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    Bitcoin Bitcoin Newcomers FAQ - Please read!

    March 06, 2021

    Bitcoin Bitcoin Newcomers FAQ - Please read!

    Bitcoin Newcomers FAQ - Please read!

    Posted: 06 Jan 2021 08:06 AM PST

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

    Some other great resources include Michael Saylor's "Bitcoin for Everybody"' course, Jameson Lopp's resource page, Gigi's resource page, 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.

    If you are technically or academically inclined check out developer resources and peer-reviewed research papers, course lectures from both MIT and Princeton as well as future protocol improvements and scaling resources. Some Bitcoin statistics can be found here, here and here. MicroStrategy's Bitcoin for Corporations is an excellent open source series on corporate legal and financial bitcoin integration.

    You can also see the number of times Bitcoin was declared dead by the media (LOL) and what you could have earned if you didn't listen to them! XD

    Key properties of Bitcoin

    • Limited Supply - There will only ever be 21,000,000 bitcoin created and they are issued in a predictable fashion per the inflation schedule. Once they are all issued Bitcoin will be truly deflationary. The halving countdown tells you how much time until the next drop in block rewards.
    • Open source - Bitcoin code is fully auditable. You can read and contribute to the source code yourself.
    • 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 bitcoin resides has the authority to move them.
    • Low fee scaling - Most wallets calculate on chain fees automatically but you can view fee estimates and mempool activity if you want to set your fee manually. 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 - Blocks and transactions are cryptographically secured (using hashes and signatures) 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 on the lightning network to a few minutes on-chain depending on need for confirmations. Transactions are irreversible by normal users after one confirmation and irreversible by anyone (including miners) after 6 confirmations.
    • Peer-to-peer - No intermediaries taking a cut, no need for trusted third parties.
    • Portable - Bitcoin are digital so they are easier to move than cash or gold. They can be transported by simply carrying a seed (a string of 12 to 24 words) on a device or by memorizing it for wallet recovery (while cool, memorizing is generally not recommended due to potential for forgetting the seed and the potential for insecure key generation by inexperienced users. Hardware wallets are the preferred method for most users for their ease of use and additional security).
    • Scalable - While the protocol is still being optimized for increased transaction capacity, 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 bitcoin?

    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.

    You can also purchase in cash with local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage.

    Note: Bitcoin 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.

    Securing your bitcoin

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

    • If you cannot afford a hardware wallet there are many software wallet options to choose from depending on your use case. Mobile wallets like BlueWallet are generally more secure than desktop wallets. Beware of fake mobile wallets and check reviews from reputable Bitcoin websites. Avoid paper wallets or brain wallets.

    • If you prefer to let third party "Bitcoin banks" manage your coins, try Gemini or Unchained Capital 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. There is a saying in the community, "Not your keys, not your coins" meaning if you don't store your coins in a wallet that you control the keys to then you do not really own your bitcoin as you have to ask permission from the third party in order to move them.

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

    2FA requires a second confirmation code or a physical security key 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.

    Avoid using your cell number for 2FA. Hackers have been using a technique called "SIM swapping" to impersonate users and steal bitcoin off exchanges.

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

    Physical security keys (FIDO U2F) offer stronger security than Google Auth / Authy and other TOTP-based apps, because the secret code never leaves the device and it uses bi-directional authentication so it prevents phishing. If you lose the device though, you could lose access to your account, so always use 2 or more security keys with a given account so you have backups. See Yubikey or Titan to purchase security keys.

    Both Coinbase and Gemini support physical security keys.

    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 on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the r / 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. As they say in our community, "Don't trust, verify".

    • Avoid using ad-based search engines like Google or Yahoo: ads are shown based on how much the advertiser bids, and scammers can easily outbid legitimate providers for ad space, since immoral ways of earning money are far more lucrative than moral ways. Use DuckDuckGo instead, which has no ads, and never tracks you as well.
    • Ignore private messages offering services.
    • Never enter your seed words in a website of any kind. Hardware wallets will recover by displaying possible seed words on their own interface, never on a website.
    • Always check addresses on your hardware wallet before sending or receiving. Some malware has been known to replace addresses in your web browser or that you copy-and-paste.
    • Avoid clicking on links like that look like links, such as https://www.google.com/, without first hovering over it and actually checking where they go to. Just because a link is labelled with an HTTPS address does not mean it actually sends you to that address. It is trivial for someone to comment a link on Reddit that looks like it will send you to one website when it actually sends you to another, and you might not notice the difference until a scammer has gotten all your money, or you have downloaded and installed software that steals your money.

    Common Bitcoin Myths

    Often the same concerns arise about Bitcoin from newcomers. Questions such as:

    • Is Bitcoin a Ponzi scheme?
    • Will governments ban Bitcoin?
    • Will quantum computers break Bitcoin?

    All of these questions have been answered many times by a variety of people. Here are some resources where you can see if your concern has been answered:

    Where can I spend bitcoin?

    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 or Fold card. Some other useful site are listed below.

    Store Product
    Bitrefill, Gyft Gift cards for thousands of retailers worldwide 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
    NewEgg and Dell For all your electronics needs
    Piixpay, Bitbill.eu, Bylls, Coins.ph, LivingRoomofSatoshi, Coinsfer, and more Bill payment
    Menufy and Takeaway 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 Domain name registration
    Stampnik Discounted USPS Priority, Express, First-Class mail postage

    Coinmap and AirBitz are helpful to find local businesses accepting bitcoin. 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 bitcoin 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 the mining FAQ. 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. You can view the global node distribution for a visual representation of the node network.

    Earning bitcoin

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

    Site Description
    WorkingForBitcoins, Bitwage, Cryptogrind, Coinality, Bitgigs, /r/Jobs4Bitcoins, BitforTip, Rein Project Freelancing
    Lolli Earn bitcoin when you shop online!
    OpenBazaar, Purse.io, Bitify, /r/Bitmarket Marketplaces
    /r/GirlsGoneBitcoin NSFW Adult services
    A-ads, Coinzilla.io Advertising

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

    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
    Liquid, Rootstock and Drivechain Sidechains
    Hivemind Prediction markets
    Tierion and Factom Records & Titles on the blockchain
    BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
    JoinMarket and Wasabi Wallet CoinJoin implementation
    Decentralized exhanges 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
    millibitcoin mBTC 1,000 per bitcoin used as default unit in recent Electrum wallet releases
    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 mBTC
    • 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
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    Daily Discussion, March 06, 2021

    Posted: 05 Mar 2021 09:01 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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    For the intellectuals out there

    Posted: 05 Mar 2021 12:22 PM PST

    Michael Saylor - "MicroStrategy has purchased an additional ~205 bitcoins for ~$10.0 million in cash at an average price of ~$48,888 per #bitcoin. As of 3/5/2021, we #hodl ~91,064 bitcoins acquired for ~$2.196 billion at an average price of ~$24,119 per bitcoin. $MSTR"

    Posted: 05 Mar 2021 05:15 AM PST

    Crypto on YouTube be like :

    Posted: 05 Mar 2021 09:27 AM PST

    Michael Saylor bought the dip.

    Posted: 05 Mar 2021 07:28 AM PST

    JPMorgan presents to private clients that Bitcoin can reach $540,000 if compared to "Gold" and $1,904,00 if compared to "Narrow Money Supply".

    Posted: 05 Mar 2021 02:38 PM PST

    Link : https://www.theblockcrypto.com/post/97257/jp-morgan-bitcoin-deck-private-client

    Based on this slide Bitcoin can reach $540,000 if compared to "Gold" and $1,904,00 if compared to "Narrow Money Supply".: https://www.tbstat.com/wp/uploads/2021/03/Screen-Shot-2021-03-05-at-1.57.26-PM-e1614923921645.png

    submitted by /u/lbalan79
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    HitBTC is a Scam - Here is Exactly How their Scam Works

    Posted: 06 Mar 2021 01:04 AM PST

    HItbtc is a scam exchange. Period. Let me explain how the scam works. HitBTC scams by creating endless obstacles to people trying to access their funds. They make deposits incredibly simple. They make withdrawals incredibly hard. And they do this very opaquely. Crypto deposits NEVER require KYC. When you sign into HitBTC, there is no indication that KYC is required for withdrawals. In fact, their platform says you can withdraw certain amounts with no KYC. In their ToS though, they make sure to add a clause which says they MIGHT require KYC in certain circumstances. Most users assume that they will be able to withdraw crypto funds without KYC. That is what HitBTC wants you to believe. There are regulated cryptocurrency exchanges around the world which allow you to withdraw your crypto without KYC. Most of them are much larger than HitBTC. There is no international law, or any type of rule, which requires exchanges to KYC a customer before they withdraw their crypto balance. Especially if they are not involved with fiat trading. What HitBTC did to me was delete my 2 FA code. They do this often. They delete your 2 FA code (of course, with funds on your account), requiring you to go through 2FA recovery process. This takes ages, and they require a bunch of personal and transaction info. They act as if you lost your 2FA device, but actually, they just manually remove it on their end. They expect a good amount of people will never be able to complete 2 FA recovery. It's a lengthy process, and their support is slow to answer. They know that for small amounts, a lot of people give up right here. They'll act like they're trying to help you, but really their entire business model revolves around wearing you out. They get a good amount of crypto to keep just from people not being able to complete the 2 FA recovery. Now, 2 FA recovery can eventually be completed. It'll take a few weeks, maybe months at this point. The customer will think they're getting somewhere. They'll get back into their account, see their crypto balance, they'll feel fairly confident at this point. The support will say there's a 4 day freezing period on your funds, for safety, after which you'll be back to normal. So you wait the 4 days, and most people will then try to withdraw their funds. 100% of the time, I guarantee, the withdrawal will fail. Even though it's well within the stated withdrawal limits, HitBTC will fail your withdrawal. They won't even tell you why. You'll need to follow up with support. Support is going to eventually tell you that you need to KYC. They'll quote some bullshit vague legal reason and say hey, we're just following the rules. What rules, HitBTC? You're a sketchy crypto exchange in the fucking Seychelles. You're a faceless organization. There's much larger, much more trusted exchanges who don't have any similar requirement. They are not legally required to KYC you, but they say they must. So now you're back at their mercy. They'll ask for photo ID, proof of residence, they'll ask about what the coins are for. But not all at once. They'll ask for these things 1-2 at a time, with incredibly slow response times. They'll ask for new versions of the same thing, higher resolution, higher quality, better lighting. They'll wear you down. They will do whatever they can for you to just give up. That is how they make their money. They make their money by putting endless obstacles between you and your funds, so that eventually you give up. They ask for personal information like photo ID, proof of residence, etc. which can be resold on the dark web, especially when it's a crypto user's documents. These documents can be used to obtain access to your other crypto platforms. Who does HitBTC think they are? They're a sketchy, faceless, reputation-less shitty crypto exchange in Seychelles. Is it reasonable for them to request your personal information, without the reputation to securely store such information? Surely their requests would be illegal in most jurisdictions. Good luck doing anything about it though. You won't find any real people linked to the HitBTC platform. You gonna go sue their shell company in Seychelles? So here you are, a year into the process, you've handed over a mountain of your personal information to a scamming, faceless organization who is holding your funds hostage. If you make a big enough stink on social media, and you've completed all of the obstacles, they might in certain cases decide to release your funds. You'll finally withdraw, pay an exorbitant withdrawal fee (USDT was $65 USD last I checked). You'll get your funds out, you'll say, HitBTC wasn't a scam, they're just annoying! No, HitBTC absolutely is a scam. The scam is to wear down 95% of people. If you're one of the 5% that handed every personal document you have to get back your funds, and attacked them on social, after spending dozens of hours on just getting your funds back, you are just a small cost of doing business. The scam doesn't need to hit 100% of users. It just needs to hit most of them. HitBTC is a scam.

    submitted by /u/Independent-Falcon38
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    Record-Breaking Bitcoin Has Now Stayed Above $40,000 for 25 days and Counting

    Posted: 05 Mar 2021 01:31 PM PST

    Biden is meeting with treasury secretary to discuss stocks and the current market, stimulus bill possibly getting pass by the house tonight. They’re saying inflation is inevitable and have no problem with it in the near term. This is a recipe for bitcoin to skyrocket.

    Posted: 05 Mar 2021 12:01 PM PST

    60k this weekend 65K to 70 by next week prediction, pin this post will see if I'm right

    submitted by /u/Accomplished_Dig_247
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    Got drunk last night. woke up with a beer on my nightstand, and $31k worth of Bitcoin in my coinbase wallet.

    Posted: 06 Mar 2021 01:20 AM PST

    One of the crazier nights I've had in my young illustrious life . Ended up getting talked into going out to a patio bar/restaurant situation for HH, had a great night and was in bed by midnight like a boss. Woke up just now looking for my phone, found it! It was on the floor. Unlocked it, and I apparently spent close to all the money I have in savings on btc @ $48.9k last night . For a min my dumb brain was like 'cancel it you idiot' but then I remembered I can't. It's cool because that was fate though sometimes we make good decisions when drunk and who am I to stifle drunk _____'s decision making? Nobody. That's who. Thanks dude don't even worry about the fridge it's cool we can buy another one

    submitted by /u/flappingcurtains
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    PayPal announces a cryptocurrency business division

    Posted: 06 Mar 2021 02:26 AM PST

    What is lightning network?

    Posted: 06 Mar 2021 12:05 AM PST

    I keep seeing people say it will get rid of the horrifyingly absurd fees but what is it? Is it a wallet or a program? Where and how do I get it? Can you get it on a hardware wallet?

    submitted by /u/NeuroBossKing
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    Employer WANTS to Pay me in BTC!

    Posted: 06 Mar 2021 01:09 AM PST

    Hey!
    Preface: I'm a Realtor in the USA, Michigan.
    So, I've gotten a worm in my broker's (my employer) ear about converting part of our balance sheet to Bitcoin, but they are apprehensive. Curious - but very wary.

    I mentioned I would be willing to help prove the power, utility, and safeness of BTC as a store of value and begin taking my commission checks in BTC. They said "if you can tell me how we can do so in a safe, easy, legal (regarding taxes) way, I won't just pay your commissions - I'll advertise to the community that we are doing that and begin converting part of our balance..." etc.

    My question/the "issue."
    Everywhere I'm looking seems to more specifically be referring to paying BTC in regards to wages. I don't earn a wage - I'm paid commission. I can't really seem to find anywhere a definitive "guide," so to speak, on what the steps are...specifically what the liability, legal, and tax steps are.

    Does anyone have experience with this? Or a handy guide?
    Thanks!!

    submitted by /u/INTER5TELLAR
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    I won a settlement = free electricity. Help me take advantage of it?

    Posted: 05 Mar 2021 02:48 PM PST

    I know this sounds too good to be true. I am in Mexico. The government owns the grid. I won a settlement on a piece of land.

    Can anyone recommend a good way to start ramping up and providing the BTC network with some mining prowess in Central Mexico?

    I was thinking of just buying a couple of cheap 'Available Now' Ant-miners (~15 TH/s) on eBay... would you guys recommend this?

    Thanks!

    submitted by /u/lukenskywalker
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    Anxiety about moving my bitcoin off the exchange to a hard wallet.

    Posted: 05 Mar 2021 09:40 PM PST

    Recently new to reddit, HODLer since 2017. Even since my first purchase in 2017 I have just kept it on coinbase. I've been buying at the dips and as of today have accumulated what I could, but for some reason I now have a little anxiety about moving it off coinbase to a personal wallet. Maybe my lack of how hard wallets work specifically or some fear of transferring incorrectly and losing it somehow due to human error.

    submitted by /u/LifeInPrimes
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    To explain to my dad about Bitcoin, I reminded him of an episode of The Twilight Zone. Where a band of thieves, after stealing 1 million in gold bars, are induced to a dream of 100 years to spend it in the future and not be persecuted. But upon awakening they discover that the gold was worthless

    Posted: 05 Mar 2021 02:27 PM PST

    My constant portfolio checking hobby is boring again

    Posted: 05 Mar 2021 08:47 PM PST

    Now that BTC has gone sideways I have to find a new way to fill my time.

    submitted by /u/tearductduck
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    MicroStrategy announces purchase of another $10 million in Bitcoin

    Posted: 05 Mar 2021 06:15 AM PST

    12K BTC WITHDRAWN

    Posted: 05 Mar 2021 05:05 PM PST

    12K BTC WITHDRAWN

    The fifth major BTC withdrawal in the last 10 days was recorded on the Coinbase exchange. This time, 12,000 BTC were withdrawn. The purchased cue balls continue to be taken from the exchanges to the hold. Quite a bullish signal.

    ​

    https://preview.redd.it/6dph5da35bl61.jpg?width=1280&format=pjpg&auto=webp&s=3873c59f45ea055300025d70a14ff7dba329eae2

    submitted by /u/IamScr00ched
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    Why would anyone spend bitcoin?

    Posted: 06 Mar 2021 03:02 AM PST

    Help me wrap my head around this, maybe I'm just looking at it wrong. Why would anyone spend bitcoin right now? Using round numbers, let say I have 2 bitcoins in my wallet. Each bitcoin is worth $40k. I want to buy an $80k Tesla. I give Tesla my 2 bitcoins, they give me a Tesla. Now the next day, week, month, year 1 bitcoin is now worth $50k, so I basically paid $100k for that tesla? I suppose the reverse is true, if 1 bitcoin drops to $20k, I made out on the deal. I'm sure I'm missing something, so any explanation would be greatly appreciated. Don't get me wrong, I'm all about bitcoin. I just don't understand why you would spend it.

    submitted by /u/Maleficent_Image_987
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    Bitcoin: Inefficient Transactions. Efficient Store Of Value

    Posted: 06 Mar 2021 12:29 AM PST

    Hyperinflation Pushes Venezuela to Print 1,000,000-Bolivar Bills

    Posted: 06 Mar 2021 02:57 AM PST

    Buy the dip.

    Posted: 05 Mar 2021 04:22 PM PST

    12,000 BTC Acquired at $46,686 at Coinbase as Institutions Keep Accumulating Bitcoin

    Posted: 05 Mar 2021 04:01 AM PST

    Where are we in this bull run?

    Posted: 05 Mar 2021 10:58 PM PST

    I have been reading about people saying we are early cycle to mid cycle by now. Where does everyone think we are? Dan held says we are still early cycle of this unique bull run. Lyn Alden believes we are mid cycle and to reach six digits before EOY.

    submitted by /u/Freigeist30
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    John McAfee, who criticized Bitcoin aggressively last year, has now been indicted for altcoins pump-and-dump scheme

    Posted: 05 Mar 2021 11:59 AM PST
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