How Cryptocurrency Wallets Could Replace Banks

The topic of transaction fees has been kicked around a few times in the world of Bitcoin, but the question remains whether or not wallets are ready to deal with opt-in replace-by-fee. Several exchange platforms have taken the necessary steps to detect opt-in replace-by-fee situations, but more efforts are needed. It will come as a big surprise to find out a lot of most popular Bitcoin wallet solutions in existence have some serious flaws regarding security, as well as detecting double-spends. Especially this latter part is of particular worry, as a double-spend attack puts the recipient at....

Keeping cryptocurrencies in non-custodial wallets may be criminalized in Russia, if authorities accept a proposal from the trade association representing Russian banks. While financial regulators think the idea deserves attention, lawmakers and experts doubt it’s possible to implement such a measure. Russian Banks Move to Curb Use of Private Cryptocurrency Wallets Challenges with foreclosure and seizure of crypto assets held by debtors and criminals have motivated the Association of Banks of Russia (ABR) to suggest introducing criminal liability for storing coins in non-custodial....

Bitcoin Suisse founder, Niklas Nikolajsen, has said that European bank accounts will eventually be offering bitcoin wallets. In an interview with finews.ch at the Fintech Conference Finance 2.0, Nikolajsen explained that while European banks will soon be providing bitcoin wallets he didn’t specify which banks these would be, only that it would ‘not be an exotic bank.’ While digital currencies such as bitcoin are faster and cheaper than traditional banking methods, it seems that the notion that banks will be providing bitcoin wallets anytime soon is unrealistic. Nikolajsen seems to think,....

A new addition to Bitcoin Core called Opt-In Replace-by-Fee allows transactions to be flagged as replaceable, and actually replaced, until the transaction gets confirmed in the next block. Opt-In RBF is a change to the memory pool and network relay code and gives wallets the option to add a signal to transactions that gives permission for full nodes to update the particular transaction. Bitcoin creator Satoshi Nakamoto introduced transaction replacement in his initial release of the Bitcoin Software, but removed it due to denial of service problems, which opt-in RBF solves by adding a....

While bitcoin has been dubbed as the worst investment for last year, many enthusiasts still believe that the cryptocurrency can surpass fiat currencies as the main mode of payment around the world. Its scarcity and the use of the blockchain are its defining features but it could also be it source of weakness. Can bitcoin really replace the U. S. dollar or other currencies at some point? Fiat currencies draw their value from being backed by assets or by central banks. In contrast, bitcoin draws its value from scarcity in that there are only a limited number available in circulation or from....