Yes. Financial education is a different topic and is independent of a regular formal one. Anyone can acquire knowledge of Bitcoin and learn how to invest properly, all you need is access to reliable information which are easily understandable to them.

As long as they can fully understand the content of the information they consume, they can understand how bitcoin works.

- Jay -

Regulation is not a priority for a Bitcoin related service. Compliance with regulatory authorities does not ensure security of user funds, but means that a third party arbitrate your crypto transactions.

Your priority should be decentralization with Bitcoin.

- Jay -

You would still have to sell Bitcoin for your local currency to be able to make purchases daily. Bitcoin adoption is not advanced enough to enable one to survive entirely on bitcoin or any other alternative payment method.

Fiat suffers inflation and Bitcoin does not. If you are bothered about what asset would retain the value of your savings, Bitcoin is the obvious pick.

- Jay -

Cold wallets are effectively the same with hot wallets in the wallet design, what makes it different is how it is used.
A Hot wallet is connected to the internet and used for making regular transactions. They are more exposed to online threats.
Cold wallets are not connected to the internet, but 'frozen' offline away from any threat online.

A cold wallet could be a hardware or software wallet, ensured that it is not connected to the internet. This wallet could vary in its specification like number of seed words.

- Jay -

Investing means "put (money) into financial schemes, shares, property, or a commercial venture with the expectation of achieving a profit." Investing in anything at all is like a gamble and can result in a profit or loss.

Neither, keep your bitcoins in a non custodian wallet that is open source.
As suggested by mk4, do your reading and learn how it works, then you decide how to hold it.

- Jay -

No, once a wallet is lost the coins contained in them cannot be returned into the bitcoin circulation. No one has control over the network to access lost Bitcoins recirculate them.

The wallet can be traced and the funds checked, but without the private keys no one can access the Bitcoins in them.
And no, you cannot determine an address to be lost cause of certain years of dormancy.

- Jay -

Growing your money and wanting to become rich are very similar. Investments are made with an eye on profits, or returns. So, in essence, Bitcoin holders want to see the fiat value of their Bitcoins grow overtime, when this happens, the amount of investors grow and when the fiat value drops, so does the number of investors.

Your reason for investing may not be mine.
I want freedom from the fiat inflation trap and want to be my own bank, independent of any third party. Bitcoin gives me control without reservations and shows that there is an alternate way to do things without relying on banks.

- Jay -

No mention of how the sample size was chosen. A probability sampling method would be the best option to have been used, ideally done systematically, then the research could have some credibility as it would show the thoughts of different demographics in the population. If it was done using convenient methods it would skew the results remarkably.

Crypto. Americans loving crypto not bitcoin. The study focused on the entire crypto industry and not Bitcoin as an asset and it very well could be some marketing strategy by coinbase.

- Jay -

Holding $284,000 in one's smartphone is an incredible decision and one of the reasons he was a victim of the attack.

The best way to prevent a $5 wrench attack is for all your bitcoin activities to be private. If that is not possible, in the case of an investment blogger, then never carry huge amounts around. You can have a decoy wallet which reveals a believable amount of bitcoin and then one with additional security or an added passphrase which holds majority of your funds.

If that was the case here, the attackers would have discovered about $20,000 or $10,000 in his wallet and felt that sufficient to get away with, while over 95% of the Bitcoins are still secure.

- Jay -

Spending is the inclusion of an input in a signed transaction, so you are right, that it can be spent before the parent transaction is confirmed. I was using it in a general term to be the actual transfer of bitcoin from address A to B.

That puts everything into perspective. I took your reply from my understanding of the reply you quoted, but everything is clear now.

- Jay -

The concept of CFNP (Child Pays For Parent) is that one can make a new transaction with outputs of the parent transaction as the input even though the parent transaction is yet to be confirmed, right?
I understand that the coins cannot be spent until the parent transaction has been confirmed, with that being the exact reason to use it. But for clarity, wouldn't the transaction have to be validated by nodes to be available for confirmation, or the node who saw the transaction has to be a miner who would confirm the parent transaction to validate the child?

I am just trying to seek a bit of perspicuity on the concept.

- Jay -

There does not have to be any form of compromise when it comes to your data and more importantly, you do not have to trust anyone with your data, you do not have to trust any system at all. There is already enough decentralized options to avoid KYcs.

Do not ever actually risk personal information, phone numbers, email addresses, etc. If you need to use any of this, then use a throw away address or phone number, which does not provide a privacy risk.

- Jay -

Nothing can be used for purchases except there is an agreement between the buyer and seller. In trade, anything of value (gold, diamonds, a car, Bitcoin) can be exchanged for something else of value if both parties are in agreement with the trade.
The financial system is not static and you should not presume it to be. About a century ago, fiat as it is today did not exist.

"A digital currency is a medium of exchange that is generated, stored and transferred electronically"^[1]
Bitcoin is precisely a digital currency.

[1] https://www.techtarget.com/whatis/definition/digital-currency

- Jay -

Bitcoin is not every ones cup of coffee and that is perfectly alright. As you have done, you can only suggest to your friends to hold some bitcoin or learn more about it, but the final decision is theirs to make.

You can visit the 中文 (Chinese) local board and discuss with like minded people from your region.

---

You seem to already have the general idea of how the whole things works and experience dealing with cryptocurrencies. This would make your stay on the forum more meaningful and I look forward to learning more from you and possibly also acquiring 1 whole BTC sometime in the future.

There technically have to be a reason to throw in $26,000 on an asset besides just liking it... Are you attracted to the freedom it offers or transacting without regulations, or some other feature?

- Jay -

I would take this over those who quote entire threads with walls of texts, including images. Quotes are not even important for every reply, except you are zooming in on a particular text in the thread.

The others about trading and investing should only be attempted after doing your research. Not doing your research is one of the biggest mistakes newbies make that I have observed. Along with assuming the forum to be a means of getting quick money.

- Jay -

Remote work was a thing before bitcoin, with platforms like Elance were one could find remote work dating back to 1999, far before bitcoin was launched. When you put it into perspective that remote workers existed before such platforms and were available in some business, you understand that the previous generation contributed to laying the foundation we have today.

Bitcoin was invented to allow unregulated transactions without the need for a third party. Any other benefit is a plus.

- Jay -

Investing an asset is only possible when one has the capital to do so. Someone without a job should prioritize getting sources to earn an income and not how to invest is a high risk asset like bitcoin.
Without an income column, there cannot be as asset column.

You should gift someone based on their perceived needs. If they have interest in bitcoin, you can introduce them to the forum so they learn the basics while looking for ways to grow their income column.

- Jay -

The only way to restore a forgotten or lost seed phrase is if you backed it up. Any other way does not work due to the security of the network.

Avoid any service that tells you they can access a wallet address without the phrase or private keys.

- Jay -

You do not even need to delete the old wallet to generate a new pair of keys. You just need to create a new wallet and then create a new seed. This would allow different private keys operate on the same device.
And yes, this works on hardware wallets too.

Yes.

- Jay -

Theoretically a cashless society or policy does not affect the price of things. It is simply a means of accepting payment through other channels besides collecting actual cash.

Inflation, which is a drop in the purchasing power of fiat currencies, meaning more money is needed to make purchases does affect every asset, Bitcoin included.

Inflation exposes the frailties of fiat currencies, pushing people to an inflation resistant asset like bitcoin and thus driving the value up.

- Jay -