The Currency Scene:
News, Events, and Stories about currency from around the world.

Digital Currency

How Not to Lose Your Bitcoin

After the price surges of bitocin back in 2017 bitcoin is on everyone's mind! Are you surprised by how much your bitcoin may be worth even today? Don't let that surprise turn to dismay by losing it. Now is the perfect time to take a few basic precautions to keep your cryptocurrency secure.

Here are 8 do-it-yourself tips to help you improve your security:

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Top 4 Things Most People Don’t Know About Bitcoin

Ever since the inception of Bitcoin, there have been several misconceptions related to this popular cryptocurrency. Seven years later, and quite a few of these misconceptions are still present today. There are some very basic things that very few people seem to know about Bitcoin, even though they are all vital pieces of information.

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That Tax Free Bitcoin Economy You’ve Dreamt About Can’t Exist

The IRS asked Coinbase to produce records for users over a wide time period: two years. Members of the Bitcoin Community have expressed outrage over this. In fact, even Coinbase, whose CEO Brian Armstrong oft takes a pro-regulation stance, has rebuffed the move.

Yet, many Bitcoiners take it much further, demanding a Bitcoin Economy that stands on its own. The premise is old as Bitcoin, but in recent years – as more has become known regarding how easy it is to trace some bitcoin payments – the sentiment has shrunk as an overall percentage of the philosophy directing the Bitcoin Ship. (though, the block size debate has surely obscured what’s exactly going on here)

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What Happens To Your Bitcoin After You Die?

Bequeathing assets in the form of inheritance is a long standing wish for many individuals, whether it is to their children or grandchildren, to a university, or to a charity. When it comes to bank accounts, investments, or property, there are established rules, laws and protocols that are followed such as the use of wills, life insurance, trusts, and probate. How does one, then, transfer ownership of Bitcoin to their heirs?

 

Bitcoin addresses, also known as "wallets," represent public keys, but can only be accessed if one also has possession of the corresponding private key. Since there is no way to reverse engineer a private key given a public key hash, if the private keys are lost, so too are the bitcoin inside one's wallet.

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