Connect with us

Blockchain

Securing Crypto Private Keys with Billfodl

For anyone who’s acquired crypto in any meaningful quantities, you’ll likely have gone through a similar process to that which many others did. Firstly, looking to get free bitcoin and coming across the wonder that is a faucet, then likely asking around for a recommendation for a crypto exchange, and shelling out some of your hard earned fiat on buying some crypto. Alternatively you got yourself a miner and mined some crypto. While some people don’t mind leaving their crypto on an exchange, it isn’t recommended for any long-term storage given the number of hacks that have occured over the

Published

on

For anyone who’s acquired crypto in any meaningful quantities, you’ll likely have gone through a similar process to that which many others did. Firstly, looking to get free bitcoin and coming across the wonder that is a faucet, then likely asking around for a recommendation for a crypto exchange, and shelling out some of your hard earned fiat on buying some crypto. Alternatively you got yourself a miner and mined some crypto.

While some people don’t mind leaving their crypto on an exchange, it isn’t recommended for any long-term storage given the number of hacks that have occured over the years. The only true way to control (and therefore fully own) crypto is by having your own wallet and private keys. These vary in type, ranging from bitcoin core (or the equivalent for your crypto of choice0 and saving your wallet.dat file, to dedicated software like Bitcoin Armory for those of you who want to run a full node as well on your computer and have a couple of hundred gigabytes of available storage. Some people prefer a web based solution, and there are loads of these available, others prefer a mobile app, or if you’ve been in crypto a while and want to dive in, you’ll likely have invested the €50-€80 or so on one of the main crypto hardware wallets that are out there, with Trezor, KeepKey and Ledger being some of the main ones used, although there’s a wide variety of new models from different manufacturers coming to the market.

Whichever you decide on, one of the key things you’ll need to remember is that without the private key that corresponds to your public key (aka your address), you’ve no way to send your crypto. There are stories abound, such as this guy who tried to get a British dump to allow him to dig through tons of rubbish to find a laptop he had thrown out before, but whose hard drive held (at the time) $80 million in bitcoin. Ouch!

Now when you set up a device, such as a Trezor, or any other solution you choose, one of the first and most important things is to take a backup of your private key, or in the case of a device that manages multiple crypto’s, to save the recovery key. It’s never recommended to have this on your computer, such as an unencrypted text file as anyone who gets access to your computer physically, or remotely through a virus, can take this with the corresponding address and move your crypto out of your control to theirs.

These are often cumbersome, with long complicated alphanumeric patterns for you to save, or a list of 12-24 different random words you have to enter in a particular order. Most hardware wallets will provide a slip of paper that you can write down the phrases, which is good if you a) don’t let it get damaged, b) don’t lose it, and c) anyone who might need it after you’re not around any more can use it, such as your estate if you want to hold it as part of your will.

My favoured solution up until now was pretty old school, laminating it to protect it from basic damage and hopefully to keep it in the mid-term, but I recently had an outreach from the guys at Billfodl who must have seen some of the hardware wallet reviews I do and asked me if I’d have a look at their solution, the Billfodl Cold Storage Bitcoin Wallet & Backup Device.

I said yes, as I’m always interested in writing about funky tangible crypto things, and a couple of days later I received a package by courier containing a Billfodl, some holographic stickers, and two velcro fabric pouches. So ahead of setting it up, i re-familiarised myself with the seed phrase recovery on my trezor. The 24 word recovery phrase gives you lots of words as you type, but by the time you hit four characters, I generally had one choice (although there was an occasional three letter word), so that meant I had to use the first four characters in the Billfodl for each word and use a spacer for the three letter ones.

The Billfodl packaging itself weights about half a kilo, so it’s a weighty thing, and consists of a box which when opened, contains two heavy duty cardboard pieces taped together. When you open one side and flip it out, one side contains your Billfodl, which is a little bigger than a credit card but as thick as an iphone and made of stainless steel, and then another section with all of the letters contained within cubby holes with perforated edges on the left, right and bottom so they flip up. The packaging says these are also recyclable.

I slipped out the billfodl and opened it out, and then took a flat head screwdriver to rotate the locking screw and to open the safety catch. Once this was open, I could open out the locking mechanism and access the three rows on each side. Obviously I’m not going to use an actual seed phrase for this review, but I wanted to still have a challenge to see if I could run out of letters. So considering I was doing this on the day of the Ireland vs Wales rugby match in the Six Nations, I decided on Ireland’s Call, given it has lots of three and four letter words, as well as lot of repetition with some of the letters.

The letters are small, but it was easy enough to go through the box and pick out the letters. For the letters, they are grouped together two at a time, and one side has a capital, with the other having a lowercase. In the middle were a mix of numbers and symbols, with some of them having blank sides which I could use as a spacer. If one went in sideways, it was easy to slide the letters out and fix it, and slide it back in. I repeated the process for the words of the lyrics, and am happy to see that I still had quite a few tiles left over, especially the vowels e and o which were used way more than everything else.

Once you’re done with both sides, you just need to click the catch back in, rotate the locking screw and you’re away. In my case I also received two Faraday bags, one was clearly to hold the wallet and you could slip it in and then fold it over to hide the logo. The second is a general one which can be used to store car keys, phones etc. My wife helped me test this out, she used her Android phone on a debit card which picked up the tag, and then put the card in the bag and tried again, and it didn’t pick it up, so that seemed to work as described too.

So all in all, the Billfodl does exactly what it says on the tin, it secures your private seed in a way that’ll last years or decades to come, so should someone need to recover your wallet in the future, they can. Also just having a look through their twitter feed, you can see lots of people who’ve put them to the test in huge fires, driving things over them etc.

The Billfodl is available for $89 + shipping, the small Faraday bag is available for $15 + shipping, and the larger for $35 + shipping, so if you’re looking for a way to secure your private keys long term, we’re happy to recommend this product which is ideal for someone who wants to secure their own keys, or for someone else looking for an interesting crypto birthday/christmas present for the crypto lover in their life.

Note: The guys at Billfodl did provide the items reviewed in this article, however this had no impact on our review as we hope you can see 🙂

Our site is largely funded by affiliate links and advertising. If you click a link on our site we may receive renumeration. If you are using adblock, please whitelist us to support us, or if you’re a user of Tip us on Brave Browser Brave Browser, we’re a verified publisher, and welcome any tips!

Source: https://bitcoinsinireland.com/securing-crypto-private-keys-with-billfodl/

Blockchain

BTG Pactual becomes first bank in Brazil to participate directly in the crypto market

Published

on

Financial institutions have been increasingly keen on being part of the booming $2 trillion cryptocurrency market, with over 13 of the world’s largest banks pushing roughly $3 billion in funding so far, into cryptocurrency. The latest major news came from Brazil.

One of the leading Brazilian investment banks BTG Pactual has been trending within the crypto community. It launched a new platform enabling customers to make direct investments in cryptocurrencies. Ergo, making it the first major financial institution in Brazil to participate directly in the crypto market.

According to local news outlet, The Rio Times,

“…the launch of Mynt, a platform that allows BTG Pactual Digital and BTG+ clients to trade directly, cryptocurrencies such as bitcoin and ether.”

Andre Porthilo, BTG Pactual’s head of digital assets, stated,

“At this first moment, we will have the two main assets of the market, but we will include other cryptos for trading over time. We will have a complete platform with blockchain-based assets.”

One thing that remained in common with different banks incorporating these tokens is the fact that they have been responding to “demand from our customers who wish to trade crypto.” This news is no different.

Plans

BTG Pactual CEO, Roberto Sallouti laid out his plan of action with this development. He opined, “As a new asset class, we will also have content to educate and inform our customers about these assets and the technology.”

Needless to say, Brazil has witnessed an immense amount of crypto traction. That said, regulators too have taken steps to curb illicit activities. As asserted by the CEO, the said bank will be regulated by both the Brazilian Securities Commission and the local central bank. Moreover,

“With the support of BTG Pactual, Mynt has fundamental differentials in security and credibility…”

Past

The said bank had previously incorporated digital assets in previous operations as well. In 2019, it launched its real estate-backed security token ReitBZ. This step was executed post-examining digital assets for a couple of years. Just recently, the bank announced collaboration with Gemini, the U.S.-based crypto exchange. Gemini provided custody services to the first Bitcoin fund issued by a Brazilian investment bank.

Where to Invest?

Subscribe to our newsletter

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://ambcrypto.com/btgpactual-becomes-first-bank-in-brazil-to-participate-directly-in-the-crypto-market

Continue Reading

News

Basel Committee Crypto Rules Face Backlash

Published

on

By

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://cryptobriefing.com/basel-committee-crypto-rules-face-backlash/?utm_source=main_feed&utm_medium=rss

Continue Reading

Blockchain

Ethereum NFT Game Sorare Fantasy Soccer Raised $680 Million

Published

on

Ethereum NFT game Sorare fantasy soccer just raised $680 million and it is now valued at $4.3 billion while launching a US office so let’s read more today in our latest Ethereum news.

The Ethereum NFT game Sorare fantasy soccer raised $680 million and the french startup now plans to expand into other sports as well as to onboard women’s soccer teams and US office. Sorare is an Ethereum-based fantasy soccer game based on NFT trading cards and grew dramatically in 2021 with a rising base and huge trading volume not to mention the new licensed teams in the mix. Today, however, the startup is using the momentum with the announcement of a new funding round.

NFT Game Founder, scammer, eth, cryptopunks

The $680 million Series B round values the company at $4.3 billion after a $50 million Series A round which was announced back in February and the new series was led by Japanese tech and investment conglomerate SoftBank that has a number of crypto industry dealings through SBI holdings financial services division. Sorare is focused on soccer with players from more than 175 licensed clubs like FC Barcelona, Juventus FC, and Paris Saint Germain FC as some of the most popular. Nicolas Julia, the co-founder and CEO of Sorare said that this week the company plans to expand into other sports and it will open a US-based office in the upcoming months to help “continue to grow with fans and sports leagues.” He continued:

ADVERTISEMENT

“We have ambitious plans to keep growing Sorare into a sports entertainment giant. The new funding will be used to help us continue to grow a world-class team, expand to new leagues and new sports, and keep improving our experience for users, including shipping a mobile app.”

nba top shot

Dapper Labs’ NBA Top Shot is similar to Sorare, built around NFTs and based on professional athletes. An NFT acts like a deed of ownership to a scarce digital item so in the case of Sorare, it’s a digital trading card that can be purchased and resold with each available in limited quantity. One NFT card can even reach $290,000. Unlike Top Shot, however, Sorare has an ongoing game component and is similar to other fantasy sports in that you can choose your top players each week as well as the leagues with other users. Sorare also has close ties with Ubisoft as it took the accelerator program this year.

ADVERTISEMENT

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

PlatoAi. Web3 Reimagined. Data Inteligence Amplifed.
Click here for Free Trial.

Source: https://www.dcforecasts.com/ethereum-news/ethereum-nft-game-sorare-fantasy-soccer-raised-680-million/

Continue Reading
Blockchain5 days ago

Massive NFT and Token Giveaway from Polker as Staking is Announced!

Blockchain3 days ago

Over 40 days after Ethereum’s EIP-1559, here’s where it stands

News5 days ago

Gods Unchained and Guild of Guardians Layer 2 Solution Immutable Raises $60 Million

Blockchain4 days ago

Cardano Sees an Influx in Smart Contracts ! But There’s a Twist

Blockchain5 days ago

If Shiba Inu is a ‘shitcoin,’ why are exchanges still listing it

Uncategorized3 days ago

NBA 2K22 Limitless Spot-Up and Chef Badges Explained

Blockchain5 days ago

Ethereum, NEO, Dogecoin Price Analysis: 16 September

Uncategorized5 days ago

DeFi comes to Cardano (ADA) as EMURGO announces ‘Astarter’

Blockchain3 days ago

After Targeting BlockFi, State Regulators Now Set Their Eyes On Celsius

Uncategorized5 days ago

Laos Green-Lights Cryptocurrency Trials

Blockchain5 days ago

Bitdefender Releases Tool To Decrypt Files Affected by REvil/Sodinokibi Ransomware

Uncategorized3 days ago

Best Dribble Pull-Up in NBA 2K22: Which to Use

Uncategorized3 days ago

What is The Old Gym in NBA 2K22 Next Gen?

Blockchain5 days ago

Bitcoin Cash: A 40% hike may be incoming from this setup

Uncategorized3 days ago

NFTs Are the Building Blocks of the Metaverse — Here’s How It’s Being Built

Blockchain3 days ago

EY Taps Polygon Network to Improve Enterprise Clients’ Experience 

Uncategorized5 days ago

Tether Claims to Hold no Commercial Paper From Struggling Evergrande

Blockchain2 days ago

Flux Pools autoriza o pagamento de ativos paralelos em mais de 300K Flux!

Uncategorized3 days ago

Shiba Inu (SHIB) Rises to Range High

Blockchain3 days ago

Matic Price to hit $1.75 in the next leg up! Launch on Bitfinex to be the Catalyst?

Trending