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    Home Unlabelled Bitcoin Mentor Monday, August 02, 2021: Ask all your bitcoin questions!

    Bitcoin Mentor Monday, August 02, 2021: Ask all your bitcoin questions!

    August 02, 2021

    Bitcoin Mentor Monday, August 02, 2021: Ask all your bitcoin questions!

    Mentor Monday, August 02, 2021: Ask all your bitcoin questions!

    Posted: 01 Aug 2021 11:15 PM PDT

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

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

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

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

    submitted by /u/rBitcoinMod
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    Daily Discussion, August 02, 2021

    Posted: 01 Aug 2021 10:06 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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    "WHEN YOUR ASKED FOR THE 17 MILLIONTH TIME BUT YOU KNOW THERE'S ANOTHER 4 MILLION TIMES LEFT."

    Posted: 01 Aug 2021 10:42 PM PDT

    Who else?��

    Posted: 01 Aug 2021 07:10 AM PDT

    The US government has finalized its $1 trillion dollar infrastructure bill. Money printing never ends!

    Posted: 01 Aug 2021 07:03 PM PDT

    In A Surprising Gesture Of Support, Bank Of America Outlines Key Benefits Of El Salvador Bitcoin Adoption

    Posted: 01 Aug 2021 09:57 PM PDT

    How Bitcoin is mined in Australia

    Posted: 01 Aug 2021 11:29 PM PDT

    Call or email your local congressmen and senators in regards to sloppily written bitcoin tax laws

    Posted: 01 Aug 2021 03:20 PM PDT

    For those of you wondering what steps can be taken in regards to this travesty of a poorly worded bitcoin tax law, flooding the phones and e-mails of your local congressmen and senators does make an impact. This is the time to act while it can still be redrafted or amended.

    submitted by /u/Bitbuyer313
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    Withdraws straight from my Bitcoin balance and pays the vendor in FIAT.

    Posted: 02 Aug 2021 02:24 AM PDT

    Update-sold my condo for bitcoin

    Posted: 01 Aug 2021 10:34 PM PDT

    Not close to investment advice-but hope my experience can help someone make the best decision for them.

    As I stated, I sold my condo and rolled the money into bitcoin. My long term plan is to hold 20-50% forever. Here's what I've learned in 5 points.

    1-Most people, especially those in the developed world, have zero clue what bitcoin is. This is true among higher income earners. My average friend and colleague makes between $150-$250k as a single income earner with no kids (think high disposable income). Maybe 5% have any serious allocation relative to net worth in bitcoin. 2 out of 60 people I know actually understand to a decent degree what bitcoin is.

    1. We are getting close to the older folks participating in bitcoin. It will be very, very small, but they are starting to join. This is especially true for very wealthy people-they don't talk about it, but I know several that own a few hundred grand worth of bitcoin.

    2. The people I refuse to listen to our those with income wealth, not investment wealth. Be wary of your suburban dad with the leased e class amg who works as a sales manager pulling in $200k a year. These people know how to play the office game and are income rich. They have zero clue what is going on. They THINK they do.

    3. I think maximalists will be disappointed in how this roles out. Digital wallets will be common place in the next 3-5 years. Many who own bitcoin will have very little clue how it works.

    4. The same people who were calling housing market tops in 2017 just bought homes. Not making fun of them, observing -I still think housing goes higher. These same people have little to no bitcoin, or sold it and think it's going to 10k. It's just like housing-people say things that they want to happen.

    submitted by /u/throwaway29801A
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    Owning 1 BTC of digital real estate is equivalent to owning 1126 acres of the Earth's habitable land

    Posted: 01 Aug 2021 12:35 PM PDT

    How I got there:

    15.77 billion acres of habitable land

    14 million coins of active supply (not lost or Satoshi's coins)

    One 14 millionth of the 15.77 billion habitable acres is 1126 acres.

    Owning 0.01 of a coin (1 million sats) is equivalent to 11 acres.

    This is your equivalent share of Bitcoin's total value in the form of digital real estate, with our Earth's physical land as the model.

    If you believe in owning a piece of the bitcoin world's digital acreage, the soundest, freest money ever known to earth, it doesn't take much to buy a few acres. You can buy one acre for about $37 right now.

    submitted by /u/infinite_dendrite
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    Coinbase only insures online wallets which is only 2% of all the coins it has. Coinbase stores the majority of its coins in offline cold-storage wallets which are not insured. If you have coins at Coinbase, there is a 98% chance thay are not insurred.

    Posted: 02 Aug 2021 01:06 AM PDT

    Updated US Infrastructure Bill Narrows Crypto Reporting Rule

    Posted: 01 Aug 2021 08:15 PM PDT

    Crypto Taxes. How we get it WRONG.

    Posted: 01 Aug 2021 07:56 PM PDT

    Or government is applying more taxes to crypto and moving to eliminate our privacy. Hey what's in your wallet? How do we compare with other countries.

    Germany- crypto is considered private money. Also, no VAT tax. No taxes to be paid on profits for long term holder of amounts under 600 Euro.

    Switzerland- Mining is considered self-employment and is subject to business income tax.

    Bermuda- No taxes on buying, selling, or trading cryptocurrencies.

    Portugal- trading tax free.

    People can find many more places that are tax friendly to crypto. So, why is government so hell bent on taxing crypto. Because they don't like the way it disrupts the system. If you can't control it, kill it. I think our country is suffering from wanting to know too much about everyone.

    submitted by /u/jt7855
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    2 Million New Bitcoin Owners a Week. Bitcoin is the most broadly owned F...

    Posted: 02 Aug 2021 01:09 AM PDT

    The importance of Proof-of-Work | Visual Explainer

    Posted: 01 Aug 2021 07:20 AM PDT

    STRIKE zero-fee Bitcoin purchases. Why and how are they doing it?? Watch Strike CEO Jack Mallers call out Coinbase CEO Brian Armstrong

    Posted: 01 Aug 2021 03:55 AM PDT

    Inflation explained by Nobel Laureate Milton Friedman

    Posted: 01 Aug 2021 02:41 PM PDT

    1/ Happy UASF anniversary fellow Bitcoiners! An occasion to remind us that miners aren’t paid to decide the rules of the network, rather they are incentivized to follow the rules and follow the market.

    Posted: 02 Aug 2021 01:25 AM PDT

    After 6+yrs Smartbit.com.au block explorer nd API is closing down tonight. Thank you. �� �� #bitcoin

    Posted: 01 Aug 2021 05:45 PM PDT

    Hi All,

    As per post last month https://www.reddit.com/r/Bitcoin/comments/o3w4q3/smartbitcomau_block_explorer_is_closing_down/ Smartbit is closing down. We'll be turning off the block explorer API and server tonight and update the landing page with a offline notification and contact details.

    Unfortunately we didn't find a suitable custodian or buyer to continue smartbit.com.au. We self funded smartbit and loved being part of the community and the early reddit bitcoin days.

    Potentially our last post didn't get enough upvotes for exposure. If anyone/company is interested and committed to taking it over please email [jarred@smartbit.com.au](mailto:jarred@smartbit.com.au) or upvote 👆 if keen for Smartbit to continue and for others to see the post.

    Some milestones we're proud of:

    • 5million+ page views
    • 1million+ daily API requests
    • low 7% bounce rate (meaning people enjoyed using the site), with an average duration of all users over 4minutes.
    • Many 100's of free how to support emails for new Bitcoin users looking for their bitcoin 😀Patience, the block confirmation will come.
    • Most of all proud of providing a service to help grow Bitcoin early when there weren't as many positive actors or accurate data providers (looking at you other blockexplorers 😎).

    Feel free to also share our last tweet on this. https://twitter.com/smartbithq/status/1406439048709742592 the message didn't recieve a lot of impressions, so a retweet/share would be appreciated.

    The "more" information link which was shared last time is here: https://docs.google.com/forms/d/e/1FAIpQLSeJXItR6jZEZWLkmzeXZMmfitdE7AiEuA3N1dbssZPxeIsIPA/viewform?usp=sf_link

    Thanks again. We'll continue to follow closely and find other ways support Bitcoin's bright future.

    Edit: Added cost which was asked for in the comments. https://i.imgur.com/BIE6arw.png

    👋 💗 #bitcoin

    submitted by /u/jspri
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    "Bitcoin is the king of cryptocurrencies and is here to stay" says eToro CEO

    Posted: 01 Aug 2021 04:01 PM PDT

    PayPal building crypto team in Ireland as Bitcoin adoption grows

    Posted: 01 Aug 2021 02:14 PM PDT

    Former SEC Chairman Jay Clayton Now Fighting for Bitcoin ETF Approval

    Posted: 01 Aug 2021 07:33 PM PDT

    How Price Inflation is Happening Today Without Anyone Realizing

    Posted: 02 Aug 2021 01:59 AM PDT

    In order to keep depleting exchange supply, send your bitcoin to cold storage and let's keep squeezing all the shorts ! Links Down Below on how to set up "Cold Storage."

    Posted: 01 Aug 2021 05:01 PM PDT

    Ultra-Secure, Fully Air-Gapped, Open-Source, Bitcoin Only Hardware Wallet [Cold Card]

    https://coldcardwallet.com/

    Once your cold card gets delivered to your house in the mail, proceed to follow this Security Guide on how to set up your cold card. Start Stacking like a Boss!

    https://www.keepitsimplebitcoin.com/bitcoin-security-guide/

    submitted by /u/Hesoldpumpet
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