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3801  Other / Beginners & Help / Re: Question regarding buying and storing Crypto on: October 30, 2020, 09:04:04 PM
What is the best practice for sending BTC to this new wallet in Electrum? For example, I buy BTC every Friday. Should I constantly send my BTC to the wallet or wait till the end of the month? Is there some best practice or is this at the user's discretion?
Firstly, if you're sending from an exchange wallet to a personal wallet, it is good practice to use mixing or coin joining services, this way it would be impossible for anyone monitoring your transactions to build a connection between you and addresses you own.
How you move funds would depend largely on personal factors, I would suggest you own a variety of wallets to enhance privacy;

• Your purchasing address: this could be an exchange address and you would not want to hold funds here for too long. In my opinion you can safely bulk up funds monthly to avoid paying high fees weekly.
• You can also own a hot wallet, this is where you keep funds you may need to move often. This is only necessary if you have interest in selling your bitcoins at times when the needs arise. For this purpose a good custodial wallet like electrum can serve.
• Your cold wallet is where you move funds for storage, this should typically be a hardware wallet which is of course safely backed up.

For example;
You move 10% of your funds from Exchange wallet --> Hot wallet (If you are selling on an exchange you may not need to mix coins going back and forth between both addresses)
You move 90% from Exchange wallet --> Cold storage (it is highly imperative to mix transactions between these addresses).

Check this thread out on how to consolidate your small inputs if you plan on buying regularly so as to avoid high fees later on - https://bitcointalk.org/index.php?topic=2848987.msg29228128#msg29228128

*Just seeing your edit, I'll leave this comment up should you or anyone else need it later on...
3802  Other / Beginners & Help / Re: Question regarding buying and storing Crypto on: October 30, 2020, 07:01:41 PM
I do have a question about "first have to either import or sweep the private key in a non-custodial wallet like Electrum. Then you can send the coins to the Crypto Exchange using current network fees"
Where do you get this message?
If you're importing a private key which you've already generated, you're basically integrating it into the wallet software so you can access it there using your private keys.
Note that, wallets do not  hold bitcoins, they are basically on the public address, the wallet allows you spend them, after you generate an address or import one into its software

Sweeping an address means to move all the balance on an address you own to another generated address automatically
3803  Other / Beginners & Help / Re: Question regarding buying and storing Crypto on: October 30, 2020, 06:41:22 PM
1) What would you recommend I use to store my BTC? I was thinking of looking for a program I can just run on my computer to store my crypto.
Ideally, you should use a non custodial wallet to store your cryptocurrency. This type of wallets gives you alone access to your funds as you alone can access your private keys, as opposed to custodial services like coinbase which can lock your funds.
You can run Bitcoin core on your computer and generate your own address.

2) Do these wallet programs allow you to buy and sell BTC?
Custodial wallets are only for storage and transactions but does not allow one to buy or sell bitcoins.

3) If I use a hardware wallet, cold wallet etc, how do I go about cashing out crypto? Do I have to use an Crypto Exchange? Are the fee's going to be similar no matter what I use?
You can trade OTC or directly with a dealer, there are some of them in the currency exchange board on the forum (be careful to check their trust score and previous trade history).
For more liquidity, you can also use an exchange to trade, but ensure you do not store fund there.

Is Electrum a decent Bitcoin Wallet? Does anyone use it?
I am also considering cold storage but it seems like a lot of work just to keep bitcoin secure.
I use electrum and have not had any issues whatsoever.
Cold storage is not really that much work, and even if it were, it is worth the extra stress to keep your funds safe, especially if you are holding much larger amounts.
3804  Other / Politics & Society / Re: Huawei and China on: October 30, 2020, 06:28:43 PM
It would be possible for a developer to get a smart phone company to integrate a product into their design, techno for example runs default apps peculiar to a particular country. So, a nation doing this with their centralized currency is not much of a surprise, neither does it validate the claims of data theft by China made by the U.S (I'm not saying those claims are false either).

Also the US make chips? I thought it was mainly the UK and Japan still...
I believe it's the software which China gets from US. Huawei has its own chip designing factory; Hisilicon, but they are dependent on U.S technology to create this product (Kirin 9000 processor) and due to restrictions on trade between both countries it would be impossible for then to make more designs;
In 2020, the U.S. instituted rules that require American firms providing certain equipment to HiSilicon or non-American firms who use American technologies that supply HiSilicon to have licenses and Huawei announced it will stop producing its Kirin chipset from September 15, 2020 onwards.
3805  Other / Beginners & Help / Re: 12yr Anniversary of the Bitcoin Whitepaper on: October 30, 2020, 05:01:26 PM
Actually, it’s interesting to see that you can retrieve a translation of the Bitcoin White Paper in different local languages
Quite interesting, and much better as it is open source, so anyone who is interested can open an issue to make their own translation. Checked through the current opened issues and there was one for Hausa language, which is predominantly spoken in the northern part of Nigeria as well as in other parts of Africa; there is not much information, but it shows the reach Bitcoin has gained.

There are also opened issues to translate the whitepaper to Bulgarian, Albanian and some other languages. I remember coming across a translation thread for Bitcoin made by one of the forum members, but can not remember the language now or the document that was being translated.
3806  Bitcoin / Bitcoin Discussion / Re: Bitcoin is not needed but only for investment purposes on: October 30, 2020, 03:40:35 PM
This is why I would like to know your reply if it is alright to earn profit with bitcoin coming from the new investors of bitcoin? The existing bitcoin holders bought bitcoin cheaper than the new investors that they can get bitcoin at higher price as of the moment.
This argument does not really hold much water. You're taking the assumption that Bitcoin is a bubble and the market collapses after each turn. While we had similar situation to this during the last bull run, I doubt that would be a regular cycle. As adoption grows I think Bitcoin would begin to maintain a more regular upward trajectory (although with intermittent rise and falls).
Also there are more utilities to Bitcoin other than its speculative value; Not everyone buying is a new investor getting in due to fomo.

Also, I could have bought bitcoins at $600 and sold at $2000 to someone who would go on to sell at the previous ATH, there is no perfect entry point (and quite frankly I believe there should be no exit point either). People buy and sell based on personal analysis.
3807  Bitcoin / Bitcoin Discussion / Re: Iran Changes Law to Use Bitcoin For Imports on: October 30, 2020, 03:22:29 PM
Venezuela has allegedly also been doing this for quite some time now although not at state level and without a statutory law in place. Iran are taking a bold step and this could present another use case for Bitcoin, countries battling under sanctions placed on them by sovereign states like the U.S can use Bitcoin as a means to evade such "intensity pressure".

This is a very significant news in my opinion, Bitcoin being involved in global trade pushes adoption and popularity, it could however have its bad effects as some governments attempt to impose regulatory laws to prevent its usage.

Can someone redirect to elaborative article associated with this? It would be interesting to see how exactly this import gonna work in “real time”.?
I found this a bit explanatory - https://www.presstv.com/Detail/2020/10/24/637130/Iran-digital-currency-cryptocurrencies-imports-CBI
And here is a personal take on the matter from Marty Bent, although it focuses more on the implications than the process - https://tftc.io/martys-bent/issue-856/amp/?__twitter_impression=true
3808  Other / Beginners & Help / Re: Non custodial and custodial on: October 30, 2020, 04:06:30 AM
The above reply pretty much covers it.
• In custodial wallets you access your funds through a service provider such as an exchange, they store your private keys and identify you using your uniques details, such as email and password. When you make a transaction on such a platform it is queued up for verification after which it is broadcasted to the network.
You can regain access to your account if you lose it using your email as proof of identity.

• Custodial wallets gives you full control over your funds, your private keys is encrypted and only accessible to you for signing transactions and is not stored by the wallet server.
Endeavor to back up your seed phrase (which corresponds to your private keys), if you lose access to your custodial wallets without a back up, it is impossible to recover.
3809  Bitcoin / Bitcoin Discussion / Re: Why now? Are these wallets hacked? on: October 29, 2020, 01:59:47 PM
Considering the amounts BTC being moved, these are likely coinbase rewards earned in 2010 when miners received 50BTC for confirming transactions in addition with the fees, this could be a long time miner finally moving their assets or a group of miners, although the pattern suggests it could be the same person (to me at least). Newly mined coins (with no transaction history) are in high demand, so they could have been sold OTC.

Many wallets 2010 were taken this month......
There's no prove that wallets were taken, they most likely belonged to someone all this while and the person decided to move them now for whatever reason.
3810  Bitcoin / Bitcoin Discussion / Re: Reminder: prepare your wallet before the next bull run on: October 29, 2020, 01:49:00 PM
Please note, you don't necessarily have to spend all the utxos (weekly payouts) at once, you can spend them separately, one by one. It will not increase a transaction fee and additionally may decrease the number of change addresses.
If I understand correctly; You're suggesting someone who is trying to consolidate weekly payments for a service sends the funds to their cold (or semi cold) wallet as received, i.e weekly? This is not consolidating at all as all transactions would appear as different inputs in the storage address, so if eventually the user wants to send out of that wallet, they would be dealing with multiple UTXOs which would increase the fee.
Consolidating literally means to bulk up or merge into one and aims at reducing fees, in this case multiple inputs are grouped into one. It is best done during times when the network is relatively free and fees at at the lowest to counter the effect of the transaction size on the fee and in preparation for a time when the network gets clogged.
To avoid change address, the user can use up all the UTXOs in the address at once, or if they do not want to do this, they can use a wallet software that allows users select the specific inputs that go into a transaction.

<...>
An exit scam is not the only risk faced when using centralized exchanges. As a rule do not use custodial wallets to store your funds as the keys do not belong to you.
3811  Other / Off-topic / Re: The benefit of creating a good topic on: October 28, 2020, 06:15:44 PM
I don't think creating a good topic much matters. Sometimes, creating a controversial topic even brings more attraction.
My thoughts exactly. Spam mega threads which attracts pages upon pages of repeated replies are very often not good topics. Also, poorly managed bounty threads which requires walls of reports and authentication posts gets lots of engagements, but are not helpful topics.
Ironically, I notice that most times, really educative and quality topics gets lesser engagements, except in situations where the poster has the ability to engage the audience and make their posts easily understandable.

More pages on a thread means more revenue to the forum? Forum ads are not sold for each pages,there are definite.ad slots which are gets sold on auction basis.
Advertised sites on the forum appears on the first reply on a thread page, so, a thread with multiple pages of replies would have different sites advertised. While this does not directly generate more revenue, it influences traffic these advertised sites gets and attracts more customers to the forum as well as higher bids.
3812  Bitcoin / Bitcoin Discussion / Re: Can Bitcoin trasnaction can canceled if long time not confirmed? on: October 28, 2020, 06:02:42 PM
There's no such thing as "the mempool", each node has its own mempool, and its entirely up to them how to manage it.
Of course, nodes can personalize their mempool to have no time limit, or to a shorter one than 2 weeks. But 2 weeks (336 hours) is the default time a transaction typically lasts in a mempool, this coincides with the default mempool size of 300mb, when this is exceeded transactions gets dropped from bottom to top, i.e lower priority transactions are removed and may need to be rebroadcasted. I use 'may' cause nodes do not have to use the default settings.

This unconfirmed transaction might start reappearing at any point, as some nodes that still keep it in their mempool will broadcast it again.
I see no motivation for a node to rebroadcast an unconfirmed transaction on behalf of the sender. There are services which allows one to do this, but it usually does not help in hastening the confirmation of a transaction.
3813  Bitcoin / Bitcoin Discussion / Re: Can Bitcoin trasnaction can canceled if long time not confirmed? on: October 28, 2020, 05:24:48 PM
Due to spike in Bitcoin's price, the network gets more congested as more people try to get in leading to higher fees. The rate of 2.987sats/byte used for this transaction is quite small, reason why the transaction is yet to be confirmed.
If i keep get these transaction is this chance that it will not confirm?
Yes, unconfirmed transactions remain in the mempool for approximately two weeks before getting dropped if no miner picks it up, essentially they would return to the sender.
You can reach out to the sender to bump the transaction if they activated RBF or you can use CFNP~Child Pays For Parent to speed it up.

In RBF~ Replace By Fee, the sender bumps the transaction using a higher fee
In CFNP, you can send the inputs of the unconfirmed transactions to another wallet you own, using enough fees to cover for the initial transaction and the new one. A miner who wants to add your child transaction to his/her block would have to confirm the parent transaction first.
3814  Other / Archival / Re: European institutional investors are interested in cryptocurrencies on: October 27, 2020, 07:30:42 PM
In 2020 so far;
• Bitcoin has been adopted by public firms like microstrategy, Square, Riot etc have invested their reserve funds into Bitcoin.
• PayPal have integrated Bitcoin into their payment system
• Grayscale have recorded over 2% of Bitcoin holding under their AUM.

It's no surprise that more institutional investors are interested in Bitcoin, and by extension a couple of altcoins.

Imagine if US allows cryptocurrency as alegal ( not legal and not illegal), some top countries has done the same which has been bullish for bitcoin.
This would be interesting to see, and is the position we had in Nigeria for a while till recently when the government released a publication which considered all cryptocurrencies to be securities until proven otherwise.
If the US government took this position there would be positives as well as downsides; while there would be no taxes on earnings, there would also be no explicit law governing its usage, so bitcoins can be held up by banks on the basis of being suspicious. Also an unregulated cryptocurrency market would be open to scams and fraudulent projects (not that regulation completely eradicates this).
3815  Other / Beginners & Help / Re: Hit 1500 earned merits so far. on: October 27, 2020, 11:12:27 AM
Cheers on your latest achievement. You are one of the forum members whose growth I have partly witnessed as we registered in the same year, although I was much later and you have always served as a motivation to other members to strive to achieve more.

Your contribution to the forum, especially at keeping this community safe for others as well as your contribution as a bounty manager in maintaining the quality of discussions your participants put out has been impactful, it's no surprise you've achieved all this is a relatively short space of time, and I would expect you'd hit a higher milestone pretty soon.
3816  Economy / Economics / Re: Down Jones intrinsic values?? on: October 27, 2020, 08:05:53 AM
Bitcoin intrinsic value is the mining rigs, the difficulty curve, the supply, the miner valuable life, the risk of delivery bitcoin to buyer without getting hacked.
There is no fundamental metric with which to judge intrinsic value. While some of these factors you mentioned are qualities of Bitcoin, they are somewhat not constant. Also the cost of production does not translate to intrinsic value.
The way I see it, assets like bitcoin represents different things to different people, so it's value is subjective.

I am not really into stocks but it's something about what's expected of the investment asset in the next few years. Where will the company stand and how much money they can make or dividends they can give to investors.
This is the speculative value of the asset, intrinsic value is not expected, nor is it the profits for investors.
3817  Economy / Economics / Re: Possible Patterns of Recovery on: October 27, 2020, 07:16:22 AM
Update;
China continues it's expansion and looks to be taking the pattern of a V-shaped recovery according to his article - In a world mired in recession, China manages a V-shaped recovery. While other countries are still battling with the spread of the pandemic and the economic effects, China is leading the recovery, according to reports, they recorded a 4.9% increase in economic expansion during the just concluded third quarter of 2020 (July - September) and are on the path to a full recovery.

The article highlighted 2 factors which allowed such a recovery,
• Rapid measures to contain the spread of the virus; there is still a lot of debate around this as some other countries accuse China of allowing the virus spread to other nations while taking safety measures locally, but that is not the focus of this reply. Their lockdown measures proved very effective and allowed activities to return to normal faster and stimulate the economy.

• Strong global demand also proved very effective in China's economic recovery. This would mean that there is a constant demand for most of Chinese products globally as export growth continued in the third quarter.

I expect the global landscape to change over the years as de-globalization continues but for now nations with strong partners for their products would likely bounce back better from the economic crisis.
3818  Other / Meta / Re: How many hours are you connected daily? on: October 27, 2020, 02:10:00 AM
I registered on the forum about 2 years ago and have a Total time logged in of approximately 54 days, this means on average I spend ~7% of my day here on bitcointalk, a bulk of that number would have come much more recently due to lockdown (limited distractions) and renewed interest in Bitcoin and the forum.
So I probably spend between 5-8 hours on the forum per day now, and times which I am not on my bitcointalk tab, you'll probably find me browsing through related sites to Bitcoin to get information about a subject.

I consider myself lucky to be relatively safe from the negative cause of the lockdown and the virus itself; while some people are finding more spare time to do other things, some others are feeling the effects and can not make enough time or find it difficult to function in unfavorable conditions
3819  Other / Beginners & Help / Re: Beginning with Crypto on: October 26, 2020, 10:21:00 AM
With crypto you can get huge returns.  However, it doesn't come easy, in a split second you could get or loose a large amount of money. This means crypto trading is exciting, and it can be very difficult to keep peace in mind under heavy pressure.
Cryptocurrencies are significantly more volatile than a couple of other tradable assets, it is also largely unregulated so there's no legal process that goes into listing of coins. It is however not much different from regular trading and cryptocurrencies like Bitcoin can be traded against other currency pairs like USD quite easily.

The easiest way of making money in crypto is investing longterm. Rather than trading you can buy coins, hold them in your wallets untill the price appreciates and you sell and make your profit. Of course you have to make some research about the coin, and be convinced it has potentials before investing in them.
If you are taking the entire crypto market into consideration this becomes very difficult and with the high number of scam and fake projects it is very easy to loose out on your investment. Only a small number of cryptocurrencies are worth investing long term, notable among them is Bitcoin.

Another way you can invest is day trading, which is a trading strategy where investors buy and sell orders for multiple times in one day. This requires more knowledge and skills. I suggest you use a demo account.
Any type of trading takes time to learn and build experience in, so a demo account is always advisable for new traders, they should also prioritize knowledge over profit early on.
3820  Other / Beginners & Help / Re: Why did I only make 0p? Noobie excited but let down by pure confusion on: October 26, 2020, 02:22:57 AM
Reading what’s been posted, I really have no idea how I would make money each day with my small £100GBP.

Slightly disappointed tbh, though I could make at least a couple of pounds.
If you're a newbie and just on your first trade, making profits should not be the initial goal, but rather you should look to get more knowledge about trading; what sites to trade on, what currency pairs to use, how best to enter and exit a market, it is unrealistic to expect a regular return so early on.

But I got to make sure I’m a least selling and buying for more than 0.5% difference to make a profit, is that doable? Maybe two of them a day?
Bitcoin is up almost 14% over that past one week, finding a 0.5% window within that period is doable, two times a day is also doable, it is also very possible you'll lose cash should the market temporarily go against you.
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