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Feb 23

22

Secure Your Bitcoin with Multisig: Get the Best Long-Term Protection

Posted by admin on 22. February 2023
Posted in Allgemein 

• Multisig security offers a different set of security guarantees than single-signature solutions cannot.
• A multisig wallet is a “vault” that coordinates between multiple signing devices for signing transactions.
• Minimizing trust, operational effort, and setup costs are considerations for bitcoin custody when using multisig wallets.

What is Multisig?

Multisignature security, or “multisig,” is a type of wallet that can talk to multiple signing devices and coordinate between them for signing transactions (generally using the PSBT format). It is often referred to as an “m-of-n,” where you need “m keys out of n” to sign a transaction. An output descriptor or bitcoin secure multisig setup (BSMS) is used to define the configuration of a multisig.

Benefits of Multisig

The obvious advantages of having multiple signers are to reduce single points of failure and increase redundancy in your setup. With multisig, trust in any one entity can be minimized as multiple entities are involved. Additionally, common examples of attacks on multisig can be applied even with singlesig custody.

Considerations When Using Multisignature

Setting up and using multisig can be operationally more time consuming and include more pitfalls if not done correctly; therefore it should only be considered for long-term HODLing where regular transactions are not anticipated. Additionally, there may be additional setup costs associated with multi-vendor solutions when compared to single-signature solutions.

When To Use Single Signature?

Single signature solutions are great forms of custody when one is just getting started with Bitcoin or managing small amounts; however, anyone holding a non-trivial amount of Bitcoin for the long term should evaluate a multisignature option due to its added benefits and security guarantees.

Conclusion

Ultimately, both single signature and multi signature solutions offer their own unique sets of benefits and drawbacks depending on the user’s needs; therefore it’s important for users to consider which type best meets their specific use case before setting up any form of Bitcoin custody solution.

Feb 23

13

Explore Madeira: Bitcoiners’ Island Paradise

Posted by admin on 13. February 2023
Posted in Allgemein 

• Madeira is a Portuguese island 600 miles off the coast of Portugal and has become an up-and-coming Bitcoin base.
• Pleb Music recently shot a Bitcoin documentary on the island to highlight its potential for cryptocurrency adoption.
• The island’s development is limited by its size, with tourism, remittance, trade and ecotourism as key sources of income.

What is Madeira?

Madeira is a small Portuguese island located 600 miles off the coast of Portugal in the Atlantic Ocean. It has become popular amongst tourists thanks to its stunning scenery, warm climate and diverse cultural heritage. Low-cost airlines offer regular flights to various European capital cities while there are also direct services to New York City.

Why do Bitcoiners Talk About Madeira?

Madeira has been identified as an up-and-coming Bitcoin base due to its potential for cryptocurrency adoption. This summer, Pleb Music produced a documentary highlighting this potential through interviews with local experts and stunning drone footage of the island.

What are the Major Sources of Income in Madeira?

Tourism is one of the major sources of income in Madeira as it offers visitors Instagram-worthy landscapes and pleasant temperatures throughout most of the year. Additionally, locals often send remittance back home from abroad while tea, wine and other goods are exported from ports on the island. Ecotourism initiatives have also been launched in recent years to keep money flowing during low seasons.

What Does Madeiran Cuisine Have to Offer?

Madeiran cuisine has something to offer everyone; from espetada (similar to a posh kebab) made with local meat skewers, steak dishes and fresh fish options – all washed down with some local passionfruit or banana!

Conclusion:

In conclusion, it’s clear that Madeira should now feature on any traveling Bitcoiner’s bucket list! From breathtaking views and delicious food offerings to natural resources that can be used for crypto trading – this small Portuguese Island certainly packs a punch when it comes to potential for cryptocurrency adoption!

Feb 23

6

DOJ Closes Cryptocurrency Exchange, Arrests Owner For Money Laundering

Posted by admin on 6. February 2023
Posted in Allgemein 

• The U.S. Department of Justice has announced the closure of the Bitzlato cryptocurrency exchange, along with the FBI’s arrest of its owner Anatoly Legkodymov.
• The DOJ alleges that Bitzlato facilitated more than $700 million in transactions involving illicit funds from 2018-2022.
• This announcement comes at a time when law enforcement and regulators are increasing their scrutiny on cryptocurrency exchanges such as Gemini and Genesis, FTX and their respective hubs.

Closure of Bitzlato Exchange

The U.S. Department of Justice (DOJ) has announced the closure of the Hong Kong-based Bitzlato cryptocurrency exchange, along with the FBI’s arrest of its owner Anatoly Legkodymov for allegedly running an illicit cryptocurrency network to evade sanctions, launder money, and conceal crimes.

Bitzlato Transactions

The DOJ alleges that Bitzlato facilitated more than $700 million in transactions involving illicit funds from 2018-2022; however, at the time of the live stream, tagged wallets associated with Bitzlato only had $11,000 on them compared to a peak balance of $6 million.

Increasing Scrutiny

This announcement regarding Bitzlato comes at a time when law enforcement and regulators are increasing their scrutiny on cryptocurrency exchanges such as Gemini and Genesis, FTX and their respective hubs. In a live stream hosted by representatives from law enforcement bureau, officials warned criminal actors that breaking U.S laws will result in having to answer for those crimes inside a United States courtroom regardless of residence or location.

Potential Frustration

The discrepancy in volume between this event ($6 million) versus other recent collapses (Three Arrows Capital), who many alleged to be scams in their own right ($100 million+), could potentially frustrate those desiring proper law enforcement in the industry.

Conclusion

To conclude, while authorities are continuing to take action against illegal activities related to cryptocurrencies across various jurisdictions , it remains unclear how effective this approach can ultimately be given how much money is involved in some cases compared to others .