An Experiment In Bitcoin Popularity And Security

By November 16, 2015Bitcoin Business

Recently, business strategy and recruitment specialist Tal Newhart , spoke to PRNewswire about a case involving the physical theft of bitcoins perpetrated by a car breaker. In connection to this, CoinTelegraph CT r: 12 has conducted a survey of experts to find out what the best ways to protect Bitcoin wallets are. There are different means of digital protection of BitcoinCT r: 4 wallets, such as multi signature, deep cold storage, hardware wallets or the BIP38 protocol. It’s up to to the user, which of these secure measures they choose. For example, security researcher and crypto enthusiast, Ryan Castelucci , prefers to use BIP38-encrypted paper wallets . He told CoinTelegraph: “I use BIP38-encrypted paper wallets with strong passphrases for some of my Bitcoin, kept in a safe”. He also shared his opinion on hardware wallets and multi-signature: “Hardware wallets seem like a very good solution for the masses, but I have not personally evaluated any or looked into the different products in detail, so I decline to make any specific recommendation. There are a number of things that are catastrophic if gotten wrong in hardware wallets such as nonce-reuse and poor random key generation. Multisig is also great – especially for businesses – and many of the highest balance Bitcoin addresses use it these days, but I don’t think it’s ready for the average Bitcoin user quite yet.” Another expert, Daniel Diez from Bit2me , on the contrary, prefers to use multi-signature. He sees it as the safest user-friendly option. The other option for him is deep cold storage: “The best option is Deep cold storage if we talk just about security. The safest user-friendly option in my opinion is multi-signature wallets, as you don´t have to bring your private keys with yourself physically or keep it in a […]

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