What Bitcoin Can Learn From the Foreign Exchange Market

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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.
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?
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.
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!!

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.
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.
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).
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 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.
Thus, the critical question becomes: Is Bitcoin a possible solution to the Great Credit Contraction by becoming the safest and most liquid asset?
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.
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.
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.
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.
There are no significant global reserve settlement currency use cases for Bitcoin yet.
Perhaps the closest is Blockstream's Strong Federations via Liquid.
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!
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.
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.
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.
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]

Can someone help me find a website?

Is there a website where I can buy bitcoin online with a card, and send those bitcoins to a bitcoin address?
submitted by heymikeyp to Bitcoin [link] [comments]

/r/BitcoinUK FAQ

/BitcoinUK FAQ

ArcaneWharf and I have put this post together quickly so that we have a resource which we can point newcomers towards in order to answer their frequently answered questions. This should serve as more of an overview or quick-start guide which is a jumping off point for beginners, rather than a comprehensive or complete guide.
This is a work-in-progress (i.e., definitely not perfect) which, as a community, we could expand and improve upon over time. If you have something to contribute (either to this or something more detailed), do comment in this thread or contact the mods (by sending a message to /BitcoinUK).

How can I learn more about bitcoin?

There are already some links in /BitcoinUK’s sidebar which should help you get started. If that’s not enough, check out:
We'd encourage you to at least understand the basics before making your first bitcoin purchase. There are tons of fantastic resources out there, so there’s no excuse for ignorance.

How do I buy bitcoin?

The answer depends on your priorities, as there tends to be a trade-off between more convenient, quicker options (which are more expensive) and less convenient, slower options (which are cheaper).

Getting started

Purchasing with a credit or debit card on Coinbase is the best starting point for beginners, as it offers a great user experience. There's a quick guide here, but you probably won't need it as the sign-up and purchase process is quite intuitive. If you're having issues with verification on Coinbase (or it's just taking too long), then you might want to check out the options described in the ‘high fees, but faster’ section below.
For subsequent purchases, check out the options described in the next two sections. Although the ‘no fees, but slower’ purchase route is popular and well recommended on /BitcoinUK, you shouldn’t automatically rule out the options described in the ‘high fees, but faster’ section.

No fees, but slower

The Revolut to GDAX route is frequently recommended in the /BitcoinUK community, as it eliminates fees and allows you to purchase bitcoin at the best possible price. Keep in mind that this route won’t work on weekends, as SEPA transfers only get pushed through during normal working hours (i.e., Monday AM till Friday PM). If you’re looking to purchase on weekends, then you’ll have to use the options described in the following section.
You can finds details about this purchase route in this text guide and this video guide
Summary of this process:
  1. Sign up for Coinbase and Revolut.
  2. Transfer GBP into your Revolut GBP account.
  3. Activate your EUR wallet
  4. Convert GBP to EUR in Revolut (FREE)
  5. Send EUR to Coinbase (FREE)
  6. Transfer EUR from Coinbase to GDAX (FREE)
  7. Buy bitcoin on the BTC/EUR market.

High fees, but faster

If you’re willing to pay a premium (i.e., pay above market-rate), then you can buy bitcoin quickly and conveniently with GBP UK bank transfers and debit/credit card purchases. The premium charged by these options is usually under 5%, but can extend beyond that during times of high demand and (positive) price volatility. Unlike the Revolut to GDAX route, these options also allow you to complete purchases on weekends.
Popular, frequently recommended options which are quick and convenient include:
Prices offered across these services vary day-to-day. For an overview of your options (and their relative competitiveness), you should check out BittyBot.co. This provides a full list of merchants and marketplaces available, ordered by price (cheapest first). You can also filter the output by payment method by typing it into the 'Search' box.
Some users may prefer to take this faster route if they are convinced the price of bitcoin will increase during the time it would take for a transfer to process from Revolut to GDAX (using the method detailed in the previous section). This can pay off, but be cautious. The volatility of bitcoin makes it a double-edged sword and its price could just as easily go down (drastically) as it could go up.

What's the best way to sell bitcoin?

You can sell bitcoins back to the majority of sites which you buy them from. As before, there's a trade-off between the quicker and slower options.
If you're looking to get a price which is closest to the market rate (and pay as few fees as possible), then you'll want to sell through an exchange like GDAX, exchanging your bitcoin for euros. GDAX is preferable when you're selling, as the price you'll get per bitcoin is higher. Essentially, just reverse the process detailed earlier in the FAQ (see this text guide or this video guide). Alternatively, check out this quick 3-minute video which walks you through the process.
Summary of this process:
  1. On GDAX, click ‘Withdraw Funds’ while in the EUBTC market
  2. Transfer to your Coinbase Account (FREE)
  3. Go to Coinbase > Accounts > Euro Wallet > Withdraw
  4. On Revolut, go into your Euro wallet > Top Up > Bank Transfer > EUR
  5. Note down the IBAN and BIC from Revolut, and enter them into Coinbase. Also include the amount you wish to withdraw.
  6. Withdraw funds into Revolut (15p charge)
  7. Once funds are in your Revolut EUR account, exchange from EUR to GBP (FREE)
  8. Go to GBP wallet > send funds. Add yourself as a beneficiary.
  9. Send the funds! (free)
If you sell bitcoin on Localbitcoins, Solidi, etc., you can get it sorted same-day (usually in less than an hour) with a transfer directly to your UK bank account in GBP. For that convenience, you'll usually get offered an exchange rate which is below the market-rate (usually up to 5%, but sometimes more). You are able to set your own sell orders on Localbitcoins or BitBargain (so you’ll be able to sell above market rate). However, we would not advise doing this as a newcomer.
Of course, you could always just withdraw directly from an exchange to your UK bank account. Again, you'll lose a percentage of your funds (>1%) in the foreign exchange conversion (from EUR to GBP) which your bank processes. Depending on the exchange rate charged by your bank, you might be better off selling through services which allow you to cash out in GBP instead.

How should I store bitcoin?

To simplify quite a broad topic, you essentially have two options: hot or cold.

Hot Wallet

A hot wallet is any wallet that is connected to the internet. Typically this will be in the form of a desktop program or a mobile app. Hot wallets rank high in convenience, but are not suitable for large holdings. They are extremely vulnerable to malware and backdoors, with hackers having strong financial incentives to target desktop wallets. Nevertheless, they are perfectly reasonable for storing small amounts of cryptocurrency.
Some popular options:

Cold Wallet

A cold wallet is a wallet that does not connect to the internet, and therefore cannot be affected by malware. There are multiple forms of cold storage, but beginners should first consider a hardware wallet.
A hardware wallet is a small, USB device where you can keep your cryptocurrency. They are secure since all of the information is stored on the device, so you could plug it in to a computer riddled with malware, and the malware would have no way of interacting with your wallet. These generally aren’t considered as secure as cold-storage wallets, but are much better than a hot-wallet. Usage just requires plugging the hardware wallet into your computer.
One drawback of a hardware wallet is the cost (£70-100). Although not a mandatory purchase, it is strongly recommended that you purchase a hardware wallet if you've accumulated (or plan to accumulate) coins which are worth more than between £500 - £1000.
Popular, well-recommended options include the:
Both are reputable and will serve you well. At the time of writing this, the Ledger is slightly cheaper and offers support for more cryptocurrencies. Unless you need the greater cryptocurrency support, the choice between them doesn’t really matter.
For an overview of the Ledger Nano S (with security recommendations and a small FAQ) see this post. For a tutorial on setting it up, check out this video.

More information

For a more information on different wallets, check out:
When setting up a wallet, it’s advisable to not record your mnemonic seed (which allows you to restore the wallet) on a digital device. Instead, it’s recommended to record it (clearly) on paper or card.

Why can't I just leave my bitcoin in the exchange?

When you buy bitcoin on an exchange (such as GDAX), the bitcoin is in your account but still belongs to the company who runs the exchange. Until you withdraw to your own wallet (as described above), the bitcoin is not truly yours. The bitcoin does not belong to you unless you own the private key. This is very important. Do not leave large amounts of cryptocurrency in an exchange.
Even if you trust that the company won’t run off with your bitcoin, an exchange is much more prone to getting hacked. Think about it from the perspective of a hacker: would you rather target a million individual users who only own a small amount of bitcoin each? Or would you target one exchange that you know is holding unfathomably large amounts of bitcoin? Don’t believe me?
If you're purchasing through Coinbase, you can withdraw cryptocurrencies through GDAX (same company) to your own wallet for free. Check out this how-to post for details.

Should I buy at £x price?

No one can tell you this. No one really knows what bitcoin will do in the future. Please do your own due diligence and consider dollar cost averaging.

What about Revolut’s in-app cryptocurrency offer?

Revolut is a mobile banking app that has recently announced support for cryptocurrencies. Note this section only refers to their service that allows you to buy cryptocurrencies within their application - not the process detailed above.
While more mainstream adoption is good, Revolut’s in-app cryptocurrency exchange - in its current state - does not allow you to withdraw your cryptocurrency from their application. This has all the same issues as leaving in exchange, as you don’t have the cryptocurrency in your own wallet.
Revolut’s in-app cryptocurrency exchange should be rolled out to all customers, if their FAQ is still accurate, by the 21st or 22nd December. Early access is available if you have premium or invite 3 friends who subsequently sign up and use their app. See here for more details.

How do UK taxes work with bitcoin?

Please note: This is not professional tax advice. Conduct your own research to verify this information and/or contact a professional tax advisor.
If you sell bitcoins at a higher price than you bought them for, or exchange them for something else (e.g., another cryptocurrency, and goods or services), you would be liable to pay capital gains tax. However, you have a capital gains allowance of £11,300 per year. If you generate profits from the sale or exchange of bitcoins which fall below this threshold, then no tax would be due. Additionally, no tax is due until you sell or exchange it for something else. You may also be able to reduce your capital gains liability by gifting cryptocurrencies to your partner so that they can take advantage of their capital gains allowance too (more details in this thread).
It appears unclear how you would be taxed in the UK in other circumstances: such as mining, working for cryptocurrency, or proof of stake rewards. As these rules develop, it’s advised to document everything you do with cryptocurrencies. When the taxman comes knocking, you’ll be grateful that you did.
IndeedHowlandReed has kindly putting together a more detailed guide about Bitcoin and UK tax. You can find part 1 here and part 2 here. If you have any questions not answered by their guide, post them in this thread (or upvote existing questions).
Useful Links:

Have a question that’s not here? Search /BitcoinUK first.

If you don’t find the answer to your question here, please search this subreddit before submitting a new post.

Have a contribution or suggestion?

As noted at the start, this is a WIP (i.e., it's definitely not perfect) which, as a community, we could expand and improve upon over time. If you have something to contribute (or even just a suggestion), do comment in this thread or contact the mods.
submitted by Bedroni to BitcoinUK [link] [comments]

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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.
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: $1,300 per apple. Some say it’s digital gold; some say it’s a currency. Others say they’re just like tulips. Some people say it’ll change the world; some say it’s just a fad.
I have my own opinion about it, but that’s a story for another time.
Hey, you now know more about Bitcoin than most.
Company Registered in South Korea (99, Centum dong-ro, Haeundae-gu, Busan, South Korea)
\They want to open an exchange in all around the World after 3 years with* 5 Million members.\*
FXTRADING CORPORATION is a global company with many investors and entrepreneurs in the World. Already developed by a team of professionals currently in the field of FX and CRYPTOTRADING and they created the software. It also helps many investors make money from mining companies in various places around the world with the following coins. Bitcoin, Etherium, Bitcoin in cash, Litecoin, etc. Even if you do not have experience in this market, it is an opportunity to earn profits automatically and gain a lot of growth.
Our groundbreaking platform uses an automated arbitrage system that yields profits for customers based on real-time movements in the cryptocurrency market. Our proprietary algorithm buys bitcoin when it is cheaper, and sells when it is more expensive. FX-TRADING customers benefit by assuming the profit, which is deposited directly into their online account.
fficial Launch on August 10th, 2018 in Busan – South Korea. Around 896.000 peoples already joined, and more than 183 countries opened.
Great! for you as an investor is very simple Chose one of the Packages available: bot 100$
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.
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.
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.
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
.- 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…
- 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.
- Daily earnings are processed and posted at midnight, Monday through Friday, Korean Standard Time.
- It takes 24 hours until your investments are processed through our system. You will be listed as an FXTRADING dividend recipient after 24 hours.
- 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.
- 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.
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]

Day-2: Here are combined contacts for Kraken. If everyone who reads this takes just 2 minutes to communicate their support for BIP148, we will be a force they can't ignore.

You can read about my full rationale here, but essentially (shills aside) we all believe in UASF - if we coordinate our efforts and pick one major wallet/exchange per day and bombard them with demands to support BIP148, we can make a real impact. Yesterday was Coinbase and it went great. Today let's target Kraken.
Here, I've made it easy for you:
Tweet to them.
Send them an email.
Write to them on Facebook.
Tweet at their CEO, Jesse Powell.
Ideally do all the above.
Let them know you support BIP148 and segwit. Let them know their users risk losing all their bitcoins if they do not. If you are a customer, let them know that you will withdraw all your funds unless they commit to supporting BIP148. Be polite, but firm.
No-one is asking them to support bip148 in exclusion to the legacy coin, we're only asking that, come August 1, they list bip148 coins, to give users the option to trade them. Supporting BIP148 is very low cost, so let them know how important it is to users.
If you've been out of the loop and don't know what all this BIP148/segwit/UASF business is about, to put it simply: Segwit is a technical change to the protocol that will provide a long-term solution for scalability, decrease transaction fees and stop ASIC Boost (a mining trick that gives some an unfair advantage). As (some) miners benefit tremendously from the status quo, they have blocked implementing Segwit. UASF/BIP148 is a new way to implement Segwit.
I highly recommend the following links to educate yourself more fully:
submitted by thread314 to Bitcoin [link] [comments]

Giving away small amounts of bits for testing purposes

Subscribe to /btc for more of these as we expand! I'm also giving away random bigger amounts (donuts, coffees, beers) for contributors (post news, participate in discussions, start a debate, etc).
I'm giving away 100 bits per person who posts here. If you do not want it, please do not post a top-level comment. This is for people who are new to Bitcoin and would like to play around with a little bit of money without risking their own in it.
100 bits is only $0.03 USD approximately. It's an amount to test with only, and will not be able to buy you anything. If you'd like more, you can purchase on an exchange, or stick around this sub (/btc) or /freebits and we often hand out larger amounts for quality content.
This /btc sub is a new subreddit that facilitates discussion, questions, news, and all kinds of other posts about bitcoin, without the usual circle jerk. We encourage skeptics, and love debate - because that's how things improve, by discussing things from all sides. I hope people can subscribe and we can turn this new subreddit into something great.
Resources for new users:
www.weusecoins.com (information)
www.coinbase.com (wallet & exchange)
www.circle.com (wallet & exchange)
www.blockchain.info (wallet & blockchain)
submitted by cherker to btc [link] [comments]

I want to buy $5k in bitcoin, who would you use?

I'm very green and was about to buy at around $950 when all this mtgox/ protocol stuff started happening.
What software would you use to keep the bitcoin? What exchange would you use? Is Mtgox worth the risk right now?
What other info should I know?
Thanks for your time.
submitted by smack1114 to BitcoinBeginners [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.
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.
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.
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 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.
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 is the act of buying, selling or exchanging one asset for another. Exchanging Bitcoin for US dollars, for instance, is trading.
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 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.
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.
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.
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:
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’
2. Enter your details and read and agree with the terms of service
3. Click on the email activation code
4. Login to your account
5. Visit trade screen
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
2. Send bitcoin to your wallet address
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]

ONEPAGEX: The ONE PAGE Crypto Exchange Platform All You Need

ONEPAGEX: The ONE PAGE Crypto Exchange Platform All You Need

As my previous post talked about The Simplest & Instant Crypto Exchange Platform is ONEPAGEXCHANGE!!!, so this time I would like to make another different story about OnePageX. As we already knew that OnePageX is the Simplest and Instant Crypto Exchange Platform that help and support the users to make a quick exchange performance within, without making any complicated regulation through registration and KYC requirement. OnePageXis the all you need Crypto Exchange Platform to make your trading experiences more advanced through Decentralized system while we compared with Centralized Crypto Exchange Platform.
The benefits by using OnePageX are remarkable awesome as your personal identity remained saved and secured, cause all you need to do when you land into the OnePageX site is only make your trade/exchange. There are no such registration or KCY requirement needs. We just need our concentrate, focus and calculate through the assets that would be exchange/trade, That’s it!.
So, what I’ve got from OnePageX as the instant and simplest crypto exchange platform after learning and make a trade within is to make its users/trader felt the real Decentralized Sensation flowed within. So, in this case your own crypto wallet is the main key to make it more easier and cheaper than, beside the exchange wallet you have. I will a short exemplary to make this things come easy.

How to Make an Easiest and Cheaper Exchange within OnePageX

First time, let say you already have a separated/stand alone crypto wallet (Its different with Exchange Wallet), the separated/stand alone is like the following;
  • Blockchain Wallet;
  • Bitcoin.com Wallet
  • and etc.
    If you want to know more about the best wallet to store your crypto assets, just hit this link, you’ll find the best one. In this case, let say you want to make an exchange with OnePageX and the source of your assets from Blockchain Wallet eg. BTC/ETH, you wish to make an exchange into another types of coin whereas existed within other crypto exchange platform, send the STEEM coin to your account, want to make a quick cash with your local exchange platform eg. INDODAX in Indonesia. or make another performance as you wish.

1. Exchange Process — Put your Destination Address

In this phase, I settled STEEM as my exchange coin which is directly will flowed into steemit account. Remember that STEEM integrated with MEMO after ADDRESS. So, you must put both part into wallet address.

2. Start Exchange — Send BTC to the Wallet Address Appeared on OnePageX

Like I said, your crypto stand alone wallet as Blockchain Wallet contained with BTC, ETH, LTC and XLM. As the sample, you will make an exchange from BTC. So, open your Blockchain wallet and send BTC to wallet address provided as it will converted into STEEM by the time your BTC received by OnePageX. The zero transaction fees still active within OnePageX.
OnePageX charges 0.5% along with a small network fee on all transactions. All fees are included in the estimate shown. Source

3. Open Your Account/Balance

The last step is waiting and checking the balance within your account. Once your BTC confirmed, the process will occur instantly.
While the exchange happens instantly, it does not occur until your deposit is confirmed. The time for your deposit to confirm on the blockchain may vary based on asset, blockchain congestion, and fee paid. Most transactions are completed within 25 minutes. Source

Final Thought

OnePageX is the all you need crypto exchange platform as the simplest and instant exchange integrated within, also providing no need registration/requirement to make users remained saved and secured by keeping their personal identities and etc. As also another advanced features when you can integrated OnePageX as the widget through your website. What I think is that OnePageX as a must try crypto exchange platform for all crypto tradeenthusiast.
Visit the link here to try how it looks and what more experiences you will get within cryptocurrency world through OnePageX.

submitted by seifanlj to u/seifanlj [link] [comments]

Day-4: Here are the contacts for the exchange WeSellCrypto. If you support BIP148, contact them at the below links, and ask them to to commit to protecting their users by supporting BIP148.

You can read more about it here, but essentially there is a lot of passionate support for UASF here - if we coordinate our efforts and pick one major exchange per day and bombard them with demands to support BIP148, we can make a real impact. So far we have done Coinbase and Kraken, today let's target WeSellCrypto.
Two minutes of your day is all this will take.
Here, I've made it easy for you:
Send them an email. [email protected]
Post in their subreddit https://www.reddit.com/WeSellCrypto/
Send a PM to their founder - gregcron - or their lead developer - MIST_ . (They put these user names on their website, so I figure this is fair game.
Ideally do all the above.
Let them know you support BIP148 and SegWit. Let them know their users risk losing all their bitcoins if they do not. If you are a customer, let them know that you will withdraw all your funds unless they commit to supporting BIP148. Be polite, but firm.
No-one is asking them to support BIP148 in exclusion to the legacy coin, we're only asking that, come August 1, they list BIP148 coins, to give users the option to trade them. Supporting BIP148 is very low cost, so let them know how important it is to users.
If you're really keen, why not also do the same with Kraken and Coinbase.
If you've been out of the loop and don't know what all this BIP148/segwit/UASF business is about, to put it simply: Segwit is a technical change to the protocol that will provide a long-term solution for scalability, decrease transaction fees and stop ASIC Boost (a mining trick that gives some an unfair advantage). As (some) miners benefit tremendously from the status quo, UASF or BIP148 is a new way to implement Segwit.
I highly recommend the following links to educate yourself more fully:
submitted by thread314 to Bitcoin [link] [comments]

比特币挖矿指南 - 比特币挖矿入门


比特币挖矿指南 - 比特币挖矿入门




步骤 1 - 获得最好的比特币挖矿硬件

购买比特币 - 某些情况下,你可能需要使用比特币来购买挖矿硬件。今天,您可以在Amazon上购买大部分硬件。你也可能想查看比特币图表。
要开始挖比特币,您需要获取比特币挖矿硬件。在比特币早期,可以使用电脑CPU或高速视频处理器卡来挖矿。但今天这种作法已经不可行了。定制的比特币 ASIC芯片的性能最多可达旧系统的100倍,现在已经占据了比特币挖矿的主导地位。
Hashflare 评价:Hashflare提供SHA-256 挖矿合同,也可以挖更有利可图的SHA-256 比特币,同时仍使用比特币自动付款。客户必须至少购买10 GH/s。
Genesis Mining 评价:Genesis Mining 是最大的比特币云算力挖矿提供商。Genesis Mining提供三种比特币云挖矿计划,价格合理。另外也提供Zcash挖矿合同。
Hashing 24 评价:Hashing24自2012年以来就参与到比特币挖矿行业。他们在冰岛和格鲁吉亚有设施。他们使用BitFury的现代ASIC芯片,可以提供最佳的性能和效率。
Minex 评价:Minex是以经济模拟游戏格式呈现的区块链项目的创新聚合者。用户购买Cloudpack,然后可以使用它们为预先选定的云挖矿场、彩票、赌场、现实世界市场等建立索引。
Minergate 评价:提供比特币矿池以及合并的挖矿和云挖矿服务。
Hashnest 评价:Hashnest由比特币蚂蚁矿机的生产商Bitmain 运营。 HashNest目前有超过600台蚂蚁矿机 S7 供出租。你可以在Hashnest的网站上查看最新的价格和可租用的数量。在撰写本文时,一台蚂蚁矿机 S7的哈希率可以租$1200。
Bitcoin Cloud Mining 评价:当前 Bitcoin Cloud Mining 的合同已经售罄。
NiceHash 评价:NiceHash独一无二的原因在于,它使用订单来匹配采矿合同买家和卖家。查看其网站以了解最新价格。
Eobot 评价:刚开始时比特币云挖矿的价格可以低至$10。Eobot声称客户可以在14个月后实现盈亏平衡。
MineOnCloud 评价:MineOnCloud目前在云端有约35 TH/s的挖矿设备可供出租。另外还有一些挖矿机出租,其中包括蚂蚁矿机S4和S5。

步骤 2 - 下载免费的比特币挖矿软件

如果你喜欢图形用户界面的易用性,你可能想试试EasyMiner,这是一个点击运行Windows / Linux / Android程序。

步骤 3 - 加入比特币矿池

以下矿池被认为目前正在使用比特币核心钱包 0.9.5或更高版本的有效数据块(由于DoS漏洞而推荐使用0.10.2或更高版本)

步骤 4 - 设置比特币钱包


步骤 5 - 关注最新的比特币新闻

关注最新的比特币新闻对于比特币挖矿利润很重要。如果你想要了解一般的比特币新闻,那么我们推荐WeUseCoins news。
这是比特币挖矿新闻部分,这里有 5 篇最新的文章:
[警告] - 1 August 2017 年 8 月 1 日将发生 BIP 148 UASF 。这可能会大大影响比特币挖掘机传统挖矿或挖BIP 148 区块链的收益。
要做好准备,我们建议阅读 UASF 指南。
Written by Bitcoin Mining on .

Recommended posts

submitted by xkxf to u/xkxf [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.
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/
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.
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:
What effect do you think all this will have on the price of Bitcoin?
submitted by PGerbil to BitcoinMarkets [link] [comments]

Was March-June 2017 the biggest period of crypto malinvestment that has ever occurred? Seven network effects of digital currency now driving Bitcoin back to 90%+ dominance?

As the 7 network effects grow and re-enforce each other Bitcoin will only continue to grow in dominance. I'm beginning to wonder if the entire 2017 rush to alts was a period of overwhelming malinvestment that is being resolved by the financialization network effect taking BTC to much higher levels and subsequently accelerating the other network effects?
Futures will open up investment into BTC to even more investors/speculators, but they'll also now enable large entities to transact & settle in BTC while hedging their risk. Merchant/Consumer adoption could explode in advance of lightening network implementation. Possible ecosystems:
submitted by Bastiat to BitcoinMarkets [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.
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]

Buying Bitcoins with POLi

Hi, I am owner of hardblock.net Australian Bitcoin exchange. I wrote an article about buying Bitcoins with POLi pay in Australia. Why exchanges use it how it works etc. https://www.weusecoins.com/buying-bitcoin-using-poli-in-australia/
Also bitcoin.dlyons.net/comparebitcoins.net is a great site (thanks for providing the service :) ) but I am not sure if the information there about POLi is accurate.
Or maybe there is something I am missing.
comparebitcoins.net says:
Using POLi means your banking user name/password is given to POLi and POLi records bank balances, payment limits, all banking transactions and other information about your internet banking session/device details. POLi shares your data with subsidiaries, contractors, marketing companies, and other third parties.
I emailed POLi asking about that:
… When an end user pays using POLi, what data does POLi store. i.e. Does it store their other transactions, bank balance or any other information? Does Poli share that information with anybody? ...
The response was:
Thanks for your email Daniel. Data is not stored or shared when people make payments using POLi. …
This is what it says in the terms and conditions about POLi
We recognise that your personal information is very important to you and we are committed to promoting confidence in the manner in which your personal information is handled by Us.
Your account access information such as usernames and passwords are not captured or stored by POLi™ or by our website. However the POLi™ Service may store your financial institution account number. If You do not wish to disclose that information to Us, then you should not operate or use POLi™.
submitted by DanielWilc to BitcoinAUS [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.
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 made the jump! Electronic music production website (training + templates) now accepting BTC. How can I improve?

Hello everyone. My name is Tom Cosm and I am an Ableton Live certified trainer from New Zealand who runs a website that teaches people how to write music with computers.
There is a lot of free content (a lot!), however I have a paid membership system for people who really want to get deep.
After following BTC for several months I started dabbling with trading a little bit to get my head around it, which has resulted in lots of fun and making a slight bit of BTC in the process.
Bitcoin is an absolutely wonderful thing and I've decided to start accepting it in exchange for memberships on my website.
Unfortunately I currently use Paypal (I'm so, so sorry) as it's by far the easiest way for people to sign up with minimal clicks, however I dream of being able to leave them in a trail of dust one day. Unfortunately they have the dominant force at the moment and removing them would seriously slow down business.
Hopefully this is the first step out of their grasp.
I also get emails from people in countries that don't allow Paypal or easy access to credit cards, so this is also a solution for them.
Bitpay was the choice for a gateway, which I am loving so far.
I've made a writeup here, and I'd love to hear some thoughts from people about how I have approached integrating it with my site and how I could potentially make it better.
The subscription system I use doesn't have support for BTC and my developing know how is a little too narrow for me to create a gateway myself so that everything is automated, but between myself and my administrator I am confident we can manually enable accounts as they are requested.
I've used the short write up from the sidebar (I hope that's ok) as it's one of the best quick pitches I've come across, and included the www.weusecoins.com video explanation to help bring awareness, but I'm wondering if there's anything else I can do?
Any tips or suggestions is greatly appreciated!
submitted by tomcosm to Bitcoin [link] [comments]

I made a simple blockchain project and now wrote this guide for entrepreneurs interested in smart contracts

The following is the exact copy of my medium article. No need to go there if you prefer reddit. And please ignore my startup mentioned here. I spent a whole month writing this huge guide - it's far beyond a mere promotion. This post is about Ethereum blockchain. I do love it.
As I'm an entrepreneur myself (with some humble programming skills) I think I managed to explain clearly the practical side of Ethereum smart contracts - what can be done and how. Think this sub is the best place for it. Hope you'll find this helpful.
Will do my best to answer all your questions (please mind the time difference - I'm in Russia).

An entrepreneur, programmer and user walk into a smart contract - The ultimate Ethereum blockchain stratup guide.

Lifehack - you don't need to understand blockchain to build a smart contract startup.

I made my smart contract project and still feel as a total noob reading discussions on blockchain. There is so much to learn for me. But, hey, my project works! Why bother? Though blockchain is cool and it's cool to understand the technology, there is no need to understand everything.
Take a look at smart contracts from an entrepreneurs point of view - focus on how you can benefit from it. What kinds of projects you can actually do? What business models are there? What an MVP would look like? What it takes to engage a user, find a programmer and build infrastructure?
This guide with examples and exercises will show you the practical side of smart contracts and help you estimate your idea or generate a new one. Use it as a starting point for your further investigation.

What you do need to know about blockchain and what you may just skip

Mining. The first thing to skip. From an entrepreneur's point of view mining is more like playing the stock market - buy equipment, analyze reward price charts and decide which crypto currency to invest your computing power to. But if you are dealing with smart contracts, you don't have to care about mining for the same reason you don't care about Internet providers when visiting a web-site.
Blocks, hashes, cryptography and all that math - we gonna ignore it too. The important practical outcome can be reduced to this mantra: "Everything that gets into blockchain remains there forever, anything can be verified, but nothing can be changed". In practice it means that data is stored permanently, transparently and securely.
Now let's turn to the terms you cannot do without and explain them as if it's year 2005 now.
Blockchain is like a BitTorrent network. A program on your computer downloads files and afterwards gives them away. But the program is called blockchain client rather than torrent client. And those files you download store transactions instead of videos and music. Sender, recipient, date-time and ammount - records are stored one after another (yes, they are stored in blocks, but who cares). Everybody who runs blockchain client has his own copy of the whole blockchain database and keeps all transactions that have ever been made. This database is huge. Ethereum blockchain is currently about 43 GB, Bitcoin is 125.78 GB. todo
Cryptocurrency is a list of money transfers. In blockchain world your balance is not just a single record, but the sum of all your receipts and expenditures (the entire transactions history). If a blockchain stores transactions which only contain money transfers (sender address, recipient address and amount being sent), we call this type of blockchain a cryptocurrency. Bitcoin - is a cryptocurrency. But any transaction is just a string in a file, thus it may contain any information. An address in turn may not belong to a human... which gives us much wider opportunities then just a crypto currency.
Smart contract is like a web site. A blockchain address may belong to a program. A program then is called a smart contract. It is called a contract just because the code is open. However it is simpler to compare it to a web site (or web service). For example, a classified advertisements service could be a smart contract. Its code would be stored at a particular address in the blockchain - just like a web site url. A transaction to this address would not contain money but an advertisement text. And the smart contract would publish this advertisement, i.e. saves to blockchain.
Ethereum is like the Internet Ethereum - is exactly the kind of blockchain in which transactions may contain not only money, but data. The blockchain database (those files one downloads) stores transactions between people, transactions involving smart contracts and contracts source codes. This makes Ethereum kinda new type of the Internet, which is stored locally by everyone involved.
And that's really enough for the theory. The rest you'll learn from what it all means in practice.

What is the difference between a smart contract and a conventional web site

What are the advantages (and disadvantages) of a smart contract driven service.

Openness and Encryption

A user doesn't have to trust you. "Everything that gets into blockchain remains there forever, anything can be verified, but nothing can be changed". The user sees exactly how your system works (smart contract code is open) and stays confident in the reliability of your database (database is transparent and unchangeable). Meaning there is no need to win users trust.
For example, you can turn a classified advertisements service into an open auction with charity donations. The process of selling would look as follows. A seller sets the initial price and posts a lot. After that anybody will be able to track bets, see a winner, see how much seller earned and how much was deducted to charity and to platform commission. Everybody is confident there was no cheating.
Where it benefits most. Gambling (Roulethvdice.io), prediction markets (Augur, Gnosis), voting, multilevel marketing (TheMillionEtherHomepage).

Payment processing "out of the box"

You don't have to deal with any payment processing services. Solidity language with which smart contracts are written incorporates all the necessary money (Ether cryptocurrency) operators. User balance is just another variable in your code. You can program any behavior to it - like triggering an event on receiving a certain amount of money or making a multisignature payment and much more. That is why Ether and other cryptocurrencies are often referred to as programmable money.
Where it benefits most. Crowdfunding platforms (Weifund, Wings.ai), rent services Golem - rent unused CPU/GPU cycles.


You don't have to worry about DoS attacks and scalability. Every blockchain user has it's own smart contract copy locally on his computer, thus it will withstand any load, free of charge.
Where it benefits most. Smart contracts gave rise to a totally new kind of companies - decentralized organizations (DAOs). DAO is a separate phenomenon worth studying. In the meantime, just ask yourself: "Why do we need an intermediary like Uber, if it is possible to connect a driver and a passenger through a smart contract directly?". What prospects does it opens? Have a look at this startups: Arcade city and Lazooz.
Lifehack: When googling for A DAO, ignore the hassle around THE DAO). The only reason THE DAO failed was braking some basic smart contract safety rules (we'll discuss them further).

Transaction delay and commission

A user have to pay for every transaction and have to wait a bit too. The average transaction is mined (read included) into Ethereum blockchain in 14-15 seconds. There is a high chance of reducing this delay down to 4 seconds in the near future. But even then we are all got used to a better responsiveness. Moreover a simple money transfer (two addresses involved, no contracts, minimal amount of data) would cost about 0.000861 ETH ($0.02 in March 2017). These "drawbacks" are tiny, but enough to build a heavy threshold for certain types of projects.
Where it doesn't benefit. A chat for example. Each message chips a couple of weis (Ether denomination) off your balance and requires half a minute to reach the other end. This is probably a bad idea for a startup unless you are dealing with some official correspondence, which requires legal force and does not require privacy.
With smart contracts you can choose almost any web service and make it blockchain. Plus you are free to create completely new blockchain-only types of projects. See what has already been done, mix it up with Internet of things, artificial intelligence, virtual worlds or fintech, and you'd most probably get a unicorn.
Note: You can make a smart contract with Bitcoin too, but it's like doing 3D in MS Excel. Kinda possible, but why?

What business models are there

You are free to use any business model. But first have a look at what have already become a new standard in Ethereum - tokens.
In conventional terms tokens business model is like crowdfunding and IPO combined. The "crowd" buys shares of your company instead of products. And in the future the shares (tokens) may be sold or exchanged for your services.
This became possible because Solidity (Ethereum smart contract language) allows issuing your own cryptocurrency.
For example. You came up with a classified advertisement platform idea. You want it to have its own internal currency (tokens) called Advertisement (ADV). You want to charge 1 ADV for placing an advertisement, 2 ADVs for pinning it to the top and 0.2 ADVs for updating. You write a smart contract. All that it is capable of at this point is receiving money (ETH) and keeping users balances.
Now you announce your platform in a way that crowdfunding projects usually do and offer to buy ADVs at low cost 1 ADV = 1 ETH. Later when your platform is live you'll set the ADV price to 10 ETH. After that those who invested in the very beginning will be able to sell their ADVs gaining income or place their ads 10 times cheaper than the current price. But for now you've earned your ETH to spend on development.
Tokens are attractive enough on their own to start experimenting with smart contracts.

What it takes to engage a user

Ok. You published your first smart contract. But what it takes to engage a user with no blockchain experience to use it? And how can we lower the threshold?
We can break user experience into two parts: interacting with blockchain (what a user has to do anyway) and interacting with your smart contract (ways we can make a user's life easier).

Interacting with blockchain

What a user has to do anyway.
Get an address (a wallet). An address and a key to it is like username and password. There is no way to interact with blockchain without it. The easiest way to get it is to use generator at MyEtherWallet.com. It takes less than one minute and as a result, user receives an address and a key. The address is a 42 character sting and the key is a small file. The key file is used to sign transactions and has to be saved as securely as possible - there is no way to restore it. A user can use the same address to interact with any smart contract.
IMG: Generate a wallet at MyEtherWallet.com
Get some ether (ETH). Any transaction requires commission (0,001 to 0,01 ETH on average). A user has to fuel up his address with a sufficient sum to interact with your contract. Buying ether is possible through major exchanges. These exchanges require 1-3 day for identity approval and are available in a limited list of countries. Users from other countries and those not eager to wait (especially when buying Ether worth a couple of bucks) may use almost instant alternatives.
Look and feel exercise: generate a wallet and send some Ether to it.
Access a blockchain client. Any interaction with blockchain and with any smart contract accordingly is done through a blockchain-client.
As of March 2017 downloading Ethereum database to an HDD disk (70% are still using HDDs) requires 2-3 days and 43 GB of spare space. It makes computer unresponsive enough to start throwing things at it. Keeping blockchain in sync too requires about the same amount of resources as watching a movie online does.
Not to confuse the pros. For the sake of simplicity we call EthereumWallet, Mist browser, geth and parity the blockchain client. We are entrepreneurs here, it is only a programmer who should really know the difference.
There is also a so called light client. It doesn't require downloading the database. But it still requires installation and getting hands dirty with manuals. Our target audience is not willing to do it either.
So let's be realistic our target audience will hardly install any blockchain client on their computers. Let's see how we can help.
A necessary and sufficient minimum for a user to start interacting with any smart contract is an address (key file) and a tiny amount of ether on it.

Interacting with your smart contract

We got to simplify user experience with a graphical user interface (GUI). In Ethereum GUIs do not belong to smart contracts and are stored off the blockchain. There are several ways to "attach" GUI to a smart contract. Here are they from the least to the most user-friendly.

Smart contract with no GUI

Users can interact with smart contracts directly, with no GUI at all.
Blockchain client can identify smart contract functions and let user work with it. The client provides auto-generated GUI so a contract looks and feels like a sign-in form of a website. This is a straightforward way of writing to and reading from contract.
IMG: Access contract function through Ethereum Wallet
But we agreed we won't force user to deal with blockchain clients. To set user free from it we can try to offer MyEtherWallet.com (an online client). Contract interaction will look just the same, but there is no need to download or learn anything.
IMG: Access the same function through MyEtherWallet.com
The contract without GUI has to be very well documented. It is also a good idea to make a landing page to display the current state of the contract.
For example, TheMillionEtherHomepage.com displays the state of the underlying contract and offers users to work with it directly giving all necessary instructions. The same setup would likely be a minimum for a classified advertisements smart contract. So the user with no blockchain background would be able to grasp the idea of the service.
Look and feel exercise: Try following sign in instructions for TheMillionEtherHomepage.com (it's free) and see what it is like to use MyEtherWallet.com.
A Smart contract without GUI will do as a minimum viable product

Decentralized application (DApp) - GUI in a browser

In the above example the website doesn't allow writing to the contract being just a representation of its state (it only reads from the contract). To let user interact with your contract (read and write) through your own GUI you gonna need a DApp. DApp is a GUI for your contract in a browser.
A browser can simultaneously connect to the Internet and to a blockchain client. This allows a smart contract to look (and work) just like a conventional web-site. A user will follow a link like http://myClassyAdvertisements.com and see your website in the full beauty of HTML, CSS and JavaScript, then will be prompted to fill ad text and click "publish". The only difference the user will notice is a pop-up offering to select a keyfile on the disk instead of asking for a username-password.
The GUI is taken from the Internet, but transactions are sent to a local blockchain client.
Browser can connect either to full or light blockchain client. We discarded them both. There is a browser with "included" client - the Mist browser. But it is too complex too. The easiest solution is the Google Chrome plugin Metamask which brings all blockchain benefits right into the browser. This is what we want our user to install.
Look and feel exercise: Go to tokens exchange platform Maker Market, then install Metamask Chrome plugin and try Maker Market again. See how metamask brings blockchain functionality to the website.
DApp and Metamask browser plugin make your smart contract look and feel just like a web-site

Mobile application

We can make any GUI for mobile or desktop application and bring any feature to it. But in order to send transactions it has to communicate with a blockchain client too.
The ways to do it without any locally installed client are: embedding a light client right into your application or communicating with a remote blockchain client (see infrastructure section further).
Look and feel exercise: Try installing Jaxx wallet or Free Wallet on your phone.
To engage a user with no blockchain background means to make him get an address, buy a bit of Ether and install your mobile app or Metamask browser plugin.

What it takes to build an infrastructure

Let's turn to even more practical (and technical) parts. First what will you have to buy. From the cheapest to the most expensive setup.

Smart contract with no GUI

Regardless of the way you've implemented the GUI, you need to publish your contract first. Publication of a contract is a transaction too. Commission for it is negligible. If you managed to pay 1 ETH for commission, then your project is larger than the majority of existing ones.
Project documentation may be published for free at readthedocs.com. Or upload instruction videos to youtube.
If you want to display the status of the contract on a web-site the way TheMillionEtherHomepage.com does, you have to develop a back-end that will "listen" to the contract through a blockchain-client. Thus you need a hosting to run your website, blockchain client and your blockchain client "listener".
Before buying a hosting check out Etherscan.io and Infura APIs. These are "remote" blockchain clients which will probably let you build your landing page with pure Javascript and no back-end.


DApp is just a web page (HTML, CSS, JAvaScript). A simple hosting with no database and frameworks support will probably be enough for a start. Remember your user has to interact through his own client (a local one or Metamask). So introduce a version for those with no access to blockchain (see a paragraph up - make a web-page representing your smart contract status).

Mobile App

For a mobile app you'd probably need a server with a running blockchain client to let your app communicate with the blockhain through it. Or you can embed light client right into your app. Or use Etherscan.io and Infura API. Depends on your features. A more detailed (and more technical) guide is here - Mobile: Introduction

Which developer skills are required

What kind of developers skills you want to search?
First - responsibility, second - patience and third - JavaScript front-end skills. Safety first, because failure price is very high.

Smart contract with no GUI

Ethereum has its own language for smart contracts which is called Solidity.
The language looks very much like JavaScript and simple to learn. But one has to be really really really careful writing smart contracts.
Any contact is open source. Anyone can copy it and quietly experiment with attack options before an actual attack. With no thought out bug fixing strategies, neither address nor contract code can be changed after its publication. If there is a vulnerability and no escape paths, you'll helplessly observe your balance approaching zero. So it was with the ill-fated DAO (remember the life hack - The DAO is just an example of how one shouldn't write smart contracts).
Responsibility. Ethereum community recommends writing smart contract as if it were a firmware for electronics or a financial service (but NOT a web-site). For anyone eager to write smart contacts this official document on safety is a must.


DApp is HTML, CSS and JavaScript. JavaScript library web3.js provides interaction with blockchain client. A front-end developer will do the job.
Patience You need a patient and curious developer. This is the person to dive deepest into blockchain technology, make raw developer tools work and read through tons of documentation.
Regardless of whether your contract has a GUI or not, you gonna need a JavaScript developer. As it is strongly recommended (no, it is actually a must) to cover close to 100% of smart contract functionality with tests, which are written in JavaScript. Detailed developer guide is here here.

Mobile apps and back-ends

Mobile and desktop applications can be written in any language. Recommendations are the same as for the DApp. To connect your app to a blockchain client (full, light or remote) there are ready-made libraries available. For example, python. To embed a light client, check out geth.


Lifehack: Jump off the cliff and build wings on the way down © Ray Douglas Bradbury.
There are only 368 dapps listed at the official Ethereum dapps list and only one third of them is live. I believe this indicates the lack of understanding, not possibilities. It makes Ethereum a great chance to build a future game changer.
You may get some insights learning technology deeper. It is useful to know many of the underlying concepts of Ethereum and blockchain technology in general. But for the smart contracts and for the start this guide is a enough.
As you've seen there is not much complexity. If you are already dealing with websites and JavaScript all you have to do is pump up your team's responsibility. And if you already have an idea, just give a test flight. And see how high you can go.
Thank you for reading.
submitted by takeshi_reg to Entrepreneur [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.
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]

[mod post] /r/Filmmakers is now bitcointip enabled!

/filmmakers is a fairly technical subreddit, so we thought we'd enable bitcoin tipping. We're going to address some questions that may come up below:
Q: What are bitcoins?
A: Bitcoin is an online money that's open-source, decentralized, and potentially anonymous. This is the local currency of the internet. You can exchange it for your own country's local currency, or you can spend it directly on sites that natively accept it. At the time of writing, a bitcoin is worth about $70.
Q: What are they good for?
A: Bitcoins can be used as an investment, barter currency, to purchase products (Wordpress, Reddit, 4chan, Wikileaks, and many others accept bitcoins natively), or just to convert to regular currency.
Q: Where can I get bitcoins?
A: You can setup a free wallet online or by downloading a bitcoin client. Once you have a wallet, you can buy coins via various services or get a small amount of free bitcoins to play with.
Q: How do I tip bitcoins? How do I receive my tip?
A: Check out this handy infographic. Once you've got that down, you can check out the bitcointipbot documentation for more details.
If you want to make the process even easier, you can install the Bitcointip User Script which lets you easily tip without having to type out the bitcointip syntax. It also displays your bitcointip balance, so you can easily see if you have enough funds before tipping.
A: Bitcoins are internet currency. If you have bitcoins, you can tip them to people in /filmmakers by commenting "+bitcointip Username Amount" provided you have set up your account.
I know there are some users in the subreddit far more involved with bitcoin than us mods, so I'm sure they'd love to help clarify.
submitted by ancientworldnow to Filmmakers [link] [comments]

[PSA] Bitcoin 101

Just a quick guide on Bitcoins and some frequently asked questions.
Firstly, if you have absolutely no idea what Bitcoins are, I suggest you visit www.weusecoins.com for the basic concepts, terminology and general information regarding Bitcoins.
Bitcoins are a virtual / digital currency (or commodity) that can be used to pay for goods and services over the internet.

Why would we use Bitcoins over the other forms of payment?

Absolutely No Chargebacks

The main reason for me personally is that there is zero chance of chargebacks like you might get with something like PayPal. Ever sold something to a random steam account and then have PayPal side with the buyer who claims that he did not receive the goods even though you transferred the items to him? With Bitcoins, one you receive payment, there is no chance of reversing or disputing the payment. What this means is that you can now sell to buyers who have little to no reputation and be absolutely sure that you will get your money.
The caveat here, to buyers is of course to only buy from reputable sellers as once you sent your Bitcoins, there is no way to get them back (or use a trusted middleman who will hold onto the sellers item while you send payment). Bitcoins was how I sold my Golden Baby Roshan without fear of losing the money as upon receipt of the Bitcoins, I sold them to someone here (New Zealand) for local currency.

Little to no fees and no regional restrictions

Usually Bitcoin transactions do not need fees to process (and take an average of 10 minutes to confirm) though this means that it might take a while longer for your seller to confirm that he has indeed received the payment when the network gets busy (i.e. lots of transactions being sent in the network). A small fee is sometimes included so that transactions get processed quicker and that minimum fee is 0.0001 BTC or $0.015 at todays (14 Oct 2013) exchange rate. This is processed automatically in the Bitcoin wallet (software) that you use. Also there is no geographical restrictions to who can and cannot use Bitcoins so they are available all over the world where ever internet is available.

Bitcoin Wallets and Addresses

Bitcoin wallets are the software programs that you use to hold and transact Bitcoins with. Wallets are available for almost all platforms (Windows, Mac, Linux, Android and to a certain extent on iOS). Most if not all wallets are available on the official Bitcoin project page:
Be wary of third party wallets that are hosted by websites such as www.blockchain.info and www.coinbase.com. Although they are reputable companies that make bitcoin transacting easier (you don't have to store bitcoins on your own computer and can easily use them on any other computer as they are accessible by the web browser), they essentially hold your Bitcoins for you and if their service goes down, so does your Bitcoins. The downside of using software wallets on your computer is that they take up quite a bit of space (in the case of the full client; Bitcoin-QT)and can only be accessed if you are at your computer.
A Bitcoin address looks very much like an email address, only longer and more difficult to remember:
That long alphanumeric line above is an example of a Bitcoin address and is given to your buyer when they want to send Bitcoins to you. You can generate any number of addresses so that you do not have to use the same one for each transaction. Bitcoin wallets will hold all your addresses and make transactions easier as they usually allow for one click copying of address for you to paste somewhere else; minimizing the error of typing out such a long address. When a Bitcoin payment is sent to an address, the receiver will receive a notification that his or her address has received Bitcoins. There is then a confirmation period (10 minutes on average) for the network to confirm that Bitcoin address A has successfully sent Bitcoins to Bitcoin address B. A fully confirmed transaction has 6 confirmations though some websites make do with less confirmations.

Where to get Bitcoins?

There are plenty of ways to get Bitcoins. One of the ways to get them, is to mine them yourself though this requires some hardware and is no longer profitable to do so as you will waste more in hardware costs and electricity cost than some other players out there who know how to mine more efficiently. The next way is to simply buy them from someone near you on https://localbitcoins.com/, a website that uses your location to show the nearest Bitcoin sellers and buyers.
Some other places you can buy them are on exchanges such as www.mtgox.com or www.bitstamp.net
A list of places to buy and sell Bitcoins is available on the Bitoin wiki: https://en.bitcoin.it/wiki/Buying_bitcoins
You can also provide services (such as web design, homework help, etc) or sell your Dota 2 items for Bitcoins :)
Now that you have read this huge wall of text, feel free to ask any questions below which I will answer and include in this main post.
If you're interested in the technical know-how of the Bitcoin protocol:
Bitcoins are not backed by any government or institution thus no one person can make as many bitcoins as they want.
submitted by jerye to Dota2Trade [link] [comments]

Do You Pay Tax on Bitcoin? Lesson 9 Bitcoin Trading for Beginners (A Guide in Plain English ... How to save bitcoins securely? Where to Buy bitcoin? Lesson 5 CleverCoin - Trade Bitcoins - YouTube

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Do You Pay Tax on Bitcoin? Lesson 9

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