Cryptocurrency

Arkad: At this point Bitcoin is on the battle for privacy

Today, the popular topic among Bitcoiners is the anonymity, and its little sister, the security. Arkad is a consultant on these topics and one of the people behind the project Study Bitcoin, a page aimed at the adoption and education of the criptomoneda mother.

In this meeting we tried to cover the first steps on the road difficult and tortuous of tranzar with a currency based on blockchain, where are recorded all the movements of the satoshis that came into our hands, and where you will stay our footprints on that let go.

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Content

Hardware Wallets to begin with.Passphrase as you added the words seed.Portfolios for mobile.Healthy practices for portfolio on mobile.Commissions transaction, where available.Blockstream Green Testnet to play.Study Bitcoin.Security settings are more advanced.Protocol GlacierUn plan type treasure map.Entropy generated by a roll of the dice for the Passphrase.That is a UTXO.Methods to anonymize.The beginnings of Arkad.Vulnerability of Wasabi.Monero, ZCash and altcoins.House Keymaster and your system.Summary.How to recover the words seeds.A sad case from Russia.

Notes of the episode

A preview of what you’ll find in this episode:

Elena: You had recently a conversation with Lunaticoin, that we also had to Lunaticoin here, and we were talking long and hard about the bitcoin and its intricacies and the passion that it generates. And in that pod talk a lot about safety. We’re going to talk about that. Let’s talk about what would be the basic, as well as for a start, you would have to do a person to make sure you begin in the world of Bitcoin with the best foot?

Arkan: Well, the most basic thing to safeguard the funds that we have purchased, because bitcoin makes you that you are sovereign of your money and makes you responsible. Then, if it’s not you that’s going to save the money in an appropriate manner, there will be a problem. So, the first thing would be to build a portfolio. Have a portfolio to get in where you deposit your bitcoin. As there has been in the past problems and hacking on devices that had portfolio, in computers that had portfolios where they were created, seeds, let’s say that it gradually extended the use of hardware wallets.

Then, for a person who starts, I would recommend that you make a hardware wallet and generate your seed, which is generated off-line (out of line) on the small device that it is, and copies the words of recovery, because those words are the ones that will serve as a backup of that wallet if it is the case that this device will break, or that we can generate the wallet on another device. Then, it is very important to copy the words of recovery and make several copies. What is it that happens? There is a stir lately by a vulnerability of such a hardware wallet, and that’s why I always recommend that those hardware wallet take a pass phrase, because generally the hardware wallet generate portfolios which are backed by a 12-to 24 words, unemployment is the option that you can include an additional word. Say from 12 to 24 you are given the device, which is random, but the pass phrase of what you can create for yourself.

Then, if someone, as for example is happening at the device of Trezor that has a vulnerability that in the case of an attacker with it, it could access the private key. Then, with the pass phrase we are protecting our portfolio, because if someone is done with our portfolio, with our 24 words, or with the device, you could hack, that could not withdraw the funds, because I wouldn’t have that word that we’ve added in addition.

Elena: Is that like a password before opening the wallet?

Arkad: It would be as a second factor of authentication. But, of course, if you lose it, despite having 12 or 24 words you can not access your portfolio. Then, it is an extension of those 12 or 24 words. But of course, it is one that you create. And here, at the time you create it you must also take into account several factors, because you are not okay with putting your name with your date, the typical passwords that were put, because neither are worth because they could also be obtained. I’m getting so paranoid, but is that today there are systems that can extract. But, basically the summary is this. It also depends on the funds, if they are low on funds, thus generating a wallet on a mobile, as can be Samourai Wallet or Blue Wallet, any of these to start with, if. Because if you’re going to buy 50 or 100 dollars worth of bitcoin, then don’t buy a hardware wallet, which is worth 100 dollars. But in the event that the funds are more than 500 or more $ 1,000, as if that is recommended, especially if you are going to be a space-saving, as you have a device that you add to the passphrase and store it properly, and not just to have a copy, but have multiple copies in different locations.

Elena: To our listeners, a hardware wallet is a device that is expensive and requires some knowledge. It is not the device for nature to start, because it would be like asking people to learn from bitcoin, to learn trades and learn of devices and wallets, all at the same time. Is as rough to put it so that is starting. Then, let’s put on the head of a person who wants to get started in bitcoin. What we have seen that it works, usually in addition to the chat insistent that bitcoin works, that I have, that have a lot of time working and that I served, etc, etc, where the people you are about and question. We’re going to skip the part where we are about charleros, a few evangelists of Bitcoin, who nobody wants to invite to parties because “that’s annoying, that people the only thing that speaks is bitcoin”. We’re going to skip that part, and we will think that someone is us about and question.

What I usually do is that I ask them is “download a there quickie a portfolio in the mobile, stand still, there quickie while I read your QR and you get your first Satoshis. Find out what is that? You already have the silver there.” That tends to be highly motivating, people get excited because it sees the transaction in seconds because the portfolios have chirimbolos very funny and amusing in the sense that they sound and they make “plin” and you say, “you Have a pending transaction”. In the portfolios of mobile, for example, what are the things that we have to be outstanding? in addition to not to lose our key words, that is, where are our seeds.

Arkad: Things to keep in mind. First is when we generate our portfolio, there’s no one around, because we have to copy our words of recovery, our backup. There’s no one around, no camera. Keep that always in mind. Never make screen shots of that seed, because there have already been cases of hacking of the iCloud iPhone. Then, nothing to take pictures or screen shots with the seeds.

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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