I don't think bitcoin is a privacy coin, it suggests that bitcoin should be more transparent than anonymos, with the blockchain everyone can see the details of transactions, even some markets have their own name tags, what do you think about their anonymity?
It is generally accepted that bitcoin is only relatively anonymous, since under certain circumstances and with the capabilities of law enforcement agencies, the identity of the bitcoin holder can be traced. This has been proven more than once in practice. Those who need complete anonymity usually use coins such as Monero, ZCash, Dash and others. Therefore, for illegal purposes, bitcoin is used only in a few percent of cases, up to one dozen. Relatively anonymous aka "pseudonymous". There is quite sophisticated technology on the market already that is fully dedicated to identifying people behind Bitcoin addresses. Chainalysis is closely cooperating with government agencies and I think they even sold shares in their company to government agencies. I am not quite sure but I think I read that a while ago. Chainalysis is one of the market leaders in putting one and one together in order to identify people behind transactions. |
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I have a friend and my all password are with my that friend because whenever i lost it and after me he will manage all of my coins and all of the trading. That will be an interesting topic ahead. So, i will give it all to my friend.
Ughh, that must be a very good friend then!  I am not sure if I would ever share my private keys with a friend to be honest, unless I really have nobody else to share it with. A friend is dangerous. If crypto goes missing from one of your wallets it is definitely going to end badly for your relationship even though he might not be to blame. |
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It is upon to the user that how can he manage it and what address he is using for the transactions. And another thing I will tell you that the transaction history of bitcoin is public and everyone can know the inflow of you transaction and outflow too. So, may be anonymous.
It seems that in general, everyone can see the transaction, but to find out who the details are, it will be a little difficult. Because what we see is only the TX id address, and the number of transfers. Some people can use the Mixer feature for transfers between wallets. But remember that actually if crypto goes to an exchanger or bank then later it can be used to track who you are Its the only way for a certain person to be tracked on when they do hit up on exchangers and able to withdraw and since they do comply of some KYC then most likely you are already known. but to know that there are platforms which does have 2 btc limits like binance on where you can easily make out some transfer without verifying your identity which would make tracing even way more harder. Bitcoin is known to be pseudonymous and i do rather say that zcash and monero is totally on that are when it comes to full anonymity. One problem is that we don't know how much data these exchanges like Binance are providing to authorities. That's important because even if you don't undergo the KYC process, it can still be that you send BTC or any crypto to an address that has already been attached to you otherwise. If Binance then provides data to authorities, they can get a pretty good picture about the addresses you own and what you do with them. |
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Comparing wallet types in relation to security weakness: Hardware wallet, paper wallet and wallets on airgapped devices are safest. Desktop wallet is still safer because it is not used like phone, if you lose your phone you might lose you funds if compromised by hackers. Then mobile wallets which is still better than web wallet The weakest are web wallets. No wallet will be safe if you do not protect your wallet. About malware like Pegasus spyware, hardware wallet and wallet on airgapped devices would be resistant to spyware because the seed phrase and keys are completely offline, but the spyware can still spy your activities. But web, mobile and desktop wallets are not all resistant to malware. Protect yourself from malware. You can start reading some of these topics: Good topics on security and privacy to help protect yourself from malware. Lastly, know that cold wallet like hardware wallet and wallet on airgapped devices might not be resistant to clipboard and QR code malware. So, make sure the device used to operate your cold wallet is not having malware, also check and recheck the recipient address you are sending to for it not to have changed to a hacker's address. It is correct what you are saying, but when I were to ask you to give a guess how much % of cryptocurrency wallet users use a hardware wallet or a wallet on airgrapped device, what would be your guess? I believe that number may not even be double digit. If you take trust wallet as an example, Pegasus should be able to crack that or not? |
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I'm curious, how it's been working out for you, OP? I'm thinking about selling all my remaining coins and turn them into BTC.
I just stumbled across this thread after un-ignoring Bitcoin Discussion, and I'm curious as well--though if what OP said is true, he's been accumulating bitcoin since 2013 and probably hasn't sold any of his stash. Presumably with the price increase we've seen in the past day or two, he's still doing just fine. I don't know about keeping all of your investment money in bitcoin for the long term, however. OP will likely still be in the black even if bitcoin were to lose half its value (if he's holding onto 2013 coins), but if I were him I'd probably diversify just a little. Normally I'd suggest the stock market, but after well over a decade of bull market craziness I'm not sure now is the best time to buy stocks. OP, you still around? Maybe you can chime in and give us an update on any changes to your portfolio, etc. Still all in BTC, doing fine, no headaches watching the shitty coins. Not planning to sell even if BTC price is going up right now. Might sell a small amount once in the xxx,xxx range and then hopefully will buy it back, I'm sure we will see a new ATH this year. All in in Bitcoin is at least a strategy that still makes some sense. When I read that people go all in on some alt coin (other than Ethereum), I really get a headache. It still depends, there is a difference if you go all in on an unknown token from an ICO or Monero, but as long as you really go all in, I'd be shocked if it is not a larger well established crypto with a successful history. |
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I don't trust anything that big tech, Bezos or Amazon are saying, and they always have some hidden motives behind everything they do.
They hired some blockchain people few months ago, and there are some rumors they are working on creating their own token to be used instead of Bitcoin.
You can imagine that they will control supply and everything else related with potential amazon token including some kyc verification, and for Bitcoin they can always have some stupid excuse like high fees, etc.
I can imagine now that they have been quiet for so long regarding cryptocurrencies and accepting Bitcoin as a means of payment in specific, it is possible that they loaded their bags for years now and are indeed going to make a huge announcement that they accept Bitcoin. Maybe they even come up with additional technology to support Bitcoin. That would make them immediately rich just by selling their bag I guess (if they have one). |
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Bitcoin is about freedom and if everyone who owns bitcoin is not allowed to sell their assets, then where is the freedom. Selling or not depends on their own needs and goals, because one day the needs of those who hold bitcoin will definitely have a change from the financial side. So even though our goal is to hold it for the long term, and only by selling bitcoins will our finances be helped, then why should we refrain from selling it. It's a personal asset so all choice goes back to those who own the bitcoin, so if you don't want to sell it for your intended purpose that's fine because it's your own asset and you're free with what you own.
Furthermore, when you talk about selling Bitcoin, people oddly think it is all about selling Bitcoin for fiat. The whole selling or holding debate doesn't make sense because what are you going to do if you want to buy a house and the current owner accepts Bitcoin? Same thing, you are going to use your Bitcoin, actually selling them so to say to someone who gives his house to your for it. Bitcoin isn't there to be held forever, it is there to one day be used for some type of asset exchange, reducing your BTC balance while increasing another asset category. |
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You should visit a country with hyperinflation and you will get your answer.
Imagine in Venezuela you want to price something in bolivar, it can be worth a certain amount today and another higher amount tomorrow. Nobody sells their product at a "fixed price" in Venezuela simply because their currency value is volatile, in this case declining. One could use a more "stable" currency like USD to price everything and give a variable value in VES but that also doesn't mean bolivar is priced in US dollars and can only be purchased by it!
It is the same with bitcoin, since its price is volatile (in this case rising most of the times) people use another more common currency to set the price specially since they already use that currency. For example in Japan the shop would set the price in JPY and you pay a variable amount of bitcoin depending on the price at that time.
In other words 1BTC=1BTC does not also mean 1BTC=1product.
Right and this will be situation for many years to come. Even Gold's volatility is too high to be used as a unit of account for goods and services. Although we don't like the inflationary way the USD has been taking for decades, the fact of the matter is that we won't get around a "stable" currency for daily commerce. Even if you take the DAI, the issue is that the underlying you deposit for it is also highly volatile and I am not sure how high the risk is of DAI actually breaking. We will need some time to come up with a technically sound solution that is purely crypto based I suppose. |
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that's the risk of owning crypto. if we die the coin will die, but if we share our wallet with people around it will definitely be misused.
so maybe we have to have 1 trusted person from our family member to be able to access our wallet maybe our child or wife
Actually that is not a risk but a Security advantage , imagine if the bank will held your funds and you died without your family knowing the funds? it will be their money in time. so with bitcoin no one will benefits unless it is our willingness to let them have. that is our obligation , either let them learn our funds and have access or die the coins with us. I don't know where you are from, but rest assured if you live in a half normal country and you hold money with a bank, your family will also receive that money if you die. You are rather talking about highly corrupt countries I guess. We do for sure need better software solutions for the inheritance of digital assets, there is no doubt about that. |
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After Bitcoin Cash split from the main Bitcoin blockchain, a plethora of other cryptocurrencies followed suit. First came Bitcoin Cash, then came Bitcoin Diamond, Bitcoin Gold, Bitcoin SV, and so on. Each fork is basically the same Bitcoin with an identical supply (21 million coins) and genesis block. What makes them different is their approach to scalability. Every Bitcoin fork that is created, essentially multiplies Bitcoin's total supply two or three times its size. This is sort of a double spend (although not in a direct manner). Imagine if we had 10 Bitcoin spinoffs, that means the supply will increase to 210,000! I'd bet if the Bitcoin Cash hard fork didn't happen, we'd still have only one Bitcoin (BTC) with a price higher than today. I'm still wrapping my head around this so please correct me if I'm wrong. Do you think Bitcoin-based forks (spinoffs) will devalue the original Bitcoin (BTC) over the long term? If not, why? Don't we have too many forks already? Your input will be greatly appreciated. Thanks.  Yes initially, fork coins will take some market value from bitcoin. The amount of market share will depend on how much hype the coin has. But after a while the market share will consolidate back into bitcoin. To further understand this phenomenon look in to bitcoin dominance and how it oscillates cyclically against altcoins including forks. the bitcoin market will still belong to bitcoin, although in the market there are many forks of bitcoin and the number is very large I don't think it can be like other coins that use the name "bitcoin" can win the hearts of 20% of genuine bitcoin fans to switch there. bitcoin is way above other fork coins If they ever had a chance to devalue Bitcoin in any significant way, that change is long gone. Bitcoin Cash probably was the biggest threat in terms of devaluing the real Bitcoin as there was a vibrant discussion around certain specifications. The interesting thing about forks is that you keep your economic interest in the network that has been forked as well. If you hold BTC and you are pro BCH, you still have your BTC after the fork. Very interesting considerations here. |
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But we shouldn't forget that it is indeed a highly speculative thing to get into Bitcoin. Lots of people know someone who lost money but also someone who made money. I can understand that many are afraid of a crash like in 2017. I know some guys who frequently ask what they should do. They kind of want to get involved but are afraid of crashes a lot.
Yes, speculative. But that is what most of the people see, skipping whole technological part. People see only small part of the Bitcoin technology and their knowledge is narrowed to "Bitcoin-money-probably a pyramid". They dont know about the possibilities of blockchain and its usage. Like you said, their remember how Bitcoin crashed, but they dont even realize how useful blockchain technology is nowadays. They are afraid of loosing money and they are not experienced with long term holding. But in a sense that probably applies to most people even outside of crypto. If somebody decides to invest in Tesla, what do you think how many people have a substantial idea about all the specialities involved when it comes to electric cars? Or are they mostly following the buzz from the media? Even I learn new things about Tesla on a frequent basis although I do quite some research before making investment decisions. Tesla is not Coca Cola, and crypto is not Tesla. |
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Bitcointalk username: tiCeR
Bitcointalk link:https://bitcointalk.org/index.php?action=profile;u=33155
Rank:Hero Member
Current Post count: 1080
ETH (BEP20 - BSC - Binance Smart chain) address:0x75e7ae84a058c1058519a8f5195EcF25e90a35A6
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People are afraid of it because many of then think that Bitcoin is just a speculative resource that makes people rich (or poor). Part of them think that "they are not traders, they dont all that smart graph trading stuff". They visualize trading based on the movies. Trading crypto to them is like stock trading in a room with traders shouting, lots of screens and etc. But when they realize what blockchain is, how Bitcoin is used in it and all technology behind it, they get totally confused. They expect this:  But they get that:  But we shouldn't forget that it is indeed a highly speculative thing to get into Bitcoin. Lots of people know someone who lost money but also someone who made money. I can understand that many are afraid of a crash like in 2017. I know some guys who frequently ask what they should do. They kind of want to get involved but are afraid of crashes a lot. |
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The El Salvador government has created a great opportunity to make bitcoin a legal tender and use it as fiat in the country.This will be the premise for other countries to consider and accept bitcoin. make bitcoin more popular globally. But not because of that, El Salvador became the "homet of bitcoin". Bitcoin is decentralized, and Satoshi created bitcoin to want bitcoin to become a global currency.
But El Salvador would then be at the whims of global policy makers and markets. Yes one country has to make the first step, but what happens if they collect their whole taxes in Bitcoin for one year and then Bitcoin drops by 30%? It is possible that El Salvador once to speculate with Bitcoin, but it could go wrong as well. |
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You're overrating bitcoin as it is, it's not the cure all or the holy grail that will advance our civilization to become a type 2 civilization, and in that scale, bitcoin is pretty much a primitive invention. Also, it's kind of funny that you are saying this because how does bitcoin exactly change the laws, will it be able to change the laws regarding genocide, murder and human trafficking?
it would be too much to say that bitcoin is currently reconstructing human law. bacause nothing much changed, bitcoin just changed the system in the financial industry and for other aspects normal. it's just a transition from centralized to decentralized.
Rome wasn't built overnight !!!
The concept you are trying to speak is too complex so that it is a kind of threat that should be removed by spreading an uncontextual understanding. how a Satoshi has such a complicated digestion to present bitcoins in this kind of context. you need to straighten that all this is just a simple system.
You don't need to get us into the Bitcoin concept too complicated and verbose. hedge and you can double it all, but not overnight. we are in the modern zone and not in the ancient Greek civilization which said the king Pharaoh built pyramid palaces.
It turns clearer and clearer that there’s already no single strength has the ability to control or eliminate Bitcoin in that Bitcoin has grown to be an important component of human civilization. With underlying technology and mathematical algorithm, Bitcoin proves to be a just and decentralized currency. Every time human society attempts to ban Bitcoin, it comes back with fiercer strength. At last, what changed is human society and government, not Bitcoin. Human governments cannot prohibit Bitcoin, they adjust to it by making laws.
I am not sure I agree with this instead I would say that there is no real benefit or incentive for anyone to want to destroy Bitcoin. The governments could probably make it very hard for its citizens to invest in Bitcoin and use it which would effect the adoption rate but they do not have any incentive to do it and it creates additional revenue for them because they tax it. Here, let me answer your questions together. I see a lot of friends saying, "Bitcoin is reconstructing the laws of human society", this statement may be a bit exaggerated. But what I want to say is that this is what is happening. Now more and more countries have begun to legislate against Bitcoin and cryptocurrencies. Now the government's judicial system has changed. Some laws directly prohibit Bitcoin, some laws define Bitcoin as an asset, and some laws define Bitcoin as a currency. This is what is happening every day. At the same time, I believe that after some countries ban Bitcoin, they will eventually find that Bitcoin cannot be banned. Instead, they will change their laws to adapt to the existence of Bitcoin. Now we only see what has happened in the past 12 years. Can you imagine what changes Bitcoin will bring to mankind in the next 20 years? If we look at today’s article from the perspective of the next 20 years, do you still think Is it exaggerated? I am communicating with you about Bitcoin. My view has always been that Bitcoin was born first, then blockchain was born, and finally, today's crypto world was formed step by step. The construction of the crypto world is guided by the decentralized thoughts behind Bitcoin. So, many times I talk about Bitcoin. It refers not only to Bitcoin itself, but also to the thoughts behind Bitcoin. Thoughts are eternal and indelible. The idea of decentralization may still need some time to fully enfold. It could be two decades for sure. For now there are many old politicians at the top of most political systems who aren't quite the biggest fans of Bitcoin. Once the next generation takes over political power, that situation might change quickly. |
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As is mentioned earlier, the creation of Bitcoin involves the cream of almost all human subjects, including social science and natural science. It’s a grand knowledge system. We can think what effect Bitcoin has left for the globe from varied angles. Personally, Bitcoin is changing the world comprehensively. Now, let’s reflect on how Bitcoin affects the law system. I suppose Bitcoin is reconstructing the law system of human society in an all-round way.
As far as I’m concerned, the largest modification of Bitcoin is made in law system compared with other facets of human society because governments of diversifies levels are legislating for Bitcoin, such as the constitution, civil law, criminal law, securities law, tax law, investment law and money-laundering law. In the past few centuries, no one single thing has ever incurred legislation from governments like Bitcoin in commercial civilization. Some countries define Bitcoin as property; some define it as currency; some define it as an illegal thing; some even do intensive legislation for Bitcoin. Especially El Salvador, by treating Bitcoin as its legal tender, unveiled the prologue for Bitcoin to transform from illegal asset to mainstream currency. That’s a small step in human history, yet a big one in human civilization.
It turns clearer and clearer that there’s already no single strength has the ability to control or eliminate Bitcoin in that Bitcoin has grown to be an important component of human civilization. With underlying technology and mathematical algorithm, Bitcoin proves to be a just and decentralized currency. Every time human society attempts to ban Bitcoin, it comes back with fiercer strength. At last, what changed is human society and government, not Bitcoin. Human governments cannot prohibit Bitcoin, they adjust to it by making laws.
So why do I take Bitcoin’s reconstructing human law system that seriously? Let’s take a look at the essence of law first.
As we all know, law exists in all corners of human society, which would fall out-of-order and civilization would be out of the question without the restraint from laws. The consensus among different subjects in the contemporary civilization system are reached through the establishment and application of laws. Yes, law is for the restraint of human consensus. The changed law system because of Bitcoin indicates the fact that the consensus of human society is constantly changing as well. The birth of new consensus means the appearance of new human civilization. That process won’t get finished overnight and that’s irreversible.
These are my opinions. How about you?
I agree with a lot of things you are saying here, but don't underestimate the power of governments. Just take regimes like the Chinese one, if they want to give their citizens a hard time being involved with Bitcoin, they certainly can and will. China wants a currency they can control at will and also use it to surveil their people. They are not interested in a decentralized currency people use as a safe have to escape fiat systems. |
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I believe everyone should also start researching on what Singapore, or Switzerland might be planning for Bitcoin and cryptocurrencies. Both of these countries are banking industry giants because of clean governance, and a network formed with other countries through Free Trade Agreements, which opens the opportunity for foreign investments.
Bitcoin is the next evolution of money. I believe the same trade agreements will be developed and implemented in both of these countries, and I believe they will be the leaders in the cryptocurrency industry. El Salvador as a country will never prosper because the government is corrupt.
It obviously is an evolution of money, but there is a good chance governments won't like this version. Same issue with the US, we will see how they are going to be dealing with Bitcoin once it grows even further. For now the USD is considered a global reserve currency, which makes it very comfortable for the US to just print money and buy stuff. That's what's happening all the time. But what is going to happen when Bitcoin becomes a real alternative, like so big that the US sees the urge to act against it? They won't embrace it forever I think. For now Bitcoin is still too small to threaten the reserve currency status of the USD. They could apply all kinds of shenanigans without even forbidding Bitcoin and still make it impractical to hold or use it. |
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I can still remember those years when forks were then a trendy and people can still be swayed to support them. right now, we don't care already if there will be another fork of Bitcoin or not because we are now sure that spinoffs will never be better than the original and that they will never be able to be on the same level as Bitcoin. Now, having said that, I don't really think that these spinoffs popular or not are big hindrance to the growth of Bitcoin...this is not like those fake designer jeans coming from sweatshop of some developing countries.
Never say never right? I think having forks is less annoying than many people argue. It is an important feature that allows for political/technical decisions what the community might deem the best way to got forward for Bitcoin. You are correct that so far the original Bitcoin is still the version most people trust but generally speaking it is good to have the possibility to fork (which is essentially because it is open source). |
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It can be said that people are afraid of the things that they are not familiar with, or of the things that they were misinformed about. As per Bitcoin, people know its volatility, and that can be a major thing to drive them anxious and choose not to deal with it. This can be interpreted that the perceived risks that come along Bitcoin, discourage and make people afraid with it. Also, the potential of illegalities that has been and can be made with it can be an additional factor. Nevertheless, accurate information and open mindedness can correct these misconceptions.
While it is true that people might be afraid of Bitcoin because of its volatility, is has also been a major reason that drove people to Bitcoin. We are still far away from using it on a daily basis so why would they buy it if not for speculative reasons? Bitcoin is just so expensive now that a lot of people are afraid there investment might lose 50% in value. Governments can do a lot of things to devalue Bitcoin and if they wanted to. They don't even need to forbid it. They can just make it totally impractical to buy it let alone use it. That is still a risk and once Bitcoin becomes a real threat and the incentive is high enough we will find out what governments will really do about it. |
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Because the ordinary people don't even know about the bitcoin that at which time it will rise and will down, even most of the traders don't knew some time. So, this may be the fact that ordinary people afraid of bitcoin and not want to invest in this. Becuase they don't want to be in loss even.
totally agree with you, because ignorance makes them afraid and feel that crypto is not safe. I also if I don't know how Bitcoin works, the history of Bitcoin prices and only hear from the media then I will definitely be afraid to invest in Bitcoin. educate Bitcoin to people around and closest to us is very important. As you said, people are generally afraid of what they don't understand. Ignorance really is bliss, so maybe the real issue is that they fear what they don't understand, so they try to force their views on others. I understand where they're coming from and I respect that. I know that I don't feel threatened by their beliefs because I don't believe the same things as they do. But I'm not going to impose my beliefs to them. Everyone should do their own research and make their own decisions. I guess you are fully right who you say that ignorance is fulls bliss. They don't know what they are dealing with, yet want to have some influence over this "something" that they don't understand. That doesn't work hand in hand, and it is shameful that we are now considering groups or people who should choose someone who is supposed to take care. |
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