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Bitcoin Safety: A Guide on How to keep your wallet and Private Keys secure

Apart from blockchain, the highly cryptic and underlying technology of cryptocurrencies, there are other instruments incorporated to keep the tokens secure. Functions like the private keys, lengthy bitcoin addresses, and digital signatures go a long way to ensure crypto transactions and storage is safe.From that point in case, it is crucial to familiarize yourself with these security features because as much as they are vital for your crypto’s safety, they are also a gateway that scammers deem vulnerable in an attempt to steal your digital assets. These security features include:i. A private keyThis is a 64-character long code that includes any blend of the letters A-F and the numbers 1–9. This code is what users require to access the bitcoins in their accounts, and should thus be kept as a secret to keep the assets secure.ii. A public keyAlmost similar to the private key, this is a distinct identifier for your account on the blockchain that also functions as your bitcoin address during transactions. Both private and public keys work together to allow you to transact with other users. They are generated by a complex mathematical algorithm outside the blockchain network and stored in a file called a wallet.iii. Digital SignaturesThese are unique fingerprints which can only be generated with a valid private key. Each transaction requires a unique digital signature.In Layman’s: The public key can be looked at as similar to a bank account number with the private key functioning as the secret PIN that provides access to the account. In other words, the private key is used to prove ownership of an address and sign transactions to send bitcoin to another address. Addresses/public keys are usually on the blockchain, which makes them visible to other users on the network.When sending payments to another user on the blockchain network, the recipient’s public key is used as a digital fingerprint representing his/her bitcoin address, similarly to how you would denote a beneficiary’s name on a bank check.How are keys generated?Private keys are generated by a complex mathematical algorithm outside the blockchain network. The public key and address are then generated from the private key automatically during each transaction. Both keys are stored inside a wallet file and managed by the wallet software.A cryptocurrency wallet is a secure digital file that is used to store, send, and receive bitcoin or other altcoins such as Litecoin and Ethereum. The wallet has a sophisticated software program that stores your cryptocurrency safely away from hackers until you are ready to send it to a different address. The wallet software also mathematically processes a transaction together with the right private key each time you send bitcoin.All transactions are done on the blockchain, which is a ground-breaking technology that allows a circulated, incorruptible digital record to exist and verify that the bitcoin address truly has the amount being sent.The public key and address generated will be different with each transaction, but the private key never changes. Therefore, people will use a private key to authorize the blockchain network to transfer balances out of an address linked with that private key to another address which is in turn linked and controlled by a different private key.Keeping your Bitcoin wallet secureThe primary security feature for Bitcoin transactions is the 254-bit private key discussed above that allows you to make irreversible transactions when sending bitcoins to a different address. Additionally, the private key creates a unique mathematical signature each time you transact, ensuring it cannot be copied, and the user will be able to use the same private key over and over again.Once a user sets up a new Bitcoin wallet, the crypto program in it randomly generates a unique private key. The user must then write down and store the private key in a safe place as it is the only entry to the wallet, and whoever has it has access to all the digital assets.Securing your private keySome crypto enthusiasts prefer to memories the private key by tactics such as using long strings or sentences that are not too complicated to remember. While this could be considered safer than having the key on an online paper wallet that can be hacked, there is the real danger of the user forgetting the key, passing away or either becoming mentally incapacitated, which would mean the virtual currencies linked to that address will be lost forever.This was the case recently in February 2019, when the unexpected death of the owner of Canada’s largest cryptocurrency exchange left £145 million of cryptocurrency locked in a digital wallet to which he was the only sole holder of the password.With offline storage for major cryptocurrencies seemingly problematic, the use of cryptostorage has come to the rescue of many users. The service provides online backup storage of a wallet’s private key data in a secure server which generates the key in the browser whenever required without the possibility of the data being accessed by any third parties. Users on Cryptostorage can save keys to a secure file or print a paper wallet directly. Additionally, users get the option to encrypt keys with a passphrase.The real danger for many crypto users is clever tricks aimed at getting them to voluntarily import their private keys to a third party. For instance, there was a scam ran by a team of hackers in 2017 dubbed “Bitcoin Pay” that enticed users to share their private key with the project developers in order to claim new tokens.The lesson from such scams is clear — when using your own crypto wallet, never share this key with anyone. You should also keep backups of all your wallets.Using Seed Phrases to protect your private keySeeds are a series of characters that the wallet uses to generate private keys for your addresses. The software program managing your wallet will typically generate a unique seed phrase in the initial stage of setting up your crypto account. You will then need to write this seed phrase down and keep it safe.In the unfortunate event that your smartphone, laptop, computer hard drive, or other data storage device crashes or gets stolen, you can download the wallet software and use the seed to regenerate your private keys. This safety feature is absolutely important in storing bitcoins and is typically a built-in on most renowned wallets such as Bitcoin Cash Wallet.Bitcoin Safety: A Guide on How to keep your wallet and Private Keys secure was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.
Hackernoon

Public and private keys

As well as fiat, cryptocurrency needs the possibility to securely store. That’s what we need these keys for. In this article, we will tell you what private and public keys are and how they are used. What is a private key? A private key is a number that is encoded in different formats, depending on which wallet you are using. In each format, the private key looks like a set of randomly generated numbers and symbols. All of these formats represent the same private key, even if they look different. Any format is easy to convert to another. The private key is an important thing for controlling the cryptocurrency wallet. Only with a private key that matches your public key (address) can you unlock your funds or transfer funds to another user. Public and private keys are inseparable, their relationship is based on mathematical functions. They are combined into a complex irreversible algorithm. What is a public key? Public key — a unique address used in the blockchain. Each member of the network can see it. It is a combination of letters and numbers generated from a private key that identifies the sender or recipient of the funds. Usually, when you open a wallet, a public key is generated, which begins with a certain number. But there is an improved version of the public key with multi-signature, it starts with a triple, and in order to get to the coins, you must provide more than one private key. Why is there no doubt about the security of the private key? Owners of cryptocurrencies often offer to increase the length of the keys to protect themselves from hacker attacks from supercomputers that have not yet invented, or to eliminate the luck factor. Not everyone understands that even the greatest luck will not help. The key is randomly generated from numbers and letters. A possible number of a private key is 10⁷⁷. To sort out all the possible private keys, you need to spend all the energy that the sun produces for 32 years, or make all the computers on the planet work for billions of years. Even if you sit around all your life creating keys with addresses, you’ll never find an address you’re already using. You can lose money only if your private key gets into the hands of criminals. The most common ways to steal private keys are through storage media and communication channels. But it is impossible to find a loophole in the tool itself. In practice As a rule, users do not notice the process of generating, using and storing private keys. But the private key can be seen. One of the easiest and safest ways to do this is to create a paper wallet. You generate and print on paper your keys — private and public — and hide them in a safe place. The keys are printed as QR codes, which when scanned open access to all your transactions. This is safe because you, the user, are in full control of your wallet. The only thing you need to do — is to ensure the safety of a sheet of paper.
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First Non-Custodial Wallet without Private Keys Rolled out by Israeli Startup Zengo

An Israeli startup Zengo is working on releasing the first ever non-custodial wallet with no private keys. This is meant to give users total control of the wallet without a third party and with the security level of one with private keys and custodians. Co-founder of the Zengo Ouriel Ohayon said the company is trying […]
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The Beginner’s Guide to Monero

Monero is an anonymous digital currency that enables untraceable and unlinkable transactions by obfuscating a public ledger. It combines ring signatures, stealth addresses, Kovri and RingCT in a way that hides senders, recipients, their IP addresses and transacted amounts

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XRP Spikes 10% on Ripple MoneyGram Partnership News

Big partnership announcements have been thin on the ground for many of the major crypto companies recently. That changed for Ripple a few hours ago when the firm announced a strategic partnership with one of the world’s largest money transfer companies, MoneyGram. XRP Climbs 15% in a Week Compared to bitcoin and litecoin, XRP has been asleep for the past two months. Even Ethereum has outperformed it in terms of percentage gains. That all changed a few hours ago when XRP awoke from its range bound channel at $0.42 and surged almost 10% to hit an intraday high just over $0.46. A minor pullback followed in the hours after the announcement but XRP is still one of the day’s top performers. XRP price 1 hour candles – Tradingview.com XRP 00 has climbed almost 15% over the past week as it was trading just under $0.40 this time last Tuesday. Daily volume has just topped $2 billion as XRP market capitalization approaches $20 billion. The gap to ETH in second place is still $10 billion in terms of market cap, however. It has been one of the best weeks for XRP in terms of gains as the Ripple token has only made 27% since the beginning of the year. Big Partnership Driving FOMO The San Francisco based firm announced the partnership on its company blog late last night. It stated that the initial partnership will last two years during which Ripple will become the key partner for MoneyGram’s cross border payments and foreign exchange settlements. A substantial capital commitment of $50 million has also been pledged by the blockchain company enabling MoneyGram to draw it over a two year period in exchange for equity. Ripple’s xRapid system will be deployed for the partnership. It facilitates on-demand liquidity enabling instant transactions by reducing reliance on pre-funding. The XRP token will be used as the ‘real-time bridge’ between different currencies. Ripple CEO, Brad Garlinghouse, stated; This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency. This is a huge milestone in helping to transform cross-border payments and I look forward to a long-term, very strategic partnership between our companies. MoneyGram has a $600 billion global remittance market supporting multiple currencies in more than 200 countries. Traditional forex markets requiring advance purchases are currently used for international transfers. The partnership and leverage of Ripple’s native token are expected to reduce costs and increase transfer speeds for the firm. Alex Holmes, MoneyGram Chairman and CEO, added; Through Ripple’s xRapid product, we will have the ability to instantly settle funds from US dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management. Will XRP hit $0.50 this week? Add your comments below. Images via Shutterstock, Tradingview.com The post XRP Spikes 10% on Ripple MoneyGram Partnership News appeared first on Bitcoinist.com.
Bitcoinist

XRP Gains 5% as Ripple Forms Strategic Partnership with MoneyGram; Last Resorts for Both Firms?

Ripple bought a share issue from MoneyGram worth $30 million at $4.10 per share to acquire 8-10% of the company. MoneyGram would also have an option of infusing another $20 million over the next two years. A strategic partnership will now ensue where Ripple will become the critical service provider for cross-border payment and foreign exchange settlement using digital assets. The digital asset they will be leveraging is Ripple, using Ripple’s xRapid Product. This partnership is a massive step towards the vision with which Ripple began, and investors put money is XRP. Also Read: Ripple Fathers’ Day Gift Propels It Past $0.4400 as Bulls Return Until now, MoneyGram has had to use banking services to provide settlements for payments they initiate. Due to the difference in time of settling payments, MoneyGram has to take loans to increase the required liquidity. However, by deploying xRapid, they will now be able to leverage XRP’s liquidity to provide cheaper and faster settlements. MoneyGram Chairman and CEO, Alex Holmes noted, “Through Ripple’s xRapid product, we will have the ability to instantly settle funds from US dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.” MoneyGram reported a net loss of $24 million in 2018 compared to a net loss of $29.8 million for the fourth quarter of 2017. The money transmitting service provider has been working towards developing, and 2019 will be part of the roadmap. Hence, the success of this strategic partnership is crucial for MoneyGram. Also Read: Bitcoin Vs Facebook Coin: Should Bitcoin Hodlers Care About Facebook Coin? Currently, MoneyGram works independently by leveraging money from banks. Ripple CEO Brad Garlinghouse told the media,  “This will eliminate the need to deploy foreign bank accounts. That’s why MoneyGram has negative working capital. It will help customers and also smooth out their treasury operations,” XRP/USD 4-Hour Chart on Bitstamp (TradingView) Moreover, while XRP recorded gains around 5%, it rose from $0.43 to a reach high at $0.46. Notably, a partnership like this back in 2016 or 2017 would have likely propelled the price by 30%. This can be attributed to an apparent decrease in the use case for MoneyGram itself. Digital payment is quickly becoming more accessible than ever with major firms working on implementing or integrating digital currencies on their respective platforms. Facebook is the most prominent example of it. Do you think MoneyGram and Ripple will be able to increase their volume and user base in the current environment? Please share your views with us.  The post XRP Gains 5% as Ripple Forms Strategic Partnership with MoneyGram; Last Resorts for Both Firms? appeared first on Coingape.
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Ripple Partners MoneyGram to Enhance Cross-border Payments with XRP

Ripple has secured another major partnership with international money transfer company MoneyGram. This will allow the company to use Ripple’s native token XRP to provide liquidity for international payments to MoneyGram customers. This is in a bid to enhance the speed and efficiency of the payment system that MoneyGram operates. In an interview with Fortune on the partnership, Ripple CEO Brad Garlinghouse said: “This will eliminate the need to deploy foreign bank accounts. That’s why MoneyGram has negative working capital. It will help customers and also smooth out their treasury operations.” The partnership also gives Ripple an 8% to 10% stake in MoneyGram by paying $4.10 per share. This, however, does not give Ripple a voice in the dealings of MoneyGram for now as part of the agreement. MoneyGram, on the other hand, will have the opportunity of reviving its financial standing from Ripple’s investment which it direly needs after its share price crashed significantly.  It will also increase the efficiency of the payment platform, the management said. “We are very pleased with the terms of the Ripple investment which supports the Company with permanent capital and additional liquidity,” Larry Angelilli, chief financial officer of MoneyGram, said in a statement. “This partnership also provides MoneyGram with the opportunity to improve operating efficiencies and increase earnings and free cash flow,” Larry Angelilli, the chief financial officer of MoneyGram said. Ripple is the leader in remittance services as far as the blockchain industry is concerned. Its xRapid is second to none in terms of transaction efficiency and speed. With the new partnership, XRP which will be used for liquidity will be exposed to MoneyGram’s customers in over 200 countries globally. MoneyGram is the second largest provider of money transfer services in the world and while partnering with Ripple will ensure better service delivery to its customers, it is also a huge breakthrough for Ripple which has been looking to expand its reach further into the world. With hundreds of clients using Ripple’s payment platform, the company has grown significantly thus improving the international remittance settlement market by improving customer experience in conventional financial institutions. The post Ripple Partners MoneyGram to Enhance Cross-border Payments with XRP appeared first on ZyCrypto.
ZyCrypto

Ripple (XRP) enters key partnership with MoneyGram; invests $30 million

Ripple (XRP) enters key partnership with MoneyGram; invests $30 million - CryptoNinjas MoneyGram, a global money transfer company, announced today it has entered into a strategic agreement with Ripple (XRP), the provider of enterprise blockchain solutions for cross-border payments. The deal will enable MoneyGram to utilize Ripple’s xRapid product, leveraging ripples (XRP) in foreign exchange settlement as part of MoneyGram’s global payment process With an initial term […] Ripple (XRP) enters key partnership with MoneyGram; invests $30 million - CryptoNinjas
CryptoNinjas

Ripple Announces Game-Changing Partnership With MoneyGram

By CCN Markets: Ripple announced a partnership with money transfer giant MoneyGram today. Two Year Exclusive Agreement, Ripple and MoneyGram According to Ripple Labs, a two-year partnership has been struck with MoneyGram which makes Ripple its exclusive digital assets partner. The purview of Ripple’s use case here might be more limited than expected. It depends on how many of the transactions are sent and received using Ripple’s technology and how much they’re worth. Whatever the case, the partnership doesn’t, for example, mean that you’ll be able to buy and sell XRP at any MoneyGram location. Something along those lines would The post Ripple Announces Game-Changing Partnership With MoneyGram appeared first on CCN Markets
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