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    Bitcoin Mentor Monday, December 27, 2021: Ask all your bitcoin questions!

    December 27, 2021

    Bitcoin Mentor Monday, December 27, 2021: Ask all your bitcoin questions!

    Mentor Monday, December 27, 2021: Ask all your bitcoin questions!

    Posted: 26 Dec 2021 10:15 PM PST

    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, December 27, 2021

    Posted: 26 Dec 2021 09:05 PM PST

    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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    Gifted my sister some BTC for Christmas in 2013. They finally returned the favor ��

    Posted: 26 Dec 2021 05:00 PM PST

    El Salvador Bitcoin beach! a place consider as the Genesis Block of adoption of Bitcoin in El Salvador

    Posted: 26 Dec 2021 04:43 PM PST

    They didn't want to accept Bitcoin but now they have to! Crypto cards are giving Bitcoin purchase power

    Posted: 26 Dec 2021 09:56 PM PST

    Paying my beers with Bitcoin at Bitcoinbeach in the last sunset of the year! El Salvador looking good! If you need more info of places to visit in El Salvador using Bitcoin, look my guide.

    Posted: 26 Dec 2021 04:41 PM PST

    I was this high on mushrooms 5 years ago when I finally understood Bitcoin and decided to make it my savings account, changing my life forever. Thank you Bitcoin

    Posted: 27 Dec 2021 02:15 AM PST

    Just wanted to share that in case it helps anyone else out. If you're having a hard time understanding Bitcoin because your usual thought patterns are keeping you from comprehending it, take some magic 🍄 and think over it then. It might change your life.

    Never thought I'd be where I am today if not for some magic mushrooms to break my thought patterns and allow me to use Bitcoin as my primary savings for the last five years. A gifts out of the rat race that is fiat is the best gift any generation of humans could ever have to be able to afford to buy back their time, so they can spend it with their families and loved ones. Happy holidays!

    submitted by /u/HolyyShib
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    I just don’t understand how people don’t understand Bitcoin.

    Posted: 26 Dec 2021 04:27 PM PST

    Just had a conversation with someone in another sub that said Bitcoin is a horrible idea, it'll never change anything, and it's horrible for the World. He said, "someone buys Bitcoin, sells, and then some sucker buys Bitcoin after a 20% rise, who is buying an "inflated" price." He also said that no one is ever going to give up traditional currency and that the dollar never has devalued.

    I was saying I'd rather have my money in Bitcoin so I'll have something for retirement because the US dollar is going to be worth nothing in 30 years. He replied, "I'll always choose US fiat as my retirement currency over Bitcoin".

    I'm not shitting you guys, this just blows my mind, am I the crazy one here?

    submitted by /u/snippedndipped
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    How to Orange Pill Your Family This Holiday Season brought to you by Pomp Bothers!

    Posted: 26 Dec 2021 09:30 PM PST

    Anybody else waiting on Bitcoin to change their life?

    Posted: 26 Dec 2021 06:45 PM PST

    Got into Bitcoin in 2019, DCAing to this day. By April 2021, I rightfully believed my life had changed. Then the mid April bear market started so had to take a job I might not have if Bitcoin had continued on its bull run. Then October I felt my life starting to change again til it dipped again.

    Especially on rough days at work, I check the price way too much as if it were a crystal ball telling me my future. This effects my mood even more when Bitcoin drops. Stupid I know but I doubt I'm the only one.

    And before "You invested more than you can lose!" I disagree as I have no debt/dependents, have an emergency fund, am def not worried, just impatient.

    I got into Bitcoin for the long haul and am confident I'll look back and laugh at this post in 5 years, but is anyone else in the same "waiting game" predicament? How do you practice patience?

    submitted by /u/OwwNowwBrowwnCoww
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    Bitcoin Inheritance Software

    Posted: 26 Dec 2021 11:27 PM PST

    For me, Bitcoin is essentially feature complete. I can buy and take custody of a scarce property that no one can confiscate or debase.

    The only part that doesn't sit well with me right now is inheritance. I don't want my savings to be lost if I die unexpectedly.

    Does anyone feel like they've found a service or strategy that solves this problem?

    I do not want to give anyone custody of the keys for my holdings. Many strategies that I've seen involve sharing your key in some way or using a 2 of 3 key. This doesn't appeal to me because it makes it possible for someone else to transfer your bitcoin before you die (even if everyone is an honest actor, it could end up in the wrong hands out of incompetence). The ideal solution should not involve sharing any active keys (active meaning keys for an address with non-zero bitcoin balance).

    ​

    If there's no existing service, I'm considering trying to build something myself. I'm thinking of something roughly like this:

    1. Each person you want in your inheritance needs to have their own address that they share with you. How they manage their keys is up to them. (Or you could set them up yourself and share with them)
    2. You create a time locked signed transaction that distributes your btc among the heirs. The transaction is only valid in, say, 3 years. You can share this transaction with a few people in the will, or some people you choose as executors.
    3. Once a year, you send your bitcoin to a new address(es), thereby making the old inheritance transaction useless. Then you repeat step 2 with the new address(es).

    ​

    Some of the cons I can think of:

    1. Very manual, requires lots of work, don't want to have to manually do this every year or two.
    2. Requires inheritors to do work beforehand (benefit of potentially getting them interested in Bitcoin)
    3. Any BTC you save between the issuing of these inheritance transactions will be lost.
    4. Shares with heirs how much BTC they would receive if you die
    5. If an heir dies in an accident with you that share of Bitcoin is lost unless someone else can access their keys.
    6. You need to transfer btc every year and incur the transaction cost of doing that.

    ​

    Some of the pros:

    1. Never trusting anyone else with custody of your Bitcoin
    2. Each person is responsible for their own keys
    3. No 3rd party trust (outside of executors, but executors could be every single heir in which case the only trust is on the heirs to broadcast the transaction if you die, which is in their benefit)

    ​

    Some questions:

    1. Is it possible for a signed transaction to be somehow based on percent of btc at an address, instead of fixed amount? This would be helpful for keeping the inheritance transaction valid even when you save more bitcoin.
    2. Is it possible to invalidate the signed transaction without sending all the btc to a new address?
    3. Is there any good existing software for building these kinds of custom transactions, for experimenting with what's possible?
    4. Does this sound like something worth building?

    ​

    Any feedback is welcome. Thanks!

    submitted by /u/theharrycooper
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    Tokens are coming to Bitcoin's Lightning Network

    Posted: 26 Dec 2021 05:25 PM PST

    Former CFTC Chair Chris Giancarlo: ‘Money is Too Important to Be Left to the Central Bankers’: breaks down Gary Gensler's approach to regulation.

    Posted: 26 Dec 2021 02:12 PM PST
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