Andreas Antonopoulos: Sind Hardware Wallets wirklich ...

Bitcoin Newcomers FAQ - Please read!

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following videos for a good starting point for understanding how bitcoin works and a little about its long term potential:
Some other great resources include Lopp.net, the Princeton crypto series and James D'Angelo's Bitcoin 101 Blackboard series.
Some excellent writing on Bitcoin's value proposition and future can be found at the Satoshi Nakamoto Institute.
Some Bitcoin statistics can be found here and here. Developer resources can be found here. Peer-reviewed research papers can be found here.
Potential upcoming protocol improvements and scaling resources here and here.
The number of times Bitcoin was declared dead by the media can be found here (LOL!)

Key properties of Bitcoin

Where can I buy bitcoins?

Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also check out the bitcoinity exchange resources for a larger list of options for purchases.
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy OTP Auth
Android Android N/A
iOS iOS iOS

Watch out for scams

As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the btc subreddit are active scams. Almost all altcoins (shitcoins) are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. Don't trust, verify. Also as they say in our community "Not your keys, not your coins".

Where can I spend bitcoins?

Check out spendabit or bitcoin directory for millions of merchant options. Also you can spend bitcoin anywhere visa is accepted with bitcoin debit cards such as the CashApp card. Some other useful site are listed below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Spendabit, Overstock and The Bitcoin Directory Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, LivingRoomofSatoshi, Coinsfer, and more Bill payment
Menufy, Takeaway and Thuisbezorgd NL Takeout delivered to your door
Expedia, Cheapair, Destinia, Abitsky, SkyTours, the Travel category on Gyft and 9flats For when you need to get away
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun Domain name registration
Stampnik Discounted USPS Priority, Express, First-Class mail postage
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, Cryptogrind, Coinality, Bitgigs, /Jobs4Bitcoins, BitforTip, Rein Project Freelancing
Lolli Earn bitcoin when you shop online!
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
/GirlsGoneBitcoin NSFW Adult services
A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins.

Bitcoin-Related Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network Second layer scaling
Blockstream, Rootstock and Drivechain Sidechains
Hivemind and Augur Prediction markets
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
JoinMarket and Wasabi Wallet CoinJoin implementation
Coinffeine and Bisq Decentralized bitcoin exchanges
Keybase Identity & Reputation management
Abra Global P2P money transmitter network
Bitcore Open source Bitcoin javascript library

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
bitcoin BTC 1 bitcoin one bitcoin is equal to 100 million satoshis
millibitcoin mBTC 1,000 per bitcoin used as default unit in recent Electrum wallet releases
bit bit 1,000,000 per bitcoin colloquial "slang" term for microbitcoin (μBTC)
satoshi sat 100,000,000 per bitcoin smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit.
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BitcoinFan7 to Bitcoin [link] [comments]

Reminder from previous bull markets

Usually, bull markets attract a lot of new investors - although speculators should be the right word here - and as usual, a lot of them are going to be crushed a way or another.
First, before putting a single dollar, euro or whatever in the market, you should read a lot to know exactly what you're looking for.
Are you here for the tech and/or the cypherpunk ethos ? Great, there's lot of resources out there (my links are cleaned but as always, do your due diligence) :
Now, you've read and you want to put some skin in the game. Several exchanges are acceptable, a lot of aren't, be careful and assume that none really are (know that I won't post any ref links) :
This was for centralized exchanges aka CEX. Talking about custodial, you'll need wallets to store your (bit)coins. Always try to use non-custodial wallets, which means wallets that give you your private keys. This way, if the software goes down, you can always retreive your money. Now, I won't link to all the existing wallets but will advise you to buy hardware wallets (trezor or ledger but there are others) or to create (on off-gap computers) paper wallets you're able to store safely (against all risks, not only robbery but housefire). You also could use your memory with brain wallets but, my gosh, I wouldn't trust myself. For Bitcoin (or even Litecoin), Electrum software can do a good job (but save your keys).
AGAIN, DON'T KEEP YOUR SAVINGS ON AN EXCHANGE
Now, about trading : it's been repeated and repeated but don't chase pumps and altcoins. Yep, it's probably the fastest way to make money. It's also the fastest to lose it. I won't lie : I made good money during the 2017-bullrun and I took profits but I also forgot to sell some shitcoins thinking it would keep going up, now I'm still holding these bags (although I don't really care). I know that a lot forgot to take profits. Take profits, always take profits, whatever your strategy is. Don't fall for people trying to sell you their bags, for ICOs trying to sell you a product which isn't released yet and obviously, don't fall for people asking for your private key.
Also, know that there's two endgames : accumulating bitcoin or fiat. I'm rather in the first team but whatever your strategy is, take profits. (Yes, I know, some will say accumulating ethereum or something else). It's true that a lot of ethereum holders made a lot of money during the last bullrun (ethereum helped me make money too) but I'm really biased in favor of bitcoin (and monero). So, pick your coin but again, do your due diligence.
A lot of people here or there will talk about the best tech, the fact that bitcoin is old and slow. I would need another post to go further on this point but know that a lof of air flight systems are old too but reliable. Trustless and reliable is the point here.
This is the post from someone who bought bitcoin seven or six years ago, who lost part of them, who spent part of them (but don't regret this at all), who is still learning and I hope it will help others, although it would need a book to be complete.
submitted by EmmanuelBlockchain to CryptoCurrency [link] [comments]

How to securely store Aurei

How to securely store Aurei

https://preview.redd.it/1bcmh50h1se51.png?width=3000&format=png&auto=webp&s=f8c18ab36e0cbe338ec62a90171cbce94a89b588
The concept of cryptocurrency, operating without a banking system as a third party to transfer and secure funds, requires owners to secure their assets by themselves.
“Your keys, your bitcoin, not your keys, not your bitcoin” -Andreas Antonopoulos
When you have control of a private key you possess the power to make a transaction and spend the holdings attached to that wallet.
Aurei is a cryptocurrency that runs on the ERC20 protocol. This means that it is generated and transferred using the Ethereum blockchain and can be safely stored in all Ethereum wallets. Many storage solutions exist today and are still confronted by 2 major concepts:
>> security versus market access
Secure your Aurei’s with cold storage solutions
Known to be the most secure, wallets using cold storage are by design disconnected from the internet, assuming that there is no risk 0 in terms of hacking if your private key is stored on a connected device (computer, smartphone). In this category, Hardware wallets such as Ledger and Trezor are the most advanced devices and guarantee an optimal level of security while preserving easy access to your funds.
How to store Aurei on Ledger ?
Aurei is natively integrated in all Ledger devices, without using third party applications such as MyEtherWallet. You can easily receive and send Aurei from your ethereum account and display the value of your assets in the Ledger live application like any other cryptocurrency supported by Ledger. Learn more about how to manage ERC20 token on Ledger

https://preview.redd.it/8r84o1gh0se51.png?width=1366&format=png&auto=webp&s=cc169ec4bd33ee6ca801d82ce7bca20413b8f068
How to store Aurei on Trezor ?
Every ERC20 token can be stored using Trezor devices. Even though Aurei is currently not fully integrated in Trezor Wallet, it can be safely used with Trezor Beta Wallet and certain third-party wallets and services, including MyEtherWallet and MyCrypto. For more information about ERC20 on TREZOR

https://preview.redd.it/i73p0mpk0se51.png?width=1166&format=png&auto=webp&s=f6678e1ff23aaf3d28e19c4c8314bf71bf6873c3
Secure your Aurei’s with hot storage wallets
Desktop and mobile wallets are an easy way to access your funds quickly and simply. Unlike cold storage wallets, they are by design connected to the Internet and therefore present a risk of hacking if malware is present on your device. Keep in mind that hot storage is not a long-term solution to secure your funds, so we recommend using hardware wallets if you don’t need to constantly transfer your funds to other wallets.
Facilitate the market access by keeping your Aurei’s on exchanges
Of course, the only way to trade Aurei is to store your assets in a crypto-exchange like Liquid or P2PB2B. In this case, you are not in possession of your private key. Exchanges store them for you to allow buy and sell transactions without using blockchain transfer, reducing the cost of transactions and the security of your assets at same time. In recent years, most crypto exchanges have been targeted by hackers because they store large amounts of cryptocurrency on behalf of their customers. The best practice is to keep on an exchange only the amount of assets you wish to trade in the short term and store the rest on a hardware wallet such as Ledger or Trezor.
Conclusion
There is no security method that combines both security and simple market access. A compromise between the two is the best solution: keep the funds you wish to hold on a cold storage system and send only what you intend to trade or spend on an exchange or wallet using hot storage.
Keeping your private keys in a safe place and not sharing them with anyone is the first rule to follow for a successful investment.
Join the Aurei Community
Twitter : @ AureiCommunity
Instagram : @ aureicrypto
Telegram : https://t.me/aureicommunity

Learn more about Aurei

www.aurei-crypto.io
https://medium.com/@aureicom/investing-in-gold-bitcoin-or-aurei-thats-the-question-13712ae64f33
https://medium.com/@aureicom/a-monetary-creation-revolution-fe3a23d29be7
https://medium.com/@aureicom/what-is-aurei-ad9b334764f1
https://medium.com/@aureicom/aureis-association-dafaa90dff2a
https://medium.com/@aureicom/a-new-era-of-minting-process-by-aurei-90097abafce5
https://medium.com/@aureicom/aurei-a-revolution-in-the-crypto-world-45238d0b5cb1
https://medium.com/@aureicom/the-token-design-by-aurei-dd9861d8ca27
https://medium.com/@aureicom/aureis-vision-52803ebaecc1
https://medium.com/@aureicom/the-aureis-oracle-one-more-proof-of-trust-fd891acbd516
https://medium.com/@aureicom/design-of-a-new-economic-incentive-by-aurei-854de5a520ca

Where can I find Aurei ?

You can find Aurei on Liquid.com, the world’s most comprehensive and secure trading platform
You can also trade Aurei on P2pB2b
submitted by AureiCom to u/AureiCom [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
The following videos are a good starting point for understanding how bitcoin works and a little about its long term potential:
For some more great introductory videos check out Andreas Antonopoulos's YouTube playlists, he is probably the best bitcoin educator out there today. Also have to give mention to James D'Angelo's Bitcoin 101 Blackboard series. Lots of additional video resources can be found at the videos wiki page or /BitcoinTV.
Key properties of bitcoin
Some excellent writing on Bitcoin's value proposition and future can be found here. Bitcoin statistics can be found here, here and here. Developer resources can be found here and here. Peer-reviewed research papers can be found here. The number of times Bitcoin was declared dead by the media can be found here. Scaling resources here, and of course the whitepaper that started it all.

Where can I buy bitcoins?

BuyBitcoinWorldwide.com and Howtobuybitcoin.io are helpful sites for beginners. You can buy or sell any amount of bitcoin and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also, check out the bitcoinity exchange resources for a larger list of options for purchases.
Bank Transfer Credit / Debit card Cash
Coinbase Coinbase LocalBitcoins
Gemini Bitstamp LibertyX
GDAX Bitit Mycelium LocalTrader
Bitstamp Cex.io BitQuick
Kraken CoinMama WallofCoins
Xapo BitcoinOTC
Cex.io
itBit
Bitit
Bitsquare
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Cashila or Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Android iOs Desktop
Mycelium BreadWallet Electrum
CoPay AirBitz Armory
Another interesting use case for physical storage/transfer is the Opendime. Opendime is a small USB stick that allows you to spend Bitcoin by physically passing it along so it's anonymous and tangible like cash.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account, usually from a text message or app, making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy
Android Android
iOS iOS

Where can I spend bitcoins?

A more comprehensive list can be found at the Trade FAQ but some more commons ones are below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Steam, HumbleBundle, Games Planet, itch.io, g2g and kinguin For when you need to get your game on
Microsoft Xbox games, phone apps and software
Spendabit, The Bitcoin Shop, Overstock, DuoSearch, The Bitcoin Directory and BazaarBay Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Cashila, Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, Pey.de, LivingRoomofSatoshi, Hyphen.to, Coinsfer, GetPaidinBitcoin, Coins.co.th, More #1, #2 Bill payment
Foodler, Menufy, Takeaway, Thuisbezorgd NL, Pizza For Coins Takeout delivered to your door!
Expedia, Cheapair, Lot, Destinia, BTCTrip, Abitsky, SkyTours, Fluege the Travel category on Gyft and 9flats For when you need to get away
BoltVM, BitHost VPS service
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun For new domain name registration
Stampnik and GetUSPS Discounted USPS Priority, Express, First-Class mail postage
Reddit Gold Premium membership which can be gifted to others
Coinmap, 99Bitcoins and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations, such as Wikipedia, Red Cross, Amnesty International, United Way, ACLU and the EFF. You can find a longer list here.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. Bitseed is an easy option for getting set up. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, XBTfreelancer, Cryptogrind, Bitlancerr, Coinality, Bitgigs, /Jobs4Bitcoins, Rein Project Freelancing
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
Watchmybit, Streamium.io, OTika.tv, XOtika.tv NSFW, /GirlsGoneBitcoin NSFW Video Streaming
Bitasker, BitforTip, WillPayCoin Tasks
Supload.com, SatoshiBox, JoyStream, File Army File/Image Sharing
CoinAd, A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins)

Bitcoin Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network, Amiko Pay, and Strawpay Payment channels for network scaling
Blockstream and Drivechain Sidechains
21, Inc. Open source library for the machine payable web
ShapeShift.io Trade between bitcoins and altcoins easily
Open Transactions, Counterparty, Omni, Open Assets, Symbiont and Chain Financial asset platforms
Hivemind and Augur Prediction markets
Mirror Smart contracts
Mediachain Decentralized media library
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
Samourai and Dark Wallet - abandoned Privacy-enhancing wallets
JoinMarket CoinJoin implementation (Increase privacy and/or Earn interest on bitcoin holdings)
Coinffeine and Bitsquare Decentralized bitcoin exchanges
Keybase and Bitrated Identity & Reputation management
Bitmesh and Telehash Mesh networking
JoyStream BitTorrent client with paid seeding
MORPHiS Decentralized, encrypted internet
Storj and Sia Decentralized file storage
Streamium and Faradam Pay in real time for on-demand services
Abra Global P2P money transmitter network
bitSIM PIN secure hardware token between SIM & Phone
Identifi Decentralized address book w/ ratings system
Coinometrics Institutional-level Bitcoin Data & Research
Blocktrail and BitGo Multisig bitcoin API
Bitcore Open source Bitcoin javascript library
Insight Open source blockchain API
Leet Kill your friends and take their money ;)

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (mL) or millimetre (mm)
microbitcoin μBTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (μL) or micrometre (μm)
bit bit 1,000,000 per bitcoin Colloquial "slang" term for microbitcoin
satoshi sat 100,000,000 per bitcoin Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $500 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. A complete list of bitcoin related subreddits can be found here
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BinaryResult to Bitcoin [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
Some great introductions for new users are My first bitcoin, Bitcoin explained and ELI5 Bitcoin. Also, the following videos are a good starting point for understanding how bitcoin works and a little about its long term potential:
Also have to give mention to Lopp.net, the Princeton crypto series and James D'Angelo's Bitcoin 101 Blackboard series. Some excellent writing on Bitcoin's value proposition and future can be found at the Satoshi Nakamoto Institute. Bitcoin statistics can be found here, here and here. Developer resources can be found here, here and here. Peer-reviewed research papers can be found here. Potential upcoming protocol improvements here. Scaling resources here. The number of times Bitcoin was declared dead by the media can be found here (LOL!), and of course Satoshi Nakamoto's whitepaper that started it all! :)
Key properties of bitcoin

Where can I buy bitcoins?

Bitcoin.org, BuyBitcoinWorldwide.com and Howtobuybitcoin.io are helpful sites for beginners. You can buy or sell any amount of bitcoin and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also, check out the bitcoinity exchange resources for a larger list of options for purchases.
Bank Transfer Credit / Debit card Cash
Gemini Bitstamp LocalBitcoins
Bitstamp Bitit Mycelium LocalTrader
BitFinex Cex.io LibertyX
Cex.io CoinMama WallofCoins
Xapo Spectrocoin BitcoinOTC
Kraken Luno BitQuick
itBit
HitBTC
Bitit
Bisq (decentralized)
Luno
Spectrocoin
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Android iOs Desktop
Samouari BreadWallet Electrum
Another interesting use case for physical storage/transfer is the Opendime. Opendime is a small USB stick that allows you to spend Bitcoin by physically passing it along so it's anonymous and tangible like cash.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account, usually from a text message or app, making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy
Android Android
iOS iOS

Where can I spend bitcoins?

Check out spendabit or bitcoin directory for some good options, some of the more commons ones are listed below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Steam, HumbleBundle, Games Planet, itch.io, g2g and kinguin For when you need to get your game on
Microsoft Xbox games, phone apps and software
Spendabit, Overstock, The Bitcoin Directory and BazaarBay Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, LivingRoomofSatoshi, Hyphen.to, Coinsfer, More #1, #2 Bill payment
Menufy, Takeaway, Thuisbezorgd NL, Pizza For Coins Takeout delivered to your door!
Expedia, Cheapair, Lot, Destinia, BTCTrip, Abitsky, SkyTours, Fluege the Travel category on Gyft and 9flats For when you need to get away
BitHost VPS service
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun For new domain name registration
Stampnik Discounted USPS Priority, Express, First-Class mail postage
Reddit Gold Premium membership which can be gifted to others
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations, such as Wikipedia, United Way, ACLU and the EFF. You can find a longer list here.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. Bitseed is an easy option for getting set up. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, XBTfreelancer, Cryptogrind, Bitlancerr, Coinality, Bitgigs, /Jobs4Bitcoins, Rein Project Freelancing
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
Streamium.io, XOtika.tv NSFW, /GirlsGoneBitcoin NSFW Video Streaming
Bitasker, BitforTip Tasks
Supload.com, SatoshiBox, JoyStream, File Army File/Image Sharing
CoinAd, A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins)

Bitcoin Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network, Amiko Pay, and Strawpay Payment channels for network scaling
Blockstream, Rootstock and Drivechain Sidechains
21, Inc. Open source library for the machine payable web
ShapeShift.io Trade between bitcoins and altcoins easily
Open Transactions, Counterparty, Omni, Open Assets, Symbiont and Chain Financial asset platforms
Hivemind and Augur Prediction markets
Mediachain Decentralized media library
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
Samourai and Dark Wallet - abandoned Privacy-enhancing wallets
JoinMarket CoinJoin implementation (Increase privacy and/or Earn interest on bitcoin holdings)
Coinffeine and Bisq Decentralized bitcoin exchanges
Keybase and Bitrated Identity & Reputation management
Telehash Mesh networking
JoyStream BitTorrent client with paid seeding
MORPHiS Decentralized, encrypted internet
Storj and Sia Decentralized file storage
Streamium Pay in real time for on-demand services
Abra Global P2P money transmitter network
bitSIM PIN secure hardware token between SIM & Phone
Identifi Decentralized address book w/ ratings system
BitGo Multisig bitcoin API
Bitcore Open source Bitcoin javascript library
Insight Open source blockchain API
Leet Kill your friends and take their money ;)

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (mL) or millimetre (mm)
microbitcoin μBTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (μL) or micrometre (μm)
bit bit 1,000,000 per bitcoin Colloquial "slang" term for microbitcoin
satoshi sat 100,000,000 per bitcoin Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. A complete list of bitcoin related subreddits can be found here
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BinaryResult to Bitcoin [link] [comments]

Why I sold all my ethereum today and converted it all into Bitcoin

It was a very hard moment for me, but I was minded by the great Andreas Antonopoulos, it takes discipline to be a good trader.
Buying when everything feels down is tough, but necessary if you want to profit. This is the most important mantra: buy when most people are selling, sell when most people are buying.
I was trying to figure out why it was so hard. I made a very good multiple on my original ethereum investment. I should be happy realizing those profits. I realized it was my greed to follow everybody else. Otherwise I'd be missing out.
What we're seeing today is our generation's .com bubble. When people are throwing hundreds of millions of dollars at eight pages of white paper, it doesn't take a genius that maybe, just maybe, each of those pages aren't worth $25 million each.
I do believe that one day, ethereum will be the transformative vehicle for new companies that will mint the next Google and Facebook. It'll be the agent that will change our lives as we know it.
But that day is not today. Fortunes will be lost and lives will be ruined.
There are so many obstacles that ethereum has yet to tackle. Enacting a transformative change from Proof-of-Work to Proof-of-Stake, the chances of finding a show stopping bug in smart contracts, even just a whiff of one of the giant ICO companies imploding is enough to get weak hands to fold.
And there are so many weak hands in ethereum.
The vast majority of people investing in ethereum and ICO's haven't had the bitter taste of an equity dropping to 10% and having the discipline to hold on.
How do you have confidence a bridge will hold when a 200-ton semi truck drives across? When 200 of those trucks have already driven across.
Bitcoin has been around for 8 years. It has weathered attacks from the most determined hackers, gone through 3 of the largest crashes in equities, stood under scrutiny by the US government and yet it stands.
I know this for a fact. Bitcoin will be around post BIP-148. Bitcoin will be around next year. Bitcoin will be around the next decade. I'll sleep easy tonight knowing that my Bitcoin stored in my trusty Trezor is mine to keep, out of the 21 million that will ever exist in human history.
To plagiarize one of my favorite quotes:
Ethereum is the fancy McMansion in Sarasota that starts falling apart in a few months. Bitcoin is the old stone building that stands for centuries. I cannot respect someone who doesn't see the difference.
.
EDIT: I've been getting some very kind messages from you guys and have been encouraged to write more. I've set up a new Twitter account that'll post short thoughts and will let you know when more meaty writing is available.
Short form: https://twitter.com/uncapslock
Long form: https://medium.com/@uncapslock
.
Thoughtful readings for your consideration
submitted by uncapslock to Bitcoin [link] [comments]

r/Bitcoin recap - October 2019

Hi Bitcoiners!
I’m back with the 34th monthly Bitcoin news recap. (a bit late this time, sorry)
For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month.
You can see recaps of the previous months on Bitcoinsnippets.com
A recap of Bitcoin in October 2019
Adoption
Development
Security
Mining * Block 600k has been mined and with it the 18 millionth bitcoin (19 Oct)
Business
Education
Regulation & Politics
Archeology (Financial Incumbents)
Price & Trading
Fun & Other
submitted by SamWouters to Bitcoin [link] [comments]

I got fired 3 week ago and got into depression, one of my best friends is a crypto trader. Instead of feeling shitty he want to teach me everything about crypto and he said that it might help me to understand the normal 9-6 job life is not the only way. here are the tips and resources he gave me:

i’m sharing it here because i’m sure that there are other people in my situation too and it will be great if i can help you exactly like how my friend helped me.
What i’m sharing here is what i wrote on my notebook while he was pitching the basics of crypto trading, I summarized it into few lists so it will be easier for you to follow:
General tips:
  1. If your mom send you a message asking “how to buy bitcoin”? it means you need to sell yours (not to her of course :P)
  2. Don’t put all your money on the exchange (he lost in the past some money on mt.gox).
  3. If you’re too lazy to print a paper wallet or so cheap you can’t buy Trezor, so don’t cry if you make some stupid mistakes and lose your login details/ get hacked.
  4. Don’t be afraid from charts, After you will get into trading you will find technical analysis like a children’s game, you just need to look for shapes and mark a line to understand where the risk is and than use your instincts, your brain(he claimed i don’t have any) and some useful new resources (i share them later on).
  5. there is too much information, if you will try to focus everything it will kill you and you will spend most of your profits on Advil. arrange yourself a useful resources and a comfortable working environment.
  6. Listen to Lofi while you trade/make decisions.
  7. don’t join random telegram groups or pump and dump groups. no-one open a traders group and invite you just because you have a beautiful smile. 97% of them have hidden interest. Try to attend for a local bitcoin meet up in your hometown or near by and than meet REAL people and REAL traders. Ask them if they have a friends traders group and ask to join, If they don’t agree say the
Trading tips:
  1. Altcoins - Vs. Bitcoin and Vs. USD: it's important to analyse the price against Bitcoin and against USD as well. Most major altcoins have huge USD trading
  2. What goes down – does not necessarily go up again: “I’ve seen Altcoins like Aurora which came down 99.99% of its record”.
  3. Day trading is a job. Consider the time spending on it when calculating your gains and losses.
  4. Don’t put all of your eggs in one basket: Diversify your crypto portfolio, and it's not shame to hedge to cash sometimes
  5. don’t risk something you can’t afford to lose.
resources:
“Give a man a good signal and he made profit for day, Teach him how to trade and will make a profit for a day “ (I made it now… And I wonder why I got fired) :P
He shared with me many of his resources and said that I need to check them to understand which one are useful for me and which isn’t.
News & Educational Websites:
Educational, Learn about real companies that using smart contracts - https://medium.com/swarmdotmarket/5-companies-already-brilliantly-using-smart-contracts-ac49f3d5c431
BitcoinWiki* - It’s like wikipedia, but for bitcoins… https://en.bitcoin.it/wiki/Main_Page
CryptoCoinChart - a cool alternative to coinmarketcap https://cryptocoincharts.info/
ICO’s - Before investing in ICO you need to check few things:
Whitepapaer- Before you buy electronic product on Amazon do you read about it? do you do the research? Do the same when you invest in ICO. Read the Whitepaper to fully understand the idea and the potential
submitted by leftycatchersmit to CryptoCurrency [link] [comments]

I'm donating 25 Bitcoin to good causes this Christmas. Join in and give Bitcoin this Christmas (day 9)

Goal

During December I will donate 25 Bitcoin, 1 each day leading up to Christmas, to a cause suggested by Bitcoin. It can be a charity, open source project, crowdfund or anything else.
 
I am hoping that these daily posts and donations will encourage others in the community to give Bitcoin this Christmas. Especially people who have benefited from the rise in price recently.  

Get involved

Submit a suggestion in the comments of a cause you would like to see donated to. Also post a link to their Bitcoin donation page (not address) if possible. Even if your suggestion is not donated to by me this month hopefully it may be seen by others here who may choose to donate.
 
Each day I'll pick a cause from the suggestions, likely the most upvoted one, and donate 1 Bitcoin to them. I'll ignore any scams, begging, college fund requests etc.
 
I will try to send donations as fast as possible but there may be times where I have to do more research or checks to verify the suggestions are legit.  
If you wish to give but don't have the time to check Reddit for the rest of the month you can send Bitcoin to my address:  
34WbSyrtibUJiFbRa7ukLC8RGdFMnQRn4b  
I will divide the extra Bitcoin sent to that address by 25 and donate it to each of the chosen causes on the 25th or the 26th.

Proof of funds

Message: "Give Bitcoin this Christmas" Address: 34WbSyrtibUJiFbRa7ukLC8RGdFMnQRn4b Signature: I8vZgsyOb1CKbTjo/Mravp03yIFnC94GNTVYOkBbhIUPUajfKPg4nh8zj7dWu5qzev2nsAtByLwpHHDnVwyAxsI=
Note that the address above doesn't contain 25 now due to sending donations so the funds moved to change addresses. You need to verify it using Trezor.

Donations

Day Cause Proof of donation
1 EFF tx , tx ,tx , tx
2 Khan Academy awaiting deposit address
3 Give Directly tx
4 Andreas Antonopoulos tx
5 MAPS tx
6 help venezuelans refunded tx
7 Wikipedia tx
8 TBD
 
Warning: Don't send to addresses I have without checking donation pages first. Some of those were temp wallets produced by their payment processor.
submitted by deannolan to Bitcoin [link] [comments]

I'm donating 25 Bitcoin to good causes this Christmas. Join in and give Bitcoin this Christmas (day 14)

Goal

During December I will donate 25 Bitcoin, 1 each day leading up to Christmas, to a cause suggested by Bitcoin. It can be a charity, open source project, crowdfund or anything else.
 
I am hoping that these daily posts and donations will encourage others in the community to give Bitcoin this Christmas. Especially people who have benefited from the rise in price recently.  

Get involved

Submit a suggestion in the comments of a cause you would like to see donated to. Also post a link to their Bitcoin donation page (not address) if possible. Even if your suggestion is not donated to by me this month hopefully it may be seen by others here who may choose to donate.
 
Each day I'll pick a cause from the suggestions, likely the most upvoted one, and donate 1 Bitcoin to them. I'll ignore any scams, begging, college fund requests etc.
 
I will try to send donations as fast as possible but there may be times where I have to do more research or checks to verify the suggestions are legit.  
If you wish to give but don't have the time to check Reddit for the rest of the month you can send Bitcoin to my address:  
34WbSyrtibUJiFbRa7ukLC8RGdFMnQRn4b  
I will divide the extra Bitcoin sent to that address by 25 and donate it to each of the chosen causes on the 25th or the 26th.
Thanks to the people who have donated to my address so far.

Proof of funds

Message: "Give Bitcoin this Christmas" Address: 34WbSyrtibUJiFbRa7ukLC8RGdFMnQRn4b Signature: I8vZgsyOb1CKbTjo/Mravp03yIFnC94GNTVYOkBbhIUPUajfKPg4nh8zj7dWu5qzev2nsAtByLwpHHDnVwyAxsI=
Note that the address above doesn't contain 25 now due to sending donations so the funds moved to change addresses. You need to verify it using Trezor.

Donations

Day Cause Proof of donation
1 EFF tx , tx ,tx , tx
2 Khan Academy tx
3 Give Directly tx
4 Andreas Antonopoulos tx
5 MAPS tx
6 help venezuelans refunded tx
7 Wikipedia tx
8 Royal National Lifeboat Institution tx
9 mercy for animals tx
10 Bitcoin Core tx
 
Warning: Don't send to addresses I have without checking donation pages first. Some of those were temp wallets produced by their payment processor.
 
P.S. I don't donate to individuals so please don't post or PM.
 
P.P.S I have not seen any suggestions yet for charities dealing with addiction. It would be great if we could get some suggestions for alcohol, drug or gambling addiction.
submitted by deannolan to Bitcoin [link] [comments]

r/Bitcoin recap - April 2019

Hi Bitcoiners!
I’m back with the 28th monthly Bitcoin news recap.
For those unfamiliar, each day I pick out the most popularelevant/interesting stories in Bitcoin and save them. At the end of the month I release them in one batch, to give you a quick (but not necessarily the best) overview of what happened in bitcoin over the past month.
You can see recaps of the previous months on Bitcoinsnippets.com
A recap of Bitcoin in April 2019
Adoption
Development
Security
Mining
Business
Education
Archeology (Financial Incumbents)
Price & Trading
Fun & Other
submitted by SamWouters to Bitcoin [link] [comments]

I'm donating 25 Bitcoin to good causes this Christmas. Join in and give Bitcoin this Christmas (day 7)

Goal

During December I will donate 25 Bitcoin, 1 each day leading up to Christmas, to a cause suggested by Bitcoin. It can be a charity, open source project, crowdfund or anything else.
 
I am hoping that these daily posts and donations will encourage others in the community to give Bitcoin this Christmas. Especially people who have benefited from the rise in price recently.  

Get involved

Submit a suggestion in the comments of a cause you would like to see donated to. Also post a link to their Bitcoin donation page (not address) if possible. Even if your suggestion is not donated to by me this month hopefully it may be seen by others here who may choose to donate.
 
Each day I'll pick a cause from the suggestions, likely the most upvoted one, and donate 1 Bitcoin to them. I'll ignore any scams, begging, college fund requests etc.
 
I will try to send donations as fast as possible but there may be times where I have to do more research or checks to verify the suggestions are legit.  
If you wish to give but don't have the time to check Reddit for the rest of the month you can send Bitcoin to my address:  
34WbSyrtibUJiFbRa7ukLC8RGdFMnQRn4b  
I will divide the extra Bitcoin sent to that address by 25 and donate it to each of the chosen causes on the 25th or the 26th.

Proof of funds

Message: "Give Bitcoin this Christmas" Address: 34WbSyrtibUJiFbRa7ukLC8RGdFMnQRn4b Signature: I8vZgsyOb1CKbTjo/Mravp03yIFnC94GNTVYOkBbhIUPUajfKPg4nh8zj7dWu5qzev2nsAtByLwpHHDnVwyAxsI=
Note that the address above doesn't contain 25 now due to sending donations so the funds moved to change addresses. You need to verify it using Trezor.

Donations

Day Cause Proof of donation
1 EFF tx , tx ,tx , tx
2 Khan Academy awaiting deposit address
3 Give Directly tx
4 Andreas Antonopoulos tx
5 MAPS tx
6 TBD
 
Warning: Don't send to addresses I have without checking donation pages first. Some of those were temp wallets produced by their payment processor.
submitted by deannolan to Bitcoin [link] [comments]

I'm donating 25 Bitcoin to good causes - UPDATE

Goal

At the start of December I pledged to donate 25 Bitcoin, 1 each day leading up to Christmas, to a cause suggested by Bitcoin. This was done publically in the hope to inspire others to donate too, especially people who have benefited from the rise in price recently.
 
It took a long time to read every comment, private message and to check everyones suggestions. Unfortunately not many suggested charities accept Bitcoin. I am posting this update so people can make suggestions for the last few donations and see a list of causes donated to so far.
 
I am hoping that this post and donations will still encourage others in the community to give Bitcoin to good causes.
 

Get involved

Submit a suggestion in the comments of a cause you would like to see donated to. Also post a link to their Bitcoin donation page (not address) if possible. Even if your suggestion is not donated to by me hopefully it may be seen by others here who may choose to donate.
 
I'll ignore any scams, begging, college fund requests etc. I don't donate to individuals so please don't post or PM.
If you wish to give but don't have the time to check these posts for suggestions you can send Bitcoin to my address:  
34WbSyrtibUJiFbRa7ukLC8RGdFMnQRn4b  
I will divide the extra Bitcoin sent to that address by 25 and donate it to each of the chosen causes once all my 25 Bitcoin have been donated.
Thanks to the people who have donated to my address so far.

Proof of funds

Message: "Give Bitcoin this Christmas" Address: 34WbSyrtibUJiFbRa7ukLC8RGdFMnQRn4b Signature: I8vZgsyOb1CKbTjo/Mravp03yIFnC94GNTVYOkBbhIUPUajfKPg4nh8zj7dWu5qzev2nsAtByLwpHHDnVwyAxsI=
Note that the address above doesn't contain 25 now due to sending donations so the funds moved to change addresses. You need to verify it using Trezor.

Donations

Day Cause Proof of donation
1 EFF tx , tx ,tx , tx
2 Khan Academy tx
3 Give Directly tx
4 Andreas Antonopoulos tx
5 MAPS tx
6 help venezuelans refunded tx
7 Wikipedia tx
8 Royal National Lifeboat Institution tx
9 mercy for animals tx
10 Heads Up Guys tx
11 Land + Heart project tx
12 The water project tx
13 3blue1brown Check this amazing video tx
14 Open Medicine Foundation tx tx
15 Tor Project tx
16 Free Software Foundation tx
17 Freedom of the Press Foundation tx
18 Against Malaria Foundation tx
19 MIRI tx
20 TBD
21 TBD
22 TBD
23 TBD
24 TBD
25 TBD
 
P.S I have not seen any suggestions yet for charities dealing with addiction. It would be great if we could get some suggestions for alcohol, drug or gambling addiction.
submitted by deannolan to Bitcoin [link] [comments]

A Beginners Guide to Bitcoin, Blockchain & Cryptocurrency

As cryptocurrency, and blockchain technology become more abundant throughout our society, it’s important to understand the inner workings of this technology, especially if you plan to use cryptocurrency as an investment vehicle. If you’re new to the crypto-sphere, learning about Bitcoin makes it much easier to understand other cryptocurrencies as many other altcoins' technologies are borrowed directly from Bitcoin.
Bitcoin is one of those things that you look into only to discover you have more questions than answers, and right as you’re starting to wrap your head around the technology; you discover the fact that Bitcoin has six other variants (forks), the amount of politics at hand, or that there are over a thousand different cryptocurrencies just as complex if not even more complex than Bitcoin.
We are currently in the infancy of blockchain technology and the effects of this technology will be as profound as the internet. This isn’t something that’s just going to fade away into history as you may have been led to believe. I believe this is something that will become an integral part of our society, eventually embedded within our technology. If you’re a crypto-newbie, be glad that you're relatively early to the industry. I hope this post will put you on the fast-track to understanding Bitcoin, blockchain, and how a large percentage of cryptocurrencies work.

Community Terminology

Altcoin: Short for alternative coin. There are over 1,000 different cryptocurrencies. You’re probably most familiar with Bitcoin. Anything that isn’t Bitcoin is generally referred to as an altcoin.
HODL: Misspelling of hold. Dank meme accidentally started by this dude. Hodlers are much more interested in long term gains rather than playing the risky game of trying to time the market.
TO THE MOON: When a cryptocurrency’s price rapidly increases. A major price spike of over 1,000% can look like it’s blasting off to the moon. Just be sure you’re wearing your seatbelt when it comes crashing down.
FUD: Fear. Uncertainty. Doubt.
FOMO: Fear of missing out.
Bull Run: Financial term used to describe a rising market.
Bear Run: Financial term used to describe a falling market.

What Is Bitcoin?

Bitcoin (BTC) is a decentralized digital currency that uses cryptography to secure and ensure validity of transactions within the network. Hence the term crypto-currency. Decentralization is a key aspect of Bitcoin. There is no CEO of Bitcoin or central authoritative government in control of the currency. The currency is ran and operated by the people, for the people. One of the main development teams behind Bitcoin is blockstream.
Bitcoin is a product of blockchain technology. Blockchain is what allows for the security and decentralization of Bitcoin. To understand Bitcoin and other cryptocurrencies, you must understand to some degree, blockchain. This can get extremely technical the further down the rabbit hole you go, and because this is technically a beginners guide, I’m going to try and simplify to the best of my ability and provide resources for further technical reading.

A Brief History

Bitcoin was created by Satoshi Nakamoto. The identity of Nakamoto is unknown. The idea of Bitcoin was first introduced in 2008 when Nakamoto released the Bitcoin white paper - Bitcoin: A Peer-to-Peer Electronic Cash System. Later, in January 2009, Nakamoto announced the Bitcoin software and the Bitcoin network officially began.
I should also mention that the smallest unit of a Bitcoin is called a Satoshi. 1 BTC = 100,000,000 Satoshis. When purchasing Bitcoin, you don’t actually need to purchase an entire coin. Bitcoin is divisible, so you can purchase any amount greater than 1 Satoshi (0.00000001 BTC).

What Is Blockchain?

Blockchain is a distributed ledger, a distributed collection of accounts. What is being accounted for depends on the use-case of the blockchain itself. In the case of Bitcoin, what is being accounted for is financial transactions.
The first block in a blockchain is referred to as the genesis block. A block is an aggregate of data. Blocks are also discovered through a process known as mining (more on this later). Each block is cryptographically signed by the previous block in the chain and visualizing this would look something akin to a chain of blocks, hence the term, blockchain.
For more information regarding blockchain I’ve provided more resouces below:

What is Bitcoin Mining

Bitcoin mining is one solution to the double spend problem. Bitcoin mining is how transactions are placed into blocks and added onto the blockchain. This is done to ensure proof of work, where computational power is staked in order to solve what is essentially a puzzle. If you solve the puzzle correctly, you are rewarded Bitcoin in the form of transaction fees, and the predetermined block reward. The Bitcoin given during a block reward is also the only way new Bitcoin can be introduced into the economy. With a halving event occurring roughly every 4 years, it is estimated that the last Bitcoin block will be mined in the year 2,140. (See What is Block Reward below for more info).
Mining is one of those aspects of Bitcoin that can get extremely technical and more complicated the further down the rabbit hole you go. An entire website could be created (and many have) dedicated solely to information regarding Bitcoin mining. The small paragraph above is meant to briefly expose you to the function of mining and the role it plays within the ecosystem. It doesn’t even scratch the surface regarding the topic.

How do you Purchase Bitcoin?

The most popular way to purchase Bitcoin through is through an online exchange where you trade fiat (your national currency) for Bitcoin.
Popular exchanges include:
  • Coinbase
  • Kraken
  • Cex
  • Gemini
There’s tons of different exchanges. Just make sure you find one that supports your national currency.

Volatility

Bitcoin and cryptocurrencies are EXTREMELY volatile. Swings of 30% or more within a few days is not unheard of. Understand that there is always inherent risks with any investment. Cryptocurrencies especially. Only invest what you’re willing to lose.

Transaction & Network Fees

Transacting on the Bitcoin network is not free. Every purchase or transfer of Bitcoin will cost X amount of BTC depending on how congested the network is. These fees are given to miners as apart of the block reward.
Late 2017 when Bitcoin got up to $20,000USD, the average network fee was ~$50. Currently, at the time of writing this, the average network fee is $1.46. This data is available in real-time on BitInfoCharts.

Security

In this new era of money, there is no central bank or government you can go to in need of assistance. This means the responsibility of your money falls 100% into your hands. That being said, the security regarding your cryptocurrency should be impeccable. The anonymity provided by cryptocurrencies alone makes you a valuable target to hackers and scammers. Below I’ve detailed out best practices regarding securing your cryptocurrency.

Two-Factor Authentication (2FA)

Two-factor authentication is a second way of authenticating your identity upon signing in to an account. Most cryptocurrency related software/websites will offer or require some form of 2FA. Upon creation of any crypto-related account find the Security section and enable 2FA.

SMS Authentication

The most basic form of 2FA which you are probably most familiar with. This form of authentication sends a text message to your smartphone with a special code that will allow access to your account upon entry. Note that this is not the safest form of 2FA as you may still be vulnerable to what is known as a SIM swap attack. SIM swapping is a social engineering method in which an attacker will call up your phone carrier, impersonating you, in attempt to re-activate your SIM card on his/her device. Once the attacker has access to your SIM card he/she now has access to your text messages which can then be used to access your online accounts. You can prevent this by using an authenticator such as Google Authenticator.

Authenticator

The use of an authenticator is the safest form of 2FA. An authenticator is installed on a seperate device and enabling it requires you input an ever changing six digit code in order to access your account. I recommend using Google Authenticator.
If a website has the option to enable an authenticator, it will give you a QR code and secret key. Use Google Authenticator to scan the QR code. The secret key consists of a random string of numbers and letters. Write this down on a seperate sheet of paper and do not store it on a digital device.
Once Google Authenticator has been enabled, every time you sign into your account, you will have to input a six-digit code that looks similar to this. If you happen to lose or damage the device you have Google Authenticator installed on, you will be locked out of your account UNLESS you have access to the secret key (which you should have written down).

Hardware Wallets

A wallet is what you store Bitcoin and cryptocurrency on. I’ll provide resources on the different type of wallets later but I want to emphasize the use of a hardware wallet (aka cold storage).
Hardware wallets are the safest way of storing cryptocurrency because it allows for your crypto to be kept offline in a physical device. After purchasing crypto via an exchange, I recommend transferring it to cold storage. The most popular hardware wallets include the Ledger Nano S, and Trezor.
Hardware wallets come with a special key so that if it gets lost or damaged, you can recover your crypto. I recommend keeping your recovery key as well as any other sensitive information in a safety deposit box.
I know this all may seem a bit manic, but it is important you take the necessary security precautions in order to ensure the safety & longevity of your cryptocurrency.

Technical Aspects of Bitcoin

TL;DR
  • Address: What you send Bitcoin to.
  • Wallet: Where you store your Bitcoin
  • Max Supply: 21 million
  • Block Time: ~10 minutes
  • Block Size: 1-2 MB
  • Block Reward: BTC reward received from mining.

What is a Bitcoin Address?

A Bitcoin address is what you send Bitcoin to. If you want to receive Bitcoin you’d give someone your Bitcoin address. Think of a Bitcoin address as an email address for money.

What is a Bitcoin Wallet?

As the title implies, a Bitcoin wallet is anything that can store Bitcoin. There are many different types of wallets including paper wallets, software wallets and hardware wallets. It is generally advised NOT to keep cryptocurrency on an exchange, as exchanges are prone to hacks (see Mt. Gox hack).
My preferred method of storing cryptocurrency is using a hardware wallet such as the Ledger Nano S or Trezor. These allow you to keep your crypto offline in physical form and as a result, much more safe from hacks. Paper wallets also allow for this but have less functionality in my opinion.
After I make crypto purchases, I transfer it to my Ledger Nano S and keep that in a safe at home. Hardware wallets also come with a special key so that if it gets lost or damaged, you can recover your crypto. I recommend keeping your recovery key in a safety deposit box.

What is Bitcoins Max Supply?

The max supply of Bitcoin is 21 million. The only way new Bitcoins can be introduced into the economy are through block rewards which are given after successfully mining a block (more on this later).

What is Bitcoins Block Time?

The average time in which blocks are created is called block time. For Bitcoin, the block time is ~10 minutes, meaning, 10 minutes is the minimum amount of time it will take for a Bitcoin transaction to be processed. Note that transactions on the Bitcoin network can take much longer depending on how congested the network is. Having to wait a few hours or even a few days in some instances for a transaction to clear is not unheard of.
Other cryptocurrencies will have different block times. For example, Ethereum has a block time of ~15 seconds.
For more information on how block time works, Prabath Siriwardena has a good block post on this subject which can be found here.

What is Bitcoins Block Size?

There is a limit to how large blocks can be. In the early days of Bitcoin, the block size was 36MB, but in 2010 this was reduced to 1 MB in order to prevent distributed denial of service attacks (DDoS), spam, and other malicious use on the blockchain. Nowadays, blocks are routinely in excess of 1MB, with the largest to date being somewhere around 2.1 MB.
There is much debate amongst the community on whether or not to increase Bitcoin’s block size limit to account for ever-increasing network demand. A larger block size would allow for more transactions to be processed. The con argument to this is that decentralization would be at risk as mining would become more centralized. As a result of this debate, on August 1, 2017, Bitcoin underwent a hard-fork and Bitcoin Cash was created which has a block size limit of 8 MB. Note that these are two completely different blockchains and sending Bitcoin to a Bitcoin Cash wallet (or vice versa) will result in a failed transaction.
Update: As of May 15th, 2018 Bitcoin Cash underwent another hard fork and the block size has increased to 32 MB.
On the topic of Bitcoin vs Bitcoin Cash and which cryptocurrency is better, I’ll let you do your own research and make that decision for yourself. It is good to know that this is a debated topic within the community and example of the politics that manifest within the space. Now if you see community members arguing about this topic, you’ll at least have a bit of background to the issue.

What is Block Reward?

Block reward is the BTC you receive after discovering a block. Blocks are discovered through a process called mining. The only way new BTC can be added to the economy is through block rewards and the block reward is halved every 210,000 blocks (approximately every 4 years). Halving events are done to limit the supply of Bitcoin. At the inception of Bitcoin, the block reward was 50BTC. At the time of writing this, the block reward is 12.5BTC. Halving events will continue to occur until the amount of new Bitcoin introduced into the economy becomes less than 1 Satoshi. This is expected to happen around the year 2,140. All 21 million Bitcoins will have been mined. Once all Bitcoins have been mined, the block reward will only consist of transaction fees.

Technical Aspects Continued

Understanding Nodes

Straight from the Bitcoin.it wiki
Any computer that connects to the Bitcoin network is called a node. Nodes that fully verify all of the rules of Bitcoin are called full nodes.
In other words, full nodes are what verify the Bitcoin blockchain and they play a crucial role in maintaining the decentralized network. Full nodes store the entirety of the blockchain and validate transactions. Anyone can participate in the Bitcoin network and run a full node. Bitcoin.org has information on how to set up a full node. Running a full node also gives you wallet capabilities and the ability to query the blockchain.
For more information on Bitcoin nodes, see Andreas Antonopoulos’s Q&A on the role of nodes.

What is a Fork?

A fork is a divergence in a blockchain. Since Bitcoin is a peer-to-peer network, there’s an overall set of rules (protocol) in which participants within the network must abide by. These rules are put in place to form network consensus. Forks occur when implementations must be made to the blockchain or if there is disagreement amongst the network on how consensus should be achieved.

Soft Fork vs Hard Fork

The difference between soft and hard forks lies in compatibility. Soft forks are backwards compatible, hard forks are not. Think of soft forks as software upgrades to the blockchain, whereas hard forks are a software upgrade that warrant a completely new blockchain.
During a soft fork, miners and nodes upgrade their software to support new consensus rules. Nodes that do not upgrade will still accept the new blockchain.
Examples of Bitcoin soft forks include:
A hard fork can be thought of as the creation of a new blockchain that X percentage of the community decides to migrate too. During a hard fork, miners and nodes upgrade their software to support new consensus rules, Nodes that do not upgrade are invalid and cannot accept the new blockchain.
Examples of Bitcoin hard forks include:
  • Bitcoin Cash
  • Bitcoin Gold
Note that these are completely different blockchains and independent from the Bitcoin blockchain. If you try to send Bitcoin to one of these blockchains, the transaction will fail.

A Case For Bitcoin in a World of Centralization

Our current financial system is centralized, which means the ledger(s) that operate within this centralized system are subjugated to control, manipulation, fraud, and many other negative aspects that come with this system. There are also pros that come with a centralized system, such as the ability to swiftly make decisions. However, at some point, the cons outweigh the pros, and change is needed. What makes Bitcoin so special as opposed to our current financial system is that Bitcoin allows for the decentralized transfer of money. Not one person owns the Bitcoin network, everybody does. Not one person controls Bitcoin, everybody does. A decentralized system in theory removes much of the baggage that comes with a centralized system. Not to say the Bitcoin network doesn’t have its problems (wink wink it does), and there’s much debate amongst the community as to how to go about solving these issues. But even tiny steps are significant steps in the world of blockchain, and I believe Bitcoin will ultimately help to democratize our financial system, whether or not you believe it is here to stay for good.

Final Conclusions

Well that was a lot of words… Anyways I hope this guide was beneficial, especially to you crypto newbies out there. You may have come into this realm not expecting there to be an abundance of information to learn about. I know I didn’t. Bitcoin is only the tip of the iceberg, but now that you have a fundamental understanding of Bitcoin, learning about other cryptocurrencies such as Litecoin, and Ethereum will come more naturally.
Feel free to ask questions below! I’m sure either the community or myself would be happy to answer your questions.
Thanks for reading!

Related Links

Guides

Exchanges

submitted by MrCryptoDude to Bitcoin [link] [comments]

I'm donating 25 Bitcoin to good causes this Christmas. Join in and give Bitcoin this Christmas (day 16)

Goal

During December I will donate 25 Bitcoin, 1 each day leading up to Christmas, to a cause suggested by Bitcoin. It can be a charity, open source project, crowdfund or anything else.
 
I am hoping that these daily posts and donations will encourage others in the community to give Bitcoin this Christmas. Especially people who have benefited from the rise in price recently.  

Get involved

Submit a suggestion in the comments of a cause you would like to see donated to. Also post a link to their Bitcoin donation page (not address) if possible. Even if your suggestion is not donated to by me this month hopefully it may be seen by others here who may choose to donate.
 
Each day I'll pick a cause from the suggestions, likely the most upvoted one, and donate 1 Bitcoin to them. I'll ignore any scams, begging, college fund requests etc.
 
I will try to send donations as fast as possible but there may be times where I have to do more research or checks to verify the suggestions are legit.  
If you wish to give but don't have the time to check Reddit for the rest of the month you can send Bitcoin to my address:  
34WbSyrtibUJiFbRa7ukLC8RGdFMnQRn4b  
I will divide the extra Bitcoin sent to that address by 25 and donate it to each of the chosen causes on the 25th or the 26th.
Thanks to the people who have donated to my address so far.

Proof of funds

Message: "Give Bitcoin this Christmas" Address: 34WbSyrtibUJiFbRa7ukLC8RGdFMnQRn4b Signature: I8vZgsyOb1CKbTjo/Mravp03yIFnC94GNTVYOkBbhIUPUajfKPg4nh8zj7dWu5qzev2nsAtByLwpHHDnVwyAxsI=
Note that the address above doesn't contain 25 now due to sending donations so the funds moved to change addresses. You need to verify it using Trezor.

Donations

Day Cause Proof of donation
1 EFF tx , tx ,tx , tx
2 Khan Academy tx
3 Give Directly tx
4 Andreas Antonopoulos tx
5 MAPS tx
6 help venezuelans refunded tx
7 Wikipedia tx
8 Royal National Lifeboat Institution tx
9 mercy for animals tx
10 Bitcoin Core tx
11 TBD
12 TBD
13 3blue1brown Check this amazing video tx
14 Open Medicine Foundation tx tx
 
Warning: Don't send to addresses I have without checking donation pages first. Some of those were temp wallets produced by their payment processor.
 
P.S. I don't donate to individuals so please don't post or PM.
 
P.P.S I have not seen any suggestions yet for charities dealing with addiction. It would be great if we could get some suggestions for alcohol, drug or gambling addiction.
 
P.P.P.S It would be good to suggest causes that Pineapple Fund are NOT donating too as my donations are small compared to his and could make a bigger impact elsewhere.
submitted by deannolan to Bitcoin [link] [comments]

I'm donating 25 Bitcoin to good causes this Christmas. Join in and give Bitcoin this Christmas (day 22)

UPDATE: I was offline for a few days. Hope to have this all completed by the end of the year

Goal

During December I will donate 25 Bitcoin, 1 each day leading up to Christmas, to a cause suggested by Bitcoin. It can be a charity, open source project, crowdfund or anything else.
 
I am hoping that these daily posts and donations will encourage others in the community to give Bitcoin this Christmas. Especially people who have benefited from the rise in price recently.  

Get involved

Submit a suggestion in the comments of a cause you would like to see donated to. Also post a link to their Bitcoin donation page (not address) if possible. Even if your suggestion is not donated to by me this month hopefully it may be seen by others here who may choose to donate.
 
Each day I'll pick a cause from the suggestions, likely the most upvoted one, and donate 1 Bitcoin to them. I'll ignore any scams, begging, college fund requests etc.
 
I will try to send donations as fast as possible but there may be times where I have to do more research or checks to verify the suggestions are legit.  
If you wish to give but don't have the time to check Reddit for the rest of the month you can send Bitcoin to my address:  
34WbSyrtibUJiFbRa7ukLC8RGdFMnQRn4b  
I will divide the extra Bitcoin sent to that address by 25 and donate it to each of the chosen causes on the 25th or the 26th.
Thanks to the people who have donated to my address so far.

Proof of funds

Message: "Give Bitcoin this Christmas" Address: 34WbSyrtibUJiFbRa7ukLC8RGdFMnQRn4b Signature: I8vZgsyOb1CKbTjo/Mravp03yIFnC94GNTVYOkBbhIUPUajfKPg4nh8zj7dWu5qzev2nsAtByLwpHHDnVwyAxsI=
Note that the address above doesn't contain 25 now due to sending donations so the funds moved to change addresses. You need to verify it using Trezor.

Donations

Day Cause Proof of donation
1 EFF tx , tx ,tx , tx
2 Khan Academy tx
3 Give Directly tx
4 Andreas Antonopoulos tx
5 MAPS tx
6 help venezuelans refunded tx
7 Wikipedia tx
8 Royal National Lifeboat Institution tx
9 mercy for animals tx
10 Heads Up Guys tx
11 Land + Heart project tx
12 The water project tx
13 3blue1brown Check this amazing video tx
14 Open Medicine Foundation tx tx
15 TBD
16 TBD
 
Warning: Don't send to addresses I have without checking donation pages first. Some of those were temp wallets produced by their payment processor.
 
P.S. I don't donate to individuals so please don't post or PM.
 
P.P.S I have not seen any suggestions yet for charities dealing with addiction. It would be great if we could get some suggestions for alcohol, drug or gambling addiction.
 
*P.P.P.S Struggling to find charities that accept Bitcoin. Most suggested so far don't. *
submitted by deannolan to Bitcoin [link] [comments]

Andreas Antonopoulos - Currency Wars and Bitcoin's ... Andreas Antonopoulos on Bitcoin Wallet Encryption - YouTube Joe Rogan Experience #844 - Andreas Antonopoulos - YouTube Andreas Antonopoulos Says Bitcoin Will Never Be Truly Private Introduction to Bitcoin - YouTube

From Trezor Wiki. Jump to: navigation, search. Trezor ... However, mining is not primarily process for creation of new bitcoin but serves as a mechanism by which is the security of the network decentralized. Mining is a competition between miners (or typically mining pools). Every miner tries to solve a difficult mathematical problem based on a cryptographic hash algorithm. A solution - Proof ... Bitcoin and open blockchain expert, Andreas M. Antonopoulos, believes that blockchain technology is a “mechanism for global peace and justice,” rather than a traditional violent alternative. In a recent interview with Tom Shaughnessy and Medio Demarco, Antonopoulos expressed his belief of the current state of the world, heralding Bitcoin as the one option available to individuals in ... From Trezor Wiki. Jump to: navigation, ... In most cryptocurrencies (eg., in Bitcoin) blockchain is a public ledger, it means anyone can check the balances or transactions of any used address in history. Some cryptocurrencies (eg., in Monero) have their blockchain obfuscated. Blocks and mining . The blockchain is also characterized by adding new transactions in separate blocks in a process ... #844 - Andreas Antonopoulos Sep 7, 2016. Andreas Antonopoulos is a bitcoin entrepreneur, he also serves on the advisory boards of several bitcoin startups and serves as the Chief Security Officer of Blockchain. Andreas Antonopoulos: Nobody Pre-empted the Idea of ASICs during Bitcoin’s Launch In the latest Bitcoin Q&A episode on YouTube, Andreas Antonopoulos talked about why the... Read more Antonopoulos: Transactions Fees Help The Crypto Industry Develop Quality Wallets on Time

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Andreas Antonopoulos - Currency Wars and Bitcoin's ...

Andreas Antonopoulos is a bitcoin entrepreneur, he also serves on the advisory boards of several bitcoin startups and serves as the Chief Security Officer of... BUILD YOUR DREAM BUSINESS IN 8 WEEKS: https://londonreal.tv/biz/ FREE WEBINAR - Turn Your Big Idea Into A Winning Product: http://londonreal.link/ba5Web2evYT... Bitcoin educator Andreas Antonopoulos says he would like to see more privacy features on Bitcoin, but they’re unlikely to happen anytime soon. SPONSORED BY SWAN BITCOIN - https://GaryLeland.com ... Presented at the Singularity University's Innovation Partnership Program (IPP), this is an entry level talk about bitcoin by Andreas Antonopoulos. Are you a ... {MiniCon} Andreas Antonopoulos - Currency Wars and Bitcoin Neutrality https://www.coinscrum.com/markets/ Recorded by Proof of Work Media London 2016 Follow C...

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