Bisq Decentralized Exchange Drops Bitcoin Cash, Denounces Hash War

Bisq Decentralized Exchange Drops Bitcoin Cash, Denounces Hash War

Bisq, a major decentralized exchange, has announced that it is dropping support for Bitcoin Cash (BCH) as part of its latest update. Unlike some decentralized exchanges, which often trade minor tokens, Bisq has always focused on supporting leading coins. Now, one major cryptocurrency will no longer be available to users.

The removal is a direct result of the recent Bitcoin Cash hard fork, which left the coin’s mining community divided. Many leading exchanges temporarily delisted Bitcoin Cash during the fork, but quickly restored the coin once a dominant faction (Bitcoin ABC) emerged. The fork has concluded, and Bitcoin Cash is now offered on most exchanges once again — although it is trading at a much lower price than it once was.

Bisq, however, does not see eye-to-eye with those major exchanges, and it relies on community opinion to decide which coins are included on the exchange. Last week, Bisq Founder Manfred Karrer began a thread in which he expressed contempt for Bitcoin SV, a Bitcoin Cash faction that has filed lawsuits against the dominant faction, Bitcoin ABC. Karrer wrote:

“Those lunatics from the BCH [SV] camp are starting to [sue] exchanges who listed BCH (Kraken). I think now the time has come to cut any connection with those scammers. If you support that proposal please add a thumbs up.”

Karrer also criticized the hash war, in which each faction is attempting to mine more blocks than the other in order to gain control of the Bitcoin Cash blockchain:

“BCH has created so much damage and their hash-war is probably the main reason for the current price crash in BTC. So that all sums up more then enough reason to not support anything related to BCH in any way.”

Within a day, the removal had received overwhelming support, with 44 upvotes and zero downvotes. Many users stated concern about the possibility of a 51% attack on Bitcoin Cash and the coin’s declining value. Others expressed distrust in market cap rankings, which allegedly make Bitcoin Cash appear to be more significant than it actually is.

Nevertheless, there was tempered support for Bitcoin Cash. One Bisq user argued that it is “bold to remove a top 5 cap currency” from the exchange. Another claimed that it is “not a good idea to take sides” in general. However, these responses did not persuade the community to continue its support for the coin.

Suggested Reading Learn about our picks for the best Bitcoin Cash wallets.

It should be noted that Bisq has doubled back on related decisions in the past. When Bitcoin Cash was first released in August 2017, Karrer and the Bisq community stated that they would not include the coin in the exchange. Bisq nevertheless added support for the coin a few months later.

Whether Bisq’s decision to remove Bitcoin Cash will last permanently remains to be seen. Although the discussion was heated, the decision was made quite hastily. It is possible that an effort to reintroduce Bitcoin Cash to Bisq will take place, or that a forked version of Bisq that supports the coin will be created.

In any case, the Bisq proceedings are certainly part of a larger division that has formed in the crypto community. The conflict shows no signs of dying down any time soon, and whether Bitcoin Cash will be able to maintain its high-ranking position in the aftermath of the fork is still uncertain.

The post Bisq Decentralized Exchange Drops Bitcoin Cash, Denounces Hash War appeared first on BitcoinLinux.

Binance Crypto Incubator Program Expanding to Five More Cities

Binance Crypto Incubator Program Expanding to Five More Cities

Binance Labs, the venture capital branch of the Binance exchange, is expanding into more cities in search of promising new blockchain startups via their incubator programs. Having launched in San Francisco earlier this year, March 2019 will see expansions into Buenos Aires, Lagos, Singapore, Hong Kong, and Berlin, reports CoinDesk.

Funding The Future

Each session consists of a 10-week program for fresh blockchain startups. San Francisco’s ends this Friday, but the next batch will see leaders heading to Singapore for a three-week showcase of their accomplishments. This first incubator session chose eight teams from 500 applicants, each of which received $500,000 to work on their ideas.

Ella Zhang, the head of Binance Labs, commented on the inclusion of Africa and Latin America in upcoming sessions, stating that “those two emerging markets have native blockchain and crypto use cases. So we hope to find teams solving local problems like payments, the instability of local currencies, or remittance problems.”

The goal with these Labs is to create “high-token projects” that would get listed on an exchange. To help with this, teams can promote their successes via Binance’s platforms after graduation. One example from the previous incubator is SafePal — a hardware wallet that only costs $10.

Zhang commented on the promotion techniques:

“Some of our enterprise solutions will have Binance adopt them as clients, adding projects that boost mainstream adoption could attract new users to Binance. Also, we’ll push the hardware [SafePal] product to our community and users.”

Suggested Reading : Learn how to transfer Bitcoin from Coinbase to Binance.

Helping Each Other Out

While it may seem only to benefit the startups, Binance actually gains a lot from the incubator program. Essentially, the company is guaranteeing itself early access to potentially game-changing blockchain projects. Commenting on SafePal, Zheng reveals, “We’ll help them build up the sales and distribution channel. We have the user base. Binance itself has over 10 million users.”

Binance Labs mentors include the co-founder of Earn.com — a project acquired by Coinbase — Eric Meltzer from Primitive Ventures, and Viktor Radchenko from Trust Wallet. These mentors can invest in startups via the program.

The founder of Path, a successful project coming out of the Labs program, Robert Yau, disclosed to CoinDesk just how helpful these mentors can be:

When I went in we had a tax software [provider] that used the platform. The big feedback was, there are only so many people doing crypto taxes. Chatting with different mentors and folks is how we came from where we originally were to where we are heading towards.”

Because of Binance’s program, Yau claims that there are 1,000 people on Path’s waitlist. Zhang adds onto this, asserting that “the ability to prove demand like this is crucial.” Binance looks at applicants based both on experience and their proven demand. “You should have customers, clients, if you’re doing enterprise solutions,” she concludes. “Only if the users are willing to pay for or are dying to use this feature, that’s product-market fit.”

The post Binance Crypto Incubator Program Expanding to Five More Cities appeared first on BitcoinLinux.

Top-Funded Stablecoin Basis Shuts Down Due to SEC “Regulatory Constraints”

Top-Funded Stablecoin Basis Shuts Down Due to SEC “Regulatory Constraints”

In a shocking move, Basis, the well-funded stablecoin formerly known as Basecoin, is closing its doors while returning raised capital to any investors.

As revealed via a blog post from CEO Nader Al-Naji, the team claims that “having to apply US securities regulation to the system” had a severely detrimental effect on their chances of launching the project.

Stable No More

The stablecoin set out to be “resistant to hyperinflation, free from centralized control, and more stable and robust than the monetary systems that came before it.” Basis was a good step towards doing so. Essentially, the project ensured stability by incentivizing investors to buy and sell the asset based on demand via bonds and shares. When demand is high, more coins will be created to match it. As demand lowers, assets would be repurchased.

Basis raised $133 million in one round of investing after publishing its white paper. However, when looking at regulatory policies, the team realized they would not be able to launch their project in its current state. The capital was raised from spaces such as Google Ventures, Bain Capital, and Andreessen Horowitz.

First off, Basis lawyers realized that while their main token would be free from securities status, the bond and share assets would not. Because of this, bond and share tokens would be up against transfer restrictions set by the Securities and Exchange Commission (SEC). Because of this, Intangible Labs, the team behind Basis, would have to limit tokens only to accredited investors for the first year. That limiting would lead to reduced liquidity alongside the project losing its censorship resistance. Also, each token’s year starts upon launch. This means the team could never entirely move from a whitelisted system.

Fewer investors participating on the Basis blockchain means it will be less stable and that others may not want to jump on. These restrictions would hurt the Basis ecosystem and prevent it from growing.

“We met with the SEC to clarify a lot of our thinking,” said Al Naji in an interview with Forbes. “The SEC generally avoids saying that something will definitely be one way or the other. But from that meeting we got the impression that we would not be able to avoid securities classification.”

Suggested Reading Learn about the best ICON wallets here.

A Long Time Coming

This isn’t the first forced change either. Basis launched in New York but had to move to New Jersey to avoid the state’s complicated BitLicense criteria.

Essentially, Basis is in trouble because it features a lack of intrinsic utility. Instead, it’s meant purely as a replacement for fiat currency. “Fundamentally, that lack of utility puts us on a different ground than ethereum or filecoin,” says Al Naji. “That puts us at a disadvantage in the existing regulatory framework.”

Al Naji ends the Forbes interview with some advice for fellow crypto startups. He says those looking to build stablecoins should found companies outside the United States. They shouldn’t take money from U.S. investors, and teams should be sure their company has some sort of “consumable utility.” Finally, he says that while current stablecoins are still tied to fiat currencies, they do provide features such as “speed and borderlessness,” and because of this, they “will actually do very well. But it’s a disappointment that we can’t offer an alternative that doesn’t rely on trusting a centralized authority,” Al Naji concludes.

The post Top-Funded Stablecoin Basis Shuts Down Due to SEC “Regulatory Constraints” appeared first on BitcoinLinux.

Number of On-Chain Transactions for Fiat-Backed Stablecoins Increased by 1000 Percent in Three Months

Number of On-Chain Transactions for Fiat-Backed Stablecoins Increased by 1000 Percent in Three Months

Since September, on-chain stable coin transaction activity has increased by over 1000%, according to a report from Diar. This statistic does not include the billions of trades per day on exchanges.

This boost is helped in part by the number of different stablecoins that have come online over the past few months. In that same time frame, we’ve seen TrueUSD (TUSD), Paxos Standard (PAX), USD Coin (USDC), and Gemini Dollar (GUSD) raise $5 billion in value.

Improving Numbers

Interestingly, these transaction stats are much better than when Tether (USDT) was the majority stablecoin. Back then, the asset would stick within Bitfinex or similar exchanges and wasn’t traded much on-chain. This was mostly due to Bitfinex having the largest amount of Tether liquidity, which made it the ideal place to trade.

The increase in on-chain usage begs the question: why are all these stablecoins moving around?

In terms of actual numbers, TrueUSD saw the most transactions at 24,372, with USDC in second at 16,620, and PAX in third with 12,154. Interestingly, the total value of PAX transactions was higher than that of USDC, despite having around 25% fewer transactions.

A Holding Majority

In related news, a CCN reporter found that of the top five holders of GUSD, three of them seem to be Huobi-owned wallet addresses. The first- and third-ranked wallets are named Huobi_3 and Huobi_7, and together hold 51% of Gemini’s total assets, worth $44.4 million. The second highest holder is Maltese exchange OKEx, while Huobi also owns the fifth largest wallet worth $5 million. If we’re counting every Huobi wallet address, it seems that they hold 65% of all Gemini Dollars.

It’s important to point out that it’s probably not the exchanges themselves, but rather the exchange users who hold these assets. Neither of these holdings are within the Winklevoss’ Gemini exchange. This is a good sign, as it means GUSD is actually being used.

This news comes shortly after Huobi launched their own “multi-stablecoin” with the ticker HUSD. Their asset is based only in the Huobi exchange and serves as an intermediary between the different stablecoins.

The post Number of On-Chain Transactions for Fiat-Backed Stablecoins Increased by 1000 Percent in Three Months appeared first on BitcoinLinux.

IOTA to End Centralization With ‘Coordicide’

IOTA to End Centralization With ‘Coordicide’

IOTA has reportedly settled on a plan to end centralization within its network by eliminating its coordinator node. This part of the IOTA Tangle is currently responsible for ordering transactions, but it introduces a number of secondary problems.

IOTA has dubbed the process of removing the node ‘coordicide,’ and it is determined to eliminate the node next year. TangleBlog, an independent blog that has been in contact with IOTA developer Hans Moog, reports that IOTA has finalized its plans to remove the node:

The Coordinator Node

IOTA’s coordinator node was originally created to order transactions on the IOTA Tangle. This responsibility prevented attackers from dominating IOTA’s hash rate and performing a majority attack—or,  in IOTA’s case, a 33% attack.

Unlike Bitcoin, IOTA is not mined. However, the platform still requires its users to perform a small amount of hashing, making a majority attack on IOTA theoretically possible. The coordinator node currently provides a safeguard against such an attack, but it also introduces a massive amount of centralization.

This means that quite a lot of power is concentrated in the coordinator node. For example, the node allows transactions to be prioritized and enables funds to be frozen. (However, it does not allow those funds to be taken away.)

The coordinator node also introduces a single point of failure: if the node stopped working or became the target of an attack, the entire IOTA network would cease to function.

Suggested Reading Need help choosing an IOTA wallet? Take a look at our guide.

A Specific Solution

These issues led to complaints from members of the IOTA community, who criticized the platform’s level of centralization. The IOTA team was responsive, and they began working on a solution in late November. This process has been thoroughly outlined on the IOTA blog.

Three possible approaches were considered. First, a node accountability and reputation system was proposed. Next, an improved tip selection algorithm with random walks was suggested. Finally, a constellation-like “star” system with trusted transaction pathways was considered.

Any of these solutions would eliminate the need for a coordinator node. However, the Tangle Blog did not reveal which of the above approaches was selected by IOTA developers, only that one solution has indeed been selected. It is likely that the IOTA Foundation will make an official announcement in the near future.

The uncertainty surrounding the development is not unusual, as IOTA has always been highly experimental. For this reason, blockchain features that would otherwise be commonplace (such as reusable addresses and smart contracts) have taken some time to arrive on IOTA.

Decentralization is a fundamental value of many crypto and blockchain advocates. Now, at long last, the removal of IOTA’s coordinator node will bring a degree of decentralization that is expected by most of the crypto community.

The post IOTA to End Centralization With ‘Coordicide’ appeared first on BitcoinLinux.

Best Bytecoin Wallets For 2019: Which Bytecoin Wallet Should You Use?

Best Bytecoin Wallets For 2019: Which Bytecoin Wallet Should You Use?

Bytecoin (BCN) is an altcoin that offers untraceable transactions and relatively profitable mining rewards. After it was created in 2012, Bytecoin weathered a number of controversies, but it has since largely repaired its image. Although it is overshadowed by its more popular descendant, Monero, Bytecoin has managed to maintain a fairly prominent position in the crypto market.

Over the past few years, the Bytecoin development team has rebranded the coin, introducing several new wallets that can be used to store Bytecoin. A number of third party wallets have added support for the coin as well. This guide will outline some of the best choices.

Considerations

Here are the primary factors you’ll want to consider when choosing a Bytecoin wallet:

  • Security: What security features does the wallet offer? Does the wallet provide two-factor authentication (2FA), passphrase login, cold storage or recovery seeds?
  • Supported platforms: Which platforms is the wallet available on?
  • Compatible coins: Does the wallet support coins other than Bytecoin?
  • Ease of use: How difficult is the wallet to download, set up, and use? Is the user interface attractive and intuitive?
  • Development activity: When was the wallet created? Is the wallet still updated regularly? Outdated wallets may introduce security risks, or they may simply no longer work with the most recent version of a coin.

Bytecoin Wallet – Best Desktop Bytecoin Wallet

Security: Good | Platform: Desktop | Compatible coins: Bytecoin (BCN)
Ease of use: Simple (with dev features) | Active since: Unknown

The Bytecoin team provides an official desktop wallet that offers all of the standard crypto transaction tools that you will need. It has tabs for sending and receiving funds, as well as a built-in address book to facilitate repeat transactions. Plus, it displays your total balance and past transactions front and center.

The wallet also doubles as a mining app, meaning that you can start earning Bytecoin with the click of a button — although you should probably consider whether mining Bytecoin is profitable before you begin.

Advanced users can also control the wallet daemon through a console window or a separate command-line daemon. This feature allows Bytecoin transactions to be carried out via RPC commands, an option that is useful for developers who are programming e-commerce applications.

These features are cleanly separated into categories on the sidebar, as shown below:

In terms of security, the Bytecoin wallet provides many basic but important features. First of all, it stores private keys locally on your device – this deters remote attackers, who usually attack centralized wallet services. The app also secures your wallet with an extra password in case your wallet file falls into the wrong hands.

Lastly, the wallet implements a feature called SendProof, which is unique to Bytecoin. This feature can be used to prove that funds have been sent — in other words, it provides verifiable dispute resolution.

Something important to note is that when you create a new wallet, the program will attempt to sync with and download the entire Bytecoin blockchain (a few gigabytes of data). Although this process makes transactions more secure, it is not necessary for basic transactions. You can connect to remote nodes to skip this process.

The desktop wallet is available for all three major desktop operating systems: Windows, Mac OSX, and Linux. The RPC daemon also supports all three platforms and can be downloaded separately.


FreeWallet – Best Mobile Wallet

Security: Acceptable | Platform: Mobile (and web)
Compatible coins: Bytecoin (BCN) +25 others
Ease of use: Simple | Active since: 2016

Bytecoin provides an official mobile wallet, but it is only compatible with Android devices. An alternative third-party wallet called FreeWallet has been endorsed by the official Bytecoin team, and it offers plenty of features that make it a good choice for mobile users.

Most importantly, FreeWallet is supported by both iOS and Android. Your FreeWallet account can also be accessed via a web interface, meaning that you can access your funds even if you don’t have your mobile device on hand. Plus, FreeWallet supports many additional coins, so you can easily exchange Bytecoin for whatever cryptocurrency you might need.

FreeWallet has several high-quality security features, including two-factor authentication, PIN code verification, and fingerprint-based login. It also offers transaction limits – a preventative measure that can stop attackers from withdrawing your money all at once. Finally, it provides multi-signature technology so that you can require authorization from more than one person in order to withdraw money.

These features keep your personal wallet safe. Unfortunately, FreeWallet stores keys and funds on a centrally hosted account, making the wallet a potential target for hackers or corrupt service providers. The wallet suffered from a controversy in mid-2017 involving allegations of stolen Ethereum, but the wallet remains highly rated on most review sites.

Be aware that the wallet’s features do give third parties control over your funds, and retrieving your coins can be very difficult if they become stuck during the trading, deposit, or withdrawal process. If you prefer to maintain direct control over your funds, a desktop Bytecoin wallet is your best option.

Suggested Reading Take a look at the best Verge wallets.


Bytecoin Web Wallet – Best Web Wallet

Security: Acceptable | Platform: Web | Compatible coins: Bytecoin (BCN)
Ease of use: Simple | Active since: 2017

Bytecoin’s official web wallet allows you to access your funds wherever you happen to be. To create a Bytecoin web wallet, you will first need to sign up with a username and email account. This account can also be used to log in to the official Bytecoin Android wallet.

The web wallet offers fewer features than the desktop wallet, but it does have basic send and receive functions. It also shows your recent transactions and address balances. Additionally, it is integrated with an exchange, which allows you to instantly buy Bytecoin if you have Bitcoin or Ethereum on hand. These basic functions are all accessible from the main page, as seen below:

Unfortunately, web wallets are rarely as secure as desktop wallets, and Bytecoin’s web wallet is no exception. Although it offers two-factor authentication, which is a standard security practice, it nevertheless is susceptible to hacking. The Bytecoin web wallet stores keys and funds centrally, just like Bytecoin’s mobile wallets do.

That said, if you use many different computers and devices, you may value convenience and availability over security. In that case, a web wallet may be a good choice.


Bytecoin Ninja – Best Cold Storage Wallet

Security: High | Platform: Web | Compatible coins: Bytecoin (BCN)
Ease of use: Intermediate | Active since: Unknown

Offline wallets (aka “cold storage”) are a good way to securely store large amounts of cryptocurrency for an extended period of time. Cold storage can also be used in tandem with less secure wallets — simply move Bytecoin from cold storage to your mobile or web wallet only when you need to spend it.

Hardware wallets are the best way to create a cold storage wallet. However, none of the three major hardware wallets (Trezor, Ledger, and Keepkey) support Bytecoin. In the absence of a hardware wallet, paper wallets are the next best approach to cold storage.

Bytecoin Ninja is a community-created paper wallet generator for Bytecoin. Although the original site has gone offline, other sites provide a mirror, such as this one. Ideally, you should download the ZIP file, disconnect from the Internet, and open the web page offline to ensure that nobody is logging your keystrokes.

As you can see below, the paper wallet created by the generator is not as flashy or decorative as other paper wallets — but it certainly does what it needs to do. It provides standard public and private keys, which you can use to send money to and from another wallet. Here is what the printable page looks like:

The generator also provides high-resolution QR codes, which are easy to scan when you need to transfer money to or from a mobile wallet — no typing required. Meanwhile, the red lettering serves as a color code that makes it clear which keys are private and which are meant to be shared.

The post Best Bytecoin Wallets For 2019: Which Bytecoin Wallet Should You Use? appeared first on BitcoinLinux.

Best Verge Wallets for 2019: Which Verge Wallet Should You Use?

Best Verge Wallets for 2019: Which Verge Wallet Should You Use?

Verge is a privacy coin that takes a unique approach to keeping transactions anonymous and untraceable. Unlike other privacy coins, which merely hide transaction data with stealth addresses, Verge additionally obscures IP addresses and geolocation data via Tor and I2P. Verge also offers fast transaction speeds and low fees, making the coin an effective choice for private payments.

After you buy Verge (XVG) from an exchange, you will need a wallet to store it in. It is possible to store Verge tokens in an exchange’s online wallet, but a proper Verge wallet will provide much better security and many more features. Although the selection of Verge wallets is not vast, a handful of high-quality wallets are available. This guide will outline some of the best Verge wallets.

Considerations

Here are a few things that this guide will take into consideration:

  • Security: Does the wallet provide two-factor authentication (2FA), passphrase login, or cold storage? Does it store private keys locally on your device or remotely in an online account? Does it provide recovery seeds?
  • Supported platforms: Can the wallet be run on desktop platforms, mobile devices, or hardware wallets? Is it a browser-based plugin or a web app?
  • Compatible coins: Does the wallet support coins other than Verge?
  • Ease of use: Is the wallet easy to download, set up, and use? Is the interface appealing and intuitive?
  • Development activity: When was the wallet created? Is the wallet still updated regularly? Outdated wallets may introduce security risks, or they may simply no longer work with the most recent version of a coin.

Verge Tor Electrum – Best Lightweight Desktop Wallet

Security: Good | Platform: Desktop | Compatible coins: Verge (XVG)
Ease of use: Simple | Active since: 2011

Verge’s official wallets are the best way to store Verge on a desktop computer, especially if you intend to spend Verge regularly. Verge offers a few different official wallets, but the Electrum wallet is the quickest and easiest option for most users.

Electrum is a very versatile wallet that has been adapted by many other cryptocurrencies. It has a fairly basic interface: it is not eye-catching and does not display important information prominently. However, the layout is logical, and the wallet resembles standard desktop apps, as seen below.

One advantage of this Verge wallet is that it is very easy to use. It complies with a widely-used transaction specification, Simple Payment Verification (SPV), which means that you do not have to download an entire blockchain in order to make a payment. You can download the wallet and begin making transactions in just moments.

In addition to Verge’s built-in privacy features (i.e. Tor integration), Electrum offers many basic security features, such as two-factor authentication and a password-based login form.

Although Verge is a widely-trusted wallet, it should be noted that a security problem was discovered in the Electrum Bitcoin wallet earlier this year. This problem was quickly fixed, but you should never use an old version of Electrum under any circumstances.

The Electrum Verge wallet is supported by all three major operating systems: Windows, OSX, and Linux. An alternative mobile wallet is also available, although it is not quite the same as the desktop wallet. All official Verge wallets are only compatible with the Verge token.


Verge Tor QT – Best Full Node Verge Wallet

Security: Excellent | Platform: Desktop | Compatible coins: Verge (XVG)
Ease of use: Intermediate | Active since: Unknown

In addition to the lightweight Electrum wallet, Verge also provides a full-featured wallet called the Verge QT wallet. In order to use this wallet, you will need to download the entire Verge blockchain – over 4 GB of data as of December 2018. This requirement makes the QT wallet a less-than-ideal choice for basic users.

However, the QT wallet does have a number of features for power users. Notably, the QT wallet has extra privacy and security features, such as SSL encryption. Additionally, the fact that the wallet runs a full node (a local version of the blockchain) prevents invalid transactions from occurring.

The QT wallet offers a heavily stylized interface, as shown below. However, the design is mostly superficial, and the QT wallet GUI offers most of the same features that are found in the Electrum version. The QT wallet’s real power can be found in its RPC commands, which offer fine control over almost any Verge-related activity.

Like the Electrum wallet, the QT wallet is available for all major desktop operating systems, including Windows, OSX, and Linux. It only supports the Verge token.


Coinomi – Best Mobile Verge Wallet

Security: Good | Platform: Mobile and desktop
Coin compatibility: Universal
Ease of use: Basic | Active since: 2014

Although Verge provides an official mobile wallet, it is hard to beat Coinomi, a third-party wallet that supports Verge and over 500 other cryptocurrencies. Since Coinomi is a universal wallet, it provides a major advantage over official wallets: it can store all of your coins in one place.

Coinomi has also integrated itself with two major exchanges, ShapeShift and Changelly. This allows you to easily exchange Verge for other cryptocurrencies right from your Verge wallet. However, these exchange-based features may cost extra fees.

This wallet implements basic security features — most importantly, Coinomi stores your private keys on your own device. It is not clear how many of Verge’s original security features Coinomi supports, although the wallet does introduce its own IP-hiding techniques and other privacy features.

Coinomi can be used on iOS and Android. A desktop version of the wallet is also in development.

Suggested Reading: Take a look at our picks for the best wallets for another privacy coin, Monero.


Verge Paper Wallet – Best Cold Storage Verge Wallet

Security: Excellent | Platform: Web | Coin compatibility: Verge (XVG)
Ease of use: Advanced | Active since: Unknown

Unfortunately, none of the three major hardware wallets (Trezor, Ledger, and KeepKey) support Verge — although a Ledger wallet is reportedly in development. Until a hardware wallet is released, the best cold storage solution is a paper wallet.

Like hardware wallets, paper wallets allow you to store coins in an offline medium. This is not convenient if you plan to spend Verge immediately, but it is useful if you plan to store a large amount of coins for an extended period of time.

The official Verge site provides a simple paper wallet generator. In seconds, you can generate a key, download an image, and print it off. The generator produces a layout that is standard for this sort of wallet: a two-sided piece of paper with light-blocking patterns to prevent peeking and tampering, as seen below.

Although paper wallets are very secure, they are not recommended for beginners, as they can easily be lost, misplaced, or damaged. It is important to print multiple copies of a wallet and keep each copy in a safe location. Theft is not the only issue here: you should be concerned about water damage, accidental loss, and other risks.

Apart from generating public and private keys, the Verge wallet generator can also generate an optional BIP38 password that you can store separately. This is a double-edged sword: although an extra password adds another layer of authentication when it comes time to retrieve your funds, it also increases the chance that you will lose a vital piece of information.

The Verge paper wallet generator runs in a web browser, meaning that it should work on any platform. If it does not work, try updating your browser, and make sure that you have JavaScript enabled. You can also download the generator and run it offline for extra security.

The post Best Verge Wallets for 2019: Which Verge Wallet Should You Use? appeared first on BitcoinLinux.

Best ICON Wallets In 2018

Best ICON Wallets In 2018

Claiming to “hyperconnect the world,” ICON (ICX) is a decentralized platform that enables blockchain interoperability. With ICON, every single blockchain would be able to communicate with one another, similar to how many modern devices can do so now via the Internet. In this guide, we’re going to break down the best ICON wallets available today. Some will be mobile wallets while others will be on desktop. Either way, this guide will teach you enough about each one for you to make an educated decision.

Let’s take a quick look at what factors you should consider when choosing a wallet:

  • Security: How secure is the wallet you’re looking that? Does it support two-factor authentication (2FA) or cold storage?
  • Private Keys: Who has access to the private keys? Are they stored locally or online?
  • Cost: Is the wallet free or paid? Are there hidden transaction fees?
  • User-friendliness: How hard is it to set-up? Is it ideal for beginners or only for experts?
  • Supported coins: Is the wallet specifically for ICX?
  • Device compatibility: What devices can run the wallet? Is it supported on Mac, Windows, and Linux? What about mobile operating systems?
  • Convenience to transact: Can you trade from within the wallet? How easily is this done?

Now that you know what to look for let’s detail the best ICON wallets for storage!

ICONex – Best Web Wallet for ICON

ICONex is the official wallet for storing ICON. Similar to Jaxx, it is a Chrome extension and not something that can be accessed by any browser.

Create or load in a previous wallet. You can also connect to the Ledger hardware wallet.

This wallet is easily installed and supports ICX tokens. Upon creation of your wallet, you’re provided a Keystore “wallet backup file” for safe keeping. This is in case your wallet is compromised in any way. ICONex then gives you a randomized private key for you to control. As an additional security measure, you can also set up a six-digit PIN code that you must enter every time you open ICONex. You can create multiple wallets within ICONex as well. Each is separated by name and contains their own address to send and receive from.

A strong point of ICONex is its user interface, which has only a few tabs to switch between and provides all the features you need from a full-functioning wallet. You can also export your entire bundle of wallets at once for easy transferring.

You can create multiple wallets to trade between.

Best of all, ICONex is free, and the team has even released a mobile version for iOS and Android devices.

Trust – Best Mobile Wallet for ICON

Having launched only last year, the Trust mobile wallet stores ERC20 and ERC223 tokens, as well as ICON (ICX).

This app is easy to use, with a streamlined interface that provides access to coin storage, settings, and a built-in dapp browser: Web3. Trust stores your private keys locally, and protects them with “industry-leading security features found in modern smartphones.” The application was audited by a leading security firm, which ensures your assets are as safe as possible.

The Trust portfolio section.

On top of that, Trust has finger-print support and a PIN code as extra barriers to entry. Additionally, the app gives you push notifications whenever your address has been in use – a nice touch.

As a user-friendly application, Trust almost always runs smoothly. Maneuvering between the different features via the tabs is easy. Also, this wallet doesn’t require any personal information. It simply utilizes the security options mentioned above alongside a recovery key to keep your holdings safe. Of course, that means you can only use the wallet on one device at a time.

Interestingly, Trust went from an open-source app to a closed-source one early in its development. This was to prevent anyone cloning the code and creating fake applications, which was mainly an issue on Android devices.

The Trust dapp browser.

Trust’s dapp marketplace is a distinguishing feature as well. The app requires developers to be verified before submitting their projects, which is an efficient form of quality control. Also, Trust uses its token economy to incentivize a healthy community. Overall, this wallet is a safe option for mobile crypto storage. The team is transparent and dedicated, while the app is easy to pick up and provides a ton of useful features.

The Trust wallet is a free download on either iOS or Android.

Ledger Nano S – Best Hardware Wallet for ICON

It’s widely agreed that the Ledger Nano S is the best space to store supported cryptocurrency assets. As a hardware wallet, this device is only connected to a device when you’re using it. Otherwise, assets are entirely offline and inaccessible by any hackers or bad actors.

Similar to recent credit and debit cards, the Ledger Nano S uses a tamper-resistant chip to secure your keys. On top of this, this wallet has a specialized operating system entitled BOLOS. Essentially, these unique factors allow the wallet to keep track of your currencies on the blockchain without requiring a constant connection.

The Ledger Nano S is powered by USB, and stores tons of cryptocurrencies including ICX. Upon startup, the wallet provides you with a backup phrase in case your wallet becomes compromised. On top of this, there is a secure log-in PIN, and the device only contains two hard-to-press buttons to prevent any accidental asset transfers.

While the Ledger Nano S costs 100 dollars, it’s much safer than any free wallet. This device provides the utmost security for your digital currencies and is essentially hack proof thanks to its cold storage solution.

The Ledger Nano S is supported by Windows, Mac, Linux, and Chrome OS.

The post Best ICON Wallets In 2018 appeared first on BitcoinLinux.

Best Zcash Wallets in 2018

Best Zcash Wallets in 2018

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Zcash (ZEC) is a blockchain-based payment provider that uses a protocol called zk-SNARKs to allow transactions to be entirely anonymous. In this guide, we’ll go over the different types of Zcash wallets to store the digital asset. Some of these wallets may work on mobile while other are web or desktop storage solutions. Either way, this post will detail the pros and cons of each type so you can choose the best Zcash wallet for your needs.

Before delving in, let’s take a quick look at what factors you should consider when choosing a wallet:

What to Look for in a Zcash Wallet

Security: Does the wallet offer proper security for your Zcash? Does it have two-factor authentication (2FA) or a cold storage option?
Private Keys: Where are your private keys stored? Does the company or a network have access to them?
Cost: Does the wallet cost any money? Is there a minimum investment to get involved?
User-friendliness: Is the wallet easily accessible? Are there multiple difficult features or is it easy to understand?
Supported coins: Is it a Zcash specific wallet or does it hold all sorts of different currencies?
Device compatibility: Does the wallet work with your specific devices? One wallet may only be compatible with Windows machines and not with Mac or your mobile device.
Convenience to transact: Can you transfer Zcash from within the wallet? If so, how is the process handled?

So now that you know what makes a good Zcash wallet, let’s take a look at some of the best!

Exodus – Best Desktop Wallet for Zcash

“Exodus was created to shift power back to you to control your assets” reads the Exodus homepage. This desktop wallet is a gorgeous wallet and portfolio for asset management, with a built-in exchange for trading between supported coins.

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Exodus offers detailed, live statistics for coins.

The company prides itself on being the crypto wallet for everyone. The user interface is incredibly easy on the eyes and portrays information in digestible graphs and charts that update in real time. Each asset has its own section with pricing data and trade history. You can customize which assets are shown on the front screen, and even change the color scheme with themes.

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There are no online accounts to make nor confusing keys to deal with – only a 12-word backup phrase in case of theft. E-mail backups are also an option. As a desktop wallet, you’re not relying on a third-party exchange nor are your assets at risk in an online space. Instead, the keys to your coins are stored within the hard drive on your computer. Important to note is that the wallet will only be accessible on that one computer. You cannot log into Exodus on multiple devices.

Exchange currencies from within Exodus.

The Exodus wallet is compatible with Windows, Mac, and Linux operating systems. Also, the team is creating a mobile version of the application with an expected release date of Summer 2019. As a beautiful, streamlined, and elegant piece of software – one that’s free – the Exodus wallet is a fantastic choice for storing your Zcash.

Jaxx Liberty Wallet – Best Web Wallet for Zcash

The Jaxx Liberty web wallet is a simple approach to cryptocurrency storage. It installs as a Chrome web extension, and portrays essential information such as total portfolio value, real-time market statistics, and general cryptocurrency news. The platform also includes a block explorer and allows users to trade supported coins via the ShapeShift exchange.

Track asset data and exchange coins from within the extension.

Because this is a web wallet, there needs to be an emphasis on security. The company uses AES-256 encryption and includes 5000 rounds of password hashing. This wallet is also compatible with both iOS and Android alongside Mac, Windows, and Linux.

Jaxx Liberty is free, and stores all of your private information on your device. It also includes a 12 word backup phrase that you can transfer between all of your wallets. Finally, the web extension is incredibly customizable; you can change native currencies, languages, and even adjust your global mining fees to increase your chances of transaction validation.

Adjust which wallets are shown on the main page.

Ledger Nano S – Best Hardware Wallet for Zcash

As a hardware wallet, the Ledger Nano S is always the best choice for cryptocurrency storage. These USB-powered solutions are the safest space to keep digital assets due to their offline nature.

This leading hardware wallet is a reasonably small size, and makes it easy to check balances, transfer assets, and more via its screen. For maximum security, private keys are stored within a credit-card-like chip. Ledger also utilizes its own BOLOS operating system to keep installed apps from communicating with one another or accessing your secure data. Also, you can even back up your stored assets thanks to a recovery phrase that’s compatible with any Ledger device.

The device features a “Ledger Live” mobile app companion to look at data without exposing the assets to the internet. Transferring assets can only be done intentionally, as there are only two small buttons to make transactions. No accidental trading here!

Simple and secure, the Ledger Nano S is an ideal space to store your Zcash. The wallet supports Windows, Mac, and Linux and an application provides easy access to everything. However, it costs $100 dollars to buy, but again, a hardware wallet is the safest space to store cryptocurrencies. That protection is worth paying for.

Coinomi – Best Mobile Wallet for Zcash

The Coinomi mobile wallet is a popular, free wallet for Android and iOS users. It offers a streamlined experience for managing Zcash and other cryptocurrencies.

Send, receive, and check your balance from the main page.

The Coinomi mobile wallet stores private keys locally on your mobile device and includes powerful encryption methods to keep your data safe, while also anonymizing your IP requests for privacy. Coinomi contains built-in SegWit technology for increased speeds and allows you to switch between Bech32, P2SH, or legacy processes. Also, there is a 24-word security seed for recovery purposes.

Fortunately for newer users, the entire process is a streamlined, user-friendly workflow, with altcoins converting directly into Bitcoin from within the application. Coinomi also supports Changelly and ShapeShift for in-app crypto exchanging. You can use the app to set your own transaction fees or enable it to recalculate automatically. Another convenient feature is the ability to purchase crypto from within the app using a credit card.

Buy crypto with credit from the main page.

While this is a great free app for mobile storage, you can expect a desktop version of Coinomi soon as well.

The post Best Zcash Wallets in 2018 appeared first on BitcoinLinux.

Best IOTA Wallets In 2018

Best IOTA Wallets In 2018

While not a blockchain in the traditional sense, IOTA (MIOTA) is a decentralized, distributed ledger powered by Internet of Things technology. Instead of relying on blockchain proof-of-stake or proof-of-work consensus algorithms, IOTA utilizes connected devices to verify transactions via its Tangle network. To quote the IOTA website, Tangle is a “secure, scalable and feeless transaction settlement layer.”

In this guide, we’ll go over the best IOTA wallets available today. Some of these wallets are desktop while others are mobile or hardware. Regardless of the model, we’ll break down the positives and negatives of each one so you can pick the best wallet for your needs.

Let’s take a quick look at what factors you should consider when choosing a wallet:

  • Security: Does the wallet provide proper security features? Does the wallet support two-factor authentication (2FA) or cold storage?
  • Private Keys: Where are private keys stored? Are they accessible by the provider?
  • Cost: Does the wallet cost money? Are there any additional fees?
  • User-friendliness: Can anybody use it? Is it recommended for experienced investors?
  • Supported coins: Does the wallet support coins other than just MIOTA?
  • Device compatibility: What devices is the wallet available on? Some might only have Windows support, while others are on Mac as well.
  • Convenience to transact: Does trading MIOTA come easy with the wallet?

Now that you’re aware of what makes a good IOTA wallet let’s take a look at the best ones!

Trinity – Best Desktop Wallet For IOTA (MIOTA)

Trinity is the official wallet developed by the IOTA team. While it’s only in a beta state, this wallet a fantastic desktop option.

As you can imagine, Trinity only supports MIOTA and will probably stay that way. However, this wallet is incredibly user-friendly and provides easy access to sending and receiving these assets. Sending MIOTA requires nothing but the amount and the proper address. The main page contains your transaction history, a price trend graph, and value pairs for BTC, USD, EUR, and ETH.

You must enter your seed once to prove it was backed up.

You can also create multiple accounts, though each requires an 81 character “seed,” which is considered the “master key to your funds.” The seed creation process is simple, and even has you personally randomize some of the characters. You can back up your seed within the application, write it down, or print it out. It’s essential to store, however, as the wallet will ask you for the seed again before completing the sign-up process. Trinity also features two-factor authentication (2FA) for additional security.

The Trinity Wallet also supports a wide variety of languages. You can customize it with different themes and even switch the connected node via a simple drop-down menu.

A simple enough interface.

Finally, the wallet can be used in an advanced or a simple mode. There are also options such as an auto-confirmation setting, a security timeout, and even a reset button.

Trinity is available on Mac, Windows, Linux, Android, and iOS via TestFlight. The Android version works just like the desktop one, but I’ve had it crash many times on my device so I can’t recommend it at this time.

Nelium Wallet – Best Mobile Wallet For IOTA

Built off of the old official IOTA wallet, the Nelium wallet is also in beta and requires acceptance to use at this time. However, this app takes pride in its “frictionless” approach to trading.

Traditional IOTA trades require many steps, such as trading nodes and the creation of a new address. Similar to the Trinity wallet, however, Nelium transactions only require an amount and an address.

It’s easy to manage your balance. (Source: Nelium Wallet website.)

A unique feature of Nelium is that the app stores addresses in your phone’s address book for easy access. By accessing your phonebook, Nelium provides an automated way to store different addresses. Whereas other IOTA wallets require manual management, this one connects to different users for easy tracking.

Contacts are based on your address book. (Source: Nelium Wallet Website)

For security reasons, seeds are stored within the device and are never sent to any servers. You can back up the wallet in a myriad of ways, including within a paper wallet or by using an on-the-go stick.

To streamline the trading process, the Nelium team maintains a wide variety of IOTA nodes. In fact, they plan on having “15 nodes of 20 GB of RAM each” by full release. Because of this, users can bypass the node set-up process.

The biggest limitation of the Nelium wallet is that Nelium users can only send between other Nelium wallets. This is partly so the team can manage a high-quality trading process due to their node management.

Nelium is available in Beta for both Android and iOS devices.

Ledger Nano S – Best Hardware Wallet For IOTA

Earlier this month, the IOTA Foundation announced a collaboration with the Ledger Nano S Hardware Wallet. With this update, users can integrate their Trinity wallet information into the safest wallet type available: a hardware wallet.

The Ledger Nano S utilizes a secure chip much like the ones credit cards use. That chip is tamper-resistant thanks to the EAL5 protocol. This wallet runs its own operating system called BOLOS, which is exclusive to Ledger wallets. With these features, users can safely store their seeds in cold storage, far away from internet-connected devices such as smartphones or desktops.

To keep secure, this wallet provides a backup phrase upon setup. This ensures you can access your assets in case of wallet theft. For general use, logging in is as easy as plugging in the device via USB and entering a PIN.

For simplicity’s sake, users can also make transactions via the Ledger Nano S wallet. All they need to do is download the IOTA application from the Ledger Live manager. Unlike the other wallets on this list, the Ledger Nano S is $100. However, this is incredibly cheap compared to other hardware wallets, and that price is worth paying to ensure the security of your digital assets.

A Note On Storing IOTA

As of now, there are very few spaces to store MIOTA. The asset is listed on very few exchanges, with Binance and Bitfinex being the largest. Do not invest in this coin without knowledge of the Tangle network and how to store seeds.

The post Best IOTA Wallets In 2018 appeared first on BitcoinLinux.