Brain Wallets: The What and the How
Of all the formalized monetary systems that have ever been used by mankind, Bitcoin is unique in the fact that it exists entirely as pure information. The blockchain, the database storing Bitcoin transactions so the system can figure out who owns what, it stored simultaneously on tens of thousands of computers and servers around the world. The system's....
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Although its parent exchange is facing legal trouble, BitMEX’s research arm has published a novel report on the vulnerability of brain wallets. The post Despite Legal Turmoil, BitMEX Research Shows Us How Not To Use Brain Wallets appeared first on Bitcoin Magazine.
The so-called “brain wallets” have always been a topic of heavy debate in the Bitcoin world, as this solution to store funds is far from secure. Memorizing passwords is hard enough for people, but there are bigger worries with brain wallets than most people anticipate, according to a new study. Despite the idea of a brain wallet using cryptography to add....
For those CoinDesk readers who have started trading with Bitcoin, there is the inevitable concern of how to protect ones' wallet. The so-called wallet is a simple data file that contains a set of Bitcoin (or insert your preferred currency here) addresses. That's all you need to keep your Ecoins with you. The block chain is copied to every single client has a list of every single transaction and balance for your given currency, e.g. Bitcoin. The security of the wallet depends on the security of your computer or smartphone. What if you could embed your money inside your mind? We explain how....
This is a message to Paypal. Instead of embracing Bitcoin, PayPal could create their own payment processing system using the source code used to create Bitcoin. The idea of wallets, fast confirmations of transactions, anonymity of the users will be preserved. Instead of a coin payment to the miners, offer to pay them in dollars. Utilizing Bitcoin as the beta-test; we can see that miners are willing to mine for payment. This mining process eliminates most of the fixed costs Paypal has with its existing business model. The minimization of costs will allow for micro transactions to be....
The growth of Bitcoin industry, and its huge potential to change the economy has started affecting the traditional finance industry. It can't be more obvious than the brain drain happening from financial sector to the Bitcoin sector. In recent days, many top level executives from well-known financial institutions have switched jobs to join Bitcoin based companies. This brain drain is not just confined to the financial sector, but to other sectors as well, the best example being the Nike's Global Chief Information Officer quitting the company to join BitReserve. READ MORE: Anthony Watson....