Meetups Staff Thoughts

Running a Monero Node and Mobile Wallet

Steven Zeiler presented an advanced hands-on lecture at BIT walking attendees through the steps of setting up their own Monero node and remotely connecting to a node from their mobile wallet. After one short hour, we were all passing around Monero from our computers to our phones just as easily as we would send bitcoin.

The advantage to using Monero is privacy. Bitcoin addresses are trackable by anyone. The blockchain stores the addresses involved with each transaction as well as the amount of each transaction. With Monero, transactions can be logged, but the amount sent is unknown. Even if a bad guy got a hold of your public address, he couldn’t see how much Monero was in there. The wallet we used was Monerujo and the full node software we used was the official client.

If you live in the Portsmouth area, join the Portsmouth Bitcoin Network so you get notifications about these meetups weeks before they happen.

Staff Thoughts

Shielded ZCash Transaction at NH Retail Store

A customer purchased a “Live Free or Die” wood plaque and a “Legalize Gay Marijuana” bumper sticker at the Free State Bitcoin Shoppe in Portsmouth, New Hampshire using an encrypted digital currency called ZCash. The cryptocurrency is the most private money ever created, relying on a complex mathematical principle called a “Zero-Knowledge Proof”. Essentially this customer took some digital cash, locked it in a box with a secret key, and sent the shop the key. There is no discernible trail left. No observer can look up the transaction on the blockchain, not even those who know the sending/receiving addresses. Pretty slick! Here’s what it looked like:

This marks yet another turning point for human freedom. An evolution on the creation of bitcoin, this new cryptocurrency offers features and advantages that bitcoin simply doesn’t. While many are still holding fast to the promises of failing Federal Reserve Notes, others are seeking alternatives and building more reliable systems that make extortion far more difficult. Learn more by following the Free State Bitcoin Shoppe on Twitter and by joining their email list.