BitcoinWiki - All About Cryptocurrency

Bitcoin - The Currency of the Internet

A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
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Buy Cryptocurrencies

Learn where and how to buy the leading cryptocurrencies, including Bitcoin and Ethereum.
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BetterBitcoin

BetterBitcoin is a subreddit for news, discussion and jokes about the currency of the internet (or the internet of currency): Bitcoin.
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Idea: r/Bitcoin creates a simple "How to Start a Local Bitcoin Club" wiki, to promote towns/neighborhoods using Bitcoin for regular buying and selling business between peers

Inspired by this post https://www.reddit.com/Bitcoin/comments/cp5y2s/10_out_of_22_btc_was_spent_by_bitcoin_subreddit/
I'd love to see us promote the original purpose of Bitcoin, which is a peer-to-peer way to trade money directly between individuals' wallets, rather than via exchanges or other middleman sites (like Bisq) or processing companies (like Bitpay).
I know that I got into Bitcoin when some cool folks on Reddit were giving it away to anyone who asked, and that made me get a wallet and learn how to use it. It was just so much easier than trying to get into an exchange (which I eventually did do, because I wanted to get more).
So, since it seems like one of the biggest challenges to Bitcoin adoption is not having anyone to trade with, and creating local Bitcoin clubs, to help people connect to one another, personally, so that they can offer and receive bitcoin for whatever kinds of exchanges they want to do, could be an extremely useful tool.
Local businesses could sponsor or just join the clubs as well, so that folks in a community build up strong connections for using Bitcoin for normal business.
Also, the more we exchange Bitcoin with people we are closer to (than central exchanges and the total strangers on them) the more we focus on making sure that exchanges are "fair" in the sense of not trying to only trade it away or spend when it's high, and just using it all the time, so that losses and gains are less pronounced, and folks are more comfortable using it all the time.
Maybe we could put together a little "how to form a Bitcoin club" website/video/flyer for anyone to use and share.
submitted by Turil to Bitcoin [link] [comments]

Why bitcoin will not work in rural india (this amount can buy you 1 https://en.m.wikipedia.org/wiki/Paratha (food) in india)

Why bitcoin will not work in rural india (this amount can buy you 1 https://en.m.wikipedia.org/wiki/Paratha (food) in india) submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

Bit-Coin wiki article on "How To Buy Bitcoins With Your Credit Card" listed scam exchange that got de-listed only to be re-added and it's still there weeks later. This is what mass adoption looks like.

Bit-Coin wiki article on submitted by butterNcois to Buttcoin [link] [comments]

Can we make a newb-friendly wiki page on how to buy Bitcoins?

The current page is kind of scary for newbs, and I'm sick of seeing the same posts over and over again.
We should either create a separate page just for this purpose, or a section within the current entry ... preferably the first option.
submitted by ripper2345 to Bitcoin [link] [comments]

You know what would be cool? A "Buy this with Bitcoin" wiki.

Picture a "Buy this with Bitcoin wiki. Every product in the world has a page on this wiki. If I'm looking for a "CAT5 Cable", there's a page for it in the wiki.
CAT5 Cable
Tiger Direct
Bitcoin Store
Or maybe someone takes the time to break out the results into more detail.
CAT5 Cable
10-foot
Tiger Direct
Bitcoin Store
25-foot
Tiger Direct
Bitcoin Store
You get the idea. The point is, it would be awesome to have such a directory be user-editable, mainly because most of these sorts of lists tend to get outdated quickly. If updated by users and merchants on a regular basis, it could prove to become a very useful resource, especially to point people new to Bitcoin to as a guide for where to spend Bitcoins.
Thoughts?
submitted by sgtspike to Bitcoin [link] [comments]

Godfrey Bloom has started buying bitcoin

Godfrey Bloom has started buying bitcoin submitted by nanooverbtc to CryptoCurrency [link] [comments]

Dumb Question Here, what platform should I buy bitcoin on and how do I cash out (if that’s possible?)?

submitted by vivaciousaffablenerd to Bitcoin [link] [comments]

Putting $400M of Bitcoin on your company balance sheet

Also posted on my blog as usual. Read it there if you can, there are footnotes and inlined plots.
A couple of months ago, MicroStrategy (MSTR) had a spare $400M of cash which it decided to shift to Bitcoin (BTC).
Today we'll discuss in excrutiating detail why this is not a good idea.
When a company has a pile of spare money it doesn't know what to do with, it'll normally do buybacks or start paying dividends. That gives the money back to the shareholders, and from an economic perspective the money can get better invested in other more promising companies. If you have a huge pile of of cash, you probably should be doing other things than leave it in a bank account to gather dust.
However, this statement from MicroStrategy CEO Michael Saylor exists to make it clear he's buying into BTC for all the wrong reasons:
“This is not a speculation, nor is it a hedge. This was a deliberate corporate strategy to adopt a bitcoin standard.”
Let's unpack it and jump into the economics Bitcoin:

Is Bitcoin money?

No.
Or rather BTC doesn't act as money and there's no serious future path for BTC to become a form of money. Let's go back to basics. There are 3 main economic problems money solves:
1. Medium of Exchange. Before money we had to barter, which led to the double coincidence of wants problem. When everyone accepts the same money you can buy something from someone even if they don't like the stuff you own.
As a medium of exchange, BTC is not good. There are significant transaction fees and transaction waiting times built-in to BTC and these worsen the more popular BTC get.
You can test BTC's usefulness as a medium of exchange for yourself right now: try to order a pizza or to buy a random item with BTC. How many additional hurdles do you have to go through? How many fewer options do you have than if you used a regular currency? How much overhead (time, fees) is there?
2. Unit of Account. A unit of account is what you compare the value of objects against. We denominate BTC in terms of how many USD they're worth, so BTC is a unit of account presently. We can say it's because of lack of adoption, but really it's also because the market value of BTC is so volatile.
If I buy a $1000 table today or in 2017, it's roughly a $1000 table. We can't say that a 0.4BTC table was a 0.4BTC table in 2017. We'll expand on this in the next point:
3. Store of Value. When you create economic value, you don't want to be forced to use up the value you created right away.
For instance, if I fix your washing machine and you pay me in avocados, I'd be annoyed. I'd have to consume my payment before it becomes brown, squishy and disgusting. Avocado fruit is not good money because avocadoes loses value very fast.
On the other hand, well-run currencies like the USD, GBP, CAD, EUR, etc. all lose their value at a low and most importantly fairly predictible rate. Let's look at the chart of the USD against BTC
While the dollar loses value at a predictible rate, BTC is all over the place, which is bad.
One important use money is to write loan contracts. Loans are great. They let people spend now against their future potential earnings, so they can buy houses or start businesses without first saving up for a decade. Loans are good for the economy.
If you want to sign something that says "I owe you this much for that much time" then you need to be able to roughly predict the value of the debt in at the point in time where it's due.
Otherwise you'll have a hard time pricing the risk of the loan effectively. This means that you need to charge higher interests. The risk of making a loan in BTC needs to be priced into the interest of a BTC-denominated loan, which means much higher interest rates. High interests on loans are bad, because buying houses and starting businesses are good things.

BTC has a fixed supply, so these problems are built in

Some people think that going back to a standard where our money was denominated by a stock of gold (the Gold Standard) would solve economic problems. This is nonsense.
Having control over supply of your currency is a good thing, as long as it's well run.
See here
Remember that what is desirable is low variance in the value, not the value itself. When there are wild fluctuations in value, it's hard for money to do its job well.
Since the 1970s, the USD has been a fiat money with no intrinsic value. This means we control the supply of money.
Let's look at a classic poorly drawn econ101 graph
The market price for USD is where supply meets demand. The problem with a currency based on an item whose supply is fixed is that the price will necessarily fluctuate in response to changes in demand.
Imagine, if you will, that a pandemic strikes and that the demand for currency takes a sharp drop. The US imports less, people don't buy anything anymore, etc. If you can't print money, you get deflation, which is worsens everything. On the other hand, if you can make the money printers go brrrr you can stabilize the price
Having your currency be based on a fixed supply isn't just bad because in/deflation is hard to control.
It's also a national security risk...
The story of the guy who crashed gold prices in North Africa
In the 1200s, Mansa Munsa, the emperor of the Mali, was rich and a devout Muslim and wanted everyone to know it. So he embarked on a pilgrimage to make it rain all the way to Mecca.
He in fact made it rain so hard he increased the overall supply of gold and unintentionally crashed gold prices in Cairo by 20%, wreaking an economic havoc in North Africa that lasted a decade.
This story is fun, the larger point that having your inflation be at the mercy of foreign nations is an undesirable attribute in any currency. The US likes to call some countries currency manipulators, but this problem would be serious under a gold standard.

Currencies are based on trust

Since the USD is based on nothing except the US government's word, how can we trust USD not to be mismanaged?
The answer is that you can probably trust the fed until political stooges get put in place. Currently, the US's central bank managing the USD, the Federal Reserve (the Fed for friends & family), has administrative authority. The fed can say "no" to dumb requests from the president.
People who have no idea what the fed does like to chant "audit the fed", but the fed is already one of the best audited US federal entities. The transcripts of all their meetings are out in the open. As is their balance sheet, what they plan to do and why. If the US should audit anything it's the Department of Defense which operates without any accounting at all.
It's easy to see when a central bank will go rogue: it's when political yes-men are elected to the board.
For example, before printing themselves into hyperinflation, the Venezuelan president appointed a sociologist who publicly stated “Inflation does not exist in real life” and instead is a made up capitalist lie. Note what happened mere months after his gaining control over the Venezuelan currency
This is a key policy. One paper I really like, Sargent (1984) "The end of 4 big inflations" states:
The essential measures that ended hyperinflation in each of Germany,Austria, Hungary, and Poland were, first, the creation of an independentcentral bank that was legally committed to refuse the government'sdemand or additional unsecured credit and, second, a simultaneousalteration in the fiscal policy regime.
In english: *hyperinflation stops when the central bank can say "no" to the government."
The US Fed, like other well good central banks, is run by a bunch of nerds. When it prints money, even as aggressively as it has it does so for good reasons. You can see why they started printing on March 15th as the COVID lockdowns started:
The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals.
In english: We're going to keep printing and lowering rates until jobs are back and inflation is under control. If we print until the sun is blotted out, we'll print in the shade.

BTC is not gold

Gold is a good asset for doomsday-preppers. If society crashes, gold will still have value.
How do we know that?
Gold has held value throughout multiple historic catastrophes over thousands of years. It had value before and after the Bronze Age Collapse, the Fall of the Western Roman Empire and Gengis Khan being Gengis Khan.
Even if you erased humanity and started over, the new humans would still find gold to be economically valuable. When Europeans d̶i̶s̶c̶o̶v̶e̶r̶e̶d̶ c̶o̶n̶q̶u̶e̶r̶e̶d̶ g̶e̶n̶o̶c̶i̶d̶e̶d̶ went to America, they found gold to be an important item over there too. This is about equivalent to finding humans on Alpha-Centauri and learning that they think gold is a good store of value as well.
Some people are puzzled at this: we don't even use gold for much! But it has great properties:
First, gold is hard to fake and impossible to manufacture. This makes it good to ascertain payment.
Second, gold doesnt react to oxygen, so it doesn't rust or tarnish. So it keeps value over time unlike most other materials.
Last, gold is pretty. This might sound frivolous, and you may not like it, but jewelry has actual value to humans.
It's no coincidence if you look at a list of the wealthiest families, a large number of them trade in luxury goods.
To paraphrase Veblen humans have a profound desire to signal social status, for the same reason peacocks have unwieldy tails. Gold is a great way to achieve that.
On the other hand, BTC lacks all these attributes. Its value is largely based on common perception of value. There are a few fundamental drivers of demand:
Apart from these, it's hard to argue that BTC will retain value throughout some sort of economic catastrophe.

BTC is really risky

One last statement from Michael Saylor I take offense to is this:
“We feel pretty confident that Bitcoin is less risky than holding cash, less risky than holding gold,” MicroStrategy CEO said in an interview
"BTC is less risky than holding cash or gold long term" is nonsense. We saw before that BTC is more volatile on face value, and that as long as the Fed isn't run by spider monkeys stacked in a trench coat, the inflation is likely to be within reasonable bounds.
But on top of this, BTC has Abrupt downside risks that normal currencies don't. Let's imagine a few:

Blockchain solutions are fundamentally inefficient

Blockchain was a genius idea. I still marvel at the initial white paper which is a great mix of economics and computer science.
That said, blockchain solutions make large tradeoffs in design because they assume almost no trust between parties. This leads to intentionally wasteful designs on a massive scale.
The main problem is that all transactions have to be validated by expensive computational operations and double checked by multiple parties. This means waste:
Many design problems can be mitigated by various improvements over BTC, but it remains that a simple database always works better than a blockchain if you can trust the parties to the transaction.
submitted by VodkaHaze to badeconomics [link] [comments]

Best exhange for someone in WA state?

Hi,
I have been using CoinBase but recently ran into some issues with their service. I tried to create a Kraken account but because of my place of residence I'm not allowed to use their service. What is the best place I can buy/trade crypto (lowest fees, best security) in WA state?
submitted by Friedrich_Ux to Bitcoin [link] [comments]

Bitcoin is really unpredictable

I have invested a large amount in BTC and lately the trend is very unpredictable. I saw that last week it increased significantly but I didn’t withdraw thinking it will increase more. Did I make the wrong choice? I see that the BTC is now decreasing.
PS Dont hate on me im just a beginner— instead please enlighten me, i appreciate you all!
submitted by mlsssprts to BitcoinBeginners [link] [comments]

What if trump approved

What if trump approved submitted by da_dreamerr to CryptoCurrency [link] [comments]

Gemini account negative balance.

About two days ago I bought $1000 of bitcoin, which is the daily limit for Gemini. I wanted to buy more so I tried to deposit cash into my account and be able to get more that way but the transaction was denied and now my Gemini account is showing a negative balance for USD but the money never went through. So now if I deposit the 500 I tried to put in a couple days ago will that zero out the balance and make me loose $500 for no reason? Or will that money just be able to be accessed to trade for crypto?
submitted by HHSfootball79 to Bitcoin [link] [comments]

A new batch of 600 bitcoin stickers is ready to hit the streets of Tel Aviv! Thanks Phneep and Lucho Poletti for the incredible artwork and the permission to print it! And to our Bitcoin Embassy community volunteer that did all the manual scissors work :)

A new batch of 600 bitcoin stickers is ready to hit the streets of Tel Aviv! Thanks Phneep and Lucho Poletti for the incredible artwork and the permission to print it! And to our Bitcoin Embassy community volunteer that did all the manual scissors work :) submitted by qbisq to Bitcoin [link] [comments]

What conspiracies do you know about money?

What conspiracies do you know about money?
Next week will be discussing Money on a podcast (the Federal Reserve, and probably crypto). Looking for what conspiracies the community has got to dive into.
submitted by CasualConspiracyPod to conspiracy [link] [comments]

How do I use my Bitcoin anonymously

I have some Bitcoin in my electrum wallet and I want to know how I can use it safely and anonymous in the dark net
submitted by 69420694206942069421 to Bitcoin [link] [comments]

Should I use bitcoin over western union?

I want to make a transfer, however, I would like to stay as anonymous as possible. I always thought that bitcoin was pretty much as anonymous as you could get but I recently found out that all transactions are stored publicly and you can see a wallet’s history. If I’m going to use my debit card to buy the bitcoin, would it not mean that if someone had the intent to trace, they could still follow it back to me? If that’s the case should I not just use WU for ease and speed? I know this post is a bit weird but I’m just being paranoid and trying to foresee everything I can.
Thanks
submitted by miquelrius to Bitcoin [link] [comments]

Has anyone bought with Banxa before?

I was about to buy some btc on Edge and seen that Banxa has a fee of 2.5% compared to others which are around 7% to 9% and was wondering if anyone has used it before and is it trust worthy.
submitted by TheJ0ker13 to Bitcoin [link] [comments]

Bored? Looking for something to do? Start with this list of things to do in the Sacramento area.

(Credit for the below list has to be given to u/BurritoFueled, who created the original list in 2014 and updated it a year later. Almost two-thirds of the items below are still from that original list. All I’ve done with the list is revive it a little bit by updating dead links and making little tweaks when necessary. Also, thanks to those that submitted new additions to the list last week. Over a third of the below items are new and a lot of the original items have had newer information added onto them.)
People are always looking for something to do around here. Maybe you’re a transplant, unaware of what this area has to offer, or maybe you’re a lifelong resident, tired of the same old thing. Well friend, if you fall into the latter category, do not despair. There’s actually plenty of things to do in the Sacramento area – things of interest to almost any lifestyle, personality, or budget.
So, whether you’re an athlete, geek, eccentric, hipster, weirdo, sexual deviant or just a normal person looking for a new activity, below is a list of activities for you to try. Please note that it includes only activities that take place at least a few times a year – no one-off events or festivals here.
Enjoy this list. If you have any suggestions of your own to add, comment below in this thread. I'll try to keep this as up to date as possible.
Away we go.
UPDATED 10-6-20
(Note: Due to the current pandemic, some of these activities may be curtailed or not offered at all.)
submitted by PowerWindows85 to Sacramento [link] [comments]

Whats the difference of say, i have 1 BTC(and value is set at $11,500) and i keep it on an exchange vs keeping it in a wallet?

What's the difference of say, I have 1 BTC(and value is set at $11,500) and I keep it on an exchange vs keeping it in a wallet and the value goes up to $20,000. Will the 1 BTC be = to $20,000 or will it become 1.6 BTC or something?
submitted by sserbianb to BitcoinBeginners [link] [comments]

Let's talk about 🚀🚀🚀🚀BRN BRN BRN 🚀🚀🚀BRN 🚀🚀BRN 🚀🚀BRN 🚀🚀?

Let's talk about 🚀🚀🚀🚀BRN BRN BRN 🚀🚀🚀BRN 🚀🚀BRN 🚀🚀BRN 🚀🚀?

I know BrainChip burnt many of you, RIP your butthole's, RIP Melvin - But this one's a reusable space-x rocket, returned to home for a quick refuel.

Continue for a briefcase containing a DVD copy of the dark knight rises;

Recent price action was just a speculative bubble, which is indicative of any disruptive tech and completely normal.

Think Bitcoin, Tesla, ect ect.

From a TA perspective, the bubble cycle looks complete as BRN begins to consolidate.
A channel started forming prior to the 2020_Melvin_pump*TM and I expect SP to bounce around these levels until the next move in response to rumors/deals.
https://preview.redd.it/4norp7pl8ds51.png?width=1980&format=png&auto=webp&s=1f8ca0b0165d39f50255255473deb2fd7c21463f

IF BRN delivers a decent deal or two, which sentiment seems to agree that they will in 2021, we will most certainly return to $1 & probably beyond.

WHY?
FOMO is why.
It drives sp particularly when a stock is a retail heavy small-cap.

BRN's next move will be an explosive second wave of retail buying - google trends can help explain this position.
Look at the search volumes for BRN compared to some of our fave meme's
Search volumes for other small-cap meme boiz hardly register against BRN.
Z1P & APT are comparable, however, what's important here is Market Cap.
  • APT: 25.45B
  • Z1P: 3.90B
  • BRN: 532.43M

Why does this matter?
It takes much less $$ to move BRN, yet investor interest is on par with larger Stocks that are/have made big gains. As rumors begin to circulate soon re: new/next deals, BRN will spice up, and everyone who bought at the top will be dumb fucks and do it again. Bless your poor souls.


TLDR; BRN is on the map, the recent pump was just a speculative bubble, if BRN delivers next year SP will explode. Be kind to yourself and buy before the daily "BRN 🚀🚀🚀🚀🚀🚀🚀" posts return.
submitted by maaaaaauud to ASX_Bets [link] [comments]

Patch .12.7 (Today 14:00 MSK) - Notes & Discussion

Edit: For those on New Reddit, we're trying out the "Event" style post, so you should see a start time listed above this post in your local timezone. It seems like it's a hour ahead for me, for whatever reason. Let me know if it works for you.
The installation of the patch has finished!
The installation of the patch has begun!
Regards to CptQ for this count-down timer for those not on new.reddit:
#Countdown Timer

Per the Official EFT Discord:

Tomorrow [The 27th], at 14.00 Moscow time we plan to start installation of the update 0.12.7. The game will be stopped. Installation of the update will take approximately 4 hours, but can be extended if necessary.
Twitter Post: https://twitter.com/bstategames/status/1287475159432081408
Check out the latest Raid Episode (#4): https://www.youtube.com/watch?v=2u8hkw2UTy4
Help our Wiki Editors out: https://old.reddit.com/EscapefromTarkov/comments/hyftjg/your_patchly_wiki_post/

FAQ:

Below are the patch notes for .12.7 :

___
Patch 0.12.7:
Added:
New ammo:
Added new stimulants:

Optimization:
Fixed:
Fixed in weapon presets
Fixed in the hideout
Changed:
submitted by Fwopp to EscapefromTarkov [link] [comments]

Bitcoin in “Hotline Bling”

Bitcoin in “Hotline Bling” submitted by TheCryptomath to Bitcoin [link] [comments]

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How To Buy And Sell Bitcoin On Paxful - YouTube

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