Category Archives: e-wallet

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Jon Southurst – PSA: Protect Your Wallets

Jon Southurst – PSA: Protect Your Wallets:

Jon Southurst (@SouthTopia) provides in a post on CoinDesk some examples of how with Bitcoin is not just 9/10ths of the law, it is the law.  Bitcoin is a bearer instrument — meaning if a payment gets sent to the wrong party, or a thief gains control of a wallet, the funds can be spent.  Excerpts:

“A simple concentration lapse can see exponentially more bitcoin leave your wallet than you’d intended, never to be seen again.”

“The difference between bitcoin and cash, though, is that much larger amounts may be at stake. Cash transactions tend to be smaller, while (reputedly safer) credit cards and bank transfers handle larger ones. Bitcoin allows you not only to transfer a million dollars in a heartbeat, it gives you a chance to send it to the wrong place. Or nowhere at all.”

“Mike Hearn, developer at the Bitcoin Foundation, says most loss-causing errors are the result of users not backing up locally-stored wallet files at the right time, and by misusing paper wallets.”

“The bitcoin development team also hopes to add human-memorable address aliases and a messaging function to transactions. Messaging would allow users to include a refund address with transactions.”

 – http://www.coindesk.com/dumb-mistakes-costly-bitcoin-losses

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Emily Spaven – Kipochi Links Bitcoin With M-PESA

Emily Spaven – Kipochi Links Bitcoin With M-PESA:

Finance author Emily Spaven (@EmilySpaven) describes the launch of Kipochi (@KipochiPay), a Bitcoin wallet that provides interchange to and from M-PESA.  Excerpts:

“Kipochi has launched a product that allows people in Africa to send and receive bitcoins, plus convert them to and from the Kenyan currency M-Pesa.”

“Kipochi works on all mobile phones as it has SMS, USSD and HTML5 frontends, so there is no requirement for users to have the most up-to-date handsets.”

“Pelle Braendgaard, co-founder of Kipochi [said that] M-Pesa has been around in Kenya for years now, so mobile money is a part of everyday life in the country, which means it will be easy for Kenyans to accept digital currency as the choice for international payments.”

“Kipochi’s goal is to make it easier for people in these [communities of expatriates from Kenya and foreigners living and working in Kenya] to send and receive funds through the bitcoin network.”

“LocalBitcoins.com has also recently turned its attention to M-Pesa, making this option available to traders in Kenya and Tanzania.”

“‘The [tens of thousands of] M-Pesa agents are the target market of LocalBitcoins.com as well,’” [explained  founder Jeremias Kangas].”

 – http://bit.ly/15bcWnr
 – http://www.Kipochi.com
 – http://bit.ly/132zNi5 (Further discussion of Kipochi)

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