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    Bitcoin Daily Discussion, August 01, 2020

    August 01, 2020

    Bitcoin Daily Discussion, August 01, 2020

    Daily Discussion, August 01, 2020

    Posted: 01 Aug 2020 12:00 AM PDT

    Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!

    If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow.

    Join us in the r/Bitcoin Chatroom!

    Please check the previous discussion thread for unanswered questions.

    submitted by /u/rBitcoinMod
    [link] [comments]

    Bitcoin Newcomers FAQ - Please read!

    Posted: 31 Jul 2020 08:50 AM PDT

    Welcome to the /r/Bitcoin Sticky FAQ

    You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.

    It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following videos for a good starting point for understanding how bitcoin works and a little about its long term potential:

    Some other great resources include Lopp.net, the Princeton crypto series and James D'Angelo's Bitcoin 101 Blackboard series.

    Some excellent writing on Bitcoin's value proposition and future can be found at the Satoshi Nakamoto Institute.

    Some Bitcoin statistics can be found here and here. Developer resources can be found here. Peer-reviewed research papers can be found here.

    Potential upcoming protocol improvements and scaling resources here and here.

    The number of times Bitcoin was declared dead by the media can be found here (LOL!)

    Key properties of bitcoin

    • Limited Supply - There will only ever be 21,000,000 bitcoins created and they are issued in a predictable fashion, you can view the inflation schedule here. Once they are all issued Bitcoin will be truly deflationary. The halving countdown can be found here.
    • Open source - Bitcoin code is fully auditable. You can read the source code yourself here.
    • Accountable - The public ledger is transparent, all transactions are seen by everyone.
    • Decentralized - Bitcoin is globally distributed across thousands of nodes with no single point of failure and as such can't be shut down similar to how Bittorrent works. You can even run a node on a Raspberry Pi :)
    • Censorship resistant - No one can prevent you from interacting with the bitcoin network and no one can censor, alter or block transactions that they disagree with, see Operation Chokepoint.
    • Push system - There are no chargebacks in bitcoin because only the person who owns the address where the bitcoins reside has the authority to move them.
    • Low fee scaling - On chain transaction fees depend on network demand and how much priority you wish to assign to the transaction. Most wallets calculate on chain fees automatically but you can view current fees here and mempool activity here. On chain fees may rise occasionally due to network demand, however instant micropayments that do not require confirmations are happening via the Lightning Network, a second layer scaling solution currently rolling out on the Bitcoin mainnet.
    • Borderless - No country can stop it from going in/out, even in areas currently unserved by traditional banking as the ledger is globally distributed.
    • Trustless - Bitcoin solved the Byzantine's Generals Problem which means nobody needs to trust anybody for it to work.
    • Pseudonymous - No need to expose personal information when purchasing with cash or transacting.
    • Secure - Encrypted cryptographically and can't be brute forced or confiscated with proper key management such as hardware wallets.
    • Programmable - Individual units of bitcoin can be programmed to transfer based on certain criteria being met
    • Nearly instant - From a few seconds to a few minutes depending on need for confirmations. Transactions are irreversible after one or more confirmations.
    • Peer-to-peer - No intermediaries with a cut, no need for trusted third parties.
    • Portable - Bitcoins are digital so they are easier to move than cash or gold. They can even be transported by simply memorizing a string of words for wallet recovery (while cool this method is generally recommended against in favor of hardware wallets which provide additional security).
    • Scalable - While the protocol is still being optimized for increased transaction capacity divisible, blockchains do not scale very well, so most transaction volume is expected to occur on Layer 2 networks built on top of Bitcoin.
    • Divisible - Each bitcoin can be divided down to 8 decimals, which means you don't have to worry about buying an entire bitcoin.
    • Designed Money - Bitcoin was created to fit all the fundamental properties of money better than gold or fiat

    Where can I buy bitcoins?

    Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also check out the bitcoinity exchange resources for a larger list of options for purchases.

    Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage.

    Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

    Securing your bitcoins

    With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.

    • If you prefer to "Be your own bank" and have direct control over your coins without having to use a trusted third party, then you will need to create your own wallet and keep it secure. If you want easy and secure storage without having to learn computer security best practices, then a hardware wallet such as the Trezor, Ledger or ColdCard is recommended. Some popular mobile and desktop wallet options are listed below and most are cross platform.

    • There are many software wallet options to choose from here depending on your use case.

    • If you prefer to let third party "Bitcoin banks" manage your coins, try Gemini but be aware you may not be in control of your private keys in which case you would have to ask permission to access your funds and be exposed to third party risk.

    Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!

    2FA requires a second confirmation code to access your account making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.

    Google Auth Authy OTP Auth
    Android Android N/A
    iOS iOS iOS

    Watch out for scams

    As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the btc subreddit are active scams. Almost all altcoins (shitcoins) are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. Don't trust, verify. Also as they say in our community "Not your keys, not your coins".

    Where can I spend bitcoins?

    Check out spendabit or bitcoin directory for millions of merchant options. Also you can spend bitcoin anywhere visa is accepted with bitcoin debit cards such as the CashApp card. Some other useful site are listed below.

    Store Product
    Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
    Spendabit, Overstock and The Bitcoin Directory Retail shopping with millions of results
    ShakePay Generate one time use Visa cards in seconds
    NewEgg and Dell For all your electronics needs
    Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, LivingRoomofSatoshi, Coinsfer, and more Bill payment
    Menufy, Takeaway and Thuisbezorgd NL Takeout delivered to your door!
    Expedia, Cheapair, Destinia, Abitsky, SkyTours, the Travel category on Gyft and 9flats For when you need to get away
    Cryptostorm, Mullvad, and PIA VPN services
    Namecheap, Porkbun For new domain name registration
    Stampnik Discounted USPS Priority, Express, First-Class mail postage

    Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.

    There are also lots of charities which accept bitcoin donations.

    Merchant Resources

    There are several benefits to accepting bitcoin as a payment option if you are a merchant;

    • 1-3% savings over credit cards or PayPal.
    • No chargebacks (final settlement in 10 minutes as opposed to 3+ months).
    • Accept business from a global customer base.
    • Increased privacy.
    • Convert 100% of the sale to the currency of your choice for deposit to your account, or choose to keep a percentage of the sale in bitcoin if you wish to begin accumulating it.

    If you are interested in accepting bitcoin as a payment method, there are several options available;

    Can I mine bitcoin?

    Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /r/BitcoinMining would be happy to help you out.

    If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.

    Earning bitcoins

    Just like any other form of money, you can also earn bitcoins by being paid to do a job.

    Site Description
    WorkingForBitcoins, Bitwage, Cryptogrind, Coinality, Bitgigs, /r/Jobs4Bitcoins, BitforTip, Rein Project Freelancing
    OpenBazaar, Purse.io, Bitify, /r/Bitmarket, 21 Market Marketplaces
    /r/GirlsGoneBitcoin NSFW Video Streaming
    A-ads, Coinzilla.io Advertising

    You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins)

    Bitcoin-Related Projects

    The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.

    Project Description
    Lightning Network Second layer scaling
    Blockstream, Rootstock and Drivechain Sidechains
    Hivemind and Augur Prediction markets
    Tierion and Factom Records & Titles on the blockchain
    BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
    JoinMarket CoinJoin implementation (Increase privacy and/or Earn interest on bitcoin holdings)
    Coinffeine and Bisq Decentralized bitcoin exchanges
    Keybase Identity & Reputation management
    Abra Global P2P money transmitter network
    Bitcore Open source Bitcoin javascript library

    Bitcoin Units

    One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:

    Unit Symbol Value Info
    bitcoin BTC 1 bitcoin one bitcoin is equal to 100 million satoshis
    bit bit 1,000,000 per bitcoin colloquial "slang" term for microbitcoin (μBTC)
    satoshi sat 100,000,000 per bitcoin smallest unit in bitcoin, named after the inventor

    For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:

    • 0.001 BTC
    • 1,000 bits
    • 100k sats

    For more information check out the Bitcoin units wiki.

    Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /r/Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit.

    Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.

    Welcome to the Bitcoin community and the new decentralized economy!

    submitted by /u/BitcoinFan7
    [link] [comments]

    Anyone awake to see this? Currently at a 10 month high

    Posted: 31 Jul 2020 10:48 PM PDT

    Tampa teen accused of being ‘mastermind’ behind Twitter hack Now forced to HODL for 20 years! Hats off to this new future millionaire! LOL.

    Posted: 31 Jul 2020 12:31 PM PDT

    If you lost money on Bitcoin you either bought in the red or you didn't hodl.

    Posted: 01 Aug 2020 02:27 AM PDT

    Your FBI agent seeing you searching the bitcoin's value every fifteen minutes

    Posted: 31 Jul 2020 11:54 PM PDT

    Bitcoin FOMO Is Back

    Posted: 31 Jul 2020 11:19 PM PDT

    Hacked! Keep your Bitcoin OFF exchanges!

    Posted: 31 Jul 2020 06:16 PM PDT

    I have had Bitcoin on coinbase for years! A couple of months ago I decided to get a ledger, and it seems I did so just in time!

    Yesterday my phone service stopped working (said the sim was not provisioned). At first I didn't think much of it. I have connection problems often, anyway. Today I woke up and it was still not working. I also couldn't access my email. I contacted my phone provider and apparently someone went into a store and told them they needed a new SIM. They switched my SIM off when the new one was activated. They used it to access my email using the 2fa account recovery. They logged into coinbase, which was luckily empty. They tried to use my linked credit card and Bank account to purchase $25,000 worth of Bitcoin through coinbase, but luckily it was rejected.

    I also luckily have different passwords for everything I do online. It seems like 2fa actually made my account more susceptible to attack in this case. As far as I can tell no other accounts were compromised, but I'm changing everything anyway, just in case.

    Be safe! Keep your coins in your own wallet and far away from the exchange!

    submitted by /u/beentothefuture
    [link] [comments]

    15th August 2020 Flyer - Are we going to be up on the year or not?

    Posted: 31 Jul 2020 09:22 PM PDT

    Bitcoin's highest monthly candle close in 2.5 years!

    Posted: 31 Jul 2020 10:11 PM PDT

    Bitcoin breaks $11,500 as sentiment metrics show it’s still undervalued

    Posted: 31 Jul 2020 11:53 PM PDT

    I have burning fomo right now. Help

    Posted: 31 Jul 2020 10:46 PM PDT

    Ive been dollar cost averaging since the beginning of the year. $500 a month. But now fomo is hitting me hard and im having irrational thoughts of going overbudget this month by several thousand.

    How do you cope with fomo?

    submitted by /u/meshflesh40
    [link] [comments]

    Happy Bitcoin independence day.

    Posted: 01 Aug 2020 03:47 AM PDT

    Reminder to all HODLERS

    Posted: 01 Aug 2020 01:27 AM PDT

    How to run Bitcoin Core 0.20.0 on Ubuntu Server 20.04 LTS using a Raspberry Pi 4 (or Virtual Machine)

    Posted: 31 Jul 2020 11:45 PM PDT

    I was helping someone on twitter with this so I figured I'd share the information here as well so that other people would have an easier time than I did.

    I'm going to explain how to do this setup on a Raspberry Pi, but note that this should work on a VM as well. You can also set up and run the node headless this way, but I will be explaining how to set up the node using a monitor that you can then later disconnect and access remotely once everything is setup.

    Hardware:

    -Raspberry Pi 4 (2GB RAM minimum) preferably 4GB RAM
    -Raspberry Pi 4 Heatsinks
    -Raspberry Pi 4 case -Micro HDMI cable
    -USB-C power cable and wall adapter
    -Monitor
    -Keyboard and mouse
    -Ethernet cable (Optional)
    -16GB or larger microSD card
    -500GB or larger external hard drive (SSD or portable)

    Node Requirements:
    -50 KBps upload internet speeds (Most people should have this)
    -Unlimited or high data cap internet download/upload service
    -6 hours or longer per day dedicated run time

    Okay, once you have the hardware its time to get started!

    The first thing you'll need to do is install the Raspberry Pi imager, this is how we're going to install Ubuntu onto our Raspberry Pi. After your download and install finishes, open the imager.

    1. Click the "choose OS" box and from the list select Ubuntu, then select Ubuntu Server 20.04 LTS (Raspberry Pi 2/3/4).
    2. Insert your microSD card to your computer directly or via a USB converter. Click "choose SD card" and select your inserted microSD card.
    3. Click "Write" and wait for the imager to finish flashing the OS onto your card

    When it is done, remove the SD card and reinsert it to access the files installed. You can choose the overclock the Raspberry Pi by editing the config file. To connect to the Raspberry Pi remotely, you'll need to create an SSH file. If you're on windows this is pretty easy. In the File Explorer, highlight the address bar at the top, erase the text and type cmd, press enter and the Command Prompt will pop up. Type the following:

    echo\ssh

    This will create an SSH file in your SD directory so that you can remote access the Rasberry Pi later. Now you can go ahead and eject the SD card from your computer.

    Now we can set up the Raspberry Pi

    Go ahead and connect all your peripherals to your Raspberry Pi, insert the microSD, and connect it to power to turn it on. Give it a moment to boot up, then when prompted enter "ubuntu" for the password. It will make you change the password. Afterward, it will print a bunch of information to the screen, write down the IPv4 address, this is the IP address you'll use to remote access the Raspberry Pi. Now, at any time you can remote access your Raspberry Pi by entering a terminal on another PC in your network and typing:

    ssh ubuntu@(your IP address)

    The next step is to install a desktop. There are plenty to choose from so feel free to use a different one than what I use, you can also choose to ignore this and to just work from in the terminal from this point forward.

    You need to update all the repositories so type: (Note you'll either have to be connected by ethernet or have edited the network-config file to setup your wifi in advance)

    sudo apt-get update

    Once it's done updating type the following to upgrade your system:

    sudo apt-get upgrade

    Now that you're up-to-date, you can install the desktop using the command:

    sudo apt-get install ubuntu-gnome-desktop

    This will take a while to download and install so just sit back and let it do its thing. Once it's done downloading, restart your Raspberry Pi and log in with the password you changed earlier. Your first boot may take a while so just be patient, don't freak out if you see a single purple square in the center of the screen while it's loading. You should now have the Ubuntu desktop ready to go and now it's on to installing Bitcoin Core!

    Installing Bitcoin Core 0.20.0

    Since we're running Ubuntu Server 20.04 LTS, it should come preinstalled with the Snap Store. This makes installing apps very easy and works similar to pip install in Python. Simply open your terminal and type:

    sudo snap install bitcoin-core

    This will install Bitcoin Core into your Snap folder and will add the application to your system. Unfortunately, there are still a few steps left before we can begin downloading the blockchain. By default, Bitcoin Core doesn't have the removable-media Plug connected to the Socket. You can view this by typing:

    snap connections bitcoin-core

    This means when you try installing everything onto your external hard drive, Bitcoin Core won't be able to identify it or write to it even when passed the directory path. To fix this first locate your Snap folder, make a copy of the bitcoin-core folder inside, and paste it into your external drive.

    NOTE: You must make a copy, you can't just move the snap file to the external drive.

    Now, you can connect the removable-media Plug to the Socket by typing:

    sudo snap connect bitcoin-core:removable-media :removable-media

    This gives you the read/write permissions necessary to access the /media path. Finally, you can now launch Bitcoin Core and select "use a custom directory path" when prompted. Highlight the current directory path and replace it with the path to your external hard drive, it should look something like this:

    /media/(external drive)/bitcoin-core/common/.bitcoin

    This is why we had to make a copy of the bitcoin-core folder to the external drive earlier, the Bitcoin Core application will create the new data directory through ".bitcoin".Hit "Okay" and the application will begin synchronizing with the network! Once the synchronization is finished your very own node will be up and running!

    submitted by /u/Noblefire_62
    [link] [comments]

    What a week...

    Posted: 01 Aug 2020 03:14 AM PDT

    Lightning network adoption on the rise

    Posted: 31 Jul 2020 02:48 PM PDT

    Be aware they’re messaging through reddit now

    Posted: 31 Jul 2020 03:00 PM PDT

    Bloomberg : Americans trade depreciating USD for Bitcoin

    Posted: 01 Aug 2020 12:19 AM PDT

    My God, wiring money is such a royal pain in the ass

    Posted: 31 Jul 2020 11:27 AM PDT

    Oh, I can't initiate the wire txfer online because I have these stupid daily limits. Oh, I have to do it before 2pm because otherwise it won't "clear" until EOD Monday next week. Oh, I have to make an appointment because walk-ins are closed due to COVID19. Oh, there's no more appointments left today. It's so infuriating. The whole banking industry has it it's head so far up it's ass when it comes to simple things like "transferring money" ... the crypto disruption can't come soon enough! /rant

    submitted by /u/tleyden
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    I doubted Lightning and was proven wrong!

    Posted: 31 Jul 2020 01:32 PM PDT

    I admit it. I was wrong. I do think there should be just simple guides for a few Lightning wallets maybe some simple video tutorials linked here showing how to receive--that was a big hurdle. I'm just your below average Joe.

    Anyhow, here is the link that shows my frustration and then the success.

    https://www.reddit.com/r/Bitcoin/comments/i1cr8v/how_do_i_send_my_lntips_to_someonethey_are/

    Folks, people truly don't think this works and it's too complicated. It was a little but that's just because there is no simple guide. I would NEVER associate creating an invoice with receiving money if I wasn't told a few times.

    Someone needs to sit down with morons and see what we struggle with to get this going good imo.

    You have to create an invoice it looks like to receive so why even have the button to create invoice? Just click on receive and a wizard asks you how much you want to receive then tells you to copy and paste the receiving number or something like that.

    Invoice threw me off big time.

    submitted by /u/rtev55sz
    [link] [comments]

    Am I the only one who’s seeing this bitcoin hit 11,727 high let’s go

    Posted: 01 Aug 2020 01:31 AM PDT

    Bitcoin is by far the most interesting and important experiment ever. Thanks satoshi(s)

    Posted: 31 Jul 2020 09:40 PM PDT

    When you view how far we've come its obvious it's only started.

    submitted by /u/bitcoin_ukulele
    [link] [comments]

    How This Billionaire-Backed Crypto Startup Gets Paid To Not Mine Bitcoin

    Posted: 01 Aug 2020 02:15 AM PDT

    Inflation is real! -7-Eleven, 1973 "that'll be 26 cents"

    Posted: 31 Jul 2020 08:21 AM PDT

    friendly reminder

    Posted: 31 Jul 2020 07:31 AM PDT
    Read more
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