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It is not false at all. I don't know where you want to drag this conversation and what you have been told but a currency is the method you use for your purchases and payments. It represents value and is transferable, thus any cryptocurrency is named correctly as such. A currency is also a store of value because it represents a certain amount of value at a selected time. You are probably trying falsely to push the agenda that tells you Bitcoin is not to be used for transaction and with this post try to make a case that other cryptocurrencies aren't exactly currencies either.
Bitcoin is still being used as a currency but in very limited way. In the future with the yearly increasing average fees it probably won't, as if fees reach thousands of dollars, then it won't be used to buy not even a Tesla. But I see that you try in vain to make a case that other cryptocurrencies don't exist and they are named falsely like that. Nobody said that cryptocurerrencies are national currencies. You need to evaluate a lot when talking about this scale.
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I don't have a price. Because:
So you bought or mined Bitcoin early and you never sold. It is interesting and means you are much more dedicated than others. I wonder though, have you never even sold a small part of your investment to take some profit in the bank and use it to have a better life? All the words that show a commitment to the cause and strong belief means that you invested rationally and you were right until now. Maybe you are a very small minority though, if you just invested in Bitcoin early and never ever sold anything. |
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I believe that ETH will reclaim it's glory back once gas fee issue is solved, there is also a big difference between BSC and ETH that will still make many prefers ETH, that's the fact that BSC is Centralized and ETH isn't.
There are some people that still after all this time haven't learned anything. Centralization is a major problem when we are talking about digital currencies. The results of centralized digital currencies before Bitcoin are what these guys have to learn about. It is very obvious at times that CZ hasn't studied cryptocurrencies very well and doesn't understand why decentralization is of utmost importance. I don't like making grim predictions, however I won't be using Binance or the Binance Chain and feeling "safu". The future is decentralized. |
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Soon the ETH network will move to ETH2, and big changes will come with it, as the main change we have the PoW to PoS, this means the mining process will move to staking, and now the miner will be the holders.
So, my question is, what if a hard fork comes and the old ETH users decide to keep alive the old ETH network while ETH2 comes as a new branch on the node? just like it happened with ETC. Is it possible?
The upgrade is to be completed in three years, it isn't soon. And judging by the delays that usually happen in Ethereum developments, I could easily say it will last another ten years before it is complete. After all we have seen in the crypto markets, we can't be sure about anything. Ethereum may be not used by anyone until then as progress is not that slow. I would expect something else to appear and instantly do everything Ethereum 2.0 will be doing and ten times better, in just two years from now. |
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Really that's what you think? That Bitcoin was doing great because the economy was doing bad?
Didn't you notice the trillions of dollars entering corporations? Where do you think Tesla found profits from? It didn't have profits until 2020. Did it sell so many cars to turn their losses around? It was the government printing that helped stocks and crypto.
Bitcoin was doing great for 10 years dragged by the euphoria surrounding all markets. Once the stocks went down, Bitcoin crashed double than stocks.
It is the opposite of what you have been told.
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The biggest money making slot in crypto space is to be
1. a developer
2. build crypto wallets for new projects
3. find bugs in the system of many new projects
yes some paid for security breaching and all that stuff, rendering professional services is the best way to make money in crypto space now
You tell us to forget bounties and airdrops, you are correct, but there is a huge problem in what you give as a better alternative. It takes years, maybe even decades to become a top developer and write good code. It takes knowledge of cryptography too if you are reading or writing code when it comes to blockchains and cryptocurrencies. Some probably copy large portions of the code from other wallets and probably don't even care to understand it completely, so they are left with hundreds of bugs and incomplete products. Of course there are some people that can manage to learn everything easier, and can only take a year or two to be ready and code anything they want. However, for the rest of us which is the 99,9999% we can't spend years trying to learn to code. So we stick to what we can do. |
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To me the gradually growing Altcoin is NEO,its called Chinese Ethereum because its also based on updated and modified ETH smart contract technology.I also studied about its development team,very competent and experienced in block chain technology.I think if Ban news in China stop,then this Chinese product NEO can bring revolution in coming years,it may overtake ETH in upcoming few years.This is my extensive research about NEO.Share your ideas.
I thought that NEO was cooperating with the Chinese government. Last news I remember on this, was that NEO was going to become a platform with the approval of the Chinese government for development of Chinese blockchain projects. NEO platform is like Ethereum, one of the first that followed the same logic and has tokens running in it's network. It has the same system with Ethereum and gas paid for fees called Neo gas. Neo gas is also given for staking. I used to stake for a while in 2018 but I had to sell later and didn't follow developments. With Tron, Polkadot and more coming, NEO lost a lot and is less competitive lately. It used to be huge back in 2017. |
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For what this worth, my two cents are that Doge is a disaster for anyone investing for long term right now. If you don't sell and keep hodl you will lose all your money.
Just this, and now the second part. I will be investing in Doge once again probably next year. When it will be worthless again, because this is Doge, it pumps and dumps.
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If I am correct Polkadot is still on testnet and hasn't arrived officially. It is not as old project as Cardano and we have to give it time. Cardano has produced nothing yet and still investors are giving it chances to proceed with development. I think that Polkadot is about hype too, and that these prices are often misrepresenting the functionality of blockchain systems under development, however we don't have reasons not to think that Polkadot may have a good chance in becoming an ethereum killer project.
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Hahahaha I have been getting quite alot of engagement lately... and pretty sure I'm not the only one it's crazy seeing dm's from doctors, lawyers, engineers, astronauts & Olympians. Parents wanted me to be any of the above and now they're in my dm's trying to learn about crypto and how I make 6 figures from holding/staking altcoins like $BET $LINK $ ADA. Hmmmmmmmmm life.
Make it 7 figures and you can be considering your decision correct. However, with just 6 figures which translates to me at $100k, you didn't do justice for yourself. In fact you could have made ten times more if you were a productive member of the society and you would have felt more complete. Sadly your goals resolve only around figures and you miss the greater picture here. What will you do with your 6 figures? This is the most important part. |
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I haven't seen a website giving definite burn dates. Sometimes a burn is announced by projects but I am not looking forward to this kind of events. What I am looking for is development and not just token burns that are something pointless and useless, since most times it is just a trick to advertise a project, completely unrelated to real usecase, development or adoption.
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One of the reasons why binance smart chain becomes this big right now is because ethereum gas fee is very high and this force some projects to switch to BSC but what do you think will happen once ethereum gas fee goes lower in near few months? Will BSC faced same fate as binance DEX? Or BSC will remain the better option over ethereum?
The problem comes when there is limited decentralization. Creating a blockchain that suffers this way from centralized governance and having one party in charge is making it difficult for BSC to become adopted. I don't think BSC will try to become more decentralized either, and while it is the fees that many claim they helped BSC reach some popularity, it is still the fact that it is a Binance related blockchain that may give access to trading some tokens in the exchange that developers are looking for and choosing BSC instead of ETH. |
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in my opinion this method is good :
1. buy ipo/ico
2. buy coins and token before token burning
3. buy top volume coins
4. buy bitcoin befor halving
These are ways to invest and entry points, taking profit means you sell your investment for cash and send back to your bank. IPOs by the way it is for stocks not cryptocurrencies. Similar with ICOs but these have been proven not working as too many scam projects appeared and taken down the ICO market. The second method seem to have been a profitable one, although it certainly depends on market conditions and the token. XLM had burned a vast number of tokens in 2019 if I am not mistaken, and because the market was in decline, it did nothing to boost price. Buying top volume coins means not too much, you need of course to buy coins that have liquidity in exchanges, otherwise you won't be able to sell when you want to. The last part has always been profitable and it looks that the halving for Bitcoin is a good time to invest. |
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The problem comes with the demands of decentralization. There is no efficient way of scaling a blockchain without losing much of the decentralized part. Technologically it would require an increase in block size, which in turn will create problems with running your node and validating your transactions. Moore's law is behind in the speeds of CPU's and many think it will find an end in capacity terms too. Ethereum as Bitcoin has to make fundamental changes to keep scaling without fees growing. The Ethereum network is used more than ever before with DeFi and NFTs, and this is the most it can give right now. Of course, Ethereum is not Bitcoin and requires changes, as it is a service. Bitcoin is an investment and it is an asset but doesn't have thousands of projects running and clogging its network. It performs as an investment asset and its fine like that. Ethereum needs to scale and this is why Ethereum 2.0 upgrade is in progress.
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It was boung to happen, it had too many holders supporting and promoting it for years, and frankly it is not one of the worst we have. XRP is being used frequently, especially for low value transactions due to the low fees and very high speeds. There are more currencies that have these properties like Doge and Bitcoin Cash, however most exchanges have set some very higher withdrawal fees for these two. If I want to withdraw $5 from an exchange, I would select XRP, Tron, or perhaps from Binance Tron-USDT. Some exchanges have set ridiculous high withdrawal fees for Doge, XLM, and others, and as for too many confirmations too. However, I don't touch this coin, the recent pump and dumps were a reason to avoid investing in it.
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Yes, I've given up on airdrops a long time ago. This is hopeless and a waste of time. While it could have been better as I have stated in a previous post I made, most of the projects do not care too much on their community. I remember previously it was a little different and many projects were having a better marketing strategy, by creating a group of core members and selecting carefully the distribution. Lately, only bounties are a way to earn some good coins that I suggest not selling, as prices of new projects begin from very low valuations and end ten to a hundred times higher after a few months.
By the way, one of the airdrops that was distributed lately was from PolkaBridge, which seems to has excellent prospect and I recommend it. It is DeFi bridge between Polkadot and other blockchains. Give it a try.
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The altcoin season may take a break if Bitcoin is to start rising faster than what it does. Maybe if Bitcoin begins a massive upwards trend then funds from altcoins will start entering Bitcoin again and it can regain a dominance of 70%. In fact this will be great news as then altcoins will once again follow. It may take two or three months but I find this scenario to be following the charts I observe. Also, this will probably be a tipping point and very close to the end of this bullish cycle. Maybe Bitcoin will reach $150,000 and altcoins will explode to extreme prices.
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hope i saved you some time by showing you tools to get the raw data and convert is easily
Thanks Franky, this will take some time but it will certainly help a lot. It is weekend, so it's perfect to start reading! |
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Bitcoin is actually more similar to real physical coins than to bank accounts where money is just a number in a database. I present you - the Coin Analogy. UTXOs are like coins, they can be melted together into a bigger "coin", or split into smaller "coin". Satoshi is like an atom of a coin - the smallest possible part. Addresses are not accounts, they are more like mailing addresses where you send coins, so one address can hold many coins. blockchain data. raw tx data, utxo data contains no btc its all satoshi's its the users GUI (graphic user interface) that converts the hard data of many sats into bucket terms like: btc, mbtc ubts bits (depending on the user interface setting) there is no melting down into smaller coin or atoms of coin. sats are the unit of measure. and btc is just a graphic interpretation not a data unit First of all I have no idea yet how this works. I said in a previous post, that I need to learn the code, and find out how exactly this is represented. I read so many replies, and each one has something contradicting with another. All of you seem to be early members and of course I would expect from you to understand Bitcoin better, however, I see a conflict in opinions and no actual representation of how this is displayed in the code. I am sure you have the best of interests to help all of us understand, so if possible I would like to ask to point me where I can actually find out. The code for example. I will take my time and study it. Looking at previous posts it is all about being offensive to the OP or other comments, yet each one is very different with the rest. Everyone is pointing something they think they know. I take your comment is correct, but don't you think that most in bitcointalk are just saying things they may not know exactly if they are correct or not? |
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Only balances associated with a bitcoin address
again there is no such thing as "address balance" in bitcoin. there are only coins some of which are unspent aka UTXOs that are kept in a database build by each node known as chainstate.
WRONG. Each UTXO (“coin”) can be spent only once. The balance of a UTXO can neither increase nor decrease. That is why change addresses are used: If the total amount of all the UTXOs used as inputs in a transaction exceeds the amount that you want to spend, then you need to send change back to yourself as a new UTXO (= a new coin).
The coins are just the balances where the unit is BTC (with 8 decimal places on the right) inferred from all previous unspent transactions to that bitcoin address.
Ok. I understand now why this was posted. I think that I can't answer to that correctly thoguh. I would need knowledge of the Bitcoin code to be precise in my reply. However, it is seems that this is the outcome of the whole system of the Bitcoin software and the blockchain. The balances that have as source all the transactions permanently recorded and stored in the blocks. The part that you quoted is totally wrong. If you seek knowledge, disregard what remotemass said. Bitcoin addresses do NOT have balances. Rather, the reverse is the case: In simple terms, each coin usually contains the address which is allowed to spend it (the address that received the coin). The coin can only be spent by the holder of the private key for that address. That is the simple explanation—perhaps oversimplified. The way that it actually works, each UTXO contains a spend script. To spend the coin, information must be provided that makes the script evaluate to a true value (nonzero item on top of the stack). The most common types of script simply require a digital signature from a public key which, when hashed, matches the hash contained within the script. In the user interface, that hash is expressed as an address. The blockchain does not contain any addresses; an address only is a UI feature.Hey, thanks a lot for your answer. I just read it, and I am glad that sometimes I revisit previous posts to read more replies. I am starting to understand this a little better right now but I still think I miss some important details. I had the wrong impression that public key and public address was one and the same. I read the bitcoin wiki link but I am still not sure. I have to read and understand it completely first no matter my limited coding knowledge (it looks very detailed and I can understand most of it). For sure, I learned that the address is not on the blockchain and only on UI after hashing the public key with SHA256 and RIPEMD160 cryptography. I will need to learn the sequence of Opcodes to understand it better but it is a lot more clear to me now. I also found this topic in the forum that explains it very well. How Bitcoin Addresses are generated? Understand the Math behind Bitcoin |
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