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Bitcoin Wallet

Everything about bitcoin wallets.

SafeCoin Cryptocurrency

SafeCoin is a proposed solution that is based on a well established and time tested Bitcoin algorithm and extends it to address issues of security and deflation.

Haven't opened multibit wallet in months, now it is empty! What do I do? /r/Bitcoin

Haven't opened multibit wallet in months, now it is empty! What do I do? /Bitcoin submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

Unconfirmed BTC in Multibit HD Wallet

On Jan 20, 2018, I sent $25 worth of bitcoin from my coinbase account to my multibit hd wallet. All seemed well. Several several months later, I opened multibit hd up only to find out that multibit had shut down and now the money in that wallet is showing unconfirmed. That $25 is now worth $42. Not a lot of money but I'd still like to move it to another wallet.
I did install electrum and did a "restore" using my seed words from my multibit hd wallet, but nothing shows up.
submitted by rustyb78 to Bitcoin [link] [comments]

Wallet help please?

I'm using Multibit V 0.5.1 and all of my Bitcoin is "Unconfirmed."
Here's the sequence that got me here:
The wallet has been idle for at least a year.
I opened the wallet and after catching up (which, of course, took hours), my balance was confirmed.
Opened the wallet the next day; about 30% of my coin was in the balance -- the remainder was "Unconfirmed."
Repaired the wallet; about 60% of my coin was in the balance -- the remainder was "Unconfirmed."
Have restarted and repaired several times with varying percentages (sometimes 100% "Unconfirmed," but never 100% in the balance). Is currently at 100% of my coin "Unconfirmed."
All advice is appreciated. Thank you..
submitted by justdenny to Bitcoin [link] [comments]

multiBit HD password bug and now bitcoins are gone

Hey guys,

I typed in the right password (100%), but multibit was unable to open my wallet. Therefore I tried to restore it with the 12 words I found on a piece of paper, but Im afraid they were from an older wallet, cause when I restored my wallet, there were 0 bitcoins. So what possibilites do I have now? I know my password, but it doesn't work, and now I can't even try to log into my wallet with it, because I changed the wallet....
Thank you for your help guys!
submitted by Pan-Tau to Bitcoin [link] [comments]

Bounty: 1.5 Million DOGE for the first person to create an electrum equivalent for dogecoin.

Houston, we have a problem.
The current dogechain over 1.4gb in size. This is incredibly bloated.
As time goes on, the size of the blockchain will only continue to increase, making sync times longer. Long sync times are bad because they may scare off newcomers who may need to download for hours or days before using dogecoin.
For obvious reasons, this is very bad.
Bitcoin has solved this problem by creating electrum and multibit, which are wallets that stores the blockchain online, but the wallet data locally. This allows for very small wallet sizes, with all the security features of having a local wallet.
We must do the same thing.
We have therefore decided to offer millions of dogecoins for anyone that can create an electrum equivalent for dogecoin.
If any shibes wants to help increase the size of this bounty, please donate to DMxCwo7qJphRVeC6pHcoDHaizk55pg6iNt . This address will only ever be used for the pot. Please do not tip me directly, because I need to keep track of money meant for me vs. money meant for pot.
tl;dr: Wow. Downlod much difficult. Hueg fil. need fix 2 get 2 moon. Such payment 4 fix. Such gud 4 new shibe. Bark bark.
Current Pot Size: Zero. Bounty has been paid out. See this for history
Note: I only control a portion of the total size of the pot. The rest are by individuals who have promised to give directly.
Much Generous Shibes who have contributed to the Pot:
Tuxedage, [-wolong-] (1m, give directly), thatslifeon (0.5m, give directly). tohaz (0.5m, GD) Shibe_Tabsa @ Teamdoge. mljsimone @ Hashdogs, Keebler64 , McPingvin, TheDoctor , need4doge , ummjackson, Faxon, UltraHR, UnsureSherlock, cpt_merica
Please message me with your name and donation amount if you want to get on this list.
 . . 
IMPORTANT ANNOUNCEMENTS -- If you are working on this project, please check here for important updates every few days

1: I see a lot of people tipping. I've already said this once, but I'll say it again. Please don't tip if your intention is to add to the pot. Send directly. I bear no responsibility if your funds are misplaced or accidentally lost.

2: I am now aware that an android wallet exists. Although I thought it was obvious from context, let me reaffirm this: I would like a wallet that works on Windows/Mac/Linux, and has an easy to use installer, rather than necessitating some kind of android emulator to port it over to a computer. It must be newbie friendly.

#3: Langer_hans has brought up a valid point -- the current phrasing of the thread is dangerous because it encourages bad, but quick submissions, as only the "first person" gets the bounty. I am proposing changing the system; users will vote on which wallet they like best. The one with the most votes will get the bounty instead. This should encourage people to actually make good quality submissions, and also to collaborate. What do you guys think?

4: 15th of February is the final deadline for wallet entree submissions. Please message me with FULL DETAILS (including name, download information, website, user guide, other info, and so on) of your wallet to submit. Users will then get 1 week to try out different wallets and form an opinion of them. A week later, I will open up a poll for voting on which wallet is the best. Whichever wallet gets the most votes will obtain the prizepool. About 400k of the pot will be reserved for consolidation prizes, to be distributed at discretion. (So that shibes who didn't win won't feel sad).

*#5: Due to exogenous circumstances, competition will start on the 19th Feb as opposed to 15th. Sorry for the delay. *
** #6: VOTING IS OPEN. **
If you need to contact me urgently, please go to the dogecoin IRC -- #dogecoin @ and message me.
List of Submissions
If you do not see your name or entree on here within 48 hours of messaging me, please message me again until I add it.
Final Update:
Given the incredibly close results of the poll, the Developers and I have privately discussed how best to distribute the bounty. They have mutually agreed to a 50-50 split. The bounty has been paid out. Cheers.
People who have pledged to directly donate to the developers, please message me. Thank you
submitted by Tuxedage to dogecoin [link] [comments]

Bitcoin wallets are inaccessible for blind people

So I am a fully blind person who uses a screen reader and every bitcoin wallet I have downloaded (Bitcoin QT, Multibit, Armory) are inaccessible to my screenreader.
This is making me very annoyed as I am a bitcoin supporter and I have acquired my own bitcoin I just cant god damn use them with out getting help from someone else. Multibit Is a java based wallet and as such, could have easily been made accessible if the Java accessibility JDk were included from the start. If we want bitcoin to truly be successful, this has to be dealt with. Any ideas outhere in the readit ethos??
Oh and by the way, when I signed up for readit, I had to fill in a visual captia (which I had to get someone to help me) and as if that was not enough, for posting in this readit forum, I have to get someone to help me fill in another visual captia before I submit. I was going to donate some bitcoin to this forum, but obviously that is a little bit hard when I cannot even really access my bitcoins from my wallet. Kind of makes me not wan to donate now.
Does anybody know of a wallet that would be accessible to screenreaders?
yIf there is not one, does any one know a developer that would take some time to build or develop one? I am sure it would not be all that hard if lets say an open source, java based wallet were redeveloped to include the accessibility JDK/API.
Thanks '
Okay I am going to append a couple of comments to this if I can figure it out:
first thanks for the amazing response!
Second, although I have been creeping the Readit Bitcoin forums for a while, I have never actually posted or interacted and have only been a member for a couple of days so I am a bit clueless as to how to engage the forum and I think I actually posted this same post (above) a fewe times by accident (sorry).
So in response to to some of the comments in general, I am a marginally technically capable blind screen reader user, and as such do not mind spending the time to learn anyway that will help me access the bitcoin technology. That being said, part of the reasoning behind making wallets accessible is so that people who are not technically inclined ( blind or not blind) will be able to more readily access Bitcoins and as such, adoption and uptake will be more fricktionless making the technology more appealing. accessibility for the blind and usability for the sighted are two sides of the same coin in that one compliments the other.
in term terms of the braille suggestions, I am interested, however I only started learning braille recently and I am only in grade one as I have been blind for only five years, so I have a ways to go in that regard.
submitted by garmondbozia to Bitcoin [link] [comments]

Haven't opened multibit wallet in months, now it is empty! What do I do?

** Edit: **
Thank you for the help everyone! I took a deep breath, and decided to double check that I wasn't an idiot and that I didn't have any aditional wallets on my hard drive. Lo and behold I found another wallet in my dropbox with all my bitcoins in it! I will be moving to electrum immediately. Thanks for all the help.
I've been keeping my bitcoins in multibit for years and check on them every couple of months. Today when I opened multibit I see that my balance is 0! When I go to multibits website it appears that the developers have shut it down and recommend moving to electrum.
I'm staying calm, but I'm very concerned all my bitcoins are gone. I don't need a lecture on why I should have moved to a new wallet months ago. I don't really follow bitcoin news much and didn't know multibit was shutting down. What I do need is some advice on how to recover my bitcoins.
When I email multibit, they respond with an email forwarding me to the support page and the export to electrum youtube videos
Here is what I have done so far:
  1. I have opened a multibit.wallet from my time machine from 6 months ago (the last time I was positive the balance was there). I let that wallet 'sync' with the network. It shows 0 bitcoins and no transaction history (which is weird because I should have a transaction history).
  2. I have gone to my cloud provider where I kept a backup of my private keys. I've tried to 'restore' that key to electrum but the length appears to be incorrect because the 'next' button is greyed out. screenshot2
  3. I've tried re-exporting my private key from multibit classic and importing to electrum, but again the key length is incorrect
  4. I've tried to create a 'watching only' wallet in electrum to 'watch' my old wallet. It also shows there is 0 history to my wallet.
  5. I've tried installing the mbexport node cli tool to export my private keys. Unfortunately it has a bug
What else can I do reddit? Please help.
submitted by dev_all_the_ops to Bitcoin [link] [comments]

PSA: Clearing up some misconceptions about full nodes

It's time to clear up some misconceptions floating around about full nodes.
Myth: There are only about 5500 full nodes worldwide
This number comes from this site and it measured by trying to probe every nodes on their open ports.
Problem is, not all nodes actually have open ports that can be probed. Either because they are behind firewalls or because their users have configured them to not listen for connections.
Nobody knows how many full nodes there are, since many people don't know how to forward ports behind a firewall, and bandwidth can be costly, its quite likely that the number of nodes with closed ports is at least another several thousand.
Nodes with open ports are able to upload blocks to new full nodes. In all other ways they are the same as nodes with closed ports. But because open-port-nodes can be measured and closed-port-nodes cannot, some members of the bitcoin community have been mistaken into believing that open-port-nodes are that matters.
Myth: This number of nodes matters and/or is too low.
Nodes with open ports are useful to the bitcoin network because they help bootstrap new nodes by uploading historical blocks, they are a measure of bandwidth capacity. Right now there is no shortage of bandwidth capacity, and if there was it could be easily added by renting cloud servers.
The problem is not bandwidth or connections, but trust, security and privacy. Let me explain.
Full nodes are able to check that all of bitcoin's rules are being followed. Rules like following the inflation schedule, no double spending, no spending of coins that don't belong to the holder of the private key and all the other rules required to make bitcoin work (e.g. difficulty)
Full nodes are what make bitcoin trustless. No longer do you have to trust a financial institution like a bank or paypal, you can simply run software on your own computer. To put simply, the only node that matters is the one you use
Myth: There is no incentive to run nodes, the network relies on altruism
It is very much in the individual bitcoin's users rational self interest to run a full node and use it as their wallet.
Using a full node as your wallet is the only way to know for sure that none of bitcoin's rules have been broken. Rules like no coins were spent not belonging to the owner, that no coins were spent twice, that no inflation happens outside of the schedule and that all the rules needed to make the system work are followed (e.g. difficulty.) All other kinds of wallet involve trusting a third party server.
All these checks done by full nodes also increase the security. There are many attacks possible against lightweight wallets that do not affect full node wallets.
This is not just mindless paranoia, there have been real world examples where full node users were unaffected by turmoil in the rest of the bitcoin ecosystem. The 4th July 2015 accidental chain fork effected many kinds of wallets. Here is the wiki page on this event
Notice how updated node software was completely unaffected by the fork. All other wallets required either extra confirmations or checking that the third-party institution was running the correct version.
Full nodes wallets are also currently the most private way to use Bitcoin, with nobody else learning which bitcoin addresses belong to you. All other lightweight wallets leak information about which addresses are yours because they must query third-party servers. The Electrum servers will know which addresses belong to you and can link them together. Despite bloom filtering, lightweight wallets based on BitcoinJ do not provide much privacy against nodes who connected directly to the wallet or wiretappers.
For many use cases, such privacy may not be required. But an important reason to run a full node and use it as a wallet is to get the full privacy benefits.
Myth: I can just set up a node on a cloud server instance and leave it
To get the benefits of running a full node, you must use it as your wallet, preferably on hardware you control.
Most people who do this do not use a full node as their wallet. Unfortunately because Bitcoin has a similar name to Bittorrent, some people believe that upload capacity is the most important thing for a healthy network. As I've explained above: bandwidth and connections are not a problem today, trust, security and privacy are.
Myth: Running a full node is not recommended, most people should use a lightweight client
This was common advice in 2012, but since then the full node software has vastly improved in terms of user experience.
If you cannot spare the disk space to store the blockchain, you can enable pruning. In Bitcoin Core 0.12, pruning being enabled will leave the wallet enabled. Altogether this should require less than 900MB of hard disk space.
If you cannot spare the bandwidth to upload blocks to other nodes, there are number of options to reduce or eliminate the bandwidth requirement. These include limiting connections, bandwidth targetting and disabling listening. Bitcoin Core 0.12 has the new option -blocksonly, where the node will not download unconfirmed transaction and only download new blocks. This more than halves the bandwidth usage at the expense of not seeing unconfirmed transactions.
Synchronizing the blockchain for a new node has improved since 2012 too. Features like headers-first and libsecp256k1 have greatly improved the initial synchronization time.
It can be further improved by setting -dbcache=3000 which keeps more of the UTXO set in memory. It reduces the amount of time reading from disk and therefore speeds up synchronization. Tests showed that the entire blockchain can now be synchronized in less than 3 and a half hours (Note that you'll need Bitcoin Core 0.12 or later to get all these efficiency improvements) Another example with 2h 25m
How to run a full node as your wallet.
I think every moderate user of bitcoin would benefit by running a full node and using it as their wallet. There are several ways to do this.
So what are you waiting for? The benefits are many, the downsides are not that bad. The more people do this, the more robust and healthy the bitcoin ecosystem is.
Further reading:
submitted by belcher_ to Bitcoin [link] [comments]

To new and returning shibes, some thoughts on what makes Dogecoin different

I'm seeing renewed interest in cryptocurrencies as a result of Bitcoin's price rocketing up (and then back down again), and a few people have said they're either new to Dogecoin, or generally browsing through cryptocurrencies. I think it's a good time to go back through what makes us different.
Firstly, Dogecoin is not a get rich scheme for the devs, which is really important that you understand, because we don't, and are not going to, prioritise efforts based on what will push the price up. A lot of people jump into Dogecoin expecting we're going to push the price up and are disappointed, so consider that fair warning.
Secondly, there's no Dogecoin offices, no Dogecoin Ltd., no marketing department, etc. We're not a startup, we're an open source project. Infrastructure such as servers is paid for by individuals from personal accounts. This is common for many cryptocurrencies, but I still see a lot of questions such as "Do you have offices in London?" or "What are your plans for marketing?", and they're not questions that make sense for where we are.
There are three main developers; Max (langer_hans) is lead developer, with myself (Ross) and Patrick (patricklodder) assistant. We have a large number of others who contribute as well, and I'm not going to try listing everyone here, in no small part because I can't remember reddit usernames for half of them. The founders (Jackson and Billy) have mostly left the project - Jackson funds bits of the infrastructure still and is involved in other cryptocurrency projects, Billy I haven't heard from in months. It may be worth remembering here that Bitcoin's founder (Satoshi) is long gone, so we're hardly alone in losing founders.
I can't necessarily speak for the other devs, but personally my interest is in improving how we move value around (contrast with Bitcoin which is moving towards retaining value), and I believe the others are motivated similarly. Technical challenge keeps us interested, but we all have day jobs that actually pay the bills.
The plan at the moment, beyond getting everyone up to date with the security releases from earlier this week, is to focus on making it easier to get into cryptocurrency. I've spent months working on the architecture of bitcoinj, and we now have a lightweight wrapper library, libdohj, which adds Dogecoin support to bitcoinj (instead of requiring changing bitcoinj itself). If you want to get involved in cryptocurrency development, that's definitely where I'm recommending right now, as a lot easier to pick up than the C++ reference client. It will form the basis for Multidoge HD once Multibit HD catches up with those changes and we can put all the pieces together.
I'm also looking at smart contracts and hierarchical deterministic (HD) wallets. I'll do a post about smart contracts on Sunday (15th), and I'll talk about HD wallets when I've had time to work on them again!
submitted by rnicoll to dogecoin [link] [comments]

Anyone want to help me make a Multibit / Electrum-like wallet?

And by help I mean that I write down how it could work and then you write the code? :)
Yes, we all know the GUI is coming out. And yes, full nodes are better than electrum-style nodes yada yada yada. And I forget if I already wrote about this idea but whatever.
But we need options, right? And whose got all this time for blockchain synchronizing anyhoo. I need my money and I need it now!
In an oversimplified nutshell, electrum / multibit / SPV-style bitcoin wallets/clients work by connecting to remote nodes. The details differ, but in general they connect to a small group of nodes and check that the nodes all agree. This provides some type of trust to the client. And yeah, they do this headers thing, but the headers things is a small advantage compared to what we can do with the extant Monero client / daemon / network architecture.
We can do the same thing really easily with Monero. We just create a wallet (or a simplewallet wrapper) that connects to multiple nodes. Sure, the remote nodes need to be open to this, but we could fund a small fleet of Officially Unofficial Trusted Nodes, or just use the nodes in the monerworld node network, or a combination.
For anyone who has tried using a remote node, you may be thinking "well the problem is synchronizing. It takes forever" Yeah. It does. But you don't need to synchronize from scratch. I've never actually used multibit / electrum, but I started to dig into how it actually works and the damn things usually assume that a user is creating a new wallet. What does that mean for Monero? That we don't need to scan the entire chain. Hell, apparently if you do need to import keys into a bitcoin SPV style, you need to tell it a date to start scanning the chain... so it probably takes a while to sync.
So, perhaps simple?
  1. Simple simple GUI.
  2. The wallet connects to multiple nodes. How this is done is in the details. Perhaps multiple simplewallet instances? That'll be heavy CPU load. One thing that could be cool is if we split the burden of any synchronizing that is needed. I.e., simplewallet cnxn 1 dloads 1/10th of the chain, cnxn 2 downloads another tenth, and there's some overlap to check for validity etc etc. That could speed things up.
  3. Multiple broadcast - this is the cool part. The user could send the transaction to all of the connected nodes at once. This will get the transaction across the network faster.
Manic thoughts, too much coffee.
submitted by gingeropolous to Monero [link] [comments]

Secure paper wallet tutorial

This is my handout for paranoid people who want a way to store bitcoin safely. It requires a little work, but this is the method I use because it should be resistant to risks associated with:
  1. Bad random number generators
  2. Malicious or flawed software
  3. Hacked computers
If you want a method that is less secure but easier, skip to the bottom of this post.
The Secure Method
  1. Download (Try going to the website and pressing "ctrl+s")
  2. Put the file on a computer with an operating system that has not interacted with the internet much or at all. The computer should not be hooked up to the internet when you do this. You could put the bitaddress file on a USB stick, and then turn off your computer, unplug the internet, and boot it up using a boot-from-CD copy of linux (Ubuntu or Mint for example). This prevents any mal-ware you may have accumulated from running and capturing your keystrokes. I use an old android smart phone that I have done a factory reset on. It has no sim-card and does not have the password to my home wifi. Also the phone wifi is turned off. If you are using a fresh operating system, and do not have a connection to the internet, then your private key will probably not escape the computer.
  3. Roll a die 62 times and write down the sequence of numbers. This gives you 2160 possible outcomes, which is the maximum that Bitcoin supports.
  4. Run from your offline computer. Input the sequence of numbers from the die rolls into the "Brain Wallet" tab. By providing your own source of randomness, you do not have to worry that the random number generator used by your computer is too weak. I'm looking at you, NSA ಠ_ಠ
  5. Brain Wallet tab creates a private key and address.
  6. Write down the address and private key by hand or print them on a dumb printer. (Dumb printer means not the one at your office with the hard drive. Maybe not the 4 in 1 printer that scans and faxes and makes waffles.) If you hand copy them you may want to hand copy more than one format. (WIF and HEX). If you are crazy and are storing your life savings in Bitcoin, and you hand copy the private key, do a double-check by typing the private key back into the tool on the "Wallet Details" tab and confirm that it recreates the same public address.
  7. Load your paper wallet by sending your bitcoin to the public address. You can do this as many times as you like.
  8. You can view the current balance of your paper wallet by typing the public address into the search box at
  9. If you are using an old cell phone or tablet do a factory reset when you are finished so that the memory of the private keys is destroyed. If you are using a computer with a boot-from-CD copy of linux, I think you can just power down the computer and the private keys will be gone. (Maybe someone can confirm for me that the private keys would not be able to be cached by bitaddress?)
  10. To spend your paper wallet, you will need to either create an offline transaction, or import the private key into a hot wallet. Creating an offline transaction is dangerous if you don't know what you are doing. Importing to a client side wallet like Bitcoin-Qt, Electrum, MultiBit or Armory is a good idea. You can also import to an online wallet such as or Coinbase.
The only thing you need to do is to honestly convert the brainwallet passphrase into the corresponding private key and address. You can verify that it is doing this honestly by running several test passphrases through the copy of bitaddress that you plan on using, and several other brainwallet generators. For example, you could use the online version of bitaddress, and brainwallet and safepaperwallet and bitcoinpaperwallet. If you are fancy with the linux command line, you can also try "echo -n my_die_rolls | sha256sum". The linux operating system should reply with the same private key that bitaddress makes. This protects you from a malicious paper wallet generator.
Trusting your copy of
Bitaddress publishes the sha1 hash of the website at this location:
The message is signed by the creator, pointbiz. I found his PGP fingerprint here:
"527B 5C82 B1F6 B2DB 72A0 ECBF 8749 7B91 6397 4F5A"
With this fingerprint, you can authenticate the signed message, which gives you the hash of the current file. Then you can hash your copy of the file and authenticate the file.
I do not have a way to authenticate the fingerprint itself, sorry. According to the website I linked to, git has cryptographic traceability that would enable a person to do some research and authenticate the fingerprint. If you want to go that far, knock yourself out. I think that the techniques described in this document do not really rely on bitaddress being un-corrupt. Anyway, how do we know pointbiz is a good guy? ;-)
There are a lot of skilled eyes watching and the signed sha1 hash. To gain the most benefit from all of those eyes, it's probably worthwhile to check your copy by hashing it and comparing to the published hash.
"But we aren't supposed to use brainwallets"
You are not supposed to use brainwallets that have predictable passphrases. People think they are pretty clever about how they pick their passphrases, but a lot of bitcoins have been stolen because people tend to come up with similar ideas. If you let dice generate the passphrase, then it is totally random, and you just need to make sure to roll enough times.
How to avoid spending your life rolling dice
When I first started doing this, I rolled a die 62 times for each private key. This is not necessary. You can simply roll the die 62 times and keep the sequence of 62 numbers as a "seed". The first paper address you create would use "my die rolls-1" as the passphrase, the second would be "my die rolls-2" and so on. This is safe because SHA256 prevents any computable relationship between the resulting private key family.
Of course this has a certain bad security scenario -- if anyone obtains the seed they can reconstruct all of your paper wallets. So this is not for everyone! On the other hand, it also means that if you happen to lose one of your paper wallets, you could reconstruct it so long as you still had the seed.
One way to reduce this risk is to add an easy to remember password like this: "my die rolls-password-1".
If you prefer, you can use a technique called diceware to convert your die rolls to words that still contain the same quantity of entropy, but which could be easier to work with. I don't use diceware because it's another piece of software that I have to trust, and I'm just copy/pasting my high entropy seed, so I don't care about how ugly it is.
Why not input the dice as a Base 6 private key on the Wallet Details tab?
Two reasons. First of all, this option requires that you roll the die 99 times, but you do not get meaningful additional protection by rolling more than 62 times. Why roll more times if you don't have to? Second, I use the "high entropy seed" method to generate multiple private keys from the same die rolls. Using the Base 6 option would require rolling 99 times for every private key.
I'm a big nerd with exotic dice. How many times to roll?
Put this formula in Excel to get the number of times to roll: "=160*LOG(2,f)" where f = number of faces on the die. For example, you would roll a d16 40 times. By the way, somewhat unbelievably casino dice are more fair than ordinary dice
The "Change address" problem:
You should understand change addresses because some people have accidentally lost money by not understanding it.
Imagine your paper wallet is a 10 dollar bill. You use it to buy a candy bar. To do this you give the cashier the entire 10 dollar bill. They keep 1 dollar and give you 9 dollars back as change.
With Bitcoin, you have to explicitly say that you want 9 dollars back, and you have to provide an address where it should go to. If you just hand over the 10 dollar bill, and don't say you want 9 dollars back, then the miner who processes the transaction gives 1 dollar to the store and keeps the remainder themselves.
Wallet software like Bitcoin-Qt handles this automatically for you. They automatically make "change addresses" and they automatically construct transactions that make the change go to the change address.
There are three ways I know of that the change problem can bite you:
  1. You generate a raw transaction by hand, and screw up. If you are generating a transaction "by hand" with a raw transaction editor, you need to be extra careful that your outputs add up to the same number as your inputs. Otherwise, the very lucky miner who puts your transaction in a block will keep the difference.
  2. You import a paper wallet into a wallet software and spend part of it, and then think that the change is in the paper wallet. The change is not in the paper wallet. It is in a change address that the wallet software generated. That means that if you lose your wallet.dat file you will lose all the change. The paper wallet is empty.
  3. You import a paper wallet into a wallet software and spend part of it, and then think that the change is in the change address that the wallet software generated. If the transaction did not need to consume all of the "outputs" used to fund the paper wallet, then there could be some unspent outputs still located at the address of the paper wallet. If you destroyed the paper wallet, and destroyed the copy of the private key imported to the wallet software, then you could not access this money. (E.g. if you restored the software wallet from its seed, thinking all of the money was moved to the wallet-generated change addresses.)
For more on this, see here
The hot paper wallet problem
Your bitcoin in your paper wallet are secure, so long as the piece of paper is secure, until you go to spend it. When you spend it, you put the private key onto a computer that is connected to the internet. At this point you must regard your paper wallet address as hot because the computer you used may have been compromised. It now provides much less protection against theft of your coins. If you need the level of protection that a cold paper wallet provides, you need to create a new one and send your coins to it.
Destroying your paper wallet address
Do not destroy the only copy of a private key without verifying that there is no money at that address. Your client may have sent change to your paper wallet address without you realizing it. Your client may have not consumed all of the unspent outputs available at the paper wallet address. You can go to and type the public address into the search window to see the current balance. I don't bother destroying my used/empty paper wallet addresses. I just file them away.
Encrypting your private key
BIP 0038 describes a standardized way to encrypt your paper wallet private key. A normal paper wallet is vulnerable because if anyone sees the private key they can take the coins. The BIP38 protocol is even resistant to brute force attacks because it uses a memory intensive encryption algorithm called scrypt. If you want to encrypt your wallets using BIP38, I recommend that you use bitcoinpaperwallet because they will let you type in your own private key and will encrypt it for you. As with bitaddress, for high security you should only use a local copy of this website on a computer that will never get connected to the internet.
Splitting your private key
Another option for protecting the private key is to convert it into multiple fragments that must be brought together. This method allows you to store pieces of your key with separate people in separate locations. It can be set up so that you can reconstitute the private key when you have any 2 out of the 3 fragments. This technique is called Shamir's Secret Sharing. I have not tried this technique, but you may find it valuable. You could try using this website which will help you split up a key. As before, you should do this on an offline computer. Keep in mind if you use this service that you are trusting it to work properly. It would be good to find other independently created tools that could be used to validate the operation of passguardian. Personally, I would be nervous destroying the only copy of a private key and relying entirely on the fragments generated by the website.
Looks like Bitaddress has an implementation of Shamir's Secret Sharing now under the "Split Wallet" tab. However it would appear that you cannot provide your own key for this, so you would have to trust bitaddress.
Durable Media
Pay attention to the media you use to record your paper wallet. Some kinds of ink fade, some kinds of paper disintegrate. Moisture and heat are your enemies.
In addition to keeping copies of my paper wallet addresses I did the following:
  1. Order a set of numeric metal stamps. ($10)
  2. Buy a square galvanized steel outlet cover from the hardware store ($1)
  3. Buy a sledgehammer from the hardware store
  4. Write the die rolls on the steel plate using a sharpie
  5. Use the hammer to stamp the metal. Do all the 1's, then all the 2's etc. Please use eye protection, as metal stamp may emit sparks or fly unexpectedly across the garage. :-)
  6. Use nail polish remover to erase the sharpie
If you trust electrum you might try running it on an offline computer, and having it generate a series of private keys from a seed. I don't have experience with this software, but it sounds like there are some slick possibilities there that could save you time if you are working with a lot of addresses.
Message to the downvoters
I would appreciate it if you would comment, so that I can learn from your opinion. Thanks!
The Easy Method
This method is probably suitable for small quantities of bitcoin. I would not trust it for life-altering sums of money.
  1. Download the website to your hard drive.
  2. Close your browser
  3. Disconnect from the internet
  4. Open the website from your hard drive.
  5. Print a paper wallet on your printer
  6. Close your browser
submitted by moral_agent to BitcoinWallet [link] [comments]

Found some old bitcoin - how to proceed?

Hi all,
I've found my old bitcoin in a Multibit Classic wallet - i'm really struggling to understand some of the terminology used by people and was hoping for a laymans explanation of how to backup my wallet or transfer it to a still supported program?
Sorry for my limited knowledge but i'm really struggling here!
submitted by vexx to BitcoinBeginners [link] [comments]

OHCC Exchange Partnership and the fractional exchanges that support it. Your exchange may be counterfeiting cryptocurrency!

OHCC Exchange Partnership
OHCC is the behind-the-scenes trading that goes on between the big three chinese exchanges - OKCoin, Huobi, and BTC China. Many of the players in this partnership deal with long/short loan trading and freely join their reserves via a trust agreement. The owners of these exchanges were unsatisfied with the meager income they earn from transaction fees, so they came up with a solution. During this current Chinese National holiday til the 8th of october, all banks are closed, this would be the perfect time to unleash the plan to the market..
They noticed that everytime favorable news came out, huge market moves would happen, so, the exchange owners would create counterfeit fiat on each exchange in order to foster optimism about the future market for the buyers on the exchange. Whenever the markets were to go bad, they would to do the opposite. In order to amplify downwards movement on the exchanges, “war bots” were created that push the markets down in an aggressive manner, causing margin calls and generating profit for their trading partners.
Employing traders with large fractional reserves, OHCC uses these fictitious funds in order to garner more real money deposits via leading recharge code sellers. In order to prevent the loss of the counterfeited currency, collusion between exchange owners must be done at the same moment. BTCChina decided that due to losses of funds in the past caused by bad encryption and bugs in the system, they needed to partner together and now think that the best hope to regain funds is to bring the price down to zero, in order to buy as much coin as possible and refill said reserves. Their counterparties in other exchanges agreed that they will aso use the same means, in order to collude and gain profits on their own reserve accounts. It is made to look that everyone is competing on the surface, but in private there is a mutual understanding within the industry that those who remain silent will receive the benefits of silence.
Yesterday's Litecoin crash, combined between all the exchanges had turnovers as high as 20 million coins moved, way more than the sum of all the transactions made within the past week and the day before the transaction currency trading market volume closed at 35 million LTC, while the total LTC in circulation is only 31 million! This means that regardless of how much money you have to buy the dips, many will be put into the bottomless black hole.
Public reserve is intended to ensure that the exchanges cannot fake these funds and ensure that that each is at 100 percent reserve, which is to have a completely open Bitcoin wallet address for both the cold and hot wallet, to ensure that they do not create counterfeited currency.
Not open exchange reserves
Yes, the above story is happening around us. Many players excessive dependence on trading platform, the coins stored in the platform, and trading platform does not fulfill its obligations disclosed reserves. Caused a trading platform for profit making counterfeit money to manipulate the market and malicious trick users into real money.
So, how should users involved in this market protect themselves?
1) Do not store in Bitcoin and other platforms! If you're long-term bullish market, then Bitcoin, and Litecoin should be stored in their wallet. Some platforms will be committed borrowing interest, do not because of the platform for the petty and the coins and other bits on the platform, and finally you get the benefits far outweigh the losses!
You just put the coins and other bits emerged, the trading platform will mention now facing pressure. Such power can be reduced more or less of them false.
2) Use legal weapons to protect themselves, and urge the public to prepare gold trading platform. If you feel your rights have been infringed, the user should actively protect their legitimate rights and interests with legal weapons. False trading trading platform is an offense, the player must zero tolerance.
3) Vote with their feet, leaving no open exchange reserves, to publicly exchange reserves to deal. Now open reserve all transactions:
796 Futures has a open reserve for both hot and cold wallet as well as all member wallets
No public exchange reserves should be open as soon as possible to prepare gold proved reserves include the number of hosted prove cold wallet address and user renminbi. You must ensure that the trader is not real money in exchange for false then the exchange of digital databases.
The method proved reserves See: proof-of-solvency
Ending OHCC Exchange
The largest Bitcoin exchange MTGOX previously collapsed with bankruptcy and no funds for partners seem to be recoverable. With their collapse the crazy behavior of the Willy bot still vivid in our memories. So what will be the final outcome of OHCC exchange? Will OHCC Exchange will become the second MTGOX? To be honest, the editors do not know the fate of the players involved, as it is in their own hands.
submitted by trixisowned to BitcoinMarkets [link] [comments]

Getting Started

Hello! Welcome to our awesome /Dogecoin community!
Here you can find very useful information about Dogecoin, Cryptocurrency and more!
Let's start from the beginning.
What is cryptocurrency?
Probably you know Bitcoin, Litecoin, and Dogecoin they are cryptocurrencies. Cryptocurrency is a blockchain-based digital asset that uses cryptography to secure its transactions.
How to start?
Here is a list of things:
Why? You need to store your dogecoins somewhere.
Types of wallets:
Paper wallet
*Instruction: *
Step 0. Follow the security checklist recommend
The first! The first step is to download this website from Github and open the index.html file directly from your computer. It's just too easy to sneak some evil code in the 6000+ lines of javascript to leak your private key, and you don't want to see your fund stolen. Code version makes make it much easier to cross-check what actuallrunruns. For extra security, unplug your Internet access while generating your wallet.
Step 1. Generate new address
Choose your currency and click on the "Generate new address" button.
Step 2. Print the Paper Wallet
Click the Paper Wallet tab and print the high-quality quality setting. Never save the page as a PDF file to print it later since a file is more likely to be hacked than a piece of paper.
Step 3. Fold the Paper Wallet
Fold your new Paper wallet following the lines. You can insert one side inside the other to lock the wallet.
Step 4. Share your public address
Use your public address to receive money from other crypto-currency users. You can share your public address as much as you want.
Step 5. Keep your private key secret
The private key is literally the keys to your coins, if someone was to obtain it, they could withdraw the funds currently in the wallet, and any funds that might be deposited in that wallet.
Light Wallet
WowDoge is a lightweight Doge Coin Wallet designed to end the frustrating waiting time downloading gigabytes blockchain! It was created with the intent and success of being exceedingly end-user friendly with a smooth interface. It's uncomplicated and easy to use, allowing fellow shibes to focus on what's important: TO THE MOON! New features will be added upon request! WowDoge is the free and open source! (MIT license)
Download: Windows
MultiDoge is a desktop Dogecoin client, powered by dogecoin. Ported from the MultiBit Bitcoin client. MultiDoge is a thin client Dogecoin wallet. It's a port of the MultiBit client for Bitcoin. The app is based on Dogecoin, which in turn is a port of BitCoinJ. You can find DogecoinJ at google. Langerhans posted all the needed changes for Dogecoin compatibility over. This program uses a special branch of it, which can be found at MultiDoge website.
Core Wallet Official Dogecoin Wallet
Cloud Wallet
Let me don't comment this
What do you need?
Ideally – cheap electricity and a bunch of graphics cards.
However, you can start mining Dogecoins even using a single PC. You can also mine without using a graphics card, although the progress will be slower. Mining for coins shouldn’t affect the performance of your computer on the default settings since it will only use computing or graphics power when the system is idle.
Mining for coins on a laptop is usually not worth it since it’s not powered on 24/7, the CPU/GPU power is lower, and there is a greater chance of stressing out the chips on the laptop since they’re usually packed into a tighter space, and consequently at more risk of overheating. But if you just want to mine a little bit to get a few coins to play around with, it can do the job.
How to start? Download CUDA miner and fill info inside the window.
MORE SOON! Leave a comment with questions and ideas
You know ;) DU8qXjqCQ4fkNXg2Pxw4KXYMMMXNQxpybE
submitted by mrcyjanek_ to dogecoin [link] [comments]

MultiDoge 0.1.1 released - Much bugfix. Wow.

Yep, we just pushed version 0.1.1 of MultiDoge with some much needed bugfixes, but also small new functions! If you open the program now, it should notify you about the new version :)
Download Right here: Source:
How to update Check here: TL;DR:
  1. Backup your wallet by exporting keys or copying the data directory.
  2. Install new version.
  3. Check if all is okay.
  4. Uninstall old version.
Can't I just overwrite the old one? No, it's a matter of security. In the unlikely case something breaks with the new version you can easily go back to the old version.
Something else? We have a subreddit now for suggestions and stuff: /multidoge
submitted by langer_hans to dogecoin [link] [comments]

Help me please , i didn t know that multibit is out of service..What can i do ?

Hi guys, need your help , just buy a little amount of bitcoin since a long time , i receive the bitcoin and choose to transfer to my multibit wallt frome localbitcoins. But i just learn that multibit is down… What can i do to recup my bitcoin s ? is the bitcoin can send to multibit wallet even if the Multibit is down ? If multibit is down , why the connexion to bitcoin network in mutlibit is ok ? Please help me , why there is no message of error when we open multibit if this wallet is down ? … Thanks have a good day
submitted by BenoitCav to u/BenoitCav [link] [comments]

I have a wallet from around several years ago and I want to withdraw it

I haven't kept up with bitcoins in years so pardon the questions. The wallet is Multibit which seems to have been abandoned by the dev team. I have the wallet.dat file so I guess it would be better to open it up with an up to date wallet? I've tried downloading wallet and bitpay, but both seems to be 64 bit so they're not usable on my 32 bit pc. Can anyone suggest a compatible wallet? Also, I suppose quadrigacx is the exchange to go to for withdrawals? I was reading around some threads from a month or so ago and it seems like it had issues with withdrawing? Is it good now? I only have 0.3 btc so it won't be a big amount.
submitted by btccanquestions to BitcoinCA [link] [comments]

MultiBit Classic Wallet shows zero !! but have $400 worth of BTC ;( pls help

I have the MultiBit Classic wallet and had about $400 worth of bitcoins in it, however about 15 days ago I opened it and it says zero. Also all the transaction history that I had about 60 transactions on is now gone. So I thought it was just a lag so I opened the wallet everyday, however still nothing. This is strange because if you put my address into blockchain, the money is there.
Please someone guide me on what I can do. I need to use the bitcoin but can't. Does anyone know how private keys work? What wallet can I import them to? Would the money then show up in that wallet?
submitted by privatebravo to Bitcoin [link] [comments]

Did your Ledger Wallet stop working?

When I plug my Ledger Nano in and enter my 4 digit code, I'm typically in my wallet in less then 10 seconds. Yesterday I plugged it in and it tried to open my wallet for over 30 minutes, then said "Synchronizing with blockchain..." for over 2 HOURS!!!!!
During this time, I knew something was wrong and I started writing emails and Tech-Tickets to Ledger.
I know if my Ledger Nano malfunctions for some reason, I can always buy a new one and use the Backup Words to restore my wallets. I can even use the Backup Words to restore to a Mycelium wallet or Multibit HD wallet. But the way my Ledger Nano was acting, I thought the maybe it got hacked and my BTC's where gone. (Or course I thought the worst.)
I did receive an email a few hours later from Eric Larchevêque, CEO of Ledger. He said....
We are currently experiencing scaling issues with our backend API (the system used for the Ledger Wallet Chrome app to access the blockchain). Our engineers are currently working 24/7 on the problem and we are hoping for a quick resolution.
Your bitcoins are not at risk and your private keys are staying fully safe.
We are perfectly aware of the difficulties these issues may be causing you, and you can be sure that all our team is on deck even on a Sunday morning.
I thank you for your patience and stay available for any further question you may have.
submitted by Miner62 to Bitcoin [link] [comments]

Silkroad For Dummies Part One

*DISCLAIMER: Windows 7 is my operating system. Unexpected problems may occur if you use another OS, however it may also work perfectly. I simply do not know.
Before doing anything i would recommend making a folder to keep all of these downloaded programs in so you do not lose anything. I would also recommend either grabbing a pen and pencil to write all of your passwords down, OR creating a notepad file that you put all of your passwords in and then putting that notepad file safely on a flashdrive. If you choose to use a flashdrive be sure to only use that flashdrive for keeping your passwords safe and NOTHING else. For example i would NOT put work related or college related projects on this flash drive. I would use it solely for Silkroad or other darknet browsing.
Alright the first step i would say you need to take is downloading MultiBit. It is a bitcoin wallet that allows you to store your bitcoin. Multibit is NOT directly connected to your real identity. After you've downloaded this wallet you need to add a password to your wallet. Since multibit is NOT connected to your real identity i would recommend using a completely random password with more than 15 characters using caps and noncaps letters, numbers and symbols. I would then recommend writing that password down and keeping it somewhere safe. Do not lose this password.
The next step is to make an account on coinbase. Coin base is probably the safest way to obtain bitcoin. It takes a while but it is the easiest and most secure way to purchase bitcoin. You connect your bank account to this website and then buy bitcoin which will be transferred to your account within 4-7 days. Your coinbase account IS directly connected to your identity so i would recommend using your real email, and a NEW password. It is very important that this password is DIFFERENT from your multibit password because if it is the same password someone may be able to connect your bank account with the multibit wallet. You don't want that. After you've created an account on coinbase fill out as many verifications as possible. The more, the better.
*Also, it's worth noting that if you wish to make a purchase instantly, for a slightly higher price, you can. After you've reached "Level 1" on the coinbase verification page you can instantly buy up to 100$ worth of bitcoin each day with vista credit card. If you wish to buy over 100$ worth of bitcoin instantly you can, but you must fill out more of the coinbase verification page. To reach "Level 2" on coinbase and buy up to 1000$ worth of bitcoin instantly you must wait 30 days after your first purchase and verify your identity.
The next step is to download Block Chain. Block chain is an app on the chrome browser that allows you to make your newly purchased bitcoin completely anonymous. This website is NOT connected to your real identity. I would recommend creating another NEW password that is DIFFERENT from your other two.
The next step is to download Tor. Tor allows you to connect to clearnet websites such as silkroad. The silkroad web address is currently silkroad6ownowfk.onion. If this address changes it will be updated to the sidebar on the /silkroad subreddit. Open Tor and select the "S" loacted next to the address bar. Turn scripts off. This is important.
After downloading Tor you need to download PGP (also known as GPG4win). The default installation settings include GPA unchecked. Users need to ensure that GPA is checked and installed. You need to make a "New Key". To do this open the folder you downloaded PGP in, then click on the "GPA" application. It will open up a gui that will contain all of the keys you import from now on. You need to create a New key so click on the "Keys" listing at the top of the gui (next to the file and edit listings) and select "New key...". It will ask for your name. It is important that you make up a FAKE name that is NOT connected to your real identity. Click "Forward". It will now ask for your E-mail. It is important that your make up a FAKE email that is NOT connected to your real identity. Click "Forward" again. It will ask you to create a backup copy of your key. I highly recommend doing this. It will now ask you for a password. I would recommend creating another NEW and SECURE password that is DIFFERENT from your other three. After you have created a passphrase it will ask you to backup your key to somewhere. I recommend backing it up to your PGP folder and later putting it on a flashdrive that you keep safe with your other written down passwords. After you've chosen a folder to place your backup file in you need to go to that folder and open your "secret-key" file with notepad. To do this rightclick it and select "Open with..." then browse for notepad. After you've opened your "secret key" file you will see two keys. One will be a public key that you can give to anyone and the next will be a private key that you probably will never need; however you should NEVER disclose your private key to ANYONE.
The next step is using Tor to go to the silkroad website which is currently silkroad6ownowfk.onion . Once there create an account with a NEW username, password, and PIN that is NOT connected in anyway to your real identity. Once you've created an account on this website you need to make sure the silk road vendors know your public key. Copy and paste your PUBLIC key (located in your "secret key" file) to the "settings" section on Silk Road. This section is located under your silkroad username in the top right corner. Once there copy and paste your PUBLIC key here: "your public PGP key (will show error if invalid)". After you've pasted your PUBLIC key select "Update user". After you've done this you've done almost everything you need to do to make a purchase on the silk road.
Part 2 is located here
submitted by asdfasfssdf to SilkRoad [link] [comments]

How to Trade Bitcoin Part 1: Getting Ready to Trade

The first part of our bitcoin trading guide series explains the basics of bitcoin and trading terminology. Instructions are also provided for buying bitcoin and getting ready to trade on We originally produced the first part of this guide for our own traders to get started with our platform. However, after some really good feedback we thought we should share it publicly too. So please bear with us if it is quite orientated to our own platform. Future parts will be much more applicable to trading in general.
Here is what we have planned for the series:
1) Getting ready to trade (this post)
2) Making your first trade
3) Basics of technical analysis
4) Advanced TA
5) Developing a sustainable strategy
Please let us know if there are any topics you would like specifically covered and whether or not articles are the best format for learning.
Why should you listen to what we have to say?
Our CEO turned $100 into $200k by trading bitcoin, our COO previosuly worked at senior management level at Deutsche Bank and UBS, and one of our advisers has a Wall Street background as a Portfolio Manager and is a Chartered Market Technician.
This article begins with an overview of bitcoin, how to buy bitcoin and how to manage risk. The remainder of the article focuses on understanding trading terminology and creating a bitcoin trading account on
What is bitcoin?
Bitcoin is a digital currency that uses encryption, rules of mathematics and a decentralized network to control the creation of more bitcoins and verify transactions. Bitcoin was designed to operate as ‘digital gold’ — it resembles a commodity but can be used as a currency. Bitcoin can be traded for fiat currency, like dollars or pounds, creating opportunities to profit from trading price fluctuations.
Why is bitcoin so volatile?
Compared to the price of gold, the price of bitcoin has exhibited much larger price swings. Typically the price of gold will change by just a few percent each week, but bitcoin’s price often changes by 10% or more — even in a ‘flat’ market.
Volatility is generally considered a good thing by bitcoin traders because it creates opportunities to buy lower and sell higher than flat markets.
The primary reason why bitcoin is volatile is because it has a small market cap and low trading volume. Market cap is the number of units (bitcoin here) in circulation multiplied by the value (bitcoin price here).
For example, bitcoin has a market cap of about $3 billion vs $31 billion for the a gold ETF (GLD is the most popular American gold investment vehicle). Additionally, the daily average trading volume for bitcoin is about $12 million vs approximately $939 million for the gold ETF.
The result of this small market cap and low trading volume is that less trading less money is required to make a large difference in supply and demand.
For instance, if a trader wants to buy $3 million worth of bitcoin this represents 33% of the daily trading volume and would push the price up approximately 14%, at the time of writing. However, buying $3 million worth of the gold ETF is just 0.3% of the daily trading volume and is nothing compared to the hundreds of millions of trades that influence gold’s price.
Further information
The information we have provided about bitcoin is only the bare essentials a trader needs to know. If you are completely new to bitcoin, also consider exploring these external resources:
We Use Coins
Bitcoin Wiki
2. How to Manage Risk
Risk of buying bitcoin
As discussed above, bitcoin is an extremely volatile asset. Besides increasing in value, bitcoin’s price can also dramatically fall. When buying bitcoin, never invest more than you can afford to lose.
You cannot lose more than you put in, so don’t put in more than you can afford to lose and you’ll be all right, even in the most negative case. - Rpietila, Bitcoin and commodity investor
Risk of trading bitcoin
Furthermore, investing more than one can afford to lose reduces a trader’s ability to make good decisions. In particular, there is a risk of ‘panic selling’ when the market declines slightly. Instead of holding throughout a market dip, someone who is over-invested may panic and sell-off their holdings for a low price — attempting to cut their losses. This tends to lead to losing more money when the market recovers and the trader buys back at a higher price.
Simply, the best way to manage your risk is to not invest more than you can afford to lose. At, losses cannot exceed your deposit — so simply make sure this is a comfortable amount for you to trade with.
3. Understand Basic Bitcoin Trading Terminology
Trading is the act of buying, selling or exchanging one asset for another. Exchanging Bitcoin for US dollars, for instance, is trading.
A position is similar a trade, which can either be long (buying bitcoin) or short (selling bitcoin). Like a trade you profit from a long/buy position when the price rises; and you profit from a short/sell position when the price falls.
Unlike a trade, a position has an open and close. At you begin by depositing bitcoin. Then you may acquire more bitcoin or US dollars by opening a position. When the position is closed you are left with just more or less bitcoin than the value deposited — this depends on how profitable your position was.
Trading platform
A trading platform, like, is a place where traders go to enter positions. Unlike an exchange, it is uncommon for to use platforms for exchanging one asset for another. Typically trading platforms also include more advanced features, such as leverage.
Leverage is borrowing assets for the purposes of increasing potential trading returns. This is also known as margin trading.
Trading with 10x leverage on, allows you to deposit 1 bitcoin and trade with 10 bitcoins. When you are done trading (closing a position) you return the 10 bitcoin and keep any profits made.
For example, let’s say your trading has been going well and you are consistently making a 10% return each week. Trading with 1 bitcoin, your profit is 0.1 bitcoin. However, with 10 bitcoins your profit is 1 bitcoin — this is the power of leverage when used correctly.
Although leverage does also increase trading risk exposure, your losses can never exceed your deposit at Furthermore, your risk of an exchange failure is reduced because you are trading with 9 bitcoins that belong to and only 1 bitcoin of your own.
Unlike trading platforms, investors use exchanges to swap an asset for another. For example, Bitstamp allows investors to trade their local currency for Bitcoin, or vice versa. Exchanges are the main determinants of bitcoin’s price because they contain an order book.
At an exchange you can either be a market maker or a market taker.
Market maker
A market maker sets the price they wish to buy or sell at and waits for a market taker who agrees to that price.
Market taker
A market taker finds a market maker that is offering a desirable price and quantity then immediately trades with them.
Order book
An order book is a list investors wanting to buy and sell an asset at specified quantities and prices. These are the market makers. Below is an annotated explanation of a bitcoin exchange order book. Picture the order book as a very hectic auction and the concept should be easier to understand.
Sell orders: “Asks”
This part of the order book lists the prices and quantities investors wish to sell bitcoin at. Here the cheapest seller is offering 2.3467 bitcoin at a price of $244.58. As these investors are asking for a price to sell at, these are called asks.
Buy orders: “Bids”
This part of the order book lists the prices and quantities investors wish to buy bitcoin at. Here the most expensive buyer is willing to purchase 0.5 bitcoin at a price of $244.43. As these investors are bidding for a price to buy at, these are called bids.
Current bitcoin price
This is the last price at which bitcoin was exchanged for US dollars. Given that buyers will fulfill the cheapest ask, and sellers will fulfill the most expensive bid, the price will always fall between the the cheapest ask and most expensive bid.
In this example, the price is $244.39 — the same as the most expensive bid. This means that the last bitcoin trade was a market taker selling to a market maker. This is also a demonstration of a seller always wanting to sell to the highest bidder.
Order book depth
This depth graph visualizes the amount of asks and bids at various prices. The more bitcoins that are available at a price, the ‘deeper’ the graph is. Naturally, as sellers do not want to ask for cheap prices and buyers do not want to buy for expensive prices, the graph is normally shallow in the middle.
If the chart is one-sided, it suggests that the market may be feeling bullish or bearish. In the above example, a lot of investors want to sell at $245 which would make it difficult for the price to rise beyond that. Conversely, the shallow graph on the bid side shows not many people want to buy bitcoin at these prices. This is typical of a bearish market.
Order book execution
An important feature of is that the positions our users open/close make buys and sells on exchange order books. In practice, when our users click buy, US dollars is used to buy bitcoin from the order book bids. Conversely, when our users click sell, bitcoin is sold for US dollars from the order book asks.
Why is this important?
Firstly, when you trade on you do so with leverage. This means you can have a larger impact in the market and move the price in your favour. In the above example using just 1.3 bitcoin at 10x leverage would create buy 13 bitcoin from the asks. This helps drives the price up because now the cheapest ask is $244.61. If the market sees this as a bullish sign then others may follow, sparking a price rally.
Secondly, order book execution means that does not trade against our users. Trading platforms that do not offer this execution are acting as market makers and stand to profit from their traders losing money. At we want our traders to be profitable so they can keep trading.
*4. How to Buy Bitcoin * As a bitcoin-only trading platform, only accepts bitcoin deposits. This allows you to begin trading in minutes and without verifying your identity.
If you do not yet own any bitcoin there are a number of places that bitcoin can be bought from, including:
Click here to see other ways to buy bitcoin in each region of the world.
To store your bitcoin you will also need a wallet, such as MultiBit or
5. Create an Account on
Once you have bitcoin, you are ready to start trading. Head over to to begin the registration process.
1. Click ‘Sign Up’
2. Enter your details and read and agree with the terms of service
3. Click on the email activation code
4. Login to your account
5. Visit trade screen
6. Send a deposit to
You are now one step away from being ready to trade bitcoin. All that is required is to send a deposit by following these instructions:
1. Click on ‘Deposit’ in the trading screen
2. Send bitcoin to your wallet address
If you do not know how to send bitcoin please contact your wallet provider for assistance.
Conclusion** ** You should now be in a position where you understand the basics of bitcoin, trading terminology and have an account on to begin trading.
In part 2 we will be covering fundamental analysis, the basics of technical analysis and how to make your first trade. Like us on Facebook or follow us on Twitter for future updates.
If you have not yet signed up for an account on click here. The registration process takes just two minutes and does not require any identity verification documents
submitted by BTC_sx to BitcoinMarkets [link] [comments]

Let's Decentralise the World and Make World Crypto Network a Distributed Autonomous Organisation

Decentralise the World

EDIT 2014-08-01 See also pierebel0 Seed the Chain
Please read this carefully and be forthcoming with your views. It’s important to the future of World Crypto Network.
As many of you may know pierebel0 (Nick) and I have been working on an idea and since then we have been putting together diagrams and a plan.
Basically we want to get open source software to regions of the world that have poor internet connectivity and are in need of most financial innovation. This would be like an airdrop of items including:
Nick's initial idea was to produce a list of villages and towns ranked by bandwidth and we would then give each place a Bitcoin donation address.
We could use a map of the world using the open source CoinMap. A page on the World Crypto Net website called Join the Revolution. Members of the audience, hosts of the show and any willing participants in the global campaign can sign up and put themselves on the map.
We could then setup a Bitcoin Wallet in Armory and assign a Bitcoin address for every viable village and town in the world.
Our audience will be invited to vote on which town or village they wanted as to do an Open Source Airdrop on by sending bitcoins to that address. Each donation would be like a vote. We would set targets on each location based on the most cost effective way of delivering it and then let the market decide what order we should go in. We would probably want to weight it to regions that had the most potential to benefit from the project.

World Crypto Network as a DAO (Distributed Autonomous Organisation)

Now the next question that came up is how to handle the funds responsibly?
Up until now people have just trusted Thom and I and sent us money. But if we are going to practice what we preach in this brave new community then what better opportunity to try out a DAO. Recently I reinstalled Bitcoin Armory to try out the new Multisig and multipart paper backup features and I suggest the following process for discussion:
  1. Live Town Hall meeting on Youtube with plenty of advance warning with members of our audience who have followed us up until now to discuss the election process of 7 people who will be custodians of Bitcoin Armory Wallet.
Key decisions will be things like: * How the election should take place? * Using the block chain as a clock on which Bitcoin Block should it commence? e.g. the election takes place at block height #312,020
Once elected each person is given a number at random.
  1. A custodian of the funds is selected at random using the first number in the Bitcoin nonce at block #312,017 between 1 and 7. This way none of the elected 7 will know if they are going to be in charge. This should filter out any power hungry psychopaths as mostly they want control right now and not leave it to chance. We want any would be dictator to self-deselect themselves from this process.
  2. That custodian then produces an Armory wallet consisting of a 5 of 7 paper backup. Each elected member is given one each and the custodian keeps the master copy. In order for the wallet to be restored and funds to be spendable you would need 5 people out of the seven to collude or join together in protest against the custodian.
Everyone, the audience and elected 7 included are encouraged to publish their raw public keys (in hex, not the normal address) so that we can create ad hoc multi-sig wallets with one another on a project by project basis.
I would also like to include the ability for the audience to become hosts and participants and even allow them to seize the funds by co-operating with members of the elected 7. This would mean dividing up 1 of the 7 root keys in to smaller junks like with a multiple encrypted zip file or something.

Thoughts and things to consider:

What I particularly like about splitting up the keys is that we could even engineer it to make sure that no more than 2 members of staff are elected per country. That way no single authority could shut down the World Crypto Network.
It’s also important to note that the elected staff and random custodian are just admin staff. Everyone’s a leader at WCN and the role of the people at the top is to give the people at the bottom everything they need to get their job done. All the custodian is doing it making sure the web hosting is paid for and that the donations get sent to the right people.
Individuals within the organisation are still responsible for their own projects and fundraising. None of the elected 7 can stop you from soliciting money for your hard work. But they might come in handy if you want to set up a project for a 3rd party like Let’s get Nepal on a Meshnet and you would like to setup a 2 of 3 multisig wallet of which one of them could be the custodian. This would lend you credibility when you market your project and make people more likely to donate.
We could also not bother with the initial election and just self appoint the first 7 people and just rotate the duties every 15,000 blocks.
Also Thornbreaker (Jamie Nelson) mentioned that we should come up with a manifesto. I think this is a good idea and we could do it on Github or a Wiki.
Thank-you for your time, I look forward to your reading thoughts.
submitted by MrChrisJ to worldcryptonetwork [link] [comments]

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