BTC Frequently Asked Questions and Information Thread |
- Frequently Asked Questions and Information Thread
- SideShift.ai has enabled Bitcoin Cash Node. Good job!
- A peculiar observation about Bitcoin Cash and Roger Ver
- Bitcoin's appeal is that it is neutral money. Contrary to fiat currencies, it doesn't have a central authority (central bank). This is why BCH has rejected the IFP.
- Podcasts that keep up with BCH developments
- Hats? ✅ Cringe conspiracy music? ✅ Picture of successful people handshaking? ✅ Logos of various corps to lend legitimacy? ✅ Scripted Blockstream-era “Best developers in the whole wide universe” bullshit? ✅ Fake excitement? ✅ This is the cringe ABC marketing machine, reminds you of BTC boys much? ✅
- ViaBTC will default to BCHN
- Why the BCHA futures price doesn't drop below 5%
- Ethereum Suffers from Unintended 'Chain Split,' Few Third-Party Services 'Got Stuck on Minority Chain'
- ABC client 0.22.6 changed currency symbol to BCHA (not mentioned in Release Notes)
- Find a Bitcoin Cash accepting merchant near you and send them some love!
- DeFi craze cooling down while Bitcoin rising high with aplomb
- Who is feeling bullish on Bitcoin Cash going in to the fork in a few days?
- ABC support has just drop to.. Guess?
- Corrupt Microsoft Employee Sold Over $10 Million In Gift Cards For Bitcoin - Sentenced To 9 Years In Prison...
- Flipstarter at 80% of the goal ends in 2 days/ what's coming for this weekend if all goes well
- Our Flipstarter reached 97% of the target there's only 1 day left / Meetups November 15
- Someone here has an outdated miner to sell in EU?
- New and EASY LazyFox Task! Produce a Very Short Video of Yourself with a BCH Wallet (see task for details)
- 1 Million+ Bitcoin Cash (BCH) Arrives at Exchanges Ahead of Hard Fork
- Ex-girlfriend of dark web mastermind Ross Ulbricht on dating a man wanted by the FBI
- Will aserti3-2d DAA result in a mini ice-age starting Nov-15?
- BCH will recover
- Televend’s Complex System of Telegram Drug Bots Swell as German Police Seize 9 Telegram Drug Channels
- Analyst Believes Bitcoin is Working According to Plan Ahead of Six-Digit Projection
- Can someone explain the fork in terms required mining power to cause a split please?
| Frequently Asked Questions and Information Thread Posted: 11 Nov 2020 03:31 AM PST This FAQ and information thread serves to inform both new and existing users about common Bitcoin topics that readers coming to this Bitcoin subreddit may have. This is a living and breathing document, which will change over time. If you have suggestions on how to change it, please comment below or message the mods. What is /r/btc? The /r/btc reddit community was originally created as a community to discuss bitcoin. It quickly gained momentum in August 2015 when the bitcoin block size debate heightened. On the legacy /r/bitcoin subreddit it was discovered that moderators were heavily censoring discussions that were not inline with their own opinions. Once realized, the subreddit subscribers began to openly question the censorship which led to thousands of redditors being banned from the /r/bitcoin subreddit. A large number of redditors switched to other subreddits such as /r/bitcoin_uncensored and /r/btc. For a run-down on the history of censorship, please read A (brief and incomplete) history of censorship in /r/bitcoin by John Blocke and /r/Bitcoin Censorship, Revisted by John Blocke. As yet another example, /r/bitcoin censored 5,683 posts and comments just in the month of September 2017 alone. This shows the sheer magnitude of censorship that is happening, which continues to this day. Read a synopsis of /r/bitcoin to get the full story and a complete understanding of why people are so upset with /r/bitcoin's censorship. Further reading can be found here and here with a giant collection of information regarding these topics. Why is censorship bad for Bitcoin? As demonstrated above, censorship has become prevalent in almost all of the major Bitcoin communication channels. The impacts of censorship in Bitcoin are very real. "Censorship can really hinder a society if it is bad enough. Because media is such a large part of people's lives today and it is the source of basically all information, if the information is not being given in full or truthfully then the society is left uneducated [...] Censorship is probably the number one way to lower people's right to freedom of speech." By censoring certain topics and specific words, people in these Bitcoin communication channels are literally being brain washed into thinking a certain way, molding the reader in a way that they desire; this has a lasting impact especially on users who are new to Bitcoin. Censoring in Bitcoin is the direct opposite of what the spirit of Bitcoin is, and should be condemned anytime it occurs. Also, it's important to think critically and independently, and have an open mind. Why do some groups attempt to discredit /r/btc? This subreddit has become a place to discuss everything Bitcoin-related and even other cryptocurrencies at times when the topics are relevant to the overall ecosystem. Since this subreddit is one of the few places on Reddit where users will not be censored for their opinions and people are allowed to speak freely, truth is often said here without the fear of reprisal from moderators in the form of bans and censorship. Because of this freedom, people and groups who don't want you to hear the truth with do almost anything they can to try to stop you from speaking the truth and try to manipulate readers here. You can see many cited examples of cases where special interest groups have gone out of their way to attack this subreddit and attempt to disrupt and discredit it. See the examples here. What is the goal of /r/btc? This subreddit is a diverse community dedicated to the success of bitcoin. /r/btc honors the spirit and nature of Bitcoin being a place for open and free discussion about Bitcoin without the interference of moderators. Subscribers at anytime can look at and review the public moderator logs. This subreddit does have rules as mandated by reddit that we must follow plus a couple of rules of our own. Make sure to read the /r/btc wiki for more information and resources about this subreddit which includes information such as the benefits of Bitcoin, how to get started with Bitcoin, and more. What is Bitcoin? Bitcoin is a digital currency, also called a virtual currency, which can be transacted for a low-cost nearly instantly from anywhere in the world. Bitcoin also powers the blockchain, which is a public immutable and decentralized global ledger. Unlike traditional currencies such as dollars, bitcoins are issued and managed without the need for any central authority whatsoever. There is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoin, you can be your own bank. Read the Bitcoin whitepaper to further understand the schematics of how Bitcoin works. What is Bitcoin Cash? Bitcoin Cash (ticker symbol: BCH) is an updated version of Bitcoin which solves the scaling problems that have been plaguing Bitcoin Core (ticker symbol: BTC) for years. Bitcoin (BCH) is just a continuation of the Bitcoin project that allows for bigger blocks which will give way to more growth and adoption. You can read more about Bitcoin on BitcoinCash.org or read What is Bitcoin Cash for additional details. How do I buy Bitcoin? You can buy Bitcoin on an exchange or with a brokerage. If you're looking to buy, you can buy Bitcoin with your credit card to get started quickly and safely. There are several others places to buy Bitcoin too; please check the sidebar under brokers, exchanges, and trading for other go-to service providers to begin buying and trading Bitcoin. Make sure to do your homework first before choosing an exchange to ensure you are choosing the right one for you. How do I store my Bitcoin securely? After the initial step of buying your first Bitcoin, you will need a Bitcoin wallet to secure your Bitcoin. Knowing which Bitcoin wallet to choose is the second most important step in becoming a Bitcoin user. Since you are investing funds into Bitcoin, choosing the right Bitcoin wallet for you is a critical step that shouldn't be taken lightly. Use this guide to help you choose the right wallet for you. Check the sidebar under Bitcoin wallets to get started and find a wallet that you can store your Bitcoin in. Why is my transaction taking so long to process? Bitcoin transactions typically confirm in ~10 minutes. A confirmation means that the Bitcoin transaction has been verified by the network through the process known as mining. Once a transaction is confirmed, it cannot be reversed or double spent. Transactions are included in blocks. If you have sent out a Bitcoin transaction and it's delayed, chances are the transaction fee you used wasn't enough to out-compete others causing it to be backlogged. The transaction won't confirm until it clears the backlog. This typically occurs when using the Bitcoin Core (BTC) blockchain due to poor central planning. If you are using Bitcoin (BCH), you shouldn't encounter these problems as the block limits have been raised to accommodate a massive amount of volume freeing up space and lowering transaction costs. Why does my transaction cost so much, I thought Bitcoin was supposed to be cheap? As described above, transaction fees have spiked on the Bitcoin Core (BTC) blockchain mainly due to a limit on transaction space. This has created what is called a fee market, which has primarily been a premature artificially induced price increase on transaction fees due to the limited amount of block space available (supply vs. demand). The original plan was for fees to help secure the network when the block reward decreased and eventually stopped, but the plan was not to reach that point until some time in the future, around the year 2140. This original plan was restored with Bitcoin (BCH) where fees are typically less than a single penny per transaction. What is the block size limit? The original Bitcoin client didn't have a block size cap, however was limited to 32MB due to the Bitcoin protocol message size constraint. However, in July 2010 Bitcoin's creator Satoshi Nakamoto introduced a temporary 1MB limit as an anti-DDoS measure. The temporary measure from Satoshi Nakamoto was made clear three months later when Satoshi said the block size limit can be increased again by phasing it in when it's needed (when the demand arises). When introducing Bitcoin on the cryptography mailing list in 2008, Satoshi said that scaling to Visa levels "would probably not seem like a big deal." What is the block size debate all about anyways? The block size debate boils down to different sets of users who are trying to come to consensus on the best way to scale Bitcoin for growth and success. Scaling Bitcoin has actually been a topic of discussion since Bitcoin was first released in 2008; for example you can read how Satoshi Nakamoto was asked about scaling here and how he thought at the time it would be addressed. Fortunately Bitcoin has seen tremendous growth and by the year 2013, scaling Bitcoin had became a hot topic. For a run down on the history of scaling and how we got to where we are today, see the Block size limit debate history lesson post. What is a hard fork? A hard fork is when a block is broadcast under a new and different set of protocol rules which is accepted by nodes that have upgraded to support the new protocol. In this case, Bitcoin diverges from a single blockchain to two separate blockchains (a majority chain and a minority chain). What is a soft fork? A soft fork is when a block is broadcast under a new and different set of protocol rules, but the difference is that nodes don't realize the rules have changed, and continue to accept blocks created by the newer nodes. Some argue that soft forks are bad because they trick old-unupdated nodes into believing transactions are valid, when they may not actually be valid. This can also be defined as coercion, as explained by Vitalik Buterin. Doesn't it hurt decentralization if we increase the block size? Some argue that by lifting the limit on transaction space, that the cost of validating transactions on individual nodes will increase to the point where people will not be able to run nodes individually, giving way to centralization. This is a false dilemma because at this time there is no proven metric to quantify decentralization; although it has been shown that the current level of decentralization will remain with or without a block size increase. It's a logical fallacy to believe that decentralization only exists when you have people all over the world running full nodes. The reality is that only people with the income to sustain running a full node (even at 1MB) will be doing it. So whether it's 1MB, 2MB, or 32MB, the costs of doing business is negligible for the people who can already do it. If the block size limit is removed, this will also allow for more users worldwide to use and transact introducing the likelihood of having more individual node operators. Decentralization is not a metric, it's a tool or direction. This is a good video describing the direction of how decentralization should look. Additionally, the effects of increasing the block capacity beyond 1MB has been studied with results showing that up to 4MB is safe and will not hurt decentralization (Cornell paper, PDF). Other papers also show that no block size limit is safe (Peter Rizun, PDF). Lastly, through an informal survey among all top Bitcoin miners, many agreed that a block size increase between 2-4MB is acceptable. What now? Bitcoin is a fluid ever changing system. If you want to keep up with Bitcoin, we suggest that you subscribe to /r/btc and stay in the loop here, as well as other places to get a healthy dose of perspective from different sources. Also, check the sidebar for additional resources. Have more questions? Submit a post and ask your peers for help! Note: This FAQ was originally posted here but was removed when one of our moderators was falsely suspended by those wishing to do this sub-reddit harm. [link] [comments]  | ||
| SideShift.ai has enabled Bitcoin Cash Node. Good job! Posted: 11 Nov 2020 08:38 PM PST
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| A peculiar observation about Bitcoin Cash and Roger Ver Posted: 11 Nov 2020 10:25 AM PST Blockstream attacked Bitcoin BTC and took over it > They demonized Roger Ver and nChain nChain and BSV attacked Bitcoin Cash > They demonized Roger Ver and ABC ABC attacks Bitcoin Cash and demands tax (IFP) > They demonized Roger Ver and BU/BCHN/Others ABC is now even SUPPORTED by the BSV media machine (recent Coingeek articles all take the ABC IFP side and demonize Roger Ver and BCHN, so much for protocol freeze huh?) alongside the Blockstream shills working full-time shilling for the IFP. Insane isn't it? It's like, all these attackers eventually have to face reality when dealing with principled and moral actors, and Roger Ver always ends up being demonized by all these filthy attackers, one after one. It becomes hilarious at one point, a quick sanity test to check if someone is out to destroy Bitcoin or not - Do they demonize Roger Ver? If yes, they're a bunch of filthy attackers, a bunch of rabid dogs all barking the same track over and over again. For this, to Roger Ver, BU, BCHN, Flowee, BCHD, Freetrader, Imaginary Username, Jonathan, Jessquit, Shadow of harbinger, BitcoinXio and Beijing and the others mods and the hundred other names and and the amazing known and unknown community gate keepers and principled actors in the Bitcoin Space - a sincere thank you. Let them bark and bark, Bitcoin is here to stay, as peer to peer electronic cash for the world. Bitcoin Cash. [link] [comments]  | ||
| Posted: 11 Nov 2020 02:18 PM PST To some, decentralization might not seem the "most efficient" way. Sure it isn't, storing transactions in someone's database is surely more efficient. But that's uninteresting, we already have a lot of that. Let's try something new. [link] [comments]  | ||
| Podcasts that keep up with BCH developments Posted: 11 Nov 2020 07:51 PM PST Hey all, I'm an avid podcast junkie, as I'm sure a few of you are too. And those who aren't are here to get the latest updates about what's going on. I am trying to do just that, in a way that I can listen to when I have the opportunity. While I enjoy a lot of formats, I've unfortunately found podcasts about Bitcoin Cash to be in one of two camps. Either they're about trading altcoins or about entrepreneurs and their latest startup. And they do a great job with it! However, none of these are willing to discuss the more technical matters. Even ones as big as the recent IFP debacle! Do you know of a show that you think does a good job of keeping it's audience up-to-date on the latest developments around Bitcoin Cash? [link] [comments]  | ||
| Posted: 11 Nov 2020 04:11 PM PST
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| Posted: 11 Nov 2020 04:30 AM PST Dear ViaBTC users, The Bitcoin Cash (BCH) network will undergo a semi-annual hard fork upgrade at 12:00 on November 15 (UTC) as scheduled, and there are two node schemes, respectively Bitcoin Cash ABC (BCHA) and Bitcoin Cash Node (BCHN). Currently, BCHN has won the support from most miners and held the high ground in futures market. As a professional mining pool service provider, we will follow the community consensus. For BCH network security as well as your asset security, we make the following arrangements related to this fork:
Snapshot We will take a snapshot of BCH holding at 12:00 on November 15, 2020 (UTC). The new forked coin - BHA will be airdropped to your BHA wallet according to your BCH holding at a 1:1 ratio. Deposit We will suspend BCH conversion, deposit, withdrawal/ auto-withdrawal to external addresses at 10:00 on November 15, 2020 (UTC) while inter-user transfer, withdrawal/ auto-withdrawal to CoinEx will not be affected. It should be noted that only when your deposit has been credited to account before the snapshot can you get BHA. Since there's no transaction replay protection in this fork, we will resume deposit and withdrawal of BCH and BHA after confirming the asset security of our platform, and keep you updated with the announcement. ViaBTC reserves the right of final interpretation of this announcement. ViaBTC Team November 10, 2020 [link] [comments]  | ||
| Why the BCHA futures price doesn't drop below 5% Posted: 11 Nov 2020 11:22 PM PST
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| Posted: 11 Nov 2020 07:28 AM PST
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| ABC client 0.22.6 changed currency symbol to BCHA (not mentioned in Release Notes) Posted: 11 Nov 2020 04:53 AM PST Observed running ABC 0.22.6 on Ubuntu. Nothing about this in the Release Notes: https://github.com/Bitcoin-ABC/bitcoin-abc/releases/tag/v0.22.6 The change came in here, shortly before 0.22.6 release: https://reviews.bitcoinabc.org/D8289 It appears to be ABC has decided to go with that ticker as it was used by some exchanges. Other exchanges have started to use other tickers in the meantime - BAB, BHA - probably because there was no firm announcement by ABC of its new ticker. [link] [comments]  | ||
| Find a Bitcoin Cash accepting merchant near you and send them some love! Posted: 11 Nov 2020 08:40 AM PST | ||
| DeFi craze cooling down while Bitcoin rising high with aplomb Posted: 12 Nov 2020 12:48 AM PST
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| Who is feeling bullish on Bitcoin Cash going in to the fork in a few days? Posted: 11 Nov 2020 03:33 AM PST
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| ABC support has just drop to.. Guess? Posted: 11 Nov 2020 05:15 AM PST
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| Posted: 11 Nov 2020 10:12 PM PST
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| Flipstarter at 80% of the goal ends in 2 days/ what's coming for this weekend if all goes well Posted: 11 Nov 2020 03:36 AM PST
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| Our Flipstarter reached 97% of the target there's only 1 day left / Meetups November 15 Posted: 11 Nov 2020 06:54 PM PST
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| Someone here has an outdated miner to sell in EU? Posted: 11 Nov 2020 12:05 PM PST Got my hands on some free electricity and would like to try out mining. Someone here something like an Antminer S11 or similiar that is not in use? The official reselling websites in Internet are quite expensive for miners that cant be used economical anymore. Will be used for bch mining only. [link] [comments]  | ||
| Posted: 11 Nov 2020 05:59 PM PST
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| 1 Million+ Bitcoin Cash (BCH) Arrives at Exchanges Ahead of Hard Fork Posted: 11 Nov 2020 09:53 AM PST
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| Ex-girlfriend of dark web mastermind Ross Ulbricht on dating a man wanted by the FBI Posted: 11 Nov 2020 04:50 PM PST
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| Will aserti3-2d DAA result in a mini ice-age starting Nov-15? Posted: 11 Nov 2020 04:50 PM PST Whilst my opinion is that ASERT-based DAA's are the best class of DAA's out there, it should be known that they achieve their results through exponential and unbounded difficulty adjustments based on the absolute schedule of the next block number. So given that BCH is currently 32 days ahead of schedule, will this 32 day drift result in an exponential increase in difficulty on Nov-15 to bring it back on schedule? From my own tests on ASERT, I've seen what exponential adjustments look like -- it responds really fast! That means it speeds up quickly when it needs to and grinds to a halt when it needs to. Does this mean BCH will experience a mini (or near-mini) ice-age for 32 days? If ABC decided to change their DAA at last minute to avoid such ice-age, could this not cause some problems re "most-work" chain? Just asking. [link] [comments]  | ||
| Posted: 11 Nov 2020 04:50 PM PST We are currently in an accumulation phase, BCH whales have all bought into BCH at a higher BTC/BCH ratio. There is no such thing as timing the bottom perfectly, but if you were to convert BTC to BCH right now you would be getting the coins cheaper than ANYONE including the wallets holding 100,000 plus coins. Writing BCH off would be to go against the age old advice of BUY LOW SELL HIGH. 99% of the crypto community (retail/retards) have been convinced this coin is dead. Yet Grayscale is seeing unprecedented demand for BCH. You tell me what happens next, do the retail folks get the last laugh, or do we moon? [link] [comments]  | ||
| Posted: 11 Nov 2020 04:31 PM PST
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| Analyst Believes Bitcoin is Working According to Plan Ahead of Six-Digit Projection Posted: 11 Nov 2020 07:58 PM PST
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| Can someone explain the fork in terms required mining power to cause a split please? Posted: 11 Nov 2020 04:11 PM PST If I remember correctly, the BSV fork required miners to mine at a loss for a certain period before the difficulty was adjusted. Does someone have to mine BCHA at a loss for a period too? Or will one BCHA block (a miner donating 8%) cause a split and then difficulty will get adjusted to make it equality profitable to mine? Edit: I'm asking so that I know whether there's a chance that there won't be a split at all, which is my desired outcome. I think a split will cleave a bit of value off BCH, even if it's 4/5%, it's a pointless split. BCHA will be a failure as it doesn't even get aumery the funds he wants, and unfortunately it looks like he's trying to stick around by making ABC compatible with BCH. [link] [comments]  |
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