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Try and explain yourself clearly.
Did you mean segwit version 0 and segwit version 1? That is what I think of that is very similar to what you might be referring to version 1 and 2.
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What I am afraid of most is not just only the seed phrase missing, but also if someone got hold of it, compromised my wallet and spend my coins. Because of that, I prefer to use passphrase.
As for seed phrase backup, it is better you have more than one backups in different locations. I prefer to recommend 3 backups in different locations.
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It depends on the funds you have to hodl. For a beginner, electrum is the cheapest and easiest way to secure his satoshis, but as your holdings grow it makes sense to invest in greater security, although there are good enough cheaper alternatives other than Passport.
Electrum on an airgapped device is also as safe as Passport hardware wallet and other hardware wallets or cold wallets, but as long as the airgapped device remain being airgapped. It is a cold wallet. It can be used for larger amount of coins. But another important thing is how you securely store your seed phrase. I prefer to use passphrase to extend the seed phrase to make the offline backup also safe. |
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El Salvador is not having her own fiat currency. The country is using United States dollar as legal tender. So that makes it easy for the country to make bitcoin a legal tender but indirectly not making it compulsory.
Nigeria is a big nation and has its own legal tender which is naira. I do not see any point to make bitcoin a legal tender in Nigeria. What we need is the country to be bitcoin friendly. Bitcoin does not need to become a legal tender before you can spend it, although there will be limit unlike if it is made a legal tender.
Worth knowing that we can easily convert bitcoin to fiat and vice versa.
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Click on 'file' -> preferences -> server -> edit on existing connection.
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What if the email that was used in the account is not active anymore what would be the next alternative. I see that the message that would be sent to the email has to be the email associated to that account. Or am i wrong?
no you're right it's actually recommended to use a valid email when creating address, I'm actually looking for a thread were Theymos spoke about this but will do that later since I can't find it now If you have the valid email, what is the point of sending email to the recovery team because you can click on forgot password and the link to reset your password can be sent to your email. So if you have your email, forgot password can easily be used for the recovery. I do not know why theymos said signature is required. I thought before that signature will be required if you are not able to have access to your email and not remember your password or your account is hacked. |
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On Electrum, you can freeze coins that are not yet having any confirmation. Just go to coins (coin control), you will see the coin (that is not yet confirmed) and you can freeze it.
I will prefer to use another wallet with new seed phrase entirely if dust coin is sent to any of my addresses.
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Just as dkbit98 posted, bitcoin is PoW and not PoS. Which means you can not stake it. But I think there are altcoins which are pegged with bitcoin price that you can stake, which is not advisable as they are centralized and there is possibility that it can fall out of peg.
Another one is to stake bitcoin on an exchange but which is not recommended at all because you do not have the keys. The staking reward is very low and not worth it. It is better you just hold bitcoin.
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So in this kind of situation what will you do. Will you accept to sell or you leave the trade for the fear that you would lost your coins? And now if Nigerian government stop and block all the exchanges in the country, what will be the solution to the issue?
On decentralized exchanges, dispute are also considered valued and the solution is what that would be looked for. It can get to the point that buyer or the seller can be told to provide proof of payment or your bank statement of account. Scam on decentralized exchanges can be avoided as you can also avoid scam on centralized exchanges. |
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The price of things is being influenced by the high rate of the dollar,, and things that are only supposed to be affected in countries like Nigeria are those that are imported from outside the country using foreign currency.
Which means as dollar increased in the past, goods imported become costly. Then why local production also increase in price. Everything are directly or indirectly linked proportionately. I do not see both imported and locally made goods decreasing in price. One thing you also need to know about the price of goods as a businessperson is that the rate of the dollar has decreased and the naira has started gaining little value over time, but most sellers and dealers of goods still have old goods in stock that they bought at an old price, so we can't expect them to start selling at a new price; it might affect their business.
You are not getting it correctly. The prices of the goods are increasing. Not that the prices decreased and sellers still wants to sell at high price. No it is not. Another problem that some countries like Nigeria also have is the problem of lacking price control over certain things that the sellers are selling above what they should be selling on the open market. They take advantage of every given situation to make massive profits from the market.
Diesel price is still high and this is not yet about price control. Also know that it is better for the government to stabilize the economy than to be looking for deflation to occur. I guess the government do not want deflation but just want to manipulate things in the way that will only favour themselves (the government). |
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Other example of noncustodial wallet that are open sources are:
Bitcoin Core (full node wallet)
Passport (hardware wallet)
Trezor (hardware wallet)
Samourai (mobile wallet)
But for holding, it is better use cold wallet for high amount of coins. Cold wallets like Electrum wallet on airgapped device. Or go for hardware wallet like Passport.
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However, if you store it in a physical location such as your office drawer, and someone has possession of this seedphrase and has sufficient knowledge of the importance of this information, they could act maliciously and steal your money. A commonly used solution to avoid this problem would be to encrypt the seedphrase and there are several methods and some of them vary in security i.e some users encrypt a seedphrase with aes, gpg, compression tools like winrar, 7zip protected by passwords (I've done this a lot in the past) and also with BIP39 Passphrase. BIP39 passphrase is not encryption, it is word extension. You extend the word with the 13th, 16th, 19th, 22nd or 25th word, depending on the number of word your seed phrase is. I prefer the lazy way which is the use of passphrase to extend the word. If a good passphrase that is long is used, to brute force the passphrase will be hard. |
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This is one of the benefits of multisig wallet. It is 2-of-2 multisig. But make sure that you will give the cosigner public key and not private key or seed phrase. Also the cosigner should give you the public key and not private key or seed phrase. If you give yourselves private key or seed phrase, you defeat the purpose as the cosigners can also be able to make transaction successfully without depending on the other cosigner. You can use Electrum for it. https://electrum.org/ |
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But I thought even if someone uses your identity card to complete kyc on centralised exchange, it will still need a face recognition to match with the said identity card. When the face does not match the one on the identity card how will they verify its the scammer?
This is just about what is happening. We heard of scammers using this method on Binance in India last year. https://cointelegraph.com/news/crypto-p2p-scams-indiaAnd another thing I am not clear about is the third party sending money in replacement of the original expected person on the P2P networks. Because I think even if the third person is involved it will not work automatically becauae each user name is linked to his account and if by any reason you decide to use another user to send the cash instead of the expected person the system will not prompt a release asset boton because the senders name does not match. So I wounder how the third party of a thing even works.
I have used third party before on Binance and it worked. I do not know if it will still work. I used it to test something that time. |
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Loan Amount: 2000 USDT
Loan Repay Amount: 2200 USDT
Loan Repay Date: 8 weeks
Type of Collateral: None
USDT (TRC20) Address: TQUQLr2Ct5XwaUsbMQYfZJw7Qx7BREFyz9
Address: bc1qdplpwcfymwe7dus66dc4gznllpgpasjzn0fm9n
Message: 2000 USDT loan to pay 2200. I am Charles-Tim. March 27, 2024.
Signature: ICyA07IvuFT3Rqni1ot20g/Y97Tk/Ywq4B/GnpQD6vYpYZYfLkSWcXy1avSU5ya4M/eEcRGbKeTis/7tw++YziU=
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Charles-Tim I have not really understand why di third party of a business account is not good to pay someone in the process of peer to peer transaction in centralized exchanges. Most using of POS and going to ATM to send di money. Frankly speaking, I never know di implication on dat note.
It is because of dispute, so that the sender can show proof that he sent the money and the transaction is already successful. Once the exchange see the name correspond with your exchange name, they will know that you are the one that actually send the money. But if the name is different, they will disregard your report because the exchange will not know if you are the one that send the money or not. |
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And really the naira dey get gain against di dollar dis days and as you said, today I even made some screenshots about di naira appreciation and di dollar declining.
Not that dollar is declining but the naira price is appreciating which make dollar price to look like it is depreciating in price. But the appreciation of the naira against the dollar is very slow in movement but before the year will end. It will hit $1 to NGN500 or below. It was today I know why the Naira was depreciating. But that will be an another day discussion.
You do not understand OP. He said why naira increasing but goods and services are getting expensive? |
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Binance own too much sef, abi Dem no know say Dem suppose settle government before Dem go gain ground? Abi na just trial by error Dem take start the exchange business? Binance own too much sef, abi Dem no know say Dem suppose settle government before Dem go gain ground? Abi na just trial by error Dem take start the exchange business?
It is government that their own too much. Why not tell Binance and other foreign exchanges to come and register in Nigeria instead and let bygone be bygone? Did you know how much money they will make if they make such moves. Those exchanges will not just want to leave Nigeria but cooperate. |
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We had a discussion about it some weeks ago but which many among us have known since NCC told all network providers in Nigeria to block the exchanges websites. Also there was a thread that was created about it recently: Nigerian Telcos Have Blocked Nigerians access to all crypto exchange websitesThe exchanges websites can still be acces with the VPN if you can use the one that do not contain ads like paid VPN. Aside that, there is nothing that you can do. But we can still access the exchanges apps with IP address and it is better that way. |
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So what's the significance of the appreciation of Naira at this moment to the Nigeria economy since we are not feeling that effect on the prices of goods and services up till now? Or it's this just a manipulative sham.
The federal government are manipulating. They manipulated the parallel market and they won by making the parallel market to be almost of the same price with the CBN rate. Goods and services are still getting more expensive and it was linked to increase in the price of diesel. This is not favouring at all as the federal government are just manipulating the naira price which is not favoring at all. Naira is lesser than the price they manipulated it to right now after they increased it to have enough naira to pay workers and be used for budgets, now they appreciate the naira value back. I have not seen any government that is manipulative as this present government. |
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