Beware the API Key in Yor Online Bitcoin Account

Many new users who open Bitcoin online accounts with exchanges or online wallet programs do not fully understand the ramifications of the “API Key.”  API stands for “Application Programming Interface.”   This key allows for programs to interface with your account.  For instance, if you have a computer program that makes automatic trades to your account.  […]

“Brain Wallet” Thefts Increasing

“Brain Wallets” are wallets created by a passphrase.  It could be a sentence or phrase or just a group of words.  Some users are confused about how complex this password or phrase must be in order to be secure.  The advice, Don’t do it.

The misunderstandings comes from several things.  A password attack that most users are similar […]

Don’t Confuse Breaking Cryptography and Breaking Encryption

Recently the US Federal Bureau of investigations (FBI) seized bitcoins from the alleged Silk Road operator.  There is also discussion that the FBI has a wallet file that is encrypted.  Around the same time there has been speculation that the US National Security Agency (NSA) worked with the US National Institute of Standards and Technology (NIST) to […]

Keeping an Offline Wallet

-By Milly Bitcoin – April 7, 2013.

The safest way to store bitcoins is in an offline wallet.  With Bitcoin the tradeoff for eliminating banks is a that the user is responsible for backing up and securing their wallet.

A wallet is a collection of Bitcoin addresses.  The addresses are pair of cryptographic keys, a public key […]