Twitter CEO Jack Dorsey yet again shows his support for Bitcoin!

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Today on March 8, 2019, Jack Dorsey, the CEO of Twitter and Square, announced on his Twitter feed that he recently purchased a Trezor wallet with Bitcoin. That way he continues to show his support for Bitcoin and the Bitcoin community in general. Recently he has been stepping up his cryptocurrency game. He purchased it through the Cash App, which is developed by his company Square. 

What is Trezor?

Trezor is a hardware wallet for securing your crypto assets such as Bitcoin and others. Unlike traditional cold storage methods (offline storage or paper wallets), Trezor makes secure payments without exposing your private keys to a potentially compromised computer.

How does Trezor work?

Trezor is a small single-purpose computer. It is designed to protect your private keys from possible online and offline risks. To do this, Trezor keeps the private keys away from the Internet and confirms the transactions in-device. That way, you can always check the screen for the right address, amount and transaction fee before sending your bitcoins. This means that even if you plugged your Trezor in an infected computer, your Trezor still remains in full control over your private keys.

With Trezor you can store up to 500+ coins and ERC20 tokens.

To check out deals on Trezor and to purchase one for your holdings, just like Jack Dorsey, click this banner:

Jack is a strong Bitcoin believer

This is not the first time that Jack Dorsey tweets about Bitcoin-related things. He has supported Bitcoin for quite a while. His company’s developed money application CashApp has full support on Bitcoin transactions since 2018. Cash App allows people to purchase, send and receive Bitcoin.

Later he appeared on the Joe Rogan Experience podcast, where he shared his beliefs about Bitcoin as such. He said:

“I believe the Internet will have a native currency and I don’t know if it’s Bitcoin. I think it will be [Bitcoin] given all the tests it has been through and the principles behind it, how it was created. It was something that was born on the Internet, was developed on the Internet, was tested on the Internet, [and] it is of the Internet.”

Jack only holds Bitcoin

After this, many Bitcoin believers started asking Jack about what other cryptocurrencies does he support and what are his hodlings. To what he replied that he only holds Bitcoin.

This news came out as a storm for Bitcoin supporters. Not just because the CEO of Twitter endorses Bitcoin, but also because he really understands what Bitcoin is and what can such a currency do to the world. Jack can easily justify his opinion on why he only holds Bitcoin and not other crypto-assets.

Tippin on Twitter

Not long after this, Tippin started to offer Bitcoin tips for tweets through Lightning Network. Tippin is a Chrome and Firefox browser extension that enables tipping on Twitter by adding a tip button to every single tweet.

Twitter users immediately started exchanging Bitcoins with one and other. Some say that allowing tipping to other users will increase the content quality. If you want to start tipping Jack and others small Bitcoin donations, all you need is a Lightning Network enabled Bitcoin wallet such as Eclair wallet (for Android) or BlueWallet (for Android and iOS).

Jack Dorsey starts actively using Lightning Network

Since Jack got into tipping with Lightning Network, it looks like he started enjoying this relatively new money transacting system. Not only because he supports Tippin, but also because after joining Tippin he got a Casa HODL Lightning Network node.

Casa HODL offers a product which allows you to access Lightning Network without the command-line hassle. You just plug it in and without coding you can grant access to Lightning payments.

After this many tweeters congratulated him on his decision to join the Bitcoin revolution.

Jack buys $10,000 worth of Bitcoin every week!

Ever since he became such a positive Bitcoin activist, he has appeared on many Crypto and not so crypto-related podcasts. For example, in a recent podcast “Tales From The Crypt” with Marty Bent, he revealed that he is periodically accumulating Bitcoin around $10,000 a week. Also, he shared a sort of a prediction, if you will. He said that in 10 years or less, Bitcoin can become the currency of the internet.

“Imagine being born this year, growing up only knowing that the potential for a global currency exists. That is exciting. What that person does with that realization is amazing. It feels like that just accelerates things even faster. So I think there’s a massive acceleration that’s going to happen within the next 10 years,”

he said in the podcast.

This gives a very strong push towards mass adoption for Bitcoin. Not only because Jack has 4.2 million followers (that helps a lot), but also because he is sort of a thought leader. His opinion matters, just like Elon Musk. People look up to these public figures and take their opinions into deep consideration.

Source:

https://keys.casa/lightning-bitcoin-node/
https://trezor.io/coins/
https://cryptovest.com/news/why-jack-dorsey-is-buying-10k-in-bitcoin-btc-every-week/

Photo by flickr.com

You don’t have to be a coder to safely store your crypto! Guide to Hardware wallets

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Hardware wallets are a must-have item for every crypto owner that wants to keep his coins safe. And you don’t have to be a coder to start using one! Online wallets are often hacked and even some of the biggest exchanges have proven to not be secure. Starting from the Mt. Gox hack ranging to the most recent quadrigaCX CEO “death”. Past events show that the safest way to store your crypto holdings is keeping them in your “sock” also known as offline cold storage or Hardware wallets.

What is a hardware wallet?

By definition, Hardware wallet is a special device that keeps your cryptocurrency private keys in a safe offline device. It is only possible to unlock your wallet with physical access and a 4-8 character alphanumeric phrase. They are immune to computer viruses and private keys cannot be transferred out of them in a plain text format. The most secure and adopted way of storing cryptocurrency is using a hardware wallet.

How do hardware wallets work?

The whole principle of a hardware wallet, as stated before, is to keep your funds safe. Most hardware wallets are USB connectable offline devices that require a password to authorize. You do not have to enter your private key every time to log in but a self-chosen password. Wallet requires physical confirmation for each transaction. This ensures that third-parties can not access your funds remotely. Wallets comes with downloadable user interface software which makes them easy to use. Transactions can be made offline and executed after the host device is connected to the internet ensuring maximum protection. Wallets come with a seed phrase for restoring lost or forgotten password.  

Security risks

Although hardware wallets by themselves are fully tamper proof, hackers often bypass their security using malicious third party devices or uncareful use. Methods for stealing from hardware wallets:

  1. Address swaps – Address swaps do not directly interfere with your hardware wallet. They usually occur when there is a computer virus on your device. Malware functions in a way of swapping transaction address to fake one and sending funds to hackers wallet.
  2. Fake production – Decoy wallets that have different hardware components. Fraudsters use the embedded hardware to remotely access your “hardware wallet”. It is easy to bypass this security issue by buying wallets from their original merchants only.
  3. Third party interference during the delivery process – When a person tampers or interferes with your wallet hardware. Every wallet comes with a tamper-proof sticker. This sticker is a safety measure to see if someone has physically interfered with your wallet.


The most popular hardware wallets


Bestcoininvestments advice on which wallet to choose

Although all wallets are doing their function of securing your funds and are fairly simple to use, you must choose the one which side functions suits you best. I personally am using Ledger Nano S wallet because I never bring it out of my home and the price/performance ratio suited me the best. If you are planning on taking your wallet on the road Trezor would suit you best. If you like to have nice things and you do not care about the price of the wallet then KeepKey is your go to. There is no best wallet and you just have to choose which wallet suits you best!

Ledger Nano S - The secure hardware wallet

Photo by Wikimedia Commons