New Wallet Tech Proves BTC Security Still Evolves

May 27, 2015
Samourai Wallet's Features

Samourai Wallet's Features

Bitcoin holds a tremendous amount of advantages to the modern-day market due to the fact that it introduced a decentralized way of doing business to society. This unique feature became the main selling point of Bitcoin, resulting in the widespread fad of cryptocurrency.

Alongside the Bitcoin developments, several Bitcoin startups have dedicated their efforts to providing more efficient ways to transact and access the digital currency. However, despite Bitcoin’s favorable aspects toward its consumers, it still faces hindrances, particularly in security.

This, therefore, explains why Bitcoin companies are constantly developing ways to combat impending security breaches. Fortunately, Bitcoin security is slowly closing in on stability through the efforts made by these cryptocurrency firms.

BTC Security’s encouraging progress

Bitcoin wallet provider Blockchain LTD has already come up with over $30 million worth of funding that is dedicated to eliminate BTC wallet security threats. In addition, this Bitcoin company owns one of the most renowned BTC web wallets today, Blockchain.info.

Though it was hailed as one of the most favorable BTC fund storages, Blockchain.info was previously under a bad light after experiencing security issues that even resulted in their delisting from Bitcoin.org’s selection of Bitcoin wallets.

However, their company did not falter and continued to strive to deliver better services to their clients. Hence, a newly improved Bitcoin wallet from Blockchain was developed. In line with this announcement, only a little information was passed down to keep the project exclusive until everything is good for release.

For now, Bitcoin analysts and Blockchain affiliates are speculating that this new wallet will not only include an improved interface but will also feature better security algorithms.

Samourai Wallet

Samourai wallet: BTC’s true wallet

On another note, a newly developed Bitcoin wallet was released under the name of Samourai wallet. Its developers, who call themselves ‘samourais,’ said that the wallet’s main focus is security and privacy.

In addition, they said that the Samourai wallet is designed to fulfill and carry on with Bitcoin’s main essence—full control of users’ money:

“We are excited about Bitcoin and share Satoshi’s vision of what Bitcoin will achieve. Unfortunately we have seen a disturbing trend in the Bitcoin world. We are seeing the rise of centralized Bitcoin Banks. These Banks are just following the arbitrary regulations imposed by arbitrary men. We want to help build the tools that support Satoshis vision, the tools that always keep the user in control of their money, the tools that don’t ask for permission, the tools that operate outside of the machine.”

Samourai wallet’s features allow users to completely hide their identity and even their Bitcoin-related actions. This wallet administers a BIP 39 passphrase upon its creation. Moreover, it uses military grade AES-256 encryption, along with a PIN code and a secret GUID that is kept within a secure space of a certain device.

These specs allow users to hide any trace of wallet transactions and to retrieve the data when needed. In addition, it even has an in-phone security feature called the ‘stealth mode’. This feature allows users’ wallet activity to be hidden on their device’s home screen, launcher menu, or recent apps screen.

Overall, the samourais have succeeded on creating a Bitcoin wallet that offers extreme privacy and anonymity. Aspiring users must keep in mind, though, that the Samourai wallet is only available for Android devices as of the moment. Nevertheless, developers have pointed out the possibility of improving the accessibility of this wallet.

Wallet Security in Gambling

BTC security and the Bitcoin gambling industry

The Bitcoin gambling industry is probably the most affected when it comes to Bitcoin fund security. This is due to the fact that Bitcoin casinos hold large amounts of BTC, a reason these venues are always the hottest targets for cryptocurrency rogues.

However, as the Bitcoin community takes security issues more seriously, Bitcoin gamblers are now relieved from the morose idea of getting their accounts compromised by hackers.

The upcoming reboot of Blockchain’s web wallet, together with the launch of the Samourai wallet, are now presenting Bitcoin bettors with enough grounds that security is once again the industry’s main priority.

Moreover, high-rollers from high-paying casinos like BTC-Casino and FortuneJack can take advantage of the anonymity provided by the Samourai wallet. Using the stealth features of this wallet can give bettors the peace of mind they needed to fully enjoy betting.

Also, as the release of Blockchain’s new wallet is closing in, Bitcoin casino players can expect a more secure fund wallet for their bankroll and winnings every time they wish to play Bitcoin slots or blackjack to name a few.