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    Home Unlabelled Bitcoin Bitcoin Newcomers FAQ - Please read!

    Bitcoin Bitcoin Newcomers FAQ - Please read!

    August 25, 2021

    Bitcoin Bitcoin Newcomers FAQ - Please read!

    Bitcoin Newcomers FAQ - Please read!

    Posted: 18 Jul 2021 11:56 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 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 Hope.com and "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. Services such as CardCoins let you purchase bitcoin with prepaid gift cards. 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, August 25, 2021

    Posted: 24 Aug 2021 10:01 PM 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
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    Christmas in August! I just found an extra $5,797 USD ! Back in 2016 I bought about $105 of Bitcoin back when Bitcoin was $675.17 USD. I thought I had spent it all but I guess I didn't. Got an email from Coinbase today and decided to check the account and almost sh*t my pants!

    Posted: 24 Aug 2021 11:58 PM PDT

    This is 1 out of 144 hashing chips contained in an Antminer S17. You would need a few dozen top line GPUs like the RTX3090 to match the performance of this single chip.

    Posted: 24 Aug 2021 04:02 AM PDT

    CNBC reports that many Afghans are using Bitcon and other crypto to earn , store, and transport money during their national crisis

    Posted: 24 Aug 2021 09:44 PM PDT

    Hacked Accounts are not Coinbase or Bitcoin Fault - Sorry CNBC

    Posted: 24 Aug 2021 12:48 PM PDT

    After reading many articles and situations on how individual accounts got hacked - Phone Carriers(Especially! T-Mobile) are at fault for allowing SIM Card Swamps. The fact these phone carriers never caught on to these hackers is unbelievable. Two authentication is used by so many companies, not just Coinbase. If your own phone carrier allows a hackers to take over your phone with 5 min call and gain access to any account - The Phone Carrier is at fault.

    We just recently found out hackers had access to over 101 Million users data at T-Mobile Database. We have no idea how long they have had access to the database. For all we know, they have been using this information to gain access to our personal identification(SSN, Address, Photo ID).

    You can pray for all the customer service you can imagine but if you can't get to the source of the problem(Phone Carriers) to handle there flawed system, then improving customer service won't mean anything. Source of the problem is phone carriers are handing over and allowing access to your phone. It's not just your coinbase accounts, it's your gmail, company email where your hold private cooperate information. Some how you all you can say this is just a coinbase problem with customer service? wake up, these hackers just don't solely have access to your Coinbase account, they have access to everything!

    Part that pisses me off is that these articles try to present bitcoin, eth and all crypto as unsafe asset to hold. Cryptocurrency have only showed how flawed cooperate America software security is. There is a huge lawsuit that needs to be settled to all customers of T-Mobile, Sprint and Verizon when it comes to our Data.

    submitted by /u/Separate-Insurance63
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    I like to make soap.

    Posted: 24 Aug 2021 06:10 AM PDT

    In 10 years…

    Posted: 24 Aug 2021 03:52 PM PDT

    Your $1 will be worth around 85c

    Your now awesome GPU will be struggling to run the latest games on medium settings

    Your cool new shoes will be worn and out of fashion

    Your smart watch will be dumb and featureless compared to the latest models

    Your #1 stock pick will have been overtaken by unforeseen competition

    In the modern world everything is fleeting, constantly replaced and renewed, devalued.

    In 10 years there will still only be 21,000,000 bitcoins available. Bitcoin is the only digital shelter against entropy.

    Tldr: Bitcoin is deflationary (sort of).

    Edit: I understand a lot of items in the list are not assets. However, by saving in Bitcoin you're not constantly forced to invest and diversify as to not lose wealth - you simply save in BTC.

    submitted by /u/cryptoLyfFtw
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    Afghans are turning to Bitcoin amid political turmoil

    Posted: 25 Aug 2021 12:30 AM PDT

    El Salvador builds Bitcoin infrastructure ahead of full-scale adoption

    Posted: 24 Aug 2021 11:16 PM PDT

    Michael Saylor’s MicroStrategy now holds a staggering 109,000 Bitcoin

    Posted: 24 Aug 2021 07:59 AM PDT

    Beware of SIM swap hacks! My story

    Posted: 24 Aug 2021 03:44 PM PDT

    I would like to remind everyone to check with their phone carriers on what is required to swap your number to another SIM card and to make sure your phone provider account has a very strong password.

    I was recently SIM swapped via Straight Talk. Straight Talk only required my name, phone number, and the last four digits of my SIM card's serial number (which was easily accessible to the hacker due to already being in my account) in order to move forward with a SIM swap. I was then notified via my Yahoo account of someone accessing my email using 2FA and they sent a text message to my phone to authenticate with. I found it odd because I never received a text message. I figured maybe it was a scammer trying to get me to change my password.

    The next morning I realized I had no phone service and spent over 8 hours with Straight Talk support. One of the representatives noticed the SIM card serial number was different than the one I had. I swapped my SIM card back and had service again. Changed the passwords on my email accounts and deleted the app passwords they generated because that was all I thought they did. Two days later, I get a bunch of emails from Coinbase saying my transfer funds were not approved. TWO WHOLE DAYS. Called my bank and am in the process of getting a new account. Since Coinbase does not have a live representative to talk to, I have still been unable to get access to my account to see the damage that was done.

    I am estimating about $30,000-$50,000 was stolen and there is not a single thing I am able to do about it. Let my mistake of not transferring my crypto to my hardware wallet and not updating important passwords more frequently be lesson to you.

    If anyone knows if I am able to do anything about this, I would appreciate the advice and assistance. Unfortunately this event has hit more severely than usual seeing how I am currently unemployed and unable to receive unemployment assistance after my military service. My friends have said I may have a case to sue Straight Talk for gross negligence of not properly authenticating me before swapping my SIM, but I see in the past that has not won any cases.

    submitted by /u/Mountain_Ad8844
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    Learn Lightning Network: 1000 sat LN payments to the first 20 people who post an invoice here.

    Posted: 24 Aug 2021 10:46 AM PDT

    The Lightning Network (LN) is fucking great. If you have been looking for a reason to try it out, here's a golden opportunity.

    I will gift 1000 sats to the first 20 people who post a valid LN invoice in response to this thread.

    If anybody wants to contribute to the cause: bc1qhc69h90kukg48u684xucgua3kvnp6m87ae0q85

    Cheers!

    EDIT 1: If you need a LN enabled wallet, I HIGHLY recommend Phoenix: https://phoenix.acinq.co/

    EDIT 2: All done. Thanks everybody. Hoped you learned something!

    submitted by /u/Kinolva
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    The Bitcoin FOMO In El Salvador Is Real

    Posted: 24 Aug 2021 09:11 PM PDT

    I've done more Lightning payments in one week than I have done on chain in years.

    Posted: 24 Aug 2021 11:54 PM PDT

    Lightning Network works and its insanely fast and cheap.

    submitted by /u/ANAL-Inverter-2000
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    This is how the Chivo wallet app will work

    Posted: 24 Aug 2021 11:45 AM PDT

    Hi everyone, My name is Guillermo, just a Salvadoran guy that wants to give out information about the Chivo wallet app in case you didn't know.

    As you know Bitcoin will become legal tender in El Salvador, the law passed Congress and will go into effect on September 7. The government of El Salvador has created the Chivo wallet app, this is how it's supposed to work, let me know what you think.

    Implementation:

    The government will give to every Salvadoran the equivalent of $30 in BTC, all you need to do is open an account using the Chivo wallet. Yes, it will ask for you government issued ID, facial recognition, etc.

    You will have 2 different balances: USD balance and BTC balance, in the same app.

    You will see your BTC balance fluctuate as the price of BTC goes up or down.

    Your USD balance will NOT change.

    You can transfer money between your 2 balances.

    Every merchant is mandated to accept BTC if the customer wants to pay in BTC, but since the app has 2 balances, you as a merchant can receive it in USD and keep it that way. In other words, it's totally optional if you receive Bitcoin or USD in your app, the customer paid in BTC though.

    El Salvador citizens can convert the cryptocurrency to USD and withdraw it in cash at Chivo ATMs.

    Fees: neither the sender nor the receiver will pay any fees when buying something, receiving a payment or withdrawing USD using the Chivo wallet app.

    You can use whatever wallet you like, Chivo wallet is just the most convenient way to make and receive exact payments, withdraw USD from an ATM, or convert BTC to USD, commission free.

    The government will assume price variations, they have created a $150,000,000 fund to back BTC to USD conversions (like a liquidity pool I think).

    More than 200 Chivo ATMs and 50 kiosks are now being installed in the country, they will open on September 7.

    The initial amount of $30 deposited in BTC after opening your account is to incentivize the use of BTC.

    Chivo wallet does not consume your mobile data, you just need to have internet signal from your provider.

    As a Salvadoran I really wish this to be successfully implemented, if so, we may see huge economic growth.

    I'm just concerned about one thing. If you pay attention, you can keep "USD" in your Chivo wallet account, these dollars didn't make it into the formal El Salvador economy bank system, part of that is in reality BTC that was transferred from abroad and converted into USD inside the app.

    If my people don't learn the true value of BTC and it's convenience to make payments using the lightning network, and decide to use the app only to receive remittances and withdraw dollars, we may face a USD shortage.

    But the other side of the coin is interesting too. Some economists think that the real reason the government wants to do all of this is because they want to reduce the USD in circulation in our economy (to protect the country in case anything happens to the USD, you know in case the bubble explodes lol) and to do so, they are making Bitcoin legal tender, so they can make everyone use the Chivo wallet app and use the USD that won't be circulating in the traditional system to create a government e-coin pegged to our USD reserves. Think about it, seriously, read that again, that's possible, by reducing the USD in circulation you can use it to back a different asset legally to pay short term debt, El Salvador desperately needs to pay foreign debt, if the government creates a new coin they may have more control over its own debt or mint more coins if they need it.

    This could be genius, but also a catastrophe, let me know what you think

    submitted by /u/Particular_Sun_4589
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    How We End up With Bad Legislation aka Bad Laws

    Posted: 24 Aug 2021 08:34 PM PDT

    A small group of Senators acting in accordance with Janet Yellen and the Treasury Department slipped in a crypto provision. As worded, the provision could prove impossible for many to comply. Why would they do this? It wasn't done out of ignorance. It is an excuse to go after the industry, cold wallets and protect the cartel.

    Isn't this the same Treasury Department that confiscated people's gold. They knew exactly what they were doing. The bipartisan deal on infrastructure was the perfect opportunity to slip in this nonsense.

    "The House Rules Committee, which drafts the terms of debate for bills headed to the floor, agreed to a process that would prohibit any amendments from being considered for the infrastructure bill. The full House voted 220-212 to lock in the procedure through a resolution approved on Tuesday afternoon. The plan also sets up a floor vote on the infrastructure package by Sept. 27"—Politico By KELLIE MEJDRICH

    submitted by /u/jt7855
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    Netherlands tightens the grip and says “no” to Binance

    Posted: 25 Aug 2021 01:21 AM PDT

    MicroStrategy buys almost 4,000 BTCs and reaches $5.2 billion accumulated in Bitcoin

    Posted: 24 Aug 2021 03:00 PM PDT

    With the crypto market rising again, hacker SKUM are coming out to play. For the new guys, here’s some tips I’ve learned over the years to ensure that you are untouchable.

    Posted: 24 Aug 2021 05:20 PM PDT

    Contact your phone carrier and ask for SIM identity protection services, it will make hackers have to go through numerous personal questioning on top of knowing your SIM password and PUK number on your iOS device.

    If you can afford it, Get a secondary phone/ computer used strictly only for cryptocurrency's… porn, Netflix, Google searches, work, calls, text etc. only on main devices.

    Download Bitdefender, McAfee, or LifeLock onto all your devices. Get the best yearly package possible, activate web protection, malware protection, VPN and identity protection for all of your devices.

    Buy a Yubikey to access all of your emails and exchanges, a Yubikey is like a little hard drive that you plug into your computer and or phone to access emails or exchanges which will generate a new authentic code every time you want to login. Virtually un-hackable. Much more secure than Google Authenticator.

    Keep all passwords written down in a fire proof bag hidden. Make a copy of them and put in safety deposit box. Never keep passwords on notes or pictures. Don't repeat passwords and keep them very strong.

    And of course the most secure protection of all, keeping all of your coins on cold storage. Keep your 24 words hidden in a fireproof or metal wallet with a duplicate in safety deposit box that only you and a trusted family member know about.

    submitted by /u/Accomplished_Dig_247
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    Is coinbase a good start?

    Posted: 25 Aug 2021 01:00 AM PDT

    Is buying bitcoin on coinbase a good idea? I am a total newb and was wondering if there are other services that are more newb friendly. Also wouldn't the purpose of anonymity be defeated if coinbase asks me for my ID or driving License? Do other services ask that too? TIA

    submitted by /u/SecureDeBagAlert
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    Hackers continue to steal entire accounts out of Coinbase. Many people had all their crypto stolen, but no answers from law enforcement or Coinbase on how to stop it.

    Posted: 24 Aug 2021 07:31 AM PDT

    Doing my part as a small business owner to spread adoption! Now proudly accepting crypto as payment!!!

    Posted: 24 Aug 2021 12:09 PM PDT

    I'm an online personal trainer & nutrition coach & I'm proud to say that I now accept crypto through coinbase commerce

    Thanks Redditers (especially u/cowgrl1) for showing me the possibilities, really excited to start getting paid in crypto!

    Any cryptonauts interested in improving their health & fitness can reach me on Instagram @mcraesc or at www.mcraesc.com

    Thanks again for everything crypto community, I love all y'all!

    submitted by /u/Eastern_Background26
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    Bloomberg’s ETF analyst: Bitcoin futures ETF can be approved by SEC in October, 2021

    Posted: 25 Aug 2021 03:29 AM PDT

    blockstream acquires spondoolies ASIC and miner manufacturer to build blockstream hornet miner

    Posted: 24 Aug 2021 05:19 PM PDT

    1 in 10 people currently invest in cryptocurrencies, many for ease of trading, CNBC survey finds

    Posted: 24 Aug 2021 11:48 PM PDT
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