BTC Frequently Asked Questions and Information Thread |
- Frequently Asked Questions and Information Thread
- Chaintip, one of the best BCH apps (the killer app if I may say) has not been working properly because it's been running on a cheap server. I just realized u/Tibanne is probably doing all the work for free. Can we show him some love?
- $7.85 in fees to refund me $15.25 on a $10.00 giftcard, WTF just happened?! Also, any good reason why Bitrefill isn't accepting BCH??
- Lightning network channels are starting to become impossible to open/close/route payments due to double digit fees.
- BCH processed more on-chain transactions than BTC on Feb 09, 2021
- Bitcoin Cash fair value reached $1,929.
- With the news abuzz with crypto lately BCH is getting a lot of new faces, consider subbing to r/Bitcoincash our sister sub. There's a lot of new people asking questions that could use our help.
- Bitcoin Cash & Bitcoin Corp was all planned
- Running a BCHN node yay
- Many BTC Brick Coin Wallets Became Inaccessible ��
- Telsa buys $1.5 billion in BTC
- MILESTONE: Bitcoin Cash (BCH) is handling more transactions than Bitcoin (BTC). BTC fees ~$10 and BCH fees $0.001 per transaction.
- Interesting unintended consequence of high fees
- And then we said: "Bitcoin is Bank-to-Bank Electronic Store of Value System"
- Number going up is good, but let's not forget why we were here in the first place
- Why Bitcoin Cash Matters
- Bitcoin.com's pool is making 2MB blocks instead of all in, anyone knows how to raise BCHN's soft limit?
- Bitcoin Cash is the MOST SHORTED Crypto. Be greedy when others are fearful!
- Seeing the daily BCH transaction volume slowly creeping up on BTC...it really feels like being in a boxing ring with Mike Tyson who has been put into a straitjack hanging upside down.
- We need to make Elon Musk realize he just raised the fees needed to use BTC
- BCH will live forever, because it is linked to BTC, and that’s why i bet on BCH.. price will move up and down, but what reassure me is BCH long term survival is guaranteed.
- Bitcoin Cash is Bitcoin Cash
- Bitcoin Fees: Bitcoin Cash $0.0024 ✌️ / BTC Brick Coin $15.67 ��
- With Bitcoincash, you can start from scratch and become a boss because, with BCH everyone is a boss!
- ₮ 29,922,932,014.16
- At Bitfortip you can offer Bitcoin Cash as a financial incentive in exchange for a useful tip. 5 spots available to try it with some free BCH.
- Keys4Coins: We have some exciting news to share today as we've just been added to the Official Bitcoin.com wallet! Read more about the wallet and improvements we're making to our site.
| 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]  | ||
| Posted: 08 Feb 2021 11:21 PM PST | ||
| Posted: 08 Feb 2021 10:04 PM PST
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| Posted: 08 Feb 2021 06:35 PM PST This may be the last time you can withdraw your btc from lightning network before it is unwithdrawable for the bull run. Once fees hit mid double digits, all lightning nodes will essentially be frozen. You've been warned maxi's. [link] [comments]  | ||
| BCH processed more on-chain transactions than BTC on Feb 09, 2021 Posted: 08 Feb 2021 12:14 PM PST
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| Bitcoin Cash fair value reached $1,929. Posted: 08 Feb 2021 04:37 PM PST
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| Posted: 08 Feb 2021 08:33 PM PST | ||
| Bitcoin Cash & Bitcoin Corp was all planned Posted: 08 Feb 2021 03:54 PM PST As a newcomer to the space It's obvious to me that Bitcoin Legacy was forced to split by the powers that be in order to hijack the Bitcoin brand for themselves to transact soley on their own terms. I have a fair sized percentage of a BTC and can no longer transact with it whether using lightening or on chain. Closing channels eventually deduct a sizeable amount of my bitcoin percentage. The retail market will eventually be utterly priced out of BTC and thats exactly what they want. When Bitcoin was all inclusive these same supporters shunned it any chance they had and now that all their cronies have the majority of stake in it, they are pushing for the world to adopt it. Knowing that it is impossible for the poor to self custody and transact their portion. This revelation shows the disgusting nature of the 1%. To hear that snake Michael Saylor preach about buying and holding bitcoin to leverage against loans. Is that what bitcoin was built for? to sit in custody and use it as an asset to pull out a loan? Don't get tempted by Bitcoin Corp to keep feeding their ponzi. They're using it to keep their dying derivative system afloat. BTCs price will keep rising and onchain fees will also follow suit so that the big institutions, banks and corrupt Governments can all transact with each other. They never wanted to use the same highways as the common man so they bullied them off of a highway that was ironically created by a common man. When you read this realize that Bitcoin Legacy is Bitcoin as Cash. Bitcoin Cash continues the mission. Not Decred, Monero, Digibyte, Bitcoin ABC, Bitcoin Sv, or litecoin continue this legacy mission of being all inclusive and balanced. Do not be tempted. If it has segwit move away. If it is not transparent at its core move away. If it isn't low fee transactable move away. If it doesn't have the ability of common folk to atleast try to lottery mine in relation to the average balanced technological improvements move away. If it uses a system that you must be online and dependent on watch towers or other actors to custody your coins MOVE AWAY. If it has a staking system where the rich get richer without effort (actual innovation and competition) MOVE AWAY. Nano is also another wolf in sheeps clothing. Do not support pre minted coins whole heartedly there should be no monopoly on the creation of money. Mining allows other countries, specifically developing countries to take part and not be dependent on the money supply of rich nations. To sum up my rant. All that glitters is not Gold. Those who want to truly change the world for good and are not bent on getting rich I hope this message reaches you. Support Bitcoin Electronic Peer to Peer Cash BCH and let us liberate and bank the unbanked as Satoshi envisioned. [link] [comments]  | ||
| Posted: 08 Feb 2021 10:03 PM PST
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| Many BTC Brick Coin Wallets Became Inaccessible �� Posted: 08 Feb 2021 11:51 PM PST
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| Telsa buys $1.5 billion in BTC Posted: 08 Feb 2021 04:55 AM PST
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| Posted: 08 Feb 2021 04:55 PM PST
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| Interesting unintended consequence of high fees Posted: 08 Feb 2021 06:19 PM PST This is not exactly an "attack" but it would be pretty frustrating for a new or inexperienced crypto user. Honestly I don't want anyone getting into crypto to have a bad experience, no matter what coin they are interested in. This is from a post on the Trezor sub. User was sent BTC dust with a very low fee, then couldn't get is his own transaction to confirm because the wallet included the unconfirmed dust transaction in his: I figured out why transaction is uncofirmed. Because one of the dust transactions is unconfirmed too. So this is serious problem: Why Trezor web app included unconfirmed input in my transation and now I depend on when this shitty dust will be confirmed, if it ever will! So there is an exploit. Send dust transaction to address know to be used by trezor user and which have some funds. And make this transaction unconfirmable, i.e. set zero fee. In this condition trezor web app in some reason uncludes unconfirmed dust transaction in input of a new transaction sent by trezor user. User gets unconfirmed forever transaction on inputs and so his transaction also doomed to be unconfirmed. [link] [comments]  | ||
| And then we said: "Bitcoin is Bank-to-Bank Electronic Store of Value System" Posted: 08 Feb 2021 12:19 PM PST
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| Number going up is good, but let's not forget why we were here in the first place Posted: 09 Feb 2021 01:00 AM PST | ||
| Posted: 08 Feb 2021 06:12 PM PST
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| Posted: 08 Feb 2021 10:59 PM PST | ||
| Bitcoin Cash is the MOST SHORTED Crypto. Be greedy when others are fearful! Posted: 08 Feb 2021 09:14 PM PST
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| Posted: 08 Feb 2021 05:52 PM PST | ||
| We need to make Elon Musk realize he just raised the fees needed to use BTC Posted: 08 Feb 2021 02:22 PM PST And also make him realize BCH exists, the Bitcoin that everyone knows before 2017. EDIT: After seeing the comments, I'd be honestly happy if Elon Musk just sends a tweet to use BCH unless they're buying Teslas. [link] [comments]  | ||
| Posted: 08 Feb 2021 04:36 PM PST The higher BTC price goes, the more interest and the more miners joining the Bitcoin wagon. Since BCH use the same miners as BTC... which mean BCH future is secure..BTC live, BCH live.. compare to others coins like Cardano, Polkadot, Litecoin, Binance, XRP, chainlink, dogecoin.. Only ETH future is certain, the rest could rise today, but then fail in a few years ahead.. Just like past champions: Quarkcoin, Blackcoin, Namecoin, Peercoin.. they once hold top 20 spot, and now slowly fade away.. at current low price in USD, BCH is unique in that it has potential for significant price rise, but most importantly its future is secure as a result of Linkage to the Bitcoin dynasty. [link] [comments]  | ||
| Posted: 08 Feb 2021 11:12 AM PST Bitcoin Cash is Bitcoin AND Cash, all in one. [link] [comments]  | ||
| Bitcoin Fees: Bitcoin Cash $0.0024 ✌️ / BTC Brick Coin $15.67 �� Posted: 08 Feb 2021 02:44 PM PST
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| With Bitcoincash, you can start from scratch and become a boss because, with BCH everyone is a boss! Posted: 09 Feb 2021 01:28 AM PST
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| Posted: 09 Feb 2021 12:15 AM PST | ||
| Posted: 08 Feb 2021 11:43 PM PST Hi all, Bitfortip is a social network that makes use of cryptocurrency as an incentive for others to try and help you. Some use case examples:
Funds are held in escrow and once you mark an answer as correct they are credited to the person that gave you the tip that you were looking for. If you would like to try it out, please feel free to send me a PM with the following details:
5 spots available. More details about the service can be found on the following google slide presentation. A flipstarter is currently also running for making a video of the service from a very well known BCH promoter from Tokyo and to show it as a use case in their local BCH events. [link] [comments]  | ||
| Posted: 08 Feb 2021 08:31 AM PST
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