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It's technically possible when you use your wallet on an infected computer or when you sign in on a phishing web-wallet. If you want the best protection then you should use two devices. One that you use to create the wallet and to sign offline transactions and one that you use as a watch-only wallet to create unsigned transactions. This is considered as the safest way to hold and make Bitcoin transactions. If you just want to hold Bitcoins, then the easiest and safest way would be a paper wallet. This is a printed paper with your wallet details on it, you could import the private key on it to an online wallet to make transactions.
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Miners also get transaction fees to include your transaction into the the block. By that time the price of Bitcoin should be high enough to compensate the block reward with transaction fees. I don't think it will be a problem, also because Bitcoin has an algorithm that adjusts the difficulty to the current hashrate it happens every 2016 blocks. If a lot of miners would quit, then mining would become more profitable because there is less hashpower.
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The increasing value of Bitcoin doesn't make products more expensive, on the contrary, it could make products cheaper at shops don't use a fiat to BTC conversion rate. But you're right about the high transaction fees, this is a temporary problem Bitcoin has. Solutions like Segwit are already available but they need to be used by more people to speed up the network.
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I think the amount of blocks to adjust the network difficulty is too high, it could theoretically destroy Bitcoin. Right now the time to adjust the difficulty is 2 weeks assuming that blocks are generated every 10 minutes, so 2016 blocks. But blocks are not always generated every 10 minutes, it depends on the total hashrate and difficulty. So when suddenly a lot of miners switch from Bitcoin to an other SHA-256 coin, Bitcoin's block generation time significantly increases. Resulting an even less profitable coin for miners, which could cause more miners quitting. This could end with a chain death cycle, where the difficulty adjustment never gets reached.
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Because these forks are seen by developers as an simple way to create massive profits for themselves. It's as easy as copying Bitcoin's source code, doing some adjustments, announcing it as 'the' solution to all problems Bitcoin faces, pre-mining, releasing, selling the pre-mined coins. It's becoming a trend, like the ICO hype. But I don't mind it, because I hold Bitcoins and these forks also make me richer.
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I think most Bitcoin holders of today use it as an asset to increase their wealth, like gold. Although I think it shouldn't be used like that as the currency was originally created to use as a decentralized payment system. If we want massive adaptation for this coin than we should use it as a payment system and not as an asset, waiting for it to increase in value.
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If you're really paranoid than you could use an old desktop/laptop that is not connected to the internet in combination to sign transactions offline. Then you also need an online wallet to create unsigned transactions and to broadcast the signed transaction to the network. This is very safe setup for holding large amount of Bitcoin.
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Every address that has a balance in BTC before the fork will receive an equal amount of the (forked coin) in this case BTG. The BTC private key has the same amount in different units on a different chain. To redeem the forked coin you should import your private key to a supported BTG wallet. From there you can claim your BTG and make a transaction to an exchange address. But keep in mind that Coinbase doesn't show your private key, so you won't be able the forked coin till Coinbase decides to support this chain.
Thanks, I really don't like they way all these wallets handle private keys. It's just a string of numbers, we should have the option of dumping the raw numbers to a backup. I hate the way trezor makes me play games with all these seed words. Just give me the number. You're welcome, I don't own a Trezor but most wallets save all the data in a wallet.dat file which you can backup. Every address that has a balance in BTC before the fork will receive an equal amount of the (forked coin) in this case BTG. The BTC private key has the same amount in different units on a different chain. To redeem the forked coin you should import your private key to a supported BTG wallet. From there you can claim your BTG and make a transaction to an exchange address. But keep in mind that Coinbase doesn't show your private key, so you won't be able the forked coin till Coinbase decides to support this chain.
If I send my bitcoins from coinbase to my trezor wallet, can I do the same or does the key change. I know how public/private key pair encryption works but, I still don't completely understand the mechanics of how the block chain uses the keys. If I send to my trezor wallet, will that private key have the ability to get to my BTG on a different wallet? If my bit coins are sent to someone else, will that person be able to get to the bitcoin gold if I have not done anything before the send? If I just ignore all this and then send my bitcoins does the new owner have the ability to get to the bitcoin gold. Seems like a lot of overhead and coinbase should do something to cover this for their customers. If you send your Bitcoins to your trezor wallet, then the private key of your Trezor belongs to that amount of Bitcoin. The fork already happend, so the forked coins can't get transferred along with your BTC to a trezor wallet address. Let me simplify the process of a fork to you. The fork developers create a snapshot of the Bitcoin blockchain, this then splits at the time of the fork. That means that one Bitcoin you own before the fork will correspond to one forked coin after the fork, on the same address. So you're Coinbase BTG is not claimable till they give support for that particular chain. But other people won't be able to claim your forked coins when you do a transaction after the fork. It's stored on the address you had them on before the fork and will be there till you do a transaction with the forked coins. Why did you get into it in the first place if you are having to ask questions on how to sell it. You should already know? Or is it too hard because exchanges and wallets don't want to build services around shitcoins? You should've thought of all of this before you went and sold the only thing you'll ever have that will be valuable in your life and that's BTC. Shake my head... What are you talking about? He never mentioned that he sold his BTC neither did I. He just wanted to know how he could claim his fork coins and sell them off, that's his choice. |
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Every address that has a balance in BTC before the fork will receive an equal amount of the (forked coin) in this case BTG. The BTC private key has the same amount in different units on a different chain. To redeem the forked coin you should import your private key to a supported BTG wallet. From there you can claim your BTG and make a transaction to an exchange address. But keep in mind that Coinbase doesn't show your private key, so you won't be able the forked coin till Coinbase decides to support this chain.
Thanks, I really don't like they way all these wallets handle private keys. It's just a string of numbers, we should have the option of dumping the raw numbers to a backup. I hate the way trezor makes me play games with all these seed words. Just give me the number. You're welcome, I don't own a Trezor but most wallets save all the data in a wallet.dat file which you can backup. Every address that has a balance in BTC before the fork will receive an equal amount of the (forked coin) in this case BTG. The BTC private key has the same amount in different units on a different chain. To redeem the forked coin you should import your private key to a supported BTG wallet. From there you can claim your BTG and make a transaction to an exchange address. But keep in mind that Coinbase doesn't show your private key, so you won't be able the forked coin till Coinbase decides to support this chain.
If I send my bitcoins from coinbase to my trezor wallet, can I do the same or does the key change. I know how public/private key pair encryption works but, I still don't completely understand the mechanics of how the block chain uses the keys. If I send to my trezor wallet, will that private key have the ability to get to my BTG on a different wallet? If my bit coins are sent to someone else, will that person be able to get to the bitcoin gold if I have not done anything before the send? If I just ignore all this and then send my bitcoins does the new owner have the ability to get to the bitcoin gold. Seems like a lot of overhead and coinbase should do something to cover this for their customers. If you send your Bitcoins to your trezor wallet, then the private key of your Trezor belongs to that amount of Bitcoin. The fork already happend, so the forked coins can't get transferred along with your BTC to a trezor wallet address. Let me simplify the process of a fork to you. The fork developers create a snapshot of the Bitcoin blockchain, this then splits at the time of the fork. That means that one Bitcoin you own before the fork will correspond to one forked coin after the fork, on the same address. So you're Coinbase BTG is not claimable till they give support for that particular chain. But other people won't be able to claim your forked coins when you do a transaction after the fork. It's stored on the address you had them on before the fork and will be there till you do a transaction with the forked coins. |
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Some signature campaigns allow Jr. members to participate but before applying you also need to show that you're worth it, so make sure your previous posts have some quality. I haven't seen any signature campaigns that pay out in Ethereum but that doesn't really matter as it is nowadays easy to exchange these crypto currencies for a low fee. To answer your other question, campaign managers payout to the address you provide them when applying.
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If you are online and the blockchain is fully synchronized, your BTC balance and previous transactions should be visible.
Are you sure you used the right wallet.dat? Or do you have a paper/digital backup of your privatekey/passphrase?
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Thank you, also for adding my to the Sr. member spot. I changed my signature to the appropriate one for my rank. |
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Like others here said, the Antminer S9 is currently the miner with the least days to break-even. So I think for mining, this one is actually the best choice you can make. The electricity being free is really favorable, at the current difficulty and price could you make break-even in less than 70 days with a revenue of $643.60. Which is really insane for an investment like this, also because after you have break-even you don't have any costs. Meaning all bitcoins you make after that period are profit, you could continue mining till the amount of Bitcoins you receive is negligible. But keep in mind that the difficulty fluctuates a lot and that the break-even estimation can be quite inaccurate. Bitmain has not announced a new miner yet, so I think you're fine.
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The Bitcoin forked coins can be collected by importing your private key into a supported fork wallet.
You can export your private key by typing this command in the console: "dumpprivkey <your bitcoin address>", of course without
quotation marks.
It might be needed to decrypt your wallet first by "walletpassphrase <your-wallet-passphrase 300>", which will decrypt your wallet for 5 minutes.
Make sure you find the a suited wallet on the fork's authentic website so you don't lose both of your balances.
Thanks for your advice. I wonder how can I get all my bitcoin addresses? I also heard that it is recommended to transfer btc to another address before claiming forked coins. To list all address use the command "listreceivedbyaddress", this will list all addresses that already have received transactions. It's recommended to transfer your BTC to a new address, with a new private key. To prevent your coins from being stolen through a replay attack, although a patch has been implemented in most wallets it's still a good thing to do. Because your BTC still could get stolen when you import your private key in a malicious client or when your keystrokes/data get tapped. |
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The Bitcoin forked coins can be collected by importing your private key into a supported fork wallet.
You can export your private key by typing this command in the console: "dumpprivkey <your bitcoin address>", of course without
quotation marks.
It might be needed to decrypt your wallet first by "walletpassphrase <your-wallet-passphrase 300>", which will decrypt your wallet for 5 minutes.
Make sure you find the a suited wallet on the fork's authentic website so you don't lose both of your balances.
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I think the biggest argument against Bitcoin is the fact that governments don't have any information about the transactions so they can't check whether there should be taxes paid. That's basically why most exchanges now require to upload your documents. But I think there are still many ways to bypass this, because there is still the option to just make the transaction without an exchange. Although I don't think it's much worse than cash, other than the possibility to transfer funds online.
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You're right, but I think that you make a wrong comparison between the door lock and Bitcoin.
The Bitcoin network or the blockchain can't be hacked, as you would need an enormous amount of hashing power. This can be compared to the lock, that if the lock is not pickable it can not be 'hacked'. However Bitcoin balances can get stolen when an user doesn't safe his funds correctly or when his computer is infected. That's where I think you're comparison is wrong, when funds get stolen because the user doesn't store his funds safely it's actually comparable to door lock that you forget to lock. So it's not really the fault of Bitcoin or the lock but a user fault, in this case I think you can't say Bitcoin is hack-able.
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In his latest visit to his hometown of Omaha, Nebraska, where he hosts a casual event for business students, one of the attendees asked Warren Buffett a question about Bitcoin. As a clarification, Buffett went on to say that cryptocurrencies like Bitcoin are “a very effective way of transmitting money, and you can do it anonymously and all that”, but it doesn’t mean much in the grand scheme of things: “A check is a way of transmitting money, too. Are checks worth a whole lot of money just because they can transmit money?”. He finished his statement with a harsher criticism of Bitcoin, saying that the “idea that [it] has some huge intrinsic value is just a joke, in my view”. Buffett tends to lean towards investing in things that have a sustainable inherent value. Meanwhile, Bitcoin is surging past the $8,000 mark even after the SegWit2x drama left its future uncertain. Although there’s no denying that it’s subject to more volatility than most fiat currencies, there’s a lot to be said about its utility in the market as more stores begin to accept payments in the cryptocurrency. Warren Buffett might not be keen on the idea of pumping capital in Bitcoin’s direction, but other players want a piece of the pie, each for their own reasons. https://cryptovest.com/news/warren-buffet-the-idea-that-bitcoin-has-value-is-just-a-joke/There is more to Bitcoin than just a high intrinsic value, it's the solution to a decentralized currency, where there is not central authority. An other feature of that makes Bitcoin unique is it's fixed supply. That makes it different from real fiat currencies where the central bank can bring more units in circulations, unlimited. That's why some people call Bitcoin, digital gold. |
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I use the wallet for storing low valued ERC-20 tokens.
Because I didn't want to take the effort of installing a desktop wallet for just some tokens, myetherwallet is quick and easy.
Also compared to other webwallets, this one seems the most stable and populair wallet.
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