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    Home Unlabelled Bitcoin Mentor Monday, November 16, 2020: Ask all your bitcoin questions!

    Bitcoin Mentor Monday, November 16, 2020: Ask all your bitcoin questions!

    November 16, 2020

    Bitcoin Mentor Monday, November 16, 2020: Ask all your bitcoin questions!

    Mentor Monday, November 16, 2020: Ask all your bitcoin questions!

    Posted: 16 Nov 2020 03:01 AM PST

    Ask (and answer!) away! Here are the general rules:

    • If you'd like to learn something, ask.
    • If you'd like to share knowledge, answer.
    • Any question about Bitcoin is fair game.

    And don't forget to check out /r/BitcoinBeginners

    You can sort by new to see the latest questions that may not be answered yet.

    submitted by /u/rBitcoinMod
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    In Venezuela fiat currency is literally garbage.

    Posted: 15 Nov 2020 11:18 AM PST

    My brother told me to get Bitcoin back in 2014. I opened my account, got $1 for free and never opened it again - until now. That $1 is now worth $65.

    Posted: 15 Nov 2020 04:18 PM PST

    Used an old cell phone, turned the screen timeout feature off and created my very own live BTC ticker.

    Posted: 15 Nov 2020 08:50 PM PST

    Daily Discussion, November 16, 2020

    Posted: 15 Nov 2020 11:00 PM PST

    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
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    Bitcoin Price Target at $318,000 By December 2021 According to Citibank

    Posted: 16 Nov 2020 02:26 AM PST

    $1,200 US Stimulus Check Is Now Worth Almost $3,000 If Invested In Bitcoin

    Posted: 15 Nov 2020 11:55 AM PST

    Bitcoin: Logarithmic regression unveils macroscopic trend line of peaks

    Posted: 15 Nov 2020 07:32 PM PST

    I'm selling my GOLD for Bitcoin. Here's why

    Posted: 15 Nov 2020 06:08 AM PST

    For the last few years I loved both gold and Bitcoin although I had much more of my net-worth in gold. After MUCH thought, I've decided I will be soon liquidating my gold and buying more Bitcoin. Here's why:

    *

    I believe after this whole COVID shitshow is said and done FIAT currencies are going to be fucked and all governments are going to realize that they MUST back their currency by some sort of reserve asset. We really only have 3 options - Gold/Silver, Oil, and Bitcoin. Let's just disregard Oil because we all know oil is slowly on it's way out. With the way China is hoarding gold, I believe China will back it's new central bank digital currency by gold reserves. The whole world will start rethinking using the US Dollar backed by NOTHING (you can say army, but that's not going to work for long). The US isn't going to copy China and back their currency by Gold again imo, so I honestly think they'll choose Bitcoin (although I could easily be wrong).

    *

    Anyways both Gold and Bitcoin are a good bet against FIAT currencies, the only problem is that when gold prices go up (demand goes up), a shitload more miners start mining gold and the price of Gold eventually comes back down to it's cost of production (and usually overshoots it to the downside due to human psychology). If gold becomes a reserve asset, governments will see these miners going out of business and subsidize them, which artificially decreased the cost of production, further decreasing the price of gold. Miners are NOT the friends of gold investors, they are the "enemy."

    *

    Since only 900 Bitcoin are mined per day (currently 6.25 per block), if miners doubled network's hashrate tomorrow, the supply would remain the same. THIS IS HUGE. Miners are securing the network, which adds utility to Bitcoin. When utility is added, the intrinsic value of Bitcoin goes up, which causes a positive feedback loop for price. Miners are the FRIENDS of investors. This is a MASSIVE fundamental difference, not even taking into account the 21 million supply max vs. gold's infinite supply, the additional ease of transportation, digital utility, etc.

    *

    If Bitcoin and Gold both become reserve assets, do I believe the Chinese government that they have the exact amount of gold in reserves as digitally-printed money? We have the "trust" that they're telling the public the truth. With Bitcoin, governments can provably verify their reserves and we don't have to "trust" them, anyone in the world can verify it for themselves. This is fundamentally superior in a world where lies are everywhere, at least you know your currency is sound.

    submitted by /u/warrchaser
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    Bitcoin gave me opportunity like I've never had

    Posted: 15 Nov 2020 03:06 PM PST

    Look im not usually the type of guy to post some heart felt shit on reddit, but btc really changed my life ladies and gents. I've known about btc for quite a while, somewhere around 2012 my buddy used to mine it and I thought oh thats cool and moved on. Flash forward years later I watched what happened in 2017 and started doing research. When it crashed from 2017s peak I wanted to buy some so bad, but I have been poor literally my entire adult life. I started working in social work in my early 20s, specifically in rehabs and addiction treatment centers. I worked in ethical ones and never was able to really pull ahead financially. Anyways, I landed a good job in 2019 after years of grinding and around the same time stumbled into a small sum of money (literally massive amount to me but small comparitively.) I started researching btc again because the gains caught my eye but the tech and ideology made a believer out of me. Anyways covid hit and btc dumped to around 4k and I committed as big as I could. I had to cash some out recently (don't trip im still holding id never sell it all lol) to buy my girlfriend of five years a ring. We've been together almost five years and has had my back on everything thick and thin. She used to help me out when I didn't have enough to pay the bills, and thanks to bitcoin I was finally able to afford to give her a ring that she absolutely loves. On top of that, btc has also given me the ability to buy that ring, and still be financially stable! I'll keep dcaing and hope to get the amount of btc back, but God damn did it feel good to be able to, finally after years of waiting, gain financial independence and give her the gift she deserves. Here's to future hodling yall.

    submitted by /u/mudnut
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    Should devs wait for taproot if working on multisig?

    Posted: 15 Nov 2020 10:09 PM PST

    1. If someone is planning to work on a project that involves multisig, should they wait for taproot or continue without it?

    2. What are the things that will change for projects using 2 of 3 multisig?

    3. How much time do we have until taproot goes live?

    4. How much time can it take for bitcoin libraries like BitcoinJ, NBitcoin, etc. to implement everything that involves using taproot?

    5. How will taproot affect discreet log contracts?

    submitted by /u/prayank_23
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    Made some adjustments, first proof print is on its way

    Posted: 16 Nov 2020 03:20 AM PST

    Monday Art (It moves! edition) - Rarezo

    Posted: 16 Nov 2020 02:18 AM PST

    Monday Art (It moves! edition) - Japhy Higg

    Posted: 16 Nov 2020 02:17 AM PST

    Locked Out Coinbase User From 2015 Sees Their $1 Bitcoin Turn $65

    Posted: 15 Nov 2020 06:57 PM PST

    Monday Art (It moves! edition) - Britt Kelly

    Posted: 16 Nov 2020 02:16 AM PST

    Buying and Holding Bitcoin Is Not Investing, It Is Saving

    Posted: 15 Nov 2020 09:16 AM PST

    Best *HARDWARE* wallet! Need suggestions, please help

    Posted: 15 Nov 2020 10:44 PM PST

    Hello all! Sorry for this noob question and appreciate all the answers.

    As heading says, which is the best hardware wallet? I want to get a hardware wallet for me which suits the best, so I need your help. Please! I've been knowing about Ledger Nano S so is it the only Best hardware wallet?

    Here are something about the different hardware wallets I know, please correct me if I am wrong -

    1. Ledger Nano X - a bit costly for me, and have been hearing that it is being hacked most of the times.

    2. Ledger Nano S - budget friendly, however have been hearing that it is not much secure. Also it isn't mobile friendly

    3. Safepal S1 - fits all my needs, is budget friendly (40$), has connection with Mobile, supports all crypto, but it is from China and I don't think Chinese marketplace is good. Also, I don't know how secure is this? Please I need help with this one

    4. Coldcard - hmm, I didn't like it Structure. Also is a bit costly for me.

    5. Trezor - have been hearing that it can be hacked

    6. Secux - is good but don't know how secure it is.

    Please this is my opinion on various hardware wallets. I need your help, and I have never ordered anything from outside so I also don't know how it will arrive. I am from Nepal so also don't know if they will be able to reach to my country. I don't have credit card so I can use only crypto to pay them. Please help me. And if it is under 60$ I can happily buy it, if it's not I'll still try to buy it. I also don't know about VAT and taxes. If there are other hardware wallets, please tell me that or if there is a website or a doc which compares all the wallets, it will be good for me.

    I know I asked you lots and lots of question. But answer to atleast one of them will make me happy.

    Thanks you very much for the replies in advance! r/bitcoin and r/BitcoinBeginners are the only two place where I can seek help and I highly appreciate it.

    submitted by /u/Ravi_Mishra
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    Wyoming’s Senator-elect Cynthia Lummis lays down virtues of Bitcoin on ABC News

    Posted: 15 Nov 2020 07:54 AM PST

    Where

    Posted: 16 Nov 2020 04:23 AM PST

    Where do you buy Bitcoin? Can someone just send it to you? Ive never had it.

    submitted by /u/Nateramis
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    Another BTC ETF roadblock bites the dust

    Posted: 16 Nov 2020 04:14 AM PST

    Bitcoin Continues Upward Move After Validating Breakout Level

    Posted: 16 Nov 2020 01:53 AM PST

    SLP227 Will Bitcoin & Dissident Tech Splinter Governments? Robert Breedlove and Jesse Lawler Debate

    Posted: 16 Nov 2020 04:02 AM PST

    ‘Big guns’ of global financial world dumping US dollar in favor of bitcoin & gold – Max Keiser

    Posted: 15 Nov 2020 08:04 AM PST

    'Big guns' of global financial world dumping US dollar in favor of bitcoin & gold – Max Keiser

    As legendary investors and analysts warn about the looming demise of the greenback and look for hedging strategies, Bitcoin is emerging as the perfect way to protect those assets, say the hosts of RT's Keiser Report.

    ​

    Meanwhile:

    US left out as Asia Pacific nations strike world's biggest trade deal

    Ten members the Association of Southeast Asian Nations (ASEAN) and five other Asia-Pacific countries, including regional leader China, have inked the world's largest free-trade pact that covers nearly a third of global economy.

    submitted by /u/Mark_Bear
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