Bitcoin.com Paper Wallet

Paper Wallet Hacked - Please Help Troubleshoot /r/Bitcoin

Paper Wallet Hacked - Please Help Troubleshoot /Bitcoin submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

Paper Wallet Hacked - Please Help Troubleshoot /r/Bitcoin

Paper Wallet Hacked - Please Help Troubleshoot /Bitcoin submitted by cryptoanalyticabot to cryptoall [link] [comments]

Help please. Stored paper multi-sig wallet from Coinbase showing 0 BTC, was it hacked or am I doing something wrong? /r/Bitcoin

Help please. Stored paper multi-sig wallet from Coinbase showing 0 BTC, was it hacked or am I doing something wrong? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Are there any cases of hardware/paper wallets getting hacked? /r/Bitcoin

Are there any cases of hardware/paper wallets getting hacked? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Hacked Bitcoin Paper Wallet

Hacked Bitcoin Paper Wallet submitted by Beyondem to Bitcoin [link] [comments]

Could a super computer hack ALL paper wallets? /r/Bitcoin

Could a super computer hack ALL paper wallets? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Hacked Bitcoin Paper Wallet : Bitcoin

Hacked Bitcoin Paper Wallet : Bitcoin submitted by allex2501 to BrasilBitcoin [link] [comments]

Bitcoin stolen then partially returned? Huh?

I put 42$ into a bitcoin atm. It showed up in my wallet as 49.00$ worth of bitcoin. Then all but .60 worth of bitcoin was sent to another wallet. but an hour ago 35$ worth of bitcoin was sent to my wallet.
what is going on here?
submitted by Kyedmipy to BitcoinBeginners [link] [comments]

Aren't all types of wallets vulnerable to poor seed phrase security?

Can someone explain to me why hardware wallets are considered to be such a superior solution for Bitcoin storage? My understanding is that whether you use a hardware wallet, a paper wallet, a brain wallet etc - you still have the same problem of storing your seed phrase somewhere safe. And if you store it offline then there's a risk it will destroyed/stolen/forgotten, but if you store it online then there's a risk it will be hacked. Is there a way to get around this single-point-of-failure in terms of storing the seed phrase?
submitted by punchbagged to Bitcoin [link] [comments]

TREZOR ϟÜℙℙϴℛ† ℵṲℳℬ∃ℛ ✜44 1905 5子 0364▣,,TREZOR ☾Ṳϟ✞ϴℳℰℜ ϟÜℙℙϴℛ† ℵṲℳℬ∃ℛ $ℰℝ✔ℑ☾€ %^&**YIUHJKN

It protects your account by the multi-signature support system. If you realize that your account is hacked or any unsuspicious activities are occurred in your account then call directly at Trezor Support Number +44 1905 57 0364. On this number, you can tell your problem and get help about your account issues.

TREZOR is an apparatus bitcoin wallet that points of confinement as a USB dongle, enabling clients to securely find a good pace money even on uncertain PCs. It manages a Zero Trust approach, which advocates for different layers of security to control the propensities in which it will as a rule be undermined by an outsider. Survey itself as the “Bitcoin safe,” TREZOR wires key security highlights:

Stick security. TREZOR is ensured by a PIN code you pick. Each time you enter an ill-advised stick, the hold up time until you can return it expands by an intensity of two. Moreover, there’s no beginning the clock before long — you fundamentally need to endure it.

Recuperation seed. TREZOR outfits you with a self-self-assuredly made 24-word code that you can use to recuperate your wallet if your TREZOR is taken or lost.

Single-reason gadget. A bitcoin wallet just, there are no applications or downloads open for the rigging that may bargain security.

Obliged assault surface. TREZOR limits its correspondence with different contraptions. It has no batteries, cameras for filtering, Bluetooth or Wi-Fi. Precisely when the USB contraption isn’t connected, it’s killed.

By what means may I get bitcoin on my TREZOR?

To add bitcoin to your TREZOR, look for after these guaranteed establishment steps:

Download the myTREZOR module. Go to the TREZOR wallet webpage and download the module. First-time clients will make a PIN and extra their recuperation seed.

Snap on the record in your program. Go to the Receive tab to get your first bitcoin address.

Mission for the eye picture. This picture consolidates a region that ought to mastermind the one showing up on your TREZOR gear screen. Take the necessary steps not to move if the eye doesn’t show a sorting out territory — it could be the indication of a phishing attempt.

Affirmation. Until an exchange is done (around 15 minutes), the Timestamp fragment will show “Unverified.” Once you see a date and time in this part, the cash is yours.

In what manner may I make divides?

Yet, on the off chance that you’re storing up cutting edge money, you’re going to need to make divides utilizing your TREZOR. You can do this through the myTREZOR module.

Snap the send tab on the module. Enter the zone for the exchange and the all out you’re sending. You can decide to enter the exchange total BTC or fiat money. The change scale is constrained by CoinDesk.

Enter your PIN. Enter your PIN to open your gadget. The stick will open your TREZOR until it’s unplugged.

State the exchange. The extent of the exchange and the region to which it’s being sent shows up on the TREZOR screen. Either affirm or drop the exchange from the apparatus.

Watch the progress of your exchange. Track your dynamic exchange from the Transactions tab.

Focal points and shortcomings

Masters

Security. Limits the propensities where your TREZOR can be found a good pace it from hacking.

Unmistakable cash related structures. Supports several cash related structures other than bitcoin and can switch over exchange implies and from fiat cash.

Simple to-utilize interface. The myTREZOR program module makes it fundamental complete exchanges.

Cons

Disappointed PIN. It requires some hypothesis to set up the module, and you ought to reestablish your PIN utilizing a muddled keypad each time you plug in the TREZOR.

Constrained exchange openings. Since it’s an apparatus wallet, the TREZOR must be related with a PC to make exchanges, in no way like reduced or paper wallets that can be utilized in a surge.

Immense expense. You’ll pay around US$300 or more for the high security TREZOR gives.

Basic concern

If you’re searching for a shielded system to store bitcoin and other propelled money, TREZOR could be for you. Regardless, in case you’re searching for unsurprising access to your electronic money supplies or need to make every day exchanges, you should take a gander at changed choices.
submitted by ssv55375 to u/ssv55375 [link] [comments]

TREZOR ϟÜℙℙϴℛ† ℵṲℳℬ∃ℛ ✜44 1905 5子 0364▣,,TREZOR ☾Ṳϟ✞ϴℳℰℜ ϟÜℙℙϴℛ† ℵṲℳℬ∃ℛ $ℰℝ✔ℑ☾€ $%^R&TYUHBJN

It protects your account by the multi-signature support system. If you realize that your account is hacked or any unsuspicious activities are occurred in your account then call directly at Trezor Support Number +44 1905 57 0364. On this number, you can tell your problem and get help about your account issues.

TREZOR is an apparatus bitcoin wallet that points of confinement as a USB dongle, enabling clients to securely find a good pace money even on uncertain PCs. It manages a Zero Trust approach, which advocates for different layers of security to control the propensities in which it will as a rule be undermined by an outsider. Survey itself as the “Bitcoin safe,” TREZOR wires key security highlights:

Stick security. TREZOR is ensured by a PIN code you pick. Each time you enter an ill-advised stick, the hold up time until you can return it expands by an intensity of two. Moreover, there’s no beginning the clock before long — you fundamentally need to endure it.

Recuperation seed. TREZOR outfits you with a self-self-assuredly made 24-word code that you can use to recuperate your wallet if your TREZOR is taken or lost.

Single-reason gadget. A bitcoin wallet just, there are no applications or downloads open for the rigging that may bargain security.

Obliged assault surface. TREZOR limits its correspondence with different contraptions. It has no batteries, cameras for filtering, Bluetooth or Wi-Fi. Precisely when the USB contraption isn’t connected, it’s killed.

By what means may I get bitcoin on my TREZOR?

To add bitcoin to your TREZOR, look for after these guaranteed establishment steps:

Download the myTREZOR module. Go to the TREZOR wallet webpage and download the module. First-time clients will make a PIN and extra their recuperation seed.

Snap on the record in your program. Go to the Receive tab to get your first bitcoin address.

Mission for the eye picture. This picture consolidates a region that ought to mastermind the one showing up on your TREZOR gear screen. Take the necessary steps not to move if the eye doesn’t show a sorting out territory — it could be the indication of a phishing attempt.

Affirmation. Until an exchange is done (around 15 minutes), the Timestamp fragment will show “Unverified.” Once you see a date and time in this part, the cash is yours.

In what manner may I make divides?

Yet, on the off chance that you’re storing up cutting edge money, you’re going to need to make divides utilizing your TREZOR. You can do this through the myTREZOR module.

Snap the send tab on the module. Enter the zone for the exchange and the all out you’re sending. You can decide to enter the exchange total BTC or fiat money. The change scale is constrained by CoinDesk.

Enter your PIN. Enter your PIN to open your gadget. The stick will open your TREZOR until it’s unplugged.

State the exchange. The extent of the exchange and the region to which it’s being sent shows up on the TREZOR screen. Either affirm or drop the exchange from the apparatus.

Watch the progress of your exchange. Track your dynamic exchange from the Transactions tab.

Focal points and shortcomings

Masters

Security. Limits the propensities where your TREZOR can be found a good pace it from hacking.

Unmistakable cash related structures. Supports several cash related structures other than bitcoin and can switch over exchange implies and from fiat cash.

Simple to-utilize interface. The myTREZOR program module makes it fundamental complete exchanges.

Cons

Disappointed PIN. It requires some hypothesis to set up the module, and you ought to reestablish your PIN utilizing a muddled keypad each time you plug in the TREZOR.

Constrained exchange openings. Since it’s an apparatus wallet, the TREZOR must be related with a PC to make exchanges, in no way like reduced or paper wallets that can be utilized in a surge.

Immense expense. You’ll pay around US$300 or more for the high security TREZOR gives.

Basic concern

If you’re searching for a shielded system to store bitcoin and other propelled money, TREZOR could be for you. Regardless, in case you’re searching for unsurprising access to your electronic money supplies or need to make every day exchanges, you should take a gander at changed choices.
submitted by ssv55375 to u/ssv55375 [link] [comments]

TREZOR ϟÜℙℙϴℛ† ℵṲℳℬ∃ℛ ✜44 1905 5子 0364▣,,TREZOR ☾Ṳϟ✞ϴℳℰℜ ϟÜℙℙϴℛ† ℵṲℳℬ∃ℛ $ℰℝ✔ℑ☾€ [email protected]#$%^

It protects your account by the multi-signature support system. If you realize that your account is hacked or any unsuspicious activities are occurred in your account then call directly at Trezor Support Number +44 1905 57 0364. On this number, you can tell your problem and get help about your account issues.

TREZOR is an apparatus bitcoin wallet that points of confinement as a USB dongle, enabling clients to securely find a good pace money even on uncertain PCs. It manages a Zero Trust approach, which advocates for different layers of security to control the propensities in which it will as a rule be undermined by an outsider. Survey itself as the “Bitcoin safe,” TREZOR wires key security highlights:

Stick security. TREZOR is ensured by a PIN code you pick. Each time you enter an ill-advised stick, the hold up time until you can return it expands by an intensity of two. Moreover, there’s no beginning the clock before long — you fundamentally need to endure it.

Recuperation seed. TREZOR outfits you with a self-self-assuredly made 24-word code that you can use to recuperate your wallet if your TREZOR is taken or lost.

Single-reason gadget. A bitcoin wallet just, there are no applications or downloads open for the rigging that may bargain security.

Obliged assault surface. TREZOR limits its correspondence with different contraptions. It has no batteries, cameras for filtering, Bluetooth or Wi-Fi. Precisely when the USB contraption isn’t connected, it’s killed.

By what means may I get bitcoin on my TREZOR?

To add bitcoin to your TREZOR, look for after these guaranteed establishment steps:

Download the myTREZOR module. Go to the TREZOR wallet webpage and download the module. First-time clients will make a PIN and extra their recuperation seed.

Snap on the record in your program. Go to the Receive tab to get your first bitcoin address.

Mission for the eye picture. This picture consolidates a region that ought to mastermind the one showing up on your TREZOR gear screen. Take the necessary steps not to move if the eye doesn’t show a sorting out territory — it could be the indication of a phishing attempt.

Affirmation. Until an exchange is done (around 15 minutes), the Timestamp fragment will show “Unverified.” Once you see a date and time in this part, the cash is yours.

In what manner may I make divides?

Yet, on the off chance that you’re storing up cutting edge money, you’re going to need to make divides utilizing your TREZOR. You can do this through the myTREZOR module.

Snap the send tab on the module. Enter the zone for the exchange and the all out you’re sending. You can decide to enter the exchange total BTC or fiat money. The change scale is constrained by CoinDesk.

Enter your PIN. Enter your PIN to open your gadget. The stick will open your TREZOR until it’s unplugged.

State the exchange. The extent of the exchange and the region to which it’s being sent shows up on the TREZOR screen. Either affirm or drop the exchange from the apparatus.

Watch the progress of your exchange. Track your dynamic exchange from the Transactions tab.

Focal points and shortcomings

Masters

Security. Limits the propensities where your TREZOR can be found a good pace it from hacking.

Unmistakable cash related structures. Supports several cash related structures other than bitcoin and can switch over exchange implies and from fiat cash.

Simple to-utilize interface. The myTREZOR program module makes it fundamental complete exchanges.

Cons

Disappointed PIN. It requires some hypothesis to set up the module, and you ought to reestablish your PIN utilizing a muddled keypad each time you plug in the TREZOR.

Constrained exchange openings. Since it’s an apparatus wallet, the TREZOR must be related with a PC to make exchanges, in no way like reduced or paper wallets that can be utilized in a surge.

Immense expense. You’ll pay around US$300 or more for the high security TREZOR gives.

Basic concern

If you’re searching for a shielded system to store bitcoin and other propelled money, TREZOR could be for you. Regardless, in case you’re searching for unsurprising access to your electronic money supplies or need to make every day exchanges, you should take a gander at changed choices.
submitted by ssv55375 to u/ssv55375 [link] [comments]

TREZOR ϟÜℙℙϴℛ† ℵṲℳℬ∃ℛ ✜44 1905 5子 0364▣,,TREZOR ☾Ṳϟ✞ϴℳℰℜ ϟÜℙℙϴℛ† ℵṲℳℬ∃ℛ $ℰℝ✔ℑ☾€ _*&HIJO

It protects your account by the multi-signature support system. If you realize that your account is hacked or any unsuspicious activities are occurred in your account then call directly at Trezor Support Number +44 1905 57 0364. On this number, you can tell your problem and get help about your account issues.

TREZOR is an apparatus bitcoin wallet that points of confinement as a USB dongle, enabling clients to securely find a good pace money even on uncertain PCs. It manages a Zero Trust approach, which advocates for different layers of security to control the propensities in which it will as a rule be undermined by an outsider. Survey itself as the “Bitcoin safe,” TREZOR wires key security highlights:

Stick security. TREZOR is ensured by a PIN code you pick. Each time you enter an ill-advised stick, the hold up time until you can return it expands by an intensity of two. Moreover, there’s no beginning the clock before long — you fundamentally need to endure it.

Recuperation seed. TREZOR outfits you with a self-self-assuredly made 24-word code that you can use to recuperate your wallet if your TREZOR is taken or lost.

Single-reason gadget. A bitcoin wallet just, there are no applications or downloads open for the rigging that may bargain security.

Obliged assault surface. TREZOR limits its correspondence with different contraptions. It has no batteries, cameras for filtering, Bluetooth or Wi-Fi. Precisely when the USB contraption isn’t connected, it’s killed.

By what means may I get bitcoin on my TREZOR?

To add bitcoin to your TREZOR, look for after these guaranteed establishment steps:

Download the myTREZOR module. Go to the TREZOR wallet webpage and download the module. First-time clients will make a PIN and extra their recuperation seed.

Snap on the record in your program. Go to the Receive tab to get your first bitcoin address.

Mission for the eye picture. This picture consolidates a region that ought to mastermind the one showing up on your TREZOR gear screen. Take the necessary steps not to move if the eye doesn’t show a sorting out territory — it could be the indication of a phishing attempt.

Affirmation. Until an exchange is done (around 15 minutes), the Timestamp fragment will show “Unverified.” Once you see a date and time in this part, the cash is yours.

In what manner may I make divides?

Yet, on the off chance that you’re storing up cutting edge money, you’re going to need to make divides utilizing your TREZOR. You can do this through the myTREZOR module.

Snap the send tab on the module. Enter the zone for the exchange and the all out you’re sending. You can decide to enter the exchange total BTC or fiat money. The change scale is constrained by CoinDesk.

Enter your PIN. Enter your PIN to open your gadget. The stick will open your TREZOR until it’s unplugged.

State the exchange. The extent of the exchange and the region to which it’s being sent shows up on the TREZOR screen. Either affirm or drop the exchange from the apparatus.

Watch the progress of your exchange. Track your dynamic exchange from the Transactions tab.

Focal points and shortcomings

Masters

Security. Limits the propensities where your TREZOR can be found a good pace it from hacking.

Unmistakable cash related structures. Supports several cash related structures other than bitcoin and can switch over exchange implies and from fiat cash.

Simple to-utilize interface. The myTREZOR program module makes it fundamental complete exchanges.

Cons

Disappointed PIN. It requires some hypothesis to set up the module, and you ought to reestablish your PIN utilizing a muddled keypad each time you plug in the TREZOR.

Constrained exchange openings. Since it’s an apparatus wallet, the TREZOR must be related with a PC to make exchanges, in no way like reduced or paper wallets that can be utilized in a surge.

Immense expense. You’ll pay around US$300 or more for the high security TREZOR gives.

Basic concern

If you’re searching for a shielded system to store bitcoin and other propelled money, TREZOR could be for you. Regardless, in case you’re searching for unsurprising access to your electronic money supplies or need to make every day exchanges, you should take a gander at changed choices.
submitted by ssv55375 to u/ssv55375 [link] [comments]

TREZOR ϟÜℙℙϴℛ† ℵṲℳℬ∃ℛ ✜44 1905 5子 0364▣,,TREZOR ☾Ṳϟ✞ϴℳℰℜ ϟÜℙℙϴℛ† ℵṲℳℬ∃ℛ $ℰℝ✔ℑ☾€ $%R%^TGYHUNU

It protects your account by the multi-signature support system. If you realize that your account is hacked or any unsuspicious activities are occurred in your account then call directly at Trezor Support Number +44 1905 57 0364. On this number, you can tell your problem and get help about your account issues.

TREZOR is an apparatus bitcoin wallet that points of confinement as a USB dongle, enabling clients to securely find a good pace money even on uncertain PCs. It manages a Zero Trust approach, which advocates for different layers of security to control the propensities in which it will as a rule be undermined by an outsider. Survey itself as the “Bitcoin safe,” TREZOR wires key security highlights:

Stick security. TREZOR is ensured by a PIN code you pick. Each time you enter an ill-advised stick, the hold up time until you can return it expands by an intensity of two. Moreover, there’s no beginning the clock before long — you fundamentally need to endure it.

Recuperation seed. TREZOR outfits you with a self-self-assuredly made 24-word code that you can use to recuperate your wallet if your TREZOR is taken or lost.

Single-reason gadget. A bitcoin wallet just, there are no applications or downloads open for the rigging that may bargain security.

Obliged assault surface. TREZOR limits its correspondence with different contraptions. It has no batteries, cameras for filtering, Bluetooth or Wi-Fi. Precisely when the USB contraption isn’t connected, it’s killed.

By what means may I get bitcoin on my TREZOR?

To add bitcoin to your TREZOR, look for after these guaranteed establishment steps:

Download the myTREZOR module. Go to the TREZOR wallet webpage and download the module. First-time clients will make a PIN and extra their recuperation seed.

Snap on the record in your program. Go to the Receive tab to get your first bitcoin address.

Mission for the eye picture. This picture consolidates a region that ought to mastermind the one showing up on your TREZOR gear screen. Take the necessary steps not to move if the eye doesn’t show a sorting out territory — it could be the indication of a phishing attempt.

Affirmation. Until an exchange is done (around 15 minutes), the Timestamp fragment will show “Unverified.” Once you see a date and time in this part, the cash is yours.

In what manner may I make divides?

Yet, on the off chance that you’re storing up cutting edge money, you’re going to need to make divides utilizing your TREZOR. You can do this through the myTREZOR module.

Snap the send tab on the module. Enter the zone for the exchange and the all out you’re sending. You can decide to enter the exchange total BTC or fiat money. The change scale is constrained by CoinDesk.

Enter your PIN. Enter your PIN to open your gadget. The stick will open your TREZOR until it’s unplugged.

State the exchange. The extent of the exchange and the region to which it’s being sent shows up on the TREZOR screen. Either affirm or drop the exchange from the apparatus.

Watch the progress of your exchange. Track your dynamic exchange from the Transactions tab.

Focal points and shortcomings

Masters

Security. Limits the propensities where your TREZOR can be found a good pace it from hacking.

Unmistakable cash related structures. Supports several cash related structures other than bitcoin and can switch over exchange implies and from fiat cash.

Simple to-utilize interface. The myTREZOR program module makes it fundamental complete exchanges.

Cons

Disappointed PIN. It requires some hypothesis to set up the module, and you ought to reestablish your PIN utilizing a muddled keypad each time you plug in the TREZOR.

Constrained exchange openings. Since it’s an apparatus wallet, the TREZOR must be related with a PC to make exchanges, in no way like reduced or paper wallets that can be utilized in a surge.

Immense expense. You’ll pay around US$300 or more for the high security TREZOR gives.

Basic concern

If you’re searching for a shielded system to store bitcoin and other propelled money, TREZOR could be for you. Regardless, in case you’re searching for unsurprising access to your electronic money supplies or need to make every day exchanges, you should take a gander at changed choices.
submitted by ssv55375 to u/ssv55375 [link] [comments]

TREZOR ϟÜℙℙϴℛ† ℵṲℳℬ∃ℛ ✜44 1905 5子 0364▣,,TREZOR ☾Ṳϟ✞ϴℳℰℜ ϟÜℙℙϴℛ† ℵṲℳℬ∃ℛ $ℰℝ✔ℑ☾€ &*(YUIHOJKJ

It protects your account by the multi-signature support system. If you realize that your account is hacked or any unsuspicious activities are occurred in your account then call directly at Trezor Support Number +44 1905 57 0364. On this number, you can tell your problem and get help about your account issues.

TREZOR is an apparatus bitcoin wallet that points of confinement as a USB dongle, enabling clients to securely find a good pace money even on uncertain PCs. It manages a Zero Trust approach, which advocates for different layers of security to control the propensities in which it will as a rule be undermined by an outsider. Survey itself as the “Bitcoin safe,” TREZOR wires key security highlights:

Stick security. TREZOR is ensured by a PIN code you pick. Each time you enter an ill-advised stick, the hold up time until you can return it expands by an intensity of two. Moreover, there’s no beginning the clock before long — you fundamentally need to endure it.

Recuperation seed. TREZOR outfits you with a self-self-assuredly made 24-word code that you can use to recuperate your wallet if your TREZOR is taken or lost.

Single-reason gadget. A bitcoin wallet just, there are no applications or downloads open for the rigging that may bargain security.

Obliged assault surface. TREZOR limits its correspondence with different contraptions. It has no batteries, cameras for filtering, Bluetooth or Wi-Fi. Precisely when the USB contraption isn’t connected, it’s killed.

By what means may I get bitcoin on my TREZOR?

To add bitcoin to your TREZOR, look for after these guaranteed establishment steps:

Download the myTREZOR module. Go to the TREZOR wallet webpage and download the module. First-time clients will make a PIN and extra their recuperation seed.

Snap on the record in your program. Go to the Receive tab to get your first bitcoin address.

Mission for the eye picture. This picture consolidates a region that ought to mastermind the one showing up on your TREZOR gear screen. Take the necessary steps not to move if the eye doesn’t show a sorting out territory — it could be the indication of a phishing attempt.

Affirmation. Until an exchange is done (around 15 minutes), the Timestamp fragment will show “Unverified.” Once you see a date and time in this part, the cash is yours.

In what manner may I make divides?

Yet, on the off chance that you’re storing up cutting edge money, you’re going to need to make divides utilizing your TREZOR. You can do this through the myTREZOR module.

Snap the send tab on the module. Enter the zone for the exchange and the all out you’re sending. You can decide to enter the exchange total BTC or fiat money. The change scale is constrained by CoinDesk.

Enter your PIN. Enter your PIN to open your gadget. The stick will open your TREZOR until it’s unplugged.

State the exchange. The extent of the exchange and the region to which it’s being sent shows up on the TREZOR screen. Either affirm or drop the exchange from the apparatus.

Watch the progress of your exchange. Track your dynamic exchange from the Transactions tab.

Focal points and shortcomings

Masters

Security. Limits the propensities where your TREZOR can be found a good pace it from hacking.

Unmistakable cash related structures. Supports several cash related structures other than bitcoin and can switch over exchange implies and from fiat cash.

Simple to-utilize interface. The myTREZOR program module makes it fundamental complete exchanges.

Cons

Disappointed PIN. It requires some hypothesis to set up the module, and you ought to reestablish your PIN utilizing a muddled keypad each time you plug in the TREZOR.

Constrained exchange openings. Since it’s an apparatus wallet, the TREZOR must be related with a PC to make exchanges, in no way like reduced or paper wallets that can be utilized in a surge.

Immense expense. You’ll pay around US$300 or more for the high security TREZOR gives.

Basic concern

If you’re searching for a shielded system to store bitcoin and other propelled money, TREZOR could be for you. Regardless, in case you’re searching for unsurprising access to your electronic money supplies or need to make every day exchanges, you should take a gander at changed choices.
submitted by ssv55375 to u/ssv55375 [link] [comments]

100 Days later. From noob to moons. I wrote this “guide” based on my journey into crypto.

It’s already been 100 days. What a ride it’s been. I created this account and joined this sub not long after I bought my very first ETH. That’s right, I skipped Bitcoin and my first foray into crypto was Ethereum. I was never sold on BTC and even when it was booming back in the day I didn’t feel like I missed out on anything. I just don’t believe in it if I’m being honest. I respect everything about Bitcoin and Satoshi (whoever you are) sounds like a genius and a revolutionary but I don’t see the use case potential with it. I consider Bitcoin like the Metallica of crypto, a little analogy for myself. I’m a big fan of bands like Tool and The Deftones and I give credit where it’s due to Metallica for paving the way for them to be able to make new music. Bitcoin started the movement but I was sold on the progressive thinkers that followed it. Ethereum is my main commitment and always will be. Vitalik is a very weird person and that is what drew me to it initially. I saw a Vice documentary when I was first looking into crypto to understand and they also included a bonus bit with him. Those were enough to spark my interest and it sort of sent me into a wormhole of research. That was back in March.
I like to think I’ve come a long way. Since I was unemployed I decided to spend my spare time studying crypto. I started with exchanges. Being from Canada my options definitely seemed limited, as a noob at least. Google helped most of the way by putting in things like “Ethereum explained” and “How to store crypto” which brought up a lot of useful information. Overwhelming to say the least. But I didn’t stop at the basics. No, no, no. It made me fascinated with blockchain as a technology beyond cryptocurrency. I read the Ethereum Whitepaper after the Bitcoin whitepaper because everyone should read that one. Satoshi started this, if you don’t understand why he(or she or however they identify) created Bitcoin then you will never understand cryptocurrency fully. Then it came time to buy some.
I initially tried eToro and was immediately hit with the “service not available in Canada” issue. So I searched exchanges in Canada and found Coinberry, Shakepay and the already defunct Quadriga. Thankfully the quadriga news was easy to search so it didn’t take long for me to become paranoid about my investments. Coinsquare was also an option that turned out to also be a scam. After eToro I tried Coinberry and I submitted my KYC info and all then crickets they ghosted me. I’d been in contact with customer service prior to submitting and they seemed fine until then. I persevered. Shakepay was next. Fingers were crossed going into this one. I chatted with Shakepay customer service for the better part of an hour on my first day. I asked all of the technical questions and also the stupid ones. I wanted transparency and got it from them. So I bought 1 whole ETH. Next I had to figure out a wallet.
This was difficult. I didn’t need a hardware wallet for 1 ETH, that was overkill. I learned early that the exchange isn’t safe “not your keys not your coins” is a common expression. So I found that middle ground in Atomic Wallet. I did a lot of searching before settling on them. Metamask was the other thought but when I had taken a solidity crash course I struggled with it and didn’t try again. The other wallet options I considered were Exodus Wallet and Guarda. I don’t want to break this down to a full wallet review but I will say that I use both Atomic and Exodus and they are great. I’ve never had an issue and the customer service communication has always been great. They’re transparent and helpful as long as you don’t try to attack them and blame them when you have issues.
What I liked about Atomic when I first looked into it was the very helpful knowledge base they’ve created. The embedded links are to the wallets respective educational resources. If you asked me I’d say people don’t spend enough time reading at least the FAQ of a wallet, exchange or app that they use. Personally, I have read just about every article on both Exodus and Atomic (aside from the ones that repeat the same thing) so that I don’t have to ask everything. If you do take some time, and not that much, you will see they state “We will never ask you to enter your seed for any reason” and that would prevent so many phishing scams, which is what happens when people think they’re hacked. I think it’s important that everyone takes a moment to read about how to avoid being phished. Also check this one about things like pump and dumps and ICO scams.
Now about the community. This place is awesome and I’m glad that I found this sub. It is certainly one of the best subs I’ve joined. I’m also subscribed to just about every single other crypto sub you can find, I like to know what’s going on in every project. I have my favourites and there are a few I’m certainly opposed to but I try to remain as unbiased as possible. I don’t let my investments influence my arguments because that makes it too emotionally driven. I argue with what I’ve read and learned about and am always willing to be told I’m wrong. The moons were such an important factor to that. When I first started into crypto I thought that moons would impact ETH price because I though “reddit is huge, everyone will want ETH after” but I was stupidly wrong. I would never think that again but I wanted to admit so everyone knows that we all start without basic knowledge in this. I wanted moons but my new account wasn’t allowed to post. I had to wait 50 days. What did I do? Engaged in other communities. I learned from other projects. Knowledge is power and it’s by learning and by gaining that knowledge before I could post it only took me 4 weeks to earn 35,000(nearest makes no difference) moons.
During my pre-posting time I read multiple whitepapers for projects like NEO, Ripple(to which I am known to be opposed to but bias aside I’ve listed), Stellar, Komodo, Vechain, [Cardano(not really a whitepaper more of a “why” paper)](https://[cardano.org/why/) and so many more.
I just wanted to link some so that people can read some varying whitepaper to get the differences in ideas. It’s tedious but these are the best ways to understand what’s going on and what the potential of blockchain is. I also got comfortable with reading charts because it’s important for learning trends. I don’t know all the technical terms and buzzwords for patterns but I recognize rhythm and patterns in things and combine that with my own best guess to figure out what to move for. I like statistics so it isn’t boring to me to read them. I mostly use Coingecko for tracking coins and the news section is great. I have made a list of favourites(my own top 40) and I check them daily. Multiple times daily to be honest. I also use Cointelegraph for news, I like their artwork. I also use decrypt because they tend to have more Ethereum and Altcoin news.
Anyway, this has gotten beyond long enough. I hope it is helpful to some. I kind of wish I had found a resource with everything I needed to know to get started in one easy place. There isn’t. But this is a good way to get started.
Thank you for reading. Everything I say is open to constructive criticism but let’s keep it sensible and respectful.
submitted by ethereumflow to u/ethereumflow [link] [comments]

Scaling Reddit Community Points with Arbitrum Rollup: a piece of cake

Scaling Reddit Community Points with Arbitrum Rollup: a piece of cake
https://preview.redd.it/b80c05tnb9e51.jpg?width=2550&format=pjpg&auto=webp&s=850282c1a3962466ed44f73886dae1c8872d0f31
Submitted for consideration to The Great Reddit Scaling Bake-Off
Baked by the pastry chefs at Offchain Labs
Please send questions or comments to [[email protected] ](mailto:[email protected])
1. Overview
We're excited to submit Arbitrum Rollup for consideration to The Great Reddit Scaling Bake-Off. Arbitrum Rollup is the only Ethereum scaling solution that supports arbitrary smart contracts without compromising on Ethereum's security or adding points of centralization. For Reddit, this means that Arbitrum can not only scale the minting and transfer of Community Points, but it can foster a creative ecosystem built around Reddit Community Points enabling points to be used in a wide variety of third party applications. That's right -- you can have your cake and eat it too!
Arbitrum Rollup isn't just Ethereum-style. Its Layer 2 transactions are byte-for-byte identical to Ethereum, which means Ethereum users can continue to use their existing addresses and wallets, and Ethereum developers can continue to use their favorite toolchains and development environments out-of-the-box with Arbitrum. Coupling Arbitrum’s tooling-compatibility with its trustless asset interoperability, Reddit not only can scale but can onboard the entire Ethereum community at no cost by giving them the same experience they already know and love (well, certainly know).
To benchmark how Arbitrum can scale Reddit Community Points, we launched the Reddit contracts on an Arbitrum Rollup chain. Since Arbitrum provides full Solidity support, we didn't have to rewrite the Reddit contracts or try to mimic their functionality using an unfamiliar paradigm. Nope, none of that. We launched the Reddit contracts unmodified on Arbitrum Rollup complete with support for minting and distributing points. Like every Arbitrum Rollup chain, the chain included a bridge interface in which users can transfer Community Points or any other asset between the L1 and L2 chains. Arbitrum Rollup chains also support dynamic contract loading, which would allow third-party developers to launch custom ecosystem apps that integrate with Community Points on the very same chain that runs the Reddit contracts.
1.1 Why Ethereum
Perhaps the most exciting benefit of distributing Community Points using a blockchain is the ability to seamlessly port points to other applications and use them in a wide variety of contexts. Applications may include simple transfers such as a restaurant that allows Redditors to spend points on drinks. Or it may include complex smart contracts -- such as placing Community Points as a wager for a multiparty game or as collateral in a financial contract.
The common denominator between all of the fun uses of Reddit points is that it needs a thriving ecosystem of both users and developers, and the Ethereum blockchain is perhaps the only smart contract platform with significant adoption today. While many Layer 1 blockchains boast lower cost or higher throughput than the Ethereum blockchain, more often than not, these attributes mask the reality of little usage, weaker security, or both.
Perhaps another platform with significant usage will rise in the future. But today, Ethereum captures the mindshare of the blockchain community, and for Community Points to provide the most utility, the Ethereum blockchain is the natural choice.
1.2 Why Arbitrum
While Ethereum's ecosystem is unmatched, the reality is that fees are high and capacity is too low to support the scale of Reddit Community Points. Enter Arbitrum. Arbitrum Rollup provides all of the ecosystem benefits of Ethereum, but with orders of magnitude more capacity and at a fraction of the cost of native Ethereum smart contracts. And most of all, we don't change the experience from users. They continue to use the same wallets, addresses, languages, and tools.
Arbitrum Rollup is not the only solution that can scale payments, but it is the only developed solution that can scale both payments and arbitrary smart contracts trustlessly, which means that third party users can build highly scalable add-on apps that can be used without withdrawing money from the Rollup chain. If you believe that Reddit users will want to use their Community Points in smart contracts--and we believe they will--then it makes the most sense to choose a single scaling solution that can support the entire ecosystem, eliminating friction for users.
We view being able to run smart contracts in the same scaling solution as fundamentally critical since if there's significant demand in running smart contracts from Reddit's ecosystem, this would be a load on Ethereum and would itself require a scaling solution. Moreover, having different scaling solutions for the minting/distribution/spending of points and for third party apps would be burdensome for users as they'd have to constantly shuffle their Points back and forth.
2. Arbitrum at a glance
Arbitrum Rollup has a unique value proposition as it offers a combination of features that no other scaling solution achieves. Here we highlight its core attributes.
Decentralized. Arbitrum Rollup is as decentralized as Ethereum. Unlike some other Layer 2 scaling projects, Arbitrum Rollup doesn't have any centralized components or centralized operators who can censor users or delay transactions. Even in non-custodial systems, centralized components provide a risk as the operators are generally incentivized to increase their profit by extracting rent from users often in ways that severely degrade user experience. Even if centralized operators are altruistic, centralized components are subject to hacking, coercion, and potential liability.
Massive Scaling. Arbitrum achieves order of magnitude scaling over Ethereum's L1 smart contracts. Our software currently supports 453 transactions-per-second for basic transactions (at 1616 Ethereum gas per tx). We have a lot of room left to optimize (e.g. aggregating signatures), and over the next several months capacity will increase significantly. As described in detail below, Arbitrum can easily support and surpass Reddit's anticipated initial load, and its capacity will continue to improve as Reddit's capacity needs grow.
Low cost. The cost of running Arbitrum Rollup is quite low compared to L1 Ethereum and other scaling solutions such as those based on zero-knowledge proofs. Layer 2 fees are low, fixed, and predictable and should not be overly burdensome for Reddit to cover. Nobody needs to use special equipment or high-end machines. Arbitrum requires validators, which is a permissionless role that can be run on any reasonable on-line machine. Although anybody can act as a validator, in order to protect against a “tragedy of the commons” and make sure reputable validators are participating, we support a notion of “invited validators” that are compensated for their costs. In general, users pay (low) fees to cover the invited validators’ costs, but we imagine that Reddit may cover this cost for its users. See more on the costs and validator options below.
Ethereum Developer Experience. Not only does Arbitrum support EVM smart contracts, but the developer experience is identical to that of L1 Ethereum contracts and fully compatible with Ethereum tooling. Developers can port existing Solidity apps or write new ones using their favorite and familiar toolchains (e.g. Truffle, Buidler). There are no new languages or coding paradigms to learn.
Ethereum wallet compatibility. Just as in Ethereum, Arbitrum users need only hold keys, but do not have to store any coin history or additional data to protect or access their funds. Since Arbitrum transactions are semantically identical to Ethereum L1 transactions, existing Ethereum users can use their existing Ethereum keys with their existing wallet software such as Metamask.
Token interoperability. Users can easily transfer their ETH, ERC-20 and ERC-721 tokens between Ethereum and the Arbitrum Rollup chain. As we explain in detail below, it is possible to mint tokens in L2 that can subsequently be withdrawn and recognized by the L1 token contract.
Fast finality. Transactions complete with the same finality time as Ethereum L1 (and it's possible to get faster finality guarantees by trading away trust assumptions; see the Arbitrum Rollup whitepaper for details).
Non-custodial. Arbitrum Rollup is a non-custodial scaling solution, so users control their funds/points and neither Reddit nor anyone else can ever access or revoke points held by users.
Censorship Resistant. Since it's completely decentralized, and the Arbitrum protocol guarantees progress trustlessly, Arbitrum Rollup is just as censorship-proof as Ethereum.
Block explorer. The Arbitrum Rollup block explorer allows users to view and analyze transactions on the Rollup chain.
Limitations
Although this is a bake-off, we're not going to sugar coat anything. Arbitrum Rollup, like any Optimistic Rollup protocol, does have one limitation, and that's the delay on withdrawals.
As for the concrete length of the delay, we've done a good deal of internal modeling and have blogged about this as well. Our current modeling suggests a 3-hour delay is sufficient (but as discussed in the linked post there is a tradeoff space between the length of the challenge period and the size of the validators’ deposit).
Note that this doesn't mean that the chain is delayed for three hours. Arbitrum Rollup supports pipelining of execution, which means that validators can keep building new states even while previous ones are “in the pipeline” for confirmation. As the challenge delays expire for each update, a new state will be confirmed (read more about this here).
So activity and progress on the chain are not delayed by the challenge period. The only thing that's delayed is the consummation of withdrawals. Recall though that any single honest validator knows immediately (at the speed of L1 finality) which state updates are correct and can guarantee that they will eventually be confirmed, so once a valid withdrawal has been requested on-chain, every honest party knows that the withdrawal will definitely happen. There's a natural place here for a liquidity market in which a validator (or someone who trusts a validator) can provide withdrawal loans for a small interest fee. This is a no-risk business for them as they know which withdrawals will be confirmed (and can force their confirmation trustlessly no matter what anyone else does) but are just waiting for on-chain finality.
3. The recipe: How Arbitrum Rollup works
For a description of the technical components of Arbitrum Rollup and how they interact to create a highly scalable protocol with a developer experience that is identical to Ethereum, please refer to the following documents:
Arbitrum Rollup Whitepaper
Arbitrum academic paper (describes a previous version of Arbitrum)
4. Developer docs and APIs
For full details about how to set up and interact with an Arbitrum Rollup chain or validator, please refer to our developer docs, which can be found at https://developer.offchainlabs.com/.
Note that the Arbitrum version described on that site is older and will soon be replaced by the version we are entering in Reddit Bake-Off, which is still undergoing internal testing before public release.
5. Who are the validators?
As with any Layer 2 protocol, advancing the protocol correctly requires at least one validator (sometimes called block producers) that is honest and available. A natural question is: who are the validators?
Recall that the validator set for an Arbitrum chain is open and permissionless; anyone can start or stop validating at will. (A useful analogy is to full nodes on an L1 chain.) But we understand that even though anyone can participate, Reddit may want to guarantee that highly reputable nodes are validating their chain. Reddit may choose to validate the chain themselves and/or hire third-party validators.To this end, we have begun building a marketplace for validator-for-hire services so that dapp developers can outsource validation services to reputable nodes with high up-time. We've announced a partnership in which Chainlink nodes will provide Arbitrum validation services, and we expect to announce more partnerships shortly with other blockchain infrastructure providers.
Although there is no requirement that validators are paid, Arbitrum’s economic model tracks validators’ costs (e.g. amount of computation and storage) and can charge small fees on user transactions, using a gas-type system, to cover those costs. Alternatively, a single party such as Reddit can agree to cover the costs of invited validators.
6. Reddit Contract Support
Since Arbitrum contracts and transactions are byte-for-byte compatible with Ethereum, supporting the Reddit contracts is as simple as launching them on an Arbitrum chain.
Minting. Arbitrum Rollup supports hybrid L1/L2 tokens which can be minted in L2 and then withdrawn onto the L1. An L1 contract at address A can make a special call to the EthBridge which deploys a "buddy contract" to the same address A on an Arbitrum chain. Since it's deployed at the same address, users can know that the L2 contract is the authorized "buddy" of the L1 contract on the Arbitrum chain.
For minting, the L1 contract is a standard ERC-20 contract which mints and burns tokens when requested by the L2 contract. It is paired with an ERC-20 contract in L2 which mints tokens based on whatever programmer provided minting facility is desired and burns tokens when they are withdrawn from the rollup chain. Given this base infrastructure, Arbitrum can support any smart contract based method for minting tokens in L2, and indeed we directly support Reddit's signature/claim based minting in L2.
Batch minting. What's better than a mint cookie? A whole batch! In addition to supporting Reddit’s current minting/claiming scheme, we built a second minting design, which we believe outperforms the signature/claim system in many scenarios.
In the current system, Reddit periodically issues signed statements to users, who then take those statements to the blockchain to claim their tokens. An alternative approach would have Reddit directly submit the list of users/amounts to the blockchain and distribute the tokens to the users without the signature/claim process.
To optimize the cost efficiency of this approach, we designed an application-specific compression scheme to minimize the size of the batch distribution list. We analyzed the data from Reddit's previous distributions and found that the data is highly compressible since token amounts are small and repeated, and addresses appear multiple times. Our function groups transactions by size, and replaces previously-seen addresses with a shorter index value. We wrote client code to compress the data, wrote a Solidity decompressing function, and integrated that function into Reddit’s contract running on Arbitrum.
When we ran the compression function on the previous Reddit distribution data, we found that we could compress batched minting data down to to 11.8 bytes per minting event (averaged over a 6-month trace of Reddit’s historical token grants)compared with roughly 174 bytes of on-chain data needed for the signature claim approach to minting (roughly 43 for an RLP-encoded null transaction + 65 for Reddit's signature + 65 for the user's signature + roughly 8 for the number of Points) .
The relative benefit of the two approaches with respect to on-chain call data cost depends on the percentage of users that will actually claim their tokens on chain. With the above figures, batch minting will be cheaper if roughly 5% of users redeem their claims. We stress that our compression scheme is not Arbitrum-specific and would be beneficial in any general-purpose smart contract platform.
8. Benchmarks and costs
In this section, we give the full costs of operating the Reddit contracts on an Arbitrum Rollup chain including the L1 gas costs for the Rollup chain, the costs of computation and storage for the L2 validators as well as the capital lockup requirements for staking.
Arbitrum Rollup is still on testnet, so we did not run mainnet benchmarks. Instead, we measured the L1 gas cost and L2 workload for Reddit operations on Arbitrum and calculated the total cost assuming current Ethereum gas prices. As noted below in detail, our measurements do not assume that Arbitrum is consuming the entire capacity of Ethereum. We will present the details of our model now, but for full transparency you can also play around with it yourself and adjust the parameters, by copying the spreadsheet found here.
Our cost model is based on measurements of Reddit’s contracts, running unmodified (except for the addition of a batch minting function) on Arbitrum Rollup on top of Ethereum.
On the distribution of transactions and frequency of assertions. Reddit's instructions specify the following minimum parameters that submissions should support:
Over a 5 day period, your scaling PoC should be able to handle:
  • 100,000 point claims (minting & distributing points)
  • 25,000 subscriptions
  • 75,000 one-off points burning
  • 100,000 transfers
We provide the full costs of operating an Arbitrum Rollup chain with this usage under the assumption that tokens are minted or granted to users in batches, but other transactions are uniformly distributed over the 5 day period. Unlike some other submissions, we do not make unrealistic assumptions that all operations can be submitted in enormous batches. We assume that batch minting is done in batches that use only a few percent on an L1 block’s gas, and that other operations come in evenly over time and are submitted in batches, with one batch every five minutes to keep latency reasonable. (Users are probably already waiting for L1 finality, which takes at least that long to achieve.)
We note that assuming that there are only 300,000 transactions that arrive uniformly over the 5 day period will make our benchmark numbers lower, but we believe that this will reflect the true cost of running the system. To see why, say that batches are submitted every five minutes (20 L1 blocks) and there's a fixed overhead of c bytes of calldata per batch, the cost of which will get amortized over all transactions executed in that batch. Assume that each individual transaction adds a marginal cost of t. Lastly assume the capacity of the scaling system is high enough that it can support all of Reddit's 300,000 transactions within a single 20-block batch (i.e. that there is more than c + 300,000*t byes of calldata available in 20 blocks).
Consider what happens if c, the per-batch overhead, is large (which it is in some systems, but not in Arbitrum). In the scenario that transactions actually arrive at the system's capacity and each batch is full, then c gets amortized over 300,000 transactions. But if we assume that the system is not running at capacity--and only receives 300,000 transactions arriving uniformly over 5 days-- then each 20-block assertion will contain about 200 transactions, and thus each transaction will pay a nontrivial cost due to c.
We are aware that other proposals presented scaling numbers assuming that 300,000 transactions arrived at maximum capacity and was executed in a single mega-transaction, but according to our estimates, for at least one such report, this led to a reported gas price that was 2-3 orders of magnitude lower than it would have been assuming uniform arrival. We make more realistic batching assumptions, and we believe Arbitrum compares well when batch sizes are realistic.
Our model. Our cost model includes several sources of cost:
  • L1 gas costs: This is the cost of posting transactions as calldata on the L1 chain, as well as the overhead associated with each batch of transactions, and the L1 cost of settling transactions in the Arbitrum protocol.
  • Validator’s staking costs: In normal operation, one validator will need to be staked. The stake is assumed to be 0.2% of the total value of the chain (which is assumed to be $1 per user who is eligible to claim points). The cost of staking is the interest that could be earned on the money if it were not staked.
  • Validator computation and storage: Every validator must do computation to track the chain’s processing of transactions, and must maintain storage to keep track of the contracts’ EVM storage. The cost of computation and storage are estimated based on measurements, with the dollar cost of resources based on Amazon Web Services pricing.
It’s clear from our modeling that the predominant cost is for L1 calldata. This will probably be true for any plausible rollup-based system.
Our model also shows that Arbitrum can scale to workloads much larger than Reddit’s nominal workload, without exhausting L1 or L2 resources. The scaling bottleneck will ultimately be calldata on the L1 chain. We believe that cost could be reduced substantially if necessary by clever encoding of data. (In our design any compression / decompression of L2 transaction calldata would be done by client software and L2 programs, never by an L1 contract.)
9. Status of Arbitrum Rollup
Arbitrum Rollup is live on Ethereum testnet. All of the code written to date including everything included in the Reddit demo is open source and permissively licensed under the Apache V2 license. The first testnet version of Arbitrum Rollup was released on testnet in February. Our current internal version, which we used to benchmark the Reddit contracts, will be released soon and will be a major upgrade.
Both the Arbitrum design as well as the implementation are heavily audited by independent third parties. The Arbitrum academic paper was published at USENIX Security, a top-tier peer-reviewed academic venue. For the Arbitrum software, we have engaged Trail of Bits for a security audit, which is currently ongoing, and we are committed to have a clean report before launching on Ethereum mainnet.
10. Reddit Universe Arbitrum Rollup Chain
The benchmarks described in this document were all measured using the latest internal build of our software. When we release the new software upgrade publicly we will launch a Reddit Universe Arbitrum Rollup chain as a public demo, which will contain the Reddit contracts as well as a Uniswap instance and a Connext Hub, demonstrating how Community Points can be integrated into third party apps. We will also allow members of the public to dynamically launch ecosystem contracts. We at Offchain Labs will cover the validating costs for the Reddit Universe public demo.
If the folks at Reddit would like to evaluate our software prior to our public demo, please email us at [email protected] and we'd be more than happy to provide early access.
11. Even more scaling: Arbitrum Sidechains
Rollups are an excellent approach to scaling, and we are excited about Arbitrum Rollup which far surpasses Reddit's scaling needs. But looking forward to Reddit's eventual goal of supporting hundreds of millions of users, there will likely come a time when Reddit needs more scaling than any Rollup protocol can provide.
While Rollups greatly reduce costs, they don't break the linear barrier. That is, all transactions have an on-chain footprint (because all calldata must be posted on-chain), albeit a far smaller one than on native Ethereum, and the L1 limitations end up being the bottleneck for capacity and cost. Since Ethereum has limited capacity, this linear use of on-chain resources means that costs will eventually increase superlinearly with traffic.
The good news is that we at Offchain Labs have a solution in our roadmap that can satisfy this extreme-scaling setting as well: Arbitrum AnyTrust Sidechains. Arbitrum Sidechains are similar to Arbitrum Rollup, but deviate in that they name a permissioned set of validators. When a chain’s validators agree off-chain, they can greatly reduce the on-chain footprint of the protocol and require almost no data to be put on-chain. When validators can't reach unanimous agreement off-chain, the protocol reverts to Arbitrum Rollup. Technically, Arbitrum Sidechains can be viewed as a hybrid between state channels and Rollup, switching back and forth as necessary, and combining the performance and cost that state channels can achieve in the optimistic case, with the robustness of Rollup in other cases. The core technical challenge is how to switch seamlessly between modes and how to guarantee that security is maintained throughout.
Arbitrum Sidechains break through this linear barrier, while still maintaining a high level of security and decentralization. Arbitrum Sidechains provide the AnyTrust guarantee, which says that as long as any one validator is honest and available (even if you don't know which one will be), the L2 chain is guaranteed to execute correctly according to its code and guaranteed to make progress. Unlike in a state channel, offchain progress does not require unanimous consent, and liveness is preserved as long as there is a single honest validator.
Note that the trust model for Arbitrum Sidechains is much stronger than for typical BFT-style chains which introduce a consensus "voting" protocols among a small permissioned group of validators. BFT-based protocols require a supermajority (more than 2/3) of validators to agree. In Arbitrum Sidechains, by contrast, all you need is a single honest validator to achieve guaranteed correctness and progress. Notice that in Arbitrum adding validators strictly increases security since the AnyTrust guarantee provides correctness as long as any one validator is honest and available. By contrast, in BFT-style protocols, adding nodes can be dangerous as a coalition of dishonest nodes can break the protocol.
Like Arbitrum Rollup, the developer and user experiences for Arbitrum Sidechains will be identical to that of Ethereum. Reddit would be able to choose a large and diverse set of validators, and all that they would need to guarantee to break through the scaling barrier is that a single one of them will remain honest.
We hope to have Arbitrum Sidechains in production in early 2021, and thus when Reddit reaches the scale that surpasses the capacity of Rollups, Arbitrum Sidechains will be waiting and ready to help.
While the idea to switch between channels and Rollup to get the best of both worlds is conceptually simple, getting the details right and making sure that the switch does not introduce any attack vectors is highly non-trivial and has been the subject of years of our research (indeed, we were working on this design for years before the term Rollup was even coined).
12. How Arbitrum compares
We include a comparison to several other categories as well as specific projects when appropriate. and explain why we believe that Arbitrum is best suited for Reddit's purposes. We focus our attention on other Ethereum projects.
Payment only Rollups. Compared to Arbitrum Rollup, ZK-Rollups and other Rollups that only support token transfers have several disadvantages:
  • As outlined throughout the proposal, we believe that the entire draw of Ethereum is in its rich smart contracts support which is simply not achievable with today's zero-knowledge proof technology. Indeed, scaling with a ZK-Rollup will add friction to the deployment of smart contracts that interact with Community Points as users will have to withdraw their coins from the ZK-Rollup and transfer them to a smart contract system (like Arbitrum). The community will be best served if Reddit builds on a platform that has built-in, frictionless smart-contract support.
  • All other Rollup protocols of which we are aware employ a centralized operator. While it's true that users retain custody of their coins, the centralized operator can often profit from censoring, reordering, or delaying transactions. A common misconception is that since they're non-custodial protocols, a centralized sequencer does not pose a risk but this is incorrect as the sequencer can wreak havoc or shake down users for side payments without directly stealing funds.
  • Sidechain type protocols can eliminate some of these issues, but they are not trustless. Instead, they require trust in some quorum of a committee, often requiring two-third of the committee to be honest, compared to rollup protocols like Arbitrum that require only a single honest party. In addition, not all sidechain type protocols have committees that are diverse, or even non-centralized, in practice.
  • Plasma-style protocols have a centralized operator and do not support general smart contracts.
13. Concluding Remarks
While it's ultimately up to the judges’ palate, we believe that Arbitrum Rollup is the bakeoff choice that Reddit kneads. We far surpass Reddit's specified workload requirement at present, have much room to optimize Arbitrum Rollup in the near term, and have a clear path to get Reddit to hundreds of millions of users. Furthermore, we are the only project that gives developers and users the identical interface as the Ethereum blockchain and is fully interoperable and tooling-compatible, and we do this all without any new trust assumptions or centralized components.
But no matter how the cookie crumbles, we're glad to have participated in this bake-off and we thank you for your consideration.
About Offchain Labs
Offchain Labs, Inc. is a venture-funded New York company that spun out of Princeton University research, and is building the Arbitrum platform to usher in the next generation of scalable, interoperable, and compatible smart contracts. Offchain Labs is backed by Pantera Capital, Compound VC, Coinbase Ventures, and others.
Leadership Team
Ed Felten
Ed Felten is Co-founder and Chief Scientist at Offchain Labs. He is on leave from Princeton University, where he is the Robert E. Kahn Professor of Computer Science and Public Affairs. From 2015 to 2017 he served at the White House as Deputy United States Chief Technology Officer and senior advisor to the President. He is an ACM Fellow and member of the National Academy of Engineering. Outside of work, he is an avid runner, cook, and L.A. Dodgers fan.
Steven Goldfeder
Steven Goldfeder is Co-founder and Chief Executive Officer at Offchain Labs. He holds a PhD from Princeton University, where he worked at the intersection of cryptography and cryptocurrencies including threshold cryptography, zero-knowledge proof systems, and post-quantum signatures. He is a co-author of Bitcoin and Cryptocurrency Technologies, the leading textbook on cryptocurrencies, and he has previously worked at Google and Microsoft Research, where he co-invented the Picnic signature algorithm. When not working, you can find Steven spending time with his family, taking a nature walk, or twisting balloons.
Harry Kalodner
Harry Kalodner is Co-founder and Chief Technology Officer at Offchain Labs where he leads the engineering team. Before the company he attended Princeton as a Ph.D candidate where his research explored economics, anonymity, and incentive compatibility of cryptocurrencies, and he also has worked at Apple. When not up at 3:00am writing code, Harry occasionally sleeps.
submitted by hkalodner to ethereum [link] [comments]

How To End The Cryptocurrency Exchange "Wild West" Without Crippling Innovation


In case you haven't noticed the consultation paper, staff notice, and report on Quadriga, regulators are now clamping down on Canadian cryptocurrency exchanges. The OSC and other regulatory bodies are still interested in industry feedback. They have not put forward any official regulation yet. Below are some ideas/insights and a proposed framework.



Many of you have limited time to read the full proposal, so here are the highlights:

Offline Multi-Signature

Effective standards to prevent both internal and external theft. Exchange operators are trained and certified, and have a legal responsibility to users.

Regular Transparent Audits

Provides visibility to Canadians that their funds are fully backed on the exchange, while protecting privacy and sensitive platform information.

Insurance Requirements

Establishment of basic insurance standards/strategy, to expand over time. Removing risk to exchange users of any hot wallet theft.


Background and Justifications


Cold Storage Custody/Management
After reviewing close to 100 cases, all thefts tend to break down into more or less the same set of problems:
• Funds stored online or in a smart contract,
• Access controlled by one person or one system,
• 51% attacks (rare),
• Funds sent to the wrong address (also rare), or
• Some combination of the above.
For the first two cases, practical solutions exist and are widely implemented on exchanges already. Offline multi-signature solutions are already industry standard. No cases studied found an external theft or exit scam involving an offline multi-signature wallet implementation. Security can be further improved through minimum numbers of signatories, background checks, providing autonomy and legal protections to each signatory, establishing best practices, and a training/certification program.
The last two transaction risks occur more rarely, and have never resulted in a loss affecting the actual users of the exchange. In all cases to date where operators made the mistake, they've been fully covered by the exchange platforms.
• 51% attacks generally only occur on blockchains with less security. The most prominent cases have been Bitcoin Gold and Ethereum Classic. The simple solution is to enforce deposit limits and block delays such that a 51% attack is not cost-effective.
• The risk of transactions to incorrect addresses can be eliminated by a simple test transaction policy on large transactions. By sending a small amount of funds prior to any large withdrawals/transfers as a standard practice, the accuracy of the wallet address can be validated.
The proposal covers all loss cases and goes beyond, while avoiding significant additional costs, risks, and limitations which may be associated with other frameworks like SOC II.

On The Subject of Third Party Custodians
Many Canadian platforms are currently experimenting with third party custody. From the standpoint of the exchange operator, they can liberate themselves from some responsibility of custody, passing that off to someone else. For regulators, it puts crypto in similar categorization to oil, gold, and other commodities, with some common standards. Platform users would likely feel greater confidence if the custodian was a brand they recognized. If the custodian was knowledgeable and had a decent team that employed multi-sig, they could keep assets safe from internal theft. With the right protections in place, this could be a great solution for many exchanges, particularly those that lack the relevant experience or human resources for their own custody systems.
However, this system is vulnerable to anyone able to impersonate the exchange operators. You may have a situation where different employees who don't know each other that well are interacting between different companies (both the custodian and all their customers which presumably isn't just one exchange). A case study of what can go wrong in this type of environment might be Bitpay, where the CEO was tricked out of 5000 bitcoins over 3 separate payments by a series of emails sent legitimately from a breached computer of another company CEO. It's also still vulnerable to the platform being compromised, as in the really large $70M Bitfinex hack, where the third party Bitgo held one key in a multi-sig wallet. The hacker simply authorized the withdrawal using the same credentials as Bitfinex (requesting Bitgo to sign multiple withdrawal transactions). This succeeded even with the use of multi-sig and two heavily security-focused companies, due to the lack of human oversight (basically, hot wallet). Of course, you can learn from these cases and improve the security, but so can hackers improve their deception and at the end of the day, both of these would have been stopped by the much simpler solution of a qualified team who knew each other and employed multi-sig with properly protected keys. It's pretty hard to beat a human being who knows the business and the typical customer behaviour (or even knows their customers personally) at spotting fraud, and the proposed multi-sig means any hacker has to get through the scrutiny of 3 (or more) separate people, all of whom would have proper training including historical case studies.
There are strong arguments both for and against using use of third party custodians. The proposal sets mandatory minimum custody standards would apply regardless if the cold wallet signatories are exchange operators, independent custodians, or a mix of both.

On The Subject Of Insurance
ShakePay has taken the first steps into this new realm (congratulations). There is no question that crypto users could be better protected by the right insurance policies, and it certainly feels better to transact with insured platforms. The steps required to obtain insurance generally place attention in valuable security areas, and in this case included a review from CipherTrace. One of the key solutions in traditional finance comes from insurance from entities such as the CDIC.
However, historically, there wasn't found any actual insurance payout to any cryptocurrency exchange, and there are notable cases where insurance has not paid. With Bitpay, for example, the insurance agent refused because the issue happened to the third party CEO's computer instead of anything to do with Bitpay itself. With the Youbit exchange in South Korea, their insurance claim was denied, and the exchange ultimately ended up instead going bankrupt with all user's funds lost. To quote Matt Johnson in the original Lloyd's article: “You can create an insurance policy that protects no one – you know there are so many caveats to the policy that it’s not super protective.”
ShakePay's insurance was only reported to cover their cold storage, and “physical theft of the media where the private keys are held”. Physical theft has never, in the history of cryptocurrency exchange cases reviewed, been reported as the cause of loss. From the limited information of the article, ShakePay made it clear their funds are in the hands of a single US custodian, and at least part of their security strategy is to "decline[] to confirm the custodian’s name on the record". While this prevents scrutiny of the custodian, it's pretty silly to speculate that a reasonably competent hacking group couldn't determine who the custodian is. A far more common infiltration strategy historically would be social engineering, which has succeeded repeatedly. A hacker could trick their way into ShakePay's systems and request a fraudulent withdrawal, impersonate ShakePay and request the custodian to move funds, or socially engineer their way into the custodian to initiate the withdrawal of multiple accounts (a payout much larger than ShakePay) exploiting the standard procedures (for example, fraudulently initiating or override the wallet addresses of a real transfer). In each case, nothing was physically stolen and the loss is therefore not covered by insurance.
In order for any insurance to be effective, clear policies have to be established about what needs to be covered. Anything short of that gives Canadians false confidence that they are protected when they aren't in any meaningful way. At this time, the third party insurance market does not appear to provide adequate options or coverage, and effort is necessary to standardize custody standards, which is a likely first step in ultimately setting up an insurance framework.
A better solution compared to third party insurance providers might be for Canadian exchange operators to create their own collective insurance fund, or a specific federal organization similar to the CDIC. Such an organization would have a greater interest or obligation in paying out actual cases, and that would be it's purpose rather than maximizing it's own profit. This would be similar to the SAFU which Binance has launched, except it would cover multiple exchanges. There is little question whether the SAFU would pay out given a breach of Binance, and a similar argument could be made for a insurance fund managed by a collective of exchange operators or a government organization. While a third party insurance provider has the strong market incentive to provide the absolute minimum coverage and no market incentive to payout, an entity managed by exchange operators would have incentive to protect the reputation of exchange operators/the industry, and the government should have the interest of protecting Canadians.

On The Subject of Fractional Reserve
There is a long history of fractional reserve failures, from the first banks in ancient times, through the great depression (where hundreds of fractional reserve banks failed), right through to the 2008 banking collapse referenced in the first bitcoin block. The fractional reserve system allows banks to multiply the money supply far beyond the actual cash (or other assets) in existence, backed only by a system of debt obligations of others. Safely supporting a fractional reserve system is a topic of far greater complexity than can be addressed by a simple policy, and when it comes to cryptocurrency, there is presently no entity reasonably able to bail anyone out in the event of failure. Therefore, this framework is addressed around entities that aim to maintain 100% backing of funds.
There may be some firms that desire but have failed to maintain 100% backing. In this case, there are multiple solutions, including outside investment, merging with other exchanges, or enforcing a gradual restoration plan. All of these solutions are typically far better than shutting down the exchange, and there are multiple cases where they've been used successfully in the past.

Proof of Reserves/Transparency/Accountability
Canadians need to have visibility into the backing on an ongoing basis.
The best solution for crypto-assets is a Proof of Reserve. Such ideas go back all the way to 2013, before even Mt. Gox. However, no Canadian exchange has yet implemented such a system, and only a few international exchanges (CoinFloor in the UK being an example) have. Many firms like Kraken, BitBuy, and now ShakePay use the Proof of Reserve term to refer to lesser proofs which do not actually cryptographically prove the full backing of all user assets on the blockchain. In order for a Proof of Reserve to be effective, it must actually be a complete proof, and it needs to be understood by the public that is expected to use it. Many firms have expressed reservations about the level of transparency required in a complete Proof of Reserve (for example Kraken here). While a complete Proof of Reserves should be encouraged, and there are some solutions in the works (ie TxQuick), this is unlikely to be suitable universally for all exchange operators and users.
Given the limitations, and that firms also manage fiat assets, a more traditional audit process makes more sense. Some Canadian exchanges (CoinSquare, CoinBerry) have already subjected themselves to annual audits. However, these results are not presently shared publicly, and there is no guarantee over the process including all user assets or the integrity and independence of the auditor. The auditor has been typically not known, and in some cases, the identity of the auditor is protected by a NDA. Only in one case (BitBuy) was an actual report generated and publicly shared. There has been no attempt made to validate that user accounts provided during these audits have been complete or accurate. A fraudulent fractional exchange, or one which had suffered a breach they were unwilling to publicly accept (see CoinBene), could easily maintain a second set of books for auditors or simply exclude key accounts to pass an individual audit.
The proposed solution would see a reporting standard which includes at a minimum - percentage of backing for each asset relative to account balances and the nature of how those assets are stored, with ownership proven by the auditor. The auditor would also publicly provide a "hash list", which they independently generate from the accounts provided by the exchange. Every exchange user can then check their information against this public "hash list". A hash is a one-way form of encryption, which fully protects the private information, yet allows anyone who knows that information already to validate that it was included. Less experienced users can take advantage of public tools to calculate the hash from their information (provided by the exchange), and thus have certainty that the auditor received their full balance information. Easy instructions can be provided.
Auditors should be impartial, their identities and process public, and they should be rotated so that the same auditor is never used twice in a row. Balancing the cost of auditing against the needs for regular updates, a 6 month cycle likely makes the most sense.

Hot Wallet Management
The best solution for hot wallets is not to use them. CoinBerry reportedly uses multi-sig on all withdrawals, and Bitmex is an international example known for their structure devoid of hot wallets.
However, many platforms and customers desire fast withdrawal processes, and human validation has a cost of time and delay in this process.
A model of self-insurance or separate funds for hot wallets may be used in these cases. Under this model, a platform still has 100% of their client balance in cold storage and holds additional funds in hot wallets for quick withdrawal. Thus, the risk of those hot wallets is 100% on exchange operators and not affecting the exchange users. Since most platforms typically only have 1%-5% in hot wallets at any given time, it shouldn't be unreasonable to build/maintain these additional reserves over time using exchange fees or additional investment. Larger withdrawals would still be handled at regular intervals from the cold storage.
Hot wallet risks have historically posed a large risk and there is no established standard to guarantee secure hot wallets. When the government of South Korea dispatched security inspections to multiple exchanges, the results were still that 3 of them got hacked after the inspections. If standards develop such that an organization in the market is willing to insure the hot wallets, this could provide an acceptable alternative. Another option may be for multiple exchange operators to pool funds aside for a hot wallet insurance fund. Comprehensive coverage standards must be established and maintained for all hot wallet balances to make sure Canadians are adequately protected.

Current Draft Proposal

(1) Proper multi-signature cold wallet storage.
(a) Each private key is the personal and legal responsibility of one person - the “signatory”. Signatories have special rights and responsibilities to protect user assets. Signatories are trained and certified through a course covering (1) past hacking and fraud cases, (2) proper and secure key generation, and (3) proper safekeeping of private keys. All private keys must be generated and stored 100% offline by the signatory. If even one private keys is ever breached or suspected to be breached, the wallet must be regenerated and all funds relocated to a new wallet.
(b) All signatories must be separate background-checked individuals free of past criminal conviction. Canadians should have a right to know who holds their funds. All signing of transactions must take place with all signatories on Canadian soil or on the soil of a country with a solid legal system which agrees to uphold and support these rules (from an established white-list of countries which expands over time).
(c) 3-5 independent signatures are required for any withdrawal. There must be 1-3 spare signatories, and a maximum of 7 total signatories. The following are all valid combinations: 3of4, 3of5, 3of6, 4of5, 4of6, 4of7, 5of6, or 5of7.
(d) A security audit should be conducted to validate the cold wallet is set up correctly and provide any additional pertinent information. The primary purpose is to ensure that all signatories are acting independently and using best practices for private key storage. A report summarizing all steps taken and who did the audit will be made public. Canadians must be able to validate the right measures are in place to protect their funds.
(e) There is a simple approval process if signatories wish to visit any country outside Canada, with a potential whitelist of exempt countries. At most 2 signatories can be outside of aligned jurisdiction at any given time. All exchanges would be required to keep a compliant cold wallet for Canadian funds and have a Canadian office if they wish to serve Canadian customers.
(2) Regular and transparent solvency audits.
(a) An audit must be conducted at founding, after 3 months of operation, and at least once every 6 months to compare customer balances against all stored cryptocurrency and fiat balances. The auditor must be known, independent, and never the same twice in a row.
(b) An audit report will be published featuring the steps conducted in a readable format. This should be made available to all Canadians on the exchange website and on a government website. The report must include what percentage of each customer asset is backed on the exchange, and how those funds are stored.
(c) The auditor will independently produce a hash of each customer's identifying information and balance as they perform the audit. This will be made publicly available on the exchange and government website, along with simplified instructions that each customer can use to verify that their balance was included in the audit process.
(d) The audit needs to include a proof of ownership for any cryptocurrency wallets included. A satoshi test (spending a small amount) or partially signed transaction both qualify.
(e) Any platform without 100% reserves should be assessed on a regular basis by a government or industry watchdog. This entity should work to prevent any further drop, support any private investor to come in, or facilitate a merger so that 100% backing can be obtained as soon as possible.
(3) Protections for hot wallets and transactions.
(a) A standardized list of approved coins and procedures will be established to constitute valid cold storage wallets. Where a multi-sig process is not natively available, efforts will be undertaken to establish a suitable and stable smart contract standard. This list will be expanded and improved over time. Coins and procedures not on the list are considered hot wallets.
(b) Hot wallets can be backed by additional funds in cold storage or an acceptable third-party insurance provider with a comprehensive coverage policy.
(c) Exchanges are required to cover the full balance of all user funds as denominated in the same currency, or double the balance as denominated in bitcoin or CAD using an established trading rate. If the balance is ever insufficient due to market movements, the firm must rectify this within 24 hours by moving assets to cold storage or increasing insurance coverage.
(d) Any large transactions (above a set threshold) from cold storage to any new wallet addresses (not previously transacted with) must be tested with a smaller transaction first. Deposits of cryptocurrency must be limited to prevent economic 51% attacks. Any issues are to be covered by the exchange.
(e) Exchange platforms must provide suitable authentication for users, including making available approved forms of two-factor authentication. SMS-based authentication is not to be supported. Withdrawals must be blocked for 48 hours in the event of any account password change. Disputes on the negligence of exchanges should be governed by case law.

Steps Forward

Continued review of existing OSC feedback is still underway. More feedback and opinions on the framework and ideas as presented here are extremely valuable. The above is a draft and not finalized.
The process of further developing and bringing a suitable framework to protect Canadians will require the support of exchange operators, legal experts, and many others in the community. The costs of not doing such are tremendous. A large and convoluted framework, one based on flawed ideas or implementation, or one which fails to properly safeguard Canadians is not just extremely expensive and risky for all Canadians, severely limiting to the credibility and reputation of the industry, but an existential risk to many exchanges.
The responsibility falls to all of us to provide our insight and make our opinions heard on this critical matter. Please take the time to give your thoughts.
submitted by azoundria2 to QuadrigaInitiative [link] [comments]

How to Store Your Bitcoin

Before holding any bitcoin, you need somewhere to store it. Just like in the physical world, you store your bitcoin in a wallet.
Similar to a bank account number, your wallet comes with a wallet address that shows up in a ledger search and is shared with others so you can make transactions. This address, which is a shorter, more usable version of your public key, consists of between 26 and 35 random alphanumeric characters, something like 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa. Keep in mind that every letter and number in that address is important. Before sending any bitcoin to your wallet, double-check the entire address, character by character.
Also tied to your wallet address is one or more private keys, which as the name suggests should not be shared with anyone. Keys are used to verify you own the aforementioned public key, and to sign off on transactions. Some wallets create a secure seed phrase, a set of words that will allow you to unlock your wallet if you lose your keys. Print this phrase out and keep it in a safe place.
The unfortunate truth is your bitcoin wallet is akin to your physical wallet. If you lose the private keys to your wallet, you’re most likely going to lose the currency in it forever.
Your wallet generates a master file where your public and private keys are stored. This file should be backed up in case the original file is lost or damaged. Otherwise, you risk losing access to your funds.
You can store your private keys on your computer, mobile device, on a physical storage gadget or even on a piece of paper. It’s crucial that you keep your private keys safe by generating backups both online and offline.
Remember: Your wallet does not reside on any single device. The wallet itself resides on the Bitcoin blockchain, just as your banking app doesn’t truly “hold” the cash in your checking account.
While wallet apps work well and are relatively safe, the safest option is a hardware wallet you keep offline, in a secure place. The most popular hardware wallets use special layers of security to ensure your keys are not stolen and your bitcoin is safe. But, once again, if you lose the hardware wallet your bitcoins are gone unless you have kept reliable backups of the keys.
The least-secure option is an online wallet, i.e. storing your bitcoin in an exchange. This is because the keys are held by a third party. For many, the online exchange wallets are the easiest to set up and use, presenting an all-too-familiar choice: convenience versus safety.
Many serious bitcoin investors use a hybrid approach: They hold a core, long-term amount of bitcoin offline in so-called “cold storage,” while keeping a spending balance in a mobile account.
Depending on your bitcoin strategy and willingness to get technical, here are the different types of bitcoin wallets available. Bitcoin.org has a helper that will show you which wallet to choose.
Cloud wallets exist online and the keys are usually stored in a distant server run by a third party. Cloud-based wallets tend to have a more user-friendly interface but you will be trusting a third party with your private keys, which makes your funds more susceptible to theft. Some examples of this wallet type are Coinbase, Blockchain and Lumi Wallet. Most cryptocurrencies, including bitcoin, have their own native wallets. Some offer additional security features such as offline storage (Coinbase and Xapo).
With your private keys stored on a server, you have to trust the host’s security measures and also trust the host won’t disappear with your money or close down and deny you access.
Software wallets can be installed directly on your computer, giving you private control of your keys. Most have relatively easy configuration and are free. The disadvantage is you are in charge of securing your keys. Software wallets also require greater security precautions. If your computer is hacked or stolen, the thief can get a copy of your wallet and your bitcoin.
While you can download the original software Bitcoin Core protocol (which stores a ledger of all transactions since 2009 and takes up a lot of space), most wallets in use today are “light” wallets, or SPV (Simplified Payment Verification) wallets, which do not download the entire ledger but sync to it.
Electrum is a well-known SPV desktop bitcoin wallet that also offers “cold storage” (a totally offline option for additional security). Exodus can track multiple assets with a sophisticated user interface. Some (such as Jaxx Liberty) can hold a wide range of digital assets, and some (such as Copay) offer the possibility of shared accounts.
Before downloading any app, please confirm you are downloading a legitimate copy of a real wallet. Some shady programmers create clones of various crypto websites and offer downloads for free, leading to the possibility of a hack.
Mobile wallets are available as apps for your smartphone, especially useful if you want to pay for something in bitcoin in a shop or if you want to buy, sell or send while on the move. All of the online wallets and most of the desktop ones mentioned above have mobile versions, while others – such as Abra, Edge and Bread – were created with mobile in mind. Remember, many online wallets will store your keys on the phone itself, leading to the possibility of losing your bitcoin if you lose your phone. Always keep a backup of your keys on a different device and print out your seed phrase.
Hardware wallets are small devices that connect to the web only to enact bitcoin transactions. They are more secure because they are generally offline and therefore not hackable. They can be stolen or lost, however, along with the bitcoins that belong to the stored private keys, so it’s recommended that you backup your keys. Some large investors keep their hardware wallets in secure locations such as bank vaults. Trezor, Keepkey and Ledger are notable examples.
Paper wallets are perhaps the simplest of all the wallets. Paper wallets are pieces of paper that contain the private and public keys of a bitcoin address. Ideal for the long-term storage of bitcoin (away from fire and water, of course) or for the giving of bitcoin as a gift, these wallets are more secure in that they’re not connected to a network. They are, however, easier to lose.
With services such as WalletGenerator, you can easily create a new address and print the wallet on your printer. When you’re ready to top up your paper wallet you simply send some bitcoin to that address and then store it safely. Whatever option you go for, be sure to back up everything and only tell your nearest and dearest where your backups are stored.
submitted by hackatoshi to u/hackatoshi [link] [comments]

HOW TO MANAGE AND STORE YOUR CRYPTO: CRYPTO WALLETS – By Mickael Mosse

Since Bitcoin is a relative new topic and not everybody looks to invest in cryptocurrencies, for most it remains a theoretical matter of our modern world. But to make cryptocurrencies a reality closer to our daily lives than we believe, I’d like to talk about crypto wallets. A crypto wallet is the specific tool that allow anyone who owns cryptocurrencies to access them and make use of them in the real world. As the word says, a crypto wallet has the function to store and make available our crypto. However, more than storing our crypto -which is completely digital -, crypto wallets hold the private keys that protect and authorize access to the digital coins. Whoever controls the private keys controls the crypto attached to those keys. This is why one of the main steps to owning crypto: choosing the right wallet for you. A crypto wallet manages the private keys for you and, for that reason, the coins you possess. But not all wallets are made the same. In the market it exists several types of crypto wallet. It can be an app, a website, or a physical device that manages the private keys for you. The main thing to consider when choosing a wallet is level of safety they offer in the management of your private keys. While with hardware wallets you have total control of your private keys, online wallets are the ones who have control over your keys. Wallet apps also allow you to have complete access to your keys but having to depend on devices connected to the internet make them more vulnerable to hackers than a hardware wallet but are more safe than online wallets, which are the most prone to these attacks. The digital aspect of cryptocurrency makes the need to be connected to the internet in order to have access to your coins. Of course, there will always be people trying to take advantage to any weaknesses existent. Not only hackers you have to be aware of, but shady applications that claim to be crypto wallets to just have access to your private keys. As easy to wanting to download an app from Playstore or Apple store, you unknowingly be leaded to possibility of a hack. Also, you have to be aware that crypto exchanges are not wallets. Some of them offer to store your private keys, and although they’re safe exchanges, they don’t specialize in the storage of keys. The most famous case of crypto loss due to this is the case of Mt. Gox. People placed their trust in this exchange for storing their private keys and billions of dollars in Bitcoins were irrecoverable. Even if you choose the safest wallet by your own terms, you can lose the keys, which are a series of numbers of letters, if you don’t have a backup. People have the option to rely even on a piece of paper to store their private key, as long as it remains out of destructive elements. Remember that the private keys protect your assets in crypto but, if you are not careful, you can be locked out from ever seeing them again. So it’s good your considering all the pros and cons of investing in crypto and how much it would serve your own interest, but crypto wallets are another not-so-known aspect that require a good amount of investment in time and searching about. Although this article is by far a guideline to choose a crypto wallet, I hope it is a good start, and an awakening one, to your searching quest and your plans to make owning crypto a reality.
Mickael Mosse — Blockchain and Cryptocurrency Expert
submitted by Accurate-Gap-8536 to u/Accurate-Gap-8536 [link] [comments]

Recover bitcoin private key in a password protected zip file

Ask for a friend. He bought 1.5 BTC back in 2010 and put it in a wallet with BIP38 encrypted private key and totally forgot about this until the price rose to 20K in 2017, he still has the paper wallet but couldn't remember any more the password to decrypt the private key. When created this wallet he barely understand how bitcoin works and just created a paper wallet following a tutorial he found on internet. The password is fairly long he vaguely remember.
Fast forward to 2020, he found in the old hard disk a password protected zip file name mybitcoinkey.zip which contains a .txt file. New hope arise but he wonder anyone can do a service to hack the file? Of course he is willing to pay part of the wallet to the guy.
submitted by Glue_CH to Bitcoin [link] [comments]

Is it necessary to use a hardware wallet?

From: https://www.reddit.com/BitcoinBeginners/comments/hzf6rm/are_the_available_hardware_wallets_really_secure/fzikihc
Not necessarily.
You don't need to keep your wallet loaded on your Android device. Don't use iPhone.
You can use your 12 word restore passphrase to load it on your device. Then when you're done, you can delete the app data and remove the private keys from your device. This turns your hot wallet into a cold wallet. The cold wallet is the paper with your 12 words written on it in pen.
Does it mean we can use the above method for cold wallet and no need to use hardware wallets (especially when the recent ledger hacking is getting worrisome incident)?
submitted by Crypton00birl to BitcoinBeginners [link] [comments]

LIVEHow to hack bitcoin wallet using just browser Ways to hack Btc wallet and withdraw bitcoins - YouTube How To Extract Bitcoin From A Paper Wallet - YouTube Ledger Blue Bitcoin Hardware Wallet Hack How to Generate a Bitcoin Paper Wallet

Unless our account is hacked by a hacker beforehand. If you want to hold more bitcoins, it is worthwhile to transfer our Bitcoins and other coins to the so-called "paper wallet". The great advantage of such a wallet is that it is not connected to the Internet, which makes it impossible for a hacker to steal. ... What should you know about ... Redeeming Bitcoin Cash from a paper wallet is easy. Here’s how: If you don’t already have one, download a wallet app that supports Bitcoin Cash. Use the app to scan the QR code called “private key” on your paper wallet. The funds will then automatically move from the paper wallet to your digital wallet. Choosing your wallet app Hacked Bitcoin Paper Wallet. Post on May 4, 2013 by Brandon Bitcoin Paper Wallets are a way of storing your Bitcoins in an offline wallet. They are useful for storing Bitcoins for a long period of time in a bank vault, or just handing them out offline. Earlier, I uploaded the picture below to Reddit. BITCOIN PAPER WALLET HACKED. In the most specific sense, a paper wallet is a document containing all of the data necessary to generate any number of Bitcoin private keys, forming a wallet of keys.However, people often use the term to mean any way of storing bitcoins offline as a physical document. This second definition also includes paper keys ... Ledger said on Wednesday that its e-commerce database was hacked in late June, compromising about one million email addresses. No user funds were affected by the breach. In a blog post, the French bitcoin hardware wallet company revealed that contact and order information for customers was also exposed.

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