What is Bitcoin? Introductory video and current Bitcoin price.

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The Great Bitcoin Bull Market Of 2017 by Trace Mayer

By: Trace Mayer, host of The Bitcoin Knowledge Podcast.
Originally posted here with images and Youtube videos.
I just got back from a two week vacation without Internet as I was scouring some archeological ruins. I hardly thought about Bitcoin at all because there were so many other interesting things and it would be there when I got back.
Jimmy Song suggested I do an article on the current state of Bitcoin. A great suggestion but he is really smart (he worked on Armory after all!) so I better be thorough and accurate!
Therefore, this article will be pretty lengthy and meticulous.
BACKGROUND
As I completely expected, the 2X movement from the New York Agreement that was supposed to happen during the middle of my vacation flopped on its face because Jeff Garzik was driving the clown car with passengers willfully inside like Coinbase, Blockchain.info, Bitgo and Xapo and there were here massive bugS and in the code and miners like Bitmain did not want to allocate $150-350m to get it over the difficulty adjustments.
I am very disappointed in their lack of integrity with putting their money where their mouths are; myself and many others wanted to sell a lot of B2X for BTC!
On 7 December 2015, with Bitcoin trading at US$388.40, I wrote The Rise of the Fourth Great Bitcoin Bubble. On 4 December 2016, with Bitcoin trading at US$762.97, I did this interview:

As of 26 November 2017, Bitcoin is trading around US$9,250.00. That is an increase of about 2,400% since I wrote the article prognosticating this fourth great Bitcoin bull market. I sure like being right, like usual (19 Dec 2011, 1 Jul 2013), especially when there are financial and economic consequences.
With such massive gains in such a short period of time the speculative question becomes: Buy, Hold or Sell?
FUNDAMENTALS
Bitcoin is the decentralized censorship-resistant Internet Protocol for transferring value over a communications channel.
The Bitcoin network can use traditional Internet infrastructure. However, it is even more resilient because it has custom infrastructure including, thanks to Bitcoin Core developer Matt Corrallo, the FIBRE network and, thanks to Blockstream, satellites which reduce the cost of running a full-node anywhere in the world to essentially nothing in terms of money or privacy. Transactions can be cheaply broadcast via SMS messages.
SECURITY
The Bitcoin network has a difficulty of 1,347,001,430,559 which suggests about 9,642,211 TH/s of custom ASIC hardware deployed.
At a retail price of approximately US$105/THs that implies about $650m of custom ASIC hardware deployed (35% discount applied).
This custom hardware consumes approximately 30 TWh per year. That could power about 2.8m US households or the entire country of Morocco which has a population of 33.85m.
This Bitcoin mining generates approximately 12.5 bitcoins every 10 minutes or approximately 1,800 per day worth approximately US$16,650,000.
Bitcoin currently has a market capitalization greater than $150B which puts it solidly in the top-30 of M1 money stock countries and a 200 day moving average of about $65B which is increasing about $500m per day.
Average daily volumes for Bitcoin is around US$5B. That means multi-million dollar positions can be moved into and out of very easily with minimal slippage.
When my friend Andreas Antonopolous was unable to give his talk at a CRYPSA event I was invited to fill in and delivered this presentation, impromptu, on the Seven Network Effects of Bitcoin.
These seven network effects of Bitcoin are (1) Speculation, (2) Merchants, (3) Consumers, (4) Security [miners], (5) Developers, (6) Financialization and (7) Settlement Currency are all taking root at the same time and in an incredibly intertwined way.
With only the first network effect starting to take significant root; Bitcoin is no longer a little experiment of magic Internet money anymore. Bitcoin is monster growing at a tremendous rate!!

SPECULATION
For the Bitcoin price to remain at $9,250 it requires approximately US$16,650,000 per day of capital inflow from new hodlers.
Bitcoin is both a Giffen good and a Veblen good.
A Giffen good is a product that people consume more of as the price rises and vice versa — seemingly in violation of basic laws of demand in microeconomics such as with substitute goods and the income effect.
Veblen goods are types of luxury goods for which the quantity demanded increases as the price increases in an apparent contradiction of the law of demand.
There are approximately 16.5m bitcoins of which ~4m are lost, ~4-6m are in deep cold storage, ~4m are in cold storage and ~2-4m are salable.
(http://www.runtogold.com/images/lost-bitcoins-1.jpg)
(http://www.runtogold.com/images/lost-bitcoins-2.jpg)
And forks like BCash (BCH) should not be scary but instead be looked upon as an opportunity to take more territory on the Bitcoin blockchain by trading the forks for real bitcoins which dries up more salable supply by moving it, likely, into deep cold storage.
According to Wikipedia, there are approximately 15.4m millionaires in the United States and about 12m HNWIs ($30m+ net worth) in the world. In other words, if every HNWI in the world wanted to own an entire bitcoin as a 'risk-free asset' that cannot be confiscated, seized or have the balance other wise altered then they could not.
For wise portfolio management, these HNWIs should have at least about 2-5% in gold and 0.5-1% in bitcoin.
Why? Perhaps some of the 60+ Saudis with 1,700 frozen bank accounts and about $800B of assets being targetted might be able to explain it to you.
In other words, everyone loves to chase the rabbit and once they catch it then know that it will not get away.
RETAIL
There are approximately 150+ significant Bitcoin exchanges worldwide. Kraken, according to the CEO, was adding about 6,000 new funded accounts per day in July 2017.
Supposedly, Coinbase is currently adding about 75,000 new accounts per day. Based on some trade secret analytics I have access to; I would estimate Coinbase is adding approximately 17,500 new accounts per day that purchase at least US$100 of Bitcoin.
If we assume Coinbase accounts for 8% of new global Bitcoin users who purchase at least $100 of bitcoins (just pulled out of thin error and likely very conservative as the actual number is perhaps around 2%) then that is approximately $21,875,000 of new capital coming into Bitcoin every single day just from retail demand from 218,750 total new accounts.
What I have found is that most new users start off buying US$100-500 and then after 3-4 months months they ramp up their capital allocation to $5,000+ if they have the funds available.
After all, it takes some time and practical experience to learn how to safely secure one's private keys.
To do so, I highly recommend Bitcoin Core (network consensus and full validation of the blockchain), Armory (private key management), Glacier Protocol (operational procedures) and a Puri.sm laptop (secure non-specialized hardware).
WALL STREET
There has been no solution for large financial fiduciaries to invest in Bitcoin. This changed November 2017.
LedgerX, whose CEO I interviewed 23 March 2013, began trading as a CFTC regulated Swap Execution Facility and Derivatives Clearing Organization.
The CME Group announced they will begin trading in Q4 2017 Bitcoin futures.
The CBOE announced they will begin trading Bitcoin futures soon.
By analogy, these institutional products are like connecting a major metropolis's water system (US$90.4T and US$2 quadrillion) via a nanoscopic shunt to a tiny blueberry ($150B) that is infinitely expandable.
This price discovery could be the most wild thing anyone has ever experienced in financial markets.
THE GREAT CREDIT CONTRACTION
The same week Bitcoin was released I published my book The Great Credit Contraction and asserted it had now begun and capital would burrow down the liquidity pyramid into safer and more liquid assets.
(http://www.runtogold.com/images/Great-Credit-Contraction-Liquidity-Pyramid.jpg)
Thus, the critical question becomes: Is Bitcoin a possible solution to the Great Credit Contraction by becoming the safest and most liquid asset?
BITCOIN'S RISK PROFILE
At all times and in all circumstances gold remains money but, of course, there is always exchange rate risk due to price ratios constantly fluctuating. If the metal is held with a third-party in allocated-allocated storage (safest possible) then there is performance risk (Morgan Stanley gold storage lawsuit).
But, if properly held then, there should be no counter-party risk which requires the financial ability of a third-party to perform like with a bank account deposit. And, since gold exists at a single point in space and time therefore it is subject to confiscation or seizure risk.
Bitcoin is a completely new asset type. As such, the storage container is nearly empty with only $150B.
And every Bitcoin transaction effectively melts down every BTC and recasts it; thus ensuring with 100% accuracy the quantity and quality of the bitcoins. If the transaction is not on the blockchain then it did not happen. This is the strictest regulation possible; by math and cryptography!
This new immutable asset, if properly secured, is subject only to exchange rate risk. There does exist the possibility that a software bug may exist that could shut down the network, like what has happened with Ethereum, but the probability is almost nil and getting lower everyday it does not happen.
Thus, Bitcoin arguably has a lower risk profile than even gold and is the only blockchain to achieve security, scalability and liquidity.
To remain decentralized, censorship-resistant and immutable requires scalability so as many users as possible can run full-nodes.
(http://www.runtogold.com/images/ethereum-bitcoin-scability-nov-2017.png)
TRANSACTIONS
Some people, probably mostly those shilling alt-coins, think Bitcoin has a scalability problem that is so serious it requires a crude hard fork to solve.
On the other side of the debate, the Internet protocol and blockchain geniuses assert the scalability issues can, like other Internet Protocols have done, be solved in different layers which are now possible because of Segregated Witness which was activated in August 2017.
Whose code do you want to run: the JV benchwarmers or the championship Chicago Bulls?
As transaction fees rise, certain use cases of the Bitcoin blockchain are priced out of the market. And as the fees fall then they are economical again.
Additionally, as transaction fees rise, certain UTXOs are no longer economically usable thus destroying part of the money supply until fees decline and UTXOs become economical to move.
There are approximately 275,000-350,000 transactions per day with transaction fees currently about $2m/day and the 200 DMA is around $1.08m/day.
(http://www.runtogold.com/images/bitcoin-transaction-fees-nov-2017.png)
What I like about transaction fees is that they somewhat reveal the financial health of the network.
The security of the Bitcoin network results from the miners creating solutions to proof of work problems in the Bitcoin protocol and being rewarded from the (1) coinbase reward which is a form of inflation and (2) transaction fees which is a form of usage fee.
The higher the transaction fees then the greater implied value the Bitcoin network provides because users are willing to pay more for it.
I am highly skeptical of blockchains which have very low transaction fees. By Internet bubble analogy, Pets.com may have millions of page views but I am more interested in EBITDA.
DEVELOPERS
Bitcoin and blockchain programming is not an easy skill to acquire and master. Most developers who have the skill are also financially independent now and can work on whatever they want.
The best of the best work through the Bitcoin Core process. After all, if you are a world class mountain climber then you do not hang out in the MacDonalds play pen but instead climb Mount Everest because that is where the challenge is.
However, there are many talented developers who work in other areas besides the protocol. Wallet maintainers, exchange operators, payment processors, etc. all need competent developers to help build their businesses.
Consequently, there is a huge shortage of competent developers. This is probably the largest single scalability constraint for the ecosystem.
Nevertheless, the Bitcoin ecosystem is healthier than ever before.
(http://www.runtogold.com/images/bitcoin-ecosystem.jpg)(/images/bitcoin-ecosystem-small.jpg)
SETTLEMENT CURRENCY
There are no significant global reserve settlement currency use cases for Bitcoin yet.
Perhaps the closest is Blockstream's Strong Federations via Liquid.
PRICE
There is a tremendous amount of disagreement in the marketplace about the value proposition of Bitcoin. Price discovery for this asset will be intense and likely take many cycles of which this is the fourth.
Since the supply is known the exchange rate of Bitcoins is composed of (1) transactional demand and (2) speculative demand.
Interestingly, the price elasticity of demand for the transactional demand component is irrelevant to the price. This makes for very interesting dynamics!
(http://www.runtogold.com/images/bitcoin-speculation.jpg)
On 4 May 2017, Lightspeed Venture Partners partner Jeremy Liew who was among the early Facebook investors and the first Snapchat investor laid out their case for bitcoin exploding to $500,000 by 2030.
On 2 November 2017, Goldman Sachs CEO Lloyd Blankfein (https://www.bloomberg.com/news/articles/2017-11-02/blankfein-says-don-t-dismiss-bitcoin-while-still-pondering-value)said, "Now we have paper that is just backed by fiat...Maybe in the new world, something gets backed by consensus."
On 12 Sep 2017, JP Morgan CEO called Bitcoin a 'fraud' but conceded that "(http://fortune.com/2017/09/12/jamie-dimon-bitcoin-cryptocurrency-fraud-buy/)Bitcoin could reach $100,000".
Thus, it is no surprise that the Bitcoin chart looks like a ferret on meth when there are such widely varying opinions on its value proposition.
I have been around this space for a long time. In my opinion, those who scoffed at the thought of $1 BTC, $10 BTC (Professor Bitcorn!), $100 BTC, $1,000 BTC are scoffing at $10,000 BTC and will scoff at $100,000 BTC, $1,000,000 BTC and even $10,000,000 BTC.
Interestingly, the people who understand it the best seem to think its financial dominance is destiny.
Meanwhile, those who understand it the least make emotionally charged, intellectually incoherent bearish arguments. A tremendous example of worldwide cognitive dissonance with regards to sound money, technology and the role or power of the State.
Consequently, I like looking at the 200 day moving average to filter out the daily noise and see the long-term trend.
(http://www.runtogold.com/images/bitcoin-price-200dma-nov-2017.png)
Well, that chart of the long-term trend is pretty obvious and hard to dispute. Bitcoin is in a massive secular bull market.
The 200 day moving average is around $4,001 and rising about $30 per day.
So, what do some proforma situations look like where Bitcoin may be undervalued, average valued and overvalued? No, these are not prognostications.
(http://www.runtogold.com/images/bitcoin-price-pro-forma.png)
Maybe Jamie Dimon is not so off his rocker after all with a $100,000 price prediction.
We are in a very unique period of human history where the collective globe is rethinking what money is and Bitcoin is in the ring battling for complete domination. Is or will it be fit for purpose?
As I have said many times before, if Bitcoin is fit for this purpose then this is the largest wealth transfer in the history of the world.
CONCLUSION
Well, this has been a brief analysis of where I think Bitcoin is at the end of November 2017.
The seven network effects are taking root extremely fast and exponentially reinforcing each other. The technological dominance of Bitcoin is unrivaled.
The world is rethinking what money is. Even CEOs of the largest banks and partners of the largest VC funds are honing in on Bitcoin's beacon.
While no one has a crystal ball; when I look in mine I see Bitcoin's future being very bright.
Currently, almost everyone who has bought Bitcoin and hodled is sitting on unrealized gains as measured in fiat currency. That is, after all, what uncharted territory with daily all-time highs do!
But perhaps there is a larger lesson to be learned here.
Riches are getting increasingly slippery because no one has a reliable defined tool to measure them with. Times like these require incredible amounts of humility and intelligence guided by macro instincts.
Perhaps everyone should start keeping books in three numéraires: USD, gold and Bitcoin.
Both gold and Bitcoin have never been worth nothing. But USD is a fiat currency and there are thousands of those in the fiat currency graveyard. How low can the world reserve currency go?
After all, what is the risk-free asset? And, whatever it is, in The Great Credit Contraction you want it!
What do you think? Disagree with some of my arguments or assertions? Please, eviscerate them on Twitter or in the comments!
submitted by bitcoinknowledge to Bitcoin [link] [comments]

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WHAT IS BITCOIN MEANING …………
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Bitcoin is a decentralized digital currency that enables instant payments to anyone, anywhere in the world. Bitcoin uses peer-to-peer technology to operate with no central authority: transaction management and money issuance are carried out collectively by the network.
The original Bitcoin software by Satoshi Nakamoto was released under the MIT license. Most client software, derived or "from scratch", also use open source licensing.
Bitcoin is the first successful implementation of a distributed crypto-currency, described in part in 1998 by Wei Dai on the cypherpunks mailing list. Building upon the notion that money is any object, or any sort of record, accepted as payment for goods and services and repayment of debts in a given country or socio-economic context, Bitcoin is designed around the idea of using cryptography to control the creation and transfer of money, rather than relying on central authorities.
Bitcoins have all the desirable properties of a money-like good. They are portable, durable, divisible, recognizable, fungible, scarce and difficult to counterfeit.
Why?
Bitcoin is P2P electronic cash that is valuable over legacy systems because of the monetary autonomy it brings to its users. Bitcoin seeks to address the root problem with conventional currency: all the trust that's required to make it work -- Not that justified trust is a bad thing, but trust makes systems brittle, opaque, and costly to operate. Trust failures result in systemic collapses, trust curation creates inequality and monopoly lock-in, and naturally arising trust choke-points can be abused to deny access to due process. Through the use of cryptographic proof, decentralized networks and open source software Bitcoin minimizes and replaces these trust costs.
Bitcoin Transactions are:
Permissionless and borderless. The software can be installed by anybody worldwide.
Do not require any ID to use. Making it suitable for the unbanked, the privacy-conscious, computers or people in areas with underdeveloped financial infrastructure.
Are censorship-resistant. Nobody is able to block or freeze a transaction of any amount.
Irreversible once settled, like cash. (but consumer protection is still possible.)
Fast. Transactions are broadcasted in seconds and can become irreversible within an hour.
Online and available 24 hours a day, 365 days per year.
Bitcoin can also be a store of value, some have said it is a "swiss bank account in your pocket".
Stored Bitcoins:
Cannot be printed or debased. Only 21 million bitcoins will ever exist.
Have no storage costs. They take up no physical space regardless of amount.
Are easy to protect and hide. Can be stored encrypted on a hard disk or paper backup.
Are in your direct possession with no counterparty risk. If you keep the private key of a bitcoin secret and the transaction has enough confirmations, then nobody can take them from you no matter for what reason, no matter how good the excuse, no matter what.
If you still can’t figure out what the heck a bitcoin is, this simple explanation will help you! …
📷
We’re sitting on a park bench. It’s a great day. I have one apple with me, I give it to you.
You now have one apple and I have zero. That was simple, right?
Let’s look closely at what happened:
My apple was physically put into your hand. You know it happened. I was there, you were there – you touched it.
We didn’t need a third person there to help us make the transfer. We didn’t need to pull in Uncle Tommy (who’s a famous judge) to sit with us on the bench and confirm that the apple went from me to you.
The apple’s yours! I can’t give you another apple because I don’t have any left. I can’t control it anymore. The apple left my possession completely. You have full control over that apple now. You can give it to your friend if you want, and then that friend can give it to his friend, and so on.
So that’s what an in-person exchange looks like. I guess it’s really the same, whether I’m giving you a banana, a book, a quarter, or a dollar bill …But I’m getting ahead of myself.

📷
What if we gave this ledger to everybody? Instead of the ledger living on a Blizzard computer, it’ll live in everybody’s computers. All the transactions that have ever happened, from all time, in digital apples, will be recorded in it.You can’t cheat it. I can’t send you digital apples I don’t have, because then it wouldn’t sync up with everybody else in the system. It’d be a tough system to beat. Especially if it got really big.
Plus, it’s not controlled by one person, so I know there’s no one that can just decide to give himself more digital apples. The rules of the system were already defined at the beginning.
And the code and rules are open source – kinda like the software used in your mom’s Android phone. Or kinda like Wikipedia. It’s there for smart people to maintain, secure, improve, and check.
You could participate in this network too – updating the ledger and making sure it all checks out. For the trouble, you could get like 25 digital apples as a reward. In fact, that’s the only way to create more digital apples in the system.
I simplified quite a bit … But that system I explained exists. It’s called the Bitcoin protocol. And those digital apples are the bitcoins within the system. Fancy! So, did you see what happened?
What does the public ledger enable?
1) It’s open source, remember? The total number of apples was defined in the public ledger at the beginning. I know the exact amount that exists. Within the system, I know they are limited (scarce).
2) When I make an exchange I now know that digital apple certifiably left my possession and is now completely yours. I used to not be able to say that about digital things. It will be updated and verified by the public ledger.
3) Because it’s a public ledger, I didn’t need Uncle Tommy (third-party) to make sure I didn’t cheat, or make extra copies for myself, or send apples twice, or thrice…
Within the system, the exchange of a digital apple is now just like the exchange of a physical one. It’s now as good as seeing a physical apple leave my hand and drop into your pocket. Just like on the park bench, the exchange involved two people only. You and me , we didn’t need Uncle Tommy there to make it valid.
In other words, it behaves like a physical object.
But you know what’s cool? It’s still digital.
We can now deal with 1,000 apples, or 1 million apples, or even .0000001 apples. I can send it with a click of a button, and I can still drop it in your digital pocket if I was in Nicaragua and you were all the way in New York.
I can even make other digital things ride on top of these digital apples! It’s digital after all. Maybe I can attach some text on it – a digital note. Or maybe I can attach more important things; like say a contract, or a stock certificate, or an ID card …
So this is great! How should we treat or value these “digital apples”? They’re quite useful aren’t they?
Well, a lot of people are arguing over it now. There’s debate between this and that economic school, between politicians, between programmers. Don’t listen to all of them though. Some people are smart; some are misinformed. Some say the system is worth a lot; some say it’s actually worth zero. Some guy actually put a hard number on it: $1,300 per apple. Some say it’s digital gold; some say it’s a currency. Others say they’re just like tulips. Some people say it’ll change the world; some say it’s just a fad.
I have my own opinion about it, but that’s a story for another time.
Hey, you now know more about Bitcoin than most.
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WHY FX TRADING CREATED?
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ABOUT THE COMPANY
FXTRADING CORPORATION is a global company with many investors and entrepreneurs in the World. Already developed by a team of professionals currently in the field of FX and CRYPTOTRADING and they created the software. It also helps many investors make money from mining companies in various places around the world with the following coins. Bitcoin, Etherium, Bitcoin in cash, Litecoin, etc. Even if you do not have experience in this market, it is an opportunity to earn profits automatically and gain a lot of growth.
HOW ITS WORKS
Our groundbreaking platform uses an automated arbitrage system that yields profits for customers based on real-time movements in the cryptocurrency market. Our proprietary algorithm buys bitcoin when it is cheaper, and sells when it is more expensive. FX-TRADING customers benefit by assuming the profit, which is deposited directly into their online account.
WHEN IT WAS LAUNCHED
fficial Launch on August 10th, 2018 in Busan – South Korea. Around 896.000 peoples already joined, and more than 183 countries opened.
IF U WANT TO BECOME AN INVESTOR
Great! for you as an investor is very simple Chose one of the Packages available: bot 100$
bot300$ bot500$
bot1000$ bot3000$ botbot5000$ bot10000$ bot20000$ bot30000$ bot40000$ bot50000$ The company will pay you up to 2.5% from what you invested They trade during the day and when comes midnight in South Korea, they pay whatever was that day’s profits Some days are 1.45% or 2.2% or 1.1% The company can’t guarantee how much it will pay, as Trading is not guaranteed The company pays Monday to Friday for 200 working days The only way to invest is using Bitcoin You can withdraw minimum of 50$ Monday to Friday, and it will be paid only in Bitcoin 24h later, not counting weekends, so if you withdraw on a Friday, you will get paid on Monday.
IF U WANT TO BE AN NETWORKER
Great! being a networker means you can get more bonuses • Daily Payment • Binary • Residual • Career Plan 1 - The daily Payment is up to 2.5% per day Monday to Friday, until you reach 400% 2- Binary is 10% of what people invest but you first need to qualify for it, is very simple, just register one direct person to your left and one to your right! after these 2, the next person that you register or that comes from those who you already registered, you will get the binary bonus from them, we are always talking about the smaller side. 3- Residual, this bonus is linked to the career plan, you need to qualify per stars, each star means you get 2% of each level from your network. So if you are star 3 for example, means you will receive 2% from 3 level from your network, everyday when they receive their daily payment, you get 2% of what they make. 4- Career Plan, Dollars of investment to became ◊1 Dollar = 1 Point Star 1 you need 1.000 points Star 2 you need 4.000 points Star 3 you need 20.000 points Star 4 you need 50.000 points Star 5 you need 200.000 points Star 6 you need 500.000 points Star 7 you need 1.500.000 points Star 8 you need 3.000.000 points Star 9 you need 5.000.000 points Star 10 you need 10.000.000 points Black Star you need 50.000.000 points All this point needs to be on the smaller leg.
DIFFERENCE BETWEEN INVESTOR AND NETWORKER
First let me tell you about being an Investor For you as an investor is very simple Choose one of the Packages available: 100$ 300$ 500% 1000$ 3000$ 5000$ 10000$ 20000$ 30000$ 40000$ 50000$ The company will pay you up to 2.5% from what you invested They trade during the day and when comes midnight in South Korea, they pay whatever was that day’s profits Some days are 1.45% or 2.2% or 1.1% The company can’t guarantee how much it will pay, as Trading is not guaranteed The company pays Monday to Friday for 200 working days The only way to invest is using Bitcoin You can withdraw minimum of 50$ Monday to Friday, and it will be paid only in Bitcoin 24h later, not counting weekends, so if you withdraw on a Friday, you will get paid on Monday.
Now as a networker you can get more bonuses • Daily Payment • Binary • Residual • Career Plan 1 - The daily Payment is up to 2.5% per day Monday to Friday, until you reach 400% 2- Binary is 10% of what people invest but you first need to qualify for it, is very simple, just register one direct person to your left and one to your right! after these 2, the next person that you register or that comes from those who you already registered, you will get the binary bonus from them, we are always talking about the smaller side. 3- Residual, this bonus is linked to the career plan, you need to qualify per stars, each star means you get 2% of each level from your network. So if you are star 3 for example, means you will receive 2% from 3 level from your network, everyday when they receive their daily payment, you get 2% of what they make. 4- Career Plan, Dollars of investment to became ◊1 Dollar = 1 Point Star 1 you need 1.000 points Star 2 you need 4.000 points Star 3 you need 20.000 points Star 4 you need 50.000 points Star 5 you need 200.000 points Star 6 you need 500.000 points Star 7 you need 1.500.000 points Star 8 you need 3.000.000 points Star 9 you need 5.000.000 points Star 10 you need 10.000.000 points Black Star you need 50.000.000 points All this point needs to be on the smaller leg.
MOST IMPORTANTLY IS THAT
The difference Between an investor and a networker is: Investor Will only receive the daily payment of up to 2.5% Networker Can get more bonuses such as: - Daily Payment of up to 2.5% - Indication of 6% - Binary of 10% - Residual Bonus - Career Bonus
SOME INFO THAT YOU HAVE TO KNOW ABOUT GET SUPPORT FROM FXTRADING
ACTIVATION:
MY PLAN DOES NOT ACTIVATE AFTER WIRING FUNDS ANSWER IS …
.- After a payment request is created, you have 24 hours to wire funds to a designated wallet. Based on the fluctuation of Bitcoin prices, posted amount of Bitcoin may be larger or smaller. Price updates commence every 30 minutes. - The system only validates your request to transfer when you pay the designated amount or more. If less bitcoin were submitted, the transfer request would be voided automatically…
HOW LONG DOES IT TAKE TO ACTIVATE MY PLAN ANSWER IS ....
- The time until the activation varies depending on processing speed of network or blockchain. Some exchange and wallet may take more time to transfer funds. However, the process generally does not exceed 6 hours. Therefore, if your plan does not activate after 6 hours, please contact the support centre.
EARNINGS:
WHICH DAYS OF A WEEK I RECEIVE MY EARNINGS ?
- Daily earnings are processed and posted at midnight, Monday through Friday, Korean Standard Time.
MY PLAN WAS ACTIVATED BUT NOT YET REICIEVE EARNINGS?
- It takes 24 hours until your investments are processed through our system. You will be listed as an FXTRADING dividend recipient after 24 hours.
I UPGRADED MY PLAN BUT RECEIVED EARNINGS FOR THE PREVIOUS PLAN?
- The same rules apply for plan upgrades with the purchase of a new plan. Your upgrades will be in force after 24 hours. Until that point, you will receive the earnings on the previous plan.
WITHDRAWAL:
WHICH DAYS OF A WEEK I CAN WITHDRAW MY FUNDS?
- You can withdraw your funds Monday through Friday.
What is the minimum amount that I can withdraw?
- The minimum withdrawal amount is currently $50. There is no limit on the maximum amount you can withdraw.
How long does it take to process my remittance request?
- Please allow 1 to 3 business days to process your withdrawal requests.
I received payment confirmation o- It may take up to 24 hours after confirmation for requests to be processed in blockchain and posted on your wallet.
Hash values I received by e-mail are not recognized by Blockchain.
- It generally takes 24 hours for blockchain to recognize hash values. You can review the progress by the link provided in the e-mail message until then.
Binary
What should I do to get a binary bonus?
- It generally takes 24 hours for blockchain to recognize hash values. You can review the progress by the link provided in the e-mail message until then.
I made one referral member, but I did not receive a credit.
- Please confirm if the new referral member is the first one on your left or right. First referral on each side only qualifies you for binary bonus program. They do not create credits and do not count as binary members. - Was your plan active when your referral members in lower tier activate their plans? Credits are provided only if your plan was active when lower tier members activate their plans. - Are your lower tier referral members’ accounts leadership accounts? Leadership accounts do not own earnings and do not get payments. Therefore, leadership members do not create binary credit.
Amounts of my credit received seems not correct.
- Created credits are 10% of the price of plans purchased. If a member in your network upgrades a plan, the member only creates credits on the difference between two plans, not on the entire amount of the plan the member bought. For instance, if a member upgrades to $500 plan from $300 plan, you would receive 10% of the difference between the two plans. The difference is $200 in this example so that you will get 20 credits in total.
I received bonus less than created credits.
- There is a rule for the binary program; no member shall receive binary bonus larger than the plan they are on. For instance, if you are using $100 plan, but have created 150 credits through the binary network, you will only receive $100 bonus, forfeiting the remaining $50. - You also need to be careful about 400% earning rule. You can never receive an amount four times more than the plan you are on. For example, if you are using $100 plan, have received $350 as earnings so far and you have 100 credits outstanding for a binary bonus, only $50 that matches your 400% ceiling will be paid to you as a binary bonus.
Referral Bonus I did not receive my referral bonus while my referral member was activatated
- To receive a referral bonus, your plan must be active when your referral’s plan comes activated. To ensure receipt of your bonus, please wait until your plan gets activated before providing referral codes. - Referral Bonus is subject to 400% earning rule. Bonus from referrals will be paid up until their earnings reach 400% of their plan price. Bonus ceases to be remitted when your referral member reaches the earning cap.
An incorrect amount of bonus was paid
The referral bonus is 6% of the plan price purchased. If your referral member upgrades their plan, it creates the bonus on the difference between the two plans, not the entire amount of the plan purchased. For example, if your referral member upgrades to $500 plan from $300 plan, you will receive a 6% bonus on the difference amount between the plans. In this case, you will receive a $12 bonus as the difference is $200. - You also need to be careful about 400% earning rule. You can never receive an amount four times more than the plan you are on. For example, if you are using $100 plan, have received $350 as earnings so far and you have 100 credits outstanding for a referral bonus, only $50 that matches your 400% ceiling will be paid to you as a referral bonus.
submitted by ijronny to u/ijronny [link] [comments]

"Network consensus is not built on computing power but rather the faithful interpretation of a ruleset" ~ Blockstream co-founder Mark Friedenbach // "When did we get to the point of having people contributing to the reference implementation without even reading the bloody white paper?" ~ u/observerc

https://np.reddit.com/btc/comments/5okqnk/if_you_are_using_any_noncore_wallet_you_are_not/dckfpps
TL;DR:
Maybe these are subtle points - but if you're a "Co-Founder of Blockstream", then shouldn't you understand these things?
Blockstream Co-Founder Mark Friedenbach or u/maaku7 has repeatedly displayed a shocking amount of ignorance about almost all the important aspects of Bitcoin:
Today he displayed his shocking ignorance one more time, when he got slapped down for saying "the exact opposite of what the original white paper says" - as quoted in the OP.
Blockstream Co-Founder Mark Friedenbach u/maaku7 perfectly fits the definition of a "useful idiot".
If he weren't getting paid by the fiat banking cartel, then he would be ignored.
And we should ignore him - because he doesn't understand Bitcoin, and he is actually working actively (although perhaps unconsciously / unintentionally, in his "blissful ignorance") to destroy Bitcoin.
If Mark Friedenbach doesn't understand how Satoshi successfully designed Bitcoin to work, and if he wants to radically change Bitcoin into something totally different - then he should fork off to some alt-coin (like his failed Freicoin)... and he should stop trying to impose his radical, dangerous and ignorant ideas on the rest of the Bitcoin community - no matter how self-important he might feel getting paid all that "fantasy fiat" from AXA as Co-Founder of Blockstream.
Details:
This is now the fifth time in recent memory where Blockstream co-founder Mark Friedenbach or u/maaku7 has proudly and publicly displayed his profound misunderstandings about some of the most important aspects of Bitcoin.
People are starting to ask serious questions about how and why an uninformed person like Mark Friedenbach has managed to get himself into a position of power at Blockstream where he now feels empowered to try to radical, misinformed and dangerous ideas on the rest of the Bitcoin community.
Five shocking examples illustrating Mark Friedenbach's utter cluelessness about fiat, Bitcoin, Nakamoto Consensus, open-source software develompent, and the dangers of Turing-completeness are listed below:
(1) Mark Friedenbach displayed his profound misunderstanding of how existing, central-banker-controlled fiat currencies work - when he ignorantly stated that he thinks fiat is run by "majority rule":
"I'm pationate about Bitcoin. I have zero passion for majority-vote to change the rules system. We have one of those already -- it's called fiat." - maaku7
https://np.reddit.com/btc/comments/418y5p/im_pationate_about_bitcoin_i_have_zero_passion/?st=iy2xte3q&sh=7cde5aa9
(2) Mark Friedenbach displayed his profound misunderstanding of how Satoshi's brilliant innovation of "Nakamoto consensus" works - when he ignorantly stated that he thinks Bitcoin is not run by "majority rule":
"Core dev" maaku7 is on the front page today for saying he'd "quit" if users were the "boss" of Bitcoin. He was already being laughed at yesterday in another thread for saying he thought fiat was run by "majority-vote". Let him "quit". He never actually understood how Bitcoin works.
https://np.reddit.com/btc/comments/41j818/core_dev_umaaku7_is_on_the_front_page_today_fo
(Evidently he thinks that he's the "boss" of Bitcoin - because he's presumably getting hundreds of thousands of dollars a year from [the central bankers who own Blockstream]()??)
(3) Mark Friedenbach displayed his profound misunderstanding of how open-source development of compatible software implementations works - when he ignorantly stated:
"If you are using any non-Core wallet, you are not doing full validation of the blockchain [...]" [~ u/maaku7]
https://np.reddit.com/btc/comments/5okqnk/if_you_are_using_any_noncore_wallet_you_are_not
(4) Mark Friedenbach displayed his profound misunderstading of how Satoshi deliberately avoided making Bitcoin Turing-complete in order to prevent the disaster of "The DAO" - when he ignorantly stated that he wants to add dangerous Turing-complete scripting extensions to Bitcoin:
https://np.reddit.com/btc/comments/41j818/core_dev_umaaku7_is_on_the_front_page_today_focz2xt35/
(5) And now, Mark Friedenbach has once again displayed his profound misunderstanding of how Bitcoin rules are determined by Nakamoto consensus based on the majority hashpower on the network - when he made the shockingly idiotic statement quoted in title of this post - and immediately got slapped down for saying "the exact opposite of what the original white paper says":
[u/maaku7] "Network consensus is not built on computing power but rather the faithful interpretation of a ruleset"
[u/observerc] "WTF man... And you have been contributing for the most used implementation... Wow... Just... You just said the exact opposite of what the original white paper says. The whole point of the paper is too show how consensus can be built on hashpower distribution. Not only it demonstrates it conceptually, satoshi even made it idiot proof: one processor one vote. Wow... We are really screwed... When did we get to the point of having people contributing to the reference implementation without even reading the bloody white paper?"
https://np.reddit.com/btc/comments/5okqnk/if_you_are_using_any_noncore_wallet_you_are_not/dckfpps
So, Blockstream Co-Founder Mark Friedenbach u/maaku7:
  • does not understand how fiat actually works,
  • does not understand how Bitcoin actually works,
  • does not understand how open-source software development of compatible implementations works
  • does not understand how and why Satoshi deliberately avoiding making Bitcoin Turing-complete in order to avoid the disaster of The DAO.
  • does not understand how Nakamoto Consensus works.
At this point, it's fair to ask whether Blockstream Co-Founder Mark Friedenbach understands anything about how Bitcoin works.
And we should also be asking ourselves: Why is AXA paying someone this ignorant about Bitcoin to be a "Co-Founder of Blockstream"? What is going on here??
This is part of a ongoing pattern which we have been observing from Core/Blockstream:
Evidently, once guys like...
  • Blockstream Co-Founder Mark Friedenbach u/maaku7
  • Blockstream CTO Greg Maxwell u/nullc
  • Blockstream CEO Adam Back u/adam3us
...started getting paid hundreds of thousands of dollars per year (How much fiat do these fiat-rich, bitcoin-poor, anti-Bitcoin losers actually make? It would be interesting to know...) from the second-most powerful "legacy fiat financial" firm in the world - AXA...
... then apparently this makes them feel like they can go around dictating their ignorant ideas about how Bitcoin "should" work - attempting to override how Bitcoin actually does work, as designed by Satoshi.
People are tired of these ignorant, misguided efforts on the part of Mark Friedenbach and the rest of his buddies at Blockstream to undermine Satoshi's highly successful design for Bitcoin:
This is why more and more Bitcoin nodes (about 25%) have un-installed Blockstream/Core's cripplecode and installed code which scales the way Satoshi intended - via bigger blocks.
About 25% of the network is now running Bitcoin Classic and Bitcoin Unlimited - which (unliked BitcoinCore/Blockstream) follow the design of "p2p electronic cash" as designed by Satoshi - and the number blocks mined by these compatible clients (which support decentralized, market-based decision-making of blocksize for on-chain scaling) keeps reaching all-time highs.
Bitcoin works differently from NASA
It is true that Mark Friedenbach previously worked at NASA - so he's probably not an idiot about everything.
But a decentralized, permissionless p2p currency like Bitcoin is radically different from a hierarchical, centralized, top-down organization like NASA.
Bitcoin involves subtle concepts about markets, economics, consensus-building and collaborative open-source software development - stuff which is all clearly way over Mark Friedenbach's head.
Just because he worked at NASA - and is now getting paid Lord-knows-how-much in fantasy fiat by the central bankers of AXA as Co-Founder of Blockstream - does not automatically mean that he has anything valuable to contribute to Bitcoin - as shown by his long history of clueless, damaging statements about Bitcoin.
Mark Friedenbach's Freicoin scam abortion
If Mark Friedenbach and his buddies at Core/Blockstream don't like how Satoshi designed Bitcoin, then they should feel free to fork off or design their own alt-coin
Actually Mark Friedenbach already did design a failed alt-coin, called "Freicoin":
Conclusion
With these repeated misguided, clueless statements from Mark Friedenbach, it is becoming increasingly clear that:
  • Blockstream Co-Founder Mark Friedenbach u/maaku7 has repeatedly demonstrated a profound nd shocking ignorance of almost all the important aspects of Bitcoin - including: how fiat works, how Nakamoto Consensus works, how open-source software development works, and how Satoshi protected Bitcoin by making it non-Turing-complete.
  • Regardless of how self-important he might feel as Co-Founder of Blockstream getting tons of fiat from AXA, Mark Friedenbach is not the "boss" of Bitcoin. If he doesn't like / understand how Bitcoin works, then he should go try to fix his failed Freicoin - and stop trying to force his radical, ignorant changes on the rest of the Bitcoin community.
submitted by ydtm to btc [link] [comments]

How to Trade Bitcoin Part 1: Getting Ready to Trade

The first part of our bitcoin trading guide series explains the basics of bitcoin and trading terminology. Instructions are also provided for buying bitcoin and getting ready to trade on BTC.sx. We originally produced the first part of this guide for our own traders to get started with our platform. However, after some really good feedback we thought we should share it publicly too. So please bear with us if it is quite orientated to our own platform. Future parts will be much more applicable to trading in general.
Here is what we have planned for the series:
1) Getting ready to trade (this post)
2) Making your first trade
3) Basics of technical analysis
4) Advanced TA
5) Developing a sustainable strategy
Please let us know if there are any topics you would like specifically covered and whether or not articles are the best format for learning.
Why should you listen to what we have to say?
Our CEO turned $100 into $200k by trading bitcoin, our COO previosuly worked at senior management level at Deutsche Bank and UBS, and one of our advisers has a Wall Street background as a Portfolio Manager and is a Chartered Market Technician.
http://i.imgur.com/G06P306.png
This article begins with an overview of bitcoin, how to buy bitcoin and how to manage risk. The remainder of the article focuses on understanding trading terminology and creating a bitcoin trading account on BTC.sx.
What is bitcoin?
Bitcoin is a digital currency that uses encryption, rules of mathematics and a decentralized network to control the creation of more bitcoins and verify transactions. Bitcoin was designed to operate as ‘digital gold’ — it resembles a commodity but can be used as a currency. Bitcoin can be traded for fiat currency, like dollars or pounds, creating opportunities to profit from trading price fluctuations.
http://i.imgur.com/hNnKxGE.png
Why is bitcoin so volatile?
Compared to the price of gold, the price of bitcoin has exhibited much larger price swings. Typically the price of gold will change by just a few percent each week, but bitcoin’s price often changes by 10% or more — even in a ‘flat’ market.
Volatility is generally considered a good thing by bitcoin traders because it creates opportunities to buy lower and sell higher than flat markets.
The primary reason why bitcoin is volatile is because it has a small market cap and low trading volume. Market cap is the number of units (bitcoin here) in circulation multiplied by the value (bitcoin price here).
For example, bitcoin has a market cap of about $3 billion vs $31 billion for the a gold ETF (GLD is the most popular American gold investment vehicle). Additionally, the daily average trading volume for bitcoin is about $12 million vs approximately $939 million for the gold ETF.
The result of this small market cap and low trading volume is that less trading less money is required to make a large difference in supply and demand.
For instance, if a trader wants to buy $3 million worth of bitcoin this represents 33% of the daily trading volume and would push the price up approximately 14%, at the time of writing. However, buying $3 million worth of the gold ETF is just 0.3% of the daily trading volume and is nothing compared to the hundreds of millions of trades that influence gold’s price.
http://i.imgur.com/NLtgVrX.png
Further information
The information we have provided about bitcoin is only the bare essentials a trader needs to know. If you are completely new to bitcoin, also consider exploring these external resources:
We Use Coins
Bitcoin.org
Bitcoin Wiki
2. How to Manage Risk
Risk of buying bitcoin
As discussed above, bitcoin is an extremely volatile asset. Besides increasing in value, bitcoin’s price can also dramatically fall. When buying bitcoin, never invest more than you can afford to lose.
You cannot lose more than you put in, so don’t put in more than you can afford to lose and you’ll be all right, even in the most negative case. - Rpietila, Bitcoin and commodity investor
Risk of trading bitcoin
Furthermore, investing more than one can afford to lose reduces a trader’s ability to make good decisions. In particular, there is a risk of ‘panic selling’ when the market declines slightly. Instead of holding throughout a market dip, someone who is over-invested may panic and sell-off their holdings for a low price — attempting to cut their losses. This tends to lead to losing more money when the market recovers and the trader buys back at a higher price.
http://i.imgur.com/yrQbCsI.png
Simply, the best way to manage your risk is to not invest more than you can afford to lose. At BTC.sx, losses cannot exceed your deposit — so simply make sure this is a comfortable amount for you to trade with.
3. Understand Basic Bitcoin Trading Terminology
Trading
Trading is the act of buying, selling or exchanging one asset for another. Exchanging Bitcoin for US dollars, for instance, is trading.
Position
A position is similar a trade, which can either be long (buying bitcoin) or short (selling bitcoin). Like a trade you profit from a long/buy position when the price rises; and you profit from a short/sell position when the price falls.
Unlike a trade, a position has an open and close. At BTC.sx you begin by depositing bitcoin. Then you may acquire more bitcoin or US dollars by opening a position. When the position is closed you are left with just more or less bitcoin than the value deposited — this depends on how profitable your position was.
Trading platform
A trading platform, like BTC.sx, is a place where traders go to enter positions. Unlike an exchange, it is uncommon for to use platforms for exchanging one asset for another. Typically trading platforms also include more advanced features, such as leverage.
Leverage
http://i.imgur.com/Aik56aI.jpg
Leverage is borrowing assets for the purposes of increasing potential trading returns. This is also known as margin trading.
Trading with 10x leverage on BTC.sx, allows you to deposit 1 bitcoin and trade with 10 bitcoins. When you are done trading (closing a position) you return the 10 bitcoin and keep any profits made.
For example, let’s say your trading has been going well and you are consistently making a 10% return each week. Trading with 1 bitcoin, your profit is 0.1 bitcoin. However, with 10 bitcoins your profit is 1 bitcoin — this is the power of leverage when used correctly.
Although leverage does also increase trading risk exposure, your losses can never exceed your deposit at BTC.sx. Furthermore, your risk of an exchange failure is reduced because you are trading with 9 bitcoins that belong to BTC.sx and only 1 bitcoin of your own.
Exchange
Unlike trading platforms, investors use exchanges to swap an asset for another. For example, Bitstamp allows investors to trade their local currency for Bitcoin, or vice versa. Exchanges are the main determinants of bitcoin’s price because they contain an order book.
At an exchange you can either be a market maker or a market taker.
Market maker
A market maker sets the price they wish to buy or sell at and waits for a market taker who agrees to that price.
Market taker
A market taker finds a market maker that is offering a desirable price and quantity then immediately trades with them.
Order book
An order book is a list investors wanting to buy and sell an asset at specified quantities and prices. These are the market makers. Below is an annotated explanation of a bitcoin exchange order book. Picture the order book as a very hectic auction and the concept should be easier to understand.
http://i.imgur.com/DuRYrnx.png
Sell orders: “Asks”
This part of the order book lists the prices and quantities investors wish to sell bitcoin at. Here the cheapest seller is offering 2.3467 bitcoin at a price of $244.58. As these investors are asking for a price to sell at, these are called asks.
Buy orders: “Bids”
This part of the order book lists the prices and quantities investors wish to buy bitcoin at. Here the most expensive buyer is willing to purchase 0.5 bitcoin at a price of $244.43. As these investors are bidding for a price to buy at, these are called bids.
Current bitcoin price
This is the last price at which bitcoin was exchanged for US dollars. Given that buyers will fulfill the cheapest ask, and sellers will fulfill the most expensive bid, the price will always fall between the the cheapest ask and most expensive bid.
In this example, the price is $244.39 — the same as the most expensive bid. This means that the last bitcoin trade was a market taker selling to a market maker. This is also a demonstration of a seller always wanting to sell to the highest bidder.
Order book depth
This depth graph visualizes the amount of asks and bids at various prices. The more bitcoins that are available at a price, the ‘deeper’ the graph is. Naturally, as sellers do not want to ask for cheap prices and buyers do not want to buy for expensive prices, the graph is normally shallow in the middle.
If the chart is one-sided, it suggests that the market may be feeling bullish or bearish. In the above example, a lot of investors want to sell at $245 which would make it difficult for the price to rise beyond that. Conversely, the shallow graph on the bid side shows not many people want to buy bitcoin at these prices. This is typical of a bearish market.
Order book execution
An important feature of BTC.sx is that the positions our users open/close make buys and sells on exchange order books. In practice, when our users click buy, US dollars is used to buy bitcoin from the order book bids. Conversely, when our users click sell, bitcoin is sold for US dollars from the order book asks.
http://i.imgur.com/1Dk8G0t.jpg
Why is this important?
Firstly, when you trade on BTC.sx you do so with leverage. This means you can have a larger impact in the market and move the price in your favour. In the above example using just 1.3 bitcoin at 10x leverage would create buy 13 bitcoin from the asks. This helps drives the price up because now the cheapest ask is $244.61. If the market sees this as a bullish sign then others may follow, sparking a price rally.
Secondly, order book execution means that BTC.sx does not trade against our users. Trading platforms that do not offer this execution are acting as market makers and stand to profit from their traders losing money. At BTC.sx we want our traders to be profitable so they can keep trading.
*4. How to Buy Bitcoin * As a bitcoin-only trading platform, BTC.sx only accepts bitcoin deposits. This allows you to begin trading in minutes and without verifying your identity.
If you do not yet own any bitcoin there are a number of places that bitcoin can be bought from, including:
Circle
Coinbase
LocalBitcoins
Click here to see other ways to buy bitcoin in each region of the world.
To store your bitcoin you will also need a wallet, such as MultiBit or Blockchain.info.
5. Create an Account on BTC.sx
Once you have bitcoin, you are ready to start trading. Head over to BTC.sx to begin the registration process.
1. Click ‘Sign Up’
http://i.imgur.com/Fikj8Nd.png
2. Enter your details and read and agree with the terms of service
http://i.imgur.com/AjnKzRY.png
3. Click on the email activation code
http://i.imgur.com/lz5yBqK.png
4. Login to your account
http://i.imgur.com/P6VJ0xm.png
5. Visit trade screen
http://i.imgur.com/WjGockR.png
6. Send a deposit to BTC.sx
You are now one step away from being ready to trade bitcoin. All that is required is to send a deposit by following these instructions:
1. Click on ‘Deposit’ in the trading screen
http://i.imgur.com/1TxpgUh.png
2. Send bitcoin to your wallet address
http://i.imgur.com/cTZim5t.png
If you do not know how to send bitcoin please contact your wallet provider for assistance.
Conclusion** ** You should now be in a position where you understand the basics of bitcoin, trading terminology and have an account on BTC.sx to begin trading.
In part 2 we will be covering fundamental analysis, the basics of technical analysis and how to make your first trade. Like us on Facebook or follow us on Twitter for future updates.
If you have not yet signed up for an account on BTC.sx click here. The registration process takes just two minutes and does not require any identity verification documents
submitted by BTC_sx to BitcoinMarkets [link] [comments]

Tremor Games -- $12/hr, bitcoin payout, and more!

This is an update on my previous post. This includes a more complete method for downloads, updated site info, and my new refined method.

Summary/Rewards:

Over the last year, Tremor games has gone from an okay rewards site to one of (in my opinion) the best in existence. There are 13 different services/walls/whatevers including Crowdflower, Trialpay, and Matomy. But the one feature that I value the most is their rewards. They are the only site I have found so far that will pay out in bitcoin, as well as steam giftcards and games, amazon giftcards, and various other obscure but useful things like ingame TF2 items. I got my TF2 premium account through tremor games, as well as $50 in amazon giftcards.

My Earnings:

In total, over the last 2 weeks I have gotten about $60 of stuff from tremor games. This is is around 5 hours of use. That's $12/hr. This is with my download method perfected, but you can still be just as successful as on any other website by using the rewards.
proof

How I Did It:

This method requires:
Basically, tremor games has a lot of download offers. The good ones will give anywhere from 500 to 700 tremor coins ($0.50 to $0.70), with occasional exceptions. Usually, downloading this would be a hassle, which is where sandboxie comes into play. With sandboxie, you can "sandbox" a program (in this case your web browser) so it can't make changes to your computer outside of the sandbox. All you have to do is complete a bunch of download offers, clear the sandbox, and do it again.

Link
Non-Ref :(
submitted by karma_potato to beermoney [link] [comments]

AsicBoost, SegWit, and UASF

This Bitcoin bull has shrugged off a lot of bad news, such as the PBOC crackdown, the ETF rejection, the BU hard fork threat, escalating transaction fees, and the Bitfinex troubles. These issues may have largely escaped the attention of investors who are not well informed about bitcoin. However, I believe the outcome of Bitcoin's great scaling battle, which may cause the network to split into two chains, will be more impactful. If this power struggle is resolved in a way that minimizes disruption and promotes decentralization of the network, I expect a parabolic rise in the value of Bitcoin. Otherwise, the reverse may happen.
With an August 1 showdown looming, Bitcoin and other forums have been and will be filled with discussions about AsicBoost, SegWit, and UASF that are sure to baffle and frighten many Bitcoin investors. I think this forum could benefit from a thread dedicated to these important fundamental issues and how they may affect the price of Bitcoin.
ASICBOOST
It is a technology patented by Bitmain (possibly in violation of a previous American patent) that exploits a flaw in the bitcoin protocol (the Proof of Work algorithm), enabling miners with access to this technology to increase their profits by approximately 20x (2000%). This enables Bitmain mining operations to drive competitors out of business, and the resulting mining centralization would give the government of China the power to cripple the bitcoin network whenever they chose. It is not known whether China's tolerance of bitcoin mining will continue as they approach the launch their own planned national cryptocurrency. Chinese authorities have already shut down some mining operations for unknown reasons: https://china-underground.com/2017/06/02/bitcoin-mining-companies/
It was recently discovered that Bitmain's current mining hardware includes the chips/CPU's that are required to do AsicBoost (and are not otherwise necessary). After this discovery, Bitmain admitted it was true but said they decided not to use that capability because of the harm it would cause to Bitcoin. However, it is currently possible to use this AsicBoost advantage in an undetectable manner ("covert AsicBoost"), and many believe it is the primary reason for their opposition to SegWit, which blocks covert AsicBoost. Distrust of Bitmain was further heightened by the discovery that they installed a "backdoor" in their mining equipment which enabled them, or a third party hacker, to remotely disable or destroy their mining hardware.
You can find a good video by Andreas Antonopoulos explaining this issue if you search "Bitmain and the ASICBoost allegations" on youtube. Here's a relevant post from a bitcoin developer: https://www.reddit.com/Bitcoin/comments/6ego3s/why_is_killing_asicboost_not_a_priority/diagkkb/
SEGWIT
Despite a flood of FUD on forums, there is widespread agreement that SegWit is currently the best, most technically sound proposal to increase Bitcoin's transaction capacity and make other improvements. However, current proposed versions of SegWit interfere with the covert implementation of AsicBoost, which many believe motivated Bitmain's opposition to SegWit. They have supported alternative solutions that would preserve covert AsicBoost and alter the consensus rules of the network to enable miners to make changes to the bitcoin protocol (by achieving a majority of the hashrate) without the approval of other network constituents (i.e., individual users, wallet providers, exchanges, merchants, etc).
Miners may also fear that SegWit will reduce their income from transaction fees by facilitating off-chain, second-layer transaction processing (which is the only realistic way that Bitcoin might someday be useful for micro-payments and compete successfully with fiat-based retail payment systems). However, just as increases in the capacity of the internet led to new uses and demand for bandwidth, increases in bitcoin's transaction processing capacity are also likely to stimulate new uses and demand.
UASF
If miners choose not to activate SegWit by August 1, a controversial User Activated Soft Fork (UASF) will occur. It is essentially an attempt by Bitcoin node operators (individuals and businesses) to force the miners to accept SegWit. In response, Bitmain and some other businesses proposed enacting a new, yet to be coded/tested version of SegWit (which will presumably preserve covert AsicBoost) along with a rushed and risky hard fork to increase block sizes. It seems unlikely at this point that a consensus will be reached in time to avoid the August 1 UASF.
There are a range of possible outcomes of the UASF that could result in varying degrees of confusion, disruption, and loss of value. If the UASF does not achieve a critical threshold of support and Bitmain decides to use some of their hashing power to attack it, they could split the network into two bitcoins. I think it is still too early to predict the amount of support the UASF will attract and the likelihood of various outcomes. Here are a few informative links:
https://www.weusecoins.com/uasf-guide/
https://medium.com/@lukedashjbip148-and-the-risks-it-entails-for-you-whether-you-run-a-bip148-node-or-not-b7d2dbe85ce6
https://medium.com/@jimmysong/uasf-bip148-scenarios-and-game-theory-9530336d953e
https://www.reddit.com/Bitcoin/comments/6d7dyt/a_plea_for_rational_intolerance_extremism_and/
https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-April/014152.html
https://lightco.in/2017/06/02/segwit-uasf/
https://cryptoinsider.com/market-based-bitcoin-soft-forks-way-forward/
What effect do you think all this will have on the price of Bitcoin?
submitted by PGerbil to BitcoinMarkets [link] [comments]

Using Bitcoins

I've been thinking a lot about how to use Bitcoin in this business. It really isn't too difficult and provides a number of advantages.
The basic principle of Bitcoins is that there is a long string of characters called an "address". Anyone who knows an address can send money (in the form of Bitcoins) to that address. Each address has a secret and only the person who knows that secret can send money from that address.
There is no connection between you and the addresses you own, except that you know the secret. If you claim you don't know the secret, nobody can prove the address is yours.
So, let's you have a potential customer who wants you to come meet him. You create a new address just for him and email him back, saying, "Send 0.393 BTC [0.393 bitcoins, about $100] to 17aUCu3LvA2V3f14V3axoFg514EsGR2drU [an address I just made up] today and I will be there tomorrow at 3pm."
What are the advantages of doing this?
  1. if he is a time-waster, he isn't going to send the money, and you'll know to forget about him
  2. if he is a LE, he probably isn't going to send the money -- because he isn't getting it back (no "civil forfeiture" in the online world)
  3. if he is a stalker, he has no information about you: not your name, not your back, not your location, and not who else has done business with you.
  4. with a little notice, anyone can buy Bitcoins and pay by credit-card
  5. if something goes wrong, you can refund the money back to the address where it came from.
  6. you aren't walking around with cash someone could steal or "confiscate".
  7. you don't have to explain your private business to nosy bank managers.
What about the disadvantages?
  1. Not everybody understands Bitcoins; you may have to walk the client through the process.
  2. Some clients may be concerned they will be scammed, since they have no recourse once they send the money.
  3. As you will see, there are some minimal fees involved, and the value of Bitcoins isn't completely stable.
But assuming your client is not an idiot and you have a reasonably good reputation, you will get paid.
How do you spend the money? Easiest way is to get a Visa cash card tied to a Bitcoin address. Here is a list of companies that provide such cards. The card itself cost $10 or $15, and there may be a 0.5% fee for using it (that is 50¢ on $100), but you can use it online or anywhere Visa is accepted. If you need cash, you can go to any ATM; you'll pay a $2 or $3 fee for that though.
You probably don't want to send money straight from the address you set up for the client to the address of the Visa card though. The flow of money from one account to another is easily visible to anyone, so if one customer pays $400 into the address you gave him, then sees the money go to another address, and then on each of the next three days sees $250 flowing into the same address, he's going to figure out that you are charging him more.
Fortunately, there is a service called a "laundry": they obfuscate the trail between the address the customer sent the money to and the one where you actually accumulate your money. The fee for this starts at 0.5%. Here is a good service.
Is this a good idea for you? I haven't the first clue. But it seems plausible.
NOTE: using Bitcoin does not avoid the need to pay taxes on your earnings.
submitted by th_veteran to SexWorkers [link] [comments]

Crypto Exchanges are Centralized Man's Payment Channels

The title may be the reason why many exchanges are trying to ignore BIP148 until the last moment.
If we had SegWit maybe decentralization wouldn't be significantly improved, but at the moment we can't deny that centralized exchanges are just another form of Bitcoin (and shitcoin) centralization and it's enough to glance at their turnover to realize just how centralized Bitcoin is.
With SegWit, a Bitcoin user would open one or more payment channels and use them for frequent, reoccurring or low-value payments.
Because the malicious mining cartel doesn't want to see those transactions - which shouldn't be recorded on the blockchain in the first place - go off-chain, users are resorting to using crypto-exchanges as centralized man's payment channels:
1) Fund your exchange account with a small amount of BTC (say, 0.05)
2) When you need to a transfer small amount of value, buy a shitcoin at the exchange and send it out
3) Refill your exchange deposit address when you run out of BTC. Leave the "channel" open as long as necessary. Rinse and repeat.
This admittedly doesn't work for all shitcoin payments because many exchanges can't receive refunds to the sending address, but for small payments it's not even required: it's become cheaper to occasionally lose a $5 (equivalent) refund in Litecoin than successfully receive a $5 "free" refund with BTC (you may need to pay that much to send BTC every time you use it).
I think this is one of business reasons why exchanges and multicoin wallets are resisting UASF BIP148.
CONTEXT
1) Leaving your coins parked at BIP148 BTC-hostile exchanges leaves you open to risks: https://www.reddit.com/Bitcoin/comments/6bxpsj/bip148_and_the_risks_it_entails_for_you_whethe
2) Join UASF BIP148 and fight centralization of Bitcoin: https://www.weusecoins.com/uasf-guide/
3) What UASF means from a decentralization perspective: https://www.reddit.com/Bitcoin/comments/6dnffi/to_the_og_bitcoiners_uasf/
4) Mind economic aspects of UASF - UASF is a boycott against the malicious mining cabal: https://www.reddit.com/Bitcoin/comments/6dos0uasf_is_an_economic_boycott_against_miners_who/
submitted by eustan to Bitcoin [link] [comments]

Anti-Core Censorship in r/BitcoinMarkets?

Anti-SegWit/Core/Blockstream propaganda from sock-puppet accounts is common in BitcoinMarkets. However, when I repeatedly tried to post the following discussion there (first in a new thread, and subsequently in their "Fundamentals Friday" thread), it was deleted without explanation. I have unsubscribed from their forum. Do you think BitcoinMarkets has become anti-Core?
AsicBoost, SegWit, and UASF
I think this forum needs a thread dedicated to these important fundamental issues and how they may affect the price of Bitcoin. Right now, Bitcoin and other forums are filled with discussions about these issues that are sure to baffle and frighten many newbies. An August 1 showdown looms with potentially fateful consequences!
Here is a good little video explaining the AsicBoost issue: https://www.youtube.com/watch?v=t6jJDD2Aj8k It is a technology patented by Bitmain that exploits a flaw in the bitcoin protocol, enabling miners with access to this technology to increase their profits by approximately 20x (2000%). This would enable Bitmain mining operations to drive competitors out of business, and the resulting mining centralization would give the government of China the power to cripple the bitcoin network whenever they chose.
It was recently discovered that Bitmain's current mining hardware includes the chips/CPU's that are required to do AsicBoost (and are not otherwise necessary). After this discovery, Bitmain admitted it was true but said they decided not to use that capability because of the harm it would cause to Bitcoin. However, it is currently possible to use this AsicBoost advantage in an undetectable manner ("covert AsicBoost"), and many believe it is the primary reason for their opposition to SegWit, which fixes the vulnerability that enables covert AsicBoost. Distrust of Bitmain was further heightened by the discovery that they installed a "backdoor" in their mining equipment which enabled them, or a third party hacker, to remotely shut down and even destroy their mining hardware.
There is widespread agreement in the technical and economic bitcoin community (except for many miners) that SegWit is the best/safest option to scale and improve the bitcoin protocol at this time. In addition to the AsicBoost issue, some miners worry that SegWit will reduce their income from transaction fees by facilitating off-chain, second-layer transaction processing (which is the only realistic way that Bitcoin might someday be useful for micro-payments and compete successfully with fiat-based retail payment systems). Miner opposition to SegWit has been led by Bitmain.
If miners choose not to activate SegWit by August 1, a controversial User Activated Soft Fork (UASF) will INEVITABLY occur. It is essentially an attempt by Bitcoin node operators to force miners to accept SegWit; it could cause a split in the network, lots of confusion, and lost value. Here are a few informative links:
https://www.weusecoins.com/uasf-guide/
https://www.youtube.com/watch?v=QjZk7N7RXfA
https://www.reddit.com/Bitcoin/comments/6d7dyt/a_plea_for_rational_intolerance_extremism_and/
https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-April/014152.html
What effect do you think all this will have on the price of Bitcoin?
submitted by PGerbil to Bitcoin [link] [comments]

It would be a good idea for Riot to accept Bitcoin. And here are some actual reasons this time!

Every time this post comes up it doesn't survive because a few arguments are brought up, which, while technically true, are not a real reason against it. I'm going to address all of these this time, instead of just posting this as a statement of fact.
I for one would love to switch to Bitcoin for buying my RP! It would be much more convenient than going out to buy paysafecards every time, and I still don't want to own a credit card.
DISCLAIMER: I currently personally hold an amount of Bitcoins somewhere between 1 and 100 ;) I would obviously benefit from this move. But I would also feel an obligation to spend some of my held coins to prove the worth of Bitcoin as a payment system! I can always buy more ;)
PS: For anyone who doesn't yet understand what Bitcoin is: http://www.weusecoins.com and http://bitcoinfaq.com/
submitted by freakpants to leagueoflegends [link] [comments]

The question of Reddit Inc accepting BitCoin should be re-considered. It is clearly a decision that will give Reddit Inc more monies.

Revisiting the business logic of Reddit Inc supporting BitCoin
TL;DR Bullet Points:
So it has been a year since this question was asked. And in that time Bitcoin went through a bubble and pop; but more than that Reddit and Bitcoin are different animals than they were a year ago, so I believe there is value in considering this question again.
First, this isn't so random a suggestion. Bitcoin has been receiving alot more coverage and this conversation is a natural flow from that momentum. Reddit's sister site Ars had a great article recently:
And some other recent coverage:
Okay. Normally, I would go into my evangelist mode and talk about how Bitcoin is important to maintaining freedom of speech online, how it secures the economic bedrock to an eventual free internet, how it develops P2P further, the importance of anonymity blah blah blah BUT I think there is merit in just talking about the economic reasons for Reddit Inc to accept btc for Reddit Gold.
Since accepting btc isn't mutually exclusive to accepting Paypal, this is more a question of how much upside is there for the 1 day it might take to organize. And whether there is enough upside to justify the cost of 1 day? I do believe there is both alot of short and long term financial upside.
First, there is very little downside risk. Bitcoin doesn't have a concept for charge backs built in. It also doesn't have a concept of Mastercard screwing everyone for middleman services; and in general your looking at around 1% merchant fees.
The risk that crashed the market last year, was the result of speculation and volatility. While the market has become more stable and liquid, services like Bit-Pay allow merchants to accept BC from customers and automatically convert it to USD. This removes the volatility risk associated with accepting and holding btc.
For most businesses there's a valid question about whether its existing customers even use Bitcoin. Usually the driver to accept btc is in the hopes of targeting new growth from the BC community. But this question is alot easier for Reddit Inc, we know Reddit has a dynamic and growing BC community. If Reddit were to accept BC, I think it is a fair gamble that Bitcoin redditors will have a higher % of Reddit Gold users than other communities. More or less because Reddit's Bitcoin community is crazy passionate about supporting the growth of Bitcoin. In other words, its a business decision that should show instant monies.
If the move is supported with a blog post supporting Bitcoin; it should also see interest from the wider Bitcoin community. It should begin a new growth snowball for the Reddit BC subs. This is an interesting spot because Bitcoin is likely to be overlooked as a growth opportunity by the other major social media sites. Reddit might hold its own for now in eyeball sucking AdviceAnimal memes but there's plenty of competition from FB, G+, 9gaga, pinterest, twitter, w.e. So while there are specialist BC community sites, its a market that is likely to overlooked. Which is interesting considering they should be high value users, all they do is talk about money. Should reddit be an early adopter, it should cement its position among the majors social media sites for the BC community. In other words, more users, more eyeballs, more monies.
While the argument that Reddit Inc would clearly make more monies is airtight /s. This isn't an argument that the Bitcoin market gone mainstream, which is often how the question is framed. Once it is mainstream, it will be obvious to accept btc. But I think the ground is set now that Bitcoin has all the potential to go mainstream. It only needs consumer and business experimentation and adjustment to get there.
I can't attach probabilities to the above; but I think they make sense. But really in the end, this is an argument that Reddit should lead the charge once again for online freedom. Its good for the internet, its good for business.
Bonus links:
submitted by EquanimousMind to ideasfortheadmins [link] [comments]

What Bitcoin futures mean for merchant & consumer adoption (a lot of BTC are about to be purchased)

Futures contracts now allow large retailers to accept and hold large quantities of BTC while hedging out the price risk. It's no accident that Square announced their BTC initiative a few weeks before futures launched.
https://twitter.com/parabolictrav/status/939232580208955392
Square wanted to front run the competition and announce it first for the free advertising. Ebay, Paypal, ApplePay, Amazon, Walmart, et al can all now do the same!
While the kinks are worked out of Lightning Network, imagine being able to connect your ApplePay/Paypal account to your Coinbase balance to seamlessly use BTC off-chain with lower fees than credit cards. Futures now enables them to easily do that even with price volatility. Soon everyone will be able to pay in BTC on Amazon/Walmart and other retailers and they will be able to turn around and offer BTC payment to suppliers all the way down their global supply chains.
Do you see what that's going to do to the network effect of BTC!!?
Network effect #6 Financialization is about to supercharge #2 Merchant Adoption and #3 Consumer Adoption. If you don't know wtf that means, read this post: https://www.weusecoins.com/the-seven-network-effects-of-bitcoin/
All other alts have a fraction of the combined network effects of Bitcoin. Even if an alt is temporarily fastecheaper for now, the infrastructure for the future is still going to get built on BTC. It will become the world reserve currency store of value and sole international medium of exchange...bitcoin is simply too far ahead.
Imo, all value pumped into alts will eventually be sucked back into Bitcoin's market cap. Watch BTC dominance go back to 90% in the coming months.
submitted by Bastiat to Bitcoin [link] [comments]

I'm giving out some Bitcoin paper wallets as Christmas gifts this year. This is the letter I'm enclosing. You can use it yourself if you like. How can I make it better?

I thought it would be cool to give out some Bitcoins for Christmas this year. I used the bitaddress.org paper wallet generator which now includes nice graphics that make it look more like money. I printed them out, loaded some BTC on each, wrote in the amount, and laminated each one.
Bitcoins!
Here's the letter I'm enclosing with each gift to explain what it is. I wanted a personal way of explaining what Bitcoin is, how it's useful, and how they could actually use the coins stored on the card. I'd appreciate any comments you have on how to improve it. If you'd like to use or adapt this for your own purposes, please do. Here's the google docs formatted letter better suited for printing and basing your own letter off of, but here's the text for the lazy:
December 11th 2012 This gift to you is meant to show you something that I think is interesting and worthwhile. It’s something that I have been devoting a lot of time to recently, and I wanted to share it with you. Inside this envelope is a card that holds Bitcoins. Bitcoins are a type of money that can be freely sent over the internet to anyone in the world, in any amount big or small, without any middleman (peer-to-peer). Unlike US Dollars, whose value is diminished by the government printing more dollars every day, Bitcoins are created at a predictable and known rate by individuals all over the world. It is impossible to make a counterfeit Bitcoin and there will only be a finite number ever created. No one person controls Bitcoin and therefore no one can control what you do with Bitcoin. All of these qualities add up to make Bitcoin a solid platform for both saving and spending money. Bitcoin is new, and like any investment, it comes with its own risks. A year ago, one Bitcoin was worth about $4. The value of one Bitcoin today is worth $13.63 with the total market capitalization of all Bitcoins just over $140 million. But Bitcoin is still in its infancy, and as more and more people hear about it and acquire Bitcoin, the value of it will likely rise. You can see the realtime value of your Bitcoins at http://mtgoxlive.com - the number in the top right is the current value in US Dollars, that is the price that people are actively buying Bitcoins for right now on an exchange market. What can you do with Bitcoins? * You can send them to people. * You can setup an online ‘wallet’ at http://blockchain.info/wallet and send them to anyone in the world for free. To use the Bitcoins on the card, login to your new account and click on Import/Export. If you have a webcam, click Import Using Paper Wallet and hold the QR code on the right hand side of the card to the camera (the code that says Spend) If you don’t have a webcam, enter the long Private Key text into the Import Private Key text box instead. You can then go to the Send Money tab to send someone your Bitcoins. * You can buy things. * http://bitmit.net - is like Ebay, but you use Bitcoins instead of Paypal. * http://www.bitcoinstore.com - sells a lot of electronics. * https://www.btcbuy.info - sells gift cards, so you can use Bitcoins to make Amazon.com purchases, albeit indirectly. * http://goo.gl/QsWbA - Sometime soon there will be a Bitcoin debit card, so you can buy anything with Bitcoins. * You can hold onto them as an investment. * Just put this card away somewhere safe, and in a few years time you may be surprised at the value that your Bitcoins accrue. * You can convert them back to US Dollars at anytime. http://coinbase.com and http://mtgox.com are two popular sites that allow you to buy and sell Bitcoins and withdraw or deposit US dollars back into your bank account. If you’d like to know even more, you can go to http://weusecoins.com or http://bitcoin.it and read some more. Merry Christmas, Ryan McGuire 
submitted by EnigmaCurry to Bitcoin [link] [comments]

[PSA] Cash trading guide: Bitcoin

Bitcoin is a good way to transfer money online. However, it's significantly from traditional payment processors such as PayPal in that it's decentralized. But what does this mean?
Bitcoin is not a payment processor. Bitcoin is a currency, it is a network, it is a system. There is no "bank of Bitcoin", and Bitcoins are not US Dollars. When you transfer Bitcoins, you're not transferring USD or any other fiat currency, you're transferring Bitcoins.

What are the advantages?

When compared to PayPal, Bitcoin has a number of advantages:

What are the disadvantages?

There are only a couple of disadvantages:

What is one Bitcoin worth?

A good Bitcoin conversion rate is located here.

How does it work?

There's a good video at weusecoins.com.

So how do I trade TF2 items for Bitcoin?

To get started, you're going to need a Bitcoin wallet. You can either download a client application on your computer or use a web-based service. My service of choice is Blockchain.info. If you sign up there, your wallet is encrypted with your password. They don't have access to your money, but if you forget your password, all of your money is gone forever.
Once you sign up, you should be taken to a screen that looks like this. The important thing to note is the jumble of numbers and letters in the center of the screen. This is your address. You'll share this address with people in order for them to send you coins. Think of it as an account number. You can create as many addresses as you want per wallet, but for the sake of simplicity, we'll stick with the one.
In order to get Bitcoins into your wallet, you can either have someone send some to you (sell something) or buy some from an exchange. Mt.Gox is one of the most popular. I personally prefer Camp BX.

Getting Paid

Once you're ready to sell an item and you know how much BTC you want to get paid, just give the buyer your Bitcoin address. They'll send their coins to your address and you'll see the transaction on the "Transactions" tab of your wallet. This is very important: Note the "confirmations" that should be displayed by the transaction. When a payment is fresh, it is "unconfirmed". That is, nobody in the network has picked it up yet and declared that "This is a valid transaction." While a transaction is unconfirmed, there is a very small chance that the buyer will be able to "double-spend" the money, preventing you from getting it. This is a guide of how many confirmations you should wait for before considering the money "yours":
Transaction Volume (USD Equivalent) Confirmations
< $10 0 - 1
$10 - $25 1 - 2
$50 - $75 3 - 4
$75 - $100 4 - 5
$100 - $150 5 - 6
> $150 6
I just made these numbers up, it's up to you to come up with your own trust plan.
The more confirmations a transaction has, the less the risk of a double-spend. 3 transactions is usually enough to ensure the funds, but 6 is the generally accepted verification number. Each confirmation takes about 10 minutes, so waiting for the full 6 confirmations will take about an hour. If a trader has large amounts of reputation, it's reasonably safe to accept lower numbers of confirmations.
When sending coins, you have the option of paying a fee. The buyer always pays the fee, but they may choose to pass it along to the seller by sending less coins (if both parties agree, of course). The fee is entirely voluntary, but highly recommended. The amount of the fee is determined by the buyer. The higher the fee, the quicker the transaction is confirmed. The recommended fee is 0.0005 - 0.001 BTC (currently $0.05 - $0.10). For a larger transaction, you should generally pay a higher fee (but it will always be cheaper than PayPal!).

Converting to Fiat

You can convert your Bitcoins to fiat currency (traditional money) at a Bitcoin exchange. See the last paragraph of the "So how do I trade TF2 items for Bitcoin?" section.

Staying Safe

PayPal is safer on the buyer's side, while Bitcoin is generally safer on the seller's side. However, by taking the necessary precautions, it's possible to make it safer for both sides. Standard cash trading rules apply. Those with more reputation should generally go first in a transaction. Middlemen are also highly recommended for high-volume transactions. With PayPal, the buyer has the dispute system to fall back on if they don't receive the items. This is not true with Bitcoin, so make sure that you're trading with someone who's very reputable.
Bitcoin addresses are entirely anonymous. There's no "verified" status like PayPal has. Ensure that the person you're trading with is trustworthy. Look for the traditional signs of a scammer: fresh Steam account, low number of items in their backpack (except for the high-value ones they're selling), low hours of TF2, no reputation, private backpack. These are all signs that you may be dealing with a scammer's alt. You may also wish to take into consideration the user's Steam Level. A user with a higher Steam Level has invested more into their Steam account and is therefore less likely to risk it by conducting a scam.

Additional Help & Information

/Bitcoin is there to answer any questions you may have about Bitcoin!
submitted by Doctor_McKay to tf2trade [link] [comments]

Untraceable Op. System on a USB. For the 'darker' bugout.

A good bag should be prepared for a couple of different situations. In the event that something extremely bad has happened in your personal life (someone wants you dead or captured) anonymity holds the highest value.
Tails is an operating system that holds a few computer tools and can be booted entirely from a USB flash drive or DVD. On the flash drive option, files are automatically encrypted (strong) as they are stored. The internet browser works through the Tor onion proxy. Basically it works by routing your traffic through so many different computers it would be impossible to trace it back once it reached the destination. It is open source and free to use. Your info can be intercepted technically, but not by people you're avoiding, and would be without context.
https://tails.boum.org/index.en.html
What all this means is that you can use a computer to keep your head down as much as possible, vs. trying to avoid computers and government tracking all together. To say that internet/phone traffic is not traced is ridiculous, although it would be difficult to know its efficiency. http://en.wikipedia.org/wiki/Carnivore_(software)
The way the drive would be partitioned (in USB or SD card) would allow for storage of ID scans, family photos, and survival manuals that would be viewable on a ereader or laptop.
USES EX. Buying a prepaid card with cash or bought with Bitcoins http://www.weusecoins.com and then use that card to buy a bus ticket, coyote, or a plane ticket if you manage to find an ID. You could walk into a local library or hotel, subtlely put your flash in and reboot the computer making it totally anonymous. Perfect for looking up directions, updating your IDs, transfer money from a Paypal acct., or SSH into your home/work computers and initiate a multi-cycle overwrite (or even a thermite detonation on the hard drive!.)
Use this information delicately.
TL;DR If you have to use a computeinternet in your bugout, Tails will keep you nearly untraceable.
submitted by tbag12 to bugout [link] [comments]

[uncensored-r/Bitcoin] The Great Bitcoin Bull Market Of 2017 by Trace Mayer

The following post by bitcoinknowledge is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ Bitcoin/comments/7fyhbw
The original post's content was as follows:
By: Trace Mayer, host of The Bitcoin Knowledge Podcast.
Originally posted here with images and Youtube videos.
I just got back from a two week vacation without Internet as I was scouring some archeological ruins. I hardly thought about Bitcoin at all because there were so many other interesting things and it would be there when I got back.
Jimmy Song suggested I do an article on the current state of Bitcoin. A great suggestion but he is really smart (he worked on Armory after all!) so I better be thorough and accurate!
Therefore, this article will be pretty lengthy and meticulous.
BACKGROUND
As I completely expected, the 2X movement from the New York Agreement that was supposed to happen during the middle of my vacation flopped on its face because Jeff Garzik was driving the clown car with passengers willfully inside like Coinbase, Blockchain.info, Bitgo and Xapo and there were here massive bugS and in the code and miners like Bitmain did not want to allocate $150-350m to get it over the difficulty adjustments.
I am very disappointed in their lack of integrity with putting their money where their mouths are; myself and many others wanted to sell a lot of B2X for BTC!
On 7 December 2015, with Bitcoin trading at US$388.40, I wrote The Rise of the Fourth Great Bitcoin Bubble. On 4 December 2016, with Bitcoin trading at US$762.97, I did this interview:

As of 26 November 2017, Bitcoin is trading around US$9,250.00. That is an increase of about 2,400% since I wrote the article prognosticating this fourth great Bitcoin bull market. I sure like being right, like usual (19 Dec 2011, 1 Jul 2013), especially when there are financial and economic consequences.
With such massive gains in such a short period of time the speculative question becomes: Buy, Hold or Sell?
FUNDAMENTALS
Bitcoin is the decentralized censorship-resistant Internet Protocol for transferring value over a communications channel.
The Bitcoin network can use traditional Internet infrastructure. However, it is even more resilient because it has custom infrastructure including, thanks to Bitcoin Core developer Matt Corrallo, the FIBRE network and, thanks to Blockstream, satellites which reduce the cost of running a full-node anywhere in the world to essentially nothing in terms of money or privacy. Transactions can be cheaply broadcast via SMS messages.
SECURITY
The Bitcoin network has a difficulty of 1,347,001,430,559 which suggests about 9,642,211 TH/s of custom ASIC hardware deployed.
At a retail price of approximately US$105/THs that implies about $650m of custom ASIC hardware deployed (35% discount applied).
This custom hardware consumes approximately 30 TWh per year. That could power about 2.8m US households or the entire country of Morocco which has a population of 33.85m.
This Bitcoin mining generates approximately 12.5 bitcoins every 10 minutes or approximately 1,800 per day worth approximately US$16,650,000.
Bitcoin currently has a market capitalization greater than $150B which puts it solidly in the top-30 of M1 money stock countries and a 200 day moving average of about $65B which is increasing about $500m per day.
Average daily volumes for Bitcoin is around US$5B. That means multi-million dollar positions can be moved into and out of very easily with minimal slippage.
When my friend Andreas Antonopolous was unable to give his talk at a CRYPSA event I was invited to fill in and delivered this presentation, impromptu, on the Seven Network Effects of Bitcoin.
These seven network effects of Bitcoin are (1) Speculation, (2) Merchants, (3) Consumers, (4) Security [miners], (5) Developers, (6) Financialization and (7) Settlement Currency are all taking root at the same time and in an incredibly intertwined way.
With only the first network effect starting to take significant root; Bitcoin is no longer a little experiment of magic Internet money anymore. Bitcoin is monster growing at a tremendous rate!!

SPECULATION
For the Bitcoin price to remain at $9,250 it requires approximately US$16,650,000 per day of capital inflow from new hodlers.
Bitcoin is both a Giffen good and a Veblen good.
A Giffen good is a product that people consume more of as the price rises and vice versa — seemingly in violation of basic laws of demand in microeconomics such as with substitute goods and the income effect.
Veblen goods are types of luxury goods for which the quantity demanded increases as the price increases in an apparent contradiction of the law of demand.
There are approximately 16.5m bitcoins of which ~4m are lost, ~4-6m are in deep cold storage, ~4m are in cold storage and ~2-4m are salable.
(http://www.runtogold.com/images/lost-bitcoins-1.jpg)
(http://www.runtogold.com/images/lost-bitcoins-2.jpg)
And forks like BCash (BCH) should not be scary but instead be looked upon as an opportunity to take more territory on the Bitcoin blockchain by trading the forks for real bitcoins which dries up more salable supply by moving it, likely, into deep cold storage.
According to Wikipedia, there are approximately 15.4m millionaires in the United States and about 12m HNWIs ($30m+ net worth) in the world. In other words, if every HNWI in the world wanted to own an entire bitcoin as a 'risk-free asset' that cannot be confiscated, seized or have the balance other wise altered then they could not.
For wise portfolio management, these HNWIs should have at least about 2-5% in gold and 0.5-1% in bitcoin.
Why? Perhaps some of the 60+ Saudis with 1,700 frozen bank accounts and about $800B of assets being targetted might be able to explain it to you.
In other words, everyone loves to chase the rabbit and once they catch it then know that it will not get away.
RETAIL
There are approximately 150+ significant Bitcoin exchanges worldwide. Kraken, according to the CEO, was adding about 6,000 new funded accounts per day in July 2017.
Supposedly, Coinbase is currently adding about 75,000 new accounts per day. Based on some trade secret analytics I have access to; I would estimate Coinbase is adding approximately 17,500 new accounts per day that purchase at least US$100 of Bitcoin.
If we assume Coinbase accounts for 8% of new global Bitcoin users who purchase at least $100 of bitcoins (just pulled out of thin error and likely very conservative as the actual number is perhaps around 2%) then that is approximately $21,875,000 of new capital coming into Bitcoin every single day just from retail demand from 218,750 total new accounts.
What I have found is that most new users start off buying US$100-500 and then after 3-4 months months they ramp up their capital allocation to $5,000+ if they have the funds available.
After all, it takes some time and practical experience to learn how to safely secure one's private keys.
To do so, I highly recommend Bitcoin Core (network consensus and full validation of the blockchain), Armory (private key management), Glacier Protocol (operational procedures) and a Puri.sm laptop (secure non-specialized hardware).
WALL STREET
There has been no solution for large financial fiduciaries to invest in Bitcoin. This changed November 2017.
LedgerX, whose CEO I interviewed 23 March 2013, began trading as a CFTC regulated Swap Execution Facility and Derivatives Clearing Organization.
The CME Group announced they will begin [trading in Q4 2017 Bitc...
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We play white elephant during Xmas party at my work....about 100 or so people attend it. This is what I'm planning to give. (TEXT VERSION) Feel free to copy and use it.

Pic
Inside this envelope is a paper that holds Bitcoins.
Bitcoin(abv. BTC) is digital currency that is worth real money (At the time of writing this, each BTC is worth about $726). It's the first decentralized electronic currency not controlled by a single organization or government. It's an open source project, and it is used by millions people. All over the world people are trading millions of dollars worth of bitcoin every day with no middle man and no credit card companies. It's a startup currency which has never happened before.
Email let us send letters for free, anywhere in the world. Skype lets us make phone and video calls for free, anywhere in the world. Now there's bitcoin. Bitcoin lets you send money to anyone online, anywhere in the world for less than a cent per transaction! Bitcoin is a community run system not controlled by any bank or government. There's no wall-street banker getting rich by standing between you and the people you want to send and receive money from.
It is impossible to make a counterfeit Bitcoin and there will only be a finite number ever created. No one person controls Bitcoin and therefore no one can control what you do with Bitcoin. All of these qualities add up to make Bitcoin a solid platform for both saving and spending money.
Like gold, oil, or any other fiat currency, Bitcoin value also fluctuates every second mostly because of demand and supply. At the beginning of this year each BTC was worth $14 then it went upto $1200 during Thanks Giving and at time of writing this it is worth $726. You can see the realtime value of your Bitcoins at http://coinbase.com/charts - the number in the top right is the current value in US Dollars, that is the price that people are actively buying Bitcoins for right now on an exchange market.
What can you do with Bitcoins? *You can send them to people. You can setup an online ‘wallet’ at http://coinbase.com and send them to anyone in the world for free.
You can buy things. *http://www.gyft.com/ Shop for gift cards and pay with BTC *http://www.bitcoinstore.com - Buy electronics. *http://coinkite.com - Bitcoin debit card.
You can hold onto them as an investment. *Just put this card away somewhere safe, and in a few years’ time you may be surprised at the value that your Bitcoins accrue. Who knows this paper might worth thousands of dollars in near future.
You can convert them back to US Dollars at any time. *http://coinbase.com allows you to buy and sell Bitcoins and withdraw or deposit US dollars back into your bank account.
If you’d like to know even more, go to http://weusecoins.com or http://bitcoin.it
Bitcoin is going to be the biggest opportunity for innovation that the world has seen since the industrial revolution.
HAPPY HOLIDAYS
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Just posted this on facebook. Thought I'd share how I feel about it with you guys. I don't know where we'll end up, but lets hope for the best!

I finally jumped onto the Bitcoin trading bandwagon at 39 dollars. The price, as of this posting, is inching closer and closer to 50. Do I cash out now or invest long-term? When will the bubble pop? Is this even a bubble? Nobody knows. But if this thing takes off like the internet did, a single Bitcoin, because they're mathematically produced at a slow and predictable rate, might someday be worth more than an ounce of gold.
It seems far-fetched today, but who would have ever predicted that the internet would be as big as it is now. Considering that when it started it was a very immature, dark and scary place. To anyone who wasn't technologically inclined, the internet was more reminiscent of the zeros and ones that scrolled down the computer screens in The Matrix. Whereas now, we have people who have no idea how the internet works, forwarding pictures of cats to their kids and discovering "charlie bit my finger" for the first time. Things have changed and they've changed pretty fast.
Will we all be using Bitcoins as a currency 15 years from now as the tools around it mature and make it easier for the general public to use? It sounds like something pulled straight out of a sci-fi movie to use "digital crypto-currency", but so did portable wireless communicators that fit in your pocket. Today, we all have smart phones and nobody's really impressed by them.
Bitcoins might completely lose all their value and go nowhere in a year or even a month from now. Nobody knows, but the thought of a decentralized crypto-currency sounds like a good way to start the future.
If you're interested in learning more about Bitcoins, here are some links http://www.weusecoins.com/ Video: http://youtu.be/Um63OQz3bjo Intro: https://en.bitcoin.it/wiki/Introduction Brain wallet: https://en.bitcoin.it/wiki/Brainwallet
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Want to help Bitcoin? Looking for a project to start or even better a startup? Here is a grocery list of nice services, products and programs to have.

Disclaimer: This is a work in progress. It is never complete and if there is not enough support, I will halt editing. Feel free to fork the next at any time, I see it as public domain. Any improvements whatsoever are welcome. Also, I am not unbiased, I hold bitcoin.
General musings: For what is bitcoin useful as a currency?
Generally a currency is usable as a store of value and as a medium of exchange. A currency is more attractive if it fulfills any of these two functions better than a competing currency. We will explore how to improve on these functions in this post.
Buying and selling stuff: Bitcoin as a medium of exchange
A currency is worthless if you can never exchange it to goods, services or something else you desire. We all know that payment via bitcoin is incredibly secure in that there is no chargeback risk and almost no transaction cost. Drawbacks of bitcoin as a medium of exchange is the volatility of exchange rates to other currencies, long confirmation times, lack of ecommerce support, lack of merchant adoption, lack of point-of-sale support and lack of user-friendly interfaces. Let's review these points one by one.
Buying the same tomorrow as today: Bitcoin as a store of value
Another huge part of a currencies value is its ability to store value. I want to be able to predict how much purchase power I will have for a given amount of currency. But this is not that easy for a currency seeing as it can be stolen or be erratic in the purchasing power it represents. So risk of theft is a major concern.
Structural stuff and statistics: Knowing is better than not knowing
I have omitted volatility from both points above seeing as it reduces usability in both categories equally. It is easy to see how volatility is a bad thing. This is caused by lack of liquidity, lack of proper statistics, lack of stable exchanges and low user adoption. The latter is ultimately a consquence of low advertising but all these can be fixed.
Afterthoughts
I have focused on bitcoins drawbacks, not on its advantages. When you educate people about bitcoin, tell them about the advantages. This post seeks to educate about current drawbacks and how they can be fixed. Also, I have neglected a possible mining monopoly. For fixing the latter I hope other people can post solutions, this is focused on the user side.
The lession, dear reader
There is a lot to do and a lot of profit to be made.
submitted by Taenk to Bitcoin [link] [comments]

Bitcoin (peer-to-peer yet global digital currency) for your business and for yourself

Hello all! I assume Voluntaryism in Colorado means more than sharing pirated links, so I thought I'd write about my favorite subject: Bitcoin. I am a member of the Colorado Bitcoin Network (coloradobitcoin.net) and we hold meetups every month, usually at Southern Hospitality in LoDo: https://www.meetup.com/Colorado-Bitcoin-Society/
What is Bitcoin?
Bitcoin is the first electronic currency that is widely decentralized and not controlled by any company or government. Created in 2009, it is a protocol for value transfer--like how email is a communications protocol compared to snail mail--that relies upon a tech breakthrough known as the "blockchain" to record data (transactions to a ledger) that cannot be changed without a massive amount of electrical and computing power. The economic incentives have (so far) been aligned properly to where it is more profitable to secure the ledger than to attack it.
Why should I care as an individual?
Bitcoin was designed to mimic the properties of gold, but with all the conveniences of digital money. One of the most important is a hard 21 million limit on the number of whole bitcoins that will ever be created. This makes Bitcoin, like gold, a hedge against inflation of government money and an investment vehicle for those who expect it to become a major global currency. The price per bitcoin has risen from literally nothing to fractions of a cent to dollar parity to now $700 over the course of it's 7 year existence. Bitcoin can be purchased in any fractional amount, however, practicably down to less than a dollar's worth.
Bitcoin is also a rather convenient way to transfer value across borders and to friends and family. Sending money costs usually less than 10 cents no matter how much you send and no matter where in the world. Unlike credit cards, Bitcoin doesn't transmit any sensitive information for others to grab and use to create fraudulent transactions. Bitcoin is cash for the internet. Overstock, Dell, Microsoft, NewEgg, Expedia, Gyft, eGifter, CardCash, Purse.io (for Amazon purchases) and others accept it directly online. Several charities do as well. Bitcoin makes donation incredibly fast and easy.
Why should I care as a business?
Bitcoin eliminates chargeback risk and costs typically 1% or less in processing fees (FREE if you accept directly or use Bitpay or Coinbase as a low volume merchant). Bitcoin is free to integrate in most cases and takes little time to understand and setup. Bitcoin can be kept as bitcoin or can be converted immediately to dollars settled to your business bank account by ACH within days. Because there is no chargeback risk, whatever revenue you receive is final, either in Bitcoin or dollars.
Several great tools exist for merchants wanting to accept online or in-person. There really is no reason not to add Bitcoin to your accepted methods of payment! If you have a Stripe or Shopify-based website, integration is as easy as turning the option on in settings. Plugins are available for many carts by external payment processors, API access is available for your own custom integration, and direct invoicing is easy and popular for those using site's like Etsy or other marketplaces. Acceptance in person works just as well via phone, tablet, or computer screen. Several Bitcoin merchant directories exist where users, like myself, look for new places to spend Bitcoin regularly, meaning you can attract new customers.
The Colorado Bitcoin Network exists to expand awareness and adoption and would be happy to provide setup assistance and training for free!
How do you use Bitcoin safely?
Bitcoin is the first opportunity to "be our own bank" in the world of digital money, therefore it can be as safe as you want it to be. Unlike Paypal or online banking, no one else has to have access to your funds, which means no theft or frozen accounts, but at the same time, no one to roll back your own mistakes. Most people buy Bitcoin through Coinbase or Circle and keep it in these accounts, but that is not something I would advise since they control the "private keys" that authorizes the spending of those funds. It largely defeats the purpose of owning Bitcoin.
By contrast, you can easily and safely store and use bitcoin yourself by downloading a mobile wallet like Airbitz or a PC wallet like Copay. Wallets like these generate the private keys solely on your device. What is incredibly important here, however, is that you BACKUP your wallet's private seed (or usepass with Airbitz). Otherwise, if your device is lost or damaged, those bitcoin will be lost forever!
Yes, but is the Bitcoin network secure?
Bitcoin has been operating continuously since 2009 as open source software which has been subject to continuous attack. It is the most proven and secure of any of the new class of "cryptocurrency" that currently exist, however it is still an economic experiment. Risks such as how do we get Bitcoin to safely scale in the number of transactions it can handle and how do we keep Bitcoin decentralized are still major problems the community is trying to solve. Most of the major thefts of Bitcoin, especially the well-publicized ones like the collapse of Mt.Gox, were not failures of Bitcoin, itself, but of the central exchanges that were hacked or suffered internal theft. This was all possible because the people affected had stored their bitcoin on these exchanges under someone else's control. While that may be needed for trading purposes, no one else should have to store bitcoin in the hands of another. This is why I always recommend people transfer their bitcoin to a wallet they control no matter how they purchase it.
Here is a some additional information for those new to Bitcoin / cryptocurrency:
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What is Bitcoin? (v2) - YouTube What is Bitcoin? (v1) - YouTube bitcoin - YouTube Bitcoin Mining in Canada Does Bitcoin Have Intrinsic Value?

9. WeUseCoins.com . Our team in WeUseCoins.com are certain to help everyone from low level knowledge to high level usage of Bitcoin and any other digital currencies across the world. Having said that, we are happy to help and receive your feedback to improve this informative website regarding cryptocurrencies and coins. 10. BitcoinMining.com Bitcoin price historically dropped to ~ $14,000, but later that day it reaches $16,250 15 December 2017 $17,900 Bitcoin price reached $17,900 22 December 2017 $13,800 Bitcoin price loses one third of its value in 24 hours, dropping below $14,000. 5 February 2018 $6,200 Bitcoin's price drops 50 percent in 16 days, falling below $7,000. Bitcoin Press Release: The cryptocurrency information platform, WeUseCoins has released a comprehensive guide to buying and using Bitcoin for global netizens. February 9, 2017, Basseterre, Saint Kitts and Nevis – WeUseCoins, the popular online information portal offering information on Bitcoin, Altcoins and blockchain technology is now providing a valuable guide with detailed instructions ... Bitcoin has revolutionized the financial world and the world of online commerce. A virtual currency with an incredibly high value, it has changed the way that people save, trade, invest, and purchase in the digital age. When Bitcoin first burst onto the scene it was predicted by a cynical few that its power and value would soon diminish, but on the contrary, the opposite has in fact happened. weusecoins.com has a website text/code ratio of 28.45 %. Search engine crawlers tend to not pick up pages with inadequate content. Search engine crawlers tend to not pick up pages with inadequate content.

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What is Bitcoin? (v2) - YouTube

In this video, I discuss whether Bitcoin has intrinsic value, as well as other scarce digital and non-digital assets. Bitcoin has begun to function as a store of value, and it has many advantages ... Bitcoin vs Gold: How I Believe That Bitcoin Has Intrinsic Value Like Gold Bitcoin is a consensus network that enables a new payment system and a completely d... 'What is Bitcoin' video created by WeUseCoins (www.weusecoins.com) ... 🔴 [LIVE] Bitcoin Halving 2020 News, BTC Price and Global Crisis! [7 May 2020] CB Pro 25,792 watching. Live now ; TOP 5 Day ... The most watched Bitcoin introduction video ever. Updated in April 2014, this video explains how bitcoin works and the importance of this paradigm shifting t... Since I heard about bitcoins 2 weeks ago, I wanted to setup a mining rig. It's coming along slowly. The price of bitcoin has gone from $7 to $14 per bitcoin in the 2 weeks that I've been waiting ...

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