Bitcoin Investors Using Trezor Will be Credited With Bitcoin Gold, Once Code is Ready

Bitcoin investors and holders using the Trezor bitcoin hardware wallet prior to the Bitcoin Gold (BCG) hard fork that is expected to be executed on November 26, will be credited with BCG.

Earlier today, on October 23, Trezor stated:

“Yes, TREZOR (the device) supports Bitcoin Gold. As previously mentioned, at the moment of the fork, if you have bitcoins on your TREZOR, you will also receive bitcoin gold on your TREZOR (both new and legacy accounts are supported in bitcoin gold). If you simply wish to hold BTC and BTG, there is no further action required from you.”

Bitcoin Gold Codebase is Not Ready and Replay Protection Not Completed

Many major cryptocurrency exchanges and bitcoin wallet platforms including Bittrex have previously explained that the codebase of Bitcoin Gold is not ready, untested, and remains unaudited. More importantly, Bitcoin Gold currently lacks strong replay protection, which is necessary for bitcoin holders to withdraw BCG upon its hard fork in a secure manner.

In its announcement, Trezor emphasized that all holders of bitcoin using the Trezor hardware wallet will be credit with BCG, since Trezor is a non-custodial bitcoin wallet platform and users have full control over their private keys. But, Trezor stated that it will not be able to add support for Bitcoin Gold at this stage of development, given that it may risk bitcoins of its users, investors, and clients.

The Trezor development team explained that the lack of strong replay protection could result in the loss of existing bitcoins on wallet platforms and exchanges, which is especially unsecure for bitcoin investors.

“Replay protection prevents a transaction on the Bitcoin Gold chain from being re-transmitted on the Bitcoin chain and vice versa. As Bitcoin Gold is a fork of Bitcoin, the transaction format, the signatures, etc. are the same. A transaction on one chain could be copied to the other chain and will be valid, possibly leading to unintended loss of coins. In other words, if BTG does not have replay protection, spending on one chain will cause you to send the same amount of coins on the other chain,” said Trezor.

When Will Users be Credit With Bitcoin Gold? and Likely Price of BCG 

As many bitcoin wallets such as Blockchain did with Bitcoin Cash, Trezor will add support for Bitcoin Gold once the Bitcoin Gold development team implements strong replay protection to prevent bitcoins from being mismanaged and lost. Earlier this week, the Bitcoin Gold team announced that replay protection will be added by mid-November, which could allow the Trezor development team to integrate BItcoin Gold support prior to its hard fork.

At the time of reporting, as Bitcoin developer Jimmy Song revealed, Bitcoin Gold is likely to debut at a price range of $400.

Considering Bitcoin Cash’s current price of $314, and the lack of support for Bitcoin Gold from the cryptocurrency community, industry, and developers, it is a relatively high price point.


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There can never be enough proper cryptocurrency wallet solutions. This is especially true when it comes to some of the more popular altcoins. Keeping funds in an exchange is no option if you want full control over the money. Copay, an open-source wallet solution, will soon get a Dash version. This new project is currently in the closed alpha testing stage. This new wallet will pave the way for the Evolution payment system.

Most Bitcoin users will have heard of Copay before. This particular wallet was first introduced by BitPay. Creating an open-source client which can be ported to any cryptocurrency has been a great idea so far. In the case of Dash, this wallet is known as Dashpay. It paves the way for the upcoming Evolution ecosystem. Offering more user-friendliness and introducing advanced feature are two things to look forward to. Joint accounts, for example, have been off-limits to nearly all altcoin enthusiasts so far.

Copay for Dash is a big Step Forward

It is quite interesting to see a Copay version for Dash. This goes to show the community is looking for more secure and advanced solutions. Dashpay will also introduce recurring payment options in the future. Cryptocurrency and recurring payments have always been a difficult mix. By default, no cryptocurrency protocol supports recurring transactions automatically. With this Dashpay wallet, that feature will soon come to Dash users all over the world.

Although this is still the closed alpha testing stage, a lot of progress can be made. More specifically, we may see a fully functioning Copay wallet for Dash before the year is over. This also marks the first step toward creating a more versatile Dash ecosystem as a whole. Evolution is an integral part of the roadmap for this particular cryptocurrency. Big things are scheduled to happen in the first half of 2018. Dashpay will help facilitate this transition by providing convenient access to new solutions.

It will be interesting to see if other cryptocurrencies explore the Copay option in the future. After all, the concept has a lot of merit in its current stage. Joint accounts for all major currencies would be a good place to start. The Dash team has some other exciting features to launch in the next few months. DashPay is a big part, as this new concept will receive its own decentralized wallets as well. The future looks very bright for this popular altcoin, assuming the developers can deliver.

Bitcoin, the popular cryptocurrency has been lately staying true its moniker — “Digital Gold” by exhibiting a huge surge in price. The cryptocurrency’s performance has kindled interest among many seasoned mainstream investors as well as newbies.

Many people have started to buy Bitcoin as experts predict the price to reach new heights in the coming days. So far, most of the predictions made by some of the experts have come true by briefly crossing the $4500, before subsiding to stabilize at around $4100. With new predictions from Wall Street investment gurus, stating the value of Bitcoin to hit $6000 or more in the coming months, the demand for cryptocurrency among new community members is bound to rise.

The first thing anyone interested in investing in cryptocurrency will explore is the wallet, as they will have to store the digital currency somewhere. Searching for the right Bitcoin wallet has been a hassle as people are torn between convenience, security, and usability across platforms. And then there are hardware Bitcoin wallets which offer unprecedented levels of control and safety over the cryptocurrency holdings without the risk of getting hacked or lost.

Also, the increasing value of Bitcoin serves as an attractive incentive for hackers and cybercriminals to attempt stealing the cryptocurrencies. All these factors have made it more important for both individuals and businesses dealing with cryptocurrencies to find and implement secure storage solutions for Bitcoin and Altcoins.

Exchange platforms in the past have found out the importance of security the hard way, losing millions of dollars’ worth of Bitcoin and altcoins belonging to their customers. Realizing the importance, many have already implemented some of the best cybersecurity measures to their platform. Similarly, individuals have to focus on the security of their wallets and make the best use of features like two-factor authentication and fingerprint recognition or even invest in a good hardware wallet to prevent themselves from falling prey to criminals.

There are many resources out there that help people identify the best Bitcoin wallets based on their requirements. Individuals who are undecided about the application they want to opt for can make use of them to zero-in on a particular app easily.

Bitcoin blockchain, which was originally meant to keep a record of all the transactions happening over the Bitcoin network has found a lot of new applications in the recent years. Secure data storage, management, and transfer lie at the core of most of these applications. A new Switzerland based startup has decided to create a universal application that can be used to manage most of the personal data.

The product, Pillar is a universal open source cryptowallet created by Twenty Thirty AG, based out of Zug, Switzerland. The company calls Pillar the “dashboard for digital life” and the project goals involve the creation of a personal data locker augmented by other features including browsers, exchanges, devices, services, calendars and more. The blockchain platform will be powered by Pillar tokens.

In order to fund the platform development, Twenty Thirty AG recently announced a crowdsale that went live on July 15, 2017, attracting over $15 million in under 12 hours. The crowdsale followed an earlier pre-ICO campaign during which the company is said to have raised $4.3 million in Ethereum tokens within 20 minutes.

According to the company’s latest press release, the concept of Pillar project is based on a book “Pull”, authored by one of the co-founders David Siegel. In the book, Seigel describes the future of digital platforms without apps. Instead, the lives of people revolve around personal data lockers. The release quotes another co-founder Yogesh Gaikwad saying,

“There are a lot of platforms now, and those platforms mostly belong to companies. But what if you had your own secure personal platform? What if you had a digital assistant that did everything for you without having to go to each app, log in, and work within that silo? And what if no company owned that platform?”

The initial version of the cryptowallet is expected to support digital assets like health records, financial records, money, ownership of things, resume, etc., all stored on multiple blockchains. It will also include a virtual assistant, enabling user interaction with the platform.

The company plans to raise around $50 million during the crowdsale, set to end on July 17, 2017, following which it will be establishing a blockchain-only innovation center in London.

Ref: Media Release | Wired | Image: NewsBTC

CoinPayments, the multi-cryptocurrency merchant payment, and online wallet service have updated its users about the steps taken to recover stolen Ripple tokens and compensate the affected parties. The update email was sent out to its customers earlier today, about a week after the loss of XRP tokens from its hot wallet was reported.

The latest email offers more details about the June 5, 2017, incident, with exact figures of the losses incurred by the company and the steps it has taken since then. The loss of XRP tokens was caused by a bug in the platform, which apparently allowed few people to withdraw more XRP than they actually held on the application. The flaw is said to have gone undetected for a while, allowing the users who discovered the loophole to take full advantage of it.

Soon after discovering the bug, CoinPayments refreshed the customer account balances to reflect the actual holding status of XRP on the platform, which in most cases turned out to be zero. According to the latest update, the company has lost over 21 million XRP to unauthorized withdrawals and attempts so far to get them back has received mixed results.

The developers at CoinPayments have since then worked on tracking the flow of funds, zeroing in on a handful of people who are suspected of siphoning off a majority of funds. The company, refusing to divulge the identities of the people suspected of stealing the funds has stated that it is working along with law enforcement agencies to resolve the issue. Meanwhile, the company is in the process of acquiring XRP from Ripple Inc’s OTC purchase desk.

The company has diverted most of the funds from its corporate liquidity along with contributions from the promoters to procure the required amount of XRP at a fixed price from Ripple Inc. However, until the transaction from CoinPayments is executed, the company won’t be able to reimburse the tokens to those who lost them.

CoinPayments has insisted that it wants to ensure transparency in the complete process of procuring and reimbursing the lost XRPs. If everything goes well, the XRP holders who lost the tokens on the wallet platform can start breathing easy from next week.

Ref: CoinPayments | Image: NewsBTC

Disclosure: The author is one of the CoinPayments user who was affected by the XRP token incident.

Silicon Valley, California, 13 June. Cryptocurrency wallet provider Bitquence announced today that it will open its token crowd sale on June 28. The Silicon Valley startup is launching the first digital mobile wallet with portfolio management features backed by its own liquidity network, in a bid to increase the utility and usability of cryptocurrency. The crowd sale has a target of 5000 ETH to cover the costs of developing and launching the platform. The platform will run on BQX tokens which cover management and storage fees, and also create liquidity through the network. Contributors in ETH will be eligible for early beta access to the Bitquence platform.

PLATFORM FOR TOKEN MANAGEMENT

Bitquence works by offering pre-curated ‘baskets’ of cryptocurrencies to users to help manage their altfolio. Baskets can be selected from ‘big cap’ tokens, privacy tokens and even crowd sale tokens, and all token allocations will be backed 1:1 to safeguard platform users. Users can choose what tokens to acquire according to a consensus mechanism within Bitquence that allows participants to vote on the potential of a token. This enables you to measure risk and allows Bitquence to synthesize the needs of experienced cryptocurrency users with those new to the field, all from within an accessible and hyper-safe, mobile digital wallet.

“We can see the rising popularity of cryptocurrencies through a market cap that now surpasses $100 billion, but the tools to help the community are way behind the curve. Our aim at Bitquence is to accelerate the digital economy by providing much needed guidance on asset allocation within the cryptocurrency market. Our platform users can simultaneously purchase many tokens instead of having to own and manage multiple wallets and thereby restore the original democratic intent of the new digital economy.” Shingo Lavine, CEO, Bitquence

 

THE BITQUENCE TEAM

Bitquence is comprised of a team of mobile technology and cryptocurrency experts with a track record of delivering mobile and technology solutions for multiple high profile clients. The team are very pleased to have the support of Godel Prize winner Maurice Herliphy, an expert on Ethereum Smart Contract and Distributed Autonomous Organisations, and Adam Lavine whose mobile technology has reached over 60 million consumers spanning 15 billion unique consumer interactions. Adam has built dozens of mobile products for Fortune 100 U.S. companies and carriers, and served as Chair for the MMA’s Mobile Standards Committee, defining industry standards for the multi billion dollar mobile compliance segment. With such a unique and strong team Bitquence is well positioned to redefine participation in cryptocurrency markets.

The BQX token sale will open on 28 June at 2:00pm UTC. Funds raised will be used to develop and launch the platform, as well as ensure compliance with local laws and regulations. Participants will be able to acquire BQX tokens at a rate of 3175 per ETH up to a soft cap of 40,000 ETH.  The first contributors will have access to BQX tokens at a rate of 5000 ETH, which will move at a sliding scale to 3175 during the course of the token sale. The BQX token will power usage of the Bitquence platform, as well as contribute to the Bitquence Digital Liquidity Network and development of the Bitquence platform.

Bitquence’s vision is to create a people-powered new economy services company that makes the cryptocurrency market accessible and trustworthy to the average user. It aims to accelerate adoption of blockchain technology and democratize ownership of cryptocurrencies bringing the future of money to today.

Join the Bitquence movement!

To find out more visit: http://www.bitquence.com/

Find us on Facebook: www.facebook And Twitter: www.twitter.com/bitquence

 

Cryptocurrency wallets need to protect user funds at any given time. In most cases, this is not much of a problem. A lot of mobile and desktop wallets are coded in such a way they keep all information safe from harm. The Jaxx wallet, however, may be one major exception to this rule. It turns out one can extract the wallet’s backup phrase with relative ease. This is a big problem which will need to be fixed sooner rather than later.

According to a recent post, it is evident the Jaxx wallet has a big of a problem. To be more specific, anyone with access to your computer can extract the mnemonic phrase which serves as a wallet backup. This can be obtained through both direct and remote access alike. It is a very disturbing development, especially when considering the Jaxx wallet doesn’t even need to be running. Knowing someone can steal your 12-word recovery phrase at any time is a very unpleasant experience.

The Jaxx Wallet Has a Security Flaw

The reason this is made possible is due to the way the Jaxx wallet encrypted the mnemonic phrase. It uses a hardcoded encryption key, which is not the best option. Even if users enable an additional PIN code or strong password, that is not taken into consideration in the encryption process. This allows anyone to read and decrypt the recovery phrase from local storage using a simple tool and code. It appears this issue affects both desktop clients and browser plugins alike.

Most people are wondering if and how this problem can be fixed. Jaxx is a very popular cross-platform cryptocurrency wallet solution. It has one of the best user interfaces, and offers support for different currencies and tokens. The only way to keep the mnemonic safe is by having the desktop app’s local storage directory on an encrypted filesystem. The browser plugins are very difficult to fix right now unless Jaxx does so themselves. At this point, it is highly unlikely they will do so, though.

To put this into perspective, it appears the Jaxx team is aware of this problem. However, the team has no intention of fixing this flaw by any means. They feel the wallet should be used as a hot wallet, rather than a permanent storage solution. Anyone not feeling comfortable with this degree of security is advised to switch to a different wallet. Hardware wallet protection support is coming to Jaxx in the future, though. For now, it is best NOT to use this wallet whatsoever.

Header image courtesy of Shutterstock

Quite a few early Bitcoin adopters have lost their funds over the past few years. In most cases, this is due to losing access to the wallet or replacing their computer’s hard drive. One person in Australia got rid of a hard drive containing 1,400 Bitcoin. At current prices, that is worth around AU$4. 8m. It is a tough reality check when something like this happens. Unfortunately, these stories are all a bit too common.

One of the downsides of a desktop bitcoin wallet is how data is stored on the hard drive. After a few years, these hard drives tend to become slower and make strange noises. The lifespan of such a device is between five to ten years with average use. However, people often tend to not make backups of their sensitive data before replacing it. As a result, people often lose their bitcoins in the process.

Never Get Rid of a Hard Drive Without Inspecting It

One user in Australia found this out the hard way. After getting rid of the portable hard drive, he realized there were still 1,400 Bitcoin stored on it. More specifically, it had the private key associated with the wallet containing said balance. These coins were purchased several years ago. At the time, Bitcoin had nearly no value. Moreover, there were no consumer-friendly hardware wallets either.

Storing the information on a hard drive is a good idea. However, this only works if people make backups of the wallet as well. This needs to be done through USB devices or even keeping files on a different drive. Without a copy, your riches can be gone in the blink of an eye. In this case, that mistake cost AU$4.8m.

While it is theoretically possible to recover the drive, it is a painstaking process. Moreover, it is difficult to do so on your own. Landfill locations organize and document all of the additions to their piles. It is, on paper, possible to locate the drive and get it back. That is, assuming it still exists in its original format. While a lot of money has been lost, it is doubtful the user will go through the hassle to get everything back. It is a very expensive life lesson, to say the least. Unfortunately, it will not be the last of these stories we will hear.

There are many Bitcoin wallet solutions available to users. One of those projects goes by the name of Armory. In the latest update, this wallet now supports Segregated Witness and replace-by-fee. The developers also introduced a lot of other features and optimizations. For now, there is no OSX build of the new Armory wallet, although that will be resolved soon.

Big Armory Updates Are Here

It is always good to see major Bitcoin wallets receive a big update. For the Armory wallet, that update was somewhat overdue. The new version introduces a lot of new features and now supports SegWit. To be more precise, SegWit support is disabled on the main net for now. It is expected that situation will change once SegWit reaches its activation threshold. That is, assuming that will ever happen in the first place.

Additionally, Armory now supports replace-by-fee. This is of great value to users who have to deal with stuck Bitcoin transactions. Being able to resend the transfer with a higher fee can be a lifesaver at times. The best solution would be to make sure there is no network congestion in the first place. Until that happens, RBF is a more than a viable solution. Having to pay higher fees is not fun by any means, but an unfortunate necessity sometimes.

Speaking of transaction fees, Armory now supports dynamic transaction fees as well. Users can now set their own confirmation targets and pay the associated fee. It is also possible to create a fix transaction fee for all future Bitcoin transfers. Having more customization options is never a bad thing. By default, the wallet uses an automatic fee per byte option, though.

The Wallet Project Is Not Dead Yet

Mac OS users will have to wait until they can enjoy these new features. There is no build available for OS X right now. This is due to build system issues, although the team hopes to have a version ready soon. Additionally, builds for the Raspberry Pi will be released over the next week or so. It is good to see Bitcoin wallets showing support for the RPi. These tiny, powerful devices have become quite popular among Bitcoin enthusiasts.

This is an important milestone for the Armory wallet project as well. There was a time during which it seemed the wallet would no longer be supported. The original company bailed on development, yet the source code remained available to the public. Some of the company’s former employees took it upon themselves to keep working on the wallet. As a result, we now have a new client, which introduces a lot of exciting features. It is good to see Armory is back with a vengeance, that much is certain.

Japan continues to make significant strides in the Bitcoin department. With the trading volume on the rise recently, it becomes more important for users to have access to a proper Bitcoin wallet. GMO, one of Japan’s largest internet companies, is launching their own cryptocurrency wallet service. This is a major validation of Bitcoin as a currency, and heralds bigger and better things to come for cryptocurrency in Japan..

Up until this point, Japan has been somewhat quiet on the Bitcoin front. Various exchanges exist in the country, and trading volumes have been picking up last week. Inf act one of the country’s internet giants is looking to venture into the world of Bitcoin wallet services. Quite an exciting development, as it goes to show Bitcoin has a bright future in Japan moving forward.

GMO Has Big Plans For Bitcoin

GMO is a Japanese company that has been around for quite some time. They focus on domain registration, cloud hosting, and they run the Z.com forex platform. Moreover, the company plans to launch an internet bank in the coming years. What is of particular interest is their Bitwallet service, which will bring Bitcoin wallet services to the entire country.

GMO has also been busy on the startup scene by supporting various companies over the past few years. Although this does not include Bitcoin or fintech companies just yet, that situation may come to change over the next few years. New changes in Japanese regulation of innovation and startups will bring more international investment to these sectors in the coming years.

These new regulations also affected the status of Bitcoin in the country. As of 2016, Bitcoin is considered as having property value. Ever since that decision was made public, Bitcoin trading volume has been picking up across the exchanges.  Additionally, Bitwala has expanded their Bitcoin services to Japan, which brings more positive attention to cryptocurrency.

GMO has a very wide reach in Japan, as they are the largest credit card payment processor to date. Moreover, they added support for Bitcoin to their online Payment Gateway service back in 2014. It is evident this company has been keeping a close eye on Bitcoin as of late. GMO feels the time is now to bring Bitcoin to the Japanese masses. It will be interesting to see how this development will affect the Bitcoin price over the coming months.

Header image courtesy of Shutterstock