Let’s talk a little about wallets in cryptocurrencies. By “cryptocurrency”, I, in the first place, will have in mind Bitcoin. In other cryptocurrencies the situation is similar and if you are interested in details, you can check this out yourself.

Despite the ongoing hype around cryptocurrency and blockchain as technology, in my opinion, very few people are talking about the security of these solutions. Everyone is concentrating on the various advantages that blockchain technology provides, discussing the mining and jumping courses of cryptocurrency, while it is security that is critical, especially when it comes to money or distributed property registries. All information for the article is taken from open sources, such as https://bitcoin.org, https://en.bitcoin.it/wiki, https://bitcointalk.org, https://github.com and others.

Below is a shallow review of the cryptocurrency wallets and their security. The more I immersed myself in this topic while writing the article, the more I was surprised that there are so few hackers and withdrawals from users of the same Bitcoin. But first things first.
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The new recycling program from Samsung finds new applications for old technologies. For example, according to the information published by Bitcoin.com, the company came up with a way to create a mining farm based on smartphones from the Galaxy line.


Certainly, when creating a “mobile” farm, some technical specifications for smartphones were improved. However, Samsung claims that eight Galaxy S5 can work with excellent energy efficiency, not yielding to a standard PC.

Such a mining farm was presented during the recent Samsung developer conference held in San Francisco. Creation is the brainchild of Creative Lab from Samsung, the inner center of innovation and development, which is located in Samsung Digital City, in Korea.

In addition to the platform for the production of crypto currency, the recycling program also found out that the old Galaxy tablet can easily turn into a laptop with Ubuntu. The company was also able to use the old Galaxy S3, with face recognition software as the basis for a home security system.
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Fortune magazine invited leading businessmen working with crypto currency, venture investors, bankers and other well-known professionals to the Fortune Brainstorm Tech conference in Aspen, Colorado to discuss the future of digital money. The main meeting took place at the Aspen Institute during breakfast at the round table.

Headliners of the event were:

Balaji Srinivasan, general director and co-founder of the cryptocurrency start-up 21.co., who developed from a traditional venture company.

Peter Smith, CEO and co-founder of Blockchain, a British company that owns a bitcoin purse that grew from a subsidiary of Google, Alphabet (GOOG, -1.47%) thanks to venture capital of $ 40 million.

Kathleen Breitman, executive director and co-founder of the blockсhain start-up Tezos (ICO), which raised more than $ 200 million on pre-sales and initial coin issue, with the assistance of investor Tim Draper.

The team of experts conducted an analysis of all the events that have occurred since the creation of Bitcoin and the original blockchain-technology, up to actual trends related to attracting investments in ICO crypto-currencies, the sale of Ethereum-project tokens competing with Bitcoin. The seven main predictions about what decentralized networks are expecting in the near future are presented below.
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While average consumers may be more than happy with dollars and keeping funds in gold, one of the founders of Apple, Steve Wozniak, a mathematician by education, believes that bitcoin outperforms them both as an intermediary and as a means of preserving value-one important reason: his mathematically defined stock of 21 million coins makes it impossible to lower the existing stock in the price, which makes it safer.

Wozniak shared his views on bitcoin and blockchain technology during an interview with CNBC correspondent on technology Deirdre Bosoy at the Money 20/20 conference in Las Vegas on Sunday. Accordingly, the theme of the conference is the future of payments, transactions and, of course, currencies.
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There are a lot of newcomers in the crypto-currency area, and I would like to mark the differences between the Ethereum and the Classic Ethereum, which I consider to be key. I tried to be as objective as possible. You can discuss it, look for other points of view, no one’s opinion is an absolute truth.

Changeability of the blockchain

  • Ethereum – in the record in the blockchain and contracts, it is possible to make changes, if the majority agrees to this (i.e., blockchain is changed).
  • Classic – records in the blockchain and contracts will never change (i.e., blockchain is unchangeable).

Each approach has its pros and cons.

On the side of changeability is the idea that most have the wisdom to make the right decision. Therefore, more practical to cancel the transaction if the thefts and not to chase thieves

On the side of unchangeability – the opposite view that the majority, regardless of wisdom, can’t always make the right decision, so it is better to pursue thieves according to the existing legal framework.
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This week, the leading developer of the Bitcoin ABC client, Amaury Séchet, suggested adding the Bech32 address format to the Bitcoin Cash (BCH) network. Currently, the BCH community is discussing the modification of the address format along with the preparation for the correction of the “EDA”, since the current version creates significant problems with the stability of the hashrate.

On October 14, Amaury Séchet suggested introducing a new address format into the bitcoin cash network. The topic of changing the BCH address format was discussed for several months, and even after Bitpay released a new address format for BCH integration into its Copay wallet.

The discussion began in July this year at the Bitcoin ABC repository on Github. A few weeks ago Bitpay stated that it had created “new mandatory restrictions so that users could not accidentally send BTC to the BCH purse or vice versa.” However, the new Bitpay address format hasn’t been approved by the BCH community and developers.
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The new Bitcoin Gold crypto currency, which is officially separated from Bitcoin this morning, and the official website of the project is still unavailable due to the DDOS attack. This was reported by the project team:
Mass attack DDoS on our cloud site. 10 million requests per minute. We work with providers to ban all IP addresses. We will soon be!

Bitcoin Gold wants to become a crypto currency, which can be produced with the help of less professional equipment.

A smart contract is a computer algorithm designed to conclude and maintain self-executing contracts performed in a blockchain environment.

Such contracts are written as the code that exists in a distributed registry – a blockchain that is maintained and managed by a network of computers. In simple words, smart contracts allow you to exchange assets without resorting to the services of intermediaries.

What feature smart contracts?

Smart contracts enable you to perform reliable and confidential transactions without the involvement of external intermediaries in the face of banks or government agencies. In addition, such transactions are traceable, transparent and irreversible.

Smart contracts not only contain information about the obligations of the parties and sanctions for their violation, but they automatically ensure the fulfillment of all the terms of the contract.
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To date 1170 Crypto-Currency is represented on Coinmarketcap.com. In nine of them market capitalization exceeds $1 billion and in 377 – $1 million. This naturally raises the following questions:

  • Do the world need all these crypto-currencies?
  • The currency, which has the largest market capitalization, will survive, while the rest will disappear?
  • Is it possible that a new currency destroys all the others?
  • Can all these currencies coexist peacefully? (On the last point, it seems, no one believes).

The top-10 is the Crypto-currency by market capitalization on October 16, 2017. Source: Coinmarketcap.com

To answer these questions, it is quite natural to seek a familiar analogue, with which one can compare crypto-currencies. For example, fiat currencies or noble metal.
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On Wednesday, October 18, the price of bitcoin fell on a number of exchanges to around $5,250. The day before the weighted average rate of the first crypto currency reached $5741.58.

The decrease in the bitcoin rate occurs against the backdrop of incoming news from China, where the 19th National Congress of the Chinese Communist Party (CCP) kicked off. This sign for the Middle Kingdom event is expected to adopt a number of strategic decisions, including, possibly, relating to the crypto currency.

The first news from Beijing, however, concerns this sphere so far only indirectly. As reported by CNBC, in China, a popular messenger WhatsApp was blocked. Also there are failures in the work of other social platforms, including WeChat. The latter is especially popular among Chinese crypto investors.

In the meantime, the TASS agency reports that in the next five years the Chinese leadership will intensify the work on creating a “clean and bright” global network space and, in the end, will provide comprehensive control over it. Such a statement at the opening of the congress was made by Chairman of the People’s Republic of China Xi Jinping.

According to him, special attention will be paid to delineating the spheres of responsibility of the competent authorities for the appearance of this or that information on the Internet.

However, as the chart shows, the trend towards lower prices was observed on Tuesday, so news from China, apparently, only partially affect the current situation on the market.