How to Protect Yourself Against Phishing

Trezor, a popular Bitcoin (BTC) hardware wallet, has informed that its newsletter has been compromised, alerting users of phishing attacks — but the team’s chief report security officer (CISO) shared some points on how to stay crypto-safe just days earlier.

The happening comes several days after Jan Andraščík, CISO of SatoshiLabs, the team after Trezor, published a detailed guide instructing crypto users on how to improve their security. In the article, Andraščík shared 10 tips that could decrease “your options of being attacked.”

In the first place, he emphasized the importance of having powerful, unique passwords. He proposed passwords be 12 or more characters and include both lowercase and uppercase characters, digits, and special symbols.

Secondly, he suggested the use of multifactor authentication. There are different types of multifactor authentication, but SMS authentication and software-based authentication are the most widely used techniques.

Other tips include:

  • Use the latest software: outdated software is at risk and a likely vector of attacks for scammers.
  • Use authentic software: non-genuine software usually can provide malicious third-party actors access to operating systems and other files:
  • Avoid public WIFI: bad actors can use public wifis to get sensitive information.
  • Be careful of phishing attacks: always check the sender, check the text and check the links shared via messages before clicking them.
  • Protect from malware: use antivirus to protect yourself from viruses.
  • Make sure to stay updated about cyber security.
  • Make sure to backup your data.
  • Make sure to encrypt your data.

Bitcoin Saw Key Technical Breakout

Bitcoin stepped above the $47,000 resistance against the US Dollar. BTC is showing positive signs and might move towards the $50,000 resistance zone.

⦁ Above the $45,500 resistance zone, Bitcoin saw a major technical breakout.
⦁ The price is currently trading above $46,500.
⦁ There is an important bullish trend line forming with support near $46,200 on the hourly chart of the BTC/USD pair.
⦁ The pair might continue to rise and can trade towards the $50,000 resistance zone.
Bitcoin Price Breaks $48K

Bitcoin price remained consistently above the $45,500 resistance zone and then increased and was able to clear the $46,500 resistance zone.

The upward move gained a step above the $46,500 level and the price settled above the 100 hourly simple moving average. Finally, it gained above the $48,000 level.

Below the $48,000 level, there was a small drop. Bitcoin traded under the 23.6% Fib retracement level of the upward move from the $44,470 to $48,200 high. Besides, there is an important bullish trend line made with support near $46,200 on the hourly chart of the BTC/USD pair.

The price is facing resistance near the $48,000 level. The next major resistance could be around the $48,200 zone. A successful break and close above the $48,200 level can push the price towards $49,000.

The next major resistance could be near at the $49,500 level. Any more gains could open the doors for a move towards the $50,000 level.

Bitcoin’s Lightning Network

 In 2016, Developers Joseph Poon and Thaddeus Dryja offered a protocol called”the lighting network” that would enable cheaper and faster transactions while not having to change the block size.

coin’s scalability issues mean that shorter transactions can congest the blockchain. The Lightning Network was developed to fix that.

Since each block on Bitcoin’s blockchain conducts an average of 10 minutes to process, only a little number of transactions can go through at a time. In 2016, developers   Joseph Poon and  Thaddeus Dryja offered an idea that could enable cheap and fast transactions on the network without having to change the block size. They called it, the “Lightning Network.”

The Lightning Network makes a second layer on top of the Bitcoin(BTC) blockchain that uses user-generated, micropayment channels to complete transactions more efficiently.

These transactions are much quicker than regular Bitcoin(BTC) transactions because they don’t need to be broadcast to the entire network. And because there are no miners that require incentivizing, transaction fees are low or even non-existent.

How the bitcoin lightning network works

Judge of Bitcoin’s main blockchain as a highway, and the Lightning Network as a series of side streets that decrease the highway’s congestion from shorter transactions.

First, two groups who hope to transact with each other set up a multi-signature wallet (which needs more than one signature to enact a transaction). The wallet holds some amount of Bitcoin(BTC). 

The wallet address is then reserved to the Bitcoin (BTC) Blockchain, setting up the bidirectional payment channel.

The two groups can now conduct a total number of transactions without ever touching the details reserved on the Blockchain. With each transaction, both groups sign an updated balance sheet to reflect how much of the Bitcoin(BTC) is reserved in the two wallets.

Once both groups finish transacting and shut out the channel, the resulting balance is submitted on the blockchain. In the event of a dispute, both groups can use the most recently signed balance sheet to retrieve their share of the funds.

Where is our position with the bitcoin lighting network?

The Lightning Network founded a beta version in 2018 but was far from fully operational. Since then, the number of nodes on the Lightning Network has doubled year over year, pushing the project closer to achieving its goal of making Bitcoin (BTC) a viable currency for day-to-day transactions.

Once both complete transacting and close out the channel, the resulting balance is submitted on the blockchain. In the event of a dispute, both groups can use the most recently signed balance sheet to retrieve their share of the funds.

Bitcoin Hits Breakeven

Bitcoin, the largest cryptocurrency by market capitalization gained more than 4% to reach a three-month high at $46,800, over a two-hour period. Bitcoin has gained over 12% since last Sunday after getting up for six consecutive days, although it remains off its $47,740 starting point in 2022.

A note was published on Monday morning Asia time, Singapore’s QCP capital mentioning a broader rally in global asset prices as a reason for the “bullish momentum” and why it is likely to continue in the near term. The fund also mentioned the continued bitcoin buys from Luna as a reason for the continued momentum.

Ether and most other major cryptocurrencies were also growing. ETH, the second-largest crypto by market capitalization followed bitcoin on Sunday at its highest level since early February at $3,250. Solana, Cardano and Avalanche and some other altcoins were also growing up. Popular meme coins Dogecoin and Shiba Inu, were also up by 6% and 3% respectively.

Trading was growing up after weeks of low volumes.
Some analysts said that Bitcoin had a strong week, especially given the quarterly options expiry on Friday, and noted that Bitcoin had shown flexibility, following the Federal Reserve’s decision last week to raise the rate of interest and the continued growth of Russia’s invasion of Ukraine with its economic fallout.

But they were also cautious in their appraisal of the coming days. “While participants in the market are starting to get optimistic and the greed index is not fluctuating, Bitcoin bulls will want to see the gains price above $46,000,” they said as the quarter is ending, we could see increased unpredictability after that.”

Satoshi Nakamoto, The Founder of Bitcoin

No one comprehends who Satoshi Nakamoto really was, but we do know he was the inventor of Bitcoin, ushering in the age of cryptocurrency.

While we may not understand who Satoshi Nakamoto was, we know what he accomplished.  Satoshi Nakamoto was the developer of the Bitcoin protocol, publishing a paper via the Cryptography Mailing List in (Nov)2008.

Satoshi Nakamoto then released the first version of the Bitcoin software customer in 2009, participating with others on the task via mailing lists, until he finally began to fade from the community toward the last of 2010.

Nakamoto worked with other people on the open-source team but never took care to reveal anything personal about himself, and the last anyone heard from him was in the jump of 2011. 

Was Satoshi Nakamoto Japanese?

Don’t judge a book by its cover. Or in fact, maybe we should.

“Satoshi” means “clear thought, quick-witted; intelligent.” “Naka” can mean “medium, relationship, or inside.” “Moto” can mean “foundation” or “origin.”

Does anyone know who Satoshi Nakamoto was?

No, but the operative techniques that people use when imagining are sometimes even more intriguing than the answer. The New Yorker’s Joshua Davis thought that Satoshi Nakamoto was Michael Clear, a graduate cryptography student at Dublin’s Trinity College.

He reached this conclusion by analyzing 80,000 words of Satoshi Nakamoto’s online searching and writing for linguistic clues. He also doubted Finnish economic sociologist and former games developer Vili Lehdonvirta.

So what do we know about Satoshi Nakamoto?

One thing we know, based on people with interviews that were involved with him at an early stage in the growth of bitcoin, is that he considers the system very thoroughly.

His coding wasn’t traditional, according to core developer Jeff Garzik, in that he didn’t apply the same strict testing that you would expect from a professional software engineer.

How rich is Satoshi Nakamoto?

Research by Sergio Lerner, an authority on bitcoin and cryptography, suggests 

Satoshi Nakamoto mined many of the earlier blocks in the Bitcoin (BTC)network, and he had built up the luck of around 1 million unspent bitcoins. That stock would be worth $18.4 billion U.S. dollars as of last year.

Did Satoshi Nakamoto work for the government?

There are hearsays, of course. People have to decode his name as meaning “central intelligence,” but people will see whatever they like to see. Such is the nature of conspiracy ideas.

The apparent question would be why one of the three-letter agencies would be interested in developing a cryptocurrency that would subsequently be used as an anonymous trading mechanism, causing the FBI  and the senators alike to wring their hands about potential criminal and other terrorism endeavors. It doesn’t matter what conspiracy theories people have, everyone has their own theories. In the end, Bitcoin is now much bigger than Satoshi Nakamoto.

The History of Bitcoin

From its beginnings in 2008 to its peak price in 2021, Bitcoin has taken investors and the world for a ride. Over a decade, Bitcoin has spiked and crashed and reassembled and fallen again, on the way to a price in the tens of thousands.
Bitcoin is a peer-to-peer electronic exchange. This means people can send money directly to anyone without a bank or third party. The invention of bitcoin was to make sure that people don’t rely on government or financial institutions to make transactions. Bitcoin allows users to send or receive bitcoin amongst themselves using the Bitcoin blockchain, which depends on a proof-of-work method for tracking and verification of transactions.

Bitcoin is the world’s most popular cryptocurrency today and some advocates believe that it could replace physical cash. Bitcoin growth has reunited a passionate community that is excited about cryptocurrency’s rise and its opportunities. The development of thousands of other cryptocurrencies is also inspired by bitcoin.

When did Bitcoin start?

Bitcoin was created out of the confusion of the 2008 Great Recession as distrust of banks and their role in the financial system grew. An individual or a group of people by the name of Satoshi Nakamoto issued a white paper to address the centralized control of money and the trust required in handling citizens’ cash.

In the traditional financial system, transactions can be reversed with third parties, and transaction costs can add up. Bitcoin was presented as a way to make transactions without using a third party. Rather, the Bitcoin system uses cryptographic proof to maintain the honesty of the network instead of relying on third-party banks and other institutions.

The blockchain was launched on 3rd Jan 2009 when the first block was mined. The first test transaction took place after one week. Bitcoin became available on exchanges in 2010 and it became easier to buy, sell, trade and store. With the help of these exchanges, Bitcoin gained a reliable price against the U.S. dollar. It has now been officially adopted as legal tender in El Salvador alongside the dollar.

Bitcoin Today

Today, one Bitcoin is worth about $42000. It’s a long way from its all-time high but also a long way from its post-peak bottom in 2018 of just over $3,000.

To this day, no one knows who Satoshi Nakamoto is or was, an organization or a person? it is a mystery till today.

While Bitcoin is still growing its role as a store of value and unit of account, cryptocurrencies have largely disrupted the “idea that money somehow isn’t money unless it is accepted as payment for taxes”.