Bitcoin Wallet Security Best Practice
Knowing how to secure your bitcoins is no longer optional. Bitcoin wallets are fast becoming online criminals' favourite obesession, whether online, at exchanges, on your PC or your mobile. Dell SecureWorks researchers estimate that over 140 malware applications exist that specifically target bitcoin wallets. Protecting your wallet against these threats requires only a handful of cautionary steps. The following guide outlines the security vulnerabilities and provides the essential know-how and preventative actions every Bitcoin wallet owner should routinely practice. What Bitcoin Thieves....
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Bojan Simic, the founder of theBitcoin Security Project, has released a new, free, and open source bitcoin wallet for Android called Aegis Wallet. The wallet supports multiple currencies and provides the user with the ability to view their transactions and addresses on the bitcoin blockchain. Aegis Wallet allows you to encrypt your wallet. If someone were to get a hold of your Android phone it will be impossible for them to take your bitcoins. All you would have to do is get another phone, import a backup from your email, and go on about your sweet life. "We have Designed Aegis for....
Even the most robust and advanced platforms suffer from hacking attacks. DDoS attacks targeted Kraken, while there were attacks on a number of other popular bitcoin exchanged. More than 18,000 bitcoins were stolen from European bitcoin exchange Bitstamp earlier this year. Still, many bitcoin users rely on hot (online) wallets. Today, many bitcoin wallet platforms provide additional security measures and enhanced security protocols to protect user funds. Bitcoin wallet users could also implement the multi-signature technology, which distributes unique private keys (signatures) to more than....
Today, 13% of Bitcoin is protected by multisig technology. A growing minority of Bitcoin users employ a multi-signature wallet, which uses more than one private key to access the wallet. By using this approach, wallets are much less vulnerable to security breaches, as no single party possesses all the information necessary to decrypt the wallet. Princeton professor Arvind Narayanan tweeted about the significance of the multisig uptick: More cryptocurrency wallets offering multisig support. More Bitcoin wallet providers have recently enabled multisig functionality, as it seems to be headed....
Times have been busy in the bitcoin wallet world lately. Two hardware wallets - Trezor and BTChip - have finally shipped, and wallet security continues to mature. In spite of all this, though, people who should know better are still being robbed because they fail to add more protection to their bitcoin holdings. To tackle the issue of bitcoin wallet vulnerabilities, it's important to look at the security protections that are currently available for wallets, and to explore what work still needs to be done in the future. Multisig. 2014 was to be the year of multiple signatures (multisig),....
Gem partners with Thales e-Security. Bitcoin startup Gem, that provides a scalable API for bitcoin developers, has revealed to CCN a security enhancement that may be significant for the future of Bitcoin security. The company announced the inclusion of Custom Hardware Security Modules produced by Thales e-Security, as part of their standard multi-sig bitcoin wallet. Multi-sig wallets have become the standard for Bitcoin wallet security. A multi-sig wallet is associated with several private keys, making it more secure. Gem's inclusion of the Hardware Security Modules or HSMs, is bound to....