Cryptotips George Shnurenko

How to Hack Bitcoin: All Possible Ways

💡 Cryptotips
From phishing to Trojan transfers, here are all major ways to hack your Bitcoin
How to Hack Bitcoin: All Possible Ways

Bitcoin and other cryptocurrencies took the world by storm in the recent Blockchain boom. It was all over the news and everywhere people talked and traded Bitcoin.

However, when it comes to the security aspect, Bitcoin users don’t have a second thought before pointing out that the cryptocoin can’t be hacked. But, quite unfortunately, that’s not exactly the case as the hackers have been able to steal away Bitcoins worth millions of US dollars over the years.

And, if you are also interested in finding out how to hack Bitcoin or how to hack someone's Bitcoin wallet, here we have listed all the possible options that you can try. Let’s find out.

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1.       Stealing the private keys

Before getting into the details of how to hack Bitcoin wallet, you should first understand that Bitcoin is nobody’s property.

Blockchain, the Bitcoin public ledger, maintains a record of all the addresses and a certain value is then attached to the particular key that identifies each record.

So, when someone owns Bitcoin, what they actually have is the private key for unlocking a particular address on the Blockchain.

These keys are stored both online and offline in so many different ways and each of them has a certain security level. Nevertheless, they all are vulnerable because, as you want to know how to hack a Bitcoin wallet, all you have to do is to somehow access that characters string which forms the private key.

Most of the times, it’s the online services being responsible for storing private keys that get attacked. Sheep Marketplace is a perfect example of such service providers. Mostly, it’s the insiders who carry out such attacks as they don’t even need to know the hacking thing at all. All they need to do is to copy the entire database containing private keys to own the Bitcoins located on all the addresses stored in the database.

You can also do the same if you’re an insider and know how to break into the database. And, once you do, you’ll be able to spend all the Bitcoins anywhere you like.

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2.       Keyloggers

It’s the malware that records the keystrokes of the users and sends it all to the hacker. It is almost impossible to detect these programs and you might even have it running on your smartphone or computer right now without noticing it at all.

They copy every seed, password and pin that you type and can turn out to be an effective answer to the question how to hack a Bitcoin faucet. They can really provide hackers an easy gateway to all the bitcoins they want to hack.

Usually, there are three different options available for installing keyloggers. They include:

·         Send it as an email attachment that could be anything like an exe file or a pdf

·         Create a malicious site for installing the software

·   Distribute it by loading onto a USB and then dropping them off at some Blockchain/Bitcoin conference. The malware will simply be downloaded to one’s computer as they insert the USB for checking out what’s in there.

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3.       Fake wallets

Another cool option you have to answer how to hack Bitcoin wallets, this one gives you a more sophisticated way of achieving your goal. It also needs you to do some work on your part as these fake wallets are simply the apps which resemble genuine wallets but are meant to steal the Bitcoins away.

These apps typically use official logos and everything else of existing Bitcoin wallets for tricking the users and stealing the Bitcoins away. These fake wallets are a routine thing both on Apple and Android App Stores.

4.    Bitcoin miner malware

For those looking to find out how to hack Bitcoin faucet, another option is to rely on some Bitcoin miner malware.

Every Bitcoin that gets mined makes creation of the new Bitcoins harder. You need electricity for running and cooling down those ‘miner’ computers. And with electricity being a major operational cost for Bitcoin miners, many of them borrow resources for mining Bitcoins. They usually do so by spreading the Bitcoin mining malware.

Today, Bitcoin is simply mined through the biggest Bitcoin malware botnets. Though they don’t have any negative intentions, still the use of a computer this way is not authorized as they tend to hijack the online video equipment and the victim bears all the cost. As a result, the hijacked computers are also slowed down as well.

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5.       Bitcoin phishing

Want to know how to hack Bitcoin accounts, why not try Bitcoin phishing? It’s a popularly known method for information theft which relies on fake websites or emails for tricking users into providing their private keys.

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6.       Impersonating as Bitcoin recipients

Another option for you is to impersonate as a Bitcoin recipient. Lately, most Bitcoin hacking happened when the companies held fundraising events in the form of ‘initial coin offerings’ asking investors to send bitcoins to them. Now, that’s where you get the answer to the question how to hack a Bitcoin address.

Clever hackers can impersonate as companies looking to receive the Bitcoin by setting up fake websites and persuading investors to send them Bitcoins worth millions of US dollars in their own Bitcoin wallets rather than the ones being used by the actual companies. And, once the Bitcoins are transferred to their wallets, there’s no coming back.

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7.       Stolen value stores

The value of cryptocurrencies is usually stored in the file stores called wallets. However, these wallets can sometimes be manipulated, compromised, transferred and stolen similar to any other value store we have on our computers.

What’s even worse is that people tend to forget the protective passwords or their hard drives keeping the store get stolen which renders these value stores to become inaccessible forever. The same sort of issues can be caused by Ransomware. And, once this happens, it’s not possible to access the wallet using another computer.

Now, that’s what hackers usually take advantage of. In fact, a popular question among hackers last year was how to hack Bitcoin wallet 2017. Even today, hacking attempts are made on the online wallets and many even get successful. So, if you’re also trying to achieve the same, you can also give it a try.

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8.       Transfer Trojans

Another option available to those looking to find out how to hack a Bitcoin address is to transfer Trojans and simply get Bitcoins transferred to their personal wallets. The cryptocurrency Trojans are meant to monitor computers and wait for anything that looks like a crypto account number.

And, as soon as they spot one, they take action and replace user’s intended account from that of the hacker and as soon as the user hits that ‘Send’ button, all the funds are transferred to the account of the hacker. Again, there’s no recovering from this either.

So, these are all the possible ways to hack Bitcoin. In fact, more of them can be discovered as hackers continue their attempts to steal away Bitcoins from their owners.

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Patrick Thompson

The SEC Has Arrested the Owner of Bitcoin Exchange BitFunder

The SEC has arrested the owner of Bitcoin exchange BitFunder — Jon Montroll — for operating an unregistered securities exchange.
The SEC Has Arrested the Owner of Bitcoin Exchange BitFunder

The Securities and Exchange Commision (SEC) has pressed charges against the owner of the defunct cryptocurrency exchange BitFunder. Jon Montroll, also known as “UKYO,” has been charged for operating an unregistered securities exchange, for failing to disclose a security breach at BitFunder that resulted in the theft of more than 6,000 Bitcoin, and for making false and misleading statements related to unregistered securities.

Montroll operated two online Bitcoin Services: WeExchange Australia, Pty. Ltd. (WeExchange) and BitFunder.com (BitFunder). WeExchange provided Bitcoin depository and currency exchange services, BitFunder facilitated the purchase and trading of shares that Blockchain related companies listed through the BitFunder service.

BitFunder was launched in December 2012 and closed in November 2013. During the summer of 2013, a hacker breached the BitFunder program. The hacker was able to steal approximately 6,000 Bitcoin from the BitFunder WeExchange wallet. As a result of the theft, WeExchange and BitFunder did not have the funds to pay their users and the exchange became insolvent. Shortly afterward, BitFunder shut down.

More Charges

To add insult to injury, the SEC charged Montroll with two counts of perjury and one count of obstruction of justice for the investigation related to the 2013 insolvency and closure of WeExchange and BitFunder. On Montroll’s Balance sheet statement from October 13, 2013, the statement reports that the total amount of funds belonging to BitFunder users in WeExchange was 6,679.78 BTC, however, Montroll fabricated the balance sheet to achieve this number. At the time of the balance sheet statement, the 6,000 bitcoin had already been stolen from the WeExchange wallet. However, to conceal the losses and foul play that took place on the exchange, Montroll transferred his own funds to the BitFunder WeExchange wallet so that his businesses would appear solvent.

As a result of the events above, Montroll was taken into federal custody today for giving false sworn testimony and false documentation to the SEC. It is a bit strange to see authorities targeting a company over an event that took place so long ago, but the fact that Montroll lied during his first court appearances in 2013 may have warranted this lengthy investigation. The SEC’s enforcement on Montrell’s unregulated exchange comes days after the SEC halted the trading of three blockchain related public companies that they suspected of market manipulation. Montroll’s arrest adds to the narrative of the Commodities Futures Trading Commission (CFTC) and the SEC cracking down on the cryptocurrency markets.

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Wikicoin Katya Michaels

WikiCoin: Bitcoin Mining

📚 Wikicoin
Cryptocurrency is breaking the traditional standard of minting money into circulation with a process called mining. What is Bitcoin mining, how does it work, and how does the crypto community take part in the process?
WikiCoin: Bitcoin Mining

The creation of new Bitcoins is called mining, and the name is actually very fitting. Just like mining for precious metals embedded into the earth, there are digital resources embedded into the Blockchain. Bitcoins were deposited into the Blockchain when the Bitcoin software was created in 2009. The process of gradually unearthing the Bitcoins from the protocol is called Bitcoin mining. The protocol on the Bitcoin network limits the number of Bitcoins that can ever exist to 21 mln. About 16.8 mln Bitcoin, a little over 80 percent, have already been mined. Because mining becomes increasingly difficult with every new Bitcoin that is added to the Blockchain, the remaining 20 percent or 4.2 mln Bitcoin will take much longer to mine.

The structure

The Bitcoin network is supported by “nodes”- any computer that has a copy of the Bitcoin Blockchain and participates in broadcasting Bitcoin transactions. Any computer can be a node, but the process is very energy consuming and requires a lot of storage space (at the moment, the Bitcoin Blockchain is about 145 GB). Nodes that are specifically dedicated to mining are called miners. Miners group transactions into blocks and add them to the Blockchain. This is accomplished by solving a mathematical puzzle that cryptographically secures the transaction data on the network.

The process

How is this puzzle solved? Essentially, by guessing numbers at random and applying a hash function to every number. Computers check if this will produce the required result to unearth the new block. These operations are much more complex than it sounds and use a great deal of computing power. As soon as the function is solved, the winning mining computer broadcasts the newly solved block to the network, the victor receives a portion of the newly minted Bitcoin as a reward, and then all the miners move on to solving the next block.

The rewards

At the moment, the reward for creating a new Bitcoin block of validated transactions is 12.5 Bitcoin. However, the reward is continuously reduced. The reward is halved about every four years. Every new block is more difficult to mine than the previous. So, some time in 2020, the reward will become 6.25 Bitcoins. Meanwhile, the costs of electricity and computing power required to obtain that reward are likely to rise exponentially. Still, the 21 millionth Bitcoin is expected to be mined around 2140, leaving plenty of time to get into the game.

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🤷 Opinions Eric Eissler

Bitcoin Strikes Back

Opinions
Given the prominence on the market, and given the fact that it is the universal trading currency on exchanges (i.e., Bitcoin is used to buy and sell other cryptos) it is not going to collapse because it is the backbone of the crypto market, the potential
Bitcoin Strikes Back

“Bitcoin is a bubble, Bitcoin is tulip mania, Bitcoin is worthless, Bitcoin is dead.” There is an overabundance of negative press towards Bitcoin in the media currently.

When prices fluctuate sharply, it’s easy to forget that: Bitcoin made a lot of people rich; Bitcoin broke down the door for Blockchain technology; Bitcoin started the cryptocurrency revolution; Bitcoin is more than a currency, it’s driving future Internet technologies.  

Bitcoin is Drives IT to next level

Bitcoin is not a housing market, nor is it a commodity, it’s a new technology and any new technology must pass through phases of understanding and acceptance.

There are many “oracles” who predict one thing or another: Bitcoin price is going to the moon or it’s going straight to the depths of Hell. No one can say for sure, where it is going or what it is doing because it is new and is unlike anything humans have seen before.

Now, is the time to learn, watch for patterns, understand behaviors; it is mainstream.

“In the final quarter of 2017, Bitcoin increased in value unlike anything ever seen before. It broke the 10,000-dollar psychological barrier and it rapidly increased to touch $20,000 before crashing down to below half of its value.”

Yes, Bitcoin is volatile. Over its nine-year existence, it has risen and fallen sharply. It is only now criticized heavily by the masses because they either missed out or lost in the recent crash—of course, they will curse it.

Remember, human memory is short, it easily forgets, and is shortsighted. Throughout January 2018, there has been a lot of talk of fear, uncertainty, and doubt (FUD) because Bitcoin came crashing down and brought the rest of the market with it.

That’s ok, it’s normal for markets to correct, investors want to take profits. The FUD talking only makes it worse for everyone else.

Normal profit-taking becomes negative

The stock market hit an all-time high of more than 26,000 points and after two years of magnificent growth, it slid two percent on Friday, Feb. 2nd. What happens next? Fear permeates the air, and there are whispers of the market starting to weaken.

Stop it! It’s normal. Investors take profits, not taking profits defeats the point of investing. Of course, with a massive run up people will divest and enjoy some of their gains. With lower prices on the market, investing becomes more attractive to others who join in and start the next rally upwards.

Short sellers and futures contracts collapse cryptocurrency markets

During the tulip bubble of the 1700s, the market downturn started when trading futures on tulips began; then all of a sudden the tulip market collapses and it's over.

The bears won, the futures contracts pushed the prices down and ate away at support levels.

The recent contracts offered on the CME and CBOE in December 2017, commenced the selloff of Bitcoin as traders set stop-limit orders at support levels to trigger a major selloff.

However, given the speculation, given the prominence on the market, and given the fact that it is the universal trading currency on exchanges (i.e. Bitcoin is used to buy and sell other cryptos) it is not going to collapse because it is the backbone of the crypto market, the potential for it to regain ground is tremendous.

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Coins Guide George Shnurenko

How to store EOS: 6 Best Steps

🎓 Coins Guide
You can also create a paper wallet for extra-security purposes
How to store EOS: 6 Best Steps

Whether you choose a hardware wallet or a software wallet, the first thing that you have to do is to create a new account with MyEtherWallet (MEW).

1. Simply go to myetherwallet.com and come up with a secure password, but make sure that you remember it.

2. Then press the “Generate” button in order to create a new wallet.

3. Now you can down download .JSON file containing the private key (it is advisable to keep this file with the private key on a separate hard drive).

Important Note:

You can also create a paper wallet for extra-security purposes (it displays your public and private key). There is no definite pattern of a paper wallet that can be bought or downloaded – you simply print the keys (usually in the form of a QR code) on a piece of paper or plastic. It goes without saying that your printout should be carefully hidden, because anyone who has access to your paper wallet can withdraw your cryptocurrency holdings.

Another example of secure cold storage is a hardware wallet. As of 2018, a French start-up Ledger has sold more than 1 million wallets while the total revenue of the company has exceeded $100 million. This device is connected to your PC via a USB port. Basically, it is an ordinary USB stick, but at the same time popular hardware wallets like Ledger Nano S and TREZOR are specifically designed to resist phishing attacks and other common scams.

EOS Wallet

Both Ledger Nano S and TREZOR are compatible with EOS. You can simply order these devices from their official websites or do a quick search on Amazon. These devices are very similar (two buttons, LCD-displays, almost the same price), but Ledger’s stainless-steel body makes it niftier and more protected from physical damage.

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4. Now open your MEW wallet and select the “UTC/JSON” option in order to upload the previously saved .JSON file.

5. Once you’ve done that, copy and save your address since you will need it later for conducting a transaction.

6. The last step is to purchase ETH which can be later exchanged for EOS with the help of Coinbase or Cex.io. These are two prominent exchanges that offer wide coverage and accept various payment methods. This claim can be easily proven by numbers – Coinbase, the largest exchange in the US, reported $1 billion in revenue last year. Cex.io would be more suitable for those investors who want to buy large amounts of crypto right from the start. Coinbase has low initial investment limits which usually increase with time. Also pay attention to the fact that both of these exchanges require ID verification. That means that you cannot conduct any transaction until your identity is approved. When it comes to security, both of these exchanges offer TFA for every account and save the majority of funds in cold storage (that basically means that there is a very little chance of losing money due to a hacking attack). The bottom line is that these exchanges are practically the same for investors, but traders may find Cex.io more appealing because of its advanced trading features.

Coins Guide
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Darryn Pollock

The Evolution of Blockchain and Cryptocurrency Usage: Normalizing and Innovating

Cryptocurrencies are inherently a currency, but there is far more uses being created every day for this disruptive tech
The Evolution of Blockchain and Cryptocurrency Usage: Normalizing and Innovating

There is no doubt that the first cryptocurrencies were created to be a digital cash, but from those humble beginnings there has sprouted a massive ecosystem that continues to innovate as well as normalize.

Cryptocurrencies and Blockchain technology have an incredibly broad spectrum of application that is still being discovered and explored today. The usage of the Blockchain is expanding into traditional sectors, and the technology is being eagerly looked into by banks, governments and corporations.

Cryptocurrencies too are becoming more normalized and useful. They are no longer just a tool of the dark web and in fact are becoming more and more like traditional assets with the creation of Futures contracts, potentially ETFs, and even as collateral for loans.

Blockchain’s advances

The key technology for cryptocurrencies is at a stage where many different sectors believe they can innovate and advance their areas of ecpe rise by implementing Blockchain technology. From supply chain to cloud computing, the scope of this technology is almost endless.

Many different Blockchain companies have seen the possibility of Blockchain in creating a decentralized cloud storage network. This is the premise of Golem, but there are others that are trying to innovate this space and sirupt the well known and centralized models.

Pavel Bains, CEO of Bluzelle explains:

“The easiest thing to forget is there’s a massive amount of data being consumed by all applications and products. With all this data being exchanged, the current Internet just doesn’t have the infrastructure to protect its security, scalability and reliability.”

It is clear that for this type of technology, necessity is pushing innovation. Security of data and the current internet infrastructure is in need of an upgrade, and this is where the Blockchain can step in.

In a similar vein, but slightly differently, cryptocurrencies are also infiltrating financial sectors, but their mandate seems to be more about becoming normalised than total disruption.

From spending on the Dark web to securing a loan

Cryptocurrencies began their life as a coin on the Internet, and especially a coin if the Dark web. They are inherently a spending token that derives value from a small, but growing market.

However, their evolution and expansion into the mainstream is continually evolving, and it is this evolution that is being spurred on by normalizing the digital asset, as well as finding more functions for them.

Can Gulec, of cryptocurrency lending platform Kambo, explains how by offering traditional lending services, but based on crypto assets, can aid in normalizing the digital currency economy.

“We want to facilitate adoption. We believe traditional financial systems and disruptive fintech systems should be integrated and seamlessly connected. There needs to be a bond between alternative assets classes - like cryptocurrencies - and traditional financial institutions - banks and lending institutions. Through this, not only we are enabling people to unlock the value of their holdings, but also allowing more complex products to be built.”

Challenges to cryptocurrency evolution

A lot of the problem with trying to fuel the adoption of cryptocurrency, and to get people to understand it as an alternative currency, has to do with understanding its value. Bitcoin has been labelled many times as inherently valueless, but that notion alone is a tricky one.

“Value is a very tricky notion to define and has been a critical attack point for crypto-sceptics,” Gulec goes on to explain. “People have used anything from massive rocks to cowry shells as a store of value.”

“Everything - gold, precious rocks, fiat currency - is valueless if you take human consensus out of the equation. As more complex tools are built around an ecosystem, its foundation becomes stronger and its chance of standing against the test of time increases. So, in our case, the ability to take loans against crypto assets makes them a much more interesting asset class, because then one can unlock their value by leveraging against them and using them like any other liquid financial asset.”

Cryptocurrency adoption has slowed recently, especially as the hype and buzz around its growing price has cooled. There now needs to be a second wave of adoption, and that will only really come when people can see cryptocurrencies in the same light as any other asset or mode of exchange.

The more people are normalized to cryptocurrencies, the easier they will be to pick up and use. The evolution on this space is very dependant on innovation in one instance, but that innovation needs to be bridged with the traditional to bring people across.

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