BTC Frequently Asked Questions and Information Thread |
- Frequently Asked Questions and Information Thread
- Litecoin Wash Trading By Former Coinbase Employee
- Lightning transactions FAIL?
- Bitcoin is not meant to be used for “payments,” or as a “payment network,” it’s meant to be MONEY. This is an important clarification that needs to be made.
- One of those troll farm shills I called out in my other post screwed up and replied under the wrong account ��
- McDonald’s China Launches Its First-Ever NFT Despite Government’s Anti-Crypto Stance
- r/btc community needs to be vigilant: I see karma farming accounts and Tether apologist who downplay their corruption!
- BCH is 2nd place for crypto transactions, beating Eth, LTC and DOGE. Worth only 1% of Bitcoin but doing over 10% of all crypto. Based on this data BCH should be worth 20x current valuations. BCH is the ultimate growth crypto.
- What are SLP tokens and how can you create your own?
- Millions of Wix Merchants Can Now Accept 12 Different Cryptocurrencies
- Flipstarter comic: Getting to the Bitcoin Cash moon: Use Cases
- Jason Dreyzehner: UTXO model wins, even for complex contracts
- Flipstarter comic: Explain the problem and the solution clearly
- Venezuelan international airport to accept Bitcoin payments: Report
- I observed, every time there is massive troll onslaught it signifies a breaking point event. I wonder what is it now?
- The Chivo wallet has a bug, that leaks Bitcoin. El Salvador custodian wallet is full of bug from the start.
- Bitcoin Cash, then, now, and in the future
- Gaze.cash - Live streaming implemented!
- Do people of this community believe Craig Wright is Satoshi Nakamoto?
- That is just super funny))
- A bitcoin transaction flow visualizer
- "Apparently I was using a legacy Bitcoin Cash address format on the @haveibeenpwned donation page which multiple people suggested I fix. That's now done and if every single one of my followers would like to go and make sure it works, that'd be awesome ��"
- Why are you using Bitcoin Cash?
- Large sell walls and downward pressure on the USDT/USD pairs. Holders of USDT are getting out while they can although they are holding off on market selling for now.
| Frequently Asked Questions and Information Thread Posted: 11 Nov 2020 03:31 AM PST This FAQ and information thread serves to inform both new and existing users about common Bitcoin topics that readers coming to this Bitcoin subreddit may have. This is a living and breathing document, which will change over time. If you have suggestions on how to change it, please comment below or message the mods. What is /r/btc? The /r/btc reddit community was originally created as a community to discuss bitcoin. It quickly gained momentum in August 2015 when the bitcoin block size debate heightened. On the legacy /r/bitcoin subreddit it was discovered that moderators were heavily censoring discussions that were not inline with their own opinions. Once realized, the subreddit subscribers began to openly question the censorship which led to thousands of redditors being banned from the /r/bitcoin subreddit. A large number of redditors switched to other subreddits such as /r/bitcoin_uncensored and /r/btc. For a run-down on the history of censorship, please read A (brief and incomplete) history of censorship in /r/bitcoin by John Blocke and /r/Bitcoin Censorship, Revisted by John Blocke. As yet another example, /r/bitcoin censored 5,683 posts and comments just in the month of September 2017 alone. This shows the sheer magnitude of censorship that is happening, which continues to this day. Read a synopsis of /r/bitcoin to get the full story and a complete understanding of why people are so upset with /r/bitcoin's censorship. Further reading can be found here and here with a giant collection of information regarding these topics. Why is censorship bad for Bitcoin? As demonstrated above, censorship has become prevalent in almost all of the major Bitcoin communication channels. The impacts of censorship in Bitcoin are very real. "Censorship can really hinder a society if it is bad enough. Because media is such a large part of people's lives today and it is the source of basically all information, if the information is not being given in full or truthfully then the society is left uneducated [...] Censorship is probably the number one way to lower people's right to freedom of speech." By censoring certain topics and specific words, people in these Bitcoin communication channels are literally being brain washed into thinking a certain way, molding the reader in a way that they desire; this has a lasting impact especially on users who are new to Bitcoin. Censoring in Bitcoin is the direct opposite of what the spirit of Bitcoin is, and should be condemned anytime it occurs. Also, it's important to think critically and independently, and have an open mind. Why do some groups attempt to discredit /r/btc? This subreddit has become a place to discuss everything Bitcoin-related and even other cryptocurrencies at times when the topics are relevant to the overall ecosystem. Since this subreddit is one of the few places on Reddit where users will not be censored for their opinions and people are allowed to speak freely, truth is often said here without the fear of reprisal from moderators in the form of bans and censorship. Because of this freedom, people and groups who don't want you to hear the truth with do almost anything they can to try to stop you from speaking the truth and try to manipulate readers here. You can see many cited examples of cases where special interest groups have gone out of their way to attack this subreddit and attempt to disrupt and discredit it. See the examples here. What is the goal of /r/btc? This subreddit is a diverse community dedicated to the success of bitcoin. /r/btc honors the spirit and nature of Bitcoin being a place for open and free discussion about Bitcoin without the interference of moderators. Subscribers at anytime can look at and review the public moderator logs. This subreddit does have rules as mandated by reddit that we must follow plus a couple of rules of our own. Make sure to read the /r/btc wiki for more information and resources about this subreddit which includes information such as the benefits of Bitcoin, how to get started with Bitcoin, and more. What is Bitcoin? Bitcoin is a digital currency, also called a virtual currency, which can be transacted for a low-cost nearly instantly from anywhere in the world. Bitcoin also powers the blockchain, which is a public immutable and decentralized global ledger. Unlike traditional currencies such as dollars, bitcoins are issued and managed without the need for any central authority whatsoever. There is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoin, you can be your own bank. Read the Bitcoin whitepaper to further understand the schematics of how Bitcoin works. What is Bitcoin Cash? Bitcoin Cash (ticker symbol: BCH) is an updated version of Bitcoin which solves the scaling problems that have been plaguing Bitcoin Core (ticker symbol: BTC) for years. Bitcoin (BCH) is just a continuation of the Bitcoin project that allows for bigger blocks which will give way to more growth and adoption. You can read more about Bitcoin on BitcoinCash.org or read What is Bitcoin Cash for additional details. How do I buy Bitcoin? You can buy Bitcoin on an exchange or with a brokerage. If you're looking to buy, you can buy Bitcoin with your credit card to get started quickly and safely. There are several others places to buy Bitcoin too; please check the sidebar under brokers, exchanges, and trading for other go-to service providers to begin buying and trading Bitcoin. Make sure to do your homework first before choosing an exchange to ensure you are choosing the right one for you. How do I store my Bitcoin securely? After the initial step of buying your first Bitcoin, you will need a Bitcoin wallet to secure your Bitcoin. Knowing which Bitcoin wallet to choose is the second most important step in becoming a Bitcoin user. Since you are investing funds into Bitcoin, choosing the right Bitcoin wallet for you is a critical step that shouldn't be taken lightly. Use this guide to help you choose the right wallet for you. Check the sidebar under Bitcoin wallets to get started and find a wallet that you can store your Bitcoin in. Why is my transaction taking so long to process? Bitcoin transactions typically confirm in ~10 minutes. A confirmation means that the Bitcoin transaction has been verified by the network through the process known as mining. Once a transaction is confirmed, it cannot be reversed or double spent. Transactions are included in blocks. If you have sent out a Bitcoin transaction and it's delayed, chances are the transaction fee you used wasn't enough to out-compete others causing it to be backlogged. The transaction won't confirm until it clears the backlog. This typically occurs when using the Bitcoin Core (BTC) blockchain due to poor central planning. If you are using Bitcoin (BCH), you shouldn't encounter these problems as the block limits have been raised to accommodate a massive amount of volume freeing up space and lowering transaction costs. Why does my transaction cost so much, I thought Bitcoin was supposed to be cheap? As described above, transaction fees have spiked on the Bitcoin Core (BTC) blockchain mainly due to a limit on transaction space. This has created what is called a fee market, which has primarily been a premature artificially induced price increase on transaction fees due to the limited amount of block space available (supply vs. demand). The original plan was for fees to help secure the network when the block reward decreased and eventually stopped, but the plan was not to reach that point until some time in the future, around the year 2140. This original plan was restored with Bitcoin (BCH) where fees are typically less than a single penny per transaction. What is the block size limit? The original Bitcoin client didn't have a block size cap, however was limited to 32MB due to the Bitcoin protocol message size constraint. However, in July 2010 Bitcoin's creator Satoshi Nakamoto introduced a temporary 1MB limit as an anti-DDoS measure. The temporary measure from Satoshi Nakamoto was made clear three months later when Satoshi said the block size limit can be increased again by phasing it in when it's needed (when the demand arises). When introducing Bitcoin on the cryptography mailing list in 2008, Satoshi said that scaling to Visa levels "would probably not seem like a big deal." What is the block size debate all about anyways? The block size debate boils down to different sets of users who are trying to come to consensus on the best way to scale Bitcoin for growth and success. Scaling Bitcoin has actually been a topic of discussion since Bitcoin was first released in 2008; for example you can read how Satoshi Nakamoto was asked about scaling here and how he thought at the time it would be addressed. Fortunately Bitcoin has seen tremendous growth and by the year 2013, scaling Bitcoin had became a hot topic. For a run down on the history of scaling and how we got to where we are today, see the Block size limit debate history lesson post. What is a hard fork? A hard fork is when a block is broadcast under a new and different set of protocol rules which is accepted by nodes that have upgraded to support the new protocol. In this case, Bitcoin diverges from a single blockchain to two separate blockchains (a majority chain and a minority chain). What is a soft fork? A soft fork is when a block is broadcast under a new and different set of protocol rules, but the difference is that nodes don't realize the rules have changed, and continue to accept blocks created by the newer nodes. Some argue that soft forks are bad because they trick old-unupdated nodes into believing transactions are valid, when they may not actually be valid. This can also be defined as coercion, as explained by Vitalik Buterin. Doesn't it hurt decentralization if we increase the block size? Some argue that by lifting the limit on transaction space, that the cost of validating transactions on individual nodes will increase to the point where people will not be able to run nodes individually, giving way to centralization. This is a false dilemma because at this time there is no proven metric to quantify decentralization; although it has been shown that the current level of decentralization will remain with or without a block size increase. It's a logical fallacy to believe that decentralization only exists when you have people all over the world running full nodes. The reality is that only people with the income to sustain running a full node (even at 1MB) will be doing it. So whether it's 1MB, 2MB, or 32MB, the costs of doing business is negligible for the people who can already do it. If the block size limit is removed, this will also allow for more users worldwide to use and transact introducing the likelihood of having more individual node operators. Decentralization is not a metric, it's a tool or direction. This is a good video describing the direction of how decentralization should look. Additionally, the effects of increasing the block capacity beyond 1MB has been studied with results showing that up to 4MB is safe and will not hurt decentralization (Cornell paper, PDF). Other papers also show that no block size limit is safe (Peter Rizun, PDF). Lastly, through an informal survey among all top Bitcoin miners, many agreed that a block size increase between 2-4MB is acceptable. What now? Bitcoin is a fluid ever changing system. If you want to keep up with Bitcoin, we suggest that you subscribe to /r/btc and stay in the loop here, as well as other places to get a healthy dose of perspective from different sources. Also, check the sidebar for additional resources. Have more questions? Submit a post and ask your peers for help! Note: This FAQ was originally posted here but was removed when one of our moderators was falsely suspended by those wishing to do this sub-reddit harm. [link] [comments]  | ||
| Litecoin Wash Trading By Former Coinbase Employee Posted: 12 Oct 2021 02:23 PM PDT
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| Posted: 12 Oct 2021 10:37 AM PDT
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| Posted: 12 Oct 2021 04:17 PM PDT Seeing Bitcoin described this way has been a pet peeve of mine for some time because using language like "Bitcoin should be used for payments." or "Bitcoin is a payment network." helps to frame Bitcoin incorrectly as a financial tool rather than as money. It plays into the "digital gold" narrative by reinforcing and normalizing the idea that Bitcoin is just a supplementary tool for the existing system meant for specific niches rather than a new global currency meant to entirely replace fiat. No one describes the dollar as a "payment network" or ponders whether it should be used for payments because that's an inherent property of money. The same should be true when we speak of Bitcoin. By using the language mentioned above, it feels as if we've already conceded some ground in how the debate is framed. The debate should not be "Digital Gold vs Payments," it should be "Bitcoin is money vs Bitcoin is not money" because if their argument is that Bitcoin shouldn't be used for payments, then what they're really arguing is that Bitcoin isn't money. It's a subtle distinction but it's one that I think needs to be made whenever we speak about Bitcoin because, if not, it can aid in spreading a fundamental misunderstanding of what Bitcoin is. Bitcoin is meant to be money, period. Not a store of value. Not a payment network. Money. TL:DR - (in my opinion) We shouldn't say "Bitcoin is a payment network used for payments." Instead, we should say "Bitcoin is money and should be used thusly." Edit: the point I'm trying to make here is unnecessarily making distinctions between Bitcoin's various money-like properties tends to validate the narrative that it's meant to fulfill only one or the other (digital gold vs payments). It's meant to fulfill both simultaneously and that is implied and understood better when referred to and described as money/currency, rather than a "payment network." Plus, using those unnecessary distinctions just needlessly complicates things for the layman. If you explain to Joe Schmoe that Bitcoin is a currency just like the Dollar or Euro, then that's much easier for him to digest than "it's a digital store of value with a built in payment network." He will then also better understand why an unusable, small block version of Bitcoin makes no sense because he can grasp that it's no longer usable as money. [link] [comments]  | ||
| Posted: 12 Oct 2021 09:41 AM PDT
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| McDonald’s China Launches Its First-Ever NFT Despite Government’s Anti-Crypto Stance Posted: 12 Oct 2021 07:47 PM PDT
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| Posted: 13 Oct 2021 02:05 AM PDT
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| Posted: 12 Oct 2021 07:32 AM PDT
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| What are SLP tokens and how can you create your own? Posted: 12 Oct 2021 09:16 PM PDT
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| Millions of Wix Merchants Can Now Accept 12 Different Cryptocurrencies Posted: 12 Oct 2021 01:35 PM PDT
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| Flipstarter comic: Getting to the Bitcoin Cash moon: Use Cases Posted: 13 Oct 2021 01:17 AM PDT
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| Jason Dreyzehner: UTXO model wins, even for complex contracts Posted: 12 Oct 2021 08:28 AM PDT
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| Flipstarter comic: Explain the problem and the solution clearly Posted: 12 Oct 2021 12:34 PM PDT
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| Venezuelan international airport to accept Bitcoin payments: Report Posted: 13 Oct 2021 01:17 AM PDT
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| Posted: 12 Oct 2021 07:19 AM PDT I have been observing this sub for 6 years now and I noticed that it takes some significant event to trigger a troll wave. The paid trolls simply "ride" the event in order to maximize the efficiency of their attacks against Peer To Peer Cash (Bitcoin Cash). Such events were for example the BTC/BCH fork, BSV/BCH fork, BCH/ABC fork. So I wonder what is it now.
It surely is something. EDIT: Thanks to /u/LovelyDayHere one extra explanation was offered: https://bitinfocharts.com/comparison/transactions-btc-ltc-doge-bch.html#3m There is a significant uptick in BCH transactions. Once BCH goes higher than BTC in real world usage, really interesting things could happen... [link] [comments]  | ||
| Posted: 12 Oct 2021 02:56 PM PDT I tried to replicate the bug today but it seems administrators already remove the option to withdraw Bitcoin via LN. I apologize for the audio quality in the video and the fact that what I am saying I did it in Spanish. My intention was to make it public so that technicians notice the issue much early and fix it, and if the issue is fixed by the time I publish this article the better. And the bug doesn't even involve back-engineering the application, it is just an interface bug. Just watch the video the tweets don't contain any other information. [link] [comments]  | ||
| Bitcoin Cash, then, now, and in the future Posted: 12 Oct 2021 09:42 AM PDT
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| Gaze.cash - Live streaming implemented! Posted: 12 Oct 2021 06:27 AM PDT Gaze.cash is a bch powered video monetization platform. I have just rolled out a patch adding live stream support to gaze.cash, Live streams are monetized the same way as normal videos, Live streams contains a real time chat window and any tips received by the stream will be displayed there as well. The live stream feature set is still fairly basic and you can currently only stream directly from a camera and microphone. In the near future I will be adding support for streaming the contents of one application or your entire screen as well as mixing inputs together (eg streaming your desktop with a little box containing your camera input). It should work well on chrome, opera and brave but not yet on Firefox unfortunately. Streaming works well from mobile devices but android phones older than android 10 might have issues with sound (the video will still work). [link] [comments]  | ||
| Do people of this community believe Craig Wright is Satoshi Nakamoto? Posted: 13 Oct 2021 01:52 AM PDT | ||
| Posted: 13 Oct 2021 01:41 AM PDT
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| A bitcoin transaction flow visualizer Posted: 12 Oct 2021 04:34 PM PDT
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| Posted: 12 Oct 2021 04:48 AM PDT
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| Why are you using Bitcoin Cash? Posted: 12 Oct 2021 03:57 AM PDT Here's why I am using, holding, supporting, and building on #BitcoinCash (BCH)... + more.
MORE ON THE BTC vs BCH THINGY BCH has obviously outclassed BTC, with all its use cases and technology. The "fight" (competition) is not with BTC. In fact, the real BCH "competitors" are other crypto CURRENCIES like Dash and smart contract platform coins like ETH, BNB, SOL, etc. Furthermore, "we do not NEED to preach the BCH is Bitcoin gospel before BCH gains mass adoption and be all it can be". I think the BTC maxis sowed and fueled this spirit of discord to keep the BCH community distracted and not focusing on the real things (conspiracy theory, I know) or this is just our own, albeit wrong way, of trying to validate ourself. It's neither necessary nor productive. Now, over to you. Let's play a healthy game. Tell me why you're using BCH (without mentioning BTC). [link] [comments]  | ||
| Posted: 12 Oct 2021 08:56 AM PDT
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