Flobee
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You certainly could be right. It is for sure a speculative asset. It IS getting a lot of attention right now from some big players.
Bitcoins/Litecoins/Virtual Currencies
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Flobee
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Looks like the market is dumping right now. May have an entry today/tomorrow.
Cad
scientia potentia est
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Bitcoin isn't stored anywhere, it's represented as value in addresses on the blockchain. What you're putting in your "wallet" are the private keys that allow you to access whats at a particular address in the blockchain.
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BrutulTM
Good, bad, I'm the guy with the gun.
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Being a speculative asset and being a currency are not compatible and never will be. Yes I know people speculate on real currencies, but it's real boring on any that are actually sound. That's only one of bitcoin's issues.
That said, as someone who sometimes gets fucked by commodities traders screwing with the price of agricultural products, I have said for years that they should leave the actual commodities alone and invent some fake ones where the supply and demand varies based on the weather or whatever for the traders to gamble on without screwing over actual farmers and their customers. Bitcoin is pretty much that.
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Flobee
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If you're looking to get into the market probably a decent entry right now. It could go down more I suppose, but I expect were within ~$500 of the bottom for this downturn. People hollering about a CME gap at $9500 so I figure we'll either dip to that, or the exchanges will tease it then pump to liquidate the shorts betting on it.
EDIT: This is very bullish longterm for BTC
www.btctimes.com
Countries are going to compete for attracting miner's using cheap electricity and subsidies. They'll collect some of the BTC as a fee and some of that will be held in reserves. First step to the laughably unlikely future of BTC being held as a national reserve, just like gold. It seems stupid until you start seeing it happen.
EDIT: This is very bullish longterm for BTC
Kazakhstan to Make a $700 Million Bet on Bitcoin Mining
Kazakhstan's new digital development minister Bagdat Mussin plans to reinforce the country's economy by expanding its crypto mining sector with a 300 billion tenges (approximately $715 million USD) investment. Talks of expansion are already underway. On Wednesday, Mussin made the case that...
Countries are going to compete for attracting miner's using cheap electricity and subsidies. They'll collect some of the BTC as a fee and some of that will be held in reserves. First step to the laughably unlikely future of BTC being held as a national reserve, just like gold. It seems stupid until you start seeing it happen.
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Flobee
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Stumbled across this today.
That sounds an awful lot like a chip, perhaps placed in ones hand or forehead that could be required for one to buy or sell goods.
Revelations 13:16-18
" it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666 "
Notice the patent name
W02020 060606
060606
666
You don't need to be religious to make the connection here. All it takes is for the people creating it to believe. Eerie at a minimum. Feel free to call me a loon in you'd like.
EDIT: Adding the below bit regarding how this chip will leverage the human body for Proof-of-Work calculations
Rewards are based on the activity you're told to do. It can verify that you actually do it
WO2020060606A1 - Cryptocurrency system using body activity data - Google Patents
Human body activity associated with a task provided to a user may be used in a mining process of a cryptocurrency system. A server may provide a task to a device of a user which is communicatively coupled to the server. A sensor communicatively coupled to or comprised in the device of the user...
patents.google.com
That sounds an awful lot like a chip, perhaps placed in ones hand or forehead that could be required for one to buy or sell goods.
Revelations 13:16-18
" it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666 "
Notice the patent name
W02020 060606
060606
666
You don't need to be religious to make the connection here. All it takes is for the people creating it to believe. Eerie at a minimum. Feel free to call me a loon in you'd like.
EDIT: Adding the below bit regarding how this chip will leverage the human body for Proof-of-Work calculations
Rewards are based on the activity you're told to do. It can verify that you actually do it
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Flobee
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Some of the bigger pro-bitcoin names here:
They go into how our current monetary policy will inevitably lead to socialism and war, why it is inevitable, and how bitcoin may be able to save the world from this through competitive pressure. Worth the listen for sure.
They go into how our current monetary policy will inevitably lead to socialism and war, why it is inevitable, and how bitcoin may be able to save the world from this through competitive pressure. Worth the listen for sure.
Flobee
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The first US based crypto bank is born. Wyoming is leading the nation in crypto regulation
blog.kraken.com
Kraken Wins Bank Charter Approval
We are thrilled to announce that the State of Wyoming has approved Kraken’s application to form the world’s first Special Purpose Depository Institution (SPDI), called Kraken Bank. Headquartered in Cheyenne, Wyoming, Kraken Bank is the first digital asset company in U.S. history to receive a...
blog.kraken.com
Flobee
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Michel Saylor is the CEO for MicroStrategy the company that recently purchased $473 million in BTC for the company's treasury reserves. This was a pretty good podcast going over why he decided to do so, and how he convinced his board to go along. He thinks we'll see institutional investment increase drastically over the next 6-12 months as these companies try to find a place to put their cash that will yield while asset inflation rages.
maskedmelon
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So how does it work when I buy Bitcoin? It looks like I can just buy it on the site. Does it just show a key number when I buy it and then I just write that down? I don’t understand The wallet concept if all I have are keys. Am I not able to see what the keys are? What is the point of a software wallet like the app for your phone or whatever? Is there reason that I should not purchase the coins with my pc? And can I sell/spend fractions of coins?
Mist
REEEEeyore
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There's no such thing as a bitcoin.
It's just a value stored in a wallet. Yes, it can be fractional.
Flobee
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So there are different levels to Bitcoin ownership. Hopefully explaining like this will help.
1. Buy Bitcoin/crypto from an exchange, leave the crypto on the exchange.
You own this crypto in the same way you own your money in a bank. That is to say that if the exchange folds or if anything goes sideways, they have legal control of the crypto and you lose it. Outside of this counter-party risk this is a fine short term solution. I would suggest doing this if you think that you'll be willing to learn more about how this all works once you have some skin in the game
2. Buy Bitcoin/crypto from an exchange, move it to cold storage.You want to buy Bitcoin, but don't plan to do anything it but HODL. Get yourself a hardware wallet (Trezor or Ledger are the oldest and most trusted). They'll come with directions to get it set up. You're essentially going to get an address from this device and send the Bitcoin you buy from the exchange to this address. Your device is the private key for this address and as such nobody can touch your coins without this device.
3. Buy Bitcoin/crypto from an exchange, actively use it for trading/DeFiIf you're asking this question don't do this, but FYI, there is something called a hot wallet (ex. Metamask) that holds Ethereum (ERC20) tokens you can use a number of different methods (Wrapping BTC, or just trading with ETH or other alts) to engage with the burgeoning decentralized finance market. You can earn interest, stake certain coins for income, get collateralized loans, become a liquidity provider for a market, etc. This is all very new and quite risky at this time, but its something you CAN do with your crypto.
There are a number of solutions in various stages of development that will make buying and holding crypto easier and safer, but for now IMO you should either keep a small amount of crypto on an exchange to learn with, or get a hardware wallet and just store it all there.As for the exchange process you'll go through the KYC process, ACH/wire them money, once it clears you can set a market/limit order for your Bitcoin. Once purchased you can choose to send the coins to an address through the exchanges interface. Its not too complicated once you get on an exchange.
You can also just buy BTC via CashApp if you want, although I'm not certain that they allow you to transfer to a different wallet.
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maskedmelon
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Thank you super much. So, is Bitcoin’s website an exchange? They offer an option to purchase here:
Buy Bitcoin
bitcoin.org
It looks like you enter the amount that you wish to purchase and then the address of your wallet. Do they procure it from an exchange, or does it refer you to one? I can toy with it, but I was curious if anybody had just used the bitcoin site before.
Flobee
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I'm not familiar with that website. Something you should be aware of is that there are a LOT of scams surrounding crypto in general. If you're in the US I would suggest using one of the below exchanges. Coinbase, while I've never used it, is supposed to have some very nice newbie friendly processes that teach you how things work.Thank you super much. So, is Bitcoin’s website an exchange? They offer an option to purchase here:
Buy Bitcoin
It looks like you enter the amount that you wish to purchase and then the address of your wallet. Do they procure it from an exchange, or does it refer you to one? I can toy with it, but I was curious if anybody had just used the bitcoin site before.
Buy, Sell & Trade Bitcoin & Other Crypto Currencies with Gemini's Best-in-class Platform | Gemini
Gemini makes crypto simple. Find, Trade and Buy over 70 coins including bitcoin on the best cryptocurrency platform. Start trading crypto here.
EDIT: If you're not in the US you may still be able to use the above but there may be a better option for your location
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maskedmelon
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I'm not familiar with that website. Something you should be aware of is that there are a LOT of scams surrounding crypto in general. If you're in the US I would suggest using one of the below exchanges. Coinbase, while I've never used it, is supposed to have some very nice newbie friendly processes that teach you how things work.
Buy, Sell & Trade Bitcoin & Other Crypto Currencies with Gemini's Best-in-class Platform | Gemini
Gemini makes crypto simple. Find, Trade and Buy over 70 coins including bitcoin on the best cryptocurrency platform. Start trading crypto here.gemini.com
EDIT: If you're not in the US you may still be able to use the above but there may be a better option for your location
Okay, thanks. What about
Buy Bitcoin & cryptocurrency | Wallet, news, education.
The world's gateway to Bitcoin & cryptocurrency. Buy, sell, spend, swap, and invest in BTC, ETH, BCH, AVAX, MATIC & hundreds more digital assets. Stay informed about crypto, DeFi, and Web3.
www.bitcoin.com
? Is that the official website?
Flobee
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There is no official site for Bitcoin as nobody owns bitcoin to create an "official" site. Bitcoin.com is run by Roger Ver who owns Bitcoin Cash. This is a fork of Bitcoin that was made a few years ago. It is a copy of bitcoin with some changes to blocksize or something like that. It is to the best of my knowledge essentially a shitcoin.Okay, thanks. What about
Buy Bitcoin & cryptocurrency | Wallet, news, education.
The world's gateway to Bitcoin & cryptocurrency. Buy, sell, spend, swap, and invest in BTC, ETH, BCH, AVAX, MATIC & hundreds more digital assets. Stay informed about crypto, DeFi, and Web3.
? Is that the official website?
If you think of Bitcoin less like a product and more like a commodity it makes more sense. Gold.com isn't the official site for gold anymore than Bitcoin.com is for bitcoin.
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maskedmelon
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Okay, maybe I will try out kraken then. They will allow me to transfer the coins to a hardware wallet? Also, what happens is the hardware wallet dies? I just want to buy a few coins and hold them, so I would most likely just place the hardware wallet in a safe deposit box.