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OPOLO wallets welcomes Expanse Coin and Thundercore token, now available on OPOLO wallets platform

Thursday, November 19th, 2020

Starting now, Expanse coin and Thundercore token are a part of the OPOLO wallets family. You can now use these third party applications on OPOLOs firmware.

Thundercore token:

Thundercore is a public chain program that was launched back in March 2019. ThunderCore offers a smart contract interface that is completely compliant with Ethereum, enabling developers to migrate their applications to ThunderCore in just a few minutes; second-level confirmation, cross-chain and other innovations make it much simpler for developers and users. The platform offers instant transactions and it also gathers feedback, insights and data on how the platform is being used by developers to develop decentralised applications.

Expanse:

Expanse is a cryptocurrency that is visualised as completely decentralised and autonomous in a way that almost no other cryptocurrency currently exists.

It was developed as a secure Ethereum fork by valued and trusted cryptocurrency developers James Clayton, Christopher Franko, and Dan Conway. Expanse tried to distinguish itself by not using an ICO to crowdfund the currency, but through generating value through the goods that its team builds on the platform.

They also have a smart contract system known as Borderless Technology that is very quick to use and forms the DAO (decentralised autonomous organisation).

OPOLO Wallets:

This is one of the most secure hardware wallets in the market today. The wallet is completely encrypted with an SE chip and offers the longest passphrase setting in the entire market. Moreover, the wallet is EAL6+ certified in both hardware and software. With OPOLO you get a user friendly interphase and an integration of thousands of tokens and more than over a hundred coins.

How to send and receive digital currency?

Thursday, November 19th, 2020

Sending, receiving and exchanging digital currency is easier than ever before. OPOLO wallets give you one platform where you can send, receive, manage, and even exchange different cryptocurrencies all in one place. How? Just keep reading and find out for yourself.

When you want to send or receive cryptocurrency, it is important that you first get a cryptocurrency wallet. Once you have your wallet set-up and ready to use, you will first need to type in the public address of the one receiving the digital currency or give your public address to the recipient, who will put it into his/her cryptocurrency wallet to receive.

This is a very simple task, some wallets have a QR code scanner for this purpose, and on others, you can simply copy and paste the address. After this, chose the amount that you want to send (some wallets require additional information, add as asked), and then press send (or whatever your wallet has named the send button).

For the user, this is as much as they need to do. Once the transaction is made, it is sent to the public ledger, also known as a blockchain, for verification. When, the transactions are verified through cryptography, they are unable to be reversed.

Advice for the anxious user:

If you are one of the anxious types of people and are worried about the status of your transaction, you can check the status of it on the blockchain using block explorer of the coin you have sent. Certain wallets have this feature built in to their wallets as well.

Let us talk about the process in more details for the more novice individuals:

It is important to note that managing, receiving, and sending digital currencies may differ in some wallets. As each has its unique system. However, almost all hardware wallets have the following process in general:

  1. First, log in to your hardware wallet
  2. You will see an icon that says send, receive, or transfer. Click on that button
  3. Choose the required option. Whether you want to send, receive, or trade cryptocurrency. One thing to remember is that you can receive and send only to similar coins. For example, litecoin to litecoin, bitcoin to bitcoin, and so on, this means you cannot send litecoin to a bitcoin wallet and vice versa.
  4. For senders: First type in the public address of the person you are sending the digital currency to and then select the amount you would like to transfer (some wallets may charge a transaction fee, so make sure you have the needed amount). After your type in the required information, double check them for complete accuracy. You do not want to send crypto to the wrong person now would you? Because once a transaction is made, you can not reverse it. After doing so, press send, after which you confirm your transaction one more time.
  5. For receivers: Receivers only need to send their public wallet address to the sender. This can also be done through a QR code in some devices.

Tips for happy digital asset sharing:

  • Before sending a large amount of digital currency, first, do a test run and send a small amount of cryptocurrency. This is to make sure that you are indeed sending your digital currency to the right receiver.
  • Try not to use third party applications and services, as many of these applications and services are frauds. Only use verified and well known systems for your transactions.
  • When buying a new wallet, look for certifications. These certifications are proof that the given statements about the product in question are indeed true.

Why did the transaction not go through?

New users of digital currency are often asking this question on the web. They usually get their problems sorted on their own. Because there was a never a problem, to begin with. Sometimes your transactions requires patience, sometimes these transactions are instantaneous. All of this depends on the server traffic. Remember how miners are supposed to confirm each transaction that occurs? Well sometimes there is an overwhelming number of transactions, and it may take some time for the miners to come towards yours.

So just remain patient; your job was done the moment you made the transaction. However, for the transaction to be complete, it needs to be uploaded on the blockchain, and this can sometimes take a certain amount of time. The time can range from a minute to several hours. There is no need to worry!

OPOLO hardware wallets let you exchange Cryptocurrencies

Most individuals exchange coins through a third party. Which means that there is a middle man making money off each exchange that you do. It is like giving free digital currency to someone for a task you can do yourself. OPOLO wallets allows you such power that you do not need anyone but your own wits to manage your digital currency.

You can exchange your cryptocurrency on the wallet and its application. The feature is built into the OPOLO wallet.  

Why choose OPOLO:

OPOLO hardware wallets is relatively new in the market. But it already has a better user interphase and secure element than many others. First of all OPOLO wallet feels like an android device, thanks to its 3.2inch touch screen and interphase. The relatively big screen makes it a hundred times easier to log into your device as well as manage your cryptocurrency.

OPOLO hardware wallets is the only crypto wallet to have an EAL6+ security certification for both software and hardware. Most wallets only have EAL5+ or less certification, and it is never for both the software and hardware. OPOLO wallets also has the capability to send, receive, manage and exchange your digital currency on one platform.

Moreover, OPOLO hardware wallets has a 124 character long passphrase and key phrase option. Which means you can set a very long security passkey.

For more details click here.

OPOLO wallets welcomes Thundercore token, now available on OPOLO wallets platform

Thursday, November 19th, 2020

Starting now, Expanse coin is a part of the OPOLO wallets family. You can now use this third party application on OPOLOs firmware. Both companies aim to make life easier for people in cryptocurrency world.

Thundercore token:

Thundercore is a public chain program that was launched back in March 2019. ThunderCore offers a smart contract interface that is completely compliant with Ethereum, enabling developers to migrate their applications to ThunderCore in just a few minutes; second-level confirmation, cross-chain and other innovations make it much simpler for developers and users. The platform offers instant transactions and it also gathers feedback, insights and data on how the platform is being used by developers to develop decentralised applications.

OPOLO Hardware Wallets:

OPOLO hardware wallet is one of the most secure hardware wallets in the market today. The wallet is completely encrypted with an SE chip and offers the longest passphrase setting in the entire market. Moreover, the wallet is EAL6+ certified in both hardware and software. With OPOLO you get a user friendly interphase and an integration of thousands of tokens and more than over a hundred coins.

You can download the OPOLO hardware wallet application on your IOS, Android, MAC, Windows, and Linux systems.

 

 

Sending Bitcoin to your Hardware wallet; a beginners guide

Thursday, November 19th, 2020

If any bitcoin was bought by you, it was probably brought from an exchange like Kraken, Gemini or coinbase, being the most trusted and mainstream coin exchanges. This means that if your bitcoin wallet is located on the exchange you used to buy your bitcoins, then the security of your wallet is in the hands of that particular exchange website.

This is one of the riskiest ways of storing your cryptocurrency. If you have been following bitcoin trends in the past few years then you would have seen all the stories of hackers stealing bitcoin from different users. If hackers get access to any of your private information, they can quite easily hack your bitcoin wallet.

These exchanges are all online and will not be used without the aid of the internet. For that very reason, Hardware wallets came into existence. Tapping into a cyber security necessity.

What are hardware wallets?

One of the best ways of keeping your cryptocurrency secure is by moving your currency into an offline medium. This is commonly known as cold storage. The method is known as cold storage because all your keys are securely saved on an offline medium.

The most popular cold storage mediums are hardware wallets also known as cold wallets. These devices solely exist to store your wallet information and currency. Moreover, these devices are protected through encryptions and key phrases.

There are quite a few hardware wallets in the market such a ledger, Keepkey and Trezor. However they do not offer the same level of security as OPOLO wallets. OPOLO wallets also has a much more user friendly interphase that helps you manage your digital currency in quick time.

So how does one send coins from Coinbase to their hardware wallet?

As a demo, we will consider OPOLO cosmos hardware wallet!

First connect your OPOLO hardware wallet to your computer and create your wallet. For this you will need to type in your pass code. Your passcode will only be used to access your wallet, each time you plug in and try to use your wallet. You will have to type in your passcode.

OPOLO then gives you recovery phrase option, where you can create a phrase that is up to 127 characters long. This is the longest recovery phrase any wallet has to offer in the market. You should write your Key phrase down and save it.

OPOLO gives you magnetic mnemonic cards for this purpose as well. Keep your magnetic mnemonic cards safe in storage. Because even if you lose your device, you can still access your wallet through the recovery phrase.

Bitcoin is already supported on OPOLO hardware wallet so you do not need to download its application or chrome extension. So once you created your wallet, all you have to do is view your wallet address. You can receive funds on your device through that. Remember bitcoins cannot be brought on your OPOLO device. They can only be exchanged for other coins in the market.

This is why these exchanges exist online. Because cryptocurrency can only brought through these exchanges.

Now log in to your coinbase account and go to the accounts page. Click on send button and type in your wallet address. Your currency will be sent to your wallet. Now you can keep your currency secure and sleep easy.

Important facts

Be careful while transferring your cryptocurrency. Try installing a firewall, antivirus device and use a trusted wifi network while making exchanges. Moreover, also remember that exchanges like coinbase charges a fee for each transaction that you make.

The fee is visible when you are making the exchange. Moreover the platform shows you just what amount of currency you will receive after the transfer. Some exchanges are as cheap as 1% fees, while some exchanges can cost you almost 15%.

Security risks of software wallets for cryptocurrency

Thursday, November 19th, 2020

The future of currency is digital and more people need to be aware of their options. There are many ways to store your cryptocurrency these days. Mainly these ways of storing digital assets are classified into two categories, which are software and hardware. The biggest difference between the options is that on is online and the other is offline.

Software wallets are often called hot wallets and these wallets are all online. Hardware wallets are known as cold wallets and these wallets are completely offline. For this particular reason hardware wallets have been deemed safer than software wallets.

Let us talk about software wallets in more detail:

Ever since Bitcoin was developed, digital currency wallets have existed. These software wallets come in mainly two forms, online and desktop wallets. On your IOS and Android phone, you can also download these wallets. Mobile hot wallets are also called hybrid wallets because of their mobility.

The fact that they are absolutely free and can carry all digital currencies is the best thing about owning a software wallet. Let us first address the “all crypto keeping” aspect. Each time a new cryptocurrency enters the market, a “ICO” is produced. If there is a place to store it, the ICO is only then functional. People who build digital currency are typically the same people who support it by creating a wallet as well.

The more prominent cryptocurrencies such as XRP, Litecoin, and Ethereum all also have various digital wallets for them. Each wallet has its own unique features, customization, and functionality to choose from. Less popular or less common cryptocurrencies usually have one wallet with basic features such as trading, selling, and buying.

A strong argument for hot wallets is the fact that they can hold new and less common cryptocurrencies, while cold wallets mostly cannot offer this feature.

Another point that makes hot wallets popular is the fact that they are free to use. All you need to do is find a hot wallet that matches your needs and then register to use it. The free factor is the main reason why these wallets are so popular, especially for the new crypto users. Another argument that makes hot wallets famous is that they’re free to use. All you need to do is find a hot wallet that suits your needs and register to use it. The free factor is the main reason why these wallets are so popular, particularly with new crypto users.

But are these wallets safe? Will your digital assets be completely secure?

If I was to be completely honest with you, then I will have to say that no, you digital currency will not be completely safe from hackers and cyber criminals when using software wallets. The security of your software wallet is only as good as the website you chose to get your wallets from. And if you look at history, even the CIA and NASA have been hacked and these companies have the best cyber security in the world.

All software wallets store your data on a cloud or an online server. Online servers are not that hard to hack, as we already know. You might be the victim of a malicious software or a fraud, and you might even be the victim of someone who knows the value of your digital currency.

While there have been several security steps taken by most hot wallet websites to ensure the protection of your crypto. It just takes a tiny loophole to lose all your digital currency, such as a website update. This has happened before and will continue to happen in the near future. For now software wallets are not that safe to use.

Some websites like coinbase, if you use their hot wallet, offer 100 percent insurance. This is pretty rare, though, and is very comforting. But with the same pledge, other websites will cheat you as well. Even if you link your cold wallet to a compromised computer device, most hardware wallets like OPOLO hardware wallet have taken some drastic safety steps. It’s still difficult to hack your digital properties.

So should you be using a software wallet?

It depends, if you for example are dealing with new cryptocurrencies or are very new to the crypto world and have minimal investment. For example you are trying to learn the crypto trade with a small budget, then yes you should use a software wallet. However, if you want to properly earn through digital currency and are going to invest in thousands then I would suggest you stay away from software wallets.

You can never truly escape the use of cryptocurrency software wallets. However, you can smartly transfer your crypto to a cold storage wallet. Currently online sources for storing cryptocurrencies are not completely secure. Maybe in the future, but for now software wallets are not safe from cyber criminals.

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