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What's the biggest crypto downside?
We don’t think there is any that isn’t worth the upside.
Crypto means complete and utter freedom over how you control your money. With wallets like Bitamp that give you sole access to your private keys, no one else can touch your money, or withold it, or freeze your transactions.
Of course, this means, if you lose it, no one can help you recover it. That’s probably the biggest downside, but it’s definitely worth it.
Agree or disagree?
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Bitcoiners old and new are asking each other now, will this rally last?
We believe won’t be a cyclical repeat of past parabolic runs. This time, it is institutional money and not retail, that is laying the foundations for firmer, more stable growth. What do you think?
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Will Bitcoin mining be profitable in the long term? Say 5-10 years?
The age-old question. Now at the next halving, it’s only 3+ BTC per new block. Halved. But if we’re looking at mining being profitable at 6+ BTC when it was around $10,000 then it stands to reason it’ll be profitable for 4 more years after the next halving at $20k. Which we are way beyond now. So that’s at least 7 years more of profitable mining.
In my view, mining is going to be profitable for at least some of the miners, whatever the price. Especially if that someone pays a low fee for the electricity. Of course, large mining farms will always have an advantage (bulk equipment buying, competitive electricity rates, more efficient infrastructure). That's always been the case for at least the past 2 halvings, hasn't it! And with altcoins merged mined, and all kinds of others to switch to during unprofitable Bitcoin times, we can definitely expect the industry to thrive for many more years to come! |
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Will everyone resort to Bitcoin?
Not everyone has ever resorted to using any currency ever created in the past — any of the hundreds of fiat, gold or precious metal, or any kind of digital money.
But Bitcoin is already possibly the currency most widely accepted in the world, and easiest to buy and sell globally. US dollar might be the world’s favorite one, but regular people can’t easily access it, whereas you could buy (and sell) BTC almost instantly online now from wherever you are!
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Will Bitcoin mining be profitable in the long term? Say 5-10 years?
The age-old question. Now at the next halving, it’s only 3+ BTC per new block. Halved. But if we’re looking at mining being profitable at 6+ BTC when it was around $10,000 then it stands to reason it’ll be profitable for 4 more years after the next halving at $20k. Which we are way beyond now. So that’s at least 7 years more of profitable mining.
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If you buy bitcoin today, do you need to store it in an offline cold storage wallet?
This always depends on the amount and the purpose of your Bitcoin. If it’s a large amount for long-term investment, then always yes.
But if it’s just $10 of Bitcoin you want to use to pay for coffee, then you probably just need a “hot wallet” like Bitamp, which is accessible offline, is only accessed with a web browser so no need to install anything.
Plus is open sourced and non-custodial, so only you have access to your coins!
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Enjoying the new ATH today, people? Funny that less than a week ago we were talking about 30,000 and now 40,000 is within 3% gains of reach.
Exciting times for all, but always remember, not your keys, not your coins!
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How do I buy Bitcoin with the dollar cost average method?
Dollar cost averaging simply means, buying regularly no matter the price. For most people, this is a fixed time every period (weekly, monthly, bi monthly etc). It doesn’t have to be at Coinbase, it can even be at Paypal now.
Coinbase and other exchanges do have a feature to automatically buy BTC for you at intervals though in case you forget.
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Do the rise and fall of numerous altcoins take away from the legitimacy of Bitcoin?
Not at all. Bitcoin was the first and it had a clear mission from the beginning. Other altcoins sought to provide alternative missions.
If anything, the rise and fall of alts only serve to strengthen the case of Bitcoin and prove it as the most battle-tested and mature technology in its class.
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Why are institutional investors crazy for Bitcoin?
At first, because of its speculative nature, and the understanding now that Bitcoin bubbles don’t last long but repeat in cyclical fashion. Just as they would any other bubble like stocks and real estate, institutionals try to hop on as the next bubble expands.
But mainly now, because US dollar and other fiat are simply losing too much value in the mid- and long-term. No use generating profits in US dollars if they’re worth less year after year.
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Which companies or institutions have started buying Bitcoin?
No need to mention PayPal and the like — those you can easily Google. I think the one worth mentioning here is the government of Norway, which manages the world’s largest sovereign fund — and has a history of great management. They’ve put a percentage in Bitcoin since 2017 IIRC correctly, and this essentially means every Norwegian has a stake in Bitcoin’s fortune. They’ll be well taken care of.
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Bitamp maybe you need to think about adding 2FA two-factor authentication for creating wallets on your website.
It would greatly improve wallet security and reduce potential phishing attacks in future.
Not sure how this would work since you're not actually creating any accounts on Bitamp, but we'll pass it on to the devs. I know there are 3rd party 2FA for even within Electrum, for example. We'll certainly pass the feedback down:) You are absolutely right, it wouldn't work at all. The 2FA authentication method cannot be used if the wallet is accessed via a private key (or a seed phrase or keystore file). Think about it. What exactly should 2FA protect if someone already has access to your private key? Bitamp is not a custodial wallet as far as I know. As for the second argument for "reducing potential phishing attacks," the answer is no again. The goal of a phishing attack in this case would be for thieves to obtain your private keys or seeds. If this happens and you leave your private key on a fake (phishing) website, it's basically a game over for you. Thieves have everything they need to steal your funds. Yup! That's what I thought too:) 2FA's as far as I understand not applicable to a service like Bitamp. We don't store any information at all from you on server side, everything is done on your side (client side). We're definitely not a custodial wallet and we don't have account holders at all. Just site users, without need for accounts. |
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Bitamp maybe you need to think about adding 2FA two-factor authentication for creating wallets on your website.
It would greatly improve wallet security and reduce potential phishing attacks in future.
Not sure how this would work since you're not actually creating any accounts on Bitamp, but we'll pass it on to the devs. I know there are 3rd party 2FA for even within Electrum, for example. We'll certainly pass the feedback down:) |
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Why would anyone think Bitcoin and other crypto assets have no future?
Mainly fear of the unknown, or fear of the change to status quo. You have to understand the current system of finance and banking has benefited those in power for a very long time, generations actually. Something like Bitcoin which is decentralized, where the powers that be hold no influence, can be seen as destabilizing to the current system. They can’t control it, they can’t manipulate it, so they can’t use it to their sole advantage.
So it’s really in their interest to convince others that Bitcoin holds no future. They’re wrong, of course, Bitcoin’s grown to such a stage where it can’t be stopped.
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Why should I use a Bitcoin wallet? Is there any benefit of doing it?
Yes. A real Bitcoin wallet puts you — and only you — in control of your own funds. A Bitcoin wallet hosted on some other centralized server or service means that at any time, just like a regular bank account, the owners of the service can freeze or stop your transactions or even take your funds away, which then means you lose the whole point of owning your own money. That’s what Bitcoin is all about! Spend as you want, send to the people you want directly, pay the transaction fees you want, and be confident it will be sent the way you want it. No hidden fees, no mysterious account balance change or any of that crap we’re all used to with regular money.
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Someone requested our answer today: Does the US population only own 5% of the Bitcoin market?
Doubt this is true. It’s true that in the early days there were more North American Bitcoin users and owners than the rest of the world but today, the US is probably one of the most difficult places to buy Bitcoin.
Most of the world’s developed economies allow you to buy P2P, for example, which is impossible without a license in the US. And you have access outside US to all kinds of exchanges online — that don’t accept US citizens.
It may change soon with PayPal and others gearing up for BTC legitimately but it’s hard to believe 5% of the market is in American hands.
What do you think, guys?
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How important is a private crypto wallet?
Privacy is always going to important to you — you should even consider it not just your right, but your duty to maintain your privacy.
I like Ledger and recommend it a lot as a hardware wallet but the fact it’s not private means it’s vulnerable, like any other centralized service that keeps customer data, to hacks and leaks. Which is exactly what has just happened.
Use a wallet that never collects any information about you. Like Bitamp or Electrum;)
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Merry Christmas everyone! New BTC ATH so the message is simple as it always has been, not your keys, not your coins. Happy Bitamp-ing!
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I think it would be beneficial for Bitamp to run some video or written review contest or bounty. There are several examples in the Services section of how other companies have done this.
Or you might just ask your bounty manager, Hhampuz, to give you some suggestions.
Creative idea and Hhampuz has video managements for Roobet company. Video, avatar, content contests for further promotion to expand the Bitamp customers. I dont see any lacking steps on here when it comes to marketing. Running a signature campaign alone will really be that enough but if they do still have some budget left then it isnt
bad to consider on adding up more but this will be better if it will be put up in social media campaign.
The more the better and people have more preference on videos and they feel more easily to learn things from step-by-step guides with videos. Not yet mention about the more traffics to Bitamp website from the Video Tutorial Centre. Agreed and thanks for the ideas, guys. As mentioned before, all these are marketing activities that need money, and it's got to be a good ROI to be able to embark on such things, not to mention capital. Roobet has a different business model, as does Bitamp. You can imagine it's very different:) |
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I'm a bit confused here and I need some info probably from those that have already give this wallet a try, on OP it says that you create a new wallet and login, if the wallet is fully decentralized why do users need to login? If I don't read the whole info I won't know that this wallet gives users access to their private keys or recovery seeds, so what am I missing here?
As user Droomie above just points out, login is just a user-friendly way to tell people, this is how you login. Instead of a username and password (which then connects to a centralized database on most other central services), you're simply entering your private keys or seeds. You can even "login" offline:) |
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