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Does this also imply to offline backup. Whereby I am needed to always go check by backup seed phrase?
Backing up your wallet doesn't mean you have to re backup over and over again. All you have to do is make sure your keys are safe. You don't have to check your offline backups too frequently but still you have to check them at intervals.Quote
You need to read, this as music was used to differentiate between Hard fork and soft fork. It is purely satisfying to read if you understand music or song.
The Bitcoin system still remains decentralized however forks which are simply system upgrades can be done at intervals once at least 51% of the developers agree to it.Quote
I know that BTC is still in the beta software. I also know that it is not good to put all your money in BTC. But, will there ever be an upgrade from the beta version of BTC and when will this happen?
This is simply a caution phrase. Yes Bitcoin beyond doubt is the king of crypto but it still is a crypto currency so there is still a chance of failure only it is very small.Quote
It is not upto 20 years yet but what Satoshi said is already happening. What exactly did Satoshi say? He made a statement of two faces. If there is large transaction volume, Satoshi is right, if no volume, he is also right Grin
For me I'll say Satoshi saw that what he created was a break through and believed in it's potential hence that quote.Quote
Thanks Satoshi, many thought it was a joke but you and the early developers who believed your idea achieved this.
Satoshi's definition of a third party free electronic cash system.Quote
Which is why re-using of an address is not encouraged. If you keep using one address for all your transactions, you are not enjoying the full value of bitcoin in terms of anonymity.
Creating more wallets for hodling means more keys to keep safe which can be challenging. You can Hodl your Bitcoins in one wallet and kill traces to that wallet through measures like mixing. Satoshi only meant there was no limitation to the number of addresses you control.Quote
So, miners are a way richer during this mempool congestion. No wonder it persisted.
Kind of. The faster miners can compute block nonce and hashes the faster they can move to the next block meaning the faster they can earn rewards.Quote
I wasn't told this when I was a newbie. I had to type the address and even count the alpha-num manually to be very sure my BTC is not going to a wrong destination Angry
Copy and pasting is best. But beware of clipboard viruses Quote
If the network is as flexible as said above, why developers have misunderstanding leading to hard fork. Soft forking should have always been the solution for improvements
Flexible simply means the majority has to agree before a fork can take place.[ The users are in control]Quote
Theymos, is this the only criterion for being a moderator? I'll start my reporting job tomorrow Cool
Hahaha this could just be Theymos way of making us help moderators with their job. Anyways it ain't that bad lol.Quote
True statement, but it should also be a concern that the centralized p2p is becoming more popular than the original p2p proposed by Satoshi.
Centralizing Bitcoin is almost impossible but not impossible Quote
Too late to be a miner? Those guys are enjoying
Nahhh they aren't enjoying those were the days of the first few blocks. Managing electrical cost ain't easy man. Like philipma1957 once said "miners are about to be in a whole lot of trouble in a few days " (halving).Quote
What does Gmaxwell mean by "physically impossible for others to access..." But bitcoin is not a physical currency or asset?
Bitcoin can't be stolen like physical cash everything has to be done electronically.Quote
The network tries to produce one block per 10 minutes. It does this by automatically adjusting how difficult it is to produce blocks.
The faster you solve a block hash the more difficult the next block becomes . This controls the rate at which new coins are generated.Quote
If we say "created out of thin air..." It looks as if the subsidy is not among the 21 million bitcoin in existence.
This refers to the new Bitcoins generated of every successive block. It is a reward for miners accompanied by transaction fees in the block.Quote
Now that I have a higher activity points to go to senior member but my merit points are lower, what should I do?
I'll consider this a rethorical question since you already know the answer.Don't forget to keep your keys safe mate 😁