If you're going to constantly make profit then you could even start with as low as $10 and end up with hundreds and thousands in no time.
This is totally false. You'll spend more in transaction fees than the $10 you're trying to trade. Well, it completely depends. Is it likely? No. But is it possible? Definitely. If OP constantly and accurately bought the correct pumping coins then it's definitely very possible. OP didn't specify if he was planning on doing day trading or somewhat longer-term trading to start with. |
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Because people could create hundreds of newbie accounts and spam referral links or scam links to random people. That's exactly why the restriction is there.
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Really? No one has a comment on this?
I suggest posting this thread on the right subforum. Decentralized storage systems shouldn't be in the "Bitcoin Discussion" section as it's obviously not about bitcoin. |
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Not on the list: - I help and support bitcoin by actually using bitcoin as a currency for transactions when possible.
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You can start with pretty much any amount. The question is, are you actually going to make profit? If you're going to constantly make profit then you could even start with as low as $10 and end up with hundreds and thousands in no time. The only question is, can you?
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Using a common person's name as a currency denomination seems weird,
You mean like: Bettys Bordens ....  And that's just in the english speaking areas (Canada, England, Australia, and the United States) Yep. Pretty much very single one of them. I don't know though, we're probably just too used to terms like "pesos", "dollars", "rupees", and such that using person names for a currency sounds funny in my opinion. I mean, it just simply doesn't sound right to my ear. Using names sounds like memes to me. LOL |
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This is barely bad news. Not sure if Bill Gates and Warren Buffet saying negative stuff about bitcoin should even be considered bad news, what more with this Eisman dude that most people have never heard about? The dude is simply irrelevant. Stop getting FUDed easily by such statements from people, especially people who don't even know much about bitcoin or cryptocurrencies in general.
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You can use bitaddress.org Though take note that making a paper wallet sure is easy, but it's going to be difficult for you to make one in a secure manner if you don't have much knowledge on making a secure air-gapped device for this purpose. If you're not sure how, just purchase a hardware wallet like the Trezor[1] or the Ledger Nano S[2] to save you from the potential headaches.
[1] https://trezor.io/[2] https://ledgerwallet.com/ |
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1 bit equals 1/1,000,000 bitcoin, or 100 Satoshis. It is a much more manageable denomination. The numbers OP gave were just an example. 522 bits is equal to 0.000522 bitcoin.
Given that a common misconception amongst people who are unfamiliar with crypto is that you have to buy a whole bitcoin, changing the way we talk from "$8,000 for a bitcoin" to "80 cents for 100 bits" could also help adoption.
I can't see why this needs to be complicated. I prefer to just write out the bitcoin amount, right down to the last satoshi. That way there's no mental conversion that needs to be done, and it's not a very long number to be written out. Thus I don't, and never did, support "bits" or any other name. Referring to a small amount of bitcoin as the number of satoshis it is is also acceptable to me, but nothing else. The thing is, we're not just talking about writing or typing things down here. We're also talking about using it in person; since bitcoin shouldn't be limited to online transactions anyway, what about using BTC on physical stores? Saying "0.000534 Bitcoin" for a $4 Starbucks coffee (as with today's prices) doesn't sound too natural to me. Instead, saying "534 bits" sounds more natural and easier to say personally; like I said on my previous replies here in this topic. |
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I prefer "Mikes" instead of "Bits" for the same denomination, and that's what I've been using in conversation for 8 years now.
0.001 BTC = 1 Millie (Get it? Millie as in "Milli"bitcoins. Easy to remember, easy to use)
0.000001 BTC = 1 Mike (Get it? Mike as in "Mic"robitcoins. Easy to remember, easy to use)
So, 1 satoshi is:
0.01 Mike
0.00001 Millie
0.00000001 Bitcoin
Furthermore, 1 Bitcoin is:
1,000 Millies
1,000,000 Mikes
100,000,000 satoshis
Sure both "millie" and "mikes" are quite easy to remember, but it just simply doesn't sound "right" in my opinion. Using a common person's name as a currency denomination seems weird, but that's just me though. Personally, I don't even like using the "satoshi" denomination either, but shortening it down to "sats" seems to sound more natural as a currency terminology. |
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1. Go to CoinMarketCcap.com and search for your token name. 2. Go to its page and click at the "Market" tab. 3. You will see in which exchanges the token can be traded. You can also create a thread in the Marketplace (Altcoins) to find P2P traders who may be willing to buy your token. This. Just for your information though, take note that you actually need ETH on your token's wallet to be able to send your tokens out, as you need the ETH to pay for the transaction fees. Just a heads up! For more info: https://ethereum.stackexchange.com/questions/33229/costs-for-sending-erc20-token?rq=1 |
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Wait... so 522 bits equates to 0.00363 Bitcoin?! WTF? Where does the factor of 6.9540229885057471264367816091954 come from? That doesn't clarify things at all. BIP denied! Not sure if you're kidding or not soooo I'm not implying that 522 bits equates to 0.00363 Bitcoin. My point is simply just that using a lower denomination is sort of more "natural" to say in person than to use decimals of bitcoin. I'll just edit the post to prevent confusion.  Yeah I was taking the piss.  Great. My sarcasm detector was on and functioning well but I wasn't 100% sure. Edited the main post eitherway to prevent future confusion. LOL |
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Wasn't the news just about bitcoin payments using bitcoin being legal in Argentina? Not so sure about the Argentinian banks actually using BTC. If anything, it seems like a marketing tactic. Bitcoin is not meant to be used with bank. Banks can do whatever they want to transfer money and it doesn't matter. Using that bank just because its related to Bitcoin doesn't support what Bitcoin is meant for; Removing the bank from the equation. I don't see how they could deal with the volatility of Bitcoin when transferring money across. The fees incurred from trading between fiat and BTC could be significant.
BTC is removing banks from the equation sure, but nothing's stopping banks from actually using BTC. I really doubt it though, due to the volatility like you said. |
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Wait... so 522 bits equates to 0.00363 Bitcoin?! WTF? Where does the factor of 6.9540229885057471264367816091954 come from? That doesn't clarify things at all. BIP denied! Not sure if you're kidding or not soooo I'm not implying that 522 bits equates to 0.00363 Bitcoin. My point is simply just that using a lower denomination is sort of more "natural" to say in person than to use decimals of bitcoin. I'll just edit the post to prevent confusion. |
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== Abstract ==
Bits is presented here as the standard term for 100 (one hundred) satoshis
or 1/1,000,000 (one one-millionth) of a bitcoin.
== Motivation ==
The bitcoin price has grown over the years and once the price is past
$10,000 USD or so, bitcoin amounts under $10 USD start having enough
decimal places that it's difficult to tell whether the user is off by a
factor of 10 or not. Switching the denomination to "bits" makes
comprehension easier. For example, when BTC is $15,000 USD, $10.50 is a
somewhat confusing 0.00067 BTC, versus 670 bits, which is a lot clearer.
Additonally, reverse comparisons are easier as 67 bits being $1 is easier
to comprehend for most people than 0.000067 BTC being $1. Similar
comparisons can be made to other currencies: 1 yen being 0.8 bits, 1 won
being 0.07 bits and so on.
Potential benefits of utilizing "bits" include:
# Reduce user error on small bitcoin amounts.
# Reduce unit bias for users that want a "whole" bitcoin.
# Allow easier comparisons of prices for most users.
# Allow easier bi-directional comparisons to fiat currencies.
# Allows all UTXO amounts to need at most 2 decimal places, which can be
easier to handle.
== Specification ==
Definition: 1 bit = 1/1,000,000 bitcoin.
Plural of "bit" is "bits". The terms "bit" and "bits" are not proper nouns
and thus should not be capitalized unless used at the start of a sentence,
etc.
All Bitcoin-denominated items are encouraged to also show the denomination
in bits, either as the default or as an option. You can read the whole post at: https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-December/015399.html
I support this BIP. In my opinion it's easier to say "3630 bits" than something like "0.00363 bitcoin". Thoughs? |
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I personally think bitcoin will ever so slightly be less volatile, due to no more bitcoin being minted due to all miner rewards then being solely from transaction fees. The effect in my opinion will be very very miniscule and insignificant though.
Will it soar? It completely depends if there's still enough demand. A scarce asset with little to no demand wouldn't rise in price.
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Yes. By investing. By buying the coins/tokens directly to be specific, not through cloud mining. You're very unlikely to make money through cloud mining. You want to invest in the cryptocurrency space? Invest in coins/tokens. Stay away from shady "investment" schemes such as cloud mining.
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Yes. It can definitely have a huge negative impact on bitcoin and cryptocurrencies in general. But note that we're going to have significantly bigger problems with quantum computing. With it, the whole internet in general is at risk. We're talking about most encryption systems being rendered useless. Relevant article: Quantum Computing Is the Next Big Security Risk: https://www.wired.com/story/quantum-computing-is-the-next-big-security-risk/ |
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Cool move from the mosque. Not sure how much muslims do own some and are willing to spend bitcoin though. Eitherway, adoption is adoption and this gives us decent publicity so this is great news in my opinion.
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