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Why You Should Store Your Recovery Phrase and Private Keys With CRYPTOTAG

In 2018 alone more than $1 Billion of crypto was stolen. Most people’s funds were stolen in hacks and scams. Others could not reach their crypto, because they lost their private keys or recovery phrases.

One thing all the cases have in common is poor private key management.

What are private keys and recovery phrases? And how should you protect yourself from losing your funds? Bear with us while we try to explain it in a simple way.

What Is a Private Key?

A private key is the most important information in crypto. Without your private key, you cannot access your crypto. You can compare it with the PIN of your debit card.

If you have forgotten your PIN or if you have lost your bank card, you can call your bank. Then they will send you a new PIN or a new bank card, and you will regain access to your money.

The big difference in the crypto world is that there is no bank or other central organization that can help you recover your funds.

So if you lose your private key, there is no one that can help you to regain access to your funds. If you lose your private key, you cannot call anyone for help, and you will lose your coins forever.

What Is a Recovery Phrase or Recovery Seed?

A recovery phrase is used by crypto wallets like Ledger Nano and Trezor. These phrases or seeds usually contain between 12-24 words.

Compared to a private key a recovery phrase is easier to read for humans. But more importantly, is that the use of recovery phrases enables crypto wallets to store multiple private keys with one recovery phrase.

For example, you have a Ledger Wallet with Bitcoin, Bitcoin Cash and Ethereum on it. Each coin has its own private key. You do not have to save all those private keys because by making a backup of your Ledger Wallet, you make a backup of all private keys on the Ledger Wallet.

Ways to store your crypto:

Exchanges

This is the riskiest way to store your crypto because your funds are in the hands of a third party. The exchange or custodian is holding your crypto in their wallets. So they control your private keys or recovery phrases of these wallets.

There are countless stories about exchanges being hacked and losing funds of their clients. It is ok to have some of your funds on an exchange for trading purposes. Longtime holdings should never be stored on an exchange because you are not the owner of your keys.

Software Wallets

These wallets like Jaxx, Electrum, and Exodus can be downloaded for free. They enable their users to receive, send and store different types of cryptocurrencies.

Software wallets generate private keys. And you can easily make a backup of a software wallet by saving the recovery phrase offline. This means that with a software wallet you are the owner of your (private) keys.

A software wallet does have the risk that malware or viruses can cause your software wallet to be hacked.

Hardware Wallets

The risks associated with software wallets are solved by hardware wallets like the Trezor and Ledger. The big advantage is that these wallets are secure stand-alone devices that are not connected to the internet.

Recovery phrases are used to back up the private keys stored on the devices. Owning a hardware wallet is a great step in securing your crypto because you are storing your private keys offline. The big risk here is the loss of the recovery phase.

So you did all the right things. You went online, did your research, ordered a hardware wallet, and you are ready to set it up. After a while, you are done, and you are left with a surprise.

You realize that the device itself is not the most important thing. No! The most important thing right now is the piece of paper with your recovery phrase written on it.

All this effort and eventually your early retirement is dependent on a piece of paper? No way!

The CRYPTOTAG

CRYPTOTAG closes the last line of defense with its premium backup system that enables people around the world to truly be their own bank by immortalizing their recovery phrases in titanium.

The CRYPTOTAG handles extreme circumstances like no other. Temperatures up to 3050 °F / 1.668 °C, corrosion and extreme pressure are no problem. Extreme tests have been carried out on the product, and the 6mm thick Titanium is literally bulletproof.

The Amsterdam based team has been testing different engraving methods and have developed a full backup system. During the development, they have been influenced by goldsmiths, metal workers, the aviation industry and old engraving techniques.

These influences are visible in the components included such as the hammer, punching letters, anvil and the use of titanium.

Source: Why You Should Store Your Recovery Phrase and Private Keys With CRYPTOTAG

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IBM Signs 6 Banks to Issue Stablecoins and Use Stellar’s XLM Cryptocurrency

Announced Monday, six international banks have signed letters of intent to issue stablecoins, or tokens backed by fiat currency, on World Wire, an IBM payment network that uses the Stellar public blockchain. The network promises to let regulated institutions move value across borders — remittances or foreign exchange — more quickly and cheaply than the legacy correspondent banking system. So far three of the banks have been identified — Philippines-based RCBC, Brazil’s Banco Bradesco, and Bank Busan of South Korea — the rest, which are soon to be named, will offer digital versions of euros and Indonesian rupiah, “pending regulatory approvals and other reviews,” IBM said. The network went live Monday, although while the banks await their regulators’ blessings, the one stablecoin running on World Wire at the moment is a previously announced U.S. dollar-backed token created by Stronghold, a startup based in San Francisco.

Source: IBM Signs 6 Banks to Issue Stablecoins and Use Stellar’s XLM Cryptocurrency

Is There Any Cure for IOTA’s Price Losses? (IOTA Price Analysis For March 18, 2019)

On March 16, 2019, the price of IOTA (IOTA) reached a high of nearly $0.32. It has been on a gradual downtrend since. Here is the price outlook for the period of Mar 16 through Mar 18:

Our analysis of IOTA on Mar 13 predicted that price would increase and result in a breakout above resistance. Our prediction was validated the following day. According to today’s analysis, we predict that IOTA will likely continue trading within a downward facing channel. This means gradual losses for the foreseeable future. Highs within the channel may still be experienced; however, they are expected to grow successively lower over time. In the case of a breakout or breakdown, we assess that a breakout is more likely—which means the possibility of a reversal and rapid price increases.

Source: Is There Any Cure for IOTA’s Price Losses? (IOTA Price Analysis For March 18, 2019)

SEC’s Senior Advisor for Digital Assets Valerie Szczepanik: Stablecoins May Be Securities

Senior advisor for digital assets at the United States Securities and Exchanges Commission (SEC) Valerie Szczepanik reportedly noted that stablecoins could experience issues under current securities laws. Blockchain-related news website Decrypt reported her comments on March 16.

Szczepanik, also known as the Crypto Czar, was appointed to the new position of associate director of the Division of Corporation Finance and senior advisor for Digital Assets and Innovation for Division Director Bill Hinman in June of 2018.

When Szczepanik reportedly made the statement concerning securities at Austin’s SXSW conference on March 15, she also broke stablecoins into three categories.

One kind of stablecoins are the ones tied to real assets such as gold or real estate, and another type are the ones tied to fiat currency held in reserves, in Szczepanik’s classification. The third and last category uses market financial mechanisms to keep the price stable. Explaining the last kind, Szczepanik said:

“I’ve seen stablecoins that purport to control price through some kind of pricing mechanism, whether it’s tied to the issuance, creation or redemption of another type of digital asset tied to it, or whether it is controlled through supply and demand in some way to keep the price within a certain band.”

Szczepanik reportedly said that since a central party controls the price fluctuations over time, that last kind of stablecoins “might be getting into the land of securities.” According to her, if buyers are promised that somebody else will be holding or guaranteeing a profit or controlling the price, the token could be a security.

Ultimately, she explained, whether the asset is labeled as a stablecoin or anything else, the SEC will always subject projects to the same level of scrutiny. She noted:

“Not to sound cliche, but we’d much rather people come to us and ask for [permission], or come talk to us before they do something, rather than doing something and then coming in and asking for forgiveness.”

As Cointelegraph reported in December last year, the United States-based stablecoin project Basis has officially stated that it will close operations and refund investors after they confirmed that they couldn’t avoid a security classification for their secondary token.

More recently, SEC’s chairman Jay Clayton seemed to confirm that Ethereum (ETH) and cryptocurrencies like it are not securities under U.S. law.

Source: SEC’s Senior Advisor for Digital Assets Valerie Szczepanik: Stablecoins May Be Securities

JPMorgan Chase Launches Its Own Cryptocurrency: ‘JPM Coin’

JPMorgan Chase, the largest U.S. bank (and the world’s sixth largest), has created its own cryptocurrency, a stablecoin called “JPM Coin.” According to CNBC, J.P. Morgan “moves more than $6 trillion around the world every day for corporations in its massive wholesale payments business,” and in a few months, it will start trials for use of this new cryptocurrency for instant settlement of payments between its clients. The report says that J.P. Morgan is for a future blockchain-powered world, but before that happens………..

Source: CryptoGlobe

Yahoo Co-founder: Blockchain & Crypto Platforms Need to Establish ‘Trust’ to Succeed

Yahoo co-founder Jerry Yang recently said that digital currencies and their underlying blockchain technology can only survive in the long-term if the crypto community builds a solid foundation of trust around them. Yang’s comments about cryptoassets and distributed ledger technology (DLT) came during a speech he delivered at the recent Nikkei Innovation Asia Forum, held in Singapore……..

Source: CryptoGlobe

Crypto Markets Show Signs of Recovery Following Severe Losses

The vast majority of cryptocurrencies are recovering after experiencing severe losses over the last several days, according to Coin360. Of the top 20 by market capitalization, only the stablecoins USD Coin (USDC) and Tether (USDT) are still in the red. The leading cryptocurrency Bitcoin (BTC) has seen an increase of nearly five percent on the day, and is trading at around $3,717 at press time. As Cointelegraph reported earlier, BTC hit a new year-to-date low today, slumping to as low as $3,544. On its weekly chart, Bitcoin’s highest price point was $4,107 on Jan. 9…………

Source: Crypto Markets Show Signs of Recovery Following Severe Losses

Only 7 out of 21 Crypto Exchanges Pass South Korean Government Audit | BTCMANAGER

The South Korean Government recently conducted a security audit on 21 Cryptocurrency exchanges and according to a local news story published on January 10, 2019, only seven of them passed the audit. The audit took place between September and December 2018 and out of the 21 surveyed, Bithumb, Coinone, and Korbit, along with four others, made the grade. This means that the 14 other exchanges are still vulnerable to attack as far as the government is concerned…….

Source: Only 7 out of 21 Crypto Exchanges Pass South Korean Government Audit | BTCMANAGER

CoinPoker Invites Cryptography and Poker Experts to Debunk Their Transparent Card Shuffling Software and Take Home 1,000,000 CHP Bug Bounty

CoinPoker, a cryptocurrency-based online poker platform, is pleased to announce the official release of its open-source, random number generation software that allows players to engage in card shuffling and verify the fairness of hands. The launch of this software promises to be a giant step forward for the industry, and CoinPoker is offering a 1,000,000 CHP Bug Bounty to the testers for identifying flaws in the software.

Source: CoinPoker Invites Cryptography and Poker Experts to Debunk Their Transparent Card Shuffling Software and Take Home 1,000,000 CHP Bug Bounty | The Daily Hodl

Crypto Whales Move $273 Million in Ethereum, Plus News on Bitcoin, Ripple and XRP, Tron, Stellar, Litecoin and Cardano

From a quarter of a billion dollars in Ethereum on the move to Bitcoin’s quest to become digital gold, here’s a look at some of the stories breaking in the world of crypto. Ethereum whales are out in force. Since Friday, more than $273 million in Ethereum (ETH) has been transferred in 21 separate transactions…….

Source: Crypto Whales Move $273 Million in Ethereum, Plus News on Bitcoin, Ripple and XRP, Tron, Stellar, Litecoin and Cardano | The Daily Hodl

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