Bitcoin Forum

Found on Reddit:

https://i.redd.it/in9meeyl4cj51.jpg

https://www.reddit.com/r/Bitcoin/comments/igxcli/the_8_laws_of_bitcoin/

Text version:


What "laws" do you agree or disagree with? What would you add to those written above?

Personally, I think these rules are more than enough to start exploring  both cryptocurrency space and bitcoin.
The only rule I would add is learn every single day, read books and serious articles about bitcoin because books teach us to think, avoid cryptocurrency media at all costs, because journalists distort facts.

What do you think?

I appreciate the sentiment behind it, but it is factually incorrect. One incorrect character in an address will lead to an incorrect checksum and therefore an invalid address which your wallet will not accept. There is only a 1 in 4,294,967,296 chance that one incorrect character can cause you to lose your bitcoin.

That's not to say you shouldn't double/triple/quadruple check every address - you absolutely should - but any incorrect or fake address will almost certainly differ by more than one character.

I would add to this:
9. Just Hodl It - You didn't lose anything until you sell.

These set of rules will be/must be forever etched in the minds of all investors and users within the Crypto-Community. Discussing your own treasure is within your group of friends is not always suggested since strangers can hear about that and might result into bad situations. Its true that nothing is free these days and must always be mindful on what we read and what we hear (Always think before clicking Not Secure Websites). Its actually not just Bitcoin but it can also be applied along high value Cryptocurrencies that have the opportunity to skyrocket its value.

can this be a law as well

never store your bitcoin to a wallet that don't let you have the private key - it applies to all online wallet and exchange or markets that in case they got hacked you may lose your bitcoin and other coin as well

Not having the private key of your own wallet is already a threat since other people can have access to it, also why bother creating an account that does not let you have the freedom on when to access your own money. What you are adding can also help most users to identify what problems might come to them once they do not have their own private keys. We can also say that some exchanges want to preserve their credibility so they are giving there all to give users the interface that can be user-friendly and at the same time being secured at a high level.

That's already there and in a high second place. :)

"2. Not Your Keys, Not Your Bitcoin"

I don't think I will agree with you on this. First and foremost, how did you come about with this statistics '' There is only a 1 in 4,294,967,296 chance that one incorrect character can cause you to lose your bitcoin.''   You can't just state figures without giving us proof on how you obtain it. So far as there is some level of chance, you can loose your bitcoin when you input an incorrect address.

Not only to the beginners but these rules should be well known and understood by every single person working in this market. These are the rules which will help us to work finer and will help us to gain more.I would like to talk about some of the following rules-:

• Rule no. 4 says that the seed is our key which is absolutely correct.The person who will get to know our private keys will have the access to our wallets and then he can simply misuse our savings.Once the money is gone,it is impossible to retrieve it.
  
• Rule no. 6 says that every time we click on a link or work on a website we should confirm it's legitimacy because many scammers are using phishing sites in order to steal our private keys.People often add their credentials and keys on these particular sites and these scammers can simply steal their money.
• Rule no. 7 says that everyone has their own opinion on bitcoin. No one can exactly predict about it's future.Different person has a different opinion.So before investing go through the market. Take opinion from different experienced investors and use your knowledge to invest wisely so that you can get good returns.
  
• Rule no.8 says that invest that amount which you can afford to lose because bitcoin is highly volatile in nature which makes the probability of profit and loss quite same.So in case you lose,it should not affect your daily living.

Well, we dont have an official law of bitcoin but this sentiment will perhaps a law as well.
The only liner that I always read here is, ^{[not your keys, not your bitcoin]} which is very true and I always bear on my mind with that rule. And the other rules I agree, that is correct and it seems good advice as well especially rule number 3 ^{[If It’s Too Good To Be True]}, no one will give you free so don't expect on double your bitcoin.

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Well, how about this rule? ^{[Demand and Supply]}, the price vary on this law. Because sometimes they will think that there a correlation of price in stocks or gold price.

What proof do you want? Bitcoin addresses is design to have checksums, hashing it through SHA256 twice and then getting the first 4 bytes as your checksum. So taking the first 4 bytes ensures that it is unique by itself. So taking that into account, (2^32)-1 = 4,294,967,295 chances.

I'd like to add something to what has been written in your "laws of Bitcoin."  ;D
And don't forget to bookmark these links once you're done with your transactions. You might be needing their service again in the future. This action will save you from landing into a phishing websites.

And don't follow those self proclaimed crypto analysts in Twitter, which is very rampant nowadays in crypto twitter.
Most of these people are shilling shitcoins.

Nevertheless, these laws are just the basic things to know about cryptocurrency/Bitcoin for everyone who are just beginning to explore the crypto space.
When you have enough experience in crypto space you'll soon come up with your own personal laws, such;
Never use the same password when you're using exchange, trading platforms, crypto gambling wesites, or any custodial wallets. And don't ever use the password of your email again to register somewhere.
You'll no the importance of this once you encounter an account breaching.


I guess that falls under the rule number 8. That's a rule for investing in general.

Rule number 5. This is something I would extensively reiterate to everyone. Bitcoin is probably one of the easiest currencies out there to make a mistake due to the amount of decimals there are. Unless, you're the filthy rich of course, you'll likely never need to use multiple digits with fiat currencies, but with Bitcoin sending $71 can be easily sent as $710, and isn't that noticeable unless you triple check it. I think we've probably all made small mistakes such as putting the fee to high, or the actual transaction amount.

Personally I like 7th one the most. I have tried convincing many people about how bitcoin is a safer option when compared to fiat but some people just fail to understand this. This even makes me ponder over my decision of investing in Bitcoin but a good research and knowledge can make anyone realize that bitcoin is a great investment.
I don't think we need this as it makes no sense for someone using bitcoin as a currency he would never be thinking of selling it for fiat until and unless he needs his money desperately. Moreover, this rule which generally everyone considers to be very magical has actually resulted in tremendous losses for many. This idea in case of bitcoin looks nice for an investor but for a trader or person looking for short terms gains it makes no sense. Just invest what you can afford to lose.

Either 5 or 6 should be extended with a warning about clipboard malware. It's more likely that you lose coins due to clipboard malware changing the target address on the fly than due to a typo.


Another rule to add, even if it's not about security:

Rule X: Don't try to evangelize the unwilling - But help whenever someone shows genuine interest.

Well, Bitcoin is being Bitcoin. We all now that as time goes by, Bitcoin rewards for miners are being reduced, especially when their is Bitcoin Block Halving happens. For sure, most of the people who owns Bitcoin know about this.
But I also believe that it is not totally vary on that law of yours, as we can see we saw a blockhalving recently this year, so the rewards for miners are being reduce but we still don't see a new all-time-high even the supply (being produce by miners are reduced).

You can lose money if you make a single character mistake with decimals when you are selecting the fee or the amount. Especially risky when editing raw transactions, like that famous case when someone paid 50 BTC miners fee.

Also, if you are writing down raw private key, 1 character mistake would make it hard to recover the key, cause it would require a custom brute force search.

The Law of Bitcoin that is written above for me is already enough.

Don't avoid crypto-currency media, it helps us to decide or it help us to see the future price movement. Even if we know that is a fact or not there's always an effect on the price mostly if this distort fact is circulating in social media.

I like what #7 saying, everyone has their own opinion. Everything should mostly be taken with a grain of salt. They would say anything that they think is viable and would only stick to their beliefs since that's what they already know. I feel as members of the crypto community, it's best to convince them that "if" they have a negative view on crypto, it's up to us to turn it into positive.

The rules presented here are not for newbies but for people who are already involved in crypto, not the ones who are just getting into crypto. Don't immediately believe everything you read, but keep an open mind still; just don't fall for scam tactics.

2,5 and 7 seem pretty good. Not that the others are bad, just that the ones I listed are the ones I really like. Most people still don't understand how wallets really work, and number 2 really says what they should really do. As for 5, I'm someone with a bit of paranoia when checking stuff you know, like when I'm leaving my car and locking it, I'd double check it twice, thrice, step out a few more steps, go back and check it again. Even with our fridge, I do triple checks or more whenever I leave the kitchen to know that it's bloody closed, it's annoying at times, but hell, it makes checking stuff really worth it imo. As for 7, well I'm not a die-hard enthusiast, and nor am I a hard-headed person. I like researching about a lot of stuff, though most of them don't really end up in a deep search, just about entry-level, but it's still really fun to learn how people talk about various stuff with crypto.

Good enough, although the title "Laws of Bitcoin" has a much heavier impact than its actual contents which are basically reminders to avoid getting scammed or phished, having your BTC sent to a wrong address, losing in an investment, and so on.

Perhaps there should also be like "Tenets of Bitcoin" which bears the basic principles of Bitcoin and what they mean.

These are clearly just generic tips and reminders that can help you avoid getting scammed, but they are not set in stone. Eventually, as new technology that improves bitcoin security becomes available, some of these "rules" will change. The full adoption of bitcoin will also entail the creation of laws that will further protect bitcoin users, and that too will ease things up. For now, we have no choice but to be extra smart, vigilant, and cautious when handling our coins. The term "laws" is just used to make the content more catchy I suppose. 

Hello to all. I think that at this stage these 8 laws are enough. I would only add that it is necessary to treat Bitcoin more carefully than just work - if you lose it, you lose not only money, but also the potential profit that it will give with the next pump. I think that everyone should have an indelible plaque on their desk with these laws.

Tend to Disagree on the First law mate because i think there is limitation or exemption regarding in WHo's were gonna talk about our Bitcoin.
Because i Often talk and discuss Bitcoin to those people i trusted and who trusted me as well to at least consider investing in Crypto market.
and doing this i need them to see my success in regards to what i did here and how much i make money since then.
Yeah i am not discussing about my Whole amount but at least i need to show them some of my holdings for them to believe what i am saying .

In the semantics of the words are the power of action, which are rather premises, bitcoin norms, characteristics. But in the reality of the action the important thing is to know  and understand the number 4, that leads to having intrinsic (law) 2 and consequently by common sense (5) if it is an important quantity (1), that information only interests you and perhaps to his wife, but if he tells her, she might fall into 6,7,8.

So rule number one is option  4.

All agree with all the laws.Maybe we could add some new laws.I have 3 proposals.
1.Cloud mining is a scam.
2.Faucets are a waste of time.
3.Always use escrow!When trading BTC for goods and services,never send Bitcoins without an escrow.

It's a great list anyway.Every Bitcoin/crypto newbie should read this list and bookmark it,so he can remember every law in the list.
Those laws apply for all the altcons as well.Maybe we could some laws that are targeted towards some specific altcoins only.Something like "ICOs are scams" and "Don't trust tokens that are backed by other coins/assets". ;D

I'm afraid there is nothing for you to agree about - what I have said is a statement of fact.

When you turn a public key in to an address, the first three steps are to SHA256 hash it, then to RIPEMD160 hash it, and then add the version byte at the start (0x00 in the case of legacy addresses). From this result, you then take the first four bytes of the SHA256 double hash and append them to the end as a checksum, before finally converting the whole thing from Base16 in to Base58.

The checksum, then, is four bytes long. With each byte being 8 bits, that means the checksum is 32 bits of data. 2^32 = 4,294,967,296. This means that if you make any changes to the address, including a single typo, then the chance of the checksum still being correct is 1 in 4,294,967,296.

You can test this yourself using a wallet such as Electrum. Try to import addresses to create a watch only wallet. Take any address you like, and change any single character you like. The wallet will recognize it as invalid and refuse to accept it.

I still don't understand why people are handwriting private keys. The entire point of seed phrases is to easily avoid issues like this.

That was a great advice for those that like to join cryptos space. This should be make like a motto for any traders or investors out there so they can always remember to not making this easy mistake while putting their money at high risk getting scam scam scam.. Its was a basic advice but still a good one to always remember how easy we all can fall to such a scam tactic because our greed.

Dealing with Bitcoin and encrypted assets really needs a lot of caution because your accounts and wallets are all protected with passwords, and if you lose these words, you lose your money forever, so I write them manually in a small paper notebook. This is because I am afraid of a computer or mobile breakdown, and I really took advantage of this when my computer was hacked and I recovered my wallets from manually recorded information on paper.

I know we all know these rules,,, but you know what? This is always good advice to remind each other of these principles. We should put #3 up to #2, and #8 up as first RULE of all. Because people should see this as a risk! We need to remind everyone every time. Put money you can afford to lose!

Can you describe and explain the whole process of validation of bitcoin address? As I understood, addresses are checked automatically by wallet software and in case address is not valid (checksum is wrong), software will not process the transaction. What it means is that we have to trust software and rely on it, right? What if user wants to use web based wallet or an exchange, how can he be sure that web wallet or exchange is coded competently and validation mechanism is actually built-in? What will happen to a transaction, if it were sent to invalid address? Is it even possible to send coins to invalid address or it will be rejected by bitcoin network?

https://i.imgur.com/v67IOvy.jpg

https://bitcoin.org/en/you-need-to-know

Why did they put "usually"? In which cases bitcoin network allows you to make typos and send transaction to an invalid address? Is there any specific script?

Nor you gain anything unless you sell.

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True that, the statement is just to remind us to be very careful when dealing with Bitcoin ( addresses, private key, seeds, amounts etc.) We must be  precise on everything when tackling things about Bitcoin.  there must be no room for mistake else we can lose our BTC.

Privacy and being humble is important as a bitcoin user.

You should not let other people know your situation and state in bitcoin, you should not boast about it. You can teach them and influence them so that they also know how bitcoin can affect someone positively. Also, being private with your asset can help you prevent being scammed and hacked. Bitcoin is not easy to earn, it is not instant, so as much as possible, do your best to hold it properly.

This is what I'm concern about that's why i replied in this part.

I'm glad that this is number 1 on the list.

Everybody has an optinion: your optinion is highly welcome in bitcoin,never you disclose your private key so that you would not be scam,all link should be check .
Never you use the same password with others in bitcoin.

when I looked at this title I thought they were talking about that some law firm would be talking to governments to propose laws on bitcoin, but when I read the thread I realized that they are talking about guidelines for people, exchanges are anonymous and in wallets you don’t do KYC.

how can anyone claim inheritance from their relative who had bitcoin? if that person doesn't have a private key or passwords? this is a very difficult problem to get around

A while ago, I have tried opening up Electrum and importing a private key completely invented by me, letter by letter. It resulted in an error, and no matter how many times I tried to change it, it wouldn't work. Here's something I found, related to your question:

(Source: https://news.coinsquare.com/learn-coinsquare/checksum-addresses-how-blockchains-add-security/)

Therefore, my best guess is that you could invent a wallet that doesn't have a checksum for addresses, but don't the miners also validate them? Because if they do, then it's a dead end for the person trying to send any BTC to an invalid address as it'd get immediately rejected upon broadcasting. And even if it's somehow possible to also have a miner that skips address validation, 1 confirmation doesn't automatically mean it gets confirmed.

 Laws, Guidelines , Reminders ,whatever is it, i agree with this and that is enough to follow by all Bitcoiner's for the safety of our funds. I think much better if we have a printed copy of this and put in the area that we always read this so that it will remind us always.

I do think, we should try at least to tell our loved one's about our seed phrase. It will do us enough good in case something bad happens.
It better for them to access it than our bitcoin disappearing totally without the reach of anybody.
The unexpected can happen anytime without notice

The impact of knowing these laws can greatly affect the way on how the community will now approach their ways on how to spend and earn their Bitcoins along with other Cryptocurrencies. Knowledge regarding these different kinds of laws is already an important investment and must never forget some of the rules stated. Following certain rules or knowing some rules can never damage our personalities since some rules are placed to keep people away from danger.

So private keys come in various formats. In their "base" format, they are simply a 64 character long hexadecimal number. Almost any 64 character hexadecimal number is a valid private key - only the very highest numbers in that range are not valid private keys because of the order of the secp256k1 curve, but I digress. My point is that if you were to type out 64 random hexadecimal characters, you would almost certainly create a valid private key.

However, Electrum only accepts private keys in Wallet Import Format (WIF). To turn a private key from the 64 character string as described above in to a WIF, you have to do a number of things. First, you add a 0x80 byte at the start. Then, much like with an address, you take the first four bytes of SHA256 double hash and append it as the checksum, before converting in to Base58. As such WIF keys have the exact same characteristics as an address, in that changing a random character will only have a 1 in 4,294,967,296 chance of producing a valid key.

The above tips may seem helpful to those new to bitcoin, but for us, they are too ordinary. Buy bitcoins at discount and sell when you raise their value or hold until you run out of cash. If you have bitcoins stored on your computer, install an anti-virus software because they may find a way to retrieve your data and also your bitcoins.

They are reasonable points.  I do not totally agree with few (esp 3) though.
I guess I would call this "8 advice (or maybe 8 rules) on using Bitcoin safely . But rules (and laws) have to based on good foundational/basic principles.

So, I would consider Law in this context a strong word, and the points/advice have to be good and reasonable to become widely accepted as law. Enough consensus and research is required to make it a law.  Once it becomes a law, it'd pretty hard to change without proper consensus and research/hardwork.

In short just use your common sense in dealing with bitcoin. It would be your fault if you do a mistake with all of the laws, with a decade of bitcoin's existence you should have done your homework regards to it.

1. Never discuss your bitcoin - Of course don't be that fool to become an easy target for anyone.
2. Not your keys, not your bitcoin - Well technically it's yours you are just letting them, a third party service to hold it without your full control.
3. To good to be true - Some of them are true, but most of them are not!
4. your seed, your key - same with physical keys, don't let anybody have it.
5. double or triple check - you know what happens when you got the wrong recipient. When sending funds especially when you are using a browser you could just use the CTRL+F tool so you'll see if you pasted it right.
6. Check links - Never click links that is so suspicious to you or random emails that has been sent to you.
7. Everyone has their opinion - Listen but don't depend on them
8. Invest - this is very self-ware, you should know what you afford.

Common sense is the key!

The checksum is only validated by the wallet software and not the Bitcoin network. So if for some reason your client doesn't validate the (malformed) address before submitting it to the network those coins would be gone. I'm not aware of any cases of people accidentally burning bitcoin due to missing address validation on the client side though.

As for what would happen to those coins -- they'd still be visible on the blockchain but just not spendable.

I can't say I really disagree with anything on this list and it's a good reminder for myself.  I practice everything on this list, but I think if you send out bitcoin often then most of you'd probably be guilty of not double/triple checking addresses like we should be.  Andreas Antonopoulos ( If you're not familiar with him, definitely become familiar) always preaches number 1.  He often says let me be the one to talk about bitcoin, don't ever talk about your own.  He's right.  People are too happy to give up their private information, private financial information to boot. 

I just wanna highlight these two for our beginners out there. I see these two as their main problem when they first enter the market knowing less  about the crypto market.

I don't wanna be a hypocrite, we all enter the crypto market because we see an earning opportunity from it, it's 2020 who else does not want money?? but beginners always tend to fall for this old investment promises, too good to be true, 10x? 20x? if the project succeeded? reaches the target capitalization? double investment in just weeks? Man the market is built with uncertainty, this is all you need to know.

Another common beginner mistake, they always buy someone's opinion especially when it comes from a popular person or someone that is close to him. I mean there is nothing wrong listening to their opinion but you should consider the fact that the market's core is speculation, you can't really tell where this all are going to, especially the price.

i agree on all rules except on number one , you can discuss the number of your coins to the people because it encourage them to invest too  . not all people are criminal and are going to steal your coins and not all people have a huge number of coins  .

 its also possible that some books can be manipulated and they can put wrong infos with it , thats why its better that we have to read on other sources and not all on the media are lying .

Not only for the People we love but must be to the people who loves us more,because we Know that money is the source
 of all evil and if you only rely to those people that you love they may turn or find that they don't really loves you and Will
 have interest in your Cryptos,be secretive sometimes and choose only the people that you are 100% sure of helping and
supporting you whatever you do.
yups things happen thats why we must be ready about our funds because there is no way that others can recover our funds
 once we die and did not Give the phrases and seeds to the people that deserve to have this funds.

The last one is just a common sense, I mean why would you push your chips all the way when you know that the return will not be immediate. Most of the rules do make sense but I do think most of them can be condensed into common sense, a lot of red flags for promotion? Common sense, Letting other's opinion cloud your judgment? Common sense, Not bragging about your wallet? Common sense. If you know what you are doing then you are good to go, the more you know.

All the laws are correct. People are fond of asking me questions on how many bitcoins I have , and I see that as a very dumb question, it’s like asking me how much I have in my bank account. There are things that are meant to be kept to yourself and not to the public, and when people ask me this question, especially it comes from people who talk about Bitcoin, I don’t give them any answer, because it’s none of their business.

Storing your whole coins on an exchange is wrong, people should have different wallets and exchange that are reliable. You have two wallets that are reliable and then have one exchange that you will be using for trading, whether decentralized or centralized, any one of them that works for you.

I adore all these points!))) Perfect list I would like to admit. But the most I like the last one - 8th. I would replace it to the first place, on the top of this list and all existing lists like this one. And I would add this point - every time be ready to lose because there is always such a risk in every direction where assets and investments are. Lots of people forgot about this golden rule and after they lose something they do not blame themselves for their recklessness, but they blame others, different processes and coins and so on)))

This is a wonderful crypto laws which should be recommend for crypto newbie and unconscious investors/traders but it an embarrassment that only few of them will put it into practise cause I have seen alot of people on this forum which still consider coinbase and others exchange site as a wallet. While some are still the victim of Roi and I think the number 1 law should learn and understand the risk of crypto investment

I understand the need to brag. Need to tell at least someone about something you are very interested in. I have friends bragging in 2015 about making money with altcoins, without realizing that they just made a target on their back. Last years they have just told everyone that they have lost everything in hacks and scams. Funny enough people believed them.


This i controversially kinda disagree with. It's a liberarian dream to be your own bank but with that comes with a huge responsibility. Real banks are going to be way harder to rob and you most likely aren't providing that level of security.

If you are afraid of exchanges being hacked, you might as well be worried about being hacked yourself. Things have evolved since MtGox, Mintpal and Cryptsy, at that time it was clear that every exchange was shady, and those were the big ones. There weren't any KYCs or any kind of regulation anyway.

I mean there will be hacks and exit scams in the future too, but there's a huge difference putting money in some shady place "that haven't exit scammed yet", like Yobit, then with holding your money public places like coinbase.

Also lots of places have set a new standard and these days you can assume that they have insured their holdings.

However, if you are worried that irs or someone is confiscating your money because you haven't been paying taxes and you have been hiding your money from the government, that's a whole another issue and i understand why you need to keep your private key. However i don't understand why you wouldn't just pay taxes.

If you are taking about large exchanges such as Coinbase or Binance, then the exchange being hacked should probably be the least of your concerns when storing your coins there.

Far more likely is your individual account being hacked, either through social engineering, through your email being hacked, through SIM jacking, through your phone or laptop being stolen, through being phished, or some other commonly occurring technique. Even accounts with 2FA enabled are hackable.

Or perhaps the exchange decides that you have done something incredibly immoral with your money, such as deposit it to a casino (gasp!). Oh dear, now your account is shutdown and all your coins are confiscated, permanently.

Or perhaps your government decides to revoke that exchange's license to function in your country. Again, your coins are now locked and irretrievable.

Or perhaps there are some shady employees at that exchange, and suddenly the cold wallets have been emptied.

Or perhaps it turns out the exchange was using customers' deposits to lend out and invest elsewhere, as Huobi was caught doing, and they make some bad investments and lose your coins.

Or perhaps they just go bankrupt?

Even then, Coinbase narrowly avoided a significant hack last year after several of their employees fell for fake emails. Binance was hacked for $40 million last year.

Your funds are not safe on exchanges. Not your keys, not your coin.

This really makes sense. I think those are really essential laws that must be followed here in Bitcoin so that we can secure our cryptocurrencies and keep ourselves safe in this industry. The laws state are somewhat already basic and common but still those are essential to be known most specially for the newbies out there that are still not familiar so that they not easily get fooled by other crypto users which are commonly known as scammers and hackers that would do everything for the good of their own sake.

Good thanks that the OP have shared such essential information although many of us do already know it, but the other members in the forum will make use of it specially those newbies and Juniors that are still starting and making their own path of journey towards Bitcoin and the whole cryptocurrency as well.

I agree. Although all this is still quite unknown to me, everything I have learned is thanks to this forum. Unfortunately, I don't own a lot of Bitcoin, but it's never too early to think about security. ;)

This is sincerely right. All of those that have been stated by on the 8 Laws of Bitcoin is definitely good and this must be known by the other members most specially the new ones so that they could familiarize themselves on the ideas that they must learn about to avoid getting caught up by those hackers and scammers who are taking the advantage on the weaknesses of the new individuals who were just starting to build up their own Bitcoin pathway towards success.

All of the laws stated are indeed the basic ones but still one of the important concepts that must be known and not to be skipped for there are certain people who skip this simple ideas thinking that they can already stand on their own. Admit that you still must learn something for you do not certainly know anything. Be teachable and accept the fact that even simple things can save you up on any situation since the basic things in life are the important concepts that people mostly taken for granted.

I totally agree to these rules, I almost once got scammed but thankfully I've decided to google and here I am :)

I don't know but for me shouldn't this be a rule and not a law? Correct me if Im wrong though. Since there are those people that broke these laws and no one knows what that is as they say it, on one above the law. On the other hand a rules is something that couldbe a guide for the people use bitcoin. This is just my opinion though.

There are some people who don't take these recommendations seriously and even venture to other ideas or are careless when it comes to handling their bitcoin addresses. It is good to remember them and always put them into practice.

In crypto we do not stop learning, we must continue in constant learning because technology evolves to satisfy our needs.
Double check is my favorite law both at my bitcoin address and on websites.

I believe that the laws must include security (2FA and 3FA) that we must use when accessing an exchange platform.

The law itself is a system of rules, and if you don't follow rules, you will get punished. How can this be applied to bitcoin? Actually, it is an interesting question rather philosophical and it can be the subject of debate. What purpose the law does exist for? Generally speaking, it ensures our safety, it protects us against violence and abuses by anyone including governments. The current monetary policy is far from perfect, currency in such system is subject to inflation, debasing, confiscating, censoring, etc. Bitcoin protects us, gives us an option to opt out from the system in which abuses have become a norm. But in order to achieve financial sovereignty, the laws of bitcoin must be strictly followed, otherwise you will get punished, not by authorities though, but by bitcoin network itself. You will lose your ability to transact in an open, decentralized, neutral, borderless, immutable network. If you want to participate, you must follow the rules.

IMO, even if they are your relatives, friends and whatsoever you shouldn't discuss it no matter what because you never know what will happen they can probably just boast it to others something they know. However, if you still want to share it so badly you can perhaps tell them the estimated amount you have. Besides, there are tons of ways to encourage them like show them what things you acquired or received in doing this crypto stuff.

Indeed. Perhaps don't rely on a single medium I think. You can use books, media, or online articles to verify the info you have discovered. Though this will be an additional task coz you need to verify it everytime but this will guarantee you safety.

Yes, indeed. I must admit, i am just new in this Bitcoin and blockchain industry. This written laws about Bitcoin really gives me an additional knowledge as I am exploring the world of cryptocurrency. I agree all the rules and believes that its a bit risky to learn all those important factors here, yet, with constant research and personal experiences, and interactions with fellow Bitcoiners, I am 100% sure that I could possibly do well. This thread is a big help for me.

I think this just explains it all, thank you for that. But that also raises a question since no one can actually punish these people when they didn't follow these laws. I mean, some tell the amount of bitcoin they hold, hold their btcs to exchanges and don't care what link are they clicking. If I will be answering my question, I think the punishment would be losing their btcs.

Whether the laws of bitcoin? I'm not quite sure about that. In my opinion, the crypto industry is somewhat anarchy.

While it is widely known that bitcoin uses incentivizing system instead of punitive one, still, there is always a place for punishment mechanisms. For example, malicious miners trying to include invalid transaction or higher rewards for finding a block, get punished by the bitcoin network, it simply rejects bad blocks. Miners wasted electricity, money, and recieved nothing in return. That situation could be thought of as miners violated the law and paid a fine. As for users of the network, if they break the rules of the system, for example, they use it irresponsibly, they also get punished by losing an access to own funds. You may be wondering why irresponsibility per se is considered a violation. It is because of the fact that there is no third parties in bitcoin network to be responsible for storing your money. You should control your own keys, otherwise, keys aren't yours. If you failed controlling them and lost your funds, you simply got punished by the system.

Even though I did not yet read this on reddit. I followed some rules written on that. Just like having a double up to quadruple check in the address where I will send my bitcoins. I am proudly to say that in my 3 years of existence in this industry, I did not yet become a victim of wrong sent address. I always check the address before I going to send. In addition, I do not give my private keys since from the start even to my relatives because I know that if i will give the keys then that wallet is not already mine. Because they have an access already.

These rules should be followed and it should be spread so that newbies will have knowledge on how to avoid loss of funds.

I have decided to comply with this law first of all when it comes to Bitcoin and cryptocurrencies in general:

Don't trust anyone and DYOR!

Knowledge is the greatest enemy of all scammers, imho. ;)

I like them, those are basic topis for all the bitcoiners, but not basic for all, maybe this are the first things users should learn about bitcoin before they use it. And i would like to add one more basi rule.

* Never trust on unconfirmed transactions because if you take an unconfirmed transaction as valid it can be always be doublespended. So, it's a risk to do it for anyone.