Announcing a Return to our Roots: The All-New Bitcoin Magazine

Kryptokit releases Video-Based Contest to Showcase the Power of Bitcoin Brainwallets

by

         Kryptokit releases Video-Based Contest to Showcase the Power of Bitcoin Brainwallets

With 2 bitcoins available to be won, Kryptokit contest tests new blockchain based marketing ideas

TORONTO, CANADA – SEPTEMBER 23, 2014 – Today Kryptokit, the makers of the instant bitcoin wallet RushWallet, launched a video with a twist: embedded in the humorous video is a series of clues that lead viewers to 30 hidden brainwallets filled with bitcoins. Once viewers decipher the clues they are invited to claim the wallets and transfer any bitcoins inside them into their own accounts. There are 2 bitcoins available to be won in a contest that will last 1 month or until all the wallets are claimed.

The aim of the video is two-fold: first, to showcase how Kryptokit’s recently released RushWallet Fundraiser tool works and to demonstrate its ease of use; second, to show how brainwallets can be safely and easily used both as wallets and as a means to implement new marketing ideas.

The RushWallet Fundraiser tool allows users to quickly establish frictionless and free fundraising campaigns within the RushWallet platform. Using a single RushWallet, it is possible to manage and monitor several crowdfunding and collection campaigns at once. Unlike other popular crowdfunding sites, the RushWallet Fundraising tool has no fees, no restrictions, no centralized approval process, and allows you to start spending any collected funds at any time. All data is generated and stored client-side and RushWallet neither stores nor has access to any account information or any funds collected.

The video tells the story of Dmitri, an office worker who wants to raise money to buy his co-worker a less noisy keyboard using the RushWallet Fundraiser tool. As viewers watch the story, they will learn how the tool works. Throughout the video, viewers also will have the opportunity to collect clues to the passphrases that unlock the hidden brainwallets, thus gaining some hands-on experience with the power of brainwallets in an engaging and interactive way. There are 10 bitcoins up for grabs in the contest.

A brainwallet is a passphrase that converts into a wallet without the use of a wallet file. This passphrase is only stored in the mind of the wallet holder; it acts as an access mechanism to your wallet’s private key.

“Brainwallets often get a bad rap. They aren’t understood well in the bitcoin community,” says Anthony DiIorio, CEO of Kryptokit. “When a brainwallet is set up properly, it can be extremely powerful and secure. You are always in control of your assets and able to access your bitcoins anywhere in the world, provided there is internet connectivity. You don’t have to carry anything around – all your bitcoins are stored in your mind.”

According to Steve Dakh, CTO of Kryptokit, “The key to a good brainwallet is creating a uniquely generated personal passphrase that is easy to remember but impossible for anyone else to guess.” Experts recommend a phrase that is many words long that no-one else in the world has likely ever used (Hint: don’t use song lyrics or any phrase that might have ever been printed in a book!)

About Kryptokit

Kryptokit is a Toronto-­based technology company specializing in encryption and digital currencies. Founded in 2013 by Steven Dakh and Anthony Di Iorio, Kryptokit strives to provide software and hardware solutions that are secure, easy to use, and frictionless.

For more information about Kryptokit and its line of products including Kryptokit Extension and RushWallet with its crowdfunding and payment request tools, please contact Anthony DiIorio at [email protected] or +1-416-831-9593.

Recommended

Ten Years Later, a Reflection on Bitcoin’s Genesis and Satoshi’s Timing

Rather than focusing simply on what the genesis block is, today is a day to reflect on what the genesis block represents.

Colin Harper

Op Ed: From Gray To Black and White: Traditional Regulations Come to Crypto

For the crypto industry, recent developments — at both the federal and international levels — signal that the time for plausible deniability or unregulated freedom is coming to an end and more traditional regulations are moving to the forefront.

Courtney Rogers Perrin and Joshua Lewis

Bitcoin Price Analysis: Blowing Through Support Levels on the Way to $3,000

Bitcoin continues to tumble lower and lower as it struggles to claim any footing in the market. It’s down almost 50% in three weeks and it’s showing very little sign of stopping. It’s currently clutching onto the $3,500 values but it doesn’t look like it can hold on much longer.

Bitcoin Schmitcoin

Op Ed: SEC’s Latest Declaration Creates Legal Minefield for Digital Assets

This broad, authoritative declaration is not unexpected, as, to date, the SEC has stated that all digital assets — regardless of whether they function as alt coins or utility tokens — are securities at least initially and, thus, subject to its jurisdiction.

Huhnsik Chung and Nicholas Secara