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I heard about Bitcoin 2 years back one of my officemate discussing about Bitcoins with her brother. At the time i dnt belive Bitcoins are much popular. From one year onwards i am using Bitcoins coins. i m happy to share my thoughts on Bitcoins.
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https://www.deepdotweb.com/2016/01/23/bitcoin-playing-an-increased-role-in-crime-europol-says/Would you believe that the existence of bitcoin has increased the number of criminality in some countries in the world. This is the issue that was being thrown by the EuroPol and the UK Metropolitan Police. According to them bitcoin has played a huge role on the increasing criminality in their area. They added that a huge number of cybercriminals were using bitcoins in their activities. This just shows that as bitcoin develops both advantages and disadvantages will tag along. Not at all.Bitcoin has nothing to do with criminality ratio.It was in earlier stages,bitcoin was adopted by black markets.But now bitcoin is used for all purposes and it has investors all over the world.Even if criminals want to use crypto coins for the reason anonymity,then they would feel safe by using altcoins like monero and zcash which are fully anonymous instead of bitcoin which is pseudo anonymous. |
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So i was thinking if i send a bitcoin transaction without the miner fee or a very low fee what will happen ? would i get the coins back eventually ? or they will just stuck there forever ! and if that happened how to do that double spend ?
I have not tried it yet.Don't try it now when there are lots of transactions stuck in between.If you do so,it may not get confirmed.But instead,after segwit,you could try with smaller miner fee. |
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Please don't ever try to mine bitcoins using your system either CPU or GPU.It would soon damage your mother board.You need powerful ASICs to mine bitcoins.Instead,you could mine some altcoins like monero,zcash using software minergate.That too is not guaranteed that your mother board will be fine.
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I think that government would not go to that extent of shutting down internet to ban bitcoin.It would be a foolish act to do so and if government does it,then it would also affect all the digital transactions carried out in banks and other offices.So,internet could not be banned and hence bitcoin could not be banned.
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I just wanted to know that,what amount of risk is there in investing in bitcoins.
Right now i am planning to buy btc approx 3-4 btc and just hold them as i guess the price of bitcoin will increase in future and i will get some good profit.But i want to know what is the risk involved.Can bitcoin price decrease and is this right time to buy the bitcoin.
Any investment which gives high profits definitely involves high risks.Bitcoin also comes under the same category.Bitcoin price is highly volatile due to its decentralized nature.So,there is always price variation as per the increase and decrease in demand for bitcoins.But,since there is mass adoption,we could expect that there would be more probability that bitcoin price would increase and so we can invest in bitcoin. |
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With current transaction fees it's not really worth to pay for some "small bills" since the fee will be like 50% of what you are paying for.
But,the transaction fee is now getting reduced from last week and also transactions are confirmed quickly with even very low fee.Spammers have started leaving the network who were responsible for delay of confirmation of transactions.Now,we could expect the same lower fee which we earlier paid. |
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That would really be a great news.Already,we saw lots of demand for bitcoins in south korea.Now,the news about legalization of bitcoin has come.First japan,then now south korea.soon we could expect india also to join this list soon. |
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I'm starting to see a lot of threads regarding pump and dump groups in the forums with some links to the Telegram groups associated with them. With all honesty, what do you think about these groups and do you support them?
No,we should not support them.They already buy some altcoins and just need us to pump their coins more.If we trust them and buy those coins,then we would have to face loss as we don't know clearly when those coins would be dumped.Those groups have to be avoided. |
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For exemple, I go to a coffee shop, I buy a coffee, then I pay with Bitcoin, we have to wait for a confirmation, no? or the merchant will just trust me if I show my wallet?
How can we be sure that it's not a double spent transaction or something else?
Just we have to wait till august 1st until segwit is activated.Then,more retailers would come forward to accept bitcoin payments since transactions would be confirmed soon.Then we would be buy any thing quickly. |
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Since bitcoin is trending now world wide because you can easily earn this and it exchange in real cash. Is bitcoin the new value of currency in the internet? Is he the new money? Can we use it in buying foods and etc in the future?
Definitely,bitcoin is the new innovative currency.It was created by satoshi as a decentralized currency.But it could not be easily earned nowadays.The increasing demand for bitcoins has made it difficult to earn.It is the new money.It has revolutionized the world economy.Due to high transaction fee,it was difficult these much days to buy foods and other products.But after activation of segwit,we could expect to buy such goods easily. |
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Bitcoin is not a quick to get rich scheme.Even though it has tripled in its price in the past six months,still it is volatile in nature.It solely depends on the increase and decrease in demand for its price.So a good amount should be invested and we have to wait for our investment to grow and overnight success is not possible.
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Banks have a great network for more than a century.They would continue to exist.They only suffer in transaction sector due to bitcoins offering transactions in much lower fee.But still they continue to lend loans for interests and so there is no problem for their survival.
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I personally know quite a bit about Bitcoin. However, this thread is for the community here. The idea is every post should contain NEW info which hasn't previously been posted in this thread.
For example, I will start with the obvious: Bitcoin is internet money
Is this a perfect explanation? Of course not. This is where you come in.
Please post the most detailed aspects about Bitcoin you know, without repeating any info previously posted in this thread.
The idea is as we scroll down, the discussion should get continually more complicated as we dig further into the technology, development, history, etc.
Make sense?
So I will repeat the starting point: Bitcoin is internet money
Some term it as digital gold.But bitcoin is a digital currency with decentralized nature. |
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Higher transaction fee would become soon an older story.Soon it would be only found in history.All such things happened due to spammers who wished to spam network with fake transactions.We all suffered a lot due to higher fee.But soon after august 1st,situations would change and we could once again enjoy low fee and fast transactions.
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We are already in July and August 1 is coming...the day when Segwit would start signalling for all and what will happen after this date is something many fear of. Will there be a split and what will happen on the split?
I have already read some assurance that at the current rate things are doing, the possibility for a split is getting remote. Maybe the overarching interest of all stakeholders has already dawned to many.
I am not afraid and i am just waiting for that day because already we could see now that spammers have started leaving the network since they know that segwit would be activated and they have stopped sending spam transactions.So we could see that transactions are confirmed quickly with even small fee.So,after segwit,situations would improve much more. |
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Tremendous progress in bitcoin.Legalization in japan.Mass adoption in south korea.Huge increase in price.Price rise was much more than expected followed by a sudden drop from $2850 to $2300.Now its once again increasing due to expectation that segwit would be activated in august.
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Yes,due to demonitization,most people are suffering from unemployment.Country's GDP rate has reduced from 7% to 6.1%.People suffered to even take their money from ATMs.Industrial production has gone down.Peope were forced to deposit their money in banks but not allowed to take back their deposited money.
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Many people are now curious to know what bitcoin is, whereas once bitcoin was just underestimated, now upside down many people stop working instead they prefer to focus on bitcoin
Is this the impact of rising bitcoin prices?
At first,most of the people had doubt about survival of bitcoin.Some people spread rumours that bitcoin would be dead.So people got panic and sold their bitcoins.But now on seeing bitcoin's tremendous success and its huge price rise,they have started to regret for their past decisions and have once again started to involve in bitcoins. |
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Volatility is one of the features of bitcoin due to its decentralized nature.Due to this nature,traders gain profits by trading.Earlier chinese gamblers tried to manipuate bitcoin price by dumping but since bitcoin has now universal investors,now manipulation could not be done.Volatility could not be controlled since bitcoin price differs as per variation in demand for bitcoins.
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