Jonald Fyookball: Electron Cash users 'go online with a watching-only wallet'

Jonald Fyookball: Electron Cash users ‘go online with a watching-only wallet’

Electron Cash lets users keep private keys—no need to download entire blockchain.

There are several wallet options out there for cryptocurrency holdings. The choice depends on what your funds are for: long-term holders prefer offline or “cold” wallets; active traders keep them in live wallets, usually exchanges—they can easily trade between cryptocurrencies but are more vulnerable to attack.

Electron Cash—a light wallet specifically for Bitcoin Cash (BCH), however, employs a different game plan: a hybrid between hot and cold, restricting online access so the signature part of the process is done offline.  “Your private keys are encrypted and never leave your computer,” their website reads. “Keep your private keys offline, and go online with a watching-only wallet.”

Its creator, Jonald Fyookball, who has been actively reviewing and assessing protocol proposals and developments in Bitcoin—including issues surrounding the scaling debate, has become a prolific member of the community and a household name for those immersed in the space.

In an email interview with CoinGeek, Jonald Fyookball expounds more on how this works.

“Most casual users think of “spending a transaction” as a single maneuver, but you can break it down into 3 distinct steps.  First the transaction is created by specifying the inputs and outputs.  Second, it is signed using the private key(s).  And third, it is broadcast to the network,” he wrote.

“You can think of offline signing as a process where the user does steps 1 and 3 on their online computer and does step #2 (the actual signing with a private key) using an offline computer.  So you create the transaction, save it (either as a file or a QR code), transfer it to an offline machine where you sign it, then copy the signed transaction back to an Internet-connected computer for broadcasting.  This way, the machine with the private keys never has to touch the Internet.”

He adds that Electron Cash gives users the full security benefits of keeping their own private keys—unlike cryptocurrency exchanges, without requiring them to download the entire blockchain history—something common to several Bitcoin clients that ultimately discourages other users and pushes them back to lighter wallet options. If you’ve ever tried a wallet that requires downloading all the nodes, it’s a gruelling and frustrating task that heats up your computer and eats up quite a bit of your bandwidth.

“Electron Cash gives you the best of both worlds because you control your own private keys but you also don’t have to download blockchain.  You can restore your wallet from a secret seed so that you don’t need to back up your wallet file as long as you have the seed.  There’s also other cool features like coin control.

We’re working right now on new versions for devices we haven’t covered in the past such as the iPhone.”

Coin Control, mentioned above, is a feature that enables users to pick and mix coins from your balance will be used for your next transaction, and which addresses they will be coming from. Consolidating small amounts you received, say as change for previous transactions, helps reduce fees and adds a layer of privacy/anonymity to your transactions. When asked what inspired him to create the wallet—which is free for all to use, Fyookball says it was a decision made around the time of the fork, and that the wallet is in fact, a “fork” itself.

“As many people know, Electron Cash is a fork of the popular Electrum wallet.  This was my favorite wallet as a BTC user, and I wanted to recreate the same wallet experience and make that available on Bitcoin Cash.  

I was in close communication with those in the community that decided to initiate the BCH fork from BTC, and decided having this wallet available was important for the launch, so I got involved.  I’m glad we were able to make that happen.”

Electron Cash has also opened up a bug bounty program for devs who want to help the community by putting the wallet’s code to the test. Interested white hat hackers can take their chance at the bug bounty, currently worth $2,000. The communication platform of choice for this is still Github.

“We usually use Github as a handy interface between the Electron Cash developers and the wider community,” Fyookball wrote.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Ledger investigates wallet’s sudden lack of Bitcoin Cash support

Ledger investigates wallet’s sudden lack of Bitcoin Cash support

The Ledger team has resolved the reported sudden lack of Bitcoin Cash support on its wallet.

On Wednesday, a Ledger spokesperson confirmed to CoinGeek that “this issue has now been resolved.”

“Recent updates to Bitcoin Cash infrastructure resulted in Ledger customers seeing inaccurate balances displayed on their BCH Wallets. As a result of Bitcoin Cash infrastructure changes, Ledger software was temporarily unable to acquire balance and transaction information from the Bitcoin Cash blockchain. This issue has now been resolved. Customers do not need to take any action, and BCH balances will be updated automatically. We apologise for any inconvenience,” the spokesperson said.

On the Reddit forum /r/ledgerwallet, users complained that they have been unable to access their funds on the Ledger wallet for the past two days due to technical problems. Some users reported encountering problems with their transactions if they use BCH as currency, while others are completely shut out of their balances.

According to a Reddit user who wanted to transfer from Coinbase to Nano S, transfers involving SegWit-Coin BTC, LTC and ETH went through just fine but the BCH transaction did not work although the QT Code was scanned accordingly for funds to be received. The user complained that after 36 hours nothing had happened. The situation has created consternation amongst Ledger Wallet users who have taken to social media to voice their concerns.

Ledger Wallet initially addressed the incident in a tweet and also posted an “Active Incident” report after the degraded performance of BCH transactions. The report, which was lodged on April 9 at 7:10 a.m. UTC, noted that “the new version of Bitcoin ABC (Bitcoin Cash node) breaks compatibility with our parser.” This resulted in incorrect result balances on the Ledger Wallet, according to the team.

Ledger maintained that all funds were safe and can still be accessed in emergency situations using the software wallet Electron Cash.

Despite the immediate response, users still hit out at Ledger over the company’s inordinate amount of time it took for the problem to be solved. Nicolas Bacca, CTO of Ledger, addressed the issue, saying:

“The team is still investigating. I’m not following this closely, but if invalid data was fed into our parser it could be necessary to reparse the whole chain which will take a few days. Thanks for your patience, and feel free to open an issue on Electron Cash github if it isn’t working properly… for any blogger trying to misquote me—this means that another team is working on it as fast as they can, but not myself.”

Meanwhile, CEO Eric Larchevêque assured its clients that Ledger’s entire infrastructure engineering team “is working on fixing the outage since we have been aware a day ago.”

The incident report previously stated: “Our main servers are now synced and running. We’ll run on a degraded infrastructure the time for us to ensure that everything is fine (next 12 hours). Once we’re sure that everything is running smoothly, we’ll apply our patches to Ledger blockchain explorer and the BCH daemon before we sync the rest of our infrastructure.”

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
CoinGeek.com funds Electron Cash team to develop Bitcoin Cash open source projects with nChain

CoinGeek.com funds Electron Cash team to develop Bitcoin Cash open source projects with nChain

CoinGeek.com announces funding of up to USD $300,000 per year for Bitcoin Cash (BCH) open source projects to be developed by the Electron Cash team. Electron Cash is an electronic wallet tailored for the BCH chain. nChain, the blockchain research & development specialist, will support the new Electron Cash development projects with technical expertise and intellectual property licenses. This new Electron Cash initiative comes hot on the heels of CoinGeek.com’s funding of another open source project, Terab, which aims to facilitate terabyte size blocks* on the BCH blockchain.

Led by Jonald Fyookball, the Electron Cash team believes that Bitcoin Cash is the true Bitcoin, and fulfils the Satoshi Nakamoto white paper’s vision for a peer-to-peer electronic cash system. The Electron Cash team will use CoinGeek.com’s funding to professionalize its development groups, so they can devote more time to creating software projects for the Bitcoin Cash ecosystem. All software created in this initiative will be made available to the public for usage under an open source license, but only for usage on the BCH chain.

CoinGeek.com, the Electron Cash team and nChain will mutually agree on what software projects will be done under this initiative. Initial projects are expected to include development of:

  1. Development of a new ‘native’ Android Electron Cash wallet
  2. Development of an iOS version of the Electron Cash wallet
  3. Development of a feature phone (Nokia) version of the Electron Cash wallet

The Electron Cash team will manage all development. Enhancing CoinGeek.com’s financial investment, nChain will provide technical advice, support from its research and development team members, and intellectual property licenses when relevant for selected projects. nChain’s Chief Scientist Craig Wright will work with the Electron Cash team to advise on projects.

CoinGeek.com owner, Calvin Ayre, is hoping his investment can support powerful new applications for the BCH chain. Ayre comments: “Anybody with a knowledge of BCH understands that it is the all-in-one cryptocurrency for the future. But BCH is in its early stages, and needs more technical advancements to make it easily used in daily life – especially at the enterprise level. That’s why we support open source projects that make sure the best ideas in cryptocurrency are built into the BCH ecosystem.”

Jonald Fyookball, from the Electron Cash team, remarks: “To have this level of financial muscle from CoinGeek.com and technical expertise from nChain means we have the resources to develop numerous software projects that will help the BCH community. We are excited to contribute our part to help achieve the original Satoshi Nakamoto white paper’s vision that got us all so excited in the first place.”

nChain Group CEO, Jimmy Nguyen, added: “This three-party initiative with Electron Cash, CoinGeek.com and nChain exemplifies the teamwork that is needed, with groups around the world, for Bitcoin Cash to succeed.  We’re especially excited to work with the Electron Cash team to help realize implementations of some of our patent-pending inventions – such as blinded threshold signatures.”

Open source initiatives are only part of CoinGeek.com’s efforts to support Bitcoin Cash growth.  Ayre adds:  “Creating better BCH applications is important but just the beginning.  We are also launching campaigns to educate merchants about the benefits of adopting Bitcoin Cash as a lower fee, fast payment system.  These educational efforts will really hit a peak at our CoinGeek Conference in Hong Kong this May.”

In addition to this partnership with Electron Cash, CoinGeek.com intends to support more initiatives that will enable global growth and adoption of Bitcoin Cash. If you are a developer or technology venture that needs funding to develop projects or applications for the Bitcoin Cash chain, send your pitch via http://coingeek.com/contact.

*A single terabyte block (added every 10 minutes) can contain about 4 billion Bitcoin transactions, and provide capacity of 7 million transactions per second.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

Becky’s Affiliated: A beginner’s step-by-step guide on how to buy Bitcoin Cash

The purpose of this post is not to convince you to buy Bitcoin Cash (BCH), its to tell you how to buy BCH if you want it. What I will also tell you is my inside sources claim its still a good time to buy, aka the value will climb higher and keep climbing. With this privy information at my fingertips, I decided to part with £500 to get familiar with the somewhat complex process of obtaining and storing the currency…and hopefully gain some personal wealth while I’m at it.

To give you the background, I posted on Facebook after the BCH price surge about a week ago, asking if I should by BCH ASAP or wait a few days. I could not believe the number of public responses this post generated nor could I believe the number of people who immediately DMed me asking for advice on how they can buy BCH and fast, cursing themselves for failing to buy it earlier while the prices were much lower.

In order to answer everyone’s urgent DMs in one swoop, this post is designed to serve as my “beginners” step-by-step guide on to safely buy and store BCH. Seeing as BCH is in its infancy stage and it will be some time before we’re able to spend it freely, storing your BCH in a “cold wallet” (unless you plan on trading it) is also part of the equation.

I won’t lie, this is not the most straight-forward process on the planet…but trust me, if was able to do it, so can you!

Step 1: Open up an account with Kraken: 5 minutes

Kraken is a Bitcoin exchange on which you can buy, sell and trade BCH, BTC, ETH and more. Opening up an account with this trustworthy exchange is relatively painless, providing you’re able to choose a password that fulfills all their character requirements and you can quickly check your email for a confirmation message.

Step 2: Get verified for Tier 1 and Tier 2: 5 minutes

Once you have an approved and active account with Kraken, before you can deposit, you will be prompted to “get verified” due to KYC/AML requirements. Since I don’t plan on depositing/withdrawing huge sums of money, Tier 1 and Tier 2 verification was more than sufficient and the only personal info required was my name, DOB and address in the UK. Once entering this info, I was cleared to deposit up to $2000 USD (daily deposit limit) in minutes.

Step 2: Deposit EUR/fiat into the exchange: 2-5 days

I personally hold two banks accounts, one in the USA and one in the UK and for the purposes of this transaction, I decided to send EUR from my UK account. (My USA-based sources assure me Kraken is a trustworthy choice for USA account holders as well, although some of the steps below may vary slightly).

Once you’re Tier 2 or more verified (you’ll be notified by email when you are), on the upper left of the Kraken main page you’ll see a “trade” tab, just under the pull-down menu of available currencies for trade. On the right of the “trade” tab you’ll see a “funding” tab, click on this. Now be sure the “deposit” tab is highlighted and under that, the EUR tab is chosen.

There are two choices for depositing in EUR, one is by “SEPA” and the other is by “Wire Transfer”. I chose SEPA because there is no fee when using my UK-based bank (Barclays), essentially it works the same way as sending an international bank wire. The instructions provided by Kraken for how to deposit are clear and the only step I was unsure of was adding the “reference” as my bank does not accept spaces and “.” for this field, so I had to take spaces out and use “krakenDOTcom” instead. Thankfully it worked.

Step 3- “buy” BCH: minutes to hours, depending on what price you ask for

Kraken will inform you by email when your deposit has cleared and you’re all set up to buy/trade. I thought buying was going to be a quick and easy process- just enter the amount of BCH you want to buy and voila- its yours, but no. Its not that easy.

Be sure you’ve chosen BCH/EUR on the pull-down tab from the upper left of the Kraken main page, click the “trade” tab and then choose the “new order” tab below “trade” and next to “overview”. Be sure “buy” is highlighted in green.

Now take a look at the value of BCH in Euros at that particular moment- either check CoinGeek.com’s homepage ticker (be sure to convert from USD to EUR) or check the top of Kraken where it says, “last”, “high” and “low” and assume the value is something close to what is says under “last”. So lets say 1 x BCH is worth 1000 Euro at that moment and you want to spend 500 Euro to buy .5 BCH. Enter “0.5” where it says “amount” next to BCH and enter “1000” where it says “price” next to EUR. “Total Euro” should then read “500” and now you’re ready to hit “Buy BCH with EUR”, sit back and wait.

If nothing happens for a while, you can cancel your order, adjust the “price” a bit higher and send in a new order.

Step 4- Set up a “cold storage” wallet with Electron-Cash: 10 minutes

Once you’re the proud owner of BCH, unless you plan on trading it, you should move the currency into a “cold storage” wallet and I recommend “Electron-Cash”. You’ll need to download the wallet on your computer and the instructions for setting it up are straight forward.

Step 5- Move your BCH to Electron-Cash wallet: 5-10 minutes

Open up your wallet on your computer and go to the “receive” tab. You’ll see a “receiving address” – a series of numbers and letters – and under this you can enter a description & requested amount of BCH if you wish.

On the Kraken site, go back to the “funding” tab, click on the “withdraw” tab and choose BCH from the pull-down. Now you’ll need to click on “+Add Address”, go back to your wallet, click on the clipboard icon next to your receiving address, then paste the address in the required field on Kraken. Enter the amount of BCH you wish to withdraw on Kraken, confirm the withdrawal and wait for the prompt letting you know all has been a success.

Please beware the transaction does not appear instantaneously in your wallet even though Kraken will confirm the transaction has been made. Check your wallet in 5-10 minutes and your BCH will have arrived safely.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper. Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

Becky’s Affiliated: A beginner’s step-by-step guide on how to buy Bitcoin Cash

The purpose of this post is not to convince you to buy Bitcoin Cash (BCH), its to tell you how to buy BCH if you want it. What I will also tell you is my inside sources claim its still a good time to buy, aka the value will climb higher and keep climbing. With this privy information at my fingertips, I decided to part with £500 to get familiar with the somewhat complex process of obtaining and storing the currency…and hopefully gain some personal wealth while I’m at it.

To give you the background, I posted on Facebook after the BCH price surge about a week ago, asking if I should by BCH ASAP or wait a few days. I could not believe the number of public responses this post generated nor could I believe the number of people who immediately DMed me asking for advice on how they can buy BCH and fast, cursing themselves for failing to buy it earlier while the prices were much lower.

In order to answer everyone’s urgent DMs in one swoop, this post is designed to serve as my “beginners” step-by-step guide on to safely buy and store BCH. Seeing as BCH is in its infancy stage and it will be some time before we’re able to spend it freely, storing your BCH in a “cold wallet” (unless you plan on trading it) is also part of the equation.

I won’t lie, this is not the most straight-forward process on the planet…but trust me, if was able to do it, so can you!

Step 1: Open up an account with Kraken: 5 minutes

Kraken is a Bitcoin exchange on which you can buy, sell and trade BCH, BTC, ETH and more. Opening up an account with this trustworthy exchange is relatively painless, providing you’re able to choose a password that fulfills all their character requirements and you can quickly check your email for a confirmation message.

Step 2: Get verified for Tier 1 and Tier 2: 5 minutes

Once you have an approved and active account with Kraken, before you can deposit, you will be prompted to “get verified” due to KYC/AML requirements. Since I don’t plan on depositing/withdrawing huge sums of money, Tier 1 and Tier 2 verification was more than sufficient and the only personal info required was my name, DOB and address in the UK. Once entering this info, I was cleared to deposit up to $2000 USD (daily deposit limit) in minutes.

Step 2: Deposit EUR/fiat into the exchange: 2-5 days

I personally hold two banks accounts, one in the USA and one in the UK and for the purposes of this transaction, I decided to send EUR from my UK account. (My USA-based sources assure me Kraken is a trustworthy choice for USA account holders as well, although some of the steps below may vary slightly).

Once you’re Tier 2 or more verified (you’ll be notified by email when you are), on the upper left of the Kraken main page you’ll see a “trade” tab, just under the pull-down menu of available currencies for trade. On the right of the “trade” tab you’ll see a “funding” tab, click on this. Now be sure the “deposit” tab is highlighted and under that, the EUR tab is chosen.

There are two choices for depositing in EUR, one is by “SEPA” and the other is by “Wire Transfer”. I chose SEPA because there is no fee when using my UK-based bank (Barclays), essentially it works the same way as sending an international bank wire. The instructions provided by Kraken for how to deposit are clear and the only step I was unsure of was adding the “reference” as my bank does not accept spaces and “.” for this field, so I had to take spaces out and use “krakenDOTcom” instead. Thankfully it worked.

Step 3- “buy” BCH: minutes to hours, depending on what price you ask for

Kraken will inform you by email when your deposit has cleared and you’re all set up to buy/trade. I thought buying was going to be a quick and easy process- just enter the amount of BCH you want to buy and voila- its yours, but no. Its not that easy.

Be sure you’ve chosen BCH/EUR on the pull-down tab from the upper left of the Kraken main page, click the “trade” tab and then choose the “new order” tab below “trade” and next to “overview”. Be sure “buy” is highlighted in green.

Now take a look at the value of BCH in Euros at that particular moment- either check CoinGeek.com’s homepage ticker (be sure to convert from USD to EUR) or check the top of Kraken where it says, “last”, “high” and “low” and assume the value is something close to what is says under “last”. So lets say 1 x BCH is worth 1000 Euro at that moment and you want to spend 500 Euro to buy .5 BCH. Enter “0.5” where it says “amount” next to BCH and enter “1000” where it says “price” next to EUR. “Total Euro” should then read “500” and now you’re ready to hit “Buy BCH with EUR”, sit back and wait.

If nothing happens for a while, you can cancel your order, adjust the “price” a bit higher and send in a new order.

Step 4- Set up a “cold storage” wallet with Electron-Cash: 10 minutes

Once you’re the proud owner of BCH, unless you plan on trading it, you should move the currency into a “cold storage” wallet and I recommend “Electron-Cash”. You’ll need to download the wallet on your computer and the instructions for setting it up are straight forward.

Step 5- Move your BCH to Electron-Cash wallet: 5-10 minutes

Open up your wallet on your computer and go to the “receive” tab. You’ll see a “receiving address” – a series of numbers and letters – and under this you can enter a description & requested amount of BCH if you wish.

On the Kraken site, go back to the “funding” tab, click on the “withdraw” tab and choose BCH from the pull-down. Now you’ll need to click on “+Add Address”, go back to your wallet, click on the clipboard icon next to your receiving address, then paste the address in the required field on Kraken. Enter the amount of BCH you wish to withdraw on Kraken, confirm the withdrawal and wait for the prompt letting you know all has been a success.

Please beware the transaction does not appear instantaneously in your wallet even though Kraken will confirm the transaction has been made. Check your wallet in 5-10 minutes and your BCH will have arrived safely.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper. Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.