How To Backup And Restore Your Wallets On The BlockBanc App – A Complete Guide

A backup of your crypto wallets ensure that your assets stay protected in case of a software or hardware failure. It may also help you retrieve your assets in case your device gets lost or stolen. 

The wallet on the BlockBanc app comes with a simple backup feature that you can use easily to backup as well as restore your assets. Here’s how you can do it.

Backing up your Wallet

1. Log into the BlockBanc app.

2. Go to the “Gear” symbol on the top right of your screen.


3. Tap on “Backup.”


4. Save the file on your device at the location of your choice. A copy of the file would also be emailed to you on your registered e-mail ID.

5. That’s it! The app will let you know of the file name, which in this case is “aibbwallet_20200613_1753” that has been backed up. Backup successful!


Restoring Your Wallet

1. Go to the dashboard of the app and tap the “Gear” icon on the top right corner of your screen.


2. Tap on “Restore.”


3. Locate the backup file on your device which in our case is “aibbwallet_20200613_1753” and tap on it. 


In case you have forgotten the location of the backup file on your device, remember, a copy of the file is sent to you previously on your registered mail. You can download it from there on to your device.

4. Enter the pin for your restored file. This is your log in pin for the app.


5. That’s it. Your restoration is successful. Log into the app again to gain access to your restored assets.


To sum up, we would urge you to backup your wallet from time to time on the BlockBanc app just to be on the safe side. It’s easy and can be restored in seconds. 

And if you haven’t downloaded the BlockBanc app already, you can do so here. With features like PIN lock, fingerprint recognition, wallet backup and email verification – ASSET SAFETY IS OUR PRIORITY.

Also, refer to the presentation below to quickly glance at the steps required to backup and restore your crypto wallet on the BlockBanc app.

How Do You Keep Your Ethereum Safe And Secure?

Every year, countless people lose their Ethereums as a result of hacking, fraudulent websites and sometimes, through simple negligence. In this article, we have offered a few simple steps to keep your Ethereum safe. Let’s start.

Be careful who you talk to about your Ethereum assets

When it comes to crypto, the first rule of safety is not to disclose to anyone the number of  crypto you have. This is applicable not only to the online world via social media or forums, but also to your family and your circle of friends.

That being said, it’s amazing to openly discuss about cryptocurrency and blockchain, and the fact that you hold Ethereum. In fact, if you’re attending a blockchain event or meeting, this will likely be the main topic of discussion with other participants.

However, if you want to keep your Ethereum safe, you should never comment on exactly how much you hold or give the impression that you could be holding a large amount of Ethereums.

Remember to store your ETH in a crypto wallet

A crypto wallet is the safest way to store your Ethereums. It can help in securely storing your private keys, keeping them out of the malicious hands of hackers.

There are many cryptocurrency wallets, and most of them support all major cryptocurrencies. AiBB, the all-in-one crypto wallet, is certainly among the best.

Beware of phishing attacks

In a phishing attack, the hacker uses sophisticated methods to pretend to be someone else in order to steal your Ethereum. This can be done in many ways and has become much simpler with the widespread adoption of the Internet since the attacker can hide behind a computer screen.

The attacker sends you an email claiming to be the representative of a cryptocurrency exchange that you use, in order to steal your password. Social media scams is another one of the most popular phishing strategies.

In this attack, the hacker develops “Twitter robots” who claim to be the official account of a well-known person in the crypto space, automatically responding to other tweets with “Giveaways”.

However, these gifts are nothing more than an elaborate hold-up because they ask people to send a certain amount of ETH to an address they control and expect to recover 10 times the amount.

Do not keep your Ethereums on the crypto exchange

Due to the confusing nature of some Ethereum wallets, especially for newbies, many ETH holders choose to keep their coins on the exchange.

This is often considered the easiest way to store cryptocurrency. However, this practice is very dangerous.

The first major cryptocurrency exchange hack occurred in 2013 when 850,000 Bitcoins were stolen from Mt Gox. At the time, Mt Gox was the largest cryptocurrency exchange, and many people lost all of their coins which, a few years later, were worth a fortune.

Later in 2016, Bitfinex, the largest cryptocurrency exchange of the time, was also compromised and 120,000 Bitcoins were stolen. The exchange, instead of covering for the losses, reduced the balance of all of its users by 35%.

Therefore, a wallet is always the best and safest choice.

With that, we will close this post. I hope you read that right.

Cryptocurrency Is The Future – Predictions On The Future Of Cryptocurrency

It was in 2017 when cryptocurrencies soared to the next level. As a result, their importance developed a lot in comparison to the way it was before.

So, what does the future hold in store for us? At AiBB, we have highlighted a few key points for your reference.

Everyone will start using cryptocurrencies – and they may not even know it

Although it’s been a decade since cryptocurrencies came into existence, there are people who don’t know about it. They use the traditional method of transactions to manage the cash flow.

In the future, businesses are expected to start the use of cryptocurrencies as a mode of payment for their services, thus, removing the middleman in the process. This will definitely help in the reduction of cost making their services cheaper to the masses. All of this will happen even when people are not aware of cryptocurrencies.

Bitcoins will reach $ 1 million

By the end of 2020, bitcoins are expected to reach $ 1 million. They can take control of the global economy, thereby increasing demand.

Snapchat owner Jeremy Liew and Peter Smith, co-founder of Blockchain, predicted that by 2030 the price will have reached $ 500,000.

  • In the future, Bitcoin will serve as remittances for many people.
  • Lack of knowledge can prompt people to buy Bitcoins as a safer investment method similar to gold.
  • With smartphone transactions, half of the world will move to non-monetary transactions by 2030.
  • Cryptocurrencies are expected to replace Government Fiat currencies.

All Government fiat currencies will cease to exist as people start walking towards cryptocurrencies like Ethereum, Bitcoins, Litecoins, etc. The main reason for this adoption is that cryptocurrencies are considered the reliable storage of value across the country’s borders and political aspects.

If you consider the most popular cryptocurrency, Bitcoin, it reached the top 30 list by exceeding the $10,000 mark. So, most crypto experts predict that these currencies are here to stay by being an alternative to Fiat currencies.

Government agencies are expected to adopt the Blockchain technology.

Most countries having SEC guidelines are expected to start adopting the use of cryptocurrencies for their governments.

All government agencies typically maintain a separate database. Each agency depends on the other for its processes. It has been a tedious process these days. When Blockchain came into existence, the distributed ledger can help in providing effective data management to improve and simplify the process.

The Internet of Things will play a big role in the future of cryptocurrencies

The IoT is already there. When these two giants combine, we can expect a fantastic future for technology without a doubt. According to the recent IDC report, it is expected that Blockchain technology will soon join the Internet of Things.

The primary motto of this IoT integration is to make a secure and scalable framework for communication between these devices. And then, cryptocurrencies also have the stability to make micro-investments for smart devices efficiently.

So that’s basically it. Hope you had a great read.

Is Ransomware Playing A Major Role In Driving Up The Price Of Bitcoins?

It is no secret that Bitcoin and other cryptocurrencies have played a huge role in cybercrime. We also believe that the opposite could also be true: cybercrime, including ransomware, has helped in boosting the cryptocurrency economy and increasing the value of Bitcoins.

Ransomware attacks have always been a problem beyond the shutdown of local services and state services. Emisoft, a cybersecurity company, also estimates that the value of bitcoin – used in 98% of all ransomware payments in the first quarter of 2019 – is reinforced by such attacks.

 

What is Ransomware?

Ransomware is a type of malware that encrypts a victim’s files. To regain access to the files, the victim must pay a ransom that can range from a few hundred dollars for home users to hundreds of thousands of dollars for large corporations and public entities.

The ransom is usually paid in cryptocurrency, and this cryptocurrency is usually bitcoin.

Why Bitcoins?

Bitcoin has become the preferred method of ransomware transaction for several reasons:

  1. Accessibility: You can easily buy bitcoins through an exchange with a debit card, credit card, or a bank transfer. The ease of use increases the risk of victims paying a ransom.
  2. Verifiable: All bitcoin transactions are documented openly on the blockchain, allowing cybercriminals to verify that a payment has been made.
  3. Anonymity: Bitcoin is not the most private cryptocurrency, but tumbler and mixer services allow criminals to launder ransom payments, thus, hiding their identities.

More the demand, more the value

Security experts and law enforcement officials generally advise against paying a ransom. Not only is there no guarantee that an organization will be able to recover its files after paying, but it will also perpetuate the ransomware cycle. The payment of the ransom proves to cybercriminals that ransomware attacks are profitable, which could increase the number in the future.

Despite these recommendations, no less than 45% of the organizations victimized by ransomware software have chosen to pay the ransom. To pay the ransom, companies must acquire Bitcoin, which increases the demand significantly. And, in accordance with the guiding principles of the basic economy, the greater the market demand for Bitcoin, the higher its value.

Alan Woodward, a cybersecurity professor, believes that ransomware may have played a role, but the price of bitcoin is so volatile that several factors can be combined. One of these factors could be that companies expecting a ransomware attack would have bought bitcoin in preparation.

A considerable number of companies accumulate bitcoins in case they are victims of ransomware and need to pay a request. It would seem logical that the higher the demands and the more high-profile cases, the more companies will start buying. We think this explains the rise in prices, rather than the ransom demands themselves.

According to reports, the United States currently holds the lion’s share of the attacks with 53%, and now that cybercriminals are turning to higher calibre targets, more and more companies could start buying bitcoins, will, of course, affect their price.

This news is brought to you by AiBB – It is a multi-protocol utility wallet that combines the power of decentralized and centralized technology in a simple & secure mobile application. Download the app here.

6 Safety Measures to Observe When Accessing Your Crypto Wallet

Security is very complex in the tech-savvy world. It seems that almost every day, there is another report of a major data breach or ransomware.

While blockchain is the cryptowallet security model (blockchain is completely secure through the distributed ledger creating the chain), it does not produce a fully secure system. The threat does not lie on the blockchain, but on the portfolio or the exchange provider.

Therefore, it is strongly recommended that you take ample security measures to safeguard your private keys and protect your funds in your wallet. The following tips can help.

Practice proper internet hygiene

Pay attention to the places you go online, especially when using your device with a wallet. Malicious websites and unsafe public WiFi networks can put your crypto wallet at risk. At the same time, do not leave your device unattended and do not lend it to anyone.

Be aware of phishing

Phishing scams through Google Ads and e-mails are common in the world of cryptography.

These scams are more and more rampant; make sure the domain name of emails received from portfolio companies is spelled correctly. Once you have sent your private key to a phishing website, you can say farewell to your funds.

Do not keep your cryptocurrencies on the exchange

You may think of keeping your cryptocurrencies on the exchange where you bought them, but that means you let the exchange take control of your funds and possibly expose them to hackers.

It is safer to move your coins to a software wallet like AiBB, which allows you to fully control your private keys while protecting them from hackers.

Check twice when making a transaction.

Remember that cryptographic transactions are irreversible and that any small error in the recipient’s address will result in a loss of money. As encrypted wallet addresses represent a huge mix of numbers and numbers, committing an error is not that difficult. Never type addresses manually, only copy and paste.

However, even this precaution is not always enough. Some tricky viruses replace the address of the wallet by that of a hacker. Even after copying and pasting the address, carefully check the first and last symbols and make sure they match.

Use a separate email address for your encrypted wallet.

If your email is hacked, the hacker may gain access to your wallet. Set up a different email address with alternative information, such as your nick name – something, that will be hard for the hacker to guess.

For additional security, use different email addresses for your exchange account and your wallet account. Use these addresses only for these accounts and for no other purpose.

Disable automatic updates

It is always a good idea to disable automatic updates for applications related to the cryptographic sphere.

Application bugs can potentially lead to massive losses for account holders. It is best to wait 2 to 3 days after an update is released to see if any bugs appear.

Why choose AiBB?

You can securely store all your altcoins in AiBB’s smart wallet. With powerful security features such as fingerprint recognition, PIN code lock, email verification, and wallet backup you can be sure your coins are safe.

Check out our official website to find out more.