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Bitcoin Armory Wallet Review

May 2018 update – While Bitcoin Armory development ceased by the original developers company, one of the original development team has taken it upon himself to continue supporting the wallet, although it’s still a little buggy and mainly organised via bitcointalk. You can get the latest version at https://btcarmory.com/ although please note it requires a full blockchain on bitcoin core, so expect several days of a download and installation to get it up and running. Only recommended for dedicated bitcoin fans who want to run a full node. Alternatively, look at our Bitcoin Trezor review for something a bit more

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May 2018 update – While Bitcoin Armory development ceased by the original developers company, one of the original development team has taken it upon himself to continue supporting the wallet, although it’s still a little buggy and mainly organised via bitcointalk. You can get the latest version at https://btcarmory.com/ although please note it requires a full blockchain on bitcoin core, so expect several days of a download and installation to get it up and running. Only recommended for dedicated bitcoin fans who want to run a full node. Alternatively, look at our Bitcoin Trezor review for something a bit more user friendly.

Bitcoin Armory software. I’m running on Windows 8.1, but they have versions for Ubuntu, Linux and Mac as well. They don’t offer a mobile wallet at this time, but I’ll talk about how I use it in conjunction with one further into the piece. From an Irish point of view, they did a presentation at the Bitcoin Finance conference in the RDS in 2014.

The Bitcoin Armory software is available from http://bitcoinarmory.com and is a few megabytes. You need to have the latest official bitcoin client installed, and it sits on top of it. Now one thing that needs to be noted right at the start, is that Bitcoin Armory will build a mirror of the Bitcoin blockchain, so it’s well over 40gb at this stage you’ll need that extra space, and then some, on your hard drive. After installing the software, it downloads a torrent of the blockchain, and then synchronises with the network. This can take several hours, so it’s best to do this in an evening running overnight, and then when you come back to it, you can use the software properly. Also, each time you’ve had the computer off for a few days, it can take a little bit of time to catch up before you can use it.

Screenshots of Step-by Step creation of paper backups in Bitcoin Armory

So Bitcoin Armory offers a bitcoin user pretty much everything they need. You can set up a Bitcoin wallet in the software, and then generate your encryption. You can print these off to make a paper/offline backup, as I’ve had personal experience where I had to reinstall my OS, and instead of me losing my bitcoins, I simply loaded my backup, and then was back up to speed within no time. With this wallet set up, it lets you set up as few or many addresses as you fancy. This means you can have different categories, especially if you want to separate your “personal” bitcoin holdings from your “work” holdings. You can also password protect the sending of bitcoin, giving you a good strong secure way to own and control your bitcoin.

I use the software personally in the way where for each person I’m dealing with, I click “receive bitcoin” and generate a new address, and tag this for a particular person, company or mining pool I’m sending or receiving bitcoin to. This lets me really easily keep track of what’s going where as the tagging lets you filter transactions relatively easily. Also, if you need these logs for financial accounting, it’ll gives you an audit trail if you need it later on.

Now even though it doesn’t have a mobile wallet, because it incorporates QR codes, you can use your mobile wallet for “pocket money”. Before you go out, send what you want onto your mobile wallet, knowing that the rest is safe from inadvertent expenditure ;p

So in summary, I’ve found Bitcoin Armory to be a great desktop wallet, whether you’re a hobbyist or someone looking for a solution to help them account for a bitcoin accepting business. Highly recommended, and free!

Bitcoin Armory Review
  • Security
  • Ease of use
  • Speed
  • Documentation & Support
  • Learning Curve
  • Overall look and feel

Summary

Bitcoin Armory is slow to get started with, but once you do, you have one of the most comprehensive and secure desktop bitcoin wallets around. Full control over sending and receiving bitcoin, really strong security, and paper backups to help you avoid having a complete loss in the event of hard drive failure. Simply reinstall on a new machine, load your backup, get it up to synch and carry on. And all completely free. What more can you ask for?

User Review

3.6 (10 votes)

Source: https://bitcoinsinireland.com/bitcoin-armory-wallet-review/

Blockchain

‘Bitcoin maxis’ like Solana, but is there sound logic to that

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Recent changes in cryptocurrency market dynamics have fueled the popularity of altcoins like Solana [SOL]. It recently became one of the most trending blockchain platforms around on the back of its surging price.

The cryptocurrency, in fact, had a 1-year ROI of over 4,200%, despite dropping by 34% since its peak in early September. Despite the latest hiccup in value, however, market observers believe the project has managed “winning over a significant number of Bitcoin Maxis or near-maxis.”

Ikigai Funds’ Travis Kling offered this observation on Twitter when he said,

“After talking to a bunch of folks over the last couple months, it’s pretty clear that SOL is successfully winning over a significant number of BTC Maxis or near-maxis, which have previously owned zero ETH or very little ETH.”

While the crypto-space is competitive, the tech-twist to the age-old saying – “competition of your competition is your ally” also holds true. Solana is not competing with Bitcoin. Instead, it is competing with Ethereum’s position in decentralized finance, NFTs, and smart contract offerings. Given the fact that transacting on Ethereum is still a pain for some users, Solana’s cheap and fast transactions provide a better alternative to many.

Solana’s DeFi projects recently crossed $3 billion, despite Ethereum hosting the maximum number of DeFi and NFT projects. While Bitcoin “maxis” are also opting-in for smart contracts, they prefer SOL over ETH, according to Kling.

Why? According to the exec,

“I think maxis look at ETH vs SOL and think –

Well as long as its not going to be all that decentralized, might as well have a smart contract platform that can actually handle enough throughput with cheap enough fees where it can really scale, instead getting choked up like ETH.”

However, not everyone agrees with Kling’s opinions. Many believe the decentralization narrative to be wrongly used by Kling, with another Twitter user @mikemcg0 noting that Ethereum is “more decentralized than BTC.” Anyone can run an Ethereum validator,” he said, “but only a select few oligopolies can mine BTC.”

Even so, Bitcoin mining has spread out even more after the recent China crackdown. Although the process is extensive in terms of effort, time, and money, according to another user, “anyone can” mine BTC “if they have the entrepreneurial mindset.”

Now, the latest outage faced by Solana did raise questions about the level of centralization. However, that has not really discouraged those who want to indulge in DeFi, NFTs, and smart contracts. As Solana forges new contracts with Hacken Foundation and Gate.io, others institutions like Osprey Funds and Grayscale are in a race to include Solana in their respective bouquet of products.

In fact, Osprey Funds has already registered Osprey Solana Trust with the SEC.

‘Ethereum killer’ or not, Solana is en route to gaining more interest from the booming crypto-market. Even turning so-called BTC maxis in the process.

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Source: https://ambcrypto.com/bitcoin-maxis-like-solana-but-is-there-sound-logic-to-that

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Blockchain

Europe Now World’s Biggest Crypto Economy: Boasts Over $1T Worth of Transactions

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Central, Northern, and Western Europe (CNWE) has grown into the world’s largest cryptocurrency economy since July 2020. The region experienced a massive increase in trading activity since then– particularly in the DeFi space.

The European DeFi Boom

Data from Chainalysis shows that CNWE received over $1 trillion in cryptocurrency over the last year alone. This represents 25% of global trading activity. Furthermore, it is responsible for at least 25% of all crypto value received by other regions, including 34% of the value received in North America.

This makes the EU the most concentrated in the world in terms of cryptocurrency trading volume. This is partially due to increases in all forms of trading activity over the past year, coming mostly from institutional investors.

Large institutional transaction value grew from $1.4B in July 2020 to $46.3B in June 2021, coming to take up half of all CNWE trading activity. The most pronounced increases were seen on DeFi protocols, where over 80% of these large institutional transactions were sent in June.

The impact of DeFi is further established when ranking coins in terms of transaction activity in the region. Despite being the largest cryptocurrency by market cap, Bitcoin heavily trails Ethereum in transaction volume among large institutional investors. Additionally, DeFi protocols took up a majority share of funds received by cryptocurrency services in CNWE in June 2021.


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The Decline in Eastern Asia

CNWE has seen significant absolute increases in its crypto trading volume. However, its new place as the world’s largest trading hub is partly due to a sharp decline in market share held by Eastern Asia– the previous world leader.

In early 2019 the region held over 30% of global transaction volume. This figure has since fallen sharply to about 15% – less than CNWE, North America, and even Central and Southern Asia.

This may be related to China’s continued push to prevent and discourage crypto trading within its borders. China re-announced their ban on crypto trading in the country days ago, and have been moving to prevent all access to exchanges within the country.

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Source: https://cryptopotato.com/europe-now-worlds-biggest-crypto-economy-boasts-over-1t-worth-of-transactions/

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Blockchain

Here’s why a multi-CBDC bridge is being tested on Ethereum

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The race to launch the first CBDC is one the world is following intently. While most have their eyes fixed on China’s digital yuan pilot, a group of countries has come together to take CBDCs a step further.

Phase 3 of Project Inthanon-LionRock saw BIS Innovation Hub Hong Kong Centre, the Digital Currency Institute of the People’s Bank of China, and the Central Bank of the United Arab Emirates experiment with a multi-CBDC bridge or an mBridge.

What does this mean?

The mBridge initiative would ideally allow central banks in different countries to issue and redeem their own CBDCs across borders on a common platform – without having to depend on correspondent banks.

Meanwhile, commercial banks would be able to “submit peer-to-peer CBDC push payments.”

The BIS September 2021 report stated,

“If successful, an efficient, low cost, compliant and scalable multi-currency, multi-jurisdiction arrangement can provide a network of direct central bank collaboration, greatly increasing the potential for international trade flows and cross-border business at large.”

The report further clarified,

“The prototype demonstrates a substantial improvement in cross-border transfer speed from multiple days to seconds, as well as the potential to reduce several of the core cost components of correspondent banking.”

Here, it is also interesting to note that the project’s Phase 2 prototype was built on Ethereum. This was because the core layer of the prototype contained the blockchain ledger and smart contracts.

Notes on features

As a multiple CBDC project, regulation and compliance were functional requirements. Central banks would be able to monitor transactions in real-time, set balance limits, control the balance held by their commercial banks, and use data for surveillance.

Scalability was also part of the design to later onboard more participants and jurisdictions.

However, one complication was the wide difference in remittance charges across countries. While the global average was calculated to be 6.38% of the remitted sum, the report observed that even a percentage as low as 1% would be costly for payments in the millions of dollars.

An update from China

Alongside the mBridge project, China has also been steamrolling ahead with its CBDC program.

Changchun Mu, Director-General of the DCI of the People’s Bank of China. confirmed that e-CNY pilots have been taking place in 10 areas.

Mu added,

“Payment methods such as QR code and tap-and- go have been well-supported and innovative services such as dual-offline payment and wearable device payment have been tested for safety and efficiency.”

Meanwhile, Howard Lee, Deputy Chief Executive of the Hong Kong Monetary Authority, suggested that an e-HKD could also be in the works.

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Source: https://ambcrypto.com/heres-why-a-multi-cbdc-bridge-is-being-tested-on-ethereum

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