weusecoins.com - What is Bitcoin? Introductory video and ...
WeUseCoins Bitcoin Buying Guide Helps People Understand ...
What is Bitcoin? Introductory video and current Bitcoin price.
WeUseCoins Bitcoin Buying Guide Helps People Understand ...
Bitcoin - The Currency of the Internet
A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
Sometime in the past year Butterfly Labs purchased "WeUseCoins.com", the semi-official Bitcoin new users guide
I just noticed that sometime in the past year Butterfly Labs purchased WeUseCoins.com WeUseCoins is one of the oldest Bitcoin websites (about a month before Buttcoin started, early 2011) and is known as the official "beginners guide" for new bitcoin users. It's on the Bitcoin wiki, the subreddit, and posted any time someone wants to know about Bitcoin. They also made the very popular "What is bitcoin?" video that has over 600k views. The site now says "BF Labs" on the bottom, but purchasing the site was mainly to inject product links to BFL products. Take the link on this page to "mining contracts". Here's the page as it was cached in October 2013: https://web.archive.org/web/20131010210100/http://www.weusecoins.com/en/mining-guide Link goes to the official Bitcoin wiki Now look where it goes to: https://www.weusecoins.com/en/mining-guide Butterfly Labs. Their links are peppered everywhere else on the site to. Any link that went to the Bitcoin wiki that mentions Mining Hardware or Mining Contracts now goes to the BFL website. WeUseCoins is a PR6 website in Google which is very authoratative. Has over 450k backlinks as well. A link from WeUseCoins is very valuable and just another one of many sites that BFL purchased to control their image online.
Post a comment below and I'll give you some free bits. This offer never expires.
One post per person per thread please - check /FreeBits for other giveaway threads!
Feel free to share this post with your friends and crosspost it to other subreddits that might be interested :) Brand new to bitcoin? watch this short video: www.weusecoins.com Subscribe to: /Bitcoin More info and videos: Newbie friendly FAQ Want some more bits? visit www.trybtc.com - it's a short tutorial and at the end they will set you up with some bits in a coinbase wallet. Where can I buy bitcoin? www.coinbase.com www.circle.com Why are you giving away free bits? I love bitcoin and I want to share some with you :) What are bits? Bitcoins can be divided into little tiny pieces - even smaller than bits. There are 1,000,000 bits in a bitcoin. 100 bits is currently worth about 4 cents (in USD) Most people will receive more than 100 bits :) Have more questions? The friendly folks at /BitcoinBeginners will help you out
The Great Bitcoin Bull Market Of 2017 by Trace Mayer
By: Trace Mayer, host of The Bitcoin Knowledge Podcast. Originally posted here with images and Youtube videos. I just got back from a two week vacation without Internet as I was scouring some archeological ruins. I hardly thought about Bitcoin at all because there were so many other interesting things and it would be there when I got back. Jimmy Song suggested I do an article on the current state of Bitcoin. A great suggestion but he is really smart (he worked on Armory after all!) so I better be thorough and accurate! Therefore, this article will be pretty lengthy and meticulous. BACKGROUND As I completely expected, the 2X movement from the New York Agreement that was supposed to happen during the middle of my vacation flopped on its face because Jeff Garzik was driving the clown car with passengers willfully inside like Coinbase, Blockchain.info, Bitgo and Xapo and there were here massive bugS and in the code and miners like Bitmain did not want to allocate $150-350m to get it over the difficulty adjustments. I am very disappointed in their lack of integrity with putting their money where their mouths are; myself and many others wanted to sell a lot of B2X for BTC! On 7 December 2015, with Bitcoin trading at US$388.40, I wrote The Rise of the Fourth Great Bitcoin Bubble. On 4 December 2016, with Bitcoin trading at US$762.97, I did this interview:
As of 26 November 2017, Bitcoin is trading around US$9,250.00. That is an increase of about 2,400% since I wrote the article prognosticating this fourth great Bitcoin bull market. I sure like being right, like usual (19 Dec 2011, 1 Jul 2013), especially when there are financial and economic consequences. With such massive gains in such a short period of time the speculative question becomes: Buy, Hold or Sell? FUNDAMENTALS Bitcoin is the decentralized censorship-resistant Internet Protocol for transferring value over a communications channel. The Bitcoin network can use traditional Internet infrastructure. However, it is even more resilient because it has custom infrastructure including, thanks to Bitcoin Core developer Matt Corrallo, the FIBRE network and, thanks to Blockstream, satellites which reduce the cost of running a full-node anywhere in the world to essentially nothing in terms of money or privacy. Transactions can be cheaply broadcast via SMS messages. SECURITY The Bitcoin network has a difficulty of 1,347,001,430,559 which suggests about 9,642,211 TH/s of custom ASIC hardware deployed. At a retail price of approximately US$105/THs that implies about $650m of custom ASIC hardware deployed (35% discount applied). This custom hardware consumes approximately 30 TWh per year. That could power about 2.8m US households or the entire country of Morocco which has a population of 33.85m. This Bitcoin mining generates approximately 12.5 bitcoins every 10 minutes or approximately 1,800 per day worth approximately US$16,650,000. Bitcoin currently has a market capitalization greater than $150B which puts it solidly in the top-30 of M1 money stock countries and a 200 day moving average of about $65B which is increasing about $500m per day. Average daily volumes for Bitcoin is around US$5B. That means multi-million dollar positions can be moved into and out of very easily with minimal slippage. When my friend Andreas Antonopolous was unable to give his talk at a CRYPSA event I was invited to fill in and delivered this presentation, impromptu, on the Seven Network Effects of Bitcoin. These seven network effects of Bitcoin are (1) Speculation, (2) Merchants, (3) Consumers, (4) Security [miners], (5) Developers, (6) Financialization and (7) Settlement Currency are all taking root at the same time and in an incredibly intertwined way. With only the first network effect starting to take significant root; Bitcoin is no longer a little experiment of magic Internet money anymore. Bitcoin is monster growing at a tremendous rate!!
SPECULATION For the Bitcoin price to remain at $9,250 it requires approximately US$16,650,000 per day of capital inflow from new hodlers. Bitcoin is both a Giffen good and a Veblen good. A Giffen good is a product that people consume more of as the price rises and vice versa — seemingly in violation of basic laws of demand in microeconomics such as with substitute goods and the income effect. Veblen goods are types of luxury goods for which the quantity demanded increases as the price increases in an apparent contradiction of the law of demand. There are approximately 16.5m bitcoins of which ~4m are lost, ~4-6m are in deep cold storage, ~4m are in cold storage and ~2-4m are salable. (http://www.runtogold.com/images/lost-bitcoins-1.jpg) (http://www.runtogold.com/images/lost-bitcoins-2.jpg) And forks like BCash (BCH) should not be scary but instead be looked upon as an opportunity to take more territory on the Bitcoin blockchain by trading the forks for real bitcoins which dries up more salable supply by moving it, likely, into deep cold storage. According to Wikipedia, there are approximately 15.4m millionaires in the United States and about 12m HNWIs ($30m+ net worth) in the world. In other words, if every HNWI in the world wanted to own an entire bitcoin as a 'risk-free asset' that cannot be confiscated, seized or have the balance other wise altered then they could not. For wise portfolio management, these HNWIs should have at least about 2-5% in gold and 0.5-1% in bitcoin. Why? Perhaps some of the 60+ Saudis with 1,700 frozen bank accounts and about $800B of assets being targetted might be able to explain it to you. In other words, everyone loves to chase the rabbit and once they catch it then know that it will not get away. RETAIL There are approximately 150+ significant Bitcoin exchanges worldwide. Kraken, according to the CEO, was adding about 6,000 new funded accounts per day in July 2017. Supposedly, Coinbase is currently adding about 75,000 new accounts per day. Based on some trade secret analytics I have access to; I would estimate Coinbase is adding approximately 17,500 new accounts per day that purchase at least US$100 of Bitcoin. If we assume Coinbase accounts for 8% of new global Bitcoin users who purchase at least $100 of bitcoins (just pulled out of thin error and likely very conservative as the actual number is perhaps around 2%) then that is approximately $21,875,000 of new capital coming into Bitcoin every single day just from retail demand from 218,750 total new accounts. What I have found is that most new users start off buying US$100-500 and then after 3-4 months months they ramp up their capital allocation to $5,000+ if they have the funds available. After all, it takes some time and practical experience to learn how to safely secure one's private keys. To do so, I highly recommendBitcoin Core (network consensus and full validation of the blockchain), Armory (private key management), Glacier Protocol (operational procedures) and a Puri.sm laptop (secure non-specialized hardware). WALL STREET There has been no solution for large financial fiduciaries to invest in Bitcoin. This changed November 2017. LedgerX, whose CEO I interviewed 23 March 2013, began trading as a CFTC regulated Swap Execution Facility and Derivatives Clearing Organization. The CME Group announced they will begin trading in Q4 2017 Bitcoin futures. The CBOE announced they will begin trading Bitcoin futures soon. By analogy, these institutional products are like connecting a major metropolis's water system (US$90.4T and US$2 quadrillion) via a nanoscopic shunt to a tiny blueberry ($150B) that is infinitely expandable. This price discovery could be the most wild thing anyone has ever experienced in financial markets. THE GREAT CREDIT CONTRACTION The same week Bitcoin was released I published my book The Great Credit Contraction and asserted it had now begun and capital would burrow down the liquidity pyramid into safer and more liquid assets. (http://www.runtogold.com/images/Great-Credit-Contraction-Liquidity-Pyramid.jpg) Thus, the critical question becomes: Is Bitcoin a possible solution to the Great Credit Contraction by becoming the safest and most liquid asset? BITCOIN'S RISK PROFILE At all times and in all circumstances gold remains money but, of course, there is always exchange rate risk due to price ratios constantly fluctuating. If the metal is held with a third-party in allocated-allocated storage (safest possible) then there is performance risk (Morgan Stanley gold storage lawsuit). But, if properly held then, there should be no counter-party risk which requires the financial ability of a third-party to perform like with a bank account deposit. And, since gold exists at a single point in space and time therefore it is subject to confiscation or seizure risk. Bitcoin is a completely new asset type. As such, the storage container is nearly empty with only $150B. And every Bitcoin transaction effectively melts down every BTC and recasts it; thus ensuring with 100% accuracy the quantity and quality of the bitcoins. If the transaction is not on the blockchain then it did not happen. This is the strictest regulation possible; by math and cryptography! This new immutable asset, if properly secured, is subject only to exchange rate risk. There does exist the possibility that a software bug may exist that could shut down the network, like what has happened with Ethereum, but the probability is almost nil and getting lower everyday it does not happen. Thus, Bitcoin arguably has a lower risk profile than even gold and is the only blockchain to achieve security, scalability and liquidity. To remain decentralized, censorship-resistant and immutable requires scalability so as many users as possible can run full-nodes. (http://www.runtogold.com/images/ethereum-bitcoin-scability-nov-2017.png) TRANSACTIONS Some people, probably mostly those shilling alt-coins, think Bitcoin has a scalability problem that is so serious it requires a crude hard fork to solve. On the other side of the debate, the Internet protocol and blockchain geniuses assert the scalability issues can, like other Internet Protocols have done, be solved in different layers which are now possible because of Segregated Witness which was activated in August 2017. Whose code do you want to run: the JV benchwarmers or the championship Chicago Bulls? As transaction fees rise, certain use cases of the Bitcoin blockchain are priced out of the market. And as the fees fall then they are economical again. Additionally, as transaction fees rise, certain UTXOs are no longer economically usable thus destroying part of the money supply until fees decline and UTXOs become economical to move. There are approximately 275,000-350,000 transactions per day with transaction fees currently about $2m/day and the 200 DMA is around $1.08m/day. (http://www.runtogold.com/images/bitcoin-transaction-fees-nov-2017.png) What I like about transaction fees is that they somewhat reveal the financial health of the network. The security of the Bitcoin network results from the miners creating solutions to proof of work problems in the Bitcoin protocol and being rewarded from the (1) coinbase reward which is a form of inflation and (2) transaction fees which is a form of usage fee. The higher the transaction fees then the greater implied value the Bitcoin network provides because users are willing to pay more for it. I am highly skeptical of blockchains which have very low transaction fees. By Internet bubble analogy, Pets.com may have millions of page views but I am more interested in EBITDA. DEVELOPERS Bitcoin and blockchain programming is not an easy skill to acquire and master. Most developers who have the skill are also financially independent now and can work on whatever they want. The best of the best work through the Bitcoin Core process. After all, if you are a world class mountain climber then you do not hang out in the MacDonalds play pen but instead climb Mount Everest because that is where the challenge is. However, there are many talented developers who work in other areas besides the protocol. Wallet maintainers, exchange operators, payment processors, etc. all need competent developers to help build their businesses. Consequently, there is a huge shortage of competent developers. This is probably the largest single scalability constraint for the ecosystem. Nevertheless, the Bitcoin ecosystem is healthier than ever before. (http://www.runtogold.com/images/bitcoin-ecosystem.jpg)(/images/bitcoin-ecosystem-small.jpg) SETTLEMENT CURRENCY There are no significant global reserve settlement currency use cases for Bitcoin yet. Perhaps the closest is Blockstream's Strong Federations via Liquid. PRICE There is a tremendous amount of disagreement in the marketplace about the value proposition of Bitcoin. Price discovery for this asset will be intense and likely take many cycles of which this is the fourth. Since the supply is known the exchange rate of Bitcoins is composed of (1) transactional demand and (2) speculative demand. Interestingly, the price elasticity of demand for the transactional demand component is irrelevant to the price. This makes for very interesting dynamics! (http://www.runtogold.com/images/bitcoin-speculation.jpg) On 4 May 2017, Lightspeed Venture Partners partner Jeremy Liew who was among the early Facebook investors and the first Snapchat investor laid out their case for bitcoin exploding to $500,000 by 2030. On 2 November 2017, Goldman Sachs CEO Lloyd Blankfein (https://www.bloomberg.com/news/articles/2017-11-02/blankfein-says-don-t-dismiss-bitcoin-while-still-pondering-value)said, "Now we have paper that is just backed by fiat...Maybe in the new world, something gets backed by consensus." On 12 Sep 2017, JP Morgan CEO called Bitcoin a 'fraud' but conceded that "(http://fortune.com/2017/09/12/jamie-dimon-bitcoin-cryptocurrency-fraud-buy/)Bitcoin could reach $100,000". Thus, it is no surprise that the Bitcoin chart looks like a ferret on meth when there are such widely varying opinions on its value proposition. I have been around this space for a long time. In my opinion, those who scoffed at the thought of $1 BTC, $10 BTC (Professor Bitcorn!), $100 BTC, $1,000 BTC are scoffing at $10,000 BTC and will scoff at $100,000 BTC, $1,000,000 BTC and even $10,000,000 BTC. Interestingly, the people who understand it the best seem to think its financial dominance is destiny. Meanwhile, those who understand it the least make emotionally charged, intellectually incoherent bearish arguments. A tremendous example of worldwide cognitive dissonance with regards to sound money, technology and the role or power of the State. Consequently, I like looking at the 200 day moving average to filter out the daily noise and see the long-term trend. (http://www.runtogold.com/images/bitcoin-price-200dma-nov-2017.png) Well, that chart of the long-term trend is pretty obvious and hard to dispute. Bitcoin is in a massive secular bull market. The 200 day moving average is around $4,001 and rising about $30 per day. So, what do some proforma situations look like where Bitcoin may be undervalued, average valued and overvalued? No, these are not prognostications. (http://www.runtogold.com/images/bitcoin-price-pro-forma.png) Maybe Jamie Dimon is not so off his rocker after all with a $100,000 price prediction. We are in a very unique period of human history where the collective globe is rethinking what money is and Bitcoin is in the ring battling for complete domination. Is or will it be fit for purpose? As I have said many times before, if Bitcoin is fit for this purpose then this is the largest wealth transfer in the history of the world. CONCLUSION Well, this has been a brief analysis of where I think Bitcoin is at the end of November 2017. The seven network effects are taking root extremely fast and exponentially reinforcing each other. The technological dominance of Bitcoin is unrivaled. The world is rethinking what money is. Even CEOs of the largest banks and partners of the largest VC funds are honing in on Bitcoin's beacon. While no one has a crystal ball; when I look in mine I see Bitcoin's future being very bright. Currently, almost everyone who has bought Bitcoin and hodled is sitting on unrealized gains as measured in fiat currency. That is, after all, what uncharted territory with daily all-time highs do! But perhaps there is a larger lesson to be learned here. Riches are getting increasingly slippery because no one has a reliable defined tool to measure them with. Times like these require incredible amounts of humility and intelligence guided by macro instincts. Perhaps everyone should start keeping books in three numéraires: USD, gold and Bitcoin. Both gold and Bitcoin have never been worth nothing. But USD is a fiat currency and there are thousands of those in the fiat currency graveyard. How low can the world reserve currency go? After all, what is the risk-free asset? And, whatever it is, in The Great Credit Contraction you want it! What do you think? Disagree with some of my arguments or assertions? Please, eviscerate them on Twitter or in the comments!
/r/Bitcoin is currently trending. If you're just visiting for the day, feel free to say hello and ask all your Bitcoin questions here!
We've got a lot of people around who enjoy sharing their Bitcoin knowledge, so don't be shy. If you want to learn more and feel like sticking around for a while, remember to subscribe. Here's an introductory and an FAQ link to pique your curiosity. Also, check out weusecoins.com if you're absolutely brand new to Bitcoin. Have fun!
Lightning Network Today I am going to talk about the “Lightning Network” which is a proposed solution to the issue of scaling Bitcoin faces. Lightning Network (I will use the acronym “LN” to refer to the Lightning network from this point forth) LN has its fair share of criticism in the crypto space. Some claim its brilliant, while others claim it is the antithesis of what Bitcoin was supposed to be. I am going to try my best to touch on the reasoning both crowds use to come to these conclusions. First things first, lets discuss how the whole thing got started. The LN was first proposed in 2015 by Thaddeus Dryja and Joseph Poon in a white paper they wrote (White paper for LN can be viewed at the following linkhttps://www.weusecoins.com/assets/pdf/library/Lightning%20Network%20Whitepaper.pdf ) They decided that Bitcoin has a scalability issue and were looking for the best way to solve that issue without ultimately sacrificing the fundamentals that make BTC such a great currency. They decided that building a 2nd layer on top of Bitcoin was the best solution (rather than another useless hard fork to add to the 103 or so other Bitcoin forks out there) Many claim that coins like Bitcoin SV and Bitcoin Cash are the solution to scaling issues, but they are forks and centralized when compared to Bitcoin which sacrifices decentralization for scalability. Lightning is different than a fork as it is basically a payment channel that connects 2 or more parties directly. This makes payments almost instant, which is something people using Bitcoin core have desired since its creation. How does it work? Lets discuss that! How does the Lightning Network work? Okay so you have been hearing your friend Phil go on and on about how great the LN is, but why is he so excited? Lets figure it out! The LN is a payment channel that is set up between 2 or more parties. They start by creating the payment channel which is a multisig wallet (a multisig wallet is a BTC wallet that cannot be accessed by just one party as it takes “multiple signatures” to access the funds. Now that Phil and I have set up the payment channel we can now transact with each other as much as we like with no transaction fees (until we close the channel). The payment channel gets updated every time a payment is made. So if Phil and I have 2 Bitcoin on the channel, lets say I have 1 BTC and Phil has 1 Bitcoin in the multisig wallet me and him created for the Lightning channel. I could send Phil ½ of a BTC and the ledger would show that Phil now has 1.5 Bitcoin while I only hold .5 Bitcoin. This transaction occurred off the Bitcoin blockchain so it avoided the hefty transaction fees that accompany Bitcoin core transactions at times. The channel can be left open and the ledger will update every time me and Phil transact with each other (until we decide to close the channel) This layer makes micro transactions more feasible as people are not paying a 3 $ transaction fee for a 1$ transaction. People that would like to use the LN can get a node (Casanode, Raspberry Pi 3 etc.) which will also act as a BTC core node along with a lightning node. This is a popular way to be a part of Lightning payments. It is not the only way though. There are wallets that can be used to access the LN without having to own a casanode or raspberry pi. You can still use the LN without owning a casanode by downloading an app like “Blue Wallet” which will allow you to access LN without necessarily owning a node. Apps like this make LN more available to the general public that may not quite grasp the reason people own casanodes. Either way removing barriers that could potentially hinder people from using LN is a big part of wide spread adoption. Lightning is still in its infancy really so more and more apps should pop up similar to Blue Wallet in the near future. (This is not an endorsement of Blue Wallet, I simply used it as an example) If you would like to order a casanode it can easily be found with a simple google search. I personally know a few people that paid for the node and most of them did it just to help the LN network grow and to actually be able to use it! They typically run for around $300 USD. (I see the price going down in the future as LN becomes more used and the casanodes become more in demand) Now just because you aren’t connected to someone directly through a payment channel you can still send payments to someone in many cases. So, Lets say Phil and I want to transact with each other but we don’t have a channel connecting us. We could utilize a 3rd party to connect the payment channels. For example, I am trying to send Phil 1 BTC, but we don’t have a channel set up, but we want to transact with each other. The node will find the fastest path it can to Phil so I do not necessarily need to create a channel with him. We could use anyone to bridge the gap and transact with each other in this way. This is referred to as a “Hop”. Some people may worry that the link between me and Phil may act maliciously and attempt to take the payment, but that’s the beauty of LN. It can’t be taken in this way. So I send Phil .1 BTC. A 3rd party would first receive the .1 BTC and would send it to Phil automatically. The 3rd party cannot stop the transaction in the middle if he were to try and steal the funds. LN doesn’t allow that. LN offers almost instant payments with Bitcoin (and soon many altcoins will also utilize LN) with minimal fees. Some think the LN is absolutely a terrible idea. They believe transaction fees will be severely diminished in the wake of LN due to the fact payments made on LN do not post to the BTC chain until the channel has been closed charging a one-time fee for multiple transactions. I would say that with LN we will see a surge of new adoption that will increase the use of BTC and in the long run should increase the amount of transaction fees collected by miners for the work the perform. People like to claim LN is centralized and the antithesis of what Satoshi was thinking when he created BTC. I have to say I disagree. LN is a layer on top of BTC. It doesn’t effect the fundamentals of BTC core and that is important to me and many others. Bitcoin is a work of art because of decentralization. LN doesn’t hinder this. It is simply an option for people that want BTC payments faster to have a means to do so. In the future people will most likely do plenty of transactions on LN (I think most dealings will be done via LN) But the big transfers will still likely be done on BTC core itself. Bitcoin is a work in progress and LN is a step towards adoption. Right now, LN is very new and still untested in many ways. It is an experiment in my eyes that is likely to succeed. Even if LN went belly up tomorrow BTC will still be here. I have a lot of faith in LN and I think it will be a huge part of mass adoption in the future. Nobody can see the future… But we can speculate! I enjoyed writing this and I hope you learned something. I sure did. Written by: Tim Pace 2/13/2019
Giving away small amounts of bits for testing purposes
THIS IS NOW OVER. Subscribe to /btc for more of these as we expand! I'm also giving away random bigger amounts (donuts, coffees, beers) for contributors (post news, participate in discussions, start a debate, etc). I'm giving away 100 bits per person who posts here. If you do not want it, please do not post a top-level comment. This is for people who are new to Bitcoin and would like to play around with a little bit of money without risking their own in it. 100 bits is only $0.03 USD approximately. It's an amount to test with only, and will not be able to buy you anything. If you'd like more, you can purchase on an exchange, or stick around this sub (/btc) or /freebits and we often hand out larger amounts for quality content. This /btc sub is a new subreddit that facilitates discussion, questions, news, and all kinds of other posts about bitcoin, without the usual circle jerk. We encourage skeptics, and love debate - because that's how things improve, by discussing things from all sides. I hope people can subscribe and we can turn this new subreddit into something great. Resources for new users: www.weusecoins.com (information) www.coinbase.com (wallet & exchange) www.circle.com (wallet & exchange) www.blockchain.info (wallet & blockchain)
Post a comment below and I'll give you some free bits. This offer never expires.
One post per person per thread please - check /FreeBits for other giveaway threads!
Feel free to share this post with your friends and crosspost it to other subreddits that might be interested :) Brand new to bitcoin? watch this short video: www.weusecoins.com Subscribe to: /Bitcoin More info and videos: Newbie friendly FAQ Want some more bits? visit www.trybtc.com - it's a short tutorial and at the end they will set you up with some bits in a coinbase wallet. Where can I buy bitcoin? www.coinbase.com www.circle.com Why are you giving away free bits? I love bitcoin and I want to share some with you :) What are bits? Bitcoins can be divided into little tiny pieces - even smaller than bits. There are 1,000,000 bits in a bitcoin. 100 bits is currently worth about 3 cents (in USD) Most people will receive more than 100 bits :) Have more questions? The friendly folks at /BitcoinBeginners will help you out
Post a comment below and I'll give you some free bits. This offer never expires.
One post per person per thread please - check /FreeBits for other giveaway threads!
Feel free to share this post with your friends and crosspost it to other subreddits that might be interested :) Brand new to bitcoin? watch this short video: www.weusecoins.com Subscribe to: /Bitcoin More info and videos: Newbie friendly FAQ Want some more bits? visit www.trybtc.com - it's a short tutorial and at the end they will set you up with some bits in a coinbase wallet. Where can I buy bitcoin? www.coinbase.com www.circle.com Why are you giving away free bits? I love bitcoin and I want to share some with you :) What are bits? Bitcoins can be divided into little tiny pieces - even smaller than bits. There are 1,000,000 bits in a bitcoin. 100 bits is currently worth about 4 cents (in USD)
ArcaneWharf and I have put this post together quickly so that we have a resource which we can point newcomers towards in order to answer their frequently answered questions. This should serve as more of an overview or quick-start guide which is a jumping off point for beginners, rather than a comprehensive or complete guide. This is a work-in-progress (i.e., definitely not perfect) which, as a community, we could expand and improve upon over time. If you have something to contribute (either to this or something more detailed), do comment in this thread or contact the mods (by sending a message to /BitcoinUK).
How can I learn more about bitcoin?
There are already some links in /BitcoinUK’s sidebar which should help you get started. If that’s not enough, check out:
We'd encourage you to at least understand the basics before making your first bitcoin purchase. There are tons of fantastic resources out there, so there’s no excuse for ignorance.
How do I buy bitcoin?
The answer depends on your priorities, as there tends to be a trade-off between more convenient, quicker options (which are more expensive) and less convenient, slower options (which are cheaper).
Purchasing with a credit or debit card on Coinbase is the best starting point for beginners, as it offers a great user experience. There's a quick guide here, but you probably won't need it as the sign-up and purchase process is quite intuitive. If you're having issues with verification on Coinbase (or it's just taking too long), then you might want to check out the options described in the ‘high fees, but faster’ section below. For subsequent purchases, check out the options described in the next two sections. Although the ‘no fees, but slower’ purchase route is popular and well recommended on /BitcoinUK, you shouldn’t automatically rule out the options described in the ‘high fees, but faster’ section.
No fees, but slower
The Revolut to GDAX route is frequently recommended in the /BitcoinUK community, as it eliminates fees and allows you to purchase bitcoin at the best possible price. Keep in mind that this route won’t work on weekends, as SEPA transfers only get pushed through during normal working hours (i.e., Monday AM till Friday PM). If you’re looking to purchase on weekends, then you’ll have to use the options described in the following section. You can finds details about this purchase route in this text guide and this video guide Summary of this process:
Sign up for Coinbase and Revolut.
Transfer GBP into your Revolut GBP account.
Activate your EUR wallet
Convert GBP to EUR in Revolut (FREE)
Send EUR to Coinbase (FREE)
Transfer EUR from Coinbase to GDAX (FREE)
Buy bitcoin on the BTC/EUR market.
High fees, but faster
If you’re willing to pay a premium (i.e., pay above market-rate), then you can buy bitcoin quickly and conveniently with GBP UK bank transfers and debit/credit card purchases. The premium charged by these options is usually under 5%, but can extend beyond that during times of high demand and (positive) price volatility. Unlike the Revolut to GDAX route, these options also allow you to complete purchases on weekends. Popular, frequently recommended options which are quick and convenient include:
Prices offered across these services vary day-to-day. For an overview of your options (and their relative competitiveness), you should check out BittyBot.co. This provides a full list of merchants and marketplaces available, ordered by price (cheapest first). You can also filter the output by payment method by typing it into the 'Search' box. Some users may prefer to take this faster route if they are convinced the price of bitcoin will increase during the time it would take for a transfer to process from Revolut to GDAX (using the method detailed in the previous section). This can pay off, but be cautious. The volatility of bitcoin makes it a double-edged sword and its price could just as easily go down (drastically) as it could go up.
What's the best way to sell bitcoin?
You can sell bitcoins back to the majority of sites which you buy them from. As before, there's a trade-off between the quicker and slower options. If you're looking to get a price which is closest to the market rate (and pay as few fees as possible), then you'll want to sell through an exchange like GDAX, exchanging your bitcoin for euros. GDAX is preferable when you're selling, as the price you'll get per bitcoin is higher. Essentially, just reverse the process detailed earlier in the FAQ (see this text guide or this video guide). Alternatively, check out this quick 3-minute video which walks you through the process. Summary of this process:
On GDAX, click ‘Withdraw Funds’ while in the EUBTC market
Transfer to your Coinbase Account (FREE)
Go to Coinbase > Accounts > Euro Wallet > Withdraw
On Revolut, go into your Euro wallet > Top Up > Bank Transfer > EUR
Note down the IBAN and BIC from Revolut, and enter them into Coinbase. Also include the amount you wish to withdraw.
Withdraw funds into Revolut (15p charge)
Once funds are in your Revolut EUR account, exchange from EUR to GBP (FREE)
Go to GBP wallet > send funds. Add yourself as a beneficiary.
Send the funds! (free)
If you sell bitcoin on Localbitcoins, Solidi, etc., you can get it sorted same-day (usually in less than an hour) with a transfer directly to your UK bank account in GBP. For that convenience, you'll usually get offered an exchange rate which is below the market-rate (usually up to 5%, but sometimes more). You are able to set your own sell orders on Localbitcoins or BitBargain (so you’ll be able to sell above market rate). However, we would not advise doing this as a newcomer. Of course, you could always just withdraw directly from an exchange to your UK bank account. Again, you'll lose a percentage of your funds (>1%) in the foreign exchange conversion (from EUR to GBP) which your bank processes. Depending on the exchange rate charged by your bank, you might be better off selling through services which allow you to cash out in GBP instead.
How should I store bitcoin?
To simplify quite a broad topic, you essentially have two options: hot or cold.
A hot wallet is any wallet that is connected to the internet. Typically this will be in the form of a desktop program or a mobile app. Hot wallets rank high in convenience, but are not suitable for large holdings. They are extremely vulnerable to malware and backdoors, with hackers having strong financial incentives to target desktop wallets. Nevertheless, they are perfectly reasonable for storing small amounts of cryptocurrency. Some popular options:
Electrum: Open source, available on desktop and mobile, but more complicated.
Breadwallet: Simple and beginner friendly mobile wallet.
Exodus: Supports multiple cryptocurrencies, great user interface, and is suitable for beginners.
A cold wallet is a wallet that does not connect to the internet, and therefore cannot be affected by malware. There are multiple forms of cold storage, but beginners should first consider a hardware wallet. A hardware wallet is a small, USB device where you can keep your cryptocurrency. They are secure since all of the information is stored on the device, so you could plug it in to a computer riddled with malware, and the malware would have no way of interacting with your wallet. These generally aren’t considered as secure as cold-storage wallets, but are much better than a hot-wallet. Usage just requires plugging the hardware wallet into your computer. One drawback of a hardware wallet is the cost (£70-100). Although not a mandatory purchase, it is strongly recommended that you purchase a hardware wallet if you've accumulated (or plan to accumulate) coins which are worth more than between £500 - £1000. Popular, well-recommended options include the:
Both are reputable and will serve you well. At the time of writing this, the Ledger is slightly cheaper and offers support for more cryptocurrencies. Unless you need the greater cryptocurrency support, the choice between them doesn’t really matter. For an overview of the Ledger Nano S (with security recommendations and a small FAQ) see this post. For a tutorial on setting it up, check out this video.
For a more information on different wallets, check out:
When setting up a wallet, it’s advisable to not record your mnemonic seed (which allows you to restore the wallet) on a digital device. Instead, it’s recommended to record it (clearly) on paper or card.
Why can't I just leave my bitcoin in the exchange?
When you buy bitcoin on an exchange (such as GDAX), the bitcoin is in your account but still belongs to the company who runs the exchange. Until you withdraw to your own wallet (as described above), the bitcoin is not truly yours. The bitcoin does not belong to you unless you own the private key. This is very important. Do not leave large amounts of cryptocurrency in an exchange. Even if you trust that the company won’t run off with your bitcoin, an exchange is much more prone to getting hacked. Think about it from the perspective of a hacker: would you rather target a million individual users who only own a small amount of bitcoin each? Or would you target one exchange that you know is holding unfathomably large amounts of bitcoin? Don’t believe me? If you're purchasing through Coinbase, you can withdraw cryptocurrencies through GDAX (same company) to your own wallet for free. Check out this how-to post for details.
Revolut is a mobile banking app that has recently announced support for cryptocurrencies. Note this section only refers to their service that allows you to buy cryptocurrencies within their application - not the process detailed above. While more mainstream adoption is good, Revolut’s in-app cryptocurrency exchange - in its current state - does not allow you to withdraw your cryptocurrency from their application. This has all the same issues as leaving in exchange, as you don’t have the cryptocurrency in your own wallet. Revolut’s in-app cryptocurrency exchange should be rolled out to all customers, if their FAQ is still accurate, by the 21st or 22nd December. Early access is available if you have premium or invite 3 friends who subsequently sign up and use their app. See here for more details.
How do UK taxes work with bitcoin?
Please note: This is not professional tax advice. Conduct your own research to verify this information and/or contact a professional tax advisor. If you sell bitcoins at a higher price than you bought them for, or exchange them for something else (e.g., another cryptocurrency, and goods or services), you would be liable to pay capital gains tax. However, you have a capital gains allowance of £11,300 per year. If you generate profits from the sale or exchange of bitcoins which fall below this threshold, then no tax would be due. Additionally, no tax is due until you sell or exchange it for something else. You may also be able to reduce your capital gains liability by gifting cryptocurrencies to your partner so that they can take advantage of their capital gains allowance too (more details in this thread). It appears unclear how you would be taxed in the UK in other circumstances: such as mining, working for cryptocurrency, or proof of stake rewards. As these rules develop, it’s advised to document everything you do with cryptocurrencies. When the taxman comes knocking, you’ll be grateful that you did. IndeedHowlandReed has kindly putting together a more detailed guide about Bitcoin and UK tax. You can find part 1 here and part 2 here. If you have any questions not answered by their guide, post them in this thread (or upvote existing questions). Useful Links:
Have a question that’s not here? Search /BitcoinUK first.
If you don’t find the answer to your question here, please search this subreddit before submitting a new post.
Have a contribution or suggestion?
As noted at the start, this is a WIP (i.e., it's definitely not perfect) which, as a community, we could expand and improve upon over time. If you have something to contribute (or even just a suggestion), do comment in this thread or contact the mods.
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Feel free to share this post with your friends and crosspost it to other subreddits that might be interested :) Brand new to bitcoin? watch this short video: www.weusecoins.com Subscribe to: /Bitcoin More info and videos: Newbie friendly FAQ Want some more bits? visit www.trybtc.com - it's a short tutorial and at the end they will set you up with some bits in a coinbase wallet. Where can I buy bitcoin? www.coinbase.com www.circle.com Why are you giving away free bits? I love bitcoin and I want to share some with you :) What are bits? Bitcoins can be divided into little tiny pieces - even smaller than bits. There are 1,000,000 bits in a bitcoin. 100 bits is currently worth about 6 cents (in USD)
If enough of the community members who want to see Segwit activate on Bitcoin support BIP 148 - Bitcoin will get Segwit with activation beginning in August. (that's this year, not next year or the year after). I won't try and force you into it but instead would like to point out a few things that might help you decide to support a UASF if you are currently undecided... 85% of nodes support SegWit. 86% of businesses support or are prepared for SegWit. Miners would have to follow if all the above signalled support for BIP 148. Support is well underway with over 10% of nodes already support for BIP 148. Changes in Bitcoin need to occur in order for the technology to evolve. So changes need to happen somehow. I would like to think that the Peers in bitcoins Peer-to-Peer decentralised network are the ones who should approve and activate those changes. Currently:
Changes are suggested by developers when they release new versions of the reference client.
These changes are adopted by users and the business community if they like them by running the new code.
This is what happened with the current Segwit deployment - developers made a change, the majority of the community said 'yes' to it and have been running that code since version 0.13.1. of the Core reference implementation.
BIP 9's activation method (the one that Segwit uses) was intended to make sure that miners had upgraded to a community accepted change in time for activation to avoid network disruption on activation. It requires 95% of miners to signal acceptance. Because of this approach it only takes just 6% of miners to overrule the choices made by majority of Bitcoin's community. (see a co-author's own recent comments on BIP 9's flaws here for reference)
Change needs to come from somewhere and I'd rather it was users and the wider community that got to decide those changes over a small number of financially motivated miners. There are many reasons why miners might oppose Segwit; the continued use of ASICBoost and the current rewards they get from high fees are just a couple of possible reasons. The reasons don't matter as much as the fact that a small number of them can over-rule changes that are supported by majority of the community. Whereas some people try to garner support by trying to make people fear the consequences of supporting a UASF I would look to highlight the positives in supporting it. Same end goal in mind - just different approaches to getting there. Just to repeat: If enough of the community members who want to see Segwit activate on Bitcoin support BIP 148 - Bitcoin will get Segwit with activation beginning in August. Some useful resources to help you signal your support: http://www.uasf.co/ https://www.weusecoins.com/uasf-guide/ EDIT - just to clarify to those of you new to Bitcoin or if you are the one guy who thought I was trying to mislead people by using the word support when I said '85% of nodes support SegWit' above I meant that they are a version of the core reference client that will activate the features of Segwit should miner signalling reach 95% and lock in the changes as active. Bit of a mouthful and I think support was clear enough but there you go ¯\ (ツ) /¯ More info here: https://bitcoincore.org/en/2016/01/26/segwit-benefits/
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📷 JOIN NOW just click below the links or any link to sign up and start earning https://office.fxtradingcorp.com/signup/1029604hjgb8c086p ( RIGHT WING CLUB) OR https://office.fxtradingcorp.com/signup/1029604hjgb8c086p ( LEFT WING CLUB) WHAT IS BITCOIN MEANING ………… 📷 Bitcoin is a decentralized digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: transaction management and money issuance are carried out collectively by the network. The original Bitcoin software by Satoshi Nakamoto was released under the MIT license. Most client software, derived or "from scratch", also use open source licensing. Bitcoin is the first successful implementation of a distributed crypto-currency, described in part in 1998 by Wei Dai on the cypherpunks mailing list. Building upon the notion that money is any object, or any sort of record, accepted as payment for goods and services and repayment of debts in a given country or socio-economic context, Bitcoin is designed around the idea of using cryptography to control the creation and transfer of money, rather than relying on central authorities. Bitcoins have all the desirable properties of a money-like good. They are portable, durable, divisible, recognizable, fungible, scarce and difficult to counterfeit. Why? Bitcoin is P2P electronic cash that is valuable over legacy systems because of the monetary autonomy it brings to its users. Bitcoin seeks to address the root problem with conventional currency: all the trust that's required to make it work -- Not that justified trust is a bad thing, but trust makes systems brittle, opaque, and costly to operate. Trust failures result in systemic collapses, trust curation creates inequality and monopoly lock-in, and naturally arising trust choke-points can be abused to deny access to due process. Through the use of cryptographic proof, decentralized networks and open source software Bitcoin minimizes and replaces these trust costs. Bitcoin Transactions are: Permissionless and borderless. The software can be installed by anybody worldwide. Do not require any ID to use. Making it suitable for the unbanked, the privacy-conscious, computers or people in areas with underdeveloped financial infrastructure. Are censorship-resistant. Nobody is able to block or freeze a transaction of any amount. Irreversible once settled, like cash. (but consumer protection is still possible.) Fast. Transactions are broadcasted in seconds and can become irreversible within an hour. Online and available 24 hours a day, 365 days per year. Bitcoin can also be a store of value, some have said it is a "swiss bank account in your pocket". Stored Bitcoins: Cannot be printed or debased. Only 21 million bitcoins will ever exist. Have no storage costs. They take up no physical space regardless of amount. Are easy to protect and hide. Can be stored encrypted on a hard disk or paper backup. Are in your direct possession with no counterparty risk. If you keep the private key of a bitcoin secret and the transaction has enough confirmations, then nobody can take them from you no matter for what reason, no matter how good the excuse, no matter what. If you still can’t figure out what the heck a bitcoin is, this simple explanation will help you! … 📷 We’re sitting on a park bench. It’s a great day. I have one apple with me, I give it to you. You now have one apple and I have zero. That was simple, right? Let’s look closely at what happened: My apple was physically put into your hand. You know it happened. I was there, you were there – you touched it. We didn’t need a third person there to help us make the transfer. We didn’t need to pull in Uncle Tommy (who’s a famous judge) to sit with us on the bench and confirm that the apple went from me to you. The apple’s yours! I can’t give you another apple because I don’t have any left. I can’t control it anymore. The apple left my possession completely. You have full control over that apple now. You can give it to your friend if you want, and then that friend can give it to his friend, and so on. So that’s what an in-person exchange looks like. I guess it’s really the same, whether I’m giving you a banana, a book, a quarter, or a dollar bill …But I’m getting ahead of myself. 📷 What if we gave this ledger to everybody? Instead of the ledger living on a Blizzard computer, it’ll live in everybody’s computers. All the transactions that have ever happened, from all time, in digital apples, will be recorded in it.You can’t cheat it. I can’t send you digital apples I don’t have, because then it wouldn’t sync up with everybody else in the system. It’d be a tough system to beat. Especially if it got really big. Plus, it’s not controlled by one person, so I know there’s no one that can just decide to give himself more digital apples. The rules of the system were already defined at the beginning. And the code and rules areopen source– kinda like the software used in your mom’s Android phone. Or kinda like Wikipedia. It’s there for smart people to maintain, secure, improve, and check. You could participate in this network too – updating the ledger and making sure it all checks out. For the trouble, you could get like25 digital applesas a reward. In fact, that’s the only way to create more digital apples in the system. I simplified quite a bit … But that system I explained exists. It’s called the Bitcoin protocol. And those digital apples are the bitcoins within the system. Fancy! So, did you see what happened? What does the public ledger enable? 1) It’s open source, remember? The total number of apples was defined in the public ledger at the beginning. I know the exact amount that exists. Within the system, I know they are limited (scarce). 2) When I make an exchange I now know that digital apple certifiably left my possession and is now completely yours. I used to not be able to say that about digital things. It will be updated and verified by the public ledger. 3) Because it’s a public ledger, I didn’t need Uncle Tommy (third-party) to make sure I didn’t cheat, or make extra copies for myself, or send apples twice, or thrice… Within the system, the exchange of a digital apple is now just like the exchange of a physical one. It’s now as good as seeing a physical apple leave my hand and drop into your pocket. Just like on the park bench, the exchange involved two people only. You and me , we didn’t need Uncle Tommy there to make it valid. In other words, it behaves like a physical object. But you know what’s cool? It’s still digital. We can now deal with 1,000 apples, or 1 million apples, or even .0000001 apples. I can send it with a click of a button, and I can still drop it in your digital pocket if I was in Nicaragua and you were all the way in New York. I can even make other digital things ride on top of these digital apples! It’s digital after all. Maybe I can attach some text on it – a digital note. Or maybe I can attach more important things; like say a contract, or a stock certificate, or an ID card … So this is great! How should we treat or value these “digital apples”? They’re quite useful aren’t they? Well, a lot of people are arguing over it now. There’s debate between this and that economic school, between politicians, between programmers. Don’t listen to all of them though. Some people are smart; some are misinformed. Some say the system is worth a lot; some say it’s actually worth zero. Some guy actually put a hard number on it:$1,300 per apple. Some say it’s digital gold; some say it’s a currency. Others say they’re just like tulips. Some people say it’ll change the world; some say it’s just a fad. I have my own opinion about it, but that’s a story for another time. Hey, you now know more about Bitcoin than most. FX TRADING OFFICE ADDRESS Company Registered in South Korea (99, Centum dong-ro, Haeundae-gu, Busan, South Korea) WHY FX TRADING CREATED? \They want to open an exchange in all around the World after 3 years with* 5 Million members.\* 14:42 ABOUT THE COMPANY FXTRADING CORPORATION is a global company with many investors and entrepreneurs in the World. Already developed by a team of professionals currently in the field of FX and CRYPTOTRADING and they created the software. It also helps many investors make money from mining companies in various places around the world with the following coins. Bitcoin, Etherium, Bitcoin in cash, Litecoin, etc. Even if you do not have experience in this market, it is an opportunity to earn profits automatically and gain a lot of growth. HOW ITS WORKS Our groundbreaking platform uses an automated arbitrage system that yields profits for customers based on real-time movements in the cryptocurrency market. Our proprietary algorithm buys bitcoin when it is cheaper, and sells when it is more expensive. FX-TRADING customers benefit by assuming the profit, which is deposited directly into their online account. WHEN IT WAS LAUNCHED fficial Launch on August 10th, 2018 in Busan – South Korea.Around 896.000 peoples already joined, and more than 183 countries opened. IF U WANT TO BECOME AN INVESTOR Great! for you as an investor is very simpleChose one of the Packages available:bot 100$ bot300$bot500$ bot1000$bot3000$botbot5000$bot10000$bot20000$bot30000$bot40000$bot50000$The company will pay you up to 2.5% from what you investedThey trade during the day and when comes midnight in South Korea, they pay whatever was that day’s profitsSome days are 1.45% or 2.2% or 1.1% The company can’t guarantee how much it will pay, as Trading is not guaranteedThe company pays Monday to Friday for 200 working daysThe only way to invest is using BitcoinYou can withdraw minimum of 50$Monday to Friday, and it will be paid only in Bitcoin 24h later,not counting weekends, so if you withdraw on a Friday, you will get paid on Monday. IF U WANT TO BE AN NETWORKER Great! being a networker means you can get more bonuses• Daily Payment• Binary• Residual• Career Plan1 - The daily Payment is up to 2.5% per day Monday to Friday, until you reach 400%2- Binary is 10% of what people invest but you first need to qualify for it, is very simple, just register one direct person to your left and one to your right! after these 2, the next person that you register or that comes from those who you already registered, you will get the binary bonus from them, we are always talking about the smaller side.3- Residual, this bonus is linked to the career plan, you need to qualify per stars, each star means you get 2% of each level from your network. So if you are star 3 for example, means you will receive 2% from 3 level from your network, everyday when they receive their daily payment, you get 2% of what they make.4- Career Plan, Dollars of investment to became ◊1 Dollar = 1 PointStar 1 you need 1.000 pointsStar 2 you need 4.000 pointsStar 3 you need 20.000 pointsStar 4 you need 50.000 pointsStar 5 you need 200.000 pointsStar 6 you need 500.000 pointsStar 7 you need 1.500.000 pointsStar 8 you need 3.000.000 pointsStar 9 you need 5.000.000 pointsStar 10 you need 10.000.000 pointsBlack Star you need 50.000.000 pointsAll this point needs to be on the smaller leg. DIFFERENCE BETWEEN INVESTOR AND NETWORKER First let me tell you about being an InvestorFor you as an investor is very simpleChoose one of the Packages available:100$300$500%1000$3000$5000$10000$20000$30000$40000$50000$The company will pay you up to 2.5% from what you investedThey trade during the day and when comes midnight in South Korea, they pay whatever was that day’s profitsSome days are 1.45% or 2.2% or 1.1% The company can’t guarantee how much it will pay, as Trading is not guaranteedThe company pays Monday to Friday for 200 working daysThe only way to invest is using BitcoinYou can withdraw minimum of 50$Monday to Friday, and it will be paid only in Bitcoin 24h later,not counting weekends, so if you withdraw on a Friday, you will get paid on Monday. Now as a networker you can get more bonuses• Daily Payment• Binary• Residual• Career Plan1 - The daily Payment is up to 2.5% per day Monday to Friday, until you reach 400%2- Binary is 10% of what people invest but you first need to qualify for it, is very simple, just register one direct person to your left and one to your right! after these 2, the next person that you register or that comes from those who you already registered, you will get the binary bonus from them, we are always talking about the smaller side.3- Residual, this bonus is linked to the career plan, you need to qualify per stars, each star means you get 2% of each level from your network. So if you are star 3 for example, means you will receive 2% from 3 level from your network, everyday when they receive their daily payment, you get 2% of what they make.4- Career Plan, Dollars of investment to became ◊1 Dollar = 1 PointStar 1 you need 1.000 pointsStar 2 you need 4.000 pointsStar 3 you need 20.000 pointsStar 4 you need 50.000 pointsStar 5 you need 200.000 pointsStar 6 you need 500.000 pointsStar 7 you need 1.500.000 pointsStar 8 you need 3.000.000 pointsStar 9 you need 5.000.000 pointsStar 10 you need 10.000.000 pointsBlack Star you need 50.000.000 pointsAll this point needs to be on the smaller leg. MOST IMPORTANTLY IS THAT The difference Between an investor and a networker is:Investor Will only receive the daily payment of up to 2.5%Networker Can get more bonuses such as:- Daily Payment of up to 2.5%- Indication of 6%- Binary of 10%- Residual Bonus- Career Bonus SOME INFO THAT YOU HAVE TO KNOW ABOUT GET SUPPORT FROM FXTRADING ACTIVATION: MY PLAN DOES NOT ACTIVATE AFTER WIRING FUNDS ANSWER IS … .- After a payment request is created, you have 24 hours to wire funds to a designated wallet. Based on the fluctuation of Bitcoin prices, posted amount of Bitcoin may be larger or smaller. Price updates commence every 30 minutes.- The system only validates your request to transfer when you pay the designated amount or more. If less bitcoin were submitted, the transfer request would be voided automatically… HOW LONG DOES IT TAKE TO ACTIVATE MY PLAN ANSWER IS .... - The time until the activation varies depending on processing speed of network or blockchain. Some exchange and wallet may take more time to transfer funds. However, the process generally does not exceed 6 hours. Therefore, if your plan does not activate after 6 hours, please contact the support centre. EARNINGS: WHICH DAYS OF A WEEK I RECEIVE MY EARNINGS ? - Daily earnings are processed and posted at midnight, Monday through Friday, Korean Standard Time. MY PLAN WAS ACTIVATED BUT NOT YET REICIEVE EARNINGS? - It takes 24 hours until your investments are processed through our system. You will be listed as an FXTRADING dividend recipient after 24 hours. I UPGRADED MY PLAN BUT RECEIVED EARNINGS FOR THE PREVIOUS PLAN? - The same rules apply for plan upgrades with the purchase of a new plan. Your upgrades will be in force after 24 hours. Until that point, you will receive the earnings on the previous plan. WITHDRAWAL: WHICH DAYS OF A WEEK I CAN WITHDRAW MY FUNDS? - You can withdraw your funds Monday through Friday. What is the minimum amount that I can withdraw? - The minimum withdrawal amount is currently $50. There is no limit on the maximum amount you can withdraw. How long does it take to process my remittance request? - Please allow 1 to 3 business days to process your withdrawal requests. I received payment confirmation o- It may take up to 24 hours after confirmation for requests to be processed in blockchain and posted on your wallet. Hash values I received by e-mail are not recognized by Blockchain. - It generally takes 24 hours for blockchain to recognize hash values. You can review the progress by the link provided in the e-mail message until then. Binary What should I do to get a binary bonus? - It generally takes 24 hours for blockchain to recognize hash values. You can review the progress by the link provided in the e-mail message until then. I made one referral member, but I did not receive a credit. - Please confirm if the new referral member is the first one on your left or right. First referral on each side only qualifies you for binary bonus program. They do not create credits and do not count as binary members.- Was your plan active when your referral members in lower tier activate their plans? Credits are provided only if your plan was active when lower tier members activate their plans.- Are your lower tier referral members’ accounts leadership accounts? Leadership accounts do not own earnings and do not get payments. Therefore, leadership members do not create binary credit. Amounts of my credit received seems not correct. - Created credits are 10% of the price of plans purchased. If a member in your network upgrades a plan, the member only creates credits on the difference between two plans, not on the entire amount of the plan the member bought. For instance, if a member upgrades to $500 plan from $300 plan, you would receive 10% of the difference between the two plans. The difference is $200 in this example so that you will get 20 credits in total. I received bonus less than created credits. - There is a rule for the binary program; no member shall receive binary bonus larger than the plan they are on. For instance, if you are using $100 plan, but have created 150 credits through the binary network, you will only receive $100 bonus, forfeiting the remaining $50.- You also need to be careful about 400% earning rule. You can never receive an amount four times more than the plan you are on. For example, if you are using $100 plan, have received $350 as earnings so far and you have 100 credits outstanding for a binary bonus, only $50 that matches your 400% ceiling will be paid to you as a binary bonus. Referral Bonus I did not receive my referral bonus while my referral member was activatated - To receive a referral bonus, your plan must be active when your referral’s plan comes activated. To ensure receipt of your bonus, please wait until your plan gets activated before providing referral codes.- Referral Bonus is subject to 400% earning rule. Bonus from referrals will be paid up until their earnings reach 400% of their plan price. Bonus ceases to be remitted when your referral member reaches the earning cap. An incorrect amount of bonus was paid The referral bonus is 6% of the plan price purchased. If your referral member upgrades their plan, it creates the bonus on the difference between the two plans, not the entire amount of the plan purchased. For example, if your referral member upgrades to $500 plan from $300 plan, you will receive a 6% bonus on the difference amount between the plans. In this case, you will receive a $12 bonus as the difference is $200.- You also need to be careful about 400% earning rule. You can never receive an amount four times more than the plan you are on. For example, if you are using $100 plan, have received $350 as earnings so far and you have 100 credits outstanding for a referral bonus, only $50 that matches your 400% ceiling will be paid to you as a referral bonus.
This Bitcoin bull has shrugged off a lot of bad news, such as the PBOC crackdown, the ETF rejection, the BU hard fork threat, escalating transaction fees, and the Bitfinex troubles. These issues may have largely escaped the attention of investors who are not well informed about bitcoin. However, I believe the outcome of Bitcoin's great scaling battle, which may cause the network to split into two chains, will be more impactful. If this power struggle is resolved in a way that minimizes disruption and promotes decentralization of the network, I expect a parabolic rise in the value of Bitcoin. Otherwise, the reverse may happen. With an August 1 showdown looming, Bitcoin and other forums have been and will be filled with discussions about AsicBoost, SegWit, and UASF that are sure to baffle and frighten many Bitcoin investors. I think this forum could benefit from a thread dedicated to these important fundamental issues and how they may affect the price of Bitcoin. ASICBOOST It is a technology patented by Bitmain (possibly in violation of a previous American patent) that exploits a flaw in the bitcoin protocol (the Proof of Work algorithm), enabling miners with access to this technology to increase their profits by approximately 20x (2000%). This enables Bitmain mining operations to drive competitors out of business, and the resulting mining centralization would give the government of China the power to cripple the bitcoin network whenever they chose. It is not known whether China's tolerance of bitcoin mining will continue as they approach the launch their own planned national cryptocurrency. Chinese authorities have already shut down some mining operations for unknown reasons: https://china-underground.com/2017/06/02/bitcoin-mining-companies/ It was recently discovered that Bitmain's current mining hardware includes the chips/CPU's that are required to do AsicBoost (and are not otherwise necessary). After this discovery, Bitmain admitted it was true but said they decided not to use that capability because of the harm it would cause to Bitcoin. However, it is currently possible to use this AsicBoost advantage in an undetectable manner ("covert AsicBoost"), and many believe it is the primary reason for their opposition to SegWit, which blocks covert AsicBoost. Distrust of Bitmain was further heightened by the discovery that they installed a "backdoor" in their mining equipment which enabled them, or a third party hacker, to remotely disable or destroy their mining hardware. You can find a good video by Andreas Antonopoulos explaining this issue if you search "Bitmain and the ASICBoost allegations" on youtube. Here's a relevant post from a bitcoin developer: https://www.reddit.com/Bitcoin/comments/6ego3s/why_is_killing_asicboost_not_a_priority/diagkkb/ SEGWIT Despite a flood of FUD on forums, there is widespread agreement that SegWit is currently the best, most technically sound proposal to increase Bitcoin's transaction capacity and make other improvements. However, current proposed versions of SegWit interfere with the covert implementation of AsicBoost, which many believe motivated Bitmain's opposition to SegWit. They have supported alternative solutions that would preserve covert AsicBoost and alter the consensus rules of the network to enable miners to make changes to the bitcoin protocol (by achieving a majority of the hashrate) without the approval of other network constituents (i.e., individual users, wallet providers, exchanges, merchants, etc). Miners may also fear that SegWit will reduce their income from transaction fees by facilitating off-chain, second-layer transaction processing (which is the only realistic way that Bitcoin might someday be useful for micro-payments and compete successfully with fiat-based retail payment systems). However, just as increases in the capacity of the internet led to new uses and demand for bandwidth, increases in bitcoin's transaction processing capacity are also likely to stimulate new uses and demand. UASF If miners choose not to activate SegWit by August 1, a controversial User Activated Soft Fork (UASF) will occur. It is essentially an attempt by Bitcoin node operators (individuals and businesses) to force the miners to accept SegWit. In response, Bitmain and some other businesses proposed enacting a new, yet to be coded/tested version of SegWit (which will presumably preserve covert AsicBoost) along with a rushed and risky hard fork to increase block sizes. It seems unlikely at this point that a consensus will be reached in time to avoid the August 1 UASF. There are a range of possible outcomes of the UASF that could result in varying degrees of confusion, disruption, and loss of value. If the UASF does not achieve a critical threshold of support and Bitmain decides to use some of their hashing power to attack it, they could split the network into two bitcoins. I think it is still too early to predict the amount of support the UASF will attract and the likelihood of various outcomes. Here are a few informative links: https://www.weusecoins.com/uasf-guide/ https://medium.com/@lukedashjbip148-and-the-risks-it-entails-for-you-whether-you-run-a-bip148-node-or-not-b7d2dbe85ce6 https://medium.com/@jimmysong/uasf-bip148-scenarios-and-game-theory-9530336d953e https://www.reddit.com/Bitcoin/comments/6d7dyt/a_plea_for_rational_intolerance_extremism_and/ https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-April/014152.html https://lightco.in/2017/06/02/segwit-uasf/ https://cryptoinsider.com/market-based-bitcoin-soft-forks-way-forward/ What effect do you think all this will have on the price of Bitcoin?
As requested: I trade bitcoins on a regular basis, AMA
in response to: http://www.reddit.com/IAmA/comments/holkw/ama_request_someone_who_trades_in_bitcoins_on_a/ I've been trading bitcoins for a while now, I bought my first 400 BTC back when the prices were around 0.20/USD per BTC. Didn't know this subject was so interesting, but anyway, AMA. Edit: I have to go attend a lecture in about 30 mins but I'll be back on later this afternoon! I had no idea there was such an interest in bitcoins! Anyway, if you have burning questions that need to be answered while I'm gone, you can always hit up #bitcoin-otc or #bitcoin on freenode IRC. See you guys in a few hours! edit #2: I'm back... trying to get caught up... seems that a lot of people don't know what bitcoin is, so I'll add this link that will hopefully clear things up: http://www.weusecoins.com/ edit #3: Verification... ok, so someone wanted verification... I have clearsigned the post asking for verification using my GPG key here: http://pastebin.com/nxNRmegA I used the gpg key I use for bitcoin-otc: http://bitcoin-otc.com/viewgpg.php You'll notice I"m user 23... they swapped to a new gpg system back in march... If you look at my rating, you'll see my first was back in december of 2010... before the new ratings came along and bitcoin exploded, my gpg key was registered with the OLD system... which was just listed in the wiki: http://wiki.bitcoin-otc.com/wiki/User_GPG_keys Anyway, my nickname (nick2day) is also the same nickname I use for btc stuff... so it should be fairly easy to verify everything with the information I've given... Does that work?
When people new to Bitcoin come here they will be turned away because all they'll see is a bunch of random news that doesn't make any sense to them. This is ESPECIALLY pertinent now that we have advertisements going around for this subreddit.
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