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Best Bitcoin Wallet to store your bitcoin and digital assets

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Best Crypto Wallets

Best Bitcoin Wallet

Unlike the traditional financial assets, safeguarding the digital asset like Bitcoin is a bit tricky. The Spiderman quote “with great power comes great responsibility” is completely appropriate for digital assets.  

On one hand crypto digital assets give you the power of a bank and on the other hand, you are 100% responsible for the safety of these digital assets. There is no FDIC or Bank to go and ask for a refund if you lose your private keys or access. 

As the crypto community says “not your private keys, not your coins,” and that is why it is not a good practice to store your digital currencies on an exchange, as you are not in complete control of your private keys and your digital assets.  

There have been occasions where investors have lost their digital assets to hacks and misuse of APIs on an exchange. The exchanges can go down anytime, for example Mt. Gox, a Tokyo based exchange, went bankrupt taking millions of dollars (now Billions) worth of bitcoin with it. 

It begs us to ask  one very important question?

Where to keep / store your bitcoins safe?

You have multiple options to store your bitcoins and digital assets.  At the time of this writing, following are the options:

  • Cold Wallets
  • Hot Wallets
  • Hardware Wallets
  • Desktop Wallets
  • Mobile Wallets

Before you lean on any one of these options, you should think about these questions:

  • Do I have complete ownership over my private keys and passwords?
  • Is the Application (wallet) error proof?
  • Do they have a good developers’ team or a community that is always easy to reach out to?
  • If it’s a mobile app, always get a good look at the reviews and how often the updates are done.
  • How simple and easy is the interface?

What are Cold and Hot Wallets?

Cold Storage / Cold Wallets: The wallets that are not connected to the internet and are stored on a physical device offline are called Cold wallets.

Eg: Hardware Wallets, such as Ledger Nano X, Ledger Nano S.

Hot Wallets: The wallets that are connected to the internet are called Hot Wallets. 

Eg: Wallets on an exchange, Mobile wallets and Desktop Wallets.

Since you are aware of the factors you need to consider before choosing the wallet, lets see the kinds of wallets that are available in the market.

  • Hardware Wallets
  • Desktop Wallets
  • Mobile Wallets

Hardware Wallets 

As the name suggests, the hardware wallets are the physical devices where you store your keys offline, which makes them one of the safest way to safeguard your digital assets. These hardware wallets provide an extra layer of security with 2FA.

As the tokens stored are not connected to the internet, you can regard hardware wallets as “Cold Wallet.”

Eg:  Ledger Nano X, Ledger Nano S, Trezor Wallet.

What happens if you lose your Ledger Nano or Trezor device?

Even if you lose the device you can always activate a new one with the keys associated with the old lost wallet and retrieve all your assets.

Desktop Wallets 

Desktop wallets are very similar to any other computer installed programs. These wallets come with a private key or a phrase which you need to store and hold in order to access your assets at any given time. As these wallets are connected to the internet they may be vulnerable to hacks. 

Eg: Jaxxx Wallet, Exodus, Electrum, Coinomi, Bitcoin Core.

What happens if you lose your private key or Password?

If the password is lost, you can always restore the wallet back with your private key. If the private key is lost, there is no way your wallet can be retrieved.

Mobile Wallets

Mobile wallets are Similar to desktop wallets, but operated on your smart phones via Apps. The wallets come with a unique private key which gives you control over your wallet. As the wallets are connected to the internet, these are categorized as Hot Wallets.

Eg: Electrum, Coinomi

What happens if you lose your private key/mnemonic phrase or Password?

If the password is lost, you can always restore the wallet back with your private key. If the private key is lost, there is no way your wallet can be retrieved. 

Let’s take a closer look at the Top hardware wallets to store your bitcoin and Cryptocurrencies.

Ledger Nano X

Ledger Nano X is a hardware wallet from Ledger and a predecessor to Ledger Nano S. This is not a replacement to Ledger Nano S, but comes with extra features that are not available on Nano S model. Unlike Nano S, Ledger Nano X can be used on the go and can be handy for the serious traders who need access at any given time.

Ledger Nano X review

Source: Ledger

This is thought to be one of the safer than storing your bitcoin and crypto assets on the exchange

This device supports over 1100 cryptocurrencies along with bitcoin and allows installation of almost 100 applications. Here are the cryptocurrencies supported by Ledger Nano X.

Cryptocurrencies supported by Ledger Nano X

                                                                                                           and more…

Warning: Always store your Key phrase safe, you could lose your holdings if you forget or lose the keys.

When compared to desktop and mobile wallets, it is not very user friendly. A small video on how to use a Ledger Nano X. 

Ledger Nano X Tutorial – How To Setup Device – Beginners Guide

Ledger Nano X Tutorial – How To Setup Device – Beginners Guide In this tutorial I will explain how to setup the new Ledger Nano X cryptocurrency hardware wal…

How to update your Ledger Nano X?

Similar to the programs on your computer, Ledger also releases firmware updates. Though there is no update required for Ledger Nano X as it comes with the latest version: 1.2.4-1.

Ledger Nano X Firmware

Source: Ledger

Buy Ledger Nano X

Ledger Nano S

Similar to the previous model, this is also a cold hardware wallet, but it can only be used as a backup to store your assets and can’t be used on the go to manage your cryptocurrency assets for trading like Nano X.

Ledger Nano S review

Source: Ledger

Nano S supports about 1000 major cryptocurrencies, and any ERC20 tokens. Unlike Nano X, this only allows 3 to 20 applications to be installed depending on the app size on your device.

Nano S is quite cheap compared to Nano X. Here are the cryptocurrencies supported by Ledger Nano S.

The ledger wallets also let you stake your coins using Ledger Live.

Ledger Nano S Tutorial 2019 – FULL CLASS!!! (for Absolute Beginners)

Ledger Nano S Tutorial in 15mins in 2019 (https://www.ledger.com?r=c74208ff7924) – this tutorial will show you step by step how to setup the hardware wallet …

How to update your Ledger Nano S?

For information about upgrading your Ledger Nano S click here

Ledger Nano S – Update to firmware version 1.6.0

This tutorial explains how to update your Ledger Nano S to the firmware version 1.6.0.

Source: Ledger

Buy Ledger Nano S

Trezor

Started in 2014, Trezor happens to be the first hardware wallet ever made to store cryptocurrencies. Trezor is a small physical device that connects to your computer with a USB. This hardware wallet provides an extra layer of security to your assets and is not connected to the internet, hence a cold wallet.

Trezor review

Source: Trezor.io

Based on its features they have two Trezor devices: Trezor One and Trezor Model T

The device supports over 1000 coins. Check out the link for the list of coins supported by Trezor.

Here is a video explaining how to use trezor wallet:

Trezor – Initial Setup & First Bitcoin Wallet Transactions

In this video I go through the process of setting up the Trezor for the first time and sending my first Bitcoins to and from the hardware wallet. In this vid…

Note: Always buy the hardware wallets from their official site.  Do not buy refurbished or used hardware wallets as the person selling you the hardware wallet may be able to access them using the private keys they hold.

Atomic Wallet

Atomic wallet is one of the leading decentralized web wallets, that supports all the leading ERC20 and BEP2 cryptocurrencies., And the new tokens are added to the list everyday.

Atomic wallet is available for All desktop, Mac users as well as for Android and IOS devices.

Atomic wallet review

How to use Atomic Wallet?

All you need to do to get started with an atomic wallet is to download the application and signup. You will be given a Mnemonic seed which is your key to access your wallet and assets in it. 

Note: Always store your mnemonic seed either written on a paper or take a print. Without your mnemonic seed you cannot access your wallet. Have redundant copies in a safe and secure place.

The wallet comes with an import feature, which makes it easier to open your wallet on a new device anytime.

Adding custom tokens

The Atomic wallet allows users to add custom tokens by adding the contract address. This feature makes this wallet more user friendly.

Atomic wallet lets the users buy cryptocurrencies with the help of a Debit/Credit Cards as well as an exchange on its platform for the leading cryptocurrencies.

Download the Wallet and get 10 AWC tokens. Use promo code 16DTTT during signup to get extra 5 AWC tokens.

Setting up an Atomic Wallet for Crypto currencies

AMAZING trading system with two alt coins https://youtu.be/P7XDpbhng2w Part One of Trading Series https://youtu.be/M8iKAxdAEQ0 BITCOIN (BTC) wallet 371sY35Jk…

Some Important FAQ

Is it safe to buy a trezor on Amazon?

-We always suggest buying it directly from the maker.

Is it safe to buy a ledger wallet on amazon?

-We always suggest buying it directly from the maker.

Are hardware wallets safe?

-Yes, compared to web(hot wallets) and paper wallets, they are safe with an added layer of security for all your transactions.

What happens if a Ledger/trezor is lost?

-You have your mnemonic seed which can be used to import your assets on a new device even if the device is lost.

Thank you for reading and sharing this article. Stay safe and healthy!

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Projects to Keep an Eye on Going into 2021

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Top projects for 2021

We have been wrong numerous times about our calls but that is not going to deter from looking forward to 2021.  

So, here we go with the 2021 project call out. DYOR before investing your hard earned money.  

We understand not everyone has the same level of patience or resilience for excruciating pain of financial loss, so tread in fashion what suits you.

Quick note: Below list is not the same as the projects we picked in this FREE report. Below is looking at 2021 and the report lists projects that have longer term potential. 

Here are the projects that we are keeping an eye on for 2021 (we are hoping these could break out in a meaningful way before the end of 2021).

bitcoinBitcoin: The king of crypto might continue to surprise people by reaching the elusive $50,000 mark in 2021. Whether it reaches that mark or not, it continues to be a great entry into crypto, in our opinion.

Polkadot Defi EcosystemPolkadot: DOT is trying to get what Ethereum has gotten wrong.  Will DOT replace Ethereum?  In our opinion, no. Ethereum has the first mover advantage that is difficult to surpass, however, blockchain is going to emerge into a trillion(s) dollar industry that will have space for more than many projects to succeed. 

Vechain updatesVeChain:  This sleeping giant, in our opinion, continues its sideway journey as we head into 2021.  We suspect more partnerships and more use cases will bring the deserved attention to this mammoth of a project in the supply chain space, one of the more amazing use-cases of blockchain.  Success of VeChain will directly contribute to the success of blockchain space at a macro level.

Icon price predictionICON:  ICON went from 45 cents to $15.  Since then, it has been doing dead cat bounce once-in-a-while at a sub 50 cents level. However, heading into 2021, we might see much needed spotlight on this project with DeFi, staking and interoperability models.

The graph (grt) price predictionThe Graph: Labeled as the Google of the blockchain world which has been in works for over 3 years has made a surprising entry into major exchanges like Coinbase, Binance, Kraken, KuCoin, etc., Project with Coinbase ventures as one of the investors might be Chainlink in the making in the world of indexing blockchain data.

Enjin Coin latest UpdatesEnjin: We love Enjin.  It is going after one of the most lucrative spaces with an immediate use case for crypto: Gaming.  Enjin may also shine in bringing NFTs to the masses and succeed in a big way.  At least, that’s what we are speculating. 

Honorable mentions

Ethereum: First mover.  Tremendous partnerships. Staking with ETH 2.0.  DeFi projects on top of Ethereum.  These are some reasons why Ethereum could surprise people.

Uniswap: DeFi success may directly contribute to Uniswaps success in 2021.

Chainlink: King of oracles in the blockchain may continue its upward trajectory in 2021.  Will the gains be as big of multipliers as they have been 2020, probably not.

Basic Attention token latest updatesBAT: Digital ad space, rewarding users for using the browser, ever increasing publisher and user base, buy-back of BAT by the company.  There are so many things going right for this project, except, it has not garnered the attention it truly deserves.   Things might be different in 2021. At least one can hope.

Those are the projects that we are keeping an eye on and continue to dollar cost average our way into. What are our gems?  Share with the world.

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

 

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Is this the end of XRP?

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XRP Crash

Our dislike for XRP is well documented on our site…if you have missed them, here is a list of articles where we have made our opinion based disdain clear…

Why we do not support nor invest in Ripple

Ripple or not to Ripple? ‘Definitely not’ says a research report

5 questions we want XRP army to answer!

This is not a personal attack, mind you.  

We just don’t like the idea of a private company printing billions of dollars worth of money that is centrally controlled which goes against the spirit of crypto space.  This is our opinion and we are sticking with it.

Yes, we understand that we might be missing out on life-transforming gains on XRP by staying away from it.  It is OK with us. 

We generally do not trade based on sentiment, however, XRP has always been an exception given what we want Crypto space to represent.

Given all that, we were not surprised at all when the latest FUD around SEC investigation into XRP came out.

Is this the beginning of the end for XRP?

“Justice is on the side that can afford the best attorney” is the common joke in my country…and that seems to hold true for the world in general.

If we are forced into speculating, this is what might transpire in our view:

  • When drafting this article, we were of the opinion that SEC might just let this go through a simple fine (similar to EOS), however, after reading the complaint lodged by SEC we are not really sure that Ripple may be able to get off the hook that easy 
  • Ripple and SEC might compromise on a way forward in terms of reporting requirements, however, if SEC gets what they are going for – Ripple and Garlinghouse may not be able to continue their ‘sale’ of XRP
  • Ripple may use this ‘excuse’ to move its headquarters to a more ‘friendlier’ location outside the US, however, an unfavorable outcome from SEC could jeopardise its chances in most locations
  • Major exchanges could distance themselves from XRP until an outcome emerges to avoid getting caught selling unregistered ‘securities’

Is XRP a security?

We think so.  Of course, the court will have to rule the final verdict but here are the reasons why we personally think XRP is not like other cryptos.

  • Most projects actually are working on a solution and the revenue is dependent on the success and adoption of the project.  On the contrary, XRP had minted 100 Billion at the beginning of the project and kept bringing 1 Billion at a time to add cash to their business.  This means, whether or not there is any adoption – Ripple (and owners) made money by simply selling XRP.  At the time of this writing, owners still control billions worth XRP.  
  • Most projects that run an ICO have a majority of coins distributed to the investors…creators have little say in the way those coins then get circulated…take for example, EOS.  Although the company raised $4 Billion through ICO – they got away with a slap on the wrist because the owners do not control the majority of coins anymore
  • Ripple/XRP executives were caught bragging about how they can sell XRP to keep the business going (notice, they talked about selling XRP to make gains more times than the adoption bringing success);  Unfortunately, these talks are all public records and the SEC may use these in the court proceedings
  • Pages 9 and 10 of the lawsuit is really important where SEC claims that Ripple was warned about XRP being considered a security by a law firm, however, Ripple disregarded these warnings…excerpt 57 and 58 from the lawsuit

“57. On May 26, 2014, Larsen explained in an email to an individual formerly associated with Ripple that the international law firm that wrote the Legal Memos advised “that investors and employees could not receive XRP” because that “could risk SEC designation [as] a security.” Larsen also explained that the XRP he received upon Ripple’s founding was “comp[ensation] for . . . personally assuming th[e] risk” of being deemed the issuers of securities—namely, XRP. 

  1. In other words, as Larsen himself explained, he was paid at the outset in an asset (potentially worth hundreds of millions of dollars) to assume a risk he knew existed—that the sale of the asset could constitute an offering of securities for which he would be held responsible.” 
  • There are allegations that Ripple paid companies to use XRP to ‘hide’ the fact that Ripple is difficult/expensive to use (this in the lawsuit), take a read.

“339. Much of the onboarding onto ODL was not organic or market-driven. Rather, it was subsidized by Ripple. Though Ripple touts ODL as a cheaper alternative to traditional payment rails, at least one money transmitter (the “Money Transmitter”) found it to be much more expensive and therefore not a product it wished to use without significant compensation from Ripple.

Is this an attack on the entire Crypto industry?

We do not think so.

If the SEC wins this case, it will set a precedent against having ‘centralized’ control on the projects without being treated as a security, however, it is unlikely to stifle the projects that do not have centralized control on the supply and sale of the coins, in our opinion.

Our whole [opinion] contention from the beginning has been that XRP does not fit the definition of cryptocurrency.  If anything, we are surprised that the SEC took this long to bring the charges.

It does not matter what we think about the project, what matters is the outcome of this battle. 

Will the SEC make an example of Ripple or will Ripple find a way to circumvent these proceedings.

Things might get very interesting going into 2021 for Ripple, Garlinghouse and XRP.Note: We have to do this to avoid harassment from the XRP army, in case you missed it earlier, this is our speculative opinion.  No one knows what might actually happen.

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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Transforming Data Center Infrastructure With Blockchain

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Blockchain Infrastructure

Cryptocurrency – just hearing the name – can spark discussion topics on how innovative and controversial it is. However, nowadays, there seems to be a consensus that blockchain – the technological backbone of every form of cryptocurrency – is the former. The latter part of the discussion comes from the fact that cryptocurrency is still new, and needs more improvement, before it can actually be considered a wildly-accepted type of commercial (public) currency.

On the bright side, companies like Google and Goldman Sachs have already started to invest in various blockchain firms. And, it’s expected that sometime in the future, more big-name companies will follow suit, if cryptocurrency succeeds. Therefore, data centers and cloud hosting services must be ready to serve these new blockchain-based companies, as well as their needs, in the coming years.

So, you may be wondering: How did we get here? 

How Did It Start?

Modern blockchain started in 2008 with Bitcoin, which is a peer-to-peer Electronic Cash System. This white paper was a form of cryptocurrency that could live on a distributed network without any centralized authority; and blockchain is the technical backbone of that system, or a distributed digital ledger or database for it. No central authority will be able to manipulate the blockchain, since the whole network contributes to its creation and maintenance.

How It Works

In blockchain, two parties will make a transaction, to which they advertise it to the network. Then, various network nodes pick up multiple transactions, and arrange them into blocks. Afterwards, miners will use computers to add this block to the ledger (or blockchain).

Now, in order to add these blocks to the blockchain, the task requires a lot of computing power. Why? Because each of these blocks come with a sort of attached mathematical puzzle. And, to solve these puzzles, they need computing resources. But don’t worry: these puzzles are what miners are interested in, because they’re usually rewarded with tokens, just for adding a block to the blockchain.

Before the existence of blockchain though, business transaction would’ve been made through a trusted third-party company (i.e. a bank or a government institution), in order to guarantee the integrity of a transaction between two parties. However, blockchain eliminates that need by opening up the possibility for business transactions between parties worldwide, without the need for any financial or government institutions to step in. 

What Blockchain Means For GPUs

The need for blockchain means elevated demand for graphical processing units (or GPUs). As blockchain calculates, miners will have to provide enough computing power for it. And, as cryptocurrencies and blockchain-based applications become more popular, the higher the demand for computing power. That’s where GPUs come in, since blockchain-based calculations are best performed on these units. 

Data centers and cloud-hosting services will also have to look into AMD and NVIDIA graphics cards, in order to better serve the blockchain market; however, these graphics cards can be pricey. And, they’ll have to better optimize their infrastructure to be GPU-compatible.

Concerns?

The most controversy that cryptocurrency has faced is its vulnerability to possible hacking schemes. One can argue that there are major concerns about blockchain hackers taking – or planning to take – advantage of the fact that cryptocurrency doesn’t have enough protection yet to sustain itself, in case of a security breach that can cost millions.

Concerns on cybersecurity for data centers, in that case, seems to have spawned from cryptocurrency market’s promise of immense riches and overnight successes, to where anyone – including bad actors and hackers – will create an ever-growing threat in the cyber realm.

“One example of hacking of cryptocurrency was in January of 2018, when hackers were able to steal more than $500 million (or £380 million) worth of cryptocurrency from the Tokyo-based cryptocurrency exchange Coincheck,” adds Barnard. “Thus, that story, to this day, serves as a warning to what can happen, if cryptocurrency is unchecked. And, this story has many people concerned about whether cryptocurrency is safe to invest in or not.”

Conclusion

As you can see, data centers will have to go above and beyond to better accommodate the growing trend of cryptocurrency. And, to do so, they’ll need a good functioning digital infrastructure, to handle blockchain systems and increasing data processing demands.

This need for the right data center infrastructure is also increasing, since blockchain is expected to greatly impact the following:

  • Finance
  • Healthcare
  • Government
  • Transportation
  • Manufacturing
  • Medicine
  • Logistics
  • Other various industries 

Thus, it’s absolutely necessary for data center service providers to stay competitive, when it comes to such changes in technology, including blockchain. Ultimately, with an up-to-date infrastructure for blockchain to work on, data centers will be able to be sustainable, regardless of any changes and or developments made in the tech world for many years to come.

Author’s Bio: Katherine Rundell is a writer and editor at UK Writings and Academized. In her spare time, she likes to travel to different states, give special talks in various business training courses, read her favorite books (ranging in different genres).

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

Top 5 Cryptocurrencies 2020

IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

 

Continue Reading

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