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Were you sending a high priority transaction? If your inputs have a large number of bitcoin days, and low bytes, the priority is so high you can send for a nil fee.
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Is the fee for conversion from BTC to fiat in addition to currency exchange fees?
Unless you are obsessed with anonymity, it might be easier to use an exchange which charges about 0.25% to convert from btc to fiat, and minimal fees for withdrawing to your bank where you can spend it on your normal debit card.
These bitcoin card providers need to lower their fees considerably to make them attractive.
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Yes, they really are bitcoin friendly. They are the only ones that will deal with the Exchanges - Kraken processes all it's European withdrawals through Fidor.
Part of the reason why good bitcoin exchanges haven't appeared in the UK is because the banks are refusing to deal with an business processing BTC. They figure if they block them, they'll die because it's too difficult to purchase BTC locally. And they're not entirely wrong about that.
So they're Bitcoin friendly when an exchange hires their service in order to transfer funds resulting from selling Bitcoin... I see  Definitely a good way for them to have clients. If I owned a bank, I'd definitely be friendly with whoever can bring cash flow from legal businesses. I assume banks rejecting to serve Bitcoin related services are afraid that Bitcoin is suddenly ruled to be illegal or aren't really looking for money (which is odd). Bitcoin is legal in the UK- the govt has explicitly said so. So the UK banks are being difficult mainly because they fear bitcoin as competition, not for reasons of legality. Like I said, as long as we have to pay taxes in fiat, we need banks. So support the bitcoin friendly ones! Yes, Bitcoin is legal, and even if it was illegal, no government can stop blocks from being mined... But UK banks sometimes have to wire money to other places where legality might be challenged or at least activities related to Bitcoin might be question because of misendeavors by a few community members. The issue was UK exchanges not being able to get banking from UK banks. Several start-ups tried and failed. They wouldn't have been wiring money to illegal places - the exchanges would have been based in the UK, subject to UK law and UK regulation, and in addition the UK govt said bitcoin was legal, it was an asset and could be traded. But the banks blocked the exchanges, because they are scared of BTC. I believe there are some moves to refer them to the Competition regulators for blocking legit trade. |
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Bitcoin isn't moving much at the moment. Try alt trading, but only experiment with a tiny amount. i.e. of your 70BTC, I'd store 69btc in a cold wallet somewhere safe, and then do some experimental alt trading with the 1btc.
One of the downsides of alt trading is that the markets arn't very liquid. If you tried it with 70btc, you'd be crashing through buy orders and probably losing more than you gain.
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Yes, they really are bitcoin friendly. They are the only ones that will deal with the Exchanges - Kraken processes all it's European withdrawals through Fidor.
Part of the reason why good bitcoin exchanges haven't appeared in the UK is because the banks are refusing to deal with an business processing BTC. They figure if they block them, they'll die because it's too difficult to purchase BTC locally. And they're not entirely wrong about that.
So they're Bitcoin friendly when an exchange hires their service in order to transfer funds resulting from selling Bitcoin... I see Definitely a good way for them to have clients. If I owned a bank, I'd definitely be friendly with whoever can bring cash flow from legal businesses. I assume banks rejecting to serve Bitcoin related services are afraid that Bitcoin is suddenly ruled to be illegal or aren't really looking for money (which is odd). Bitcoin is legal in the UK- the govt has explicitly said so. So the UK banks are being difficult mainly because they fear bitcoin as competition, not for reasons of legality. Like I said, as long as we have to pay taxes in fiat, we need banks. So support the bitcoin friendly ones! |
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I have got interested into Poloniex lending lately, and I was wondering what would happen in the case that the burrower could not pay the amount of coins in time? Will I lose them? Sorry for asking, but I tried looking information about this, but haven't got any luck. Any help would be greatly appreciated. I want to lend some Bitcoins in Poloniex, by the way.  I do lend on Poloniex and I've done well for myself doing so. I want you to do your own independent research, calculations, and risk analysis but I've found it to be lucrative. No you won't get rich overnight but you are provided a service to margin traders. I've never had someone not payback a loan and whatever Poloniex is doing works for me. I will let you know that loan rates can change wildly with the market and that the more people lending BTC the less you can expect to make. All in all if you have extra coins and you are a long term holder you can conservatively expect a 30%+ return on your loans annually if you figure for compound interest. If anyone needs help getting started or has more questions let me know or PM me What sort of risk analysis do you do? For example do you only lend small amounts to limit default? |
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I'll start by listing a bitcoin friendly bank in Europe: Fidor bank.
Are they really Bitcoin friendly? Bank + Bitcoin in the same sentence doesn't even match. Yes, they really are bitcoin friendly. They are the only ones that will deal with the Exchanges - Kraken processes all it's European withdrawals through Fidor. Part of the reason why good bitcoin exchanges haven't appeared in the UK is because the banks are refusing to deal with an business processing BTC. They figure if they block them, they'll die because it's too difficult to purchase BTC locally. And they're not entirely wrong about that. |
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The "swiss bank in your pocket" was definitely a reference to bitcoin. What else could it be?
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That is properly scary.
I wonder, if the banks had remained the same size as in 2001, if we'd have had the financial crisis.
People need to take action - not just bitcoin, but support small credit-unions that are friendly to bitcoin. As long as taxes are paid in fiat, we need banks, but they might as well be bitcoin friendly banks.
I'll start by listing a bitcoin friendly bank in Europe: Fidor bank.
It would be great if others can chip in with bitcoin friendly banks in their area. Then we can all vote with our wallets.
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i don't think that solving the block size debate is going to change the price by that much.
it would be a good news and for sure it is going to raise the price and maybe cause the halving bubble that we were waiting for.
but the real rise will come only by mass adoption in every store and services online and offline.
The block size debate is holding back mass adoption. Basically, unless BTc can handle large numbers of transactions, there is not going to be mass adoption. |
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http://www.nasdaq.com/article/is-bitcoin-the-new-swiss-bank-account-and-is-that-a-problem-cm597377Last week, President Barack Obama said he believes a balance must be sought between privacy and security. As one example of the risks of strong encryption, and seemingly referring to cryptocurrencies, Obama pointed out that if government can't access phones, "everybody is walking around with a Swiss bank account in their pocket."
...Several Bitcoin wallet apps currently offer "zero knowledge security" which ensures user data by generating private keys completely client side.
But what happens if Pandora's Box is opened? What if encryption is weakened or even broken by state agencies?
Zeid Ra'ad al-Hussein, the United Nations high commissioner for human rights, sees trying to break the encryption protecting one phone as having "extremely damaging implications" for the rights of many millions of people worldwide, with possible effects on their physical and financial security.
Obama, meanwhile, seemed to suggest that this kind of financial security should in fact not be absolute. He believes a balance must be struck, suggesting encryption should be weakened to allow government agencies access to encrypted phones in certain cases.
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People can buy up to $25 worth of Bitcoin with no paperwork
They are making it really easy to buy online with a credit card, and controlling risk with limited amounts.
Let's hope they do not get bleed to death with "$25 worth of fraud" done thousands of times.
Well the scammers would need thousands of credit cards to make it work - I'm guessing it would cost them more than $25 to buy a stolen card, which is why the limit was set at that amount. |
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The Chinese love Litecoin (in part because Litecoin's creator Charles Lee is of Chinese descent).
So it won't die because it will always have a fan-base in the east.
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The "social" side of that coin pretty much died when Reddcoin moved away from Reddit because it couldn't handle the trolling (which is an integral part of social). I mean, it was named after Reddit, so to throw in the towel like that was crazy. It's advantage over Doge was that it was PoS, so a holder could earn some coins, whereas holders of Doge can't. BUT - look at the set-up on Poloniex: https://poloniex.com/exchange#btc_rddLook at the walls: 13 BTC, 19 BTC It was the same when the coin was on Cryptsy - outside of a pump, it barely moved because of the thickness of the walls. I had a sell order once that took three weeks to execute, because the walls were so thick. Why are the walls so thick? It's because some speculators are playing the 1 satoshi game. Set a buy order at say 10 sats, when it executes, set a sell order for 11 sats. When that executes, you have made a 10% profit. But of course you are relying on someone else to buy at 11. They might buy hoping the price goes up - but the chances of it happening are very low, due to the thickness of the walls. Basically the coin's potential has been ruined by some whale playing the 1 satoshi game. |
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First, a block-size limit might be needed to avoid centralization of the Bitcoin network, and, in particular, further centralization of mining. Perhaps most importantly, bigger blocks would take longer to propagate to other miners when first found. A longer propagation time should lead to a higher orphan rate, as more miners would be mining on older blocks, while newer blocks are still finding their way through the network. That would, in turn, incentivize miners to join larger miner pools, as they find blocks more often, and therefore don’t need to wait for the propagation of new blocks as often. Here is a quote by Aaron van Wirdum in the Bitcoin magazine https://bitcoinmagazine.com/articles/everything-need-know-proposed-changes-bitcoin-block-size-cap-1440204699It seems that the 10 minute interval was chosen based on the computing and bandwidth resources available when Satoshi proposed Bitcoin. (rather like the blocksize). Now that technology has moved on, isn't it time to review the block interval? You mean copy alts like Doge and ETH? |
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http://venturebeat.com/2016/03/24/paris-based-bitit-launches-to-let-you-buy-bitcoins-from-100000-physical-stores-around-the-world/Bitit now lets people walk into physical stores and buy the virtual currency with cash. The startup also lets people purchase Bitcoins online through the company’s website.
And soon, people will be able to buy plastic gift cards or electronic vouchers to give as presents. The company currently has the Bitcoin gift cards for sale as part of a trial at La Maison du Bitcoin in Paris, a meetup space for people working on projects related to the virtual currency.
The key to Bitit’s process is that it has arrangements with partners (it can’t reveal the names) to buy Bitcoins on a regular schedule. At the moment, many users have been reporting that it can take a week or more for the Blockchain to process a transaction. Bitit eliminates that delay for users by having the Bitcoins ready to deliver in as little as 10 minutes.
The trick, and what Bitit hopes will be its secret weapon, are algorithms it has written to help minimize its risk profile by carefully balancing the rate at which it buys Bitcoin and the rate at which customers are buying them.
Also, its system is designed to minimize the risk and chances of fraud. People can buy up to $25 worth of Bitcoin with no paperwork. They can buy up to $500 after that, but must submit a series of documents to confirm their identity in the system.
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Well done on your involvement. It's good to see retailers featuring bitcoin, can you tell us more about how many users are opting for the bitcoin option? |
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OP, great job summarizing the article.
I think the reason for the differences is only partly down to the difficulty sending fiat to the exchanges. The other part is that when you send BTC you have to wait for six confirmations and it takes at least an hour, by which time the price has moved against you.
I wonder what the result would have been if they'd done the same exercise for a currency like doge, which confirms in a few minutes. From my experience big price differences don't exist across exchanges for doge at all.
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Well bidorbuy might not be the largest, but it's a step in the right direction.
It's a bit like Overstock allowing payment with bitcoin - it's much smaller than Amazon, but it's a step in the right direction.
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There are hundreds of altcoins. How do you people do when you trade with altcoins? Do you have to install a new software for every altcoin you trade?
You just join an altcoin exchange, which is web based, like Poloniex or Bittrex. They usually require name, email and password. You then send some coins to them, and start trading - they usually feature hundreds of coins that trade against BTC. Steer clear of an exchange asking you to download software - they are probably phishing/tracking scams designed to steal coins in wallets on your computer. |
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