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    Bitcoin Daily Discussion, October 05, 2021

    October 05, 2021

    Bitcoin Daily Discussion, October 05, 2021

    Daily Discussion, October 05, 2021

    Posted: 04 Oct 2021 10:04 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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    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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    Bitcoin Decoupling from the Stock Market

    Posted: 04 Oct 2021 10:40 AM PDT

    This is extremely bullish. Stocks in the US are down 1.5% (S&P 500) while BTC is up 1.7%. Decoupling is critical for Bitcoin to reach new highs.

    submitted by /u/Major_Bandicoot_3239
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    Debt free thanks to BTC

    Posted: 04 Oct 2021 06:25 PM PDT

    I'm pumped. 7 years of debt disappearing in less than 1 year thanks to the wonderful BTC. And the best part is I only need to cash out 15ish% of my bag. Stoked!

    Edit - admittedly it's not huge debt but it's debt that's been following me around for years that I was unable to clear due to being in an out of work with health problems. Thankfully life has been much more stable the past 1.5 years which in turn allowed me to invest in BTC!

    Edit #2 - on some proper number crunching it's looking more like 20%, but point still stands I guess haha.

    submitted by /u/rediver87
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    El Salvador ����- Beautiful People, Great Food and Bright Future!

    Posted: 04 Oct 2021 11:10 PM PDT

    Here we go boys, $50k!! Let the FOMO begin as we raise the debt ceiling yet again.

    Posted: 05 Oct 2021 02:45 AM PDT

    5 seconds of 'wisdom' from an 'expert': "Fiat is backed by men with guns, Bitcoin is not, so why this thing should have any value" - Economist, Nobel prize-winning NY Times columnist Paul Krugman-

    Posted: 04 Oct 2021 11:35 AM PDT

    Bitcoin Surpasses Facebook In Market Capitalization

    Posted: 04 Oct 2021 11:51 AM PDT

    There is only 0.0025 of BTC per person

    Posted: 04 Oct 2021 08:15 PM PDT

    Don't forget that the average is 0.0025 of BTC per person, which is just $123 worth of bitcoin.

    So even if you put $5K in it now, it will make you one of the top 1% richest people in the world.

    submitted by /u/ASmarterMan
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    Bitcoin just smesh 50K

    Posted: 05 Oct 2021 02:58 AM PDT

    Bitcoin (BTC) has exceeded Facebook's market value

    Posted: 04 Oct 2021 06:16 PM PDT

    Now think how well a proprietary digital currency run by Facebook can work...

    Posted: 04 Oct 2021 11:57 AM PDT

    Meanwhile, Bitcoin blocks keep flowing.

    submitted by /u/Mark0Sky
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    What do you surmise will happen once BTC hits 100k?

    Posted: 04 Oct 2021 07:25 PM PDT

    What do you surmise will happen once BTC it hits 100k? I'm interested in what everyone believes will happen.. will there be a deep drop immediately or maybe even more fomo that shoots it to the moon?

    submitted by /u/wmurray003
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    Bitcoin Is Stronger After China’s Crypto Ban: Edward Snowden

    Posted: 04 Oct 2021 05:53 AM PDT

    @naiiveclub with the best #bitcoin pump up meme videos. TO THE MOON.

    Posted: 04 Oct 2021 07:55 AM PDT

    My 11 y/o daughter really wanting to see BTC break $50k again. Left a note on the beach to help spread the word today.

    Posted: 04 Oct 2021 09:11 PM PDT

    Bitcoin Has Already Effectively Replaced Gold, According to Billionaire Investor Chamath Palihapitiya

    Posted: 05 Oct 2021 01:16 AM PDT

    Bitcoin changed my life, but in a different way

    Posted: 04 Oct 2021 07:52 AM PDT

    A couple of days ago, someone posted we needed more positivity in the sub, so I figured I'd shared my story. This is going to be kinda long, so I'll include a TL;DR at the end.

    I'm from Argentina, a rather poor country in South America. We've been having over 40% yearly inflation for four or five years now, and although it's not as bad as Venezuela for example, it's still pretty bad.

    No one with a moderate education in Argentina trusts in the government or any other institutions for that matter. We know they are corrupt as hell, that they take our money (Argentina has the highest taxes in the region, and one of the highest in the world) to finance their lifestyle and that there's nothing we can do. What is more, they are completely inept. I mean, every politician steals, but some of them still do their jobs. They still win elections, though, as they give away free money through assistance plans. In a country with over 50% poverty, 70% child poverty, and where most people are uneducated, that wins a ton of votes.

    Over the last year, Argentina has seen their politicians:

    These are only —a few— examples, but you get the idea. Argentina is a joke, and many citizens —myself included— believe it's a failed country. That there's no turning back.

    I discovered bitcoin at the very start of the pandemic, Q1 2020. The government in Argentina doesn't let people buy foreign currency, so we're stuck with the worthless peso. But crypto is free to acquire, so I'd said what the hell. I bought in at $9k. The timing couldn't be better.

    I educated myself, learned about HODL, about the fundamentals. I remember thinking that Satoshi must have lived in Argentina because it solves literally every problem we have. Inflation, corruption, transparency, negligence. Everything.

    I automatically fell in love with the concept of Bitcoin and the crypto industry. I kept buying every time I could (I never traded., Don't know how. I just buy and hold, and never sold even a single sat). I also started writing in blogs and forums. I enjoyed it so much that I decided I wanted to make a living out of it. I wanted to help Bitcoin win. I know first-hand what Bitcoin can do for people, for my fellow Argentines, and I wanted to help make that happen. And I was lucky enough I found a company that trusted in me to do that.

    Now, I have a full-time job writing about Bitcoin and mining. It's hard, I'm not gonna lie. Sometimes I get heavily overwhelmed by imposter syndrome (English is my third language), but I keep trying anyway, and they are great and very patient with me. I post my articles here sometimes, and you're always my main source of traffic (thanks a lot for that!).

    I make 9x what I did working 45 hours a week in Argentina. I get paid in crypto. F*cking hell, I'm even thinking of buying a house, something I couldn't even consider less than 2 years ago.

    I have plans to leave Argentina for Europe next year. I'm currently in Italy getting my citizenship, then I have to turn back to get my stuff, and then I'll return to Italy, gone for good. Bitcoin also helped me do that, as I have access to all my money in just a few clicks.

    So to all of you guys out there, know that you don't need Bitcoin to do 1000x for it to change your life. What I put in Bitcoin is not a fortune, and even if I got in very yearly, I didn't make life-changing money. However, by getting into Bitcoin, I did make a life-changing decision.

    -

    TL;DR

    I was stuck in a dead-end, low-paying job in a failed country. Bought bitcoin and, even if didn't make tons of money off my investment, I took great interest and found a job in the industry. Now I make 9x my former salary and I'm moving to Europe thanks to Bitcoin.

    submitted by /u/SantiagoSchw
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    “Bitcoin will be one of Brazil currencies soon,” says deputy who promotes new law

    Posted: 04 Oct 2021 04:22 PM PDT

    Jorge Masvidal Awards Fighters in Bitcoin at Bare-Knuckle MMA Event

    Posted: 04 Oct 2021 10:44 PM PDT

    Bitcoin goes Bullish as Facebook, Instagram and WhatsApp go down

    Posted: 04 Oct 2021 10:24 PM PDT

    El Salvador celebrates 3 million users of the national BTC wallet

    Posted: 04 Oct 2021 08:04 AM PDT

    Masses of investors buy Bitcoin during China crash - Blockbulletin

    Posted: 05 Oct 2021 02:42 AM PDT

    This is Good for Bitcoin. Miners not selling and even borrowing against the asset.

    Posted: 04 Oct 2021 07:17 PM PDT

    I'm finally in..

    Posted: 04 Oct 2021 10:39 AM PDT

    I've been watching Bitcoin for a while, and I've been wanting to buy 1 BTC at once, but I can't save up enough, and don't want to convert other cryptocurrency over..

    So I'm going to limp in and buy as I can, because I see the potential and power of BTC. Is there a trending day to buy that you recommend? Seems like Mondays on other cryptocurrency.

    Anyhow, I'm joining the ranks. Hi 👍👋

    submitted by /u/Kaabob24
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    If you got mtgoxed you really neeed to vote for the rehabiltation plan. people who don't vote count as NO, and if they don't get enough YES votes matching > 50% of claim value, you don't get paid.

    Posted: 05 Oct 2021 02:31 AM PDT
    Read more
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