Posts

Are small transactions not economically feasible?

You can make small transactions using "banks" like Coinbase, Xapo and most cryptocurrency exchanges (they have account-to-account free transfer feature). You should trust these "banks" only for amounts you can afford to loss. Don't store most of your assets in "banks", be your own bank. It is similar to how the legacy financial system works - if you make bank-to-bank transfer you pay a fee. If you transfer between accounts within the same bank - this usually is free.

SMS is not a proper form of 2FA - use Google Authenticator instead

SMS text messages sent to your phone are not a valid form of 2FA since the hackers will just call your phone company claiming to be you and your phone was damaged. They get a replacement SIM, access everything linked to your phone.

There is no need to smash your computer after generating your Bitcoin keys/seeds

Image
No need of smashing, burning or even formatting if you are using some "Live" operating system like Ubuntu or Tails run from DVD (on computer with disconnected hard drive, SSD, flash drive).

Bitcoin exchange without KYC verification

Image
Many exchanges require KYC verification only if wire transfers are involved. If only crypto is traded (i.e. Litecoin => Bitcoin) there is no requirement for verification. Some exchanges also don't require KYC verification if e-money are used (like PerfectMoney, PaySafeCard, SolidTrust Pay). Also, there are many "e-money exchanges" that do not require verification if you use their services to trade e-money and/or cryptocurrency. Verification is usually required only when using insecure payment methods like PayPal or SWIFT/SEPA wire transfers (because banks require KYC verification). If you want reliable provider of debit card for withdrawing your Bitcoins at any ATM:

Do not use default options for the scrypt utility!

Here is example with more secure options: $ sudo apt-get install scrypt $ scrypt enc -M 1073741824 -t 200 secret.txt encrypted.scrypt If you have several GB of free memory you can increase the memory usage several times. My tests confirm that the "-t" parameter is not working correctly - it takes less than 200 seconds to derive the key from your password. Archiving private keys - TLDR version

Archiving private keys - TLDR version

1. Use proper font when printing PGP encrypted keys on paper. 2. Flash memory (SSD, USB flash drives, hardware wallets) is less reliable when not powered regularly (i.e. every week). 3. Use error correction methods like Parchive and ZFS. 4. Print on paper or store on digital media only encrypted data. 5. Your encryption software should use CPU/RAM-intensive KDF (i.e. scrypt with secure options - do not use defaults!). 6. Avoid writing on the hard drive (some printers have too) non-encrypted keys. By default your OS writes all printed pages on your hard drive (and then "deletes" them non-securely). Use Live Linux system like Ubuntu Live or Tails (run from DVD or flash drive in read-only mode; with hard drive disconnected from your computer).

The 'regulated' exchange Bitstamp would not return your money if you raise red flags for being a terrorist and/or money launderer

I have done transfers before and everything went smooth until 15 days back, right after i did the transfer they sent me requesting details for the KYC process, they take one or two days to reply to me and within 6 days I have sent everything they requested. Now after they have everything, they do not reply to my inquiries, they did not provide any timeline or clarity on the process and why they did not mention it before. I did the transfer 2 weeks ago and today I have no clue what is the status. I find it fishy that they are doing this and is concerned about my money. What can I do?I have been through KYC before with a bank but it was very different, they simply send me a list of mandatory documents that I have to send, for bitstamp i am their customer for almost a year now and i did transfers before. I am not a day trader and do not have that big volume. They kept the KYC running for 14 days back and forth, there was a statement needed from a bank in my home country which i could not…

TedJonesWeb.blogspot.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com