May 16, 2023
Creating reliable backups of one’s hardware wallets is perhaps the most important thing. This is usually done by writing down a so-called seed phrase consisting of 24 words. Losing this recovery phase means losing access to the wallet if it is lost or physically damaged. A couple of methods are available to ensure the seed is kept safe. Some users go so far as to engrave them in steel plates to make them fire and waterproof.
May 16, 2023
Hardware wallets are the top-notch solution to keep cryptocurrencies and NFTs safe and sound. The devices are designed to provide a secure environment that is immune to remote access by any attacker. Therefore, most influencers, the broader media, and crypto communities recommend using a hardware wallet. Especially beginners are being told to use them to store their crypto. This is only sound advice given the fact that crypto worth billions of dollars got lost since the inception of Bitcoin.
Apr 20, 2023
Bitcoin transactions are not anonymous. Its blockchain is public and all transactions can be audited at any time. This is not a bug but a feature because only if every person in the world can audit every detail, then Bitcoin becomes a truly decentralized and secure digital form of money. This transparency also comes with a downside. Unlike a bank account, any company can watch the blockchain for activity and use the data for all kinds of purposes. One specific technology has been thought of several years ago to improve the situation.
Apr 19, 2023
Security is important when dealing with cryptocurrencies. All transactions are final and investors should always take into account that not everyone out there on the internet is being honest. Decentralized finance is especially vulnerable since many smart contracts are at work and one single line of buggy code can expose millions. This explains why so many exploits have happened in the past with so many different protocols throughout several blockchains. However, the most recent incident cannot be attributed easily.
Apr 06, 2023
It took a while for Google to add the ‘Undo send’ feature to Gmail. Since 2015, users can take back what they just wrote. Will Bitcoin have a similar option in the future? Currently, a new proposal offers to do just that. Mostly as a safety net against theft.
Apr 05, 2023
On April 3, influential crypto trader 'Cobie' posted a tweet that consisted only of a hash. In other words: an encrypted message. But somehow, someone decrypted it. It read: “Interpol Red Notice For CZ". As CZ is the CEO of Binance and as Binance was already facing a lawsuit, it wasn't totally inconceivable to be true. What was going on here?
Mar 16, 2023
Many people believe that Bitcoin is anonymous and that nobody can see who is behind each Bitcoin address. That is true to some extent but with blockchain analysis there is a tool available that can reveal the origin of funds. Most crypto companies use such services to block funds that originate from dubious sources such as Darknet marketplaces. Criminals are creative and responded with so-called Bitcoin tumblers to disguise their digital trails.
Mar 14, 2023
Most cryptocurrencies are open-source software and everybody is encouraged to develop them and search for vulnerabilities. Many cryptos rely on the work of volunteers that spend much of their time improving existing code or inventing solutions for problems that can be solved with blockchain technology. The motivation to dedicate time and resources can be very different. Some developers work because they believe in changing the world for the better. Others like to be recognized by their community and some are making a living by relying on bug bounties or grants.
Feb 01, 2023
Phishing exists in many forms of contact, with the goal of extracting confidential information. This is done via phone, social media, emails, and counterfeit websites. Fraudsters ‘fish’ for information from potential victims by sending emails, sending messages on social media, sending text messages to your cellphone, or calling you claiming some form of urgency. The goal is to gain access to digital or physical property. When you click on a link to a fake website, you are asked to submit your login credentials. When you provide them with your login credentials, the criminals can use these to access your account without you even knowing.
Jan 24, 2023
Almost two-thirds of Dutch crypto owners do not have a backup of their crypto wallet. That is one of the interesting results of Multiscope's Cryptovaluta Monitor.
Dec 20, 2022
Quadriga was a crypto exchange headquartered in Canada. So far, nobody would have thought that anybody would ever hear again from the defunct company. The story goes back to the year 2018, and it involves India, a dead CEO, the exhumation of a body, and lost private keys holding crypto that was worth over $100 million at that time.