If you decide to let an exchange or mobile wallet custody your crypto, the most obvious point of failure is forgetting the details that enable you to access that service. In the first instance this means your Username and Password, which you should take appropriate action to be strong/unique and saved securely. If you save… Continue reading Loss of data/access details
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Returning To The Concept of Custody
If you read the first article in this section you’ll be familiar with the concept of custody, which is central to cryptocurrency ownership. Custody refers to how you manage responsibility for the one critical piece of information that enables control of your crypto – a Private Key or Seed. As cryptocurrency works without a central authority like a bank,… Continue reading Returning To The Concept of Custody
Security best practice
What you’ll learn You are ultimately responsible for your crypto Things to protect against; accidental loss & theft Best practice & sleeping soundly at night If you’ve reached this stage in our series of articles on how to use cryptocurrency, you’ll have invested considerable time and hopefully some of your money; putting into practice what… Continue reading Security best practice
How transparency is being leveraged
The radical transparency of crypto transactions is powering an entire industry of blockchain analysis. Companies such as Chainalysis and Elliptic are employing advanced data science techniques to provide custom tools for customers who range from governments to hedge funds with tools to either ensure their own transactions are compliant with rules around of the movement… Continue reading How transparency is being leveraged
Bitcoin’s history at your fingertips
As you become more familiar with how Bitcoin transactions work, it can help make the abstract functions of mining, confirmations and the movement of value become more tangible. It can also put the history of Bitcoin at your fingertips. A cross-section of a tree trunk includes rings that not only show the tree’s age, but… Continue reading Bitcoin’s history at your fingertips
The anatomy of a bitcoin transaction
Hopefully you are a bit clearer about the logic and terminology of Bitcoin transactions, but to really get to grips with them let’s look at the anatomy of a bitcoin transaction. We’re using a random example from 2016: Time/Date – This transaction occurred at 17:41 17th June 2016 Status – Whether the transaction is Confirmed (Green) or… Continue reading The anatomy of a bitcoin transaction
Understanding Bitcoin transaction flow
Before we dig into the specifics of a bitcoin transaction it is worth explaining a little bit about the logic of Bitcoin transactions, and try to draw analogies to something you should be familiar with, banking transactions. Your bank account has a running Balance, which is the aggregate of Debits and Credits, it shows you… Continue reading Understanding Bitcoin transaction flow
How to access information within a bitcoin transaction
Block explorers offer the best way to access information within cryptocurrency transactions. Think of them like Google or Firefox but instead of providing results for websites, block explorers are used to browse crypto transactions, stored within a blockchain (you can learn more about that process from our article about bitcoin mining). Blockchain.com launched their block explorer in… Continue reading How to access information within a bitcoin transaction
Empowering Financial Freedom
The transparency of crypto transactions brings a completely new level of empowerment to individual users. If you want to send money internationally using existing payment methods – such as Western Union, Monegram or your domestic bank – not only will it will be costly and likely take days, you’ll have very limited visibility on the… Continue reading Empowering Financial Freedom
Exploring Transactions
What you’ll learn The transparency of cryptocurrency How to access the information within a transaction The anatomy of a Bitcoin transaction – bit by bit What this information can tell us An essential aspect of cryptocurrency’s value proposition is transparency. All Bitcoin transactions, for example, are public, traceable, and permanently stored on a public ledger… Continue reading Exploring Transactions