Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly! - page 18.

OcTradism

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Quote from: bitampcom on November 04, 2020, 02:21:15 PM

PSA: Bitamp wallet means only you have private key access but if your browser is infected with malware allowing hackers to listen in and steal your data, or you somehow lose your private keys to theft, then whoever has it can access your wallet. So keep your private keys safe. Keep your devices clean.

I keep my private keys offline and don't get Internet touch it. I don't store keys on online devices.

On Bitamp, can I create wallet offline?

Punycode and how to protect yourself from Homograph Phishing attacks?. These attacks too.

bitampcom

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PSA: Bitamp wallet means only you have private key access but if your browser is infected with malware allowing hackers to listen in and steal your data, or you somehow lose your private keys to theft, then whoever has it can access your wallet. So keep your private keys safe. Keep your devices clean.

bitampcom

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Personally, we don't think Bitcoin will ever drop below $10k again. Not before hitting another ATH anyway. Either way, keep your sats stacked safely behind your own private keys.

Especially important to remind people during times of excitement like now!

bitampcom

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What do you think guys? New month, and 60 days left to the year. Will Bitcoin continue its rally and surge towards the long-awaited ATH of 2017? Or will we need to wait a lot longer? Either way, keep your Bitcoin safe with your own private keys! Rally season tends to lead also to exchanges "getting hacked" Wink

bitampcom

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Thank you for the comments coupable! I actually agree on your points but Bitamp does have its uses -- to allow newbies to familiarize with the concept of moving to their own self custody wallet, and two, for better on-the-go access of a small hotwallet on mobile. We want Bitamp to be popular enough some day to perhaps offer integrated services with other commercial ventures:)

Which is for example what Bitcoin_Arena just said;)

Bitcoin_Arena

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฿itcoin for all, All for ฿itcoin.

Quote from: coupable on October 31, 2020, 01:40:50 PM

You seem to spend a lot of money in setup and promotion, so how you aim to generate profit from it ?

In every business aspiring to success, money has to be spent on advertising. One of the feature I noticed where they could generate income from could be through commissions from an internal exchange which is still under development.

Another way is through donations, since it an open source project which is free for everyone

coupable

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I have just noticed now that the running signature campaign is about a web wallet (i thought it's a gampbling website at first). I tried several options in the wallet and it seems good to use. However, i wouldn't ever suggest anybody (especially newbies) to use a web based wallet for the same reasons mentioned in this reply from page one :

Quote from: Bitcoin_Arena on June 12, 2020, 04:00:28 AM

1. Most people don't like web wallets because they are so prone to phishing attacks unlike software versions (For example MEW which started out as a web based ether wallet is one of the crypto related websites that has the largest phishing attacks, and they are trying to move away from the web based wallet. In fact, they don't encourage people to log in using Private Keys, Seed phrases or Keystore files). Do you have any plans to creating a software wallet?

2. You should encourage people to generate their seeds offline using your wallet (it's a more secure way) just in case someone is watching since your wallet is browser based... It could be a malicious extension on the browser of the person trying to create a wallet. This should be in the instructions just before someone generates a seed or login

I would suggest to lunch a mobile based wallet app with PIN password feature instead of using private keys or seeds every time to login.
I want also to ask about your benefit from this project. You seem to spend a lot of money in setup and promotion, so how you aim to generate profit from it ?

bitampcom

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Quote from: OcTradism on October 30, 2020, 02:35:39 AM

Don't forget to use Segwit address for transaction because transaction size will be reduced and transaction fee will be cheaper for smaller size of transaction. Difficulty adjustment and price movement of bitcoin will help to reduce size of mempool or make it larger. If bitcoin skyrockets to $20000 mempool will become bigger no matter how difficulty adjustment is made.

It will be a best scenario if after next difficulty adjustment, bitcoin will be stable in price. Mempool will drop back to its normal size.

Great advice! I personally think that it's events like this that will continue to push adoption of new upgrades like Segwit, and the further development of second layer like Lightning:)

Also, when things go back to normal, don't forget to consolidate your inputs;)

OcTradism

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Quote from: bitampcom on October 30, 2020, 02:25:10 AM

Bitcoin has hit its highest mempool level since 2017. Stay safe guys, remember to set higher fees if the transaction is urgent, otherwise sit tight and wait for the next difficulty adjustment. These cycles are normal so don't worry!

Don't forget to use Segwit address for transaction because transaction size will be reduced and transaction fee will be cheaper for smaller size of transaction. Difficulty adjustment and price movement of bitcoin will help to reduce size of mempool or make it larger. If bitcoin skyrockets to $20000 mempool will become bigger no matter how difficulty adjustment is made.

It will be a best scenario if after next difficulty adjustment, bitcoin will be stable in price. Mempool will drop back to its normal size.

bitampcom

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Bitcoin has hit its highest mempool level since 2017. Stay safe guys, remember to set higher fees if the transaction is urgent, otherwise sit tight and wait for the next difficulty adjustment. These cycles are normal so don't worry!

bitampcom

member

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Why won't Bitcoin replace banks?

For the simple reason that not everyone will want to be in full control of their own money, or take full responsibility for their funds. Bitcoin, the way it was made, means you and only you decide what to do with it, so if you lose access, no one can help you recover it.

Some people, understandably, still want to trust a bank to keep their funds safe and perhaps want protection of a state guarantee/insurance.

People should remember though that many states and banks have folded in the past decades, taking all client money with them. So that’s a risk on its own.

bitampcom

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Is GDPR a concern for Bitcoin?

Nope, not GDPR. Bitcoin never asks for your information anyway, so there is no need to process or handle personal data.

Unpopular opinion but Bitcoin’s biggest problem probably the fact that it’s still not the easiest thing to start using. A lot of friendly user apps out there now that seem easy to use but these aren’t actually Bitcoin wallets where you personally control the funds.

Actual wallets that only you control still have some way to reach a nice level of UX, but that’s one big reason we built out Bitamp (https://www.bitamp.com) wallet — so it’s easy and painless to use on web and mobile.

bitampcom

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How important is layer 2 for Ethereum?

At the moment, incredibly important. Since 2017, when Ethereum got the mass adoption that they wanted, they realized that the network simply did not have the capacity to handle that demand in use, hence the various stages of congestion that we’ve experienced over the years, along with the high fees that come with that.

So much, so, it’s now even more expensive than Bitcoin to use. Bitcoin’s been working on Layer 2 for a while now and it’s taking off. Defi (read about why it’s so hot now (https://cryptomarketeer.com/what-is-defi-and-why-is-it-so-hot-right-now/)) now has also used to some extent and success Layer 2 — at least until Ethereum 2.0 with improved scalability arrives (circa 2021 hopefully).

bitampcom

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Quote from: NotATether on October 26, 2020, 01:19:52 PM

I need some advice on how to securely transfer a private key I made in Bitamp from iOS to my Linux PC so I can load it with funds.

If you have an email client that supports PGP encryption, that might be one relatively simple way to send yourself your private key with end-to-end encryption -- I know there have been recent vulnerabilities discovered, but those are with attackers sending messages, I'm not aware of any if you send yourself the message and you know what's in it.

NotATether

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bitcoincleanup.com / bitmixlist.org

I need some advice on how to securely transfer a private key I made in Bitamp from iOS to my Linux PC so I can load it with funds. The PC does not have Bluetooth so that’s not an option. I would like to encrypt the private key with BIP38 instead but Ian Coleman’s webpage for it freezes my phone, and I don’t trust other sites enough to use them.

And I do not want to use an iOS wallet app. That is specifically why I’m using Bitamp for this, to put a small amount of money in an address I want to pay someone with, and being able to do that while I am on the road. Asking in this thread because I’m sure that other mobile users face this dilemma.

If there’s no reasonable alternative I’ll just write the private key on a piece of paper and import it to PC using that, although it will be tedious to write.

bitampcom

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Quote from: OcTradism on October 24, 2020, 09:39:58 PM

I sugggest the Bitamp team consider to use the official and initial account Bitamp.com to leave a neutral feedback on bitampcom and notify it as the official PR account of Bitamp.com in the feedback content.

It will be helpful for new guests in the thread and can help to reduce compromise when something happens with the PR account.

We'll ask and remind the devs to do this. There is a slight issue with account accesses due to different ownership of the PR/marketing and such on these accounts but we're cognizant of the need to address this at some point. Thanks for the feedback.

OcTradism

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I sugggest the Bitamp team consider to use the official and initial account Bitamp.com to leave a neutral feedback on bitampcom and notify it as the official PR account of Bitamp.com in the feedback content.

It will be helpful for new guests in the thread and can help to reduce compromise when something happens with the PR account.

bitampcom

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Quote from: OcTradism on October 23, 2020, 09:40:35 PM

Nevertheless, I will never trade CBDC that is a kind of digitalized fiat currency. Why do I need to believe in the value of fiat currency and should I believe that my privacy won't be destroyed by trading it?

No, never. From my perspective, digitalized currencies are created and backed by governments only serve their ultimate purposes to help governments reduce costs of minting (rather than printing) new flow of money supply (from paper fiats to digitalized fiats) and better follow the flow of money from locals.

Thank you for your response! I don't think we would either. Doesn't make sense for us to trade CBDC, unless we were already into forex. Imagine if central banks already control fiat (and they do), what more control could they exert over CBDC where they have absolute control over supply? They could increase, burn, lock, reverse, as much as they want. And that's the big part you mentioned: better surveillance over their people.

OcTradism

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Quote from: bitampcom on October 23, 2020, 11:45:32 AM

We've been away for a while but just sharing our latest answer on Quora to the question: How would governments go about trading CBDC’s (Central Bank Digital Currencies) across borders?

They would probably just use permissioned (that’s private blockchain as opposed to public) blockchains that give access to each other and then it takes simple programming to create representations of their respective currencies to interact with each other via smart contracts.
Very similar to how Bitcoin interacts with some platforms and then have wrapped Bitcoin tokens to swap directly with native tokens. That’s one way to implement this anyway!

Excellent answer for the big question in the weekend. Thank you.

Nevertheless, I will never trade CBDC that is a kind of digitalized fiat currency. Why do I need to believe in the value of fiat currency and should I believe that my privacy won't be destroyed by trading it?

No, never. From my perspective, digitalized currencies are created and backed by governments only serve their ultimate purposes to help governments reduce costs of minting (rather than printing) new flow of money supply (from paper fiats to digitalized fiats) and better follow the flow of money from locals.

bitampcom

member

Activity: 314

Merit: 17

We've been away for a while but just sharing our latest answer on Quora to the question: How would governments go about trading CBDC’s (Central Bank Digital Currencies) across borders?

They would probably just use permissioned (that’s private blockchain as opposed to public) blockchains that give access to each other and then it takes simple programming to create representations of their respective currencies to interact with each other via smart contracts.
Very similar to how Bitcoin interacts with some platforms and then have wrapped Bitcoin tokens to swap directly with native tokens. That’s one way to implement this anyway!

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