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Showing 16 of 16 results by Abhijeet Tripathi
Post
Topic
Board Bitcoin Discussion
Re: CHALLENGES Bitcoin have to overcome .
by
Abhijeet Tripathi
on 06/04/2020, 14:41:35 UTC
1.Trust[/size]-Most people don’t understand the digital currency and only see Bitcoin’s unpredictable price movement. This generate a negative environment for bitcoin.
that is not bitcoin's problem. bitcoin is what it is, if people wanted to use it they would. just like many people who are using this decentralized currency. others who want to get too involved in the price movements and lose money in the process is their own fault.

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2.ICO scams[/size]- general public unfairly associates bitcoin with ICO scams.
3.Hacks[/size]-Hacking and theft continue to be on the rise.
neither of these two have anything to do with bitcoin.
ICO scams are other people doing other things using another cryptocurrency.
hacks are also third party websites (such as exchanges) that are weak enough to be hacked or people losing their bitcoin because they download malicious software, don't inform themselves,...
bitcoin itself is 100% secure and unhackable.

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4.Ease of use[/size]-Bitcoin is much harder and more complicated than holding cash. people need to learn how to take responsibility for the private keys that control their bitcoin.
this is the only valid point you can make. although the wallets are very easy to use nowadays. from centralized custodial ones that look like PayPal to secure desktop wallets that are easy to use such as Electrum.

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5.Open nature[/size]-Powerful machines built specifically for bitcoin’s proof-of-work algorithm have changed its decentralized and more open nature.
This has, in effect, concentrated bitcoin’s confirmation power, leaving it in the hands of only those who can afford thousands of dollars of ASIC hardware.
usage of ASICs does not change anything about open nature of bitcoin or its decentralization. the fact that some people choose to take a high risk and invest their money into specialized mining equipment and spend more money on electricity, maintenance,... to be able to mine bitcoin shows the decentralized nature of bitcoin. and nobody is preventing anybody else from entering the scene. it is your choice not to trust bitcoin enough to invest that kind of money and effort so you can't blame bitcoin for it.

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6.Scalability[/size]-Bitcoin has a serious scalability problem. As more and more bitcoin trades and purchase transactions are executed, the network will have a more difficult time keeping up.
you haven't seen "serious" scaling problems. if you want to see them look at a shitcoin like ethereum with its 2 terabyte blockchain size, 99% light nodes and the fact that its entire network goes down anytime there is a big traffic.
scaling in bitcoin will always exist, there is no magical solution to make it go away. we can only improve it which is being done already.
I would say that Bitcoin's protocol is almost perfect so all the problem you have list is not bitcoin's fault for per se. If people are going to educate themselves specially protecting their wallets and assets then there will be less hacks and such. If you want to be your own bank, then protect it at all cost. Is bitcoin design to replace the fiat system? Personally, I don't see it like that, it was design to be an alternative and not a replacement.
How exactly bitcoin should overcome the hacking problem?

This is not even a bitcoin protocol problem. This is a problem of low quality third party services which try to make money out of the network.



In my opinion, most of what you said is just a marketing created by scam shitcoins to convince you to buy those ponzi scheme coins. They are not real bitcoin issues.
1.Trust[/size]-Most people don’t understand the digital currency and only see Bitcoin’s unpredictable price movement. This generate a negative environment for bitcoin.
that is not bitcoin's problem. bitcoin is what it is, if people wanted to use it they would. just like many people who are using this decentralized currency. others who want to get too involved in the price movements and lose money in the process is their own fault.

Quote
2.ICO scams[/size]- general public unfairly associates bitcoin with ICO scams.
3.Hacks[/size]-Hacking and theft continue to be on the rise.
neither of these two have anything to do with bitcoin.
ICO scams are other people doing other things using another cryptocurrency.
hacks are also third party websites (such as exchanges) that are weak enough to be hacked or people losing their bitcoin because they download malicious software, don't inform themselves,...
bitcoin itself is 100% secure and unhackable.


I think what he wanted to convey here is that because of ICO scams and hacking incidents in crypto community, people outside crypto identify or as he said it, associate those with bitcoin. Though those ICO scam projects are totally not related to bitcoin, yet, they thought that crypto or bitcoin is somehow fraudulent. Those that don't really know about crypto, will have some kind of "ignorance" when it comes to this. But for sure, once they educate themselves even a lil bit, they will understand that bitcoin has nothing to do with all those unfortunate situations. Try talking to a noncrypto user and you will find out that they will be hesitant at first. One time, someone asked me if bitcoin is an illegal currency. You have to understand such stupid thoughts about bitcoin by many people because they really do exist.

I respect all replies given by everyone.

What I wanted to convey is that Bitcoin is facing a lot of competition and other cryptocurrencies will compel users to switch from Bitcoin to alternative crypto assets.
Other cryptocurrencies operate differently. Ether, for example, uses the proof-of-stake concept, which is energy efficient, while the cryptocurrency ripple does not require mining.
Bitcoin’s network requires an average of 10 minutes to create a block, and it’s estimated that it can only manage seven transactions per second (TPS). Ethereum does better (20 TPS), and the IBM blockchain (1,000 TPS) and Ripple (1,500 TPS) are even more impressive.
Bitcoin’s promise was to bypass the centralized economic system and enable peer-to-peer exchange of value using the digital currency. But with the fluctuating price of Bitcoin, it is very hard to buy a cup of coffee.
Bitcoin was designed to be cheap, reliable and fast
Post
Topic
Board Bitcoin Discussion
Merits 1 from 1 user
CHALLENGES Bitcoin have to overcome .
by
Abhijeet Tripathi
on 06/04/2020, 07:43:38 UTC
⭐ Merited by CaVO32 (1)
Bitcoin have gained a great attention in recent years.
And it has made a few people very rich in the process, those who were on the right side of the market at the right time.
But it has yet to gain acceptance among the masses.

What are major problem bitcoin have to overcome ?

1.Trust-Most people don’t understand the digital currency and only see Bitcoin’s unpredictable price movement. This generate a negative environment for bitcoin.

2.ICO scams- general public unfairly associates bitcoin with ICO scams.

3.Hacks-Hacking and theft continue to be on the rise.

4.Ease of use-Bitcoin is much harder and more complicated than holding cash. people need to learn how to take responsibility for the private keys that control their bitcoin.

5.Open nature-Powerful machines built specifically for bitcoin’s proof-of-work algorithm have changed its decentralized and more open nature.
This has, in effect, concentrated bitcoin’s confirmation power, leaving it in the hands of only those who can afford thousands of dollars of ASIC hardware.

6.Scalability-Bitcoin has a serious scalability problem. As more and more bitcoin trades and purchase transactions are executed, the network will have a more difficult time keeping up.
         
          Bitcoin yet to become the true “people’s” currency, and resume its price momentum.
Post
Topic
Board Trading Discussion
Re: Minimum coin to begin trading?
by
Abhijeet Tripathi
on 05/04/2020, 18:01:59 UTC
I was wondering what's minimum / ideal amount of BTC or ETH I should have in order to start trading activity

If you have any idea or just want to share your first experience in crypto trading, feel free to write them bolow
  Initially use only between 1-5% of your assets then increase it gradually.
   Because no one can surely predict upcoming trends.
   So don't risk more than you can afford to lose.
Post
Topic
Board Trading Discussion
Re: HOW LOW BTC CAN GO?
by
Abhijeet Tripathi
on 05/04/2020, 17:54:19 UTC
Within 1 month and in other time frames , initially there is normal trend of up and down but currently the trend is sideways.
     But analysing different factors I predict most probably  bull behaviour because after sideways trends price is going up.
Post
Topic
Board Trading Discussion
Re: Problem with cashing out to fiat
by
Abhijeet Tripathi
on 05/04/2020, 17:45:10 UTC
I had a kinda weird experience cashing out to fiat and I want to know if anyone else has had similar.

So I made a killing in crypto and decided to cash out. I converted my bitcoins to fiat and sent them to my bank account. Easy so far. But the money didn't appear on my balance. I went into my bank to ask them what was happening...

The lady at the bank said because the money came from cryptocurrencies they wouldn't be legally allowed to process it, so it wouldn't get added to my balance. I basically said this is theft and asked what she was going to do about it and could I see the manager. I stomped about a bit and let me tell you I was wearing those boots that Uncle Peter got me with the metal heels and I made quite a commotion.

This is when she backed down and she said I could still have the money, but I would have to have it as bitcoin and not as fiat. Okay, so long as I get to keep my money. I can try to cash it out another way. This was two bitcoins which is a lot of money for me so quite a big deal.

So then she rummages around behind her desk and then puts these on the counter. I picked them up in disbelief. WTF, you may be thinking. No, WTAF.

https://blokt.com/wp-content/uploads/2019/05/two-bitcoins-in-hand-Investment-course-change-rise-decline-luxury-success-stock-exchange-concept-Image.jpg

I picked them up and they weren't even metal like proper bitcoins, they had this kind of cheap plasticky feel. Then to make it worse she says "Oh I forgot to deduct our fees." And she gets out this cheese grater thing and starts filing away the edge of one of my bitcoins, and she scoops up all the plastic bits with a little shovel and pours them into the till. It is important to quantify things so I used my phone to take a photo of how much she filed off. To me it looks way way too much. Please tell me, is this a normal amount for banking fees? I think she was scamming me. Seriously she scraped off like a third of that thing which is just extortionate, right?

https://www.floristik24.co.uk/media/images/mobile/popup/Flower_Hair_Lametta_gold_200g_Engelshaar_20593.jpg

So now I have one proper bitcoin and one damaged one, but I think they are plastic anyway. I put them in an envelope and mailed them to an exchange, but they didn't get added to my balance there either. I think there has been a hard fork and they no longer take plastic coins because it is not hard like metal. If they had a soft fork I would be fine. But this is the way of crypto, us wise old heads who have been in the game for a while learn to take the rough with the smooth, and the soft with the hard but this is the first time I have taken the plastic with the metal.

Anyway, has anyone else had this? A couple of weeks ago the exchange said my bitcoins were worth over $10,000 and now they say they are worth nothing. I am feeling confused and angry, and I think from my exposure to these plastic bitcoins I may have contracted this crypto volatility that is so fashionable these days.




Seriously,
     You didn't ask which side is tail and which one is head?
Post
Topic
Board Trading Discussion
Re: Trading for Beginners?
by
Abhijeet Tripathi
on 05/04/2020, 17:28:48 UTC
HI,

Over the years I've acquired around a few hundred dollars worth of bitcoin. I'm now looking to sell off part of my coins and start trading on the side of what I do personally for work. I was in the bitcoin scene awhile ago but i'm looking to get back into it. My question to everyone here is: What are the DOs and DONTs of bitcoin trading? Also any other advice for a beginner would be helpful. I'm new to this site, so i'm sorry if there is already a thread posted about this. Also, what are the best sites to use for trading through experience? Complexity doesn't matter to me. Thanks in advance for any help I receive.

Regards,

Kyle aka Aggressive

I will suggest the same things that I have done by now.
And I think every trader would have done the same in starting days of their trade.
First one should find an exchange which is suitable for his country taking account of security , fee , volatility and other services provided by that exchange.
    1. Open your account in that exchange .
     2.Deposit money in your exchange . Many exchange didn't accept Fiat currency so first buy your bitcoin from an exchange which accepts Fiat currency like coin base.
     3. Then transfer your bitcoin to into your exchange. But never keep your assets in any exchange . Keep it in a wallet.
    4. Then start trading . Buy at low price and sell at high price.

    For beginners I would suggest to trade in USDT(tether) market . Tether is a stablecoin. USDT is pegged to the US Dollar . This allows traders to transfer the “fiat equivalent” in value between exchanges, without the need for normal fiat currency regulation. It's value is always 1$. No worry of fluctuations in market .
     Try to understand trading terms like Volume, market order , limit order, stop loss order ( imp strategy for beginners) . Try to understand the interface of exchange you are using.
     Try to understand fundamental analysis which is based on positive or negative news of cryptocurrencies.
     Try to understand technical analysis which includes reading price charts. Candlesticks , bull and bear markets , resistance and supports level , trend lines help in reading charts.
      Initially use small amount of your asset for trading then increase it gradually according to your expertise.
       I suggest to first start trading on a simulator without any fear. You can get many websites.
Post
Topic
Board Trading Discussion
Tools for technical analysis
by
Abhijeet Tripathi
on 31/03/2020, 07:01:14 UTC
https://www.tradingview.com/ideas/cryptocurrency/ Trading view-- best places for technical analysis charting                                                   
                                     
 https://tradesanta.com/en?referral_id=106423 Trade santa- Crypto trading bot

https://3commas.io/?c=mar2020 3commas- smart trading features

https://coinmarketcap.com/ Coinmarketcap- it tracks prices, market cap, volume, listings of coins and tokens in this space.

https://cryptopanic.com/ cryptopanic- helps me stay on top of the news from the cryptosphere.

https://cryptowat.ch/ cryptowatch -lets traders get access to live streamed price, volume, and orderbook data from over 800 exchanges.

https://www.cryptoalerts.ai/ crypto alerts- tool that will send you alerts based on several different indicators.

https://www.multicoincharts.com/ multicoincharts- A tool that allows you to display multiple charts for different coins on your screen at the same time.

These all tools are user friendly.
Will keep updating more.
Post
Topic
Board Off-topic
Re: How to identify fake news
by
Abhijeet Tripathi
on 29/03/2020, 14:26:03 UTC
Well guided to identify fake news.
Nowadays ethics is a small price to pay for fulfilling ones  personal interests.
Ownership patterns, conflict of interest,  are some motivations that generate unethical behaviour in social media users . Even journlists are responsible for spreading fake news .They are also sometime biased.
One should always crosscheck the news which they are confronting daily. Otherwise they will also get influenced by fake news and act biased.
Post
Topic
Board Beginners & Help
Re: How to get public and private key ?
by
Abhijeet Tripathi
on 29/03/2020, 14:08:27 UTC
Hi,
    In my wallet I can see a long alphanumeric address/number stating wallet address to publicly receive bitcoins. I have also heard about private keys from where the public keys are derived . From where I can get my private keys ? Please guide.
Hi, due you did not indicate which wallet you are using, I cannot give you specific instructions. But you can also see here: How to extract private keys from other wallets, this article is a guide for many types of wallets, you can go there, if the type of wallet you are using there, follow it.
In case you use Coinbase, you cannot get the private key, because it is not a wallet  Wink
Thanks for guiding.
BTW I am using Blockchain wallet.
Post
Topic
Board Trading Discussion
Re: Newbie should trade or not? Please give me idea.
by
Abhijeet Tripathi
on 29/03/2020, 11:41:29 UTC
Trading isn't for everyone. Almost 95% of all day traders eventually fail. But you can keep going if you have strong heart.
        You can hodl (This is a misspelling of the word ‘hold’, as someone once made a typo and it has since stuck around as a crypto-community trend) a cryptocurrency for short term also known as day trading . In this process trader hold an asset for just a few seconds, to a couple of hours and sell it before the end of the day, hoping to make a small, but quick profit.
       Holding on to a cryptocurrency for longer, this is called long-term trading.
       If you want to trade you need an exchange where you can buy cryptocurrencies at low prices and sell it at higher prices to gain profit. Two methods help you in better trading are-

    1. Speculation- It is when a trader believes a price will go up or down because of a positive news.

   2.   Chart analysis - Exchanges and many other sites provides charts where traders study the price movement of a particular cryptocurrency and try to guess which way it will go, based on historical price movements.
         
          Tips- Be ready to accept losses
                    Never chase your losses
                    Never invest more than you can afford to lose
                    Practice will make you perfect
 All above suggestions are my personal experience so understand all of the risks involved.
Post
Topic
Board Beginners & Help
Topic OP
How to get public and private key ?
by
Abhijeet Tripathi
on 29/03/2020, 11:04:40 UTC
Hi,
    In my wallet I can see a long alphanumeric address/number stating wallet address to publicly receive bitcoins. I have also heard about private keys from where the public keys are derived . From where I can get my private keys ? Please guide.
Post
Topic
Board Altcoin Discussion
Re: Crypto is fake shit
by
Abhijeet Tripathi
on 27/03/2020, 17:40:10 UTC
That's pessimistic.
Every crypto currency is build upon trust of people .  Higher the trust ,higher the value of currency.
So choose wisely.
In reality, it will take a really long time before you are able to trade successfully as if you do things correctly, you will need to build things up slowly.
Post
Topic
Board Beginners & Help
Re: How is payment received from the forum?
by
Abhijeet Tripathi
on 27/03/2020, 17:10:38 UTC
Here things doesn't work like you are thinking.
First you have to earn trust of this forum.
To earn trust , you have to gain knowledge about crypto world from this page.
After that you can serve this community through your knowledge and experience and can earn merit.
And eventually you will get what you desired initially.
Post
Topic
Board Beginners & Help
Re: How does creating topics improve you a lot?
by
Abhijeet Tripathi
on 25/03/2020, 16:21:12 UTC
I am new here and after I registered myself to this forum I saw there are lots of threads in lots of sections. Then I arrived to yours . As a beginner it is hard to find from where to start but threads like yours provides significant amount of information for newbies.
Thankyou . Keep guiding.
Post
Topic
Board Politics & Society
Re: India shutdown for next 21 days , opinion?
by
Abhijeet Tripathi
on 25/03/2020, 16:07:45 UTC
Fear now has a new name . India is doing well to overcome the epidemic than other countries. Union and state government are alert regard to present situation..
In the time of a crisis, the worst affected will always be the poor.
Delhi Govt's night shelters across Delhi are providing free food to the poor and needy people.
ArvindKejriwal has directed the officials to set up more centres so more people can have food.
Delhi Govt won't let anyone sleep hungry during this epedemic.
The goverment of kerala and other states are ensuring food and shelter to all those who are homeless and on the streets
Goverment is ensuring door delivery of groceries.
It is a scary enemy, but an enemy we can overcome with solidarity

Our focus 21daylockdown should be Communication, Ownership, Re-calibrating, Orienting, Nurturing & Assisting govt & healthcare industry in the battle

Stay safe. Together, we shall overcome .
Post
Topic
Board Beginners & Help
Re: [General] Bitcoin Wallets - Which, what, why?
by
Abhijeet Tripathi
on 24/03/2020, 04:09:48 UTC
Do not ever keep your bit coins on any bit coin exchange services or hosted bitcoin wallets. These service keep your private keys. One should look for following things while selecting reliable bitcoin wallets--
 1.choose your wallet where you control your private keys.
 2.Wallet having seed backup keys and pin codes.
        Based on what medium user wants to use bit coins wallets can be classified as
        Mobile wallets
        Desktop wallets
        Hardware wallets
        Web wallets
        Paper wallets
 The wallet one should use is depend on level of one's activity and level of security with which one want to handle their bitcoin. Also depend on how much you want to store and how frequently want to use your funds.
  To store significant amount of bitcoin I prefer hardware wallets like Ledger Nano X, Trezor
  Use desktop wallets if not doing daily transactions like exodus, electrum, bitcoin core
  Use mobile wallets to store small amount of coin and for daily transactions like edge, trust wallet, blockchain
   You can use web wallets like coin base , finance for small transactions.