Subdermal Bitcoin Wallets: Feeling Crypto “Under The Skin”
In an era where digital wallets are increasingly vulnerable and prone to hacks, everyone wants to protect their cryptocurrency portfolios. The Dutchman Martijn Wismeijer is one of them, after deciding to implant subdermal Bitcoin wallets in his skin. In 2014, Wismeijer had two NFC (near field communication) chips surgically implanted into each hand – all in order to store his encrypted Bitcoin keys on them.
As Wismeijer says, there are many reasons why this is a smart move. However, he learned this hard, after losing the majority of his Bitcoin due to exchange failure, hacking, and theft. He believes that the microchip crypto wallets could prevent this from happening.
In his own words, Wismeijer claims:
“I can safely say most of the bitcoin, more than 80 percent, I have lost due to hacks, thefts, exchanges gone bad and other problems. If I would’ve had the chip in 2010, I’d probably be a rich man by now.”
The idea of storing a cryptocurrency in one’s skin was always interesting for Wismeijer. As he said in an interview with IBTimes, he did it because he wanted to experiment with strong Bitcoins using chips because he thought that this could be the Holy Grail of contactless payments.
— Martijn Wismeijer (@twiet) November 11, 2014
Wismeijer had the surgical procedure done at a body piercing studio. The chips that are under his skin are 2mmx12mm each which equals the size of a small grain of rice. In what he describes as a less painful process than a IV drip injection, Wismeijer also pointed that each of these chips has 888 bytes of data which is enough for 26 Bitcoin address keys.
The real question at this point is…
Does the future or cryptocurrency wallets look like this? Is Wismeijer one of the pioneers of a whole new type of technology – making our bodies connected on a whole new level?
After being featured in the news, Wismeijer also said that he knows “at least 50” individuals in Prague, the Czech Republic using subdermal Bitcoin wallets. This may be the answer we all need.
Buying Coins: Pick the Right Exchange
There are numerously available exchanges that you can buy blockchain currencies from and be finding the right exchange can be tough. There’s a number of factors that you have to be considered in ensuring that you’ve opened the right exchange. The majority of exchanges offers only the top coins, which usually consists of Bitcoin, Ethereum, Litecoin and BTC cash. Following points, if considered could help the new investors in picking the right exchange.
- Liquidity: The most important criteria in picking up the exchange. Liquidity refers to the ease of buying/selling in the market. A high liquidity means that there is a good number of buyers/sellers. High liquidity is good as it leads to better price discovery and it allows you to transact faster.
- Security: The security mechanism used by the exchange is very crucial ensuring the asset you purchased is safe. The security system should be beyond the reach of hackers, 2-factor authentication and email verifications are one of the few examples of critical factors that one should consider
- Trading Fees: Lower the transaction fees the better it is especially if you’re a constant trader. It is important to look at the fees of the exchange you choose, to see if it’s comparable to other exchanges.
- Ease of Use: The user interface of the exchange should be easy to use and clean to avoid misunderstanding and errors. Having the necessary indicators at the tip of your fingers and the ease of steering through the platform should make it easy for anyone to use the interface.
- Good Customer Support: Having a good customer support would save a lot of time and also chances of errors. Issues on your confirmation procedure, deposit/withdrawals, funds position and trading orders should be solved quickly by the exchanges, or it could cost compromise you time, money and well-being.
- Coin Pairs: There are only a handful of exchanges that offer a wider variety of coins. A more varied choice of coins accessible is better as it gives you more options of coins to purchase
What Is Bitcoin?
What Is Bitcoin?
Who Created Bitcoin And Who Is Producing It?
Bitcoin was created by a software developed named Satoshi Nakamoto – a guy who proposed it as the first electronic system based on mathematical proof that would eventually become a currency which is decentralized – meaning that there is no authority in charge of it.
Nakamoto designed the creation of bitcoin in a digital way, by forming a community of people that anyone can join and use their computer power in a distributed network. While the network will process transactions made by the virtual currency, it will also make bitcoin its primary networks.
Still, there cannot be unlimited bitcoin churned out in public. That is because of the protocol which says that only 21 million bitcoins can ever be created by miners. However, there is a catch – as these coins can be divided into smaller parts (with the smallest being one hundred millionth of a bitcoin and named ‘satoshi’ after the founder).
What Is Bitcoin Based On And What Are Its Main Characteristics?
While conventional currencies are based on gold or silver, bitcoin is based on something else – the law of mathematics. In other words, bitcoin is part of a mathematic formula that is used in a software program and is also freely available so that anyone can check it. This is why Bitcoin is labeled as open-source, meaning that anyone can look it and make sure of its existence.
Some of the main characteristics of Bitcoin present it as a digital currency that is:
Fully decentralized – Meaning that it isn’t controlled by one central authority
- Easy to set up – Unlike conventional banks, a Bitcoin address can be set up in seconds with no questions asked and no fees to pay
- Anonymous – Users are able to hold multiple bitcoin addresses which aren’t linked to names or any personality identifying information
- Transparent – The network stores detail of every single transaction that has ever happened in history
- Lacks Transaction fees – Unlike banks and conventional currencies, sending or receiving bitcoin costs nothing
- Fast and non-refundable – You can send money in seconds in the form of a bitcoin – but without a possibility for a refund or to get them back (unless the recipient returns them)
The process of developing Bitcoin is also known as ‘mining’, relating to the use of software programs in order to produce this digital currency. Below, we are explaining it in detail.
Mining Bitcoin – What Is It?
As soon as the network was launched by Satoshi himself in 2009, it made any computer connected to it possible to mine bitcoins. Since there were only a few people mining bitcoin at the start, the protocol supported this process and made sure that everyone connected to the network is helping to produce it.
Unlike governments and paper money, bitcoin operates as a peer-to-peer network, which means that no one decides how much of it will be produced and how it will be distributed. The miners are the ones who run the software on their machines and issue a certain amount of bitcoin in return. This provides a smart way to issue the currency while creating an incentive for more people to join it.
As we said earlier, ‘mining’ bitcoin refers to solving specific math problems using a special software. As more people participate in mining – the more secure the bitcoin network becomes. As soon as one math problem is solved, a node finds the solution, announces it to the other nodes in the network and claims a new batch of Bitcoins to be solved in order for new bitcoins to be produced.
How To Buy And Sell Bitcoin?
The first thing you need to do in order to purchase Bitcoins is to get yourself a bitcoin wallet. This is essentially ‘the place’ where you store your new bitcoins – and something like a bank account for them. Now, there are different wallets with different prices and levels of security. The main options include:
- a software wallet stored on your computer’s hard drive
- a web-based wallet
- a ‘vault’ service that keeps your bitcoins protected online (the most common choice)
Even though most of these have their vulnerabilities, the last seems like the most popular solution when buying and storing your bitcoin. As for buying Bitcoin, some of the best and most popular wallets offering a simple way to buy Bitcoin include the following websites:
- Local Bitcois
When it comes to selling, the best way to sell Bitcoin is also on some of these networks (Coinbase, BitBargain, Bittylicious etc.). There are three main ways to sell Bitcoin – through direct trades, peer-to-peer trading marketplaces or exchange trades. However, you should always make sure that you are registered as a seller and follow the standard procedures whether you are buying or selling Bitcoin.
The Growth Of Bitcoin
In the end, many people decide to buy Bitcoin just because of its growth and popularity over the years. The truth is, Bitcoin’s price keeps breaking records and could rise up to $100,000 in 10 years according to many analysts and experts.
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