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PRIVATE KEYS AND HOW TO STORE THEM

Apr 16,2018 at 03:02 am

A private key in the context of Cryptocurrencies? is a secret number that allows you store and spend your coins(money)?. Every Bitcoin wallet contains one or more private keys, which are saved in the wallet file. ... ?it is important that these are kept secure.

Safely storing your Bitcoin is very important. Unlike other types of money that is controlled by banks, with Crypto-Currency you have many more options on how to store and control your money.

Can you remember your private key that you need to move your Money? Well that is literally the key to storing it. Whoever has the key controls the Digital currency. These keys can be either in digital or even in physical format i.e. written down on a piece of paper.?

So how do you store your private key? Leaving the key in your pocket won't keep it secured. You can put it in a safe - that’s a lot better. But someone can still break into your house and steal it. Given you want to use your Bitcoin regularly, you might also want to put some or all of it in a digital version on your phone so you can access it easier. The only problem is that if you lose your phone it means you will also lose your key, and there is no way to get it back.

Here are two options to secure your digital money; First, the email storage. Since private keys contain long text files, you can get Smarter by securing it in your email while it's tagged with a special code name to help you remember whenever you need to access it. It doesn't need to make sense as long as it serves it purpose.

Secondly, the way to store Bitcoin is also on of the it's biggest irony, private keys can be more secured in the bank. Our modern day banking offers series of services that allows you store important documents and accets offline in a physical bank vault completely detached from the internet.?

UNDERSTANDING BLOCKCHAIN

Apr 15,2018 at 11:53 am

In most cases it has become more difficult to prevent and track hacking and fraudulent act as people have moved more of their lives online. But certain innovations, such as blockchain, show promise for cracking down on dishonest behavior, insecure transactions, contractual breaches and even unintended human and computer errors.

The Blockchain technology that powers bitcoin can be difficult to comprehend. It is a digital ledger platform that verifies identities and transactions through a secure digital network of records. It’s especially secure because it generates multiple records stored in a decentralized manner.

In fact, blockchain empowers people to trade and transact more, because they can be sure who they’re trading with, as well as the origins of the thing they’re trading, dating back to its inception. They can even generate new things to securely trade, from their time to virtual cats.

Bitcoin and other cryptocurrencies are just the beginning of how blockchain can be used for transactions and tracking.

There's more to be revealed about blockchain technology in up coming posts. So stay with us and Share our inspiring News and Articles with others.

WHAT IS BITCOIN MINING?

Apr 14,2018 at 07:43 am

Bitcoin in the actual sense can always be termed as one big global ledger system that records transactions (or ‘moving money’) between one person to another. 

Whenever Bitcoin transactions are processed on the Blockchain network – that means Bitcoin is moved from one person to another – someone has to make sure all the transactions are recorded properly and that the ledgers on all the systems are synchronized all over the world.

In the case of Bitcoin, this process is done by thousands of computers all over the world that are all connected to the internet.

 These computers are knowns as ‘miners’, but they should really simply be called ‘computers that process transactions’.

To do this processing in a very secure way, these computers need to perform very complicated calculations that take a lot of computing power, and in turn, require a lot of energy and expensive and specialised processing equipment. An individual who own computers will needs to pay for all this equipment and electricity, so they need to be compensated for all the money and effort they are putting into making this network work. They earn this compensation through newly minted Bitcoin. 

Therefore all new Bitcoin that is created acts as a reward and incentive mechanism for people to contribute their computers to the system to help process transactions. With Bitcoin mining, the cost of this global system has just been spread over thousands of computers, and they recoup their cost through newly minted Bitcoin. In short, it’s simply why it is called a decentralised system or structure for modern day transaction.

BITCOIN 101

Apr 13,2018 at 02:33 pm

Many have said Bitcoin is complicated and confusing, when in fact it’s a lot more simple and organised than what most people think. Here we will discuss the basics and also present further learning opportunities for those that want to know more.

Bitcoin is often described by comparing it to something specific people already know, but this is often what creates a lot of confusion. Bitcoin is a new technology that is unlike anything we have seen before, and a better way to think of it is as a comparison of things we are already used to;

Bitcoin allows you to move money so easily, therefore it functions as a payment system, similar to bank transfers or credit cards, only a bit better.

It can be term the Digital Gold and many refer to it as 'Gold 2.0'. Think of it as using gold for money, except it also very easy to move.

Bitcoin is powered by Blockchain which is like the internet in that no single person or entity controls it, so anyone can pretty much use it as they like. This gives it some very unique features.
These features also buttress one another, so they are all interwoven.
 
There's more to be revealed about this 8th wonder of the world. So stay in tune with us and Share our Article to educate someone today.

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