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The promise of lightning network is fast and cheap transaction when doing micro payment. I want to know, with near approximation, what can be the gas fee for making a payment of $5 using ligtning network?
Also, are there other materials and good videos that could help me to learn how to make payment using LN? looking forward to your rich contributions.
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if we are to be objective, we know that decentralisation is synonymous with the free market. The free market is always control with the disequilibrium of DD and SS which causes fluctuation. so, we can conclude that being that btc is decentralised it operates in a free market and as such it will always fluctuates.
But, when the street is ready, there are always opportunities for holders to buy more and wait for when the street will be green...hehehe
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you may not want to overwhelm yourself when googling but there aren't just two algorithms. there are a lot more, some are very similar even though they use different names, and some of them remain theoretical but most are used among altcoins:
combination of 2, ie hybrid (pow + pos)
delegated proof of stake: EOS, Steemit, Bitshares
proof of burn:
proof of space: Chia network
proof of weight: Filecoin
proof of activity: PoA network
proof of asset
proof of transaction
proof of sign(DAG): Nano, IOTA
proof of fault tolerance: Stellar, ripple
since the altcoin mining/staking is easier and cheaper to do some people are more willing to use them. but they are also a lot riskier because the altcoin gets dumped and the miner/staker will lose a lot of money. not to mention the altcoin may have bugs or even die!
the bitcoin mining needs more capital but is a lot more reliable and the profit is better.
Thanks for this explanation. I'll do more research on the web to find out details. Garcia |
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From my research and discussions with friends, I know we have two forms of consensus in the crypto space.
1. PoW
2. PoS
While the latter is for Altcoins consensus the former is for Bitcoin Mining.
My question are these:..
1. How do these two consensus work
2. How can one make money from them?
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This Coindesk article is perfect to know what NFT is and what its economy is. As we know Minecraft is the most popular video adventure game since its launch in 2011. Microsoft and Enjin have created alliances to bring Cross-Platform Custom NFTs to Minecraft. There is a good benefit for the economy, children and young people will learn about blockchain and NFT with this new feature. NFT (Non-Fungible Tokens) Minecraft + NFTs: How it works On the first leg of the journey, a user embarks on a quest to explore and repair a failing international space station - the text-based part of the quest. Upon successful completion, the user is then forwarded to a web page where they are asked to scan a QR code. The code provides an NFT that drops automatically into a user’s Enjin wallet, from there they can link their wallet to cross-platform gaming network MyMetaVerse. https://www.google.com/amp/s/www.coindesk.com/minecraft-enjin-microsoft-nfts%3famp=1Thanks for this insightful article that explains NFT integration to gaming. |
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Do you mean nft? As in a token you can buy to own something on the blockchain?
There are nfts of artwork for example?
And etf is an old concept from stock trading.
Am sorry for not noticing the mistake. I meant NFT and not ETF |
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Blockchain technology is giving birth to some fantastic sub-industries that would forever restructure how values are transferred.
It started with money and decentralized finance (Defi) which is the tokenization and decentralization of financial business products such as loan, futures, derivatives, insurance etc.
Then, the NFT is the new wave of a blockchain application that is already gaining public acclamation and adoption.
My questions are for the benefit of every member of the forum; they are;
1. What is the meaning of NFT in your opinion and in simple terms?
2. How does NFT work?
3. How does it benefit the economy?
To me, NFT is the application of technology to make an asset (land, art work, content) unique and valuable by giving the owner the sole right of ownership.
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In my opinion, the most fatal risk is when you want to invest but you don't know what crypto you are investing in. Brought on by Fomo and starting off on the wrong foot. and to overcome it you only need to learn before falling already.
wait, are you looking for answers to the questions you really need. do you need a reference for the book being compiled?
Sure, i will surely give credit by referencing appropriately the sources of my information. I will appreciate more if you have further recommendation regarding materials and other helpful resources.
The major risk in investing and trading in crypto that a beginner may encounter is the volatility of the bitcoin on which no one can assure profit in terms of both things, the second risk that we may encounter as well is choosing or finding a legit crypto exchange, there is already a lot of fake exchange that a beginner may encounter upon exploring the crypto world so you better choose the overrated and well-known exchange to assure that your money is safe. Would be better if you also include these things in your lecture:
1. Basic introduction about cryptocurrency.
2. Decentralization
Anyway, Goodluck with your lecture, wish you success.
Thanks so much for the advise. I will surely give a background explanation of cryptocurrency and decentralisation before diving deep into the crux of the matter. [moderator's note: consecutive posts merged] |
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It seems to me that you want somebody to spoonfeed you and give you all the information you need without any effort on your side.  The biggest crypto risks in trading/investing are: 1.Choosing a crypto exchange platform that isn't legit. 2.Look at the first rule. If you don't plan to start crypto trading,then buying and HODLing BTC in your own wallet is your best bet. In that case,keeping your private keys is the most important thing. I already done my research about the topic but I feel it'll be mutually helpful to ask such question here. |
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I will be delivering a lecture or an address by weekend on a topic which would be part of the Crypto book am working on. The topic i will be teaching is "Crypto Risks: How to Minimize risks in Crypto business."
I would want to focus on trading and Investing. But, i want to know what you think on the following;
1. what are the major crypto risks that one should know and avoid by all means.
2. How do we tackle these risks or are there way to tackle the risk?
We can use btc trading and investing as a case study.
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As it is customary, due diligence is often conducted by smart and inteligent investor before investing into any financial assets. That brings me to the two questions of this thread;
1. What is the best process to conduct a research about Altcoins to invest in?
2. Based on your opinion, what are the top 5 Altcoins i need to focused on and probably invest in?
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Godwin Emefiele, governor of the Central Bank of Nigeria, has defended the apex bank’s decision to ban banks from servicing cryptocurrency exchanges in the country. Appearing before a joint Senate Committee on Banking, Insurance and Other Financial Institutions; ICT and Cybercrime; and Capital Market, Emefiele remarked that the CBN ban was in the best interest of Nigerians.
According to a report by media outlet Punch, while addressing the Senate committee, Emefiele remarked: “Cryptocurrency is not legitimate money. Cryptocurrency has no place in our monetary system at this time and cryptocurrency transactions should not be carried out through the Nigerian banking system.”
The CBN governor also reiterated that despite the ban, the central bank was doing its due diligence to better under the emerging digital asset space.
The CBN governor also reiterated that despite the ban, the central bank was doing its due diligence to better under the emerging digital asset space. Nigeria SEC in support of cryptocurrencies while CBN not in support, p2p has been the best though, no bank charges and no conversion charges. who can and has the right to legitimate a decentralized asset? Bitcoin is a decentralized asset created by humans and for humans so without the supporting government, Bitcoin will continue to exist. I wonder how long he will continue to chuckle at this belief! [/quote] Yes, the government is afraid of decentrilization as the new financial revolution. Has he answered some of the errors in the fiat systems. Errors such as; devaluation, inflation and printing of money. Is printing of money a real money? |
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The efficiency factor should be factored in to make this discussion more comprehensive. This is what i mean, it takes a fraction of the time needed to send cash through a bank to send btc, that time saved could actually be quantified monetary. When you sum everything, you will discovered that it is far better than the traditional banking transactions.
When it comes to transacting money internationally, there is a big game played by international financial institutions. The rules are different for individuals as compared to corporations. The odds really are stacked against the individual as your income will be taxed and levied at every checkpoint.
For the first time in history, Bitcoin gives you an option to avoid that, if used correctly. Fees is something you have to manage at present. How LN changes that remains to be seen.
If you are talking about the fees that exchanges charge or when you want to FOMO into something and convert BTC and find that the fees for instant transfer are insane, then unfortunately, that is just how blockchain stays worth the mining effort and secure.
Authorities everywhere will disagree to everything written above and want their hand in the pie. It is an evolving situation.
I think the Lightening network will be a very profound innovation since the value proposition is mainly to help reduce the charges for transaction and also reduce delay. But, do we have these applications already in use? What are the software made up of? are they blockchain? [moderator's note: consecutive posts merged] |
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Big firms and companies investing in Bitcoin. Tesla, Micro Strategy and Twitter are just to name a few, pushing for global adoption. Is this a sign for a long term investment or just pump and dump for them? SourceTo me, i think these big companies have smart team and know what a good investment is. As such, i thnk they cant gamble with their company's revenue. Imagine using $1.5bn for the purpose of dumping and pumping? They are companies that have seen the future of currency and fnance and are positioned to maximize the frst move advantage.
Big firms and companies investing in Bitcoin. Tesla, Micro Strategy and Twitter are just to name a few, pushing for global adoption.
Is this a sign for a long term investment or just pump and dump for them?
It is difficult to consider the influx of companies to btc as a "pump and dump scheme". Every visionary knows that the world is constantly evolving and changing, and since the start of the digital world (internet) that sooner or later, a new digital currency was bound to surface. The btc train is a moving train, and most companies and individuals with enough resources are looking to join in and catch the gains, before the price value becomes stable. So i will say to the best of my understanding that to them, "Btc is considered a long term investment". It is just like every other revolution that shifts the basis of competition of firms. That being said, what makes the camera to be disrupted by smartphone is innovation. So, as new innovation surface, companies that don't embrace them would become old fashioned companies in the future. This is very important for companies to remain relevant. so, it is a long strategic investment. [moderator's note: consecutive posts merged] |
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This is the situation economic experts called positive externality. That is if the action of an economic agent affects other economic agents positively. In this case, we have bitcoin mining chain reaction, which are positive to economic growth. 1. Mining lead to generation of more electricity. 2. Generation of more electricity leads to healthier plants. 3. Generation of more electricity leads to job creation and investments. These is a better way to think about mining, i think so.
How much electricity is used for mining of gold? Massive amounts of mercury and other toxins are released in addition to wasting electricity during gold mining. And both gold and Bitcoin are having similar purpose. Why no one talks about the negative impact of gold mining, although they would like to lecture us on the usage of electricity for Bitcoin mining? Vast tracts of Amazon forest are being cut down in Brazil, Venezuela and Peru every year for the purpose of gold mining. At least Bitcoin mining doesn't require any deforestation.
Though, the thread does not specify in numerical quantification the amount of electricity used. But, i know that the current rise in cloud computing which leads to the establishment of data centers also need high electricity to be powered. If we compare Google or AWS data centers power consumption to bitcoin power consumption, i guess the difference would be slim as both process data. [moderator's note: consecutive posts merged] |
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I'm continuously selling small amounts every day. The price at the bottom of the bear market is very likely going to be below $30,000, maybe even below $20,000, so I'm going to end up with more BTC in the end. I learned my lesson from the 2017 bull run in which I didn't sell any Bitcoin - be fearful when others are greedy. The bubble bursts when no one is expecting, people will first think that it's just a correction, so don't rely on public opinion too much.
How do you justify what is happening in the crypto industry with the rise in the price of btc. Do we say that the way the bubble happened in 2017 , it will also happen in 2021? In 2017, we have less institutional investors, less private business adoption the only thing we had was the halving. Well, why it's good to have an ext strategy, i think the price of btc would be more stable than ever.
Not really. My simple strategy is as follows:
3. Continue to focus on creating more cash flow to have more money to invest in assets.
This is one of the best lines in your comment. The way to prosper in investing is to have a flow of income to always use to explore opportunities. yesterday was a very remarkable day, my friend and i saw how bloody the stock market was, we saw opportunities to buy cheap stocks, but we had limited liquidity. So, seek for ways to increase your income always. [moderator's note: consecutive posts merged] |
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Here is the statement from the President of the aforementioned Bank....So he is either purposefully missing the point of Decentralisation or he actually doesn't understand the difference between Bitcoin and a bank implemented cryptocurrency?.....
"I would suspect, down the road, that a number of central banks will have digital currency," he said. "When there is a digital currency available, other than the underground economy, it’s not clear why people would use bitcoin."
All central bank governors or directors need to read the bitcoin whitepaper before commenting on what they dont have knowledge about. Satoshi nakamoto created btc to replace the failed money system, to be better than fiat in great ways. Secondly, they all need to take a course on cryptocurrency and blockchain, to know how these techology work and how the promise of Defi will defy the traditional financial system.
Central banks will create their own digital currencies, but they are unlikely to become popular enough.
The problem that Satoshi Nakamoto sighted will continue to occur to a financial system that operates on centralisation mechanism. The difference between central banks digital currencies and fiat currencies is just the technology else every other thing will work like fiat currencies. What will happen in times of economic recession, the reserve banks will mine more of their digital currency, thereby fueling inflation. [moderator's note: consecutive posts merged] |
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The truth about satoshi is that his account are still available even on bitcointalk his account is still a newbie that is to show that he has not been active so if his Twitter handle is discovered it will still be inactive by now.
Well, even if his accounts on some social media are traced, can we be confident that he would be tracked? While reading the article, there appear to be some similarities between the Satoshi ideologies about money, and the witty tweet from the goldlover. He seems to be making an ironical statement whenever he uses gold to means an invention that will be superior to gold. |
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This may either be true or not, but what is certain is the said Nakamoto Satoshi has deactivated his internet presence since the day he wrote that "he is moving onto other things." I guess, from that phrase, he should not be in the blockchain or crypto space. who knows if he is somewhere working on another innovation that would change another world's conventional philosophy. |
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1. This is what happened recently, many industries that were motivated to conduct IEO on the market which actually only followed the trend, not to solve a problem or have innovation. After the IEO trend passed, new problems arose because many industries were underdeveloped and were seen as fraud.
Btw, I don't think all the founders in the crypto industry have an entrepreneurial background.
2. Investors should be aware that Binance isn't a representative of the investigations and fully determine their decision whether they should invest in industry X.
I have come to believe that entrepreneurship is far different from being an engineer. It is a field that requires diverse strategic skills to succeed. This is why we have people that dont know technology but end up building tech start-ups. While an entrepreneur need to know his sector but that is just a necessary condition, and it is not sufficient to build a business without the right business skills. |
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