Brain Wallets Aren’t Just For Spies – How to store bitcoins in your brain

admin Banking, Bitcoin 2.0, Bitcoin Address, Cryptocurrency, RESOURCES, Security, Wallets 0 Comments

How would you like to be able to carry your wealth with you everywhere you go and yet have it totally undetectable by any outside observer? Imagine crossing borders, fleeing from dictators, or simply passing time in the gulag while confidently knowing that you can conjure up your wealth at the time of your choosing. You can do this now with the advent of Bitcoin. Bitcoin is the new, spendable financial asset that some are calling the ultimate offshore bank account. As a useful and scarce digital commodity, this data has become quite valuable. It is its nature as data that makes it exquisitely manipulable. Without getting into a high-level technical discussion, bitcoins are simply entries in an open, global ledger. They are represented by a string of digits known as a “public address.” This public address is controlled by another string of digits known as the “private key.” A good analogy is email. People can send (or “sign over”) bitcoins to your public address much like people can send emails to your email address. For email, the person with the password is the only one who can send emails from that address. The bitcoin private key acts much like the …