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Showing 20 of 682 results by DOGE12321
Personally, I don't want bitcoin to split. It is a confusing process and it will affect the businesses and merchants who allow Bitcoin as payment. It will basically stuff up the entire Bitcoin landscape. However, I still think we need to implement SegWit. Block size is a big issue and if we can actually reduce the space that a transaction takes up by 60%, then it will sole many problems, for now. But in the future we would probably need to use another method when more people become involved into Bitcoin.
What do you think?
EDIT: Sorry about the title. I meant to write August 1. Is there anyway I can edit that?
What do you think?
EDIT: Sorry about the title. I meant to write August 1. Is there anyway I can edit that?
Honestly I believe bitcoin is better since one you don't use your credit card so you don't loose you needed cash but instead your cash that you could easily earn back from mining. Plus, it's open to all ages unlike credit cards.
We need both. We definitely need both. At least for now. We can't buy day to day household commodities like the groceries ... etc using Bitcoin. Most vendors would only accept fiat, at the moment. Maybe this may change and we can use Bitcoin for everything. This is the same for internet shopping. Sites like Amazon and eBay remain in their adamant stance against Bitcoin. They only accept PayPal, but not Bitcoin. This is quite strange as bitcoin has much more qualities when compared to PayPal.
In the future, this may all change. Bitcoin may become adopted by many merchants after they understand the benefits of using it. Until then we need both Bitcoin and fiat to survive. Well ... we can survive with only fiat but not with Bitcoin. So if you want to use Bitcoin, today, then you also need to use fiat. There is no other way.
Re: If you have a lot of bitcoin, should you spend it or save it?
Let's say I have 2.1 BTC And I don't spend it. Will it go up a few cents if I save it? Cause in my wallet I have up to about 50 cents worth of bitcoin. I started up with 13 cents 7 months ago. Now all of sudden I have bitcoins worth 50 cents. What do you call this? I only made that one 13 cent deposit. Nothing else!
The most used terms are saving and holding. Occasionally, in certain scenarios, you could call it investing too. Bitcoin price varies according to different circumstances and you will end up having a constantly different amount of Fiat in your wallet. Moreover, it is to be noted that fiat price also varies too. Thus you can make nice profits it you hold Bitcoin.
Furthermore, a 37 cent increase would and is a really small profit, but if your starting balance had been higher you could have reaped bigger rewards and profits.
So I have 2 cousins. One of them doesn't save and is a huge spender while the other is a saver and spends only once a year. So would bitcoin be a good way to teach them about saving? Since, mining bitcoin is the only way to make alot of bitcoin, I would use a alt wallet to show them what happens if you spend and don't save. What do you think?
What made you say that mining is the only way to make a lot of Bitcoin. It barely gives you any profit. There are so many other ways to obtain a lot of Bitcoin. Trading altcoins gives much larger profits that mining. Investing in trustworthy sites and newly born altcoins that show signs of growth is a good way to obtain Bitcoin. My opinion of mining is similar to faucets. But mining of course is necessary for Bitcoin to work. Plus I don't think that this would work unless you dump all of their money that they already have saved and will make in the future, into Bitcoin. And that is a big task. They probably would not agree, because they would not even be able to spend money on the day to day life. So I really don't think that this would work. I would just leave it and let them find out the hard way.
I don't get it. Why do people post stuff like this. Bitcoin is not some magic method to rid the world of poverty. It is just a cryptocurrency. It is like every other currency other than the fact that it is decentralized. I don't see how this can aid poverty. The only way to get rid of poverty is by doing more philanthropic works like charity and providing aid to countries and people in need. Bitcoin cannot do this any better that fiat and the developed governments in this world. If fact, governments like the US, Australia and other developed countries have a better chance of reducing poverty than Bitcoin.
I am a bit confused like you too. Hard forks always are. But I understand the basic theory behind it. And I am also prepared for this one. Most of my Bitcoin has been converted to Ethereum. Hopefully, Ethereum price rises or at least stays stable (I know stability in Altcoins is too much to ask for, but I still ask). I also have some Bitcoin stored in my hardware wallet for safe-keeping. I am not sure what is going to happen to them when SegWit gets implemented, but I am going to wait and see. Hopefully, developers get behind SegWit. We should then see a price hype and less transaction fees and confirmation times.
don't be put off by the current price of bitcoin.
it goes up, because there is money moving, and there always will be.
Happy New Year.
You may want to fix up that image because no one can actually view it. it goes up, because there is money moving, and there always will be.
Happy New Year.
But right now, I think the price is great. It is sitting at US$2400. Demand is continuing to grow with the media attention that Bitcoin is attaining and supply will continue to fall with the halving. It looks like bitcoin is in for a decent price hype in the future.
Especially if developers get behind SegWit on August 1 when the hard fork occurs.
Plus money is moving like you said. The fact that Bitcoin is being used as investment and trading advocates that it had to move. Thus, it retains it value.
As of right now, the bitcoin price is expected to keep going up in the next 20 years. But can it last that long? I believe it's possible. But can't it crash at a random time? Like the price going down hard.
Bitcoin price can rise and fall with great uncertainty. No one can really say for sure if the price would continue to rise or fall. It depends on the supply of Bitcoin and demand for it. Bitcoin is a deflationary currency, because of it halving. Every 4 years ... I think, block reward halves and supply decreases. So a decrease is supply often invokes an increase in price. Plus with the mainstream media attention Bitcoin should thrive in demand. Thus we have a situation where the price would rise, but if the demand was to fall all of a sudden, then yes, Bitcoin can become worthless.
Re: How is the price determined for a decentralized currency like bitcoin?
How is the price determined for a decentralized currency like bitcoin?
So far, I have got mixed responses from elsewhere including theoretical explanations of supply/ demand, trading bots and on similar lines. But, no answer in simple enough language and with authority that explains the price (thus the volatility) of the cryptocurrencies.
Is this somewhere in the code that takes some input parameters to deterministically reach a price, maybe based on the hashing power, difficulty level etc? Or is it more complex? Can someone please explain the inner workings? My curiosity is only to understand the correlation between cryptocurrencies and the Economics in the absence of a centralized governing/ intervening body.
Furthermore, how do different exchanges reach on the consensus for a price? Is it their own algos determining the price on the fly or is it more like a moderator picking on price with a predetermined fluctuation? Or is it more like how remitters reach to a daily price which is close enough to each other (to allure genuine customers, but not as much for an arbitrage)?
I would presume that exchanges would average the price that Bitcoin is being sold for by traders and merchants. From this they would get and approximate price. There would probably be a few discrepancies between the exchanges but it would not be a major difference. Moreover, site like http://preev.com/ would most probably attain the average from the various exchanges available.So far, I have got mixed responses from elsewhere including theoretical explanations of supply/ demand, trading bots and on similar lines. But, no answer in simple enough language and with authority that explains the price (thus the volatility) of the cryptocurrencies.
Is this somewhere in the code that takes some input parameters to deterministically reach a price, maybe based on the hashing power, difficulty level etc? Or is it more complex? Can someone please explain the inner workings? My curiosity is only to understand the correlation between cryptocurrencies and the Economics in the absence of a centralized governing/ intervening body.
Furthermore, how do different exchanges reach on the consensus for a price? Is it their own algos determining the price on the fly or is it more like a moderator picking on price with a predetermined fluctuation? Or is it more like how remitters reach to a daily price which is close enough to each other (to allure genuine customers, but not as much for an arbitrage)?
I don't think you would need to move this topic. If the moderators have not moved it to a different location it should be fine. But if you insist, there is a button at the bottom of the page saying move topic. I presume you click that.
No, not really. A couple of thousand coins would not have a major impact on the Bitcoin price. Trading volumes are much higher at millions of dollar in a single day. Plus auctioning this Bitcoin is not occurring through any trading site and so it would not really affect the average price of Bitcoin. The most likely option for a price correction is because of August 1. The hard fork will stir up uncertainty as many people dump Bitcoin and invest in other Altcoins till the fork occurs. But after the fork we would most likely see a price hype.
Where did you get "There's been news going around saying that you need to put in a certain address to able to steal that account" from? You can't steal any Bitcoin account unless by putting in a random address. The address it like the username of your account. in order to get into the account you also need to to know the password. To make it more secure you can enable 2 factor verification in the settings of your account. "Two-step verification is a process that involves two authentication methods performed one after the other to verify that someone or something requesting access is who or what they are declared to be".
The same as any other thing. It is the basic concept of supply and demand.
When the demand for Bitcoin is low and the supply high, the price would likely face a fall; correction if you wish. I would urge you to buy Bitcoin then as you can save quite a bit of money.
When the demand for Bitcoin is high and the supply is relatively low, the price would skyrocket. We would experience a price hype. I would urge you to sell Bitcoin then as you will make the most profit.
Another thing, if the demand remain the same, the supply will eventually fall as the Bitcoin block reward halves. Another great characteristic making bitcoin a deflationary currency.
When the demand for Bitcoin is low and the supply high, the price would likely face a fall; correction if you wish. I would urge you to buy Bitcoin then as you can save quite a bit of money.
When the demand for Bitcoin is high and the supply is relatively low, the price would skyrocket. We would experience a price hype. I would urge you to sell Bitcoin then as you will make the most profit.
Another thing, if the demand remain the same, the supply will eventually fall as the Bitcoin block reward halves. Another great characteristic making bitcoin a deflationary currency.
I get a felling that this thread is spam. I mean Bitcoin price is already double the price of gold. It overtook gold a long time ago. I don't understand why you would mention it now. But even though Bitcoin has surpassed gold, it does not mean that gold is completely useless. Gold is a great asset and investment. Everyone want gold and the price would continue to rise. Steadily, but surely. Bitcoin on the other hand varies. People leave an people join so the price is in constant flux. Completely volatile. Some day Bitcoin might even drop completely to be completely worthless, but than can never happen for gold.
do you even know what "flipenning" means?
Say me, please.So the use of flippening there was incorrect.
Re: Is there any Crypto Version of a kind of Mastercard or Visa Network?
No that won't exactly work. First of all, such cards run on a centralized system. The core aim of Bitcoin and underlying philosophy of the cryptocurrency is to be a decentralized, peer to peer network. By instituting such cards we would be taking out the crypto in cryptocurrency.
Another thing is that the Bitcoin network, at the moment cannot compete with the speed and cheap transaction fee of Mastercard and Visa Networks. For such efficiency, we would need layer upon layer of lighting networks instituted. Segwit can improve the situation for now, but not in the future. When more people use Bitcoin, the block size issue would really boom.
So yeah, "there is not Crypto version of a king of Master card or Visa Network?"
Another thing is that the Bitcoin network, at the moment cannot compete with the speed and cheap transaction fee of Mastercard and Visa Networks. For such efficiency, we would need layer upon layer of lighting networks instituted. Segwit can improve the situation for now, but not in the future. When more people use Bitcoin, the block size issue would really boom.
So yeah, "there is not Crypto version of a king of Master card or Visa Network?"
Great. Just as I had predicted. Social media is an excellent way to spread the word about Bitcoin. Facebook, Instagram, Twitter...etc are all great ways to invite new members into the Bitcoin community. I have actually even heard of twitter campaigns which pay Bitcoin for advertising about a corporation that is related to Bitcoin. Such media attention will stimulate users in the crypto market and this will in-turn cause other large companies like Amazon and eBay to accept Bitcoin payment. If they don't they will be becoming left out and more people flock to use Bitcoin as payment instead of traditional PayPal. So keep spreading the word everybody. Even simple things like putting your background picture on Facebook to the Bitcoin symbol can spread the word about Bitcoin. I do it and I think if everyone on this forum does it, we will have a huge community.
Are you kidding me? Have you not made a transaction over the past year??
Bitcoin's scaling problem is a huge issue. We need SegWit or some other method to increase the blocksize and increase the number of transactions that are confirmed over a period of time. We also need to reduce that transaction fee!
You need to look around yourself. Do you see many vendors accepting Bitcoin these days? No, I thought so. There is a reason for that and that is the scaling issue and the massive transaction fees. If fiat is playing better that Bitcoin then why would anyone change to Bitcoin? These issues need to be addressed for Bitcoin to become a success.
Bitcoin's scaling problem is a huge issue. We need SegWit or some other method to increase the blocksize and increase the number of transactions that are confirmed over a period of time. We also need to reduce that transaction fee!
You need to look around yourself. Do you see many vendors accepting Bitcoin these days? No, I thought so. There is a reason for that and that is the scaling issue and the massive transaction fees. If fiat is playing better that Bitcoin then why would anyone change to Bitcoin? These issues need to be addressed for Bitcoin to become a success.
Well. There is a number of reasons for that. First of all like you said, Bitcoin is the first ever cryptocurrency to be created. It is the longest running and most trusted. Naturally people would flock to it for this reason.
Moreover, Bitcoin is the most successful too. Its marketcap is the highest of all the cryptocurrencies. It continues to dominate the market and most new comers to the "crypto world" would commit themselves to the best cryptocurrency.
Moreover, Bitcoin is not like other altcoins in the fact that Bitcoin can actually be used in real life. It is a currency and an asset. Other altcoins are only good for trading and investing. They have no real use in life.
These are a few of the reasons why is bitcoin the most popular cryptocurrency.
Moreover, Bitcoin is the most successful too. Its marketcap is the highest of all the cryptocurrencies. It continues to dominate the market and most new comers to the "crypto world" would commit themselves to the best cryptocurrency.
Moreover, Bitcoin is not like other altcoins in the fact that Bitcoin can actually be used in real life. It is a currency and an asset. Other altcoins are only good for trading and investing. They have no real use in life.
These are a few of the reasons why is bitcoin the most popular cryptocurrency.
I would expect the same thing to happen. Your coins would probably split to both new chains.
But I would use either a hardware or offline wallet. For the hardware wallet, try companies like Trezor or the Ledger Nano S. Both corporations are setting up servers which would allow you to spend on more than one chain if there is a split.
For offline wallet, Id suggest something like Electrum, or literally any wallet that does not have access to your private keys. As long as you have 100% access to your private keys, you should be fine. As the saying goes if you dont own your private keys then you dont own the coins.
One thing to abstain from doing is storing anything on an online wallet such as Coinbase or any exchange, like Poloniex. History has shown such a course of action to be an unfavourable one.
But I would use either a hardware or offline wallet. For the hardware wallet, try companies like Trezor or the Ledger Nano S. Both corporations are setting up servers which would allow you to spend on more than one chain if there is a split.
For offline wallet, Id suggest something like Electrum, or literally any wallet that does not have access to your private keys. As long as you have 100% access to your private keys, you should be fine. As the saying goes if you dont own your private keys then you dont own the coins.
One thing to abstain from doing is storing anything on an online wallet such as Coinbase or any exchange, like Poloniex. History has shown such a course of action to be an unfavourable one.
Re: Would you include bitcoins in your will (and make it a quest)?
(hypothetically) When I die I'd like my children to have all my bitcoins. So I was thinking of writing a will to give each of them equal amount but to make it more fun I'd hide the keys from my wallet and make it a quest.
How would they find the Bitcoin in the end? This would be very hard because you can't exactly own Bitcoin without the private keys. Do you want to make it some sort of puzzle or something?They only way that I see this working is splitting the Bitcoin, before you die, to __ (Insert number of children you have here) Bitcoin wallets. From their you could give each child some clues and hints in your will to find the password for each account. This way it is still something like a quest and you can make sure that the funds are split equally.
Maybe you could give each child a private key from a multi sig... But it will still end up with fighting and quarrels over the amount that each child gets.
But it is a good idea and it has got me thinking too...