Bitcoin Bitcoin Newcomers FAQ - Please read! |
- Bitcoin Newcomers FAQ - Please read!
- Daily Discussion, September 29, 2021
- Very soon El Salvador will use geothermal energy from its volcanoes very cheap, 100% clean, 100% renewable" energy from volcanoes to power there BITCOIN MINING OPERATION ..
- Share your Ticker Setup
- Should people in the northern hemisphere start considering mining bitcoin to heat their homes durrng the winter months?
- China Bans Anything That Promotes Freedom — It Is an Honor for Bitcoin To Be Banned by China. Bitcoin will succeed without China. It will be more problematic for the Chinese, however.
- El Salvador's volcano bitcoin mining is open for business
- Fear and greed index is at 25 “extreme fear”
- The two outcomes of the US Debt Ceiling Debacle
- A summary from my 100 hours of learning Bitcoin
- Europe becomes largest crypto economy with over $1T in transactions
- I’ll see y’all in 2030
- Citi : Bitcoin could be “the chosen currency for international trade”
- Verifone is adding bitcoin payment to thousands of US card terminals. HUGE NEWS
- Bitcoin Is The Only Asset To Solve The Store Of Value Problem ����
- I long for the day BTC gets decoupled from the stocks
- Congress must raise debt limit by Oct. 18. Failure to suspend or raise the debt limit would lead to the first-ever U.S. default and have severe consequences for the U.S. economy.
- Nayib Bukele on Twitter : First Steps of Volcano Mining
- Institutional investors buy $50M worth Bitcoin after China-induced crash - TheDailySats
- We should ALL be tracking and supporting these representatives
- El Salvador plans bitcoin mining using geothermal energy
- Morgan Stanley doubles exposure to Bitcoin through Grayscale shares
- Coinbase to Allow US Users to Deposit Paychecks Directly in Crypto
- Square, Twitter, And Substack Are Big First-Movers In Bitcoin Payment Solutions
- U.S. Verifone Merchants To Accept Bitcoin As Payment
| Bitcoin Newcomers FAQ - Please read! Posted: 18 Jul 2021 11:56 AM PDT Welcome to the /r/Bitcoin Sticky FAQYou'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
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 bitcoinWith 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.
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.
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 scamsAs 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".
Common Bitcoin MythsOften the same concerns arise about Bitcoin from newcomers. Questions such as:
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.
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 ResourcesThere are several benefits to accepting bitcoin as a payment option if you are a merchant;
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 bitcoinJust like any other form of money, you can also earn bitcoin by being paid to do a job.
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 ProjectsThe 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.
Bitcoin UnitsOne Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
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! [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Daily Discussion, September 29, 2021 Posted: 28 Sep 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. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 28 Sep 2021 07:13 PM PDT
 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 28 Sep 2021 09:30 PM PDT
 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 28 Sep 2021 04:19 PM PDT Very brief, saw a blip of an article on cnn a few minutes ago that suggests heating costs for natural gas could go up 180% this fall. Was thinking if individual households started mining btc with something like ant miners, would it be a cost effective alternative to just burning gas to heat your home? Theres some math to do, but I figured folks here might like to put their 2 cents into the concept. Thoughts? Is this totally dumb or just clever enough to pat off? Edit: also the article if it even matters. https://www.cnn.com/2021/09/28/business/natural-gas-inflation/index.html [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 29 Sep 2021 12:54 AM PDT
 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| El Salvador's volcano bitcoin mining is open for business Posted: 28 Sep 2021 01:58 PM PDT
 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fear and greed index is at 25 “extreme fear” Posted: 28 Sep 2021 10:53 AM PDT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The two outcomes of the US Debt Ceiling Debacle Posted: 28 Sep 2021 04:26 PM PDT I see a lot of people talking about, and freaking out about the US defaulting on its debts. I'm here to let you know that there are really two outcomes here and both are bullish for crypto. 1 - The US fails to come to an agreement and defaults on its debts (not likely, we've been here before, it will pass but they need to put on some political theater first). If this were to happen, the world reserve currency, the USD, would get crushed. US credit ratings would also get crushed. There would be uncertainty about the USDs ability to remain the world reserve currency. As a result, crypto (mostly BTC) would go up. The BTC/USD exchange rate would see its denominator decline sharply resulting in a much high price for BTC, not to mention the increased demand for people seeking USD safe havens. 2 - the US comes to an agreement and raises its debt ceiling (most likely). In this case, the US will be free to spend more money it doesn't have and artificial money creation will ensue. Don't get me wrong. This is bad news in general. But not for crypto. For crypto, this is bullish. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| A summary from my 100 hours of learning Bitcoin Posted: 28 Sep 2021 03:31 PM PDT Warning: It will be long, but I tried to write it in the most simple language possible Does bitcoin have intrinsic value? Imagine this: If people hire an army to guard a vault full of gold and lots of people to count the gold coming in and out, making sure the truth is maintained, and gold could be sent in and out at the speed of light, does this have value? Now think about this: If the vault only hire 3 guards with a few guns and one person to keep the count, would you trust your life saving in it? When you hear on the news that Bitcoin is using more energy than Finland, what they actually mean is: If Finland were to spend a huge amount of money to buy mining rigs and divert all its energy to attack this Bitcoin vault, Finland would lose. The truth will still be kept, your money is intact. The "Bitcoin vault" has one of the strongest defend "army" in the world nowadays in the form of energy. It also has hundred of thousand of computers keeping count, so value can go from one place to another 24/7/365 at the speed of light. Wouldn't it still be a huge waste of energy though? Yes, so here's the "catch": The vault has been using a lot of its defense energy from common sources such as coals, gas, solar, wind, etc, very similar to what we are using in our home today. But it doesn't have to. There is a lot of "trapped" energy too far away from towns and cities for human to make use of. Think about geothermal energy sources next to volcanos. If we were to harvest electricity there and build power cables to lead it all the way to our cities, there will be almost no power left when it arrives because of the long distance travel. Now imagine you can "hire" that renewable energy army to guard the vault by harvesting electricity very close to the volcano. That's what the recent and near future of bitcoin defense will look like. One of its "intrinsic" value is the army of defense the size of nations, to make sure no one can tamper with the record and the value it's holding inside. What real life applications are there? There are four main applications for Bitcoin in my opinion: First: A store of value For normal middle class people like you and I, if we are lucky and live in a well run country where inflation is about 2-5% a year, after 30-35 years of working and saving, our life savings in cash would lose about 50-80% of its value. For 1.4 billion people who is currently living in not so well run countries where inflation is about 10% a year, after working and saving their whole lives, their saving would lose 98% of value at retirement. Note that many people like myself can access ETFs and other investment vehicles, many people in less developed countries can't. The more money their government print, the more diluted and valueless their bank account becomes. People's live savings chipping away in their sleeps, a small piece at a time. Fiat is money governments can print but you and I can't. Bitcoin is money you and I can't print, and no one else can print either. There is 21 million coins and that's it. 21 millions coins under the best defense army in the world. It will help act as a store of value for many people, especially people living in high inflation or hyper inflation countries. Second: Big payments, country to country, think a huge shipping boat with thousands of containers kind of payments. It is tough to manage big payments in the tens and hundreds of millions of dollars. Imagine a company in Vietnam selling to a company in Finland, many banks need to be in the middle, they all need to work very hard, plus trust each other because it is hard to convert trillions of Vietnam Dongs into tens of millions of Euros and it will cost a lot of money. One transaction in Bitcoin costs about $5 today for any amount, even a billion dollar. Because of the above mention army of security and hundred of thousands of computers keeping watch, no trust is needed between banks, a billion can go from Asia to Europe in about 10 minutes. "$5 dollars are a lot of money for a small transaction though. Wouldn't it make bitcoin not practical as a currency for small payments" Yes, you are right, layer 1 of Bitcoin is not practical for small payments, this is what you might have heard a lot on the news: "only 7 transactions per second, not usable for every day use, too high fee, etc" What many people missed is: layer 1 is not meant to be used for everyday transactions. Just like the Visa or Mastercard networks are layer 2 that were built on top of layer 1 which are clearing banks/houses. Clearing banks handle millions at the end of the day or week between banks and nations. Visa and Mastercard operate on top of this layer and keep count of small transactions. The lightning network has been acting as Bitcoin layer 2 that is powering everyday transactions. While Visa is said to be capable of handling 24,000 transactions per second, lightning can handle millions. It is also borderless and decentralized, with the capability to power micro transactions at zero cost. Third: Micro transactions, powering new business models Jack Dorsey, CEO of Twitter said that if he had bitcoin and lightning back in the day, he wouldn't have run Twitter on an advertisement model. Why? It was close to impossible to charge people 1 cent for watching a video or for using Twitter for 5 minutes. It was impossible to do that when the users are in many different countries. The solution was then to sell ads, every time you watch and ad, Twitter charges the business that runs the ad 1p, at the end of the day after showing ads to tens of thousands of people, Twitter charges the business a few hundred dollars. Bitcoin and lightning change this. Imagine the new businesses models that could be powered by micropayments. Lightning made it possible. Last but not least, bank the unbanked I have been rather lucky to live in a big city in the UK that is served by many banks. However, it is not always the case in poorer and more remote area of the world. Some people I know back in Vietnam never had a bank account in their lives, some never will. They are deemed to poor and too unimportant to be served by banks. Bitcoin and lightning network mean that anyone in the world today with a phone and internet access can own a bitcoin "bank account", can participate in the "gold vault in the sky" without discrimination, without having to prove that they are credit worthy to be served, all within about 2 minutes. Bitcoin and lightning network mean that small business owners can start charging and receiving payments for their little street side business almost instantly without applying at the bank, without having a proof of credit, without installing and paying for any card machines. There are so many businesses and applications being built on top of Bitcoin and Lightning by amazing people globally. I am learning every day but still I couldn't keep up with the space of innovation in this area. I will keep sharing my knowledge as I learn more. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Europe becomes largest crypto economy with over $1T in transactions Posted: 28 Sep 2021 11:56 PM PDT
 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 28 Sep 2021 08:30 AM PDT
 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Citi : Bitcoin could be “the chosen currency for international trade” Posted: 28 Sep 2021 06:31 AM PDT
 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Verifone is adding bitcoin payment to thousands of US card terminals. HUGE NEWS Posted: 28 Sep 2021 05:47 PM PDT
 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Bitcoin Is The Only Asset To Solve The Store Of Value Problem ���� Posted: 28 Sep 2021 06:54 PM PDT
 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| I long for the day BTC gets decoupled from the stocks Posted: 28 Sep 2021 02:39 PM PDT Red day for stocks is still a red day for BTC. Congress screws around with debt ceiling, FED talks about their insane QE program, traders fear inflation, you name it. All bad news for stocks but all the more reason to buy BTC. Yet we go up and down with the stock market as if somehow correlated. I long for the day BTC gets decoupled from stocks, and all will be right in the world. [link] [comments]  | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Posted: 28 Sep 2021 08:26 AM PDT
 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nayib Bukele on Twitter : First Steps of Volcano Mining Posted: 28 Sep 2021 02:18 PM PDT
 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Institutional investors buy $50M worth Bitcoin after China-induced crash - TheDailySats Posted: 28 Sep 2021 09:30 PM PDT
 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| We should ALL be tracking and supporting these representatives Posted: 28 Sep 2021 11:16 AM PDT
 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| El Salvador plans bitcoin mining using geothermal energy Posted: 28 Sep 2021 11:45 PM PDT
 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Morgan Stanley doubles exposure to Bitcoin through Grayscale shares Posted: 28 Sep 2021 06:06 PM PDT
 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Coinbase to Allow US Users to Deposit Paychecks Directly in Crypto Posted: 28 Sep 2021 12:38 PM PDT
 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Square, Twitter, And Substack Are Big First-Movers In Bitcoin Payment Solutions Posted: 28 Sep 2021 11:05 AM PDT
 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| U.S. Verifone Merchants To Accept Bitcoin As Payment Posted: 28 Sep 2021 11:58 AM PDT
 |
| You are subscribed to email updates from Bitcoin - The Currency of the Internet. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment