Hey reddit I got my bitcoins in my multibit wallet but I almost never see anyone speaking of that wallet as a good store for coins, or at all. I don't have an inane amount of coins, only like 5 but that's enough for me to want the best possible wallet. What's the best way for me to store my coins? What do you guys recommend, and why?
As we're closing on a beta release for Dogecoin Core 1.10, I wanted to talk about where 1.9 went to, why we haven't had a major release in 11 months, and what we're doing differently in future. This is a long post, but I swear it's worth reading in full. First of all, important security announcement: If you're using brain wallets (this won't be many of you, but want to ensure we catch anyone who is), stop, and move your funds right now. There was a security talk at DEF CON which basically explained how much their security is broken, more detail at https://rya.nc/cracking_cryptocurrency_brainwallets.pdf. For anyone who's unsure, brain wallets are where you pick a set of words and use them to generate a wallet, such as bip32.org (I'm not linking that) lets you do. If you have been given words by a random process (i.e. Multibit HD, Electrum, Trezor, Ledger), these are AFAIK fine, it's just manually chosen words that are a disaster waiting to happen. Next, there's a Bitcoin village, at Chaos Communication Camp next weekend, and while the core developers can't attend (we're doing dull day job things instead), Dogerain's developer will be there, and they're organising a video hangout with the Dogecoin core devs. Not sure if others can attend remotely, but if you're at the camp we'd love to get to talk to you! Right, back to 1.9; Dogecoin Core 1.9 was going to be 1.8 with the Bitcoin Core 0.10 changes merged in. The same process was used to make Dogecoin Core 1.8 from 1.7 with Bitcoin Core 0.9, so we knew what we were doing. With almost 1,300 commits to review and apply it would take a while, but in theory was straight forward enough. A spreadsheet was created to track progress amongst the developers, and in January we set out to start merging. At this point we discovered several things:
Some patches from 0.10 had been merged in early and out of sequence, so we had to avoid merging them twice.
A lot of the changes were less readily compatible with Dogecoin Core than we expected.
1,300 is really a lot of changes
As time dragged on, we gained further assistance (Sporklin, this means you) in preparing merged commits, and I made several attempts at automating much of the process. Around March we started struggling with keeping development motivation up, and pace faltered, with Sporklin taking on much of the charge to keep work continuing. In June, we were about half way, and Bitcoin Core 0.11 hit release candidate, and at that point we realised this wasn't going to work. So, Dogecoin Core 1.10 is a rebuild. We've started with Bitcoin Core 0.11 as a base and then manually re-applied the Dogecoin changes. This makes a lot of sense, in as much as they're a smaller set of changes (and less invasive by design), but does mean that we risk losing subtle tweaks to the code (which is what the beta period is intended to help catch). Most of the changes have been totally rewritten to make them simpler to apply, and better fit in with the hugely revised code base. We also see a significant number of changes in the strings with Dogecoin, so previous improvements to translations cannot necessarily be used as-is, and when we hit beta we'll be looking for help with updating translations. The loss of motivation is something we need to be more aware of as a risk; while the Dogecoin developers are not doing this to try getting rich, that doesn't mean that there's no motivation required. We enjoy the challenge and opportunity to work with interesting technology, and based on that it's important that we ensure the work does have its interesting parts in amongst just getting stuff shipped. Looking ahead to future work:
We'll do a full rebuild once per year, potentially twice, to keep us close to the Bitcoin Core code and ensure compatibility.
In between these rebuilds, we'll merge in changes where feasible.
To avoid Dogecoin and Bitcoin diverging, we'll push new features and fixes into the relevant upstream project where practical. We avoid divergence because it makes it harder to update, and requires custom code to adopt Dogecoin compared to Bitcoin.
Dogecoin Core will be promoted as the reference base for other Scrypt-based altcoins. This happens already, and we get fixes from downstream (i.e. Fractalcoin caught that the fork detection code is too sensitive) as a result.
I know there are those who wish to see Dogecoin split further from Bitcoin, but there's just far too much effort being poured into Bitcoin, and too much available expertise from working with them, to ignore. On a related note, bitcoinj 0.14 now has all of the changes to make it work with the libdohj wrapper library. Patricklodder's been testing libdohj, and so far mostly it seems to work well (there's an issue with the advertised network protocol version that I need to fix, but apart from that so far so good). There's a similar model for python-bitcoinlib and python-altcoinlib, although I need to dust off python-altcoinlib somewhat. There's tons more I could write about HD wallets, user defined consensus or Ledger wallet support, but I think that's quite enough for today. There will be an interim update for Dogecoin Core 1.10 work around next weekend, hopefully a beta around the same sort of time, and the next full update post should be on the 23rd or thereabouts. Meantime, stay wow! Ross P.S. All of these posts go up on my site as well, if you want to read back at all: https://jrn.me.uk/
In follow-up to this earlier post from Stellaw, today I too received a developer pre-release keepkey. Like Stellaw I did not pay for the device and they only asked me for developeuser feedback. The package was sent via FedEx protected by more foam than a bitmain S1, the keepkey comes packaged in a classy black box (about the standard of designer cufflinks packaging) on a green/white cardboard tray, with a plastic film protecting the screen. http://imgur.com/fxONsfR http://imgur.com/KPNTVuK Underneath you'll find a stiff 3 ply cardboard 12 row Recovery Sheet, in a matte black sleeve, and a skinny micro USB cable with a nylon rope finish. http://imgur.com/JYYa4VM I've taken some photos of keepkey with some everyday items you might find lying around your home for scale and comparison http://imgur.com/MOLT6oG http://imgur.com/bIAcCJY Keepkey is much wider, longer and thicker than Trezor. It does however feel extremely satisfying and solid in hand with its metal back shell. http://imgur.com/MqzUid2 http://imgur.com/raUi6Pc The screen is fantastic to use, keepkey include some eye candy animations, progress indicator, and logo screen saver. http://imgur.com/AIGUpVj http://imgur.com/GXHbPLi Side by side, Trezor's display is over twice as bright and of higher pixel density than keepkey, but with indoor use keepkey is adequately bright. The front shell is a fingerprint magnet. I don't plan to fully review their software wallet as it is still in pre-release developer beta stage. Keepkey works via desktop Chrome with 2 extensions (a proxy bridge and a Chrome Wallet). This solution is up an running with a few mouse clicks and supports device initialisation and wipe, PIN entry, send, recieve and display QR code. Their wallet reminds me somewhat of kryptokit. At the moment the Chrome Wallet does not support >12 word mnemonics or passphrases (although Darin tells me this will be supported) nor changing PIN or device label, message signing, or transaction history. Their chrome wallet checks balances through chain's API and is not dependent on a BoP server like myTrezor. After some trial and error i was able to import my keepkey wallet into electrum 2.4.4 and saw the same balance and address tree as the Chrome Wallet. As the python tools and electrum plugin are dev beta standard, there are some bugs still to be ironed out, particularly with regards to passphrase support. My overall impression is that keepkey will be a winner. With its wide screen display, keepkey is very easy on the eyes and makes checking of an address, transaction details or initializing a mnemonic (or reviewing entropy/firmware signatures) a pleasure. Keepkey is evolutionary in several ways - much improved mnemonic playback and restore. They've re thought the user experience, removed the cancel button, and added a hold-to-confirm gesture. This does however mean "cancel" requires either a mouse or keyboard button press. In other ways the changes don't go far enough, why limit PIN to numbers 1-9, why not device wipe after multiple failed attempts, why must the passphrase be entered in plaintext on the hot computer, why no touch screen and fewer buttons not more? Keepkey's firmware is a fork of Trezor's, has had hundreds of code commits since March 2014 and is actively developed. With its solid half metal construction, premium packaging, USB cable and security card, and 4 person management team - clearly keepkey is not targeting the budget end of the market. Metal Trezor preorders were 3 times the price of plastic Trezors and keepkey has the differentiating features of premium metal build and finish, large screen and a mnemonic restore procedure so good that it is viable to wipe the device in between uses and restore to spend. Their Chrome Wallet is missing many features, and currently there is no support for Greenaddress, mycelium or MultibitHD. (Whilst Trezor does support these 3 it took Trezor years before the first alternative - electrum 2.0 - became available) Addendum : working with keepkey today they've isolated, fixed and developed a workaround for most issues I encountered. Now the official OSX electrum 2.4.4 binary works perfectly - 24 word mnemonics, passphrases, message signing, change device label, full wallet history with modifiable descriptions.
This one's going to be brief, partly because I'm in the middle of writing a lot of code, partly because this update is a bit simpler. At the moment the focus is back on alternative clients. The reference client gets progressively harder to run due to disk space requirements, and takes longer for first sync. Blockchain pruning will help with that in time, but we need a solution for the majority of users. Simplified Payment Verification (SPV) clients such as Multidoge and the Android client do not verify the entire blockchain, but instead places a certain amount of trust in the nodes they're connected to. There's more technical detail on the Bitcoin Wiki for the curious. By requiring only block headers and transactions which are relevant to the wallet, they hugely reduce the time taken to sync. Multidoge has been a good starting point, but with Multibit HD now in beta, it's time for a proper replacement. Multibit HD by Bitcoin Solutions introduces a vast number of improvements, including hierarchical deterministic (HD) wallets, a much better user interface, and I'm told support for Trezor wallets. A Doge equivalent is being worked on, but we have a more general problem of the time and effort required to prepare these variants. I've talked about this earlier, but we need to stop thinking of altcoin code as entirely independently maintained, and start leveraging our common technologies. So, I've been working on patches for bitcoinj, and a wrapper library (working title "altcoinj", but there's already another project with that title, so the final version will be renamed). The first major patch has been accepted already, and a second is with their developers for review now. The next steps are to improve automated testing of this code to ensure it's as good as we can make it, while the patches are considered and we make any further changes required. You can see the code on Github at https://github.com/rnicoll/altcoinj/ and so far it's a tiny fraction of the size of bitcoinj, which means a lot less work to maintain it. This will continue for a while, so updates will primarily be around what's going on with this work. Reference client patches continue but at a slower rate, with a few major snags having held up work until very recently. For the more exciting features, we need the foundations before we can explore them much further. Lastly, I'm streaming coding from time to time at http://www.watchpeoplecode.com/streamernicoll. Doing so requires a significant chunk of clear time however, so will generally be only at weekends when I can get properly dug in to making changes. Next update should be in two weeks as normal. After that I'm travelling to graduate late in June, but will be back in time to write an update, and hopefully the other developers will be making more visible progress as well. Stay wow, Ross Edit: Forgot something! I've been helping edit a paper therealmage has written about forking of coins. Hopefully that will be out in a few weeks time.
0.085 BTC bounty: help me get my coffee and find out where did the coins go
A few days ago, I decided to buy some coffee from http://roaststation.com/. I clicked Pay With Bitcoin, copied the payment address, pasted it into my MultiBit wallet, sent the payment, and clicked back in the browser window. Unfortunately, the way the site works is when you click outside the payment pop-up box, the box closes, so I couldn't confirm the payment and get the confirmation number that I need as reference when entering my shipping address. I wrote JB Allen, the site manager, about this; he contacted Coinbase, the payment processor. They contacted me; everybody was very nice, but it turns out that nobody got the money I sent. So where did the money go? Here's the transaction: https://blockchain.info/tx-index/bfc5c8eb087c0c714575edc822d6c44f58961a1e0dd76cc84adcf308ded99537 The receiving address is 1K3hRyJU8Zv8kDEgd7Dt6pKjhsxJWpLoCG. You can see that this was its first ever transaction, and the output was spent an hour later, so it's a real address. I it possible (though, after reviewing the information I have, it doesn't seem very probable to me) that I copied a wrong address from somewhere else. There seemed to be some other glitches in the Coinbase payment pop-up (I can post details) which also leads me to believe this was also a glitch on their part. Anyway.. Since it seems I've lost the coins anyway, I'm willing to give 0.085 BTC to anyone who might find doing this research fun and can help me get my coffee. This might include eg. proving that the 1K3hRyJU8Zv8kDEgd7Dt6pKjhsxJWpLoCG address belongs to Coinbase, or finding its owner and getting them to return the money. Thanks!
ProgrameDevleoper Ability to research and document an API spec for initial peer review. Must be very familiar with gitHub and bitcoin wallet code; specifically, Multibit, Amory and/or Electrum. Tax background and US citizen preferred. Will pay in bitCoin. [email protected]
I'm using the Bitcoin QT client right now. The one complaint I have about it is organizing addresses. There's just the one window, and only the options to sort addresses by the label or address. I'd like to have a couple of different wallets for a few different purposes. One for a spending account for personal purchases. Another one to accept payments. A cold-storage wallet. Maybe something else, as well. The wiki is somewhat sparse on details and comparisons about the various bitcoin clients. https://en.bitcoin.it/wiki/Wallet But, it feels like the options I have are either Multibit or Armory. Can someone give a quick review or comparison?
Bitcoin is a what you can call a new type of online currency, a crypt-currency. This crypts-currency was propose in the late 90's by a group known as cypherpunks who mainly discussed about cryptography and security and among them was, for a currency that would be totally anonymous and free from the control of large banks and governments. around the late 2008 this guy named "Satoshi Nakamoto" wrote a rocking paper describing this concept of a a P2P payment system that would use the concept discussed by the early cypherpunks. If you don't know why some intelligent folks are excited about the Bitcoin concept, you should take the time to understand. Bitcoin is a new form of currency that is accepted worldwide and can never be debased by politicians trying to get re-elected or countries trying to pay off huge debts. In a world in which the value of paper money is constantly ravaged by inflation, that's a very attractive attribute. Also, the world is very much ready for a "global" currency. Bitcoin satisfies that need. Bitcoins are like cash in that they aren't tied to your identity, and transactions made with Bitcoins are irreversible and untraceable. But they're like credits in a manner that they aren't physical. Bitcoins are a peer to peer system. What Bitcoin allows you to do is to send money to people, make purchases, just like real cash, only difference is this is online. Bitcoin in most ways behave like hard cash . you can give it to person to person, you can loose it, and destroy it. Well, Bitcoin address is different from any other address system you may have encountered before, A bitcoin address consists of two addresses the public address and the private address. Like the name suggests the public address is public and can be distributed to any one and every one without any fear. the private address is the one you keep very private and secret and dont even tell that to any one at all. You keep it so secret, that no one can access it. A bitcoin address is a hash of a public portion of a public/private ECDSA keypair and they looks like this:- 1La9GFB8sNRko99jP2N5AMQYPvmsDoVbKb. Bitcoin is in its infancy, a free market currency whose price or value is determined by the demand and supply. A multitude of factors could in theory affect Bitcoin prices, nobody in the current scenario can conclude that only a few factors affect Bitcoin, I will try to explain only “a few” that have had a considerable impact on Bitcoin prices recently, many more may be yet to be known. Like gold prices that fluctuate due to a variety of factors, some of the factors which have been observed till date are listed below: Media Exposure The initial growth of the Bitcoin ecosystem and prices was attributed to media articles, familiarizing it to more people. The world’s supply of Bitcoins is essentially fixed, but because people in the media keep talking about it, demand keeps rising. This leads to higher prices—and as prices go up, people who currently hold Bitcoins develop greater and greater expectations for the currency. Today, the excitement around Bitcoin is still confined to a tiny segment of the population — technology aficionados, monetary idealists and speculators. The potential for exposure is large. Eurozone Crisis A direct correlation between the Cypress bailout and Bitcoin price was observed. Some of the investors in Europe moved their investments into Bitcoin around the time of the Cypress bailout. This resulted in a huge cash flow into the Bitcoin ecosystem. Hoarding Demand crisis: Like any currency, Bitcoin is traded on exchanges, Bitcoin holders hoard their stash, which further reduces supply, which in turn boosts the price and sparks yet more media attention—and the cycle continues till profit selling takes place like in any currency. Fear of Govt intervention There is nothing illegal about Bitcoin . Cash is as anonymous and not tied to identity. But could government grow increasingly interested in defending its paper-money monopoly? We've already seen hints of this. But because the market is already huge and global, there will be growing attempts to control it, tax it and regulate it. Trading Exchange outages Trading exchanges like MTgox which handles almost 70% of trade have seen trading halted due to DDos's, but such events are seen to be temporary and the a price fall due to a DDos is usually recovered when trading resumes to normal levels, leaving only a temporary effect. Smaller exchanges have been hacked due to insecure design of the sites . The interim crashes could be sharp and scary. The Bitcoin algorithm, system and framework itself is preternaturally sound. As with any new creation, there are glitches and vulnerabilities that still need to be worked out in trading exchanges. Vendor acceptance Bitcoins remain very much a niche payment method. In accepting the currency there is a small circle of large Internet companies’ participating in the system. Others include WordPress, which will sell you everything from Web hosting to CSS packages in exchange for Bitcoins. WikiLeaks and 4chan are part of a growing list of online organizations that accept Bitcoin donations. As vendor acceptance improves the value of Bitcoin as a currency improves. Free market currency Being in its infancy, Bitcoin will see wild price swings till it becomes established as a currency. The market is still in a price discovery stage and is expected to stabilize at a certain point, where its value and place as currency is usable in daily life. You can use Bitcoins with people and business that accept Bitcoins. as a new currency there are not many brick and mortar stores that accept Bitcoins, but there are online services that may be purchased with Bitcoin. and like any new currency the growth is slow but then number of people and businesses accepting Bitcoin is increasing exponentially. The Bitcoin algorithm was presented as a scientific paper and peer reviewed like any other scientific paper, the paper was widely accepted and is the sole fundamental of Bitcoin. The algorithm of Bitcoin has been designed so that it is resistant to quantum computers which have not been built as of yet. All currencies are backed by gold or similar assets. Lets look at gold. What is gold backed by? What decides the value of gold? Demand and supply. What decides the value of Bitcoin? Demand and Supply. Like gold the amount of Bitcoins is limited, only 21 million Bitcoins will be ever produced. The value of Bitcoin can be equated to how the value of gold is estimated. So the "fundamental" value of Bitcoin can only be estimated the same way the fundamental value of, gold can be estimated — which is guessing at what someone will be willing to pay for it at some time in the future. The whole premise of Bitcoin is that only a finite amount of it will ever be created. This is in stark contrast to standard currencies, the supply of which is continually increased. Fiat paper currencies are a relic of a past age. It has proven to be a spectacular failure, giving rise to inflations and unending booms and busts. As technology progresses, markets look for an alternative. A single global digital currency is certainly in our future. Bitcoin is just the most successful example of that so far. Bitcoin can be easily used for international transfers without paying commissions to third parts like banks and cutting down transaction times for bank wires from days to hours for a Bitcoin transaction. It is always prudent on your part to view Bitcoins objectively and arrive at its value in your life. In my view, Bitcoin is the Internet, applied to Money. We need to remember that Bitcoin is not a stock, a company, or even a regular commodity. It is a technology. That technology is a payment system that is evolving into a real currency. Right now, its most spectacular use is in transferring funds from one person to another. It's as easy as sending a text message on a phone. We live in a digital age. We need a digital currency. Using Bitcoin: In order to use Bitcoin, you need a Bitcoin wallet. Bitcoin Wallet is just like your wallet where you keep your money. Wallets come in the form of softwares and web wallets. Software wallets are simply installed on your computer. With these standalone clients, you are responsible for protecting your money and doing backups. While using these wallets, you need to bewary as some viruses are designed to steal your wallet files and the hacker can easily eat up your Bitcoins. So, I don't suggest these. However, some software wallets are also released for smartphones. In these types of wallets, there is no need to backup the files as all the data is stored in the servers. Examples: Bitcoin Official Client, Multibit, Bitcoin Wallet (Mobile), etc. Web Wallets are the best and easy to use. They are secure as the data is not stored in your computer, it is stored on secure servers. However, it is very important to choose a good provider. Recently, a Web-based Bitcoin Wallet provider, Inputs.io was hacked and the hacker stole everything. This resulted in loss of millions of dollars. I suggest you to choose Blockchain Wallet or Coinbase. CoinBase just raised $25 Million. I'm using BlockChain wallet here:
After registering on BlockChain Wallet, login with your details.
After logging you will see your Bitcoin address.
This is your auto-generated Bitcoin address. You can use this to receive payments.
if you are not satisfied with one address or need more. You can generate more addresses at "Receive Money" tab. First click on the "Receive Money" tab then click at "New Address" button.
How to earn:
Purchase some Bitcoins at low prices and then sell them at high prices.
Website Revenue: Earn from your website by adding non-annoying ads. These ads are very simple and clean. This is the way I earn Bitcoins. I'm talking about Anonymous-Ads - http://a-ads.com/.
The other way is by using Bitcoin Faucet. But, these faucets are useless as the pay amount is very extreme low. You need to visit Faucets every hour and enter your address. They'll send you a payment in few hours.
Spending your Bitcoins is easy: There are hundreds of retailers that accept Bitcoin. If you want a domain or hosting, go to NameCheap.com. Here is a list of websites that accept Bitcoin: http://www.bitcointrading.com/forum/spen...-bitcoins/ but there are many more available. You should also join the Bitcoin Community at http://bitcointalk.org... If you liked this post. Please give it a +1 for my work. It will help me to write more on Bitcoin.
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