Bitcoin QR generators are plagued with scammers

There are scammers out there to get you and ZenGO, a cryptocurrency wallet provider published a report last month, warning the potential risks of …

Bitcoin QR generators do make it easy for users to share their wallet addresses.

Certainly, QR generators are the best thing that has happened to cryptocurrency after barcodes. But the problem lies with the websites that let you change your data from strings, hypertext, to SHA-256 encrypted crypto key strands of code that your lens can decode almost in a jiffy.

Your data should be yours

There are scammers out there to get you and ZenGO, a cryptocurrency wallet provider published a report last month, warning the potential risks of using QR encoding services from untrusted websites that mask your data underneath for their use.

The ratio of scamming websites has risen at an alarming rate and out of five (5) searches only one (1) of them respects your privacy while the remaining four (4) would be doing what they want with your data as they please.

As the name suggests, the Quick Response (QR) code is fast and stores your data in a format not readable by us humans but handing over wallet keys for a speedy transaction isn’t a great bargain for the unsuspecting victims out there.

Bitcoin QR generator alternative

Other methods to make fast and secure payments as the Foundation of Interwallet Operability (FIO) exist as well. More than twenty-five (25) wallets and crypto exchanges have been moving on from writing long and tiresome crypto keys and instead, they’ve turned to the ‘username: domain’ method that Trust Wallet recently began using.

ZenGo co-founder, Tal Be’ery also said that these scammers don’t even have their own QR. Instead, they invoke a blockchain explorer API to do their dirty work for them and this gives them time to work on more projects if regulatory authorities find out about the scam. Thus it is better to use the websites trusted websites instead of searching for ‘Bitcoin QR generator’ via your search engine and have the QRs run by Threat Intelligence Service.

The scammers don’t care

For these scammers, this is business and the ZenGo research team has come up with a number-of how much these scammers have been able to rip off of unsuspecting customers. The numbers ass up to give a total sum of twenty thousand ($20,000) dollars.

On of the addresses that had its -crypto key turned to QR saw twenty-one transactions in a week taking 0.58 BTC in that time and allocating it to the scammer’s wallet. Scammers need to be cautious that they do not get caught and often take precaution when emptying wallets as changing their own wallets periodically so that they don’t get caught or copying their own crypto key be copied into the victim’s computer to fake the idea that the victim’s crypto key is being mishandled.

ZenGo researchers had reasons to believe that this just the tip of the iceberg and like with any other asset, the wolves want to bite deeper into lamb.

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IOST Wallet Series – Part 3 of 3: Securing Your Cryptocurrency

This third and final part focuses on a general overview on how to secure your cryptocurrency wallet. One of the greatest advantages of blockchain …

This article is the final part of our IOST Wallet series. The first part is A Beginners Guide to IOST Wallet, the second part is a guide on IOST Wallet Resources. This third and final part focuses on a general overview on how to secure your cryptocurrency wallet.

One of the greatest advantages of blockchain technology is its security, also the major threat to the industries acceptability is security too. With reports of hacks and security threats in the news every day. There is a need for Blockchain users to know and understand how to secure their hard-earned fund from hackers, phishers and cyber thieves. This guide focuses on how to protect users cryptocurrency asset.

Not Your Keys Not Your Crypto

One of the most important principles to remember when you invest in cryptocurrency is the principle of “Not your keys, not your crypto.”

This quote is popular in the cryptocurrency circle this simply means if you don’t hold the private key of your wallet, then it is fair to say your cryptocurrency in such wallet isn’t yours. A lot of people will ask what of exchange sites? As much as you would want to trust an exchange site, a major hack can happen and your funds on the exchange site stolen which could be hard for the exchange to refund.

The best practice is to allocate enough funds that you need to trade and move your money off the exchanges once the transaction is completed.

Always Back Up your Private Key

Your private key is your access to your personal wallet if you misplace or don’t have a copy of your private key then it is impossible to access your wallet hence your cryptocurrency. The best practice at all time is to have a copy of your private key saved on as much as possible secure location.

1. Save your private key where only you can access it.

2. Be careful of saving your private key on google drive or any cloud storage.

3. Do not save your private key on a friends device.

4. Never share your private key with anyone.

Use Cold Wallet

Cold wallet are hardware wallet, a hardware wallet is a physical device that is kept offline but has the ability to be plugged into a computer when needed. Hardware wallets are safe because when you make a transaction, they ask you to confirm each one by pressing a button on the device. They are pretty much hacker-proof. Examples are Trezor, Ledger Nano e.t.c

1. Always buy a hardware wallet from an official supplier.

2. Do not buy a second-hand hardware wallet or through a third party.

3. Use only trusted hardware wallet with PIN or Password.

4. Never share your password or pin with anyone.

Other Security Practices

1. Update your wallet software often.

2. Be careful of apps installed on your device (mobile/PC) where your wallet is located.

3. Secure your wallet with multi-signature to protect against theft.

4. Add an extra layer of security like 2FA if possible.

5. Check your wallet often to check for security leak and if any is found move your cryptocurrency immediately.

Securing A Compromised IOST account

Let us assume after taking all of the security measures posted above you found out that your IOST wallet has been hacked or maybe your IOST token or other relative tokens like TIX, LOL, iPLAY or METX token is been moved by hacker, relax there are still ways to make sure you take control of your account back and send your funds before the hacker does.

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Trust Wallet enables FIO Addresses making it easier to transact in cryptos

The co-founder of Ethereum Vitalik Buterin, for instance, could replace his Ethereum address, 0xAb5801a7D398351b8bE11C439e05C5B3259aeC9B …

Trust Wallet, a secured multi-cryptocurrency wallet, announced that it will enable a feature that lets its clients simplify their blockchain public addresses.

The firm will integrate FIO Addresses into its platform available for purchase to all users. FIO Addresses make it easier to transact with cryptocurrencies because it replaces the need for cryptic blockchain public addresses with an address that is formatted like: “username:domain.”

The co-founder of EthereumVitalik Buterin, for instance, could replace his Ethereum address, 0xAb5801a7D398351b8bE11C439e05C5B3259aeC9B, for something like “vitalik:trust” if he was using the Trust Wallet platform.

“This is a big step forward in user experience that will improve crypto usage and it is available for all coins supported with Trust Wallet,” saidViktor Radchenko, founder of Trust Wallet.

The integration of FIO Addresses will also allow users to request payments in the cryptocurrency of their choice and add metadata to transactions, such as notes, for storing purposes. These addresses can be reserved on the Trust Wallet app and will have an annual fee of 2 USDC.

Trust Wallet was originally released in November 2017 as an open-source Ethereumwallet. Now, it supports a wider range of digital assets and a browser for several decentralized applications (dApps). On July 2018, Trust Wallet was acquired by Binance to add an on-chain mobile wallet to the list of Binance services with other future integration possibilities.

“The Trust Wallet brand and team will retain the autonomy and freedom to develop the core product while benefiting from the increased synergy from Binance, including the broad user base and the upcoming DEX,” read the announcement.

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Filed Under: Binance

Ali MartinezAli Martinez

After Ali began forex trading in 2012 In 2014, he came across Bitcoin’s whitepaper and was so fascinated by the idea of a decentralized, borderless, and censorship-resistant currency that he started buying Bitcoin. By 2015, he started traveling to spread the word about Bitcoin.

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Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

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How will you choose which Ethereum Wallet to go for

You can look for a mobile app development company if your purpose is to develop an online mobile cryptocurrency wallet. Many companies are …

Ethereum wallets might be a new term for those who are only aware of bitcoins as a form of cryptocurrency. The development of blockchain applications is mainly helpful for various financial purposes.

Ethereum wallets might be a new term for those who are only aware of bitcoins as a form of cryptocurrency. In that case, choosing which Ethereum wallet to go for can be a difficult move.

It is essential to go through the fundamentals of the terms associated with the working of Ethereum wallets and their development. Unlike bitcoins, the processing of Ether currency is a bit complex.

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The complexity comes in terms of communication if interacting with contracts. The purpose of Ethereum currency is to execute contracts through a supercomputer.

Contracts are the code pieces. The Ethereum wallets help in complex contract communication. We can choose the best Ethereum wallet by understanding how they are developed.

A Blockchain development company provides services in many areas. The storage of Ethereum is a bit complex and thus it completely depends on the user that which wallet will serve him/her best.

You can look for a mobile app development company if your purpose is to develop an online mobile cryptocurrency wallet. Many companies are providing these services nowadays.

The company that provides custom web development services can help you to create apps for Ethereum wallets. The Ethereum wallet that can be operated on your computer, as well as your mobile, can be a great option for business purposes.

Types Of Ethereum Accounts

Your private key is in the hands of the Ethereum wallet which allows you to use your coins. People can send you ether currency through the ether address provided in your wallet.

The network provides you two types of accounts namely EOAs and Contract Accounts.

  1. EOAs: They are Externally Owned Accounts. These accounts contain a private key that controls the Ethereum address. One is allowed to open as many wallets as one wants. EOAs create and trigger contracts to transact Ether.

  1. Contract Accounts: The contract accounts are based on codes as the name suggests. Every contract comes with a unique ether account and address. However, there cannot be any changes in the contracts once they are made. The contracts are controlled not through a private key ut a set of pre-defined triggers. The transactions can be made similar to an EOA account. The ability to open a new account depends on contract programming.

Read the blog- Top Key Players For Blockchain In Security Market Is Booming Worldwide

Transaction Mechanism

The messages medium is used for the interaction of EOAs and contracts or the interaction of EOA with another EOA. Transactions contain wrapped up messages.

The Ethereum Wallets are used for the following reasons.

  1. Basic Transaction: Sending Ether from one account to another.
  1. New Contract Creation: The transactions contain the codes required to build new contract accounts.
  1. Trigger: You can activate a specific contract through the transaction mechanism. This way you can get a particular task performed.

Different Types Of Ethereum Wallets

Now as we are through with the construction of the Ethereum and transaction phenomenon its time to catch the main topic. Let us first know what are the types of Ethereum wallets available for you.

This way you would be able to select which Ethereum wallet you should go for as per your needs.

  1. Full node/client/wallet: This type of wallet stores complete blockchain history. This helps you to verify every transaction detail at any point in life. Although consume more memory and space of your computer. The codes can be executed in a decentralized manner using full nodes. Each node executes code after receiving a transaction block.
  1. Smart contract wallets: These types of smart wallets can be used to trigger contracts through transactions. The other term used for wallets is nodes and clients. Clients are further classified into light clients and full clients.
  1. Light node/client/wallet: With the emerging custom web development services the invention of a light node was quite predictable. These wallets are designed to be useful for those who have less memory space in their computers. They can be operated on mobile phones as well. They attain information through third-party nodes.

Popular Ethereum Wallets

There are many companies providing blockchain app development services. Now they have been focussing on building a more user-friendly interface.

Listed below are those popular light node wallets that prevent you from writing smart contracts:-

Features of MyEtherWallet:

  • Open-source wallet
  • Smart contract wallet
  • Can be Access through the internet browser
  • Allows transaction of Ether, Ethereum Classic, ERC20 tokens
  • Encrypted file for the private key, MEW does not have access to your coins
  • Can be used for controlling hardware wallet
  • May lead to phishing or DNS attacks.

Features of Hardware wallets:

  • Private key stored offline in a piece of hardware
  • Secure transaction by connecting the device to a computer only during the transaction
  • Provide security but are a bit expensive to buy
  • All are not smart wallets and allow the transaction of Ether and ERC -20 only.
  • Examples are TREZOR, KeepKey, LEDGER, etc.

Edge – Finally, comes the turn of a mobile app development company. Edge is a cryptocurrency mobile wallet.

Its features are:

  • Multi-currency wallet
  • Open-source
  • Exceptionally secure product due to open source
  • Provides user-friendly features for beginners
  • Services are available for both iOs and Android users.

Features of ETHAdress:

  • Allows you to store Ethereum offline without any hardware
  • Gives the option to print out the Ethereum wallet by creating a pair of private and public key
  • Prevents your coins from external hackers
  • Cannot be used with Ethereum Classic
  • You can encrypt your private key and keep it secured
  • Allows transactions by exporting keys to online mobile wallets.

Features of MetaMask:

  • Browser extension wallet can be used with Firefox, Chrome, Brave
  • Holds ERC-20 tokens and Ether
  • Contains a built-in mechanism for coin purchase
  • HD settings allow you to create an infinite number of addresses
  • Open-source
  • Private keys are encrypted.

Features of Exodus:

  • Interactive design and interface
  • Can be used only for the transaction of Ether
  • Not completely an open-source
  • The community cannot review the code fully
  • Available only in the desktop version
  • Supports Ethereum only
  • The private key is stored on your machine
  • Your coins are under your control and are your responsibility.

Conclusion

With this, we come to our concluding end of the article. A blockchain development company that fulfill the financial needs of through their blockchain app development services are looked after the most.

The development of blockchain applications is mainly helpful for various financial purposes. The custom web development services help in streamlining the proceedings, market research, ROI.

Although the best option is to use a wallet and observe which one fits best among many. Exodus wallet is a nice option for those working with small amounts whereas Ledger is a nice option for storing larger amounts.

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Cyber Infrastructure - Technology Services & SolutionsCyber Infrastructure

Category: Business Services OutsourcingCompany about: CIS Established in 2003, Cyber InfraStructure Pvt. Ltd. or CIS is a leading IT and custom software development company in Central India, USA and UK. Since 2003, CIS has been providing highly optimized technology solutions and services for SMEs and large scale enterprises across the world. CIS has worked with 2100+ clients in more than 100 countries. Their expertise and experience ranges across a wide range of industry domains like education, finance, travel and hospitality, retail and e-commerc
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Axa XL covers cryptocurrency security firm

… XL will provide contractual liability insurance for Hoyos Integrity Corp. in the event of a breach of the technology security firm’s cryptocurrency wallet, …

Axa XL will provide contractual liability insurance for Hoyos Integrity Corp. in the event of a breach of the technology security firm’s cryptocurrency wallet, the unit of Axa SA announced Thursday.

The insurance covers Fort Lauderdale, Florida-Hoyos for defined amounts paid out in the event of a specific, breach of the digital wallet’s security system, Axa XL said the statement said.

Hoyos offers a so-called digital hot wallet, which is connected to the internet and allows users to conduct cryptocurrency transactions. The wallet is compatible with bitcoin, litecoin, ethereum and other cryptocurrencies, the statement said.

The plan provides for reimbursement to a Hoyos Wallet user for up to $1 million in the event of a breach, the statement said.

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