RealT

The tokenization of real estate arrived in 2019 giving everyday people the opportunity to invest small amounts in a real estate market on the other side of the world.

RealT works by the team purchasing properties and distributing the ownership into Ethereum based tokens. This then allows the owners of the tokens to take a percentage of the rent paid by the tenants of the property. The rent is paid in stable coins to token holders on a daily basis via a smart contract.

Investors don’t have to worry about property maintenance or looking after tenants as this is taken care of by RealT. Currently the team is focused on real estate in Detroit but has plans to expand to other cities in 2020.

https://realt.co/

Pool Together

Lotteries are a $7bn industry in Australia so it’s safe to say Aussies love a punt on the lotto. The problem is that there can only be one winner and the rest of the participants lose their money. This is where Pool Together changes the game with a no-loss lottery.

How on earth can you have a no-loss lottery? By pooling the funds from lottery tickets into a DAI compound interest loan contract. After a week a winner is randomly selected and they win the interest accrued over the week (winnings depend on the amount of entrants but sits currently around USD$400).

This may not be the millions you can win with Powerball but with currently around 900 tickets in each draw your chances of winning are pretty decent. If you don’t win, you get the option to enter the next lottery with the same tickets or withdraw your funds. You literally never lose.

https://www.pooltogether.com/

Defi Lending

2019 was a big year for Defi (decentralized finance) with currently over USD$700m of locked up value. $500m of which is associated with lending.

Defi lending allows you to make a passive income by way of interest through ethereum based smart contracts. As the money is lent out to other users of the platform, as collateral based loans, the interest paid out to the lender is a lot higher than Australian banks provide.

Currently on https://loanscan.io/ the interest rate for lending out the stable coin DAI is 6%pa on Compound v2. At the time of writing the interest rate a major Australian bank is offering with a savings account is only 0.11%pa.

As an example, if you loaned $100,000 on a typical Defi platform you would have made roughly $6,000 in interest over a 1 year period. The same money put into a savings account with a big 4 bank would earn you roughly $110 after a year.

Unstoppable Domains

Blockchain based domains made a step forward in 2019 with Unstoppable Domains releasing functional .crypto domains. Blockchain domains currently solve 2 main issues: complex crypto payment addresses and censorship on the web.

Instead of giving someone a long string of characters in order for them to pay you in Bitcoin, Unstoppable domains allows them to send Bitcoin to an easy to read address such as bitgear.crypto. Currently the platform supports over 50 different cryptocurrencies and the addresses are supported by 4 different software wallets with more to come in 2020.

Censorship is an issue on the current world wide web and if a government disagrees with the content of a website they can have it seized by either contacting the domain or hosting provider. With blockchain domains, the domain is kept in a wallet and cannot be removed or transferred without the owners permission. This technology used in conjunction with an IPFS platform such as https://pinata.cloud/ gives users the ability to create censorship resistant websites.

https://unstoppabledomains.com/

Brave Browser

Brave launched their 1.0 version of the Brave privacy web browser in November 2019 and currently has over 10 million active users. Their user base is expected to grow substantially with the browser being available on Windows, Mac and smart phone devices.

The browser is unique in that it not only will remove all banner ads from websites, block trackers and speed up your browsing experience but will actually pay you to browse the web. The optional rewards system works by paying you in BAT token for each ad you view. If you don’t want to see ads at all you can just turn that feature off.

Another great feature of the browser is the ability to tip content creators directly within the browser using BAT token. This can be done as a one-off tip or even setup as a monthly payment to support your favourite vlogger.

Currently the ads are fairly simple text ads which are displayed as notifications on the device and the user is paid whether they click the ad or dismiss it. We see future versions of the browser allowing advertisers to display more visual ads and possibly allowing website owners to gain revenue through Brave adverts placed directly on their website.

https://brave.com/

Please note: This blog post is not financial advice. The aforementioned projects are experimental and we recommend that you do your own research before using or investing any money.

The post Revolutionary Blockchain Projects of 2019 appeared first on Bitgear Australia.

A hardware wallet is a user-friendly electronic device which allows you to store digital assets (such as Bitcoin) in a safe and secure way.

The main difference between a hardware wallet and other forms of cryptocurrency storage is that your private keys (the cryptographic string of characters that gives access to the funds stored in your wallet) are completely hidden and cannot be exported. The advantage of this is that hackers or malicious viruses cannot steal the private keys that control your coins & tokens.

Another key advantage of hardware wallets is that transactions cannot be made without access to the physical hardware wallet device and it’s PIN code. If hackers were able to access your computer remotely with the hardware wallet connected to it, they still wouldn’t be able to access your funds. All transactions require physical confirmation via the buttons on the hardware wallet itself.

Why do I need a hardware wallet?

Currently the only other storage options available to cryptocurrency holders are exchange wallets, software wallets and paper wallets.

All of these types of wallets have security issues including exchange exit scams, computer hacks or are susceptible to the elements. Any single one of these events can lead to the complete and total loss of all of the stored assets which can be catastrophic.

For the relatively small cost of a hardware wallet you can rest assured that your cryptocurrency assets are as safe as possible.

For more information see our post on the various types of cryptocurrency wallets.

How many Bitcoins or Altcoins can I store in a hardware wallet?

As the hardware wallet itself only stores the private keys related to each coin’s blockchain, the amount is infinite. You can store $1 worth of Bitcoin or billions of dollars worth on a single hardware wallet. This is part of the magic of cryptocurrencies!

You can even have multiple copies of the same wallet or distribute your coins and tokens amongst several different wallets.

Which hardware wallet is best for me?

The core security of all the hardware wallets we sell is relatively similar. All have a high standard of security but there are some differences that you may want to take into consideration.

Budget

Both Ledger and Trezor have entry level hardware wallets which are priced around the $100 mark. If you prefer to have a few more bells and whistles such as colour touch screens or more app space the higher end versions are available for around $200 – $240.

Coin support

All of our hardware wallets support the main cryptocurrencies such as Bitcoin, Litecoin and Ethereum. If you are unsure if your specific altcoin is supported it’s worthwhile checking each device’s coin support before making a purchase.
Ledger coin support
Trezor coin support

Interface

One of the main differences between the Ledger and Trezor devices is their interface. Ledger have an app based system whereas Trezor uses a web wallet interface.
Take a look at the different interfaces online to see which suits you best.

What if I loose my hardware wallet or it breaks?

When you setup your hardware wallet for the first time, you will be given 24 seed words that can be used to restore your device. All you need is a new hardware wallet and your seed words to bring all of your coins (private keys) back.

The mnemonic seed words use a system called BIP 39 (Bitcoin Improvement Proposal 39). BIP 39 has an associated list of 2,048 English words which can be viewed on the Bitcoin Github. The 24 English words your device gives you are specific to your wallet and produce a long string of characters from which individual private keys are generated.

As both Trezor and Ledger wallets support BIP 39 mnemonic seeds they are interchangeable. You can generate a seed on a Ledger wallet and then import all of those wallets / private keys into a Trezor wallet and vice-versa.

What if Ledger or Trezor go out of business?

Both Ledger and Satoshi Labs (Trezor) have been operating for over 5 years now and are the most highly respected companies in the hardware wallet market. Although it’s unlikely that both of these companies would disappear in the near future, it’s important to consider your options for peace of mind.

The BIP 39 mnemonic seed phrase that you wrote down when setting up your device can be entered into any other hardware wallet or software wallet that supports this standard. There are many options currently available such as Jaxx Liberty or Coinomi.

Please note: entering your recovery phrase into your computer may be insecure. Avoid doing so if possible.

The post Cryptocurrency Hardware Wallet FAQ appeared first on Bitgear Australia.

We hope to give you the basics of cryptocurrency taxes in Australia and the tools needed to provide a report to your accountant for filing. A lot of the information provided in this article is based on the reader obtaining cryptocurrencies for investment purposes. There are slightly different rules if the assets you own aren’t held for the purpose of investment so always consult an accountant when it comes to tax time.

How are cryptocurrencies treated by the ATO?

The Australian Tax Office defines Bitcoin and any other digital currencies as assets that are subject to capital gains tax (read the official statement here). A taxable event occurs when cryptocurrency is spent, gifted, traded or sold. Examples of this are exchange trades (i.e. buying ETH with BTC), selling Bitcoin for Australian dollars or making a purchase. These are taxable events and incur Capital Gains Tax (CGT).

As cryptocurrencies are treated similarly to other assets that are subject to CGT, most of the same rules apply. If you hold your crypto assets for over 12 months without trading or selling them, you may be eligible for a 50% discount on the total capital gain you make.

Basic Examples

Example 1

Julie buys 0.2 Bitcoin from an online exchange using Australian dollars from her bank account when the price per Bitcoin is AUD $6,000. She then decides to sell her 0.2 for Australian dollars now that the Bitcoin price is at $10,000.

(0.2 * 10,000) – (0.2 * 6,000) = $800

Julie must report this taxable event of $800 on her annual tax return.

Example 2

Jim signs up to a local cyptocurrency exchange and purchases 1 bitcoin for $6,000. A week later he decides to diversify his holdings and purchase the following using the Bitcoin that he purchased:

5 ETH (costing 0.16440415 BTC)
20 LTC (costing 0.3280102 BTC)
15 XMR (costing 0.1956618 BTC)

In total Jim has traded 0.68807615 BTC and the price of Bitcoin is now $7,500. Assuming all of the above trades occurred at the same time, Jim needs to report a capital gain of $1,032.11 (0.68807615 * 7,500) – (0.68807615 * 6000).

How do I declare coins that I have received from staking or mining?

Generally speaking, coins received via mining or staking are considered to be taxed in the same fashion. In both situations, the coin value at the time of being received is considered income. On top of this, if the coin is held for a period of time and then sold or traded there is CGT applicable to that transaction using the value of the coin at the time of mining as the cost basis.

Examples

Example 1

Jim sets up a GPU mining rig to mine Monero and receives his payouts from a mining pool once per week. This week Jim recieves 0.4 XMR which using the current value of XMR (AUD $97.00), Jim will need to note down $38.80 of income revenue. If Jim decides to sell this 0.4 XMR in 6 months time and the value of XMR has risen to AUD $250, he will also need to report $61.20 (0.4 * 250 – 38.8) of Capital Gains Tax.

Do I need to pay tax on coins from chain forks such as Bitcoin Cash?

Occasionally when chains fork such as Bitcoin forking to Bitcoin Cash, an airdrop of ‘free’ coins / tokens occurs. The same private key on the Bitcoin blockchain will contain the same amount of Bitcoin Cash on it’s corresponding blockchain. Therefore the holder of Bitcoin now automatically has an equivalent holding of Bitcoin Cash.

The ATO treats these kinds of cryptocurrency airdrops as non taxable events when they occur. If you decide to sell or trade the airdropped tokens later on, you will pay CGT each token you received using a zero cost base and the current value at the time of sale.

Examples

Example 1

Julie has 2 BTC at the time of the Bitcoin Cash hard fork (1st August 2017). Julie now has 2 BCH and decides to sell these coins a year and a half later in exchange for $790. As the cost basis is zero, the total reportable capital gain is $790. Julie may also be eligible for a 50% on this taxable event as she held the BCH assets for over 12 months.

What if I’ve lost my private keys or forgotten my hardware wallet’s seed phrase?

If you have lost either of these things, it’s fair to say that your cryptocurrency is lost forever. In this case, the ATO allow you to claim a capital loss against any gains on the condition that you can provide the wallet address as well as proof that the private keys were in your control previously.

What is the best way to track and report cryptocurrencies to the ATO?

You may be thinking to yourself: How on earth am I going to work out my CGT on the thousands of cryptocurrency trades I’ve made?! Well, fear not as there is a solution for you. By far the easiest and quickest way is to use a service like CoinTracking. They offer a free plan if you have less than 200 transactions to report for a financial year as well as very affordable plans for higher amounts of transactions.

One of the best features of CoinTracking is the ability to mass import cryptocurrency trades directly from popular Australian exchanges such as Coinspot, Independent Reserve as well as many major international exchanges. If your favourite exchange isn’t listed, you can always bulk import transactions via CSV export from your exchange or hardware wallet.

Using CoinTracking will allow you to export a clean and straightforward CGT report to be passed onto your tax accountant.

Click here to signup up today and get 10% off any account upgrades!

Please note, the writer of this article is not a tax accountant and all information contained in this article should not be taken as financial or accounting advice. The treatment of cryptocurrencies by the ATO may change from time to time so please consult a registered accountant for advice.

The post How to File your Tax Return on Cryptocurrencies in Australia appeared first on Bitgear Australia.

Thankfully there are a number of Australian based websites that will allow you to buy Bitcoin and many other cryptocurrencies using cash from your bank account. One of the most popular and trusted Australian exchanges is Independent Reserve.

Independent Reserve is one of the longest running and most trusted exchanges that was recently awarded the Australian Cryptocurrency Exchange of the Year for 2019. They offer AUD, USD & NZD deposits, insurance backed by the world’s largest underwriter, automated trading strategies like AutoBuy to Dollar Cost Average your favourite crypto and much more.

To buy Bitcoin on Independent Reserve, please follow the listed steps below:

1. Create an account on Independent Reserve

The first step to buying Bitcoin on Independent Reserve is to create an account. Simply go to https://www.independentreserve.com/ and click on the “Create account” button as seen in the top right corner.

2. Enter your ID details

After deciding on your username and password, fill in your personal information to complete the next step of your registration. This step will also include verifying your email and setting up 2FA, which is not compulsory, however is a recommended practice for cryptocurrency exchanges.

3. Verify your identity

Once you have completed email verification it is then recommended that you verify your personal information, which will allow you to withdraw any funds you have on Independent Reserve. This involves filling in your address as well as providing proof of residence and submitting ID docs like a drivers license or passport.

4. Add a bank account

In order to make your first deposit, you need to add a bank account. This can be done by clicking on “Accounts” in the menu, then clicking “add” as demonstrated in the image below. From there, you must select an Australian or non-Australian bank account and submit your details.

5. Deposit funds

After you connect your bank account, find your preferred fiat currency and click “deposit”. From there you can either deposit via Electronic Funds Transfer, SWIFT, POLi or Osko/PayID.

6. Trade Fiat for Bitcoin

After depositing funds, you can then buy crypto at the current available price (market buy) or set a price point you want to buy (limit trade). Then you have successfully purchased crypto with Independent Reserve!

The post How to Buy Bitcoin and Cryptocurrency in Australia appeared first on Bitgear Australia.

Unboxing

After removing the plastic shrink wrap from your Trezor One device, ensure that the hologram stickers on the outside of the box are intact (as shown above). Take all items out of the box to ensure nothing is missing. Keep in mind when opening the box that it has been deliberately manufactured to be difficult to open to prevent tampering. The box will almost certainly need to be ripped in order to access it’s contents.

The contents of the box should include:

• Trezor One device
• USB Cable
• 2 x Seed recovery sheets
• User manual sheet
• Trezor Lanyard
• Trezor Stickers

Connect

1. Connect the micro-USB end of the accompanying cable into the bottom of the device and plug the other end into a spare USB port on your computer.
2. In a web browser (such as Google Chrome or Mozilla Firefox), browse to https://trezor.io/start/
3. You will be prompted to select your device type. Click on Trezor One.

4. You may have a popup on the screen asking if your Trezor One box’s hologram was intact when you received it. If it was, click Continue to wallet.
5. For security purposes, the Trezor One ships without firmware installed on the device. Click on Install firmware to begin the installation process.

6. Follow the prompts to unplug and re-plug the USB cable connected to your device. This may need to be done a couple of times.
7. On the device’s screen, it will ask if you would like to enable labeling. Click the right button to confirm.

Recovery Seed

1. Click on Create a backup in 3 minutes.
2. Tick I understand and I agree, click Continue.

Your 24 word recovery seed will be now be displayed word-by-word on the Trezor One’s screen. These 24 words are required in order to recover your device and it’s coins / tokens should you loose your Trezor. Keep them in a safe and secure place (read more about securely storing your hardware wallet seed).

3. Cycle through each of the 24 words using the right button and writing down each word onto the recovery seed paper that came with your device.

4. Once you have written down all 24 seed words, the device will ask you to cycle through the words a second time to confirm you have them correctly written down.

5. Once you are happy you have your seed words written down correctly, press the right button on your Trezor to finish.

Labeling

1. Your device will now need to be labeled. In the text field, type in a name for your device. Choose anything you like such as “Mike’s Trezor” or “My Bank”. We’re going to label ours Bitgear.

2. Once you are happy with your name, click Confirm to continue.
3. Confirmation will be required on the Trezor device, press the right button to confirm.
4. Click the green Continue button on the computer screen.

PIN Setup

1. You will now need to setup a PIN code for your Trezor One. This PIN code will protect your Trezor and will be required each time you turn on your device. Press the right button to begin the PIN setup.

2. Using the numbered grid displayed on your device’s screen, click each of the relating squares on the computer screen to choose your PIN. For example (using the grid shown below) if you wanted your PIN to be 1234, you would click the centre square, top-middle square, top-right square and then middle-right square. Your PIN can be up to 9 digits long.
3. Click Enter PIN when you are finished.

4. Now confirm your PIN using the same method and click Enter PIN. Note that the number grid displayed on the device will be different from the last step.
5. Finally, click Continue to complete your Trezor One setup.

Congratulations! You’ve now setup your brand new Trezor One. You can begin sending funds to your wallets as there are no apps to install and your wallets can always be accessed by visiting https://wallet.trezor.io/ in your web browser.

Ensure that you keep your recovery seed words in a safe place and consider entering them into a Cryptosteel Cassette or Cryptosteel Capsule for safe long term storage.

The post Trezor One Setup Guide appeared first on Bitgear Australia.

Cryptocurrency works a little different to traditional currency. Instead of physical cash stored in a leather wallet, cryptocurrencies like Bitcoin revolve around a digital blockchain ledger. This ledger contains the records of which private and public keys control which funds. Every cryptocurrency wallet consists of at least one set of private and public keys. If you’ve never seen a public and private key, here is an example of what they look like:

Private Key: L1DS35g67mR9uic6aGKFVnKBS1t7mQWAqVda4mM2mddcCeeysbPy

Public Key: 1CKqby4nktR7TcoTEJw1SizAxNe4DAXKwL

The public key is used to receive funds and the private key is used to access those funds. In other words, never give out your private key unless you want that person to have access to your coins.

Although many types of wallets mentioned in this guide don’t require you to have knowledge of public/private keys and how wallets work, it is recommended to have some understanding of blockchain basics to avoid having your wallet hacked or simply giving out the wrong information to the wrong person.

What types of cryptocurrency wallets are there?

There are various types of cryptocurrency wallets which you can use. Some wallets have more security, different features or a GUI (graphical user-interface) to help interact with your private and pubic keys. Some are ‘hot wallets’ making it quick and easy to pay for a coffee in a cafe for example. Others are considered ‘cold storage’ wallets for secure and long-term storage. We’ll guide you through all of the types of cryptocurrency wallets along with their advantages and weaknesses.

Paper Wallet

The simplest and most basic form of cryptocurrency wallet is the paper wallet. As the name suggests, a paper wallet is your private and public keys either written or printed on a piece of paper. If printed, you can also include your wallet’s QR code for easy scanning to add additional funds. This type of wallet is also referred to as a cold storage wallet because the private keys are not accessible via the internet.

There are a few tools online which will generate a paper wallet for you such as https://www.bitaddress.org and https://walletgenerator.net. Both websites generate the wallet keys within the browser so your private key won’t be visible to the internet. To ensure the highest level of security, save the website for offline use when generating your paper wallet. Furthermore, opt for using an operating system such as Linux that is less prone to viruses.

Once you have created a paper wallet, you will want to keep it in the safest place possible. Anyone who has access to your public key can access your entire wallet along with any cryptocurrency stored on it.

PROS: Free, quick and easy cold storage wallet.

CONS: Although the private key is not transmitted on the internet by the generator, it is visible on your computer screen. If a hacker or virus has access to your computer they might be able to screenshot the keys. Also, paper is susceptible to damage from water, fire, smudging or simply being misplaced.

Web Wallet

A web wallet or exchange wallet is a wallet managed by a 3rd-party company or cryptocurrency exchange. If you have ever bought or sold cryptocurrency such as Bitcoin via an online exchange, you more than likely stored your coins in a web wallet during the process.

The major web wallet providers include Coinbase (exchange) and Blockchain.com. Both of these websites along with any online exchange will allow you to signup for free and create a web wallet.

One major issue with using web wallets is that you aren’t in control of your private keys. The security of your wallet and private keys is in the hands of the 3rd-party operator. I’m sure you’ve heard of the Mt. Gox exchange disaster in 2014 which led to the loss of an estimated 850,000 Bitcoin of customer funds. This was a stark reminder of the dangers of using web wallets and not having control of your private keys.

PROS: Free and if connected to an exchange it is quick and easy to buy / sell your cryptocurrency.

CONS: Your wallet’s private keys and their security is managed by someone else. If the company’s server is compromised you stand to loose all of the funds stored in that web wallet.

Software Wallet

Software wallets (also known as hot wallets) are software or apps that can be downloaded to your computer or device to manage your cryptocurrencies. Some are designed to be used with just one cryptocurrency while others have multi-coin support. We’ll be focusing on the most popular software wallets with user-friendly interfaces that give you full control of your wallet’s private keys.

Jaxx Liberty has versions for major OS platforms including mobile versions for Android & iPhone. Your wallet can be synced across all devices so your Bitcoin on your Windows wallet can be accessed from your iPhone. Currently the Jaxx Liberty wallet supports over 60 cryptocurrencies and tokens.

Similar to Jaxx Liberty, Exodus is another multi-currency software wallet with support for over 90 cryptocurrencies. The software is currently available for Windows, Mac & Linux with a mobile app in the pipeline.

Both of these software wallets come with Shapeshift integrated for easy coin exchange and the ability to import/export private keys.

Unfortunately the user friendly interfaces and features of software wallets do come at a cost. Due to the fact that your 12 seed words and private keys can be viewed and exported makes for a large security risk if your computer becomes infected with malware or a virus. Essentially any software wallet is only as secure as the computer running it.

PROS: Free, easy to setup and use. Mobile apps make cryptocurrency payments on-the-go a breeze.

CONS: Wallet seed and private keys can be exported which although helpful, does leave your wallet vulnerable to hackers.

Hardware Wallet

Finally, we have the hardware wallet. Hardware wallets are by far the most secure method of storing your cryptocurrencies at an affordable price. They usually look like a fancy USB drive with a small screen to verify transactions. If you are looking for a cold storage solution combined with a user-friendly interface a hardware wallet is your best option.

The private keys for each wallet are encrypted on the device and cannot be exported which makes hardware wallets extremely secure. Also, any transaction made on a hardware wallet must be confirmed by pressing physical buttons on the device. This eliminates the possibility of a hacker or virus being able to steal your private keys or make transactions from your wallet without your knowledge or approval.

The main 3 wallets on the market at the moment are the Ledger Nano S, Trezor One and the Trezor Model T. All three of these wallets essentially provide the same level of security. The variants between them can be viewed on their respective product pages.

PROS: The most secure option available for cryptocurrency storage.

CONS: Compared to other options hardware wallets aren’t free, costing around AU$140 – $245.

Which type of wallet should I use?

If you’re looking for a cold wallet for long-term safe storage of your cryptocurrency, you can’t go wrong with a hardware wallet.

When it comes to day-to-day small transactions and being mobile with your funds, a software wallet such as Jaxx Liberty is a really good option. Just remember to be aware of the security risks of hot wallets and only store small amounts of money.

The post The Ultimate Guide to Cryptocurrency Wallets appeared first on Bitgear Australia.

1. Two-Factor Authentication

The Security of your online accounts is extremely important and in this day and age we are bombarded with hackers that are constantly trying to get a hold of our precious data. It only takes someone stealing or cracking your login details and it might be lights out for your bank account or personal data.

Universal Two-Factor Authentication (or U2F) adds an extra layer of security above your standard username & password (single factor) login. It does this by sending a special authentication token each time you login based on that accounts private keys locked away in your Trezor.

U2F is currently supported by hundreds of websites and the list is growing. Sites include Dropbox, OneDrive, Gmail, Facebook, Github as well as many major online banking platforms. For the full and current list of U2F supported websites visit dongleauth.com.

Once you sign in to your account with a username and password, all that’s left to do is to confirm the login on your Trezor device and you’re in! The only way a hacker can gain access to that account would be to know your username and password as well as being physically present with your logged in Trezor to complete the authentication process.

Another great feature of using U2F on your Trezor device is that all of your U2F keys are associated with your recovery seed. If you restore your Trezor using your recovery seed, all of your U2F keys will be recovered also.

2. Password Manager

The Trezor Password Manager is a Google Chrome extension which helps you manage your passwords while keeping them in a safely encrypted format. The advantage over other password managers is that a single weakness ‘master password’ is not used. Instead a confirmation from your Trezor is used to authenticate access to the passwords.

Any website that uses a username and password can be stored in the Password Manager. Accessing your stored passwords is as easy as the click of the mouse and your credentials will be auto-filled in a new browser tab.

Once you have downloaded the Trezor Password Manager, simply click the Trezor icon in Google Chrome and sign in to either your Dropbox or Google Drive account. Full setup instructions for both the Trezor One and Trezor T are available here. Similarly with U2F, all of your passwords can be restored using your Trezor recovery seed.

3. Unlimited Clones

Some users aren’t aware that you can actually make multiple copies or clones of your Trezor wallet. This can be useful if you would like to keep a hardware wallet at your home as well as a copy of the same wallet in your office. You may also not want to rely completely on your recovery seed and keep a backup somewhere hidden in your home or a safety deposit box.

Creating clones on your Trezor will not only sync your cryptocurrencies across the devices but also your U2F keys and any login credentials stored in the Password Manager. The process of creating a clone is very easy, simply set a second Trezor device into recovery mode and enter the seed phrase to your main Trezor wallet. Done!

4. Bulk Payments

Ever need to send mass payments to multiple recipients? Maybe you need to pay staff all at once or maybe a group of winners in a competition. Trezor does give you an option to import proposed transactions via a CSV file in one go which will also save you on transaction fees.

When on the send section of your wallet, click the drop down arrow next to +Add recipient. This will give you an option to Import from CSV. Keep in mind the format for your CSV file will need to be:

destination_address,amount,currency,label (optional)

So an example CSV file would look something like:

14ov5dGbLDMkmbmyPUtavCgYKWTaM1VT5T,0.5,BTC,Rent

5. Future Transactions

You don’t always have to send your cryptocurrency transactions straight away. Trezor wallets do come with the ability to use a feature called Locktime which can send transactions in the future. This can be useful if you want to send funds to loved ones when you pass away or restrict someone’s access to funds until a certain date.

To use this feature, simply go to the send section of your wallet interface, click the dropdown arrow next to +Add recipient and select Add locktime. Now, locktime is the block number in which the transaction should be mined. In other words, if we want to send a transaction in the future we’re going to need to estimate the block number that will occur at that time. This can be done using the following simple formula:

Locktime = *Current block height* + (*Average blocks per 24 hours* x *Number of days until future transaction*)

The required figures for the Bitcoin blockchain can be found on https://bitinfocharts.com/bitcoin/.

For example, if we want to setup a Bitcoin transaction to be sent in 1 week from now:

541044 + (167 x 7) = 542213

Note: Use this feature cautiously. The only way to cancel a transaction is to move or spend the Bitcoin before the chosen block is mined. Other things that may cause complications in the future are transaction fees and network forks.

6. Trezor Recovery Dry-Run

SatoshiLabs have provided a new feature since firmware v1.5.1 called Check recovery seed. This tool will allow you to confirm your recovery seed is correct without the need of a second device or completely wiping your Trezor.

While in the Trezor wallet interface, go into your device settings and scroll down to Check recovery seed. The process will take you through entering your wallet’s seed and will either tell you that your seed matches or you will receive an error. If the wallet displays an error message, you may want to consider moving all of your coins to a new wallet with a fresh new recovery seed.

Note: As a dry-run recovery appears exactly the same on your Trezor, any warnings that appear can be ignored as they only relate to the real device recovery process.

The post 6 Cool Trezor Features You Didn’t Know Existed appeared first on Bitgear Australia.

Unboxing

Begin by removing the plastic shrink wrap from the outside and layout all of the contents of the box to ensure you have everything you need. Ensure that the included recovery phrase sheets are blank and your Ledger Nano S box should contain:

• Ledger Nano S device
• USB Cable
• Instruction booklet
• Recovery sheet
• Lanyard

Connect

1. Ensuring your computer is switched on, connect the micro-USB end of the USB cable into the side port of your Ledger Nano S.
2. Connect the other end of the USB cable to a spare USB port on your computer and the screen will display the message Press both buttons to begin.
3. Press both buttons on the top of the Nano S simultaneously.

4. Press the right button to confirm that you would like to configure your Ledger Nano S as a fresh new device.

PIN Setup

1. The screen will now show that it is at the first step to Choose a PIN code. The PIN you select in this process will be used each time you power on your Ledger Nano S and for certain security confirmations. Ideally it should be a number that you can easily remember but nothing too easy to guess such as 1234, etc. Press both buttons at the top of the device to being PIN setup.
2. Use the buttons as up/down controllers to select the first number of your PIN and then press both buttons to confirm.

3. Continue this process until you have your chosen 4 – 8 digit PIN. If you make a mistake you can select the ‘backspace’ icon. When finished, select the ‘tick’ icon by cycling through the available digits and press both buttons to confirm your chosen PIN.

4. The device will then ask you to confirm the PIN code you just created. Press both buttons to begin the PIN confirmation process.
5. Enter the same PIN again using the top buttons to cycle through each of the available digits.
6. Once you have entered your PIN, select the tick icon again and press the top right button to confirm.

Recovery Seed

1. Write down your recovery phrase will be displayed on the screen. Press both buttons to being the recovery seed setup.
2. The Ledger Nano S screen will now show a series of 24 words. These are your recovery seed words and are required to recover your device if you should need to replace it (read more about securely storing your hardware wallet seed). It’s extremely important that you write down all of the words in the correct order and store them in a secure place.
   Cycle through the words using the right button writing down each word as you go. If you miss a word or want to double-check after writing your seed words you can go back through each word using the left button.

3. Once you have reached the 24th word and ensured that you have written down all of the words in the correct order, press both of the top buttons together.

4. The device will now ask you to confirm some of the words to ensure you have written them down correctly. Press the both buttons to begin.

5. Use the left and right top buttons, cycle through the available words that match the numbered word displayed on the screen. Once the correct word is selected, confirm by pressing both buttons simultaneously. In our example, we are asked for the 12th word which is master.
6. Repeat step 5 until you have answered all of the recovery seed word questions. The screen will then display Your device is now ready. Congratulations!

Ledger Live Installation

Ledger Live is the latest software released by Ledger to be used as an interface to the Ledger Nano S. All of your apps, wallets and transactions and be managed directly through the Ledger Live software.

Please note at a minimum you must be running Windows 10 (64-bit), Mac OS 10.9 (64-bit) or Linux Ubuntu 16.10 and have a USB port and internet connection.

1. Go to Ledger Live and click the Download Now button.
2. Once the download has completed, install and open Ledger Live.

3. On the left hand side menu, click on Manager.

4. If you are using a brand new device, the firmware will more than likely need to be updated. If the Ledger Live manager doesn’t have a firmware update message, you won’t need to follow the remaining steps.
5. Click on the Update button.

6. Ledger Live will display a message detailing the upgrade to the latest device firmware. Click on Continue.

7. Ensure that the identifier displayed by Ledger Live matches the identifier shown on the screen of your Ledger Nano S. If they match, press the top right button on the Ledger Nano S.
8. The device will then ask for confirmation of your PIN to proceed. Once you have entered the PIN that you selected during the initial setup process, select the tick icon to confirm.
9. Ledger Live will display MCU Firmware is outdated. Disconnect the USB cable from the Ledger Nano S.
10. Once prompted on the screen, press and hold the left button on the Ledger Nano S and reconnect the USB cable (while keeping the left button pressed).
11. Release the left button after around 10 seconds and bootloader is displayed on the device’s screen.
12. On completion of the firmware update, Ledger Live should display the message Firmware updated. You will be prompted to enter your PIN one final time.

Congratulations! You’ve now setup your Ledger Nano S and can start installing apps via Ledger Live and managing your cryptocurrencies. Remember to keep your recovery seed in a safe place and consider purchasing a Cryptosteel Cassette or Cryptosteel Capsule to keep your seed safe against the elements.

The post Ledger Nano S Setup Guide appeared first on Bitgear Australia.

We take a look at some of the methods available to store your recovery seed, from the simple and creative to the durable and damage-proof.

Paper

One of the cheapest and more secure ways of storing your wallet words is using a simple paper and pen. The main advantage of paper is that the words are never digitized or typed into a computer so you can avoid dangers such as keyloggers, viruses and malware. Both the Ledger Nano S and Trezor wallets come with a small numbered piece of paper to allow you to write down your device’s seed password as soon as you set it up. If you do write down your seed, ensure the words are numbered correctly as order is extremely important when using a recovery seed and also consider laminating the paper.

Although writing your seed on paper is a very cost-effective and safe solution, it’s important to consider the worse case scenarios. If you experience a house fire or flood, will your seed survive? Is there a chance that your spouse may throw out your seed paper thinking it’s garbage?

PROS: Free. Non-digital method so viruses and keyloggers aren’t an issue.
CONS: Paper can easily be misplaced, destroyed by water, fire or fade over time.

Steganography

Steganography is a technique used to hide your seed password in plain sight inside of a block of text or image.
There are many free tools online such as Stegoseed which will allow you to input your seed words and it will convert them into a lengthy story which can be saved as a text document on your computer. The tool works by building a story around your BIP39 seed words by using non-BIP39 words as filler text. This allows the tool to work in reverse to decipher the seed words by simply pasting the entire story.

Please note: only use the live demo version as an example. If you plan on storing your seed this way, it’s safer to download the files from the github and run the tool locally from your computer. We only suggest trying this method of seed storage if you have a small amount of cryptocurrency on your device as digital seed storage is not secure.

PROS: Free. Has some level of security above storing your seed words in a raw format digitally.
CONS: Conversion and storage is done digitally. Could easily be deciphered if a hacker knew what they were looking for.

Memory

One commonly overlooked method of storing your seed is simply remembering it. Now, some of us don’t have the greatest memory and trying to recall 24 seed words may be a daunting task but here is a tip which may help you out:

Try associating each word with the next into a story that you can visualise and remember. For example, if the first few of your seed words were “GYM ART WALL ZEBRA GUN EAGLE…” your story could be something like “When I go to the GYM I always look at the ART on the WALL of the ZEBRA holding a GUN shooting an EAGLE”. The more strange, weird and visual you make your story the easier it will be to remember.

PROS: Free. High level of security as there is no physical written copy of the seed words.
CONS: Relies heavily on your memory. You may forget your seed words due to general forgetfulness, old age or an unexpected mental disease.

Steel / Titanium

Stainless steel has a melting point of 1,200°C and titanium can survive temperatures up to 1650°C. The fact that the average house fire burns at a temperature of around 590°C makes metal plates an extremely durable material for seed storage. Your seed words can either be engraved onto a metal plate (make sure you do this yourself with no one else around!) or by using letter punches.

The most popular products available without the need for engraving tools are the Cryptosteel Cassette and the Cryptosteel Capsule. The device comes with hundreds of steel letter tiles which are then inserted into the tile racks (see above image). The side panel is then locked shut and covered to conceal your seed. Floodproof, fireproof and made from 100% steel the build quality of this product is amazing!

PROS: Fairly inexpensive. Durable.
CONS: Can still be misplaced or stolen if not properly stored.

Safety Deposit Box

A second layer of security used in conjunction with the above suggestions would be to store the medium containing your seed password in a safety deposit box. Prices for deposit boxes with Australian banks or similar service providers range from around $100 – $200 per year.

The main advantage of safety deposit boxes is the level of security. Usually they require multiple keys, identification or fingerprint scanners to gain access and are locked away in vaults that are monitored 24 hours/day.

PROS: High level of security, minimal chance of theft. Most safety deposit boxes are fireproof.
CONS: An added cost. Limited access (only during bank hours). Not insured. Bank ultimately is in control of the box’s contents.

Conclusion

The best method of securing your hardware wallets seed will depend on how much cryptocurrency you have stored on your device as well as your budget. By far the most secure method is to either purchase a Cryptosteel Capsule or letter punch your seed into a steel or titanium plate. Then depending on how you feel about banks, either storing the Cryptosteel or metal plate (with tamper-proof seals) in a safety deposit or a secret spot in your home.

If you are looking for a more economical option, paper and pen is your best bet and keep it somewhere safe at your home or office.

The above article is not intended as financial advice and readers should perform their own due diligence to ensure the security of their hardware wallet and cryptocurrencies.

The post How to Securely Store Your Hardware Wallet Seed appeared first on Bitgear Australia.