Bits.ca – Bitcoin & Crypto Currency News & Resources

Since its only $69 bucks it seems like a cheap option to store lets say around 50k dogecoins which at the current market price is around 3k us dollars, but the thing is that even with the pin and passphrase you still have to type them into the computer so that seems like a weak point to me on this specific wallet. I guess the other option is to get a ledger but with them being able to extract your keys from the device I might as well just keep the coins in the exchange. Since I am close to accumulating 50k dogecoins I would really like to get them off the exchange but the available hardware wallets make me nervous, I'm leaning towards the trezor model one so if anyone has had any experience or advice about this wallet please share. submitted by /u/TheRabbitHole-512 [link] [comments]

Spot Bitcoin and Ether ETFs available through trusted traditional financial institutions will break down barriers and streamline mainstream adoption. Spot Bitcoin ETFs Will Move the Needle for Institutional Adoption of Digital Assets in the U.S. Exchange-traded funds (ETFs) in the United States have already witnessed tremendous growth, and now there’s an increasing number of solid applications to offer spot Bitcoin ETFs by some of the largest traditional financial institutions. https://thedefiant.io/spot-bitcoin-etfs-will-move-the-needle-for-institutional-adoption-of-digital-assets-in-the-u-s submitted by /u/Smart_Field_3002 [link] [comments]

Usually when we look back on events that predate our present by a decade or so and want to know what people back then thought about Bitcoin the answer is very obvious: They either did not know it, they hated it or they were some tech nerds that actually understood it, but not for the monetary value. But suprisingly there actually are a very few examples of entities that actually undertood the potential BTC holds, namely the legendary Hal Finney (possibly Satoshi Nakamoto himself) and also other ones like the Winklevoss brothers who bought BTC pretty early on. Although this example is quite different: ​ Quote of that UK Telegraph article from 2012, picture by Pete Rizzo on X Yes, actualy a legacy media site knew the potential BTC could hold in teh future. That is quite bizarre as there were actually even news sites that called Bitcoin dead all the way back in 2010 until now and here we have UK Telehraph saying that Bitcoin is a dream for the libertarians dream and the nightmare for the government. A very daring statement. And luckily for them it completely paid off, many governments has to crack down on BTC as people were hedging into it due to hyperinflation, namely the IMF even threatened Argentina to de-facto ban Crypto if they want their loans. So they are indeed in fear already and the nightmare will just continue for them… submitted by /u/partymsl [link] [comments]

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Layer 2 solutions were made to bring more features to its Layer 1 blockchain bringing also less fees and faster transactions, while consolidating its transactions on Layer 1 for better security. Stacks is a layer 2 blockchain that has been developing for some time. It has been worked on since 2013 and suffered multiple upgrades untill arriving to the state that it's now. Stacks is a blockchain that brings decentralized applications and smart-contracts to Bitcoin, settling all the transactions on Bitcoin's main chain. It's a blockchain that works on top of Bitcoin and enables all the features from web 3.0 to be integrated on Bitcoin. How does Stacks work? Stacks works by using the Proof of Transfer mechanism. The way Stacks is built allows it to always read the state of Bitcoin's blockchains, this is how Proof of Transfer is able to work. Stacks reads the transactions on Bitcoin's blockchain from miners who send their BTC to other Stacks network participants, after this, Stacks randomly selects a winner for the current block and rewards them with Stacks native token (STX). This provides a way to recycle Bitcoin's proof of work mechanism, by taking advantage of the already implemented system to reward blocks on Stacks blockchain. Stacks also uses a mechanism called stacking that works as proof of stake does, by locking STX for a period of time to ensure the security of the blockchain. Like PoS Stacks rewards with some more STX tokens. Stacking can be done by using exchanges, liquidity pools or Stack native wallet. Smart-contracts on Stacks work by using a programming language created only for Stacks that prioritizes security. These smart-contracts also have a preview function that enables executing them before deploying, which makes it easier to find bugs and security vulnerabilities. Every transaction someone makes on Stacks is then written on Bitcoin's blockchain, living there forever and benefiting from Bitcoin's security. Tnere are a lot of projects on Stacks including Decentralized Exchanges, bridges, NFT marketplaces, DAO's and many more. Stacks enables all this functions and grants BTC programmability, one thing that Bitcoin doesn't have on its base layer. Currently Stacks sits on rank 54 by market capitalization and is trading for 0,48$ per coin. It's currently trading at many major exchanges but still doesn't have the kind of adoption that other coins do. Is Stacks the solution that will give Bitcoin this functionalities and follow Bitcoin's trading pattern? It sure has a lot of factors working in favour of them, but nothing in this market can be taken for granted, there are a lot of people that think that Bitcoin is good the way it is and adding these layers will only divert Bitcoin from its original path. Others seem to want everything built on top of Bitcoin, we will see where this leads us to. submitted by /u/speedfire21 [link] [comments]

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It was a nice Saturday. Time with the kids, quick visit to CostCo and a slice pizza for my efforts. Then… Ping. New email (all quotes direct from that email) BlockFi Plan Confirmation Up until now, I would have trusted my dog to come up with a better plan than BlockFi. Nevertheless, it started promisingly. Not only did they have a plan, this plan had the backing of both BlockFi management and the Unsecured Creditors’ Committee (with) overwhelming support… across all voting classes. So far so good. Then we get to the next paragraph. We are proud to say that, compared to other retail crypto bankruptcy cases, we have reached Plan confirmation on a faster and more efficient timeline. Just read that again (I had to before I believed it!). They are PROUD to be the most efficiently bankrupt collapsed retailer. So what’s the plan? Well believe it or not step 1 is Attempt to recover assets the company believes are owed to us by the FTX, 3AC, and other estates, Can anyone else see a problem right from the get go? So once they’ve “recovered assets from FTX”what happens? Well apparently success in this litigation could increase client recoveries, depending on the product and jurisdiction. So this thing they definitely won’t be able to do will only see money returned to customers if they fulfill certain conditions. But how will I know if that’s me? Well that’s easy. They will let me know via official email channels, on social media @BlockFi, or via our claims agent, Kroll That would be the same Kroll that describe themselves as security experts but who leaked my email to hackers when they got sim swapped last month. Which is less than comforting. And when will this happen? Nobody knows, but Once an effective date is set and passed, the company will emerge from bankruptcy and can officially begin enacting the actions detailed in the plan. I should have stayed in CostCo and had the rest of that pizza. submitted by /u/MonsieurGump [link] [comments]

American developer Gavin Andresen had donated over 19,700 Bitcoin’s for free in 2010 to users who simply solved a ‘Captcha’. Andresen had launched the ‘Bitcoin Faucet’ website back then in an effort to spread awareness and boost adoption. All users had to do to receive 5 Bitcoin’s for free each day was to solve the Captcha. Bitcoin was priced at around $.08 in 2010. The Bitcoin Faucet website is now defunct and stopped operations after a few months of rolling out free BTC’s. Andresen loaded the website with 1,100 BTC of his own money. Moreover, the website reloaded BTC’s multiple times after several users minted it. At todays prices it meant the Bitcoin Faucet website gave away around $532 million dollars worth of BTC . submitted by /u/Unitedstatesofnever [link] [comments]

Recently, a security firm published a report which found that only 6 out of 45 wallets analyzed had undergone penetration testing, meaning it's possible that 39 wallets are vulnerable to exploits & hacks. ​ https://preview.redd.it/cvpdgyxm8frb1.png?width=731&format=png&auto=webp&s=981b189b2f04513b4dd1e6ac5a8cdaaa54c2dc0b This is a sobering finding considering we've seen multiple crypto wallets exploited & hacked over the last couple of years. All of this brings a big question in mind, and that's... how can YOU protect yourself from Crypto wallet exploits & hacks? Well, THE FIRST STEP is to take all audits penetration tests, bug bounties & other security measures with a grain of salt. As DeFi developer Andre Cronje famously said "They are NOT bullet proof" Take a second to consider that a DeFi protocol that had been audited by Hacken was subsequently exploited late last year. ​ https://preview.redd.it/q652otha9frb1.png?width=976&format=png&auto=webp&s=bbc86eb33c6e92f3501463e53ec1c568d6738b3d In Hacken's defense, the exploit happened after the DeFi protocol had made some changes, hence HAcken's emphasis on doing security testing after every change in their report. Per Hacken's own explanation of the incident however, the DeFi protocol named (Team Finance) had in fact run another audit after making these changes and yet it was still exploited. And this relates to THE SECOND STEP and that's to remember that all these security ratings and rankings aren't necessarily correct , even IF the security firm behind them is legit, such as Hacken. Besides potential problems with their methodologies, Crypto Security Firms can and often do have biases. This is a consequence of the fact that Crypto Security Firms are paid by the crypto projects and protocols they audit... ding ding ding. This can result in bias security testing and it's why some crypto security firms are less reputable than others. Now, THE THIRD STEP is to remember that even the best Crypto Wallet may not have buletproof security. https://preview.redd.it/imnibvtgafrb1.png?width=737&format=png&auto=webp&s=cb6226fcd5beddec9a07ff9e45b0c20f5697976c Even MetaMask had allegedly suffered an exploit. This is a reference to an incident from this April. MetaMask denied the issue was on their end but said the issue was never identified. Weird, right? That's why THE FOURTH STEP is the most important! And that is to make sure that you're always keeping any crypto you hold and not aactively trading on a hardware wallet of some kind (Ledger, Trezor etc.). This makes it almost impossible for your crypto to be stolen. Even IF the underlying software is hacked or exploited. The FIFTH STEP is similarly paramount and that's to make sure you don't give unnecesary authorization to apps and dapps and don't accidentally give authorization to malicious apps and dapps. And the FINAL STEP is a ongoing one, which you have to do almost every day... and that is to stay educated and informed ! The fact that even the most secure and popular crypto wallets aren't perfect means that you constantly need to keep up with the Crypto News. If you stay up to speed with what's going on can save your crypto portfolio! So, is YOUR crypto wallet safe? What are you actively doing to protect it? Have you been hacked before? Waiting for your answers & opinions ! 🙂 submitted by /u/Immediate_Marzipan28 [link] [comments]