39 Key Tool

Groestlcoin BIP39 Key Tool is a GUI interface for generating Groestlcoin public and private keys. It is a standalone tool which can be used offline.



Linux :
 pip3 install -r requirements.txt python3 bip39\ 


ALL NEW! – Electrum Personal Server

Groestlcoin Electrum Personal Server aims to make using Electrum Groestlcoin wallet more secure and more private. It makes it easy to connect your Electrum-GRS wallet to your own full node.
It is an implementation of the Electrum-grs server protocol which fulfils the specific need of using the Electrum-grs wallet backed by a full node, but without the heavyweight server backend, for a single user. It allows the user to benefit from all Groestlcoin Core's resource-saving features like pruning, blocks only and disabled txindex. All Electrum-GRS's feature-richness like hardware wallet integration, multi-signature wallets, offline signing, seed recovery phrases, coin control and so on can still be used, but connected only to the user's own full node.
Full node wallets are important in Groestlcoin because they are a big part of what makes the system be trust-less. No longer do people have to trust a financial institution like a bank or PayPal, they can run software on their own computers. If Groestlcoin is digital gold, then a full node wallet is your own personal goldsmith who checks for you that received payments are genuine.
Full node wallets are also important for privacy. Using Electrum-GRS under default configuration requires it to send (hashes of) all your Groestlcoin addresses to some server. That server can then easily spy on your transactions. Full node wallets like Groestlcoin Electrum Personal Server would download the entire blockchain and scan it for the user's own addresses, and therefore don't reveal to anyone else which Groestlcoin addresses they are interested in.
Groestlcoin Electrum Personal Server can also broadcast transactions through Tor which improves privacy by resisting traffic analysis for broadcasted transactions which can link the IP address of the user to the transaction. If enabled this would happen transparently whenever the user simply clicks "Send" on a transaction in Electrum-grs wallet.
Note: Currently Groestlcoin Electrum Personal Server can only accept one connection at a time.



Linux / OSX (Instructions)


UPDATED – Android Wallet 7.38.1 - Main Net + Test Net

The app allows you to send and receive Groestlcoin on your device using QR codes and URI links.
When using this app, please back up your wallet and email them to yourself! This will save your wallet in a password protected file. Then your coins can be retrieved even if you lose your phone.



Main Net
Main Net (FDroid)
Test Net


UPDATED – Groestlcoin Sentinel 3.5.06 (Android)

Groestlcoin Sentinel is a great solution for anyone who wants the convenience and utility of a hot wallet for receiving payments directly into their cold storage (or hardware wallets).
Sentinel accepts XPUB's, YPUB'S, ZPUB's and individual Groestlcoin address. Once added you will be able to view balances, view transactions, and (in the case of XPUB's, YPUB's and ZPUB's) deterministically generate addresses for that wallet.
Groestlcoin Sentinel is a fork of Groestlcoin Samourai Wallet with all spending and transaction building code removed.




UPDATED – P2Pool Test Net



Pre-Hosted Testnet P2Pool is available via


submitted by Yokomoko_Saleen to groestlcoin [link] [comments]

[ELI5] How to send coins using

How to send coins from ANY wallet using


Because cold wallets, such as those stored offline in a text file as I keep recommending in my standard advice below:
All you need is a text file to put your wallets in, like this example from
1,"D7WBUpdgLRtG6WyPsqjhaKiJR65X8ZGnkZ","6KieLMW1poAzNVnmLuQZqA262gxEQ51eLGdDK8e2GL2B4LHCKKb" 2,"DM8LT16d49zHr8ByXbUwZb9UBXDGMaZRdc","6Ktgxdv6vN9v2bDHwcJBBb3oMRAgXJumESzBnxaXUSGFZoq6pWQ" 3,"D5UCa51AfxjtVHQ46oYXe2YfkctTeLXPhx","6L2WSPWadRYCwt2L1CxH6zC7PoTYY3KyjxdiUoCqi5eyq6hQKvj"
Use to move coins. Download both sites and run them offline. Use to check balances and transactions. See for tutorial. And read the ELI5s (and my history) for more info.
Are without doubt THE SAFEST way to store your coins. Plus, they consume no resources. No bandwidth, no network stress for every node we have, no storage of 20Gb+ blockchains, no weeks of waiting for things to sync, no tearing your hair out and posting desperate pleas for help, and most importantly, no coins irretrievably lost because you or your client screwed up.


Wallets, ALL WALLETS are nothing but numbers. Very large numbers, but fundamentally no different from “7”, “42”, “911” or a phone number. They cannot be created nor destroyed, and you either know them or you don’t. Anyone who knows a key can use it to spend any coins it controls. Anyone who doesn’t know it, can’t. Don’t be the guy who doesn’t know his own keys. Keep them safe. Make copies. Keep those safe. Don’t let your friends, kid brother or random burglar find them, but don’t lose them either.
The only other thing you need for a fully functional wallet is a way to spend coins. is such a way. There are others, such as which tomcarbon built.
Oh, and you can and should download it and run it locally.


The default entry point for is because this settings page is very well hidden. Its in the tiny gear wheel on the Broadcast page.
Looking across the top of the page, you can see
  • + New
  • Verify
  • Sign
  • Broadcast
  • Wallet
  • About
We’re only going to use three of these. New, Sign, Broadcast.
Now, keep in mind that is an old Bitcoin tool which tomcarbon added Dogecoin to. Sometimes it thinks its dealing with Bitcoin still, so if you see anything odd, go and make sure you’ve selected Dogecoin in the Settings page.


This tool should be the only place you spend coins. Sure, some clients may look more convenient, but they all suffer from a very big coin-losing flaw. Whenever you split a UTXO, they create a new wallet to send the change to. And they DON’T TELL YOU! This means unless you back up after every transaction, you run a high risk of finding all your coins have ‘disappeared’ from your wallet, and you don’t recognise where they went.
So if you use a client for the convenience as well as a text list of your wallets, you won’t know to add a new wallet to your masterfile. Its best to ditch the clients entirely.


Now we come to the nitty-gritty. Lets use those three wallets above and assume that #1 is the source, #2 the destination and #3 the change wallet. Note that these won’t actually work, as none of them have ever been used, but they will do as examples.
New Transaction
Located at the bottom of the New menu, this will give you a page to enter your wallets and amounts.
In the top field, you enter your source address or Key. If you use the key, it will calculate the address when you click the Load button, which should match what you expected. Note that Load only brings in the first 100 UTXOs. This is so that you can retrieve coins from high-volume wallets which would kill any client. is in fact the ONLY WAY to do this, as even QT falls over around 600 UTXOs.
You will see the total balance that was loaded in the Transaction Fee field. And also in the Inputs tab, where you can go to adjust which UTXOs to spend.
Now you need to add the wallet(s) and amounts to send to them. Lets suppose the source contained a single UTXO for 1,000 Doge. You want to send 500 of them. So you would enter the #2 address in the Address field, and 500 in the Amount field. The Fee now changes to 500, which is not what you want.
So you click the + button to bring up a new line, enter the change address and the other 500, making the fee zero.
And you’re done. Check that the Fee is indeed zero. Check that the amounts shown in the Outputs and Inputs tabs match exactly.


There is a bug which will send all the coins to the miners if the Outputs exceed the Inputs. I would have expected the Fee to show as negative in such a situation, but it doesn’t. BE WARNED!
Once everything looks right, hit the Submit button.
This will give you a block of hex code. Copy it.
Go to the Sign tab and paste it. Add your private key for the source wallet and click Submit. Note this can be done offline for safety.
This will give you another block of hex, the SIGNED transaction.
Copy this and paste it in the Broadcast tab and click Submit.
That’s it. Your coins are on their way. Make a cuppa and settle in while they arrive in a minute or three.
Note: All fields retain their values unless you refresh the page! This can be a boon when doing multiple transactions, such as when emptying a huge wallet. But it can also be a trap for the unsuspecting. Refresh or close the window when you’re done.


Who should use this?
Absolutely EVERYONE!
Even if you’re wedded to your client in some satanic blood-contract, you should still know how this works, because sooner or later you’re going to have a problem you can’t fix without it.
Definitely download the site and store it on every device you have. On every USB backup of your wallets. On your phone (well, except iOS which doesn’t do local HTML), etc, etc, etc.
Oh, and if you’re a programmer SmartyShibe, do consider improving the code over on GitHub.
EDIT: added courtesy of AtomHearth
submitted by Fulvio55 to dogecoin [link] [comments]

/r/Monero - Newcomers Please Read. Everything You Need To Know.

What is Monero (XMR)?
Monero is a secure, private, untraceable (crypto-)currency. It is open-source and freely available to all. Don't believe us? Click here.
Monero is a tool that people can actually use. It makes receiving payments hassle-free, since merchants and individuals no longer need to fear the source of funds they are accepting. With transparent systems like Bitcoin, Ethereum, Verge, or Dash, these people need to hope (or spend substantial resources verifying) the sender did not use the funds illicitly. Furthermore, merchants do not want all their vendors known, and individually do not want everyone to know how much they are spending. If I spend more than I should at Newegg (store), that's my own business.
Monero is different because every transaction is always private. There is no way for pools and exchanges to opt out of sending private transactions. Thus, Monero's anonymity set far exceeds any other coin's anonymity set. Over 86,000 transactions in the past month of August, 2017 hid the sender and receiver, and about 99.95% of them also hid the amount (will increase to 100% of all new transactions in September)! There is no suspicion in using a private transaction, since all transactions are private. A single transaction does not stick out.*
This privacy is afforded with the best technology. I implore you to take a few minutes to learn about the four main technologies that Monero uses to provide privacy:
There are several other things that make Monero great! It has a smooth tail emission, dynamic blocks and fees, and an accessible Proof of Work (mining) algorithm.
*You can optionally choose a very large, unusual ringsize to make the transaction stick out. This is not recommended, and normal users who leave the ringsize at the default setting will not experience any issues. Also, it's possible for a user to manually add identifying information to the tx_extra field, which is something that a user must seriously go out of their way to do.
Now you know Monero (XMR) has the best technology. What else makes Monero (XMR) different than other cryptocurrencies?
P.S. Want a quick-start, simple your-grandma-could-do-it guide? Here's a great one!
Am I a bad person to consider using this?
No, Monero is freedom money. You can do whatever you want with it, whenever you want, where ever you want. We make it clear that you should own your wealth 100%. What you do with it, is none of our concern.
Where does the word Monero come from?
The word Monero comes from the language Esperanto. Monero means coin oand currency. The plural way of saying Monero in Esperanto and in our cryptocurrency is Moneroj.
How do I store Monero?
Monero Core
Monero Core GUI (If you don't know how to use it, click here for instructions and tutorial)
Monero Web-Wallet
Offline Wallet Generator
Is there a lightweight wallet for Monero?
Not yet, but you can use the official GUI with a remote node.
Are there any other ways to store Monero (XMR)?
Yes, there are many mobile wallets out there that allow you to store Monero (XMR). We do not recommend them, because they are not official releases of Monero. If you do decide to use other wallets, please make sure to do your research first before storing any Moneroj in the wallet. Anything used for Monero outside of official releases, will be used at your own risk. Some may be used for scamming purposes. If you still decide to take the risk; do not use them for large amounts. Also keep in mind that there is a high chance that Monero support will not be able to help you if you bump into any problems from applications outside of official releases. Why should you not use non-official wallets? Well would you buy a house and give your only key you have to the buildemanagement and wait for him/her to open the door to the house you supposedly own? No. Same goes with cryptocurrencies. You should always have possession of your private keys, and your Moneroj. Most non-official releases own your private keys, therefore you do not own the Moneroj.
How do I buy Monero (XMR) with fiat?
Monero For Cash
Local Monero
Other Options
Which exchanges support Monero (XMR)?
How do I setup a offline cold paper wallet?
Step-by-step guide for cold storage and offline transaction signing with optimal security
Guide For Securely Generating An Offline Cold Paper Wallet
USB Monero Cold Wallet Guide
Is there a Chinese translation so I can understand Monero? 是否有中文翻译,以便我能理解Monero?
Monero (XMR) Chinese Translation
Can I buy Monero (XMR) with CNY? 我可以用人民币买Monero吗?
*Can I buy Monero (XMR) with KRW?
Where can I find a good mining pool?
Monero Pools
What miner should I use?
XMR-Stak (Windows-Linux)
CpuMiner by tpruvot (Windows, Linux)
CpuMiner By Wolf
xmr-stak (MacOS)
cpuminer(MacOS) By correcthorse
XMR-stak (AMD)
Ccminer (nVidia) by KlausT, psychocrypt, and fireice-uk
Claymore's CryptoNote GPU Miner (AMD)
If you are a Windows user, click here.
Can I use a proxy for mining?
You can use XMR Proxy. If you want to monitor your rigs you can use Monero Mining Monitor.
How can I setup a local wallet while running node with little bandwidth?
You can use GUI, as a remote node as it uses very little bandwidth. Go to settings tab and change: "localhost:18089" to "". If you are still having problems, then just use our Monero Web-Wallet.
Can I run Monero through Tor or I2P?
Guide to use Monero with Tor correctly
Monero Safety Through Tor
Monero I2P
My vendor only accepts bitcoin but I only have Monero, and I know bitcoin is not private/anonymous. What should I do?
Use XMR.TO, but you should also educate them about bitcoins lack of privacy. Tell them to visit this post.
How long does it take to sync to the blockchain?
It can take from a few hours (using SSD drive) or even 24 hours, depending on hard drive and connection speed.
How do I generate a QR-code for a Monero address?
How to generate a QR code for a Monero address for a personalized code
Guide to check balance
List of scams: (Always do a background check / research for anything outside of official releases.)
Did you know over 50 high profile artists accept Monero on their online stores? Check out Project Coral Reef
Are there any other sub-reddits that specialize in certain parts of Monero or just related to Monero?
Yes, there are a few. However, please keep in mind that this sub-reddit (/Monero) is the official Monero sub-reddit.
/xmrtrader - Trading, and investing related discussions & inquires.
/MoneroMining - Mining related discussions & inquires.
/MoneroCommunity for those who want to help grow the community.
/moonero for shitposts and memes.
/MoneroMarket for buying and selling wares for Monero.
/MoneroSupport for, you guessed it, Monero support.
Want to get involved? Click here for a list of sources.
How can I participate in the Monero community?
We welcome everyone to join us and help out. Check the "Community Info" section on our subreddit for our website, forum, stack exchange, github, twitter, and facebook. Anyway, we hope you stick around beyond the hype. Monero has a lot going for it, and we hope you agree! We really need your help, since this project is entirely driven by the community!
Nun vi spertis liberecon.
submitted by cryptonaire- to Monero [link] [comments]

ethtrader Glossary of Terms

I recently introduced a friend to our humble, little subreddit and they quickly pointed out that the language spoken here did not appear to be English. I suppose we do toss around a fair amount of acronyms, memes, and slang. I put together a quick glossary of terms for them and figured I should post it here in case any other new ethtraders can benefit from it:

Trading Related:

Crypto-currency related, but not really specific to Ethereum:

Terms more specific to Ethereum


Any mistakes I made? Any terms you would add?
submitted by Basoosh to ethtrader [link] [comments]

Without Further Innovation Cryptocurrency Scalability is at Risk

In 2008, an anonymous individual or group of individuals going by the name of Satoshi Nakamoto, created the concept of a “purely peer-to-peer version of electronic cash” that would allow payments to be sent between parties without going through a financial intermediary such as a bank. Using cryptography to power a consensus algorithm, such electronic cash could be recorded on a distributed ledger by a community of nodes and miners operating on the same network. The beauty of this system is that it negated the requirement of a single trusted entity to maintain the network, instead the work to append transactions to the ledger would be distributed to the community of nodes without the need for trust. From this point, the concept of a decentralized currency system was born, and the technology that powered it was called blockchain.
This new system of transferring electronic cash between parties revolutionized the industry. It created a new way for people to send money to each other, without paying exorbitant bank transaction fees, and waiting several days for funds to show up in the receiving party’s account. It was the first, low-cost, low latency method of moving currency without a financial intermediary. The technology behind this allowed entities to submit transactions into the blockchain without anything more than a destination address and their private key. Completely eliminated was the need to create an account and submit one’s personal information — it was the first way to send digital funds, in an anonymized manner. This obviously had far reaching implications in the transfer of money, and, as expected, the earliest adopters were those whom wished to purchase illicit goods and services, without having to provide any identifying information. Despite its use, these early adopters helped to prove the model and pave the way for wider scale adoption.
But life in the crypto world isn’t always without drama. In 2014 the FBI confiscated the Silk Road website and its assets, including bitcoin held in its accounts, and shortly thereafter the largest exchange in the world, Mt. Gox, imploded as a result of a mysterious hack. Still, the currency remained strong, as the demand for a fast, inexpensive, and anonymous way of sending funds across the globe was very high. 2017 marked a turning point in the world of cryptocurrency, where demand was no longer fueled by the requirement to transfer money, but by the Fear of Missing Out (FOMO) on a frenzy of speculative mania.
But behind the meteoric surge in popularity came a dark reality that few openly discussed — the potential for the modern cryptocurrency to fail in scaling with the unanticipated demand. In January of 2017, near the start of the year long cryptocurrency rally, the average bitcoin transaction cost was just $0.35 with a confirmation time of 12 minutes, about 20% more than the difficulty adjustment setting built into the protocol. By its peak, just a year later, the average confirmation time skyrocketed to over 5,400 minutes, at a cost of nearly $55 per transaction. Today the prices and times have settled, but if we learned one thing from the crypto boom, it’s that, the currencies meant to change the world by circumventing banking subsidiaries, ended up costing us drastically more, while taking an enormously longer period of time to settle. For the first time we understood that the technologies that promised to undermine banking, were woefully underbuilt to deliver on this mission, and the altruistic development teams that maintained the core client were so decentralized that they were unable to agree on a single solution to scalability. Bitcoin ended up being prohibitively slow to use in any real world scenario, and the dream of using it as an everyday currency quickly vanished. Perhaps you may argue that these are problems with bitcoin alone, but for illustration sake, given identical time frames, Ethereum transaction fees jumped 830x to $4.15 per transaction, and more than doubled in block time to 30 seconds. If a cryptocurrency designed to usurp Bitcoin in cost, speed and utility suffered the same fate of it’s older brethren, than it’s safe to say that even the most brilliant minds are no match for the resources and infrastructure of a major credit card network, or even an online payments system like PayPal. The implications of the lack scalability mean lost time, lost capital, and perhaps, most importantly, lost potential as a daily currency. Therefore, it is has never been more important for the core development teams that maintain these networks to find solutions to scale the networks to handle the loads that rival the transactions per second (tps) of the major financial providers.
There’s light at the end of the tunnel — cryptocurrency is less than a decade old, and mainstream use is only a phenomena of the past nine months. The challenges experienced by the most widely recognized cryptocurrencies are ones that have been introduced in a relatively short period of time. The raw software engineering talent we possess in our modern time is incredible. Today we’re seeing off-chain scaling solutions that have demonstrated significant potential — allowing us faster transaction times while limiting use of the blockchain exclusively for settlement and finality. We are also seeing innovations in the consensus algorithms that power the network, with less computationally (and electricity) expensive and faster settling versions being implemented in newer cryptocurrency platforms. Even the infrastructure that powers our ecosystems are improving. Exchanges are as fast as they’ve ever been, serving high frequency trading algorithms, with lesser and lesser fees. They are also numerous and provide a wide array of currencies to trade. Wallet technology has evolved to allow us to store currency offline, air gapped and in “cold storage” from something as small as a USB drive. It is therefore critical that we continue to innovate and apply our combined ingenuity and resourcefulness to further the cryptocurrency ecosystem. Afterall, it was born out of decentralization, and without the motivations of a corporation that reports to shareholders, extra effort and unity is required to coordinate growth, where governance would have otherwise been provided by a single entity. Given enough time and motivation, all of the challenges posited in this article can be solved — indeed we are already seeing this happening today.
At Ternion, we welcome the challenge of innovation. We believe technological progress is shaped by those willing to accept the challenge. Our goal is to produce solutions that help positively impact our world, starting with a complete cryptocurrency ecosystem that builds upon payments and exchanges.
submitted by ternionofficial to u/ternionofficial [link] [comments]

Cryptocurrency Terms And Definitions - Common Crypto Words To Know

The blockchain community is not left out when it comes to the use of jargon and phrases. The use of words that look strange to those who are not involved in crypto is totally inevitable. It’s definitely going to be difficult for anyone not in this space to understand words like “ERC20, ICO or gas. So in order to help such people out, we have made a list of the most common cryptocurrency terms and definitions. Please sit back and enjoy your ride.

Cryptocurrency Terms And Definitions
One can categorize these terms into various parts. First of all, we will deal with general cryptocurrency terms and definitions.

Blockchains are distributed ledgers which are secured by cryptography. Everyone has access to read the information on every blockchain which means they are essentially public databases but the data update can only be done by the data owners. In the case of blockchains, data doesn’t remain on a single centralized server, they are copied across hundreds of thousands of computers worldwide. Projects such as Ethereum, Vechain, EOS etc. fall under this class of technology.
Mining: The means of trying to ‘solve’ the next available block. One needs huge amounts of computer processing power to carry this out effectively. There is always a reward for doing this.
Mining rig: A specially designed computer that processes proof-of-work blockchains such as Ethereum. They consist of multiple high-end graphic processors (GPUs) so as to maximize their processing power.
Node: This is a computer that has a copy of the blockchain and is working to keep it in a good shape.
PoW: The full meaning of this is Proof-of-work. The Ethereum network currently makes use of this algorithm.
PoS: Its full meaning is Proof-of-stake. It is the proposed future algorithm for Ethereum. Those that own ETH will be able to lock up all or a portion of their ether for a given amount of time in order to ‘vote’ and generate network consensus instead of mining in its current form. Stakeholders will get rewards in form of ETH by doing so.
Fork: This takes places when a certain blockchain splits into two different chains. This usually happens in the crypto space when new ‘governance rules’ are infused into the blockchain’s code.
Software wallet: A crypto-currency storage that exists purely on a computer as software files. You can generate these kinds of wallets for free from diverse sources. MyEtherWallet (MEW) is one of the most popular sources around.
Hardware wallet: A device that one can securely keep cryptocurrency. People often say that these wallets are the most secure way to store cryptocurrency. Examples of the most common hardware wallet models around are Ledger Nano S and Trezor.
Cold storage: This is a way of moving your cryptocurrency from an online wallet to an offline one, as a means of safekeeping them from hack. There are a lot of ways to carry this out. Some methods that are commonly used include:
· Using a hardware wallet to store your cryptocurrency.
· By printing out the QR code of a software wallet and keeping it somewhere which is safe.
· You can also move the files of a software wallet onto an external storage device such as USB drive and keeping it somewhere safe.

Trading Related Cryptocurrency Terms And Definitions
Exchange: These are websites where people trade (buy and sell) their cryptocurrencies. Some of the popular crypto exchanges we have around include Binance, Poloniex, Bittrex etc.
Market order / market buy / market sell: A sale or purchase which is made on an exchange at the current price. A market buy acquires the cheapest Bitcoin available on the order book while a market sell fills up the most high-priced buy order on the books.
Limit order / limit buy / limit sell: These are orders which are placed by traders to buy or sell a cryptocurrency when the price reaches a certain amount. They are pretty much like ‘for-sale’ signs you see on goods.
Sell wall / buy wall: Cryptocurrency traders are able to see the current limit buy and sell points using a depth chart. The chart’s graphical representation is very much like a wall.
FIAT: Refer to a government-issued currency. An example is the US dollar.
Whale: A person who owns huge amounts of cryptocurrency.
Margin trading: This is an act of increasing the intensity of a trade by using your existing coins. It is very risky for an inexperienced trader to partake in this. Stay safe!!
Going long: This is a margin trade that gives profit if the price goes up.
Going short: It is a margin trade that gives profit if the price goes down.
Bullish: Being optimistic that the price of cryptocurrency is going to increase.
Bearish: This is an expectation that the price of cryptocurrency is going to decrease.
ATH: This simply means All-Time-High. This is the highest point that has been reached by a particular coin or token. Take for instance, Bitcoin’s ATH is about $20,000 and this was achieved around December 2017 and January 2018.
Altcoin: A word used to qualify other cryptocurrencies which is not Bitcoin. Examples of altcoins are Ripple, NEO, EOS, Vechain, Electroneum etc.
Tokens: These are ‘currency’ of projects which are hosted on the ethereum network. They raise money by issuing their own tokens to the general public. Tokens have a significant use in the project's ecosystem. Examples of tokens are Enjin Coin (ENJ), Zilliqa (ZIL), OmiseGO (OMG), Augur (REP) etc.
ICO: The full meaning is Initial Coin Offering. This is synonymous to an IPO in the non-crypto world. Startups give out their own token in exchange for Bitcoin or ether.
Shilling / pumping: An act of advertising another cryptocurrency. It is mostly done in a way that tricks as many people as possible into believing that a coin or token will get to a higher price in the future.
Market Cap: This is the total value of a cryptocurrency. To calculate this, one has to multiply the total supply of coins by the current market price. You can get a run-down of several cryptocurrency projects on Coinmarketcap.
Stable coin: This is a cryptocurrency which has an extremely low volatility. You can use a stable coin to trade against the overall crypto market.
Arbitrage: A situation where a trader takes advantage of a difference in the price of the same coin / token on two different exchanges.
FOMO: Simply means Fear Of Missing Out. That overwhelming feeling that one needs to get on board when there is a massive rise in the price of a commodity. This is also applicable in the crypto space.
FUD: Fear, Uncertainty, and Doubt. It is a baseless negativity which is spread intentionally by someone or a group of people who want the price of cryptocurrency to decrease.
FUDster: A person who spreads FUD.
Pump And Dump: This happens when an altcoin gets a ton of attention, leading to a massive increase in price, and likewise followed by a big price crash of that altcoin.
ROI: Return on Investment. The percentage profit a trader makes on an initial investment (i.e. A 100% ROI simply indicates that a trader doubled his money).
TA: Trend Analysis or Technical Analysis. A way of examining current coin charts so as to make predictions for the next market movement.

Next, we will be moving on to crytocurrency terms and definitions that are ethereum related.
Dapp: Decentralized Application. It is an application that uses a decentralized peer-to-peer network like Ethereum smart contract as its back-end code.
Bagholder: A person who still holds on to a particular altcoin despite having a pump and dump crash.
Smart contract: This is a code that is deployed onto the Ethereum blockchain, it often helps with the direct interaction of how money flows from one point to another.
The Flippening: A future event showing the capacity of Ethereum’s market cap (or some other cryptocurrency) surpassing Bitcoin’s market cap, making Ethereum the most ‘valuable’ crypto-currency.
Gas: It is a measurement of the amount of processing needed by the ethereum network to execute a transaction. More complex transactions like deploying a smart contract onto the network requires more gas than sending ether from one wallet to another which is obviously a simpler operation.
Gas price: This is the amount of ether an initiator of a transaction is willing to spend for each gas unit on a transaction. The higher the gas price, then the faster the processing of the transaction.
Wei: It is the smallest denomination of ether.
Gwei: This is a denomination of ether (ETH). Gwei is the unit for measuring gas prices. 1 Ether = 1,000,000,000 Gwei (109).
MEW: MyEtherWallet is a site where users can generate ethereum wallets for free.

We also have a handful of cryptocurrency terms and definitions that are memes. See some of them below;
Hodl: People use this word when signifying that a person is keeping his coins / tokens for a long period of time. A couple of years back, someone on a Bitcoin forum made a post with a typo HODL in place of HOLD. Ever since then, this term has become one of the most popularly used term in crypto.
Mooning: In crypto, this term comes to play when the price of cryptocurrencies move up astronomically.
Lambo: This is highly synonymous with crypto. You can't leave out this word when discussing about cryptocurrency terms and definitions. This is the car we’re all goona buy when crypto makes us rich.
This is gentlemen: People use this phrase when pointing out positive things that are currently taking place in the cryptosphere.

Now that you are conversant with some of the commonly used cryptocurrency terms and definitions, you can now go out there and showcase your new crypto vocabulary to the world.
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As a decentralized blockchain wallet, TARK wallet, how to detonate the hotspot of market?

The blockchain is already a new household term, and with the rise of blockchain, the widespread use of encrypted tokens, the frequency of use of blockchain wallets has also increased dramatically. Today, we will focus on the knowledge of blockchain wallets.
What is a blockchain wallet?
When it comes to "wallet",the first thing that comes to mind is the traditional physical wallet, a tool for storing cash and making it easy to carry paper money everyday. So what is the blockchain wallet?
As the name implies, it is also a tool for loading “money”, except that the blockchain wallet is for loading “token”, such as bitcoin (BTC), ethereum (ETH), etc., anyone with a token asset will use the blockchain wallet. Because the blockchain wallet is the most basic tool for storing and managing your own token.
There are also many types of blockchain wallets. In general, wallets can be divided into cold wallets and hot wallets.
The biggest feature of a cold wallet relative to a hot wallet is that it never touches the network, essentially it is a storage tool for private key.
In the token scenario, the user does not need to save his own token, but only needs to keep the password or private key, which is the private key. The transfer needs to be signed with the private key to initiate. The anonymity of the token determines that when the private key is lost you will lose the money. You can no longer prove that the account is yours, so keep the private key carefully.
The private key is actually a string of characters, such as: 5KYZdUEo39z3FPrtuX2QbbwGnNP5zTd7yyr2SC1j299sBCnWjss
Cold wallets can make this string of characters never touch the network, and after leaving the network hacker, it becomes difficult to be stolen, it is more secure. The specific method includes putting the key into the Android system, and the mobile phone equipped with this system cannot be connected to the network; or the key is stored in the chip, the hacker has to break the chip. Cold wallets include Ledger Nano S, Keepkey, Trezor from abroad; domestic Clodlar, Bepal, Btxon, SealBlock, Wookong, DRsafe, etc. However, it should be noted that the hardware needs to be used in conjunction with networking devices such as computers or mobile phones when transferring money.
After understanding the concept of cold wallets, hot wallets should be easy to understand. As the name suggests, hot wallet is a wallet that the private key touches network. The common form is mobile APP and computer webpage. The whole process of opening an account, generating private key and transferring money is also required to input the private key. Most people, of course, copy and paste. You can see that once someone hacked into your computer, it is very unsafe, so people who have a large number of tokens need to pay attention to this. Popular hot wallets include imToken, Kcash, Bitpie, MetaMask, My Ether Wallet, etc.
In addition to the hot and cold wallet, there is actually a wallet called a managed wallet. Simply put, the electronic wallet helps you keep the private key. The user only needs the account name and password. When the money is transferred, the wallet will retrieve the private key for signature. The advantage is that it is easy to operate, much like the logic of the exchange wallet. These types include Bixin, Cobo, and jxchain.
Hot and cold wallets are not in conflict, they may even be complementary. If you use the current banking system, the hot wallet is a cyber bank and the cold wallet is a USB key.
Understanding of the decentralized blockchain wallet: the private key is owned by the user and the assets are stored on the blockchain. The decentralized wallet is usually called the Onchain wallet. The private key is transferred to the user. If the private key is lost, the wallet will not be able to help the user to recover, and the funds will be lost forever. However, decentralized wallets are hardly subject to concentrated hacker attacks, users also do not have to worry about the inside job of the wallet service provider.
The centralized wallet is easy to understand. The managed wallet mentioned above is a centralized wallet, where users only need to remember their user name and password. This type of wallet is more convenient to use but there is a lack of security.
How do blockchain wallets make money?
Wallet financing seems to be the function of many wallets at present. Wallet financing is related to Alipay's launching Yu Ebao. The corresponding assets of the wallet users are the assets that are not ready for circulation in the short term. For example, Kcash has access to the “OK PiggyBank” product provided by the quantitative fund enterprise Tokenmania; The BlockCity of GXChain has access to “OK PiggyBank” and lending and financing platform LendChain.
This business is logical, but the bottleneck of the expansion is that the financial market is not perfect, the capacity of quantitative fund strategy is limited, and Tark wallet, as a financial superman in the coin circle, has his own unique way of making money, Tark wallet adopts a new model to protect the income of financial investors and the long-term stable development of the entire wallet system.
The biggest difference between Tark Wallet and other blockchain wallets is the difference between decentralization and centralization, the difference between onchain matching transactions and digital matching transactions. Tark Wallet has advanced technology that surpasses the global mainstream blockchain wallet and introduces the top technology innovation of Silicon Valley in the United States to develop multi-person cooperative management function, which greatly reduces the safety factor of user’s token asset risk and creates the world's first truly decentralized blockchain wallet.
Based on the security of user assets, Tark Wallet creates a data framework for deep storage and management of users’ keys, as well as a higher level of security to fully protect the habitat of private keys and builds a global open online payment system. I think Tark Wallet is a wallet app that opens the world of token and physics. It has a unique cross-chain and cross-contract technology combined with its own high-performance public blockchain to provide a strong infrastructure for the token. Tark supports a variety of blockchain assets, including Bitcoin, Ethereum and other main stream tokens for unified storage, management and exchange transactions. Users can not only fully control their digital assets, but also greatly reduce the management burden of the token, greatly improve the convenience and liquidity of user assets’ storage.
What changes will the blockchain wallet have in the future?
In fact, we can see that most of the current blockchain wallets have a single function, such as: im wallet, the main function is "transfer", "collection" , and daily deposits.
With the circulation of encrypted tokens and the daily use of life, the blockchain wallet will be multi-functional. In addition to simple storage, there will be more ecosystems. Yes, future blockchain wallets will be upgraded to blockchain eco-wallets. We can implement more applications on a wallet DAPP, and the encrypted token can exercise more value.
Blockchain wallet + financial management, blockchain wallet + exchange, blockchain wallet + mall, blockchain wallet + entertainment, blockchain wallet +... will form a new trend to meet the needs of more users this year. And the blockchain wallet with this technological innovation and with the manpower and material resources that landed on the ground, so far, there's only Tark Wallet.
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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: Brief mechanism & Security is both a cryptocurrency wallet, supporting Bitcoin, Ethereum and Bitcoin cash, and also a block explorer service. The wallet service provided by 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 and 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 “”. 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. 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 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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submitted by UBAI_UNIVERSITY to u/UBAI_UNIVERSITY [link] [comments]

Scratching the shell

Hello. New to this and so on... I have a few questions if the mods are ok with it and if not I will submit to their will. So my question are the following... What is your personal experience with Bitcoin only, beacuse I am interested only in that for now, for example I read that some Btc can be lost in transactions? (True or False), that transaction fees depend on the size of the Btc that you previously bought? ( buy 4+2+6 and sell -7 fee is 1 but you dont have 1 you have only 2, this is also regarding to the question of block size when sold in smaller figures... Do I pay more fees per one block, bought little by little or not? Do trading fees (buy/sell) depend on the type of the wallet or another app that you use? What is cold storage if that is possible with Btc? Can I store my btc keys to any usb or do I need to buy some special one? Can I sell\buy btc while in cold storage? What is a smart contract and what do I need for it? Do not want to read about is it good or not, just explain what it is and what do I need for it. Is it cheaper that I have one app for trading and one for the wallet. Can I trade my btc (buy\sell) on other countries trading markets? If yes how? Again how fees are related to that kind of trading and by that I mean does it depend on the wallet or the trading market in various countries? What do I have to do to advertise my btc wallet adress? Do I have to confirm every input on my wallet? ... NOTE: I am from Croatia if that helps. Please understand when I write that all of this is new to me ( only for a couple of weeks in this) Thank you for your time.
submitted by Gocwald to btc [link] [comments]

In search for the light

Hello. New to this and so on... I have a few questions if the mods are ok with it and if not I will submit to their will. So my question are the following... What is your personal experience with Bitcoin only, beacuse I am interested only in that for now, for example I read that some Btc can be lost in transactions? (True or False), that transaction fees depend on the size of the Btc that you previously bought? ( buy 4+2+6 and sell -7 fee is 1 but you dont have 1 you have only 2, this is also regarding to the question of block size when "chopped" to smaller figures... Do I pay more fees per one block "chopped" little by little or not? Do trading fees (buy/sell) depend on the type of the wallet or another app that you use? What is cold storage if that is possible with Btc? Can I store my btc keys to any usb or do I need to buy some special one? Can I sell\buy btc while in cold storage? What is a smart contract and what do I need for it? Do not want to read about is it good or not, just explain what it is and what do I need for it. Is it cheaper that I have one app for trading and one for the wallet. Can I trade my btc (buy\sell) on other countries trading markets? If yes how? Again how fees are related to that kind of trading and by that I mean does it depend on the wallet or the trading market in various countries? What do I have to do to advertise my btc wallet adress? Do I have to confirm every input on my wallet? ... NOTE: I am from Croatia if that helps. Please understand when I write that all of this is new to me ( only for a couple of weeks in this) Thank you for your time.
submitted by Gocwald to CryptoCurrency [link] [comments]

Accounting, Blockchain, and Cryptocurrency

I have lurked here for the memes, but the recent growth of Ethereum has really sparked my interest in blockchain technology and its implication on tax and audit. To start this conversation on accounting, I have made a guide to start your cryptocurrency journey if you are new to the space, and some interesting articles from accounting firms regarding their expansion into the space. Enjoy!
So I have a lot of resources on crypto in general and I’ll try to break them up as best as I can, but this is going to be all over the place. I recommend reading this post through before you actually click on the links because I’ll tell you how to invest some money into Ethereum/Bitcoin towards the end.
So cryptocurrency is basically the intersection of cryptography (a mathematical field, think “Imitation Game”), game theory, finance, law and computer science. To start, I recommend reading this:
So just some things to google before you delve in: What is cryptocurrency? What is bitcoin? · is the paper that this person or group of people put out in 2008 that highlighted Bitcoin, an idea that had not been possible before because of the limited computing power available. · What is the blockchain? · What is ethereum? What are smart contracts? What do transactions look like on the blockchain?
Secondly, you’re going to have to start using Reddit. The cryptocurrency communities are really integral to the development of these products. The guy who created Ethereum, Vitalik Buterin, posted on bitcoin and found his first followers there. The subreddits also have a ton of learning material on the sidebars. The most important ones are:
Once you get past the memes, there’s some really good discussion of all the new technology being developed on Ethereum.
Once you’ve introduced yourself to this space, here are some very comprehensive guides that’ll start to make a little bit more sense. These both have a lot of further links that’ll repeat everything from above, but go way more in depth: · ·
So that’s a lot of the reading material that’ll get you started. Next is actually buying ether: Personally, I recommend reading this guide ( before you do because there are lots of ways to mess this up if you’re investing a lot of money. Most people use “cold storage”, or offline devices that hold their currency. This is something that looks like a USB that holds your cryptocurrency offline and is inaccessible to hackers. I haven’t invested in this because I haven’t put in a lot of money, but as your investment grows, you’ll have to start thinking about this. Anyways, here’s how you get started in purchasing ether: 1. Go to (Very reliable marketplace, though customer service is lacking) 2. Make an account with an email that doesn’t have your name in it and has a super secure password. Make sure that email has Two-factor authentication with your phone number. I’ll teach you more about security later. 3. Make sure your Coinbase account also has TFA. 4. Then, connect your credit card or bank account as a payment method. 5. Coinbase will charge you two transactions that are both about a dollar to your credit card and you’ll have to verify the exact amount by checking the temporary authorizations on online banking. Once you verify those, you’re ready to buy. 6. To buy, just click buy, hit ETH, then enter how many $’s you want to buy. It’ll automatically tell you what the corresponding ETH is. Hit buy as fast as you can because the prices change so often that it might cancel the transaction. 7. Once you buy, it’ll take a bit to verify. If it doesn’t verify (through email), then your credit card company might’ve blocked the transaction (this happened to me with Wells Fargo and royally screwed me because I couldn’t buy at a cheap price ☹)
And finally, we can start the conversation in relation to accounting! So blockchain technology has the potential to upend a lot of what accountants do because of the transparency and real-time interaction it brings. With a public ledger that is accessible to anyone at anytime, it will definitely affect accounting as we know it now. With this technology comes new regulations and the use cases are new enough that this is very uncharted territory. Regardless, big 4 and regulating authorities and throwing a lot of resources to get ahead of the probable wide adoption of blockchain technologies into businesses. Here are some publications and resources from the firms themselves:
Goldman Sachs has a really cool interactive website that delves into different aspects of blockchain:
And finally, there was recently a conference in New York that saw many top accounting firms explaining their push into blockchain as well as top Ethereum developers and entrepeneurs (Joseph Lubin, Ryan Zurrer, etc.) discussing the potential impacts of Ethereum with respect to accounting. Here is the website for that (Livestream recordings are here): )
I would really love to hear about what you guys think the impact of this technology could be on the accounting profession and what we should do to future-proof our jobs! Thanks!
submitted by arsalaan123 to Accounting [link] [comments]

Particl's Proof of Stake system

Hello all, In this article i like to explain to you the Proof of Stake system that Particl uses.  
(Particl was officially launched July 17, 2017 // former
Total Coins: 8,634,140 PART
Network: Proof of Stake
Block time: 2 minutes
The Foundation receives a 10% of every stake to sustain long term development and hire more devs/bounties etc. one stake is currently 1.5 part.
Staking reward per year
first year 5%
second year 4%
third year 3%
forth year 2% ++
You can calculate your stakes at different network weights (25%,50%,75%..) with the staking calculator (link below). Currently it is about 50-60%. The Network Weight Information can be called via getstakinginfo command in cli or qt-console) also in the partyman tool via ./partyman status
Auguste Kerckhoffs demanded that security must depend entirely or at least in large part on the key. He describes the requirements for secure encryption as follows: "A procedure is safe if you can not crack it, even though you know the code." In 1883, Auguste Kerckhoffs, in his book La Cryptographie Militaire, describes the following six rules derived from his studies of historical cryptography, which should be followed by everyone if he wants to keep his secret.
With this in mind im totally confident in the solid Proof of Stake setup. Particl a btcfork on latest bitcoin codebase 0.15x is designed to let everyone participate in the network while maintaining the security of it.
To be honest, in key principles it is very simple, but all together it still is a lot of stuff to talk about. Cause Particl's Proof of Stake system is different from other passive income systems.
The pure PoS (without masternodes or something similar, should cause less centralization and more adoption in the long term)

Cold Staking

Cold Staking makes the whole staking process quantum resistant, you will be able to stake from a virtual server with a public node (that dont has any funds on it, but it stakes your offline/cold storage coins and only has the ability to stake and not to spend any funds).
Besides that the PoS of Particl will get merged together with the Market features (voting and of course the Marketplace fees that gets flooded into the Rewards).
If Particl continues to get adopted in the e-commerce & cryptocurrencie space, this really is a factor everyone should ask themselves if it could be worth investing.
It is still a bit of road to go (Q1 2018) and there are some other projects, but i cant see one that puts the whole vision of free and decentralized trading into one, while maintaining trustlessnes and simplicity.
Particl already has RingCT and CT working on Bitcoin Codebase & a legal foundation sitting in Switzerland.
Come join and earn passive income, while strengthen & supporting the network
Name Downloads
Electron Gui Electron Gui
QT Wallet/CLI QT-Wallet
Mobile Wallet Copay App Android


Visit for more information.
submitted by sdc-linux to Particl [link] [comments]

The bitcoin-qt core wallet in pruned mode, cold storage and scaling: test results.

First a wallet was created in the following way:
bitcoin-qt -connect=wrong_ip_address -prune=550 -listen=0 -datadir=/home/use.bitcoin_pruned &
The trick here is to add a wrong ip address so bitcoin-qt won't start loading blocks. The -listen=0 makes it possible to run bitcoin-qt while bitcoind (as a full archival node) is running in the background on the same computer.
Now some "watch only" addresses, that already had some bitcoin in them, were added
(in bitcoin-qt: help -> Debug window -> Console)
importaddress watch_only_address "" false
The pruned blockchain was then created by inserting the correct ip address (pointing to my node) or by removing "-connect=ip_address" completely.
Because bitcoin-qt was not the only program, creating the pruned blockchain was a very long process that took about 5 days! I could speed up the process a lot by turning off bitcoind and running the pruned node as a bitcoind with some extra priority:
sudo /usbin/ionice -c 2 -n 0 /usbin/nice -n -20 ./bitcoind -datadir=/home/use.bitcoin_pruned/
Had I done that from the start, it could have been much faster and maybe 1 or 2 days would have been enough.
The final pruned blockchain has a size of: 2542 MB so about 2.5 GB.
I now moved the wallet.dat to wallet.dat_back and restarted bitcoin-qt. The program will create a new wallet that can be used to receive and then send transactions. If you now add a private key that already has some bitcoins in it, they will NOT be visible. There is no reason for that as the balances (not the history) are in the UTXO set.
I now started bitcoin-qt with the original wallet.dat file. The bitcoins in the watch only addresses are now visible. I then imported the private key of one of the addresses but the move of the bitcoins from "Watch only" to "Spendable" was not visible in bitcoin-qt. However, after a restart of bitcoin-qt the funds were visible in the "Spendable" section of the wallet. I then did a transaction to another address. Now in this case I want the change of the transaction to stay within MY "watch only" addresses and they shouldn't move to the (arbitrary) addresses created when the wallet was created. This is fortunate possible in bitcoin-qt. You have to choose in bitcoin-qt:
Settings -> Options -> Wallet -> Enable coin controle features.
It is then possible to choose the return address to be one of the watch only addresses (with or without bitcoins in them). It all worked just fine! It is not clear to me why bitcoin-qt has the option to "importprunedfunds", that doesn't seem necessary.
Of course, a big thank you to all developers who implemented the currently available great features.
submitted by sumBTC to Bitcoin [link] [comments]

Backup Wallet.dat

"1) I can backup my wallet by exporting a wallet.dat file. Do I have to do this everytime I receive more BBP? Or just whenever I add a new key? 2) How do I add new keys? 3) Can I generate and see the private key so that I can write it down/print it and store it somewhere safe?" -znffal
1) think of your wallet.dat file as your passbook in a passbook savings account. You have to have that .dat file to be able to access (and prove you SHOULD have access) to the BBP stored in your account addresses. Exporting it once is all you need.
2) Adding new keys? The passphrase (password) you use is the only "key" you would have in an encrypted wallet (besides the .dat file). If you mean new addresses, you can get those by going under File and Sending (or Receving) Addresses and hit "new".
3) Clicking Encrypt Wallet will be where you choose a passphase, I don't know you can see it other than when you enter it.
To put a real world example or two.
Example One: You don't ever encrypt or backup your wallet. If I borrowed/stole/hacked your computer, I could send all your coins to my wallet (no passphrase).
Example Two: You encrypt your wallet with the passphrase "secret" but don't backup the wallet.dat file, then your computer crashes and you lose all your data. Since you didn't have a copy of the wallet.dat file, your coins would be lost.
Example Three: You backup your wallet.dat but don't encrypt it. Your computer crashes and all your data is lost, but you re-download the QT program, restore your wallet.dat, all your coins are still in you wallet. But if you lose your USB drive that has the wallet.dat on it, and I find it, I can put your wallet.dat on another computer and send all your coins to my wallet.
Example Four: You encrypt your wallet and back up the wallet.dat file. If I hack/borrow your computer, unless I guess your passphrase your coins are safe. If you computer crashes, your can restore your wallet.dat file to another computer and your coins are safe.
In short, Encrypt your wallet (passpharse) and then backup (copy) the wallet.dat file to at least two locations." -616westwarmoth
"Find your wallet.dat file, copy it to a flash drive or any other secure place. If your computer crashes, you'll always have the wallet.dat and can put it on a new machine. It will have to resync a bit when you do, but you'll never lose your "key" to the wallet. Speaking of keys, you should password protect your wallet and make sure to remember it!"
"Yes you must have a copy of the wallet.dat somewhere. So multiple back up copies are a good idea. If you lose the wallet.dat file the coins will be in limbo but there will be no way to recreate the file. One thing to remember is it doesn't matter if the wallet.dat file is "current", it can be 10 years old on a flash drive and you can download a new client, put the wallet.dat file into the machine and you'll be good." -616westwarmoth
"In addition to this, whenever you reboot the node after more than 24 hours of being synced, we back your wallet.dat up into the "backups" folder. This is useful if you ever accidentally delete your wallet.dat.
Also, if you want a paper backup, you can do a 'dumpprivkey accountaddress' command from the RPC." -Rob
"wallet is a collection of private keys"
"there are other ways to achieve high security. You can make a new wallet, encrypt it with a long password, send coins to it, put it on a flash drive and put it in cold storage, then download the hard drive cleaning program and erase the wallet.dat sectors from your PC. And of course, keep a printed copy of the private key on paper and put it in a safe. Put the usb in the safe also. Burn a cd rom with the wallet.dat file and put it in the safe." -Rob
How to safely back up your wallet
Keep Your Crypto #SAFU (CZ's Tips)
To Read:
NOTE: As of version we have updated to HD wallets, so you should not need to worry about keypools anymore if you have upgraded
"Regarding the Sanctuary, you receive payments always to the same address (key), so the keypool is not consumed for those payments. But when you click to generate a new address on the "Receive" tab, one key will be deducted from the keypool. Also, sometimes new addresses are automatically generated and the keypool is consumed, for example when solo mining and finding a block, a new address could be used for the block reward.
You can always check your current keypool size by typing "getwalletinfo" in the RPC console and see "keypoolsize" and "keys_left". It's only concerning if they are a low number and you plan to generate new addresses in your wallet. They start from 1000. If the number gets too low, you can just type "keypoolrefill" to refill them back to 1000 and then you should backup the wallet. But from my experience the wallet automatically refills the keypool from time to time (or after certain actions like transactions), because I see that my wallet file keeps getting larger and the "keys_left" returns to 1000.
The only issue is if you actively use your wallet on multiple computers (for example cloud mining or simply sometimes using the wallet on your laptop), then one wallet could refill the keypool with new addresses and the other one will not, or they will generate different new addresses. If I understand this correctly, for example, you could receive a payment on a new address generated in one wallet; your old balance will be there on both wallets, but only the one wallet where you generated the new address would show the new payment. Then you should copy the wallet.dat file to other computers, to update them.
If you use the wallet on just one computer, you should just backup the wallet from time to time (or when you see it has increased in size). Qt also backups wallet.dat automatically, those can be found in the folder %AppData%\BiblepayCore\backups, you will see that they also have timestamps in their names and possibly different sizes." -inblue
submitted by togoshige to BiblePay [link] [comments]

How To Make A Bitcoin Wallet Offline - Cold Storage Safe ... Bitcoin using Linux boot USB and secondary for a cold storage wallet [HOW TO]- Store Bitcoin On USB Stick - Guide - YouTube Bitcoin: How to Cold Storage [Paper Wallet] HOW TO Store Bitcoin On USB Stick Guide 240p

Cold storage is the practice holding cryptocurrency securely by generating addresses offline — meaning that no hacker can gain access to them. The public key cryptography that underpins all… The public key is used to load bitcoins into the storage address and to verify the funds using a block explorer. You can share your public key with anyone if you want bitcoin sent to you from ... Cold storage and multisignature can also be combined, by having the multisignature wallet with the private keys held in cold storage to avoid them being kept online. Cold storage wallets. Main article: Cold storage. A cold wallet generates and stores private wallet keys offline on a clean, newly-installed air-gapped computer. Payments are received online with a watch-only wallet. Unsigned ... Storing Bitcoin offline in cold storage gives you plenty of flexibility. You can use a USB drive or other offline data storage medium stored in a safe place, a paper wallet, a bearer item, like a physical “Bitcoin” coin, or purchase ... Cold storage, also known as a cold storage wallet, is the opposite of a hot wallet where your Bitcoin is kept online. Since Bitcoin is a digital asset, keeping them online increases your risk or attack surface for having your bitcoin stolen when kept online using a custodial service. By keeping your bitcoin in cold storage, your attack surface is greatly diminished.

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How To Make A Bitcoin Wallet Offline - Cold Storage Safe ...

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