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.
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
- Ease of use
- Documentation & Support
- Learning Curve
- Overall look and feel
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?
45,000 Bitcoin Mining Rigs Confiscated by Iranian Authorities Amid Blackout Controversy
Iranian authorities have confiscated 45,000 bitcoin mining rigs that used subsidized electricity to mine the cryptocurrency. This is yet another considerable seizure in the Middle East country, which has experienced frequent blackouts that the government blamed on BTC mining.
45,000 BTC Mining Machines Confiscated In Iran
Local media outlets reported that the police had seized about 45,000 rigs that consumed 95 megawatts per hour (MWh) of electricity at lower prices.
Head of the country’s state-run electricity company, Mohammad Hassan Motavalizadeh, said that the perpetrators also modified street lighting systems in Tehran and other cities.
“The total reduced consumption corresponds to the (electricity) usage for a city with a population of over half a million.” – he added.
The report outlined that the country has faced numerous similar situations in the past several months. Earlier this January, the Energy Ministry halted the supply of electricity to a giant farm in the southeastern region after a video circulating social media channels showed tens of thousands of BTC mining rigs situated under the same roof.
It’s worth noting that Iran became one of the first countries to legalize cryptocurrency mining in 2019. However, all miners had until August 2020 to register with the authorities, otherwise risk operating outside the country legislation. This is why Iran has initiated a nation-wide crackdown on various farms that failed to register within the timeframe.
Mining Blamed For Blackouts
The Middle Eastern country has experienced several issues lately that the government blamed on bitcoin. Apart from the aforementioned frequent blackouts, some of the nation’s largest cities have seen intense air pollution in recent weeks.
However, a popular crypto analyst Ziya Sadr told the Washington Post that bitcoin mining takes a low percentage of the overall electricity capacity and shouldn’t receive the blame.
“The miners have nothing to do with the blackouts. It is a known fact that the mismanagement and the very terrible situation of the electricity grid in Iran and the outdated equipment of power plants in Iran can’t support the grid.”
Separately, the absence of natural gas due to intense consumption to heat private homes has driven plants to use lower quality fuels that have polluted several cities.
Australian crypto exchange operator accuses banks of discrimination.
Allan Flynn, a Bitcoin trader in Australia, has filed a complaint against two commercial banks ANZ and Westpac, accusing both of systematic discrimination. According to the Australian Financial Review report, Flynn is seeking compensation to the tune of 250,000 Australian dollars (about $192,000). According to Flynn, he has been the victim of discriminatory practices, with banks allegedly continuing to shut down his accounts. Flynn lamented that no fewer than 20 banks closed accounts operated by his exchange in the last three years.
The crypto exchange service is registered with AUSTRAC.
The reported account closures come despite Flynn’s crypto exchange service being registered with the Australian Transaction Reports and Analysis Centre, or AUSTRAC. Flynn’s platform reportedly services over 450 customers. Earlier last year, the crypto exchange operator lodged a complaint with the Australian Financial Complaints Authority. However, AFCA ruled that Westpac — one of the banks involved in the matter — acted per its laid down terms and conditions. At the time, Westpac offered Flynn 250 Australian dollars as restitution for the sudden account closure, which the complainant says he is yet to receive.
Banks denying services to crypto exchanges is not restricted to Australia.
Crypto exchanges accusing banks of discriminatory practices are not restricted to Australia alone. Earlier last year, India’s Supreme Court reversed the central bank’s ban against banks servicing crypto businesses. However, reports still emerged of “crypto-phobic” behavior among Indian banks even after the Supreme Court’s decision to overturn RBI’s blanket ban on cryptocurrencies. A similar situation also exists across Latin America, where commercial banks continue to intensify account closures targeted at crypto exchanges. In Brazil, two major platforms were also forced to shut down their operations following stringent tax compliance policies.
Pantera Capital’s Big Bitcoin Price Prediction Playing Out Exactly As Forecast, Says Dan Morehead
Pantera Capital founder and CEO Dan Morehead is doubling down on his bullish 2021 Bitcoin prediction, asserting that the leading crypto asset is still right on track to hit $115,000 by August 2021.
In Pantera’s latest Blockchain Letter, Morehead says that Bitcoin’s price movements, although delayed by a week, are playing out exactly as forecast based on the stock-to-flow projection published last year.
“Bitcoin is exactly on track with the forecast we made in our April letter. Our analysis was based on comparing the reduction in the supply/flow of bitcoin relative to the outstanding stock – at the time of each halving – and the subsequent impact on price.”
According to the projections set by Pantera, Bitcoin’s price lagged by as much as 15 weeks in July 2020. In December, Bitcoin began to catch up with Pantera’s projections and by mid-January, the leading cryptocurrency hit the ninth milestone in Pantera’s forecast after climbing to $38,000.
For the next date, February 15th, 2021, Pantera predicts Bitcoin will trade at $45,268.
Pantera makes its projections based on the Bitcoin halving cycle. Historically, Morehead says Bitcoin prices have surged after each halving, which happens every four years.
After the first halving in 2012, Bitcoin’s supply dwindled by a little over 15% in a span of 446 days as block rewards were halved from 50 to 25 BTC. Subsequently, Bitcoin witnessed a rally of 9,212%.
Following the 2016 halving, Bitcoin rallied by 2,910%.
If Bitcoin follows Pantera’s predicted trajectory, Morehead expects BTC to hit its peak in August 2021 with a price of $115,212, rising over 1,091% after the May 2020 halving.
“I’m not saying I’d bet our life savings that’s definitely going to happen, but I think it’s possible, and we’re right on pace to do that.”
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