Connect with us

Blockchain

Wasabi Wallet – Complete Overview and Installation Procedure.

CoinTikka – Adding Spice to your Wealth

For starters, Wasabi Wallet is a privacy-focused Bitcoin Digital wallet. It is a software-based wallet and you can use it to store, monitor, and manage your Bitcoins using this one. It is currently available for Windows, Linux, as well as the macOS and, is not available as a mobile wallet because of lesser security and […]

The post Wasabi Wallet – Complete Overview and Installation Procedure. appeared first on CoinTikka.

Republished by Plato

Published

on

For starters, Wasabi Wallet is a privacy-focused Bitcoin Digital wallet. It is a software-based wallet and you can use it to store, monitor, and manage your Bitcoins using this one.

It is currently available for Windows, Linux, as well as the macOS and, is not available as a mobile wallet because of lesser security and other technical reasons.

Let’s Dive in deeper and know about the features of the Wasabi Wallet:

Validation:

The Wasabi Wallet is using a unique and new type of validation that uses a central server anonymously facilitating communication over the Bitcoin Peer to Peer (P2P) Network and Tor.

Wasabi wallet only supports bitcoins and can facilitate trading. A feature that we at CoinTikka personally like is that it has a Private key which basically means that the user is the one who has the access and can keep it – It is personal.

Privacy Focused:

Privacy can be considered as more of a relative factor based on Bitcoin. However, we know that BTC can use a bigger and better level of anonymity.

In fact, if you have been following bitcoin closely you could be well aware that the Bitcoin Core Protocol has not really changed over the last few years. But that does not mean the tools used have not.

While it is not bad to admit people complaining of their losing privacy, a lot of replaceable tools have been released which are open source too.

Wasabi Wallet is the by-product of various such open source developers who have made the Wasabi desktop Bitcoin Wallet.

Technical Specifications and Overview:

Wasabi Wallet is available for the 3 major platforms – Linux, Windows, and macOS.

The Wasabi wallet, however, is not available as a mobile wallet because the team felt that it is not yet secure enough (as privacy is one of their core focus).

Not only this, but they have also admitted that it might not be available as a Mobile wallet anytime soon too. 

Wasabi uses a central server anonymously and is based on Bech32 only.

The only problem it could practically face is from sources that might not have yet implemented Bech32 while receiving funds from an exchange.

Which is something you would not be doing when funds are sent from a centralized server exchange, right?

Usage:

In spite of having so many advanced and privacy-focused features, using Wasabi is as easy as using any other desktop client. The user interface is clean and simple and you can get hold of it really soon.

The prompts are also very snappy and smooth. The installation process is fairly easy and if you have installed any other bitcoin wallet, for example, Electrum, you won’t have any problems.

wasabi wallet backup

You will be needing your 12-word seed after creating your bech32 address. For this you will have 2 choices:

  • Create a New Wallet
  • Import an Existing Wallet

So, you could say that Wasabi is one great way to make bitcoin anonymous again. Coinjoin is the tech behind Wasabi, which is a very good and privacy-enhanced way to send your Bitcoins safely and securely.

Installation Procedure – How to Install Wasabi Wallet?


Step 1:

The first thing that you need to do is go to the website and download the Wasabi Wallet.

A quick note: There are a lot of Fake Websites that are launched and shut down every now and then, so it is necessary to not get fooled by such websites.

Their Original Web address is wasabiwallet.io (Once again, double-check and ensure that you are downloading and installing the software from the right website)

After you download and install the software, you need to spare some time for it to synchronize with the main network and connect to the peers, after which it is ready.

You then need to accept the Terms and Condition which will be the first screen that you will see when you open it for the first time.

wasabi wallet T&C

Now go hands down and generate your wallet, after choosing a strong password. It is also advised that you note down your seed in a secure place so that you don’t miss out on it later.

wasabi wallet create

Step 2:

After you have created the wallet, it is always recommended to test your password, as it might happen that you could have typed a letter or 2 wrong, unintentionally and Without the password, you won’t be able to open your wallet hence test the password.


Step 3:

Now is the time. Once you see that all the systems are ready, you need to press on receive and generate your receiving address.

Step 4:

Now you can send your Bitcoins to your receiving address. Once you send them and after confirmation, you have to click on CoinJoin.

At this point, you can check your Privacy Rating which would most probably be showing Red X Shield with an anonymity set of 1.

If you are wondering what anonymity means, consider it as a rating or something which resembles a mixed level of anonymity.

  • The Yellow shield represents an anonymity mix in between 2 to 20
  • The Green shield represents an anonymity mix in between 21 to 49. 
  • The Green Shield that has a Check Mark is recommended and has an anonymity mix over 50.

Step 5:

Now you need to press select all and enter the password that you had previously set and then hit Enqueue Selected Coins.

This is a bit time consuming and so if you feel drowsy, you may want to grab a cup of coffee or maybe go on a walk.

Step 6:

Now you will see a pop up on your status bar which would be saying that “coins are enqueued and waiting to be mixed”.

You can also hit and press the giant shield to change your anonymity that is below in the form of a circle.  However, we at CoinTikka recommend keeping it at 50. 

Once the number of registered peers hit 100 the CoinJoin will start right away. If the registered peers do not hit 100/100, don’t worry, Coinjoin will start automatically once the registration timer is up.

Step 7:

Crucial Moment. Wait and see the trustless mix begin!

Step 8:

Once Coinjoin is complete (this depends on the amount you are mixing), your task is complete. The trustless method will automatically divide your coins, following the nature of CoinJoin.

If there are Bitcoins that are still remaining which have not reached your preferred anonymity and you have a rush, it is recommended to select all non-private and then only queuing the BTC which are remaining.

Step 9:

A feature that we love is that you can also send Bitcoins which you already consider private enough to be sent when others are still joining CoinJoin. To do this, you need to navigate to send > Select > Enter your password

Having learned about the installation process, let’s have a look at the pros and cons of using wasabi as a wallet.

Pros and Cons:

Pros of Wasabi Wallet:

  • Very simple to use
  • Easy to install
  • Cheap with a 0.15% transaction fee
  • Privacy Focused
  • Uses Tor Automatically

Cons of Wasabi Wallet:

  • You need a minimum transaction value of 0.1 Bitcoin
  • If you do an extreme investigation and in-depth analysis, you may find some traces of transaction
  • Active Sybil Attack can be done by the Co-Ordinator against specific coins.
  • People often say that Zero Link Protocol is not fully ready for commercial usage and some vulnerability keeps popping up every now and then.

Final Thoughts:

While Wasabi Wallet is really interesting and has a lot of demanded features, work can still be done on areas such as User Interface, Performance, and Stability too.

It is highly plausible that the Wasabi team to increase the much-needed privacy that users demanded it has a lot of potentials to get a much bigger user base.

It has the ability to sway user installs from its competitors. The ever-expanding set of features the team is offering since 2018 is at least worth a try.

That covers and wraps our review of the Wasabi Wallet. Share your thoughts with us and if you have any doubts or queries, feel free to comment them down below. We will help you with the same.

A small reminder If you have not joined our community yet, then please do join on any of our social media channels. We update them regularly with interesting facts and news. We are available on the following platforms.

Loved reading this post then do share it with your friends on Facebook and Twitter.

Here are a few hand-picked articles for you to read next:

Source: https://cointikka.com/wasabi-wallet/

Blockchain

Mark Cuban Slams Peter Schiff: Gold is Dead, Bitcoin and Ethereum Are Today

Republished by Plato

Published

on

Mark Cuban hasn’t always been the biggest fan of Bitcoin, Ethereum, and other cryptocurrencies, but he’s recently come around as other Shark Tank investors have.

Surprisingly, though, Cuban has come to the defense of the emerging technology, telling gold bug and vehement digital asset naysayer Peter Schiff that his precious metal is now dying as a store of value at the hands of the cryptocurrencies like Bitcoin and Ethereum.

Billionaire Shark Tank Investor Schools Peter Schiff On Crypto

It isn’t at all uncommon to find long-time gold bug Peter Schiff trashing cryptocurrencies ever chance he gets from his Twitter account soapbox. He’s even slammed his own son for buying Bitcoin in the past – an investment that proved dear old Dad very wrong.

Related Reading | “Wonderful” Shark Tank Investor Shifts Portion of Portfolio To Bitcoin and Ethereum

He took a recent opportunity to bash the asset class, surprised that “smart investors” on Wall Street were “dumb enough” to buy into Bitcoin and other digital assets, but was met with a sharp-tongued response from billionaire investor and entrepreneur Mark Cuban.

Cuban blasted back at Schiff offering his “help” in explaining the charm behind the emerging technology. According to Cuban, gold is dying as a store of value, because it cannot adapt and change to address the current or future needs of society. Bitcoin and Ethereum, however, can.

bitcoin ethereum Shark Tank mark cuban

Bitcoin and Ethereum have recently turned Mark Cuban and other sharks into believers | Source: BTCUSD on TradingView.com

“Gold Is Dead,” And How Mark Cuban Came Around To Bitcoin And Ethereum

Mark Cuban, who knows a lot about tech revolutions starting from the ground up, says that the current use cases for crypto are just “proof-of-concept” and advances will change the asset class in the years to come. Meanwhile, gold will always stay exactly the same.

The fact that these technologies have evolved over the past several years are what have won over the Shark Tank investor and peers among his panel on the popular ABC primetime show.

Related Reading | Overheard On CNBC: If It Wasn’t For Bitcoin, Gold Would Be $3K

Cuban has recently become enamored with NFTs, Robert Herjavec is a “big believer” in the long-term future of the technology, and even Mr. Wonderful Kevin O’Leary has moved a portion of his portfolio into Bitcoin and Ethereum.

As more high wealth investors become convinced in the cryptocurrency’s staying power, the more that are moving capital into the asset class. Gold, on the other hand, is still the same asset it always has been and is always going to be, and doesn’t need any further convincing.

Rather than Peter Schiff attempting to convince investors why they shouldn’t buy crypto, perhaps he should be more focused on why they shouldn’t sell their dying store of value – gold – instead.

Featured image from Deposit Photos, Charts from TradingView.com

Source: https://www.newsbtc.com/news/bitcoin/mark-cuban-gold-bitcoin-ethereum/

Continue Reading

Blockchain

BitMEX’s Arthur Hayes and Ben Delo negotiate surrender to U.S. authorities

Republished by Plato

Published

on

The former CEO of crypto derivatives exchange BitMEX, Arthur Hayes, is in negotiations to surrender to U.S. authorities next month concerning charges that authorities levied against four of the exchange’s executives and co-owners in October.

Transcripts of a court teleconference dated Feb. 16 indicate Hayes will surrender to the U.S. in Hawaii on April 6. Hayes and his fellow executives are accused of violating the Bank Secrecy Act by the U.S. Department of Justice and  the Commodity Futures Trading Commission.

The transcript details the assistant U.S. attorney Jessica Greenwood’s comments to the judge presiding over the case, with Greenwood indicating she has been in talks with Hayes regarding the anticipated voluntary surrender. Hayes is currently located in Singapore, with the attorney noting Hayes hopes to continue residing abroad but will appear within the United States for proceedings should the trial go to court.

“We have discussed with counsel how to arrange for a voluntary surrender, and he has proposed appearing within the United States in Hawaii and having his initial appearance there and then,” she said, adding:

“The idea would be that he would appear initially in Hawaii, then appear before your Honor remotely, and then he would continue to reside abroad with travel to the United States for appearances as needed and, of course, if there is a trial, that he would appear within the United States for that trial in New York.”

Greenwood also revealed that BitMEX co-owner Ben Delo intends to surrender in New York by the end of the month. However, she noted they are currently working with the FBI and Border Patrol to obtain immigration authorization allowing him to travel to the United States, despite Delo currently being subject to a U.K. travel ban.

The attorney also stated that while fellow co-owner Greg Dwyer has declined to surrender, extradition proceedings have been initiated to bring him back from Bermuda.

“With respect to the remaining three defendants, […] we’ve been in contact with counsel discussing the possibility of appearing. They’ve all made representations about for when and how they’ll appear,” Greenwood said. However, she added:

“We have no guarantees at this point that any of those things will happen.”

BitMEX CTO, Samuel Reed, was arrested in Massachusetts as the charges were being levied against BitMEX in October. Reed was released from custody after a $5 million bond was paid that same month, with Reed agreeing to comply with sentencing proceedings.

In response to the hearing, the judge determined it wasn’t “reasonably possible” for a motion and trial schedule to be established. The judge scheduled a follow-up conference for May.

Last month, Hayes broke months of silence to post an article to BitMEX’s official blog calling for a boycott of legacy finance in response to trading platforms shutting down trade amid the GameStop pump engineered by subreddit, r/WallStreetBets.

Source: https://cointelegraph.com/news/bitmex-s-arthur-hayes-and-ben-delo-negotiate-surrender-to-u-s-authorities

Continue Reading

Blockchain

‘I can’t believe you morons actually buy this shit’: Banksy art burned and tokenized

Republished by Plato

Published

on

An original artwork by anonymous British street artist Banksy has been burned and turned into a nonfungible token. The NFT will be auctioned next week on the blockchain-based Rarible platform, where users can create and purchase rare tokenized artworks.

The original Banksy in question is a satirical piece entitled “Morons,” which depicts buyers at an art auction bidding on a piece emblazoned with the words “I can’t believe you morons actually buy this shit.” The piece received certification from Pest Control — the only body authorized to authenticate original Banksy artworks.

“Morons” was sold at Christie’s auction house in London in late 2019, where it fetched $32,500 from an anonymous, independent buyer.

The burning of the piece took place at an unknown location in Brooklyn, New York, and was livestreamed via the recently created Twitter account BurntBanksy. The burning was reportedly carried out by a group of cryptocurrency enthusiasts in association with executives from the blockchain project Injective Labs.

The tokenization of the authenticated piece took place without input from the pseudonymous Banksy. However, other prominent artists have seen fit to dip their toes into the crypto world of late, as witnessed recently when famed British artist Damien Hirst announced he would accept bids for his work in Bitcoin (BTC) and Ether (ETH).

The NFT market became an industry unto itself toward the end of 2020, as almost $9 million in token sales was recorded in December 2020 alone. But that was just a sign of things to come, as NFT sales exploded moving into 2021, helped by the validation of several high-profile celebrities such as YouTuber Logan Paul and entrepreneur Mark Cuban.

On Sunday, acclaimed Canadian musician and artist Grimes launched an NFT collection titled “WarNymph”, which went on to sell for a collective $5.8 million. The NBA recently embarked on a joint venture with CryptoKitties creator Dapper Labs to launch NBA Top Shot — an NBA-themed digital token marketplace that has reportedly generated $230 million in sales since launch.

The “Morons” piece is not the first Banksy to be destroyed on purpose. In 2018, Banksy’s “Girl With Balloon” automatically self-destructed shortly after selling for $1.4 million at Sotheby’s. The artist later revealed that he had installed an automatic shredder in the painting’s frame in case it ever went to auction. In an ironic twist of fate, the destroyed Banksy is now thought to be more valuable than the original piece ever was.

The “Morons” NFT will be auctioned on Rarible on Tuesday next week. All proceeds from the auction will be donated to charity. The successful bidder will be entitled to receive the certificate of authentication from Pest Control; however, this too will be burned if it is not claimed within two weeks of the sale.

In an art industry fraught with fakes and forgeries, “Morons” may now be the most authentic, most secure Banksy piece in the world. Once logged on the blockchain, the possibility of it being forged, altered or manipulated in any way is close to zero.

Given Banksy’s rejection of the bloated, materialistic art world, what would he think of the current mania surrounding NFTs? Keep an eye on your local graffiti spots. The answer may be forthcoming.

Source: https://cointelegraph.com/news/i-can-t-believe-you-morons-actually-buy-this-shit-banksy-art-burned-and-tokenized

Continue Reading
Blockchain2 days ago

Why Mark Cuban is looking forward to Ethereum’s use cases

Blockchain3 days ago

Google Finance adds dedicated ‘crypto’ tab featuring Bitcoin, Ether, Litecoin

Blockchain15 hours ago

Amplifying Her Voice

Blockchain4 days ago

Inverse Finance seizes tokens, ships code: Launches stablecoin lending protocol

Blockchain3 days ago

NBA Top Shot leads NFT explosion with $230M in sales

Blockchain4 days ago

Economist warns of dystopia if ‘Bitcoin Aristocrats’ become reality

Blockchain3 days ago

How KuCoin Shares (KCS) Can Create a Stream of Passive Income

Blockchain19 hours ago

Libra Coin – A New Digital Currency Developed by FACEBOOK

Blockchain4 days ago

Here are 6 DEX tokens that have seen exponential growth in 2021

Blockchain4 days ago

6 Questions for Kain Warwick of Synthetix

Blockchain4 days ago

3 reasons why Reef Finance, Bridge Mutual and Morpheus Network are rallying

Blockchain4 days ago

Korean Government To Levy Taxes On Bitcoin Capital Gains Starting 2022

Blockchain3 days ago

Litecoin, Monero, Dash Price Analysis: 28 February

Blockchain5 days ago

PARSIQ Integrates Solana Blockchain on its Platform

Blockchain4 days ago

XRP, STEEM, Enjin Price Analysis: 27 February

Blockchain3 days ago

Top 5 cryptocurrencies to watch this week: BTC, BNB, DOT, XEM, MIOTA

Blockchain18 hours ago

Bitcoin Halving: Definitive Guide (In Just 5 Minutes)

Blockchain3 days ago

Polkadot, Cosmos, Algorand Price Analysis: 28 February

Blockchain5 days ago

What are the risks of trading cryptocurrencies?

Blockchain4 days ago

The current Bitcoin bull run is different; here’s why!

Trending