User: xSkyer
Postion to Apply: Full Member
Posts Start: 578
Address: 3GK3asEAM6oPS7ewPsf7gKSeGxobNuhWT9

Looking forward to working with you again.

I'm very optimistic for 2018. Many people have started using cryptocurrencies in this year and it looks like that this trend will continue to rise. We are on a good track to make Bitcoin faster and thus accepted in more places.

Some exchanges have been already hacked so I wouldn't be surprised if one of the biggest exchanges was hacked. Exchange called btc-e was hacked recently, wasn't it? Blockchain technology is secure and the biggest threat is quantum computing which will compromise all available crypto algorithms. However, we are still far from building a cheap and small quantum computer so I wouldn't worry about it for the next 50 years. China has already banned exchanging Bitcoin but it is also thinking about lifting the ban.

There used to be a lot of FUD when Bitcoin value was declining but now it is common to see FOMO (Fear of Missing Out). That's why a lot of people buy BTC when Bitcoin reaches its new ATH because they think it will grow even higher. Unfortunately, some of these investors sell their BTC when Bitcoin price decreases, it is known as panic selling. Personally, I believe that Bitcoin will be worth a lot in the future. That's why I'm not afraid to buy it every time I have spare money, even when we are just at ATH.

Based on my experience I can tell you that investing in GPU mining is less profitable than investing directly in Bitcoin. If I had invested 4 months ago in Bitcoin instead of buying mining equipment I would have earned ten times more. Also, mining requires some attention and effort because you have to know what is the most profitable to mine and how to switch between coins (wallets, choosing pool, configuring miners etc). I would recommend you to invest in Bitcoin and slowly learn how it works by reading Bitcointalk and Bitcoin wiki.

This year was definitely the best one for cryptocurrencies. A lot of people started treating Bitcoin and other altcoins seriously. Even bankers and government authorities started to regulate Bitcoin and tried to avoid it at all costs. I'm not surprised at all because Bitcoin and Blockchain are a huge threat to their "business". They would be no longer capable of printing additional money which had caused inflation in many countries around the world.

There are a few reasons why they would go short. As someone said here, most of wall street experts think that Bitcoin won't survive and is not capable of replacing the current financial system. Don't you also think that they could influent the Bitcoin price using Bitcoin futures and contacting someone with a huge number of bitcoins? They could bet that Bitcoin will soon decrease and then dump a lot of bitcoin. Quite simple and profitable, isn't it? I wouldn't be surprised if most of them have already bought Bitcoin some time ago.

You have mentioned one of the Bitcoin biggest problems. We can't really distinguish bitcoins which own people who are already dead from the ones that are being held for the future. Satoshi case is a good example. We don't know if he is dead or not and nobody can't access his BTC. According to Bitcoin wiki, demurrage is one of the prohibited changes. Satoshi once said that all lost coins should be considered as a donation to the community because there will be fewer bitcoins available to buy.

Yes. That is why it is important to have a few backups of your seed in different places. Don't forget to encrypt it in case someone finds it and steal your bitcoins. Using passphrase is a good idea in such case because it works like a 25th seed word. It is much easier to remember one word, isn't it? A lot of people have lost their BTC because they haven't backed up their seed properly. There are companies which sell fireproof and waterproof seed storage.

Let's assume that a big country would ban Bitcoin completely and block traffic to Bitcointalk and other websites related to cryptocurrencies (exchanges, news etc.). It's a nonsense, isn't it? Theoretically, it could happen in my country because current government doesn't like the idea of cryptocurrencies. I heard that Trezor had a tool which allows to implement logging in with a Trezor device, what do you think about it? I guess it requires Trezor extension.

None of the all available exchanges is safe. It is a matter of time before certain exchange gets hacked. That is why nobody recommend keeping huge amounts of money and cryptocurrencies on them. If you want to hold your bitcoins for a longer period of time, I would recommend you buying a hardware wallet which will not expose your private keys. Do you want to trade BTC for other altcoins or just buy Bitcoin as a long-term investment?

You are not the only person who thinks that Bitcoin is increasing blazing fast. That is why some people call it a bubble. They will probably mock us after the correction happens but it will be a matter of time before price recovers. I was kinda surprised when I saw Bitcoin surpassing $10k dollars which was my bet for the end of the year. More and more people are starting to invest in Bitcoin and other cryptocurrencies. Will Bitcoin be accepted in the vast majority of shops by the end of 2025?

There are a few disadvantages of Bitcoin. The most discussed one is the speed of transaction which is really bad when a lot of people decide to move their BTC somewhere else. However, SegWit has been already activated and we have to wait for its implementation on big services. As far as I know, there was a successful Lightning Network test on Bitcoin testnet. It should help us to solve this problem. Bitcoin in not as anonymous as many people think. Some government authorities have already developed tools which help with tracking spent coins. There is a proposal of introducing Confidential Transactions.

If I were you, I would normally wait for the next correction and bought Bitcoin after the price decreased. However, there is a huge upcoming event which may cause Bitcoin value to increase even higher. It is good to invest in altcoins during correction. A lot of people exchange their altcoins for a lower price in order to cash out. However, it isn't as profitable as investing directly in Bitcoin which its price is very likely to increase over time. Try to understand how Bitcoin and altcoins work, don't invest in something you don't understand because you will blame it sooner or later.

Your fee might be high because of many reasons, in this case, traffic on the network and/or a high amount of inputs. A lot of people blame Bitcoin for its lack of scalability but we have to remember that we have already introduced SegWit in August. It's not the community fault that the most popular exchanges and wallet (except hardware and paper wallets) haven't implemented support for SegWit addresses (by support I mean that the addresses they generate are not SegWit ones). A lot of people send their bitcoins to exchanges in order to cash out or buy altcoins which might increase soon.

Many governments around the world already started to think about the method of regulating and taxing Bitcoin. Some countries even banned Bitcoin! Don't worry, only small countries which have a problem with economy decided to do that. Honestly, you are not too late. A lot of people started to become interested in cryptocurrencies in the past months but that's great! We are still far from the peak of Bitcoin popularity. Investing in Bitcoin is quite easy and it isn't difficult yet (some countries may try to ban exchanges for example).

If I understand correctly, this card does not allow you to pay with it. It is used only for an easier track of your current cryptocurrency holding and their value. Is it really worth paying such huge amount of money? I would rather spend it on an additional hardware wallet. There are a few exchanges around the world which already can provide you a credit card which will take money from your cryptocurrency balance. Also, there are plenty of apps available for free on Android and iOS which help you to track your money f.e. Blockfolio.

It is quite weird that in my city, which is the second biggest one in my country, there are not Bitcoin ATMs. The closest one is in a smaller city which is about 80 km away. Also, many small casinos, which have only slot machines, disguise their buildings as Bitcoin 24/7 sell point. It's a shame because I don't know if there is a real Bitcoin ATM or just another casino. However, it is just a matter of time before someone decides to place one in my city.

As we all know, Bitcoin was the first functional cryptocurrency. Many cryptocurrencies and hard forks obviously are based on Bitcoin source code. Don't you think that many people here treat Bitcoin as an asset? I personally believe that we will solve the problem of slow and expensive transactions. Right now, our priority should be to encourage big companies to implement SegWit. It's been a few months since SegWit activation and many wallet providers and exchanges still haven't introduced it! At this moment, the biggest advantage of Bitcoin is its value which is very likely to increase.

That is why I decided to replace my Ledger Nano S with the latest Trezor T. Trezor software is open-source so everyone can check if the code is bug-free or if there are any backdoors. Ledger devices are based on secure elements which have limited space and capabilities and most importantly, we can't see what happens inside it. Also, Ledger has started working with Intel which is known for problems with Intel Management Engine. I don't trust developers, I trust community that checks the code provided by them.