Question: What stops a wallet from stealing bitcoins?
We thought it was a weird question but we got asked several times, so let's try to answer anyway:
Cryptography and code. Wallets cannot steal Bitcoins. They are simply a way to access the Bitcoin on the blockchain, using private keys. When Bitcoin is stolen, it’s not wallets that are the ones doing anything, rather, private keys (and therefore, access) are stolen and used to access coins, and send them out to another wallet controlled by the thieves.
So the only way to stop theft is to keep your private keys safe. Without them, anyone could view your wallet addresses as much as they want, but not access the coins in them.
Topic: Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly! - page 19. (Read 13678 times)
October 15, 2020, 02:02:26 PM
October 14, 2020, 01:25:05 PM
If you are customers of centralized companies that control your private keys, your bitcoin can be seized. The fault does not belong to bitcoin protocol, it belongs to wallet provider.
Can, and eventually will. Just because there are some good companies who have been around for years, doesn't mean they one day won't be hacked, shut down, or go rogue.
Don't trust people and companies. Trust the tech.
October 13, 2020, 08:47:36 PM
Very good PSA, and for that matter, don't even think to use most altcoins because most of them are also not decentralized enough or indeed, complete centralized. I dread to think of what happens if governments decide to freeze the few known clients and nodes running some coins.
Cryptocurrency that is created by a centralized entity (company, person) and not decentralized in technology will be shut down by governments at anytime. They are not different from traditional companies.Bitcoin is different because the creator is unknow (what we know is Satoshi Nakamoto is the creator but it is the name on Internet space and no one so far is able to know where he lived). Moreover, the protocol of bitcoin makes it is a totally decentralized cryptocurrency.
Government can not shutdown bitcoin but as being said they can seize bitcoin wallets that are own by centralized companies. If you are customers of centralized companies that control your private keys, your bitcoin can be seized. The fault does not belong to bitcoin protocol, it belongs to wallet provider.
October 13, 2020, 01:31:38 PM
Don't think too much about stable coins especially USDT because they are centralized stable coins and they can be frozen under requests from governments.
PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets.
PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets.
Very good PSA, and for that matter, don't even think to use most altcoins because most of them are also not decentralized enough or indeed, complete centralized. I dread to think of what happens if governments decide to freeze the few known clients and nodes running some coins.
October 12, 2020, 06:45:22 AM
Money laundering is an issue faced by any kind of payment service provider or financial institution and most crypto exchanges would fall into either category, hence the need for additional KYC and AML procedures that they must implement if they are licensed entities, as required by most jurisdictions. Check out what’s happening to BitMEX now, which is the largest crypto exchange by volume of Bitcoin futures. Which is a great reminder to all that you should hold your Bitcoin on your own wallet, lest the exchange you use suddenly gets targeted by regulators.
Keep store capital in bitcoin and choose good non-custodial wallet to use.- Bitcoin: governments can not freeze your bitcoin wallet and addresses if you use a non-custodial wallet and keep its private key or mnemonic seed secretly and safely.
- Non-custodial wallets: Bitcoin Core, Electrum, and Bitamp (sure).
Don't think too much about stable coins especially USDT because they are centralized stable coins and they can be frozen under requests from governments.
PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets.
October 12, 2020, 04:40:52 AM
Money laundering is an issue faced by any kind of payment service provider or financial institution and most crypto exchanges would fall into either category, hence the need for additional KYC and AML procedures that they must implement if they are licensed entities, as required by most jurisdictions. Check out what’s happening to BitMEX now, which is the largest crypto exchange by volume of Bitcoin futures. Which is a great reminder to all that you should hold your Bitcoin on your own wallet, lest the exchange you use suddenly gets targeted by regulators.
October 11, 2020, 08:54:28 AM
Favorite topic these days is Defi and someone asked us how banks are going to challenge 16% interest rates offered by Defi.
Well, if you take into account DEXToolsApp on 9 October recorded 15 Defi scams in just 2 hours just on ONE platform, then you know banks have nothing to hear. That’s more than 1 every 10 minutes on 1 platform alone.
Well, if you take into account DEXToolsApp on 9 October recorded 15 Defi scams in just 2 hours just on ONE platform, then you know banks have nothing to hear. That’s more than 1 every 10 minutes on 1 platform alone.
October 10, 2020, 03:36:09 AM
Don't forget guys, if you lose your wallet but still got the seed phrase, you can try any Bitcoin wallet that supports that derivative. One of them is the Bitamp wallet. Just simply create a new wallet and enter the keyphrase (also called seed). You’ll gain access immediately.
October 09, 2020, 08:51:21 AM
Three fee settings with Bitamp wallet. Good. People always want to have as many choices as possible 
Check mempool to pick up a good fee.
Check mempool to pick up a good fee.
A few good implementations already out there but yeah, our focus is on ease of use and simplicity/convenience for newcomers to Bitcoin, hence the easy settings of fire and forget on Bitamp wallet. OF course, an advanced user knows how to pick a good fee!
October 08, 2020, 12:32:53 PM
Fees are one of the biggest concerns with Bitcoin wallet users and we just want to remind everyone that we have three fee settings in Bitamp. The highest setting is set to ensure you have next-block confirmation but even at our lowest setting we determine for reasonable confirmation times. Just always make sure if it's urgent, to use high priority settings:)
Three fee settings with Bitamp wallet. Good. People always want to have as many choices as possible Check mempool to pick up a good fee.
October 08, 2020, 04:50:08 AM
Fees are one of the biggest concerns with Bitcoin wallet users and we just want to remind everyone that we have three fee settings in Bitamp. The highest setting is set to ensure you have next-block confirmation but even at our lowest setting we determine for reasonable confirmation times. Just always make sure if it's urgent, to use high priority settings:)
October 07, 2020, 11:23:25 AM
We got asked: why would people still buy Bitcoin in a pandemic?
Economic concerns. The pandemic actually arrived a time when many major economies were already stressed, the cyclical slowdown coinciding with lockdown that basically forced businesses to cease operations means productivity has gone down globally and jobs have been cut down.
So we’re facing with already-contracting economies, further joblessness, putting a squeeze on incomes. So, governments everywhere are printing more money as stimulus, putting cash in people’s hands so they can continue spending and keeping businesses and economies afloat.
Next step is inflation. Money supply increases, so value drops. We’re already seeing dollar crises in Lebanon, Venezuela, Argentina.
How do people store value and prevent what they’re earning today from being worth nothing in a day or weeks? Well, they used to buy gold. But how easy is it to buy gold, protect it, and then liquidate it when you need to spend?
Bitcoin’s the new answer to that these days. Easily bought and sold online in every country (even where it’s legally banned!).
Economic concerns. The pandemic actually arrived a time when many major economies were already stressed, the cyclical slowdown coinciding with lockdown that basically forced businesses to cease operations means productivity has gone down globally and jobs have been cut down.
So we’re facing with already-contracting economies, further joblessness, putting a squeeze on incomes. So, governments everywhere are printing more money as stimulus, putting cash in people’s hands so they can continue spending and keeping businesses and economies afloat.
Next step is inflation. Money supply increases, so value drops. We’re already seeing dollar crises in Lebanon, Venezuela, Argentina.
How do people store value and prevent what they’re earning today from being worth nothing in a day or weeks? Well, they used to buy gold. But how easy is it to buy gold, protect it, and then liquidate it when you need to spend?
Bitcoin’s the new answer to that these days. Easily bought and sold online in every country (even where it’s legally banned!).
October 06, 2020, 02:06:41 AM
Should banks be interested in cryptocurrency?
Absolutely. The past few decades have shown that banks are crashing and some literally shut down because of the mountain of debt accumulated that it just cannot sustain. Using blockchain-based crypto means a transparent ledger of accounting that you can’t hide or manipulate. The banking sector needs a revival and it knows this. Don’t be afraid of the future and embrace it. It can only be good for banking.
Absolutely. The past few decades have shown that banks are crashing and some literally shut down because of the mountain of debt accumulated that it just cannot sustain. Using blockchain-based crypto means a transparent ledger of accounting that you can’t hide or manipulate. The banking sector needs a revival and it knows this. Don’t be afraid of the future and embrace it. It can only be good for banking.
October 06, 2020, 02:00:28 AM
Like you said, most CEXs give you the whole sky after you verify.
There are good DEX, OTC, P2P to choose. without mandatory KYC verifications like https://hodlhodl.com/ or https://bisq.network/[BIG LIST] Buy/Sell Crypto (OTC, P2P, DEXs, CEXs, NO-KYC, ATMs, etc.)
Great list to start of with and just make sure you practice a lot with wallets like Bitamp before you go into any of these sites. What's your personal favorite one to buy Bitcoin with? We like checking on bisq there are good deals from time to time:)
October 05, 2020, 11:32:14 PM
Like you said, most CEXs give you the whole sky after you verify.
There are good DEX, OTC, P2P to choose. without mandatory KYC verifications like https://hodlhodl.com/ or https://bisq.network/[BIG LIST] Buy/Sell Crypto (OTC, P2P, DEXs, CEXs, NO-KYC, ATMs, etc.)
October 04, 2020, 04:43:55 AM
You have a point. The downside of using non-custodial platform for a newbie was it has a lot of limitation such as limited amount of fiat you can exchange, limited to ETH token and some exhibit a more complicated user experience unlike custodial wallet that was easy to use, Just sign up and verify then ready to go with a high deposit limit plus you are free to trade on any pair that you like.
Yeah, it's really very difficult for most users, confusing and in fact, has very little in the way of giving a newbie reassurance (which is what centralized exchanges are really good at doing haha).
Like you said, most CEXs give you the whole sky after you verify.
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October 03, 2020, 07:36:11 AM
Someone was asking us if we would recommend beginners to start buying Bitcoin from non-custodial platforms like Localcryptos hodlhodl etc.
We think... probably not. People make enough mistakes as it is with regular exchanges and marketplaces, I think it's bad mistakes waiting to happen.
What I'd suggest is always get people to get as comfortable as possible first with self-custodial services. Start with a simple web wallet like Bitamp, move to Electrum, then try multi-sig, before going to Bisq and the like.
We think... probably not. People make enough mistakes as it is with regular exchanges and marketplaces, I think it's bad mistakes waiting to happen.
What I'd suggest is always get people to get as comfortable as possible first with self-custodial services. Start with a simple web wallet like Bitamp, move to Electrum, then try multi-sig, before going to Bisq and the like.
You have a point. The downside of using non-custodial platform for a newbie was it has a lot of limitation such as limited amount of fiat you can exchange, limited to ETH token and some exhibit a more complicated user experience unlike custodial wallet that was easy to use, Just sign up and verify then ready to go with a high deposit limit plus you are free to trade on any pair that you like.
October 03, 2020, 07:18:40 AM
Someone was asking us if we would recommend beginners to start buying Bitcoin from non-custodial platforms like Localcryptos hodlhodl etc.
We think... probably not. People make enough mistakes as it is with regular exchanges and marketplaces, I think it's bad mistakes waiting to happen.
What I'd suggest is always get people to get as comfortable as possible first with self-custodial services. Start with a simple web wallet like Bitamp, move to Electrum, then try multi-sig, before going to Bisq and the like.
We think... probably not. People make enough mistakes as it is with regular exchanges and marketplaces, I think it's bad mistakes waiting to happen.
What I'd suggest is always get people to get as comfortable as possible first with self-custodial services. Start with a simple web wallet like Bitamp, move to Electrum, then try multi-sig, before going to Bisq and the like.
October 03, 2020, 03:49:34 AM
Expensive to mine Bitcoin. Bug or feature, someone asks well for us it's clear it’s a feature. If it’s expensive and consumes a lot of energy to secure, this means it’s really costly to attack — so much so in fact that it is economically unviable for any entity right now to successfull crack Bitcoin, even if it had the resources, it would never recover from the attack.
It is expensive cost: $493083 for 1-hour attack. Crypto51.app provides that attack cost on Bitcoin network. They use network hashrate, Nicehash cost (1 hour) as inputs to estimate that cost and their estimate can be not totally correct.https://www.crypto51.app/coins/BTC.html
October 02, 2020, 06:13:25 AM
Expensive to mine Bitcoin. Bug or feature, someone asks well for us it's clear it’s a feature. If it’s expensive and consumes a lot of energy to secure, this means it’s really costly to attack — so much so in fact that it is economically unviable for any entity right now to successfull crack Bitcoin, even if it had the resources, it would never recover from the attack.
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