Ahmed cryptocurrency blogs

WHAT IS BITCOIN? Bitcoin can be described in several ways. Bitcoin is the first successful  digital currency , it is a blockchain acting as a  public ledger  (like a public database of information), it is a  crypto currency  (owing to its use of encryption); as well as a commodity or store of value- according to who you ask and what their use is for Bitcoin. It exists however as a file of information, stored on computers, shared and updated every few moments across all its participants through the internet. Bitcoin serves different purposes for different people: Some see Bitcoin as  digital gold , owing to its use as a store of value and being classified by certain state authorities as a commodity and traded on a mercantile exchange, the same as gold. For people in some countries with unstable economies, Bitcoin, despite its huge volatility, is still more stable and a better store of wealth than national currencies. Some see Bitcoin primarily as...

2nd-factor authentication is nothing new to the people who are into the technology field for a while. In our last article in this series, I have explained in depth about what is 2FA and how does it benefit. I also explained in detail about YubiKey which enables us to make 2FA more secure by using a hardware (Physical) device. However, right now the most practical way of setting up 2FA is by using a mobile authenticator app called Google Authenticator. This is an official app by Google and it was earlier widely used for securing Gmail account and now most of us are using the same technology to secure our accounts on exchanges. In this tutorial, I will explain in depth about: What is the Google authenticator app How to set up 2FA using Google authenticator app (Taking example from  Binance ) What happens to 2FA if you lose access to your phone How to ensure maximum security when setting up 2FA And few more tips to help you get started with Google a...

Blockchain.com Blockchain.com is one of the largest online wallet platforms in the crypto industry when accounting for a number of users and transfers. It also serves as a good database for statistical analysis regarding the hash rate, transaction costs, and many other metrics. The platform also provides simple swap and exchange services between cryptos that are available within the website. Interface of blockchain.com Apart from Bitcoin, users can store other cryptocurrencies, including Ethereum, Bitcoin Cash, and Stellar. The security of Blockchain.com is good since all private keys are encrypted, with only users having their passwords to open them up. Although not as secure as open-sourced projects, through encryption, hackers would have a very tough time to break through the defences. Electrum For those looking for desktop wallets,  Electrum  would be a prime choice. The software is free to download and uses much of the popular security measures to protect your a...

             Wallet Types There are several types of cryptocurrency wallets, each coming with own pack of advantages and disadvantages. They differ in terms of security layers provided, as well as how easy they are to manipulate. Online Wallets:  These are the most numerous crypto storage platforms out there in the industry. They require simple registration, have very little protection layers, and are mostly free to use. Their main purpose is to provide fast liquidity and easy-to-handle interface for small trade investments. Many of these do not employ encryption on keys and are easily hacked. Many exchanges experienced crippling situations due to lax safety measures. Desktop Wallets : Open-source desktop wallet programs come with much higher security than online storages, as they save your private keys in your computer, which is often encrypted using a password, and they are protected by your computer’s antivirus software. You can downloa...

Wallet Keys Whereas you have an address code, you need the private key for that address to allow the transfer to go on. If the address is like your email address, the private key is like the email's password. It is also a series of numbers and letters, generated by the wallet you registered in (or created, depending). Private keys are known only to you, securing your balance against hacking attempts. Losing your private key means losing the coins in that address. Example of Wallet Address and Private Key www.paroexchange.com

Introduction on Crypto Wallets There is a lot to be said about blockchain technologies and cryptocurrencies that came out of them as a result. However, in this article, we talk about the most important part of the crypto network, one that ensures Bitcoin’s very existence – wallets. There are many types of wallets and platforms that developed their own solutions. These storage programs differ in terms of security, cryptocurrencies supported, and additional services that they provide. If you are a beginner that wishes to purchase cryptos for the very first time, this guide is a must-read. Crypto Wallets – What are They? Putting it simply, wallets are storages for your cryptocurrencies. Think of it as a bank account, where you can deposit, transfer out, or withdraw fiat currencies, such as USD, CAD, SGD and others. However, whereas banks have numerous intermediaries, crypto wallets usually have one or none service providers. As a part of the blockchain network, these wa...

“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.” – Don & Alex Tapscott, authors Blockchain Revolution (2016). A blockchain is, in the simplest of terms, a time-stamped series of immutable record of data that is managed by cluster of computers not owned by any single entity. Each of these blocks of data (i.e. block) are secured and bound to each other using cryptographic principles (i.e. chain). So, what is so special about it and why are we saying that it has industry disrupting capabilities? The blockchain network has no central authority — it is the very definition of a democratized system. Since it is a shared and immutable ledger, the information in it is open for anyone and everyone to see. Hence, anything that is built on the blockchain is by its very nature transparent and everyone involved is accountable for their actions.