Friday, November 29, 2013

Mind's Eye Re: Bitcoin

Dear friends.

All digital technologies introduced so far have been a success. Watches, audio players, video players, phones, modems, computers, copiers, and typewriters are the ones that come to my mind. And now we have a digital currency, so if the trend continues, it will survive and be a success as well. Like all other digital products, it offers many advantages. One of the greatest advantages to Bitcoin in my opinion is the promise of getting money out of the control of greedy banksters. Like with all the other digital products, at their beginning, many people were very skeptical of them at first.  Many people who are skeptical of Bitcoin are afraid that it will not be secure because of criminal hackers. Trezor promises to put this fear to rest. My questions to you all are:
What do you think about that?    

Below is a new addition to my series on Bitcoin. All comments would be greatly appreciated.

Trezor for Bitcoin

With the NSA spying on everyone, hackers hacking websites and computers, thieves  stealing anything to be stolen, greedy banksters protecting their turf, corrupt politicians protecting the banksters, and the mass media brainwashing people to be too afraid not to play along, it is no wonder that most people either have not heard of Bitcoin, or are very skeptical about it. Bitcoin wallets are needed to use bitcoins and their security is the largest concern that is holding back mainstream adoption of Bitcoin use as a currency. Many secure methods, such as paper wallets or cold storage computers disconnected from the internet, have the potential to provide high levels of security but with significant impairments to ease of use. You still need to load private keys from paper using a trusted computer to send your coins to somebody else.

"Trezor" runs open sourced software and is the first mass-produced BTC hardware wallet that promises to give Bitcoin the much needed boost by offering BTC transactions security with ease of use. It is a single purpose computer which signs BTC transactions made through a desktop or web-wallet. It makes transactions completely safe via the USB interface even on a compromised or vulnerable computer. It does not allow the computer access to private information, even when the computes are infected with spyware. It uses a series of 12 random words to generate private keys to use. The private keys never leave the device and malware cannot read the private keys from it, thanks to the wire protocol used which transfers unsigned transactions to the device and signed ones out of the device.

It is very easy to use. In order to transfer BTCs from the wallet, users connect to any PC running a BTC  client via a USB interface. Trezor provides a one-time password (OTP) and to activate the transaction, users enter their PIN in a secure way that can't be keylogged and misused. "Trezor" signs transaction internally and send the digital signature back to the computer, without leaking your private keys. Thanks to this, you can use it even on a vulnerable or hacked computer. There's no point where malware on a computer could access the private keys or spend away your coins without your permission. No matter how unprotected your computer or internet connection might be, your bitcoins always stay safe. User can backup the private keys by memorizing and/or writing the 12 word code in a secure location in case the wallet is lost, damaged or stolen.

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