Centra Update: I found an address linked to the Centra crowd sale holding 100,000 ETH. Cryptocurrency exchanges charge as much as $3 Million to list tokens and coins. Verge XVG has suffered a 51% attack due to a mining bug. French mega-grocery Carrefour SA is using blockchain technology to show consumers where their chicken dinner came from. Telegram messaging app has already raised more than $1.7 Billion in an ICO but not handing over encryption keys has brought out the Russian Banhammer! News Flash: apparently there is still some sort of debate regarding bitcoin scaling going on — someone needs to tell them the war is over. Darren throws his support behind a DASH proposal for AnyPay. JJ and Pedro visited the 300th consecutive cryptocurrency meet-up in Manchester, NH.
Pedro Picks the Top cryptocurrency hardware wallet under $100 in this special episode of NeoCash Radio. We take a look at the Trezor One, Ledger Nano S, and the KeepKey. In the video version we show how to initialize the wallets, send, and receive transactions. Finally Pedro shares his review of the wallets, likes/dislikes, and his top pick!
Please note the audio version of the show does not contain the wallet initialization and testing due to the need for a visual element.
Let’s start by discussing how crypto wallets work and why they should be used. The private keys to any cryptocurrency are used to both generate the wallet addresses as well as authorizing the transfer of coins. Anyone with the private keys can spend from that wallet and this is why it is critical to keep these private keys off line and secure for any wallet with significant funds. While mobile devices are great for convenience, think of them as your physical traditional wallet that contains cash, it should only have amounts you can live with losing.
Securing your private keys can be done with using a hardware wallet that keeps your private keys offline in a secure area of the device. These private keys can never leave the device so in order to spend funds, an unsigned transaction is sent to the device where you have to physically press a button that will allow the device to sign the transaction with the private key. The signed transaction can then be broadcast without fear the private keys were ever exposed.
Hardware wallets are backed up with a 12 or 24 word passphrase which is the “backup” of the wallet. Multiple copies of these should be secured in multiple locations. The passphrase should never be photographed, typed into any digital document, or photocopied. Additionally, with these Hardware wallets you compare the address funds are being sent to with the address that will be displayed on the device. This protects you in case someone compromised the java code or app that is used for wallet functions on your computer
When purchasing any of these hardware wallets, it’s recommended to do so from either the manufacturer or a reputable vendor like Amazon. Someone who purchased a Nano Ledger S from ebay lost funds because the scammer generated a key and then made the backup card look like a “scratch off” to reveal a unique private key. All of these hardware wallets should be initialized and a new seed generated.
Be sure to store multiple copies of your seed phrase in multiple locations!
Any one of these wallets will secure the private keys to the coins they support and are much more secure than keeping private keys on computers & mobile devices. If the hardware wallet is lost or destroyed, they can be restored using the backup passphrase.
If you are looking for a specific review please contact email@example.com
Centra.tech, Centra Card, CTR token has been revealed to be a scam, principles arrested and facing charges of fraud. LitePay vanishes. Sergey Mavrodi has died leaving his MMM ponzi scheme in limbo. Darren Tapp givens an update about his time at Arizona State University working with the DASH team. He was also a presenter at the Blockchain: Security, Scalability & Research Initiative in Phoenix. There is also a lot of NeoCash related news and interviews!
Plattsburgh, New York is banning additional Bitcoin mining operations for the next 18 months. MT.Gox sell-off effects denied by Trustee Kobayashi. U.S. District Court and the Federal Trade Commission move against cryptocurrency scammers in Florida. Twitter will be banning certain types of ads relating to cryptocurrency investing and ICOs. The US Congress 2018 Joint Economic Report praises Cryptocurrency and Blockchain technology. U.S. President Donald Trump signed an executive order barring U.S. citizens from taking part in the Venezuelan Petro scheme.
In this episode Darren and JJ discuss the anti-money laundering boogieman at the G20 summit. Circle rolls out a trading app just one week after buying Poloniex. Google is set to ban crypto ads as of June 1st. Last Week Tonight with John Oliver talks about crypto and does pretty well.
Ledger has a new wallet firmware with a mandatory update. The Pineapple fund is donating millions of Bitcoin to charities! Senators in the U.S. state of Georgia submitted a bill to allow taxes and license fees paid in crypto. Shapeshift is batching Bitcoin transactions to save on network congestion. We discuss the NEO blockchain and how the hype may be misplaced. JJ interviews ODEM in the first NeoCash Newsmakers.
ICO and token sales suffer nearly the same failure rate as most business start-ups. Dutch RaboBank is looking at creating a cryptocurrency wallet. Poloniex is acquired by Circle. JP Morgan and Bank of America admit that cryptocurrency is very competitive. Germany won’t tax bitcoin when used as a payment. US Department of Justice is making a boogieman out of crypto money laundering. Bitcoin SegWit has seen an increase in segwit adoption up to 30%.
South Korea is looking at licensing crypto exchanges. Salon readers may opt into allowing the site to use some cpu power for mining Monero rather than seeing ads. Small European banks look to seize cryptocurrency opportunities to compete with the bigger banks. We look a list of blockchain predictions for 2018 and give our thoughts.
Bitfinex and Tether receive subpoenas from the U.S. Commodity Futures Trading Commission. Facebook’s new ads policy forbids options and crypto trading hype. Blockchains, LLC buys up more than 67,000 acres in a Nevada industrial park. Japanese chat app LINE to open crypto exchange for 200 Million monthly users. OpenBazaar 2.1 integrates Bitcoin Cash and Zcash payment options. BitPay upgrades website plug-ins to help merchants accept Bitcoin Cash. Coincheck suffers a massive hack that sees more than $500 Million in tokens disappear. The SEC steps in on a Texas-based scam ICO. We are moving to video so please let us know how we can do better!