 Show Posts
|
|
Pages: « 1 2 3 [4] 5 6 »
|
Thanks,
I have my 12 word with me and I am not using any exchange, I buy from localbitcoins and instantly transfer to Jaxx.
So, I don’t have to worry about what blockchain the wallet deals with?
What is what I am reading about wallet following longest blockchains?
Is that ok? |
|
|
|
|
Thanks,
I have my 12 word with me and I am not using any exchange, I buy from localbitcoins and instantly transfer to Jaxx.
So, I don’t have to worry about what blockchain the wallet deals with?
What is what I am reading about wallet following longest blockchains?
|
|
|
|
If you have your private key stored, you're perfectly fine. You can import this any moment in any Bitcoin wallet client, make sure it is verified safe. You can find a whole list here: https://bitcoin.org/en/choose-your-wallet. So uninstalling won't be a problem as long as you have your private key stored. The fork can not accidentally change your BTC to BTG, the fork is a copy of Bitcoin's current blockchain which will split after 25 October. Every BTC you have now will correspond to one BTG. Both wallets will have the same private key, so make sure you import it to a verified BTG client. Otherwise your key can get stolen. A good solution for this is sending your BTC to a new wallet after 25 October and then importing the old wallet key in a BTG client. The safest wallet is just personal preference, Armory is in my opinion the safest wallet. But it is quite complicated. Electrum or Core are more user friendly. That seems to be a prett good point to me about sending your BTC to a newly generated address after a fork, one other small point, that may or may not be practical is, if possible to avoid making transactions around the time of the fork. You're right, I forgot to mention that. To make sure you don't lose your forked coins, wait at least 12 hours after the work. After that it's totally safe. Sounds ok, but I read that wallets automatically follow the “longest” blockchain, does this mean that my wallet can decide on its own that my coins are BTG not BTC? How to be sure then after the fork if I buy BTC on local bitcoins and send the purchased BTC to my wallet it will come in my wallet as BTC not BTG? Any further clarification is highly appreciated. |
|
|
|
Your BTC should be safe unless you tried to claim your coins from the other chain , Just keep you coins and do not make any transaction at the time of fork . And as stated above never try to claim your coins before move your BTC to new address and just use your old address private keys to claim you coins , Until this moment it is not clear if there will be a real strong reply protection or not . I am sure when time come close there will be some guides related to how to claim your coins safely .
This sounds great. So, I should send to myself all my BTC after the fork and after things get stable. Should I send to same wallet (Jaxx) or to another wallet (Bread)? Then I should claim my new BTG from the old wallet? But why send to myself if it will remain in same wallet? So, no need to uninstall wallet then reinstall, just don’t make transactions? Any inputs? |
|
|
|
Your BTC should be safe unless you tried to claim your coins from the other chain , Just keep you coins and do not make any transaction at the time of fork . And as stated above never try to claim your coins before move your BTC to new address and just use your old address private keys to claim you coins , Until this moment it is not clear if there will be a real strong reply protection or not . I am sure when time come close there will be some guides related to how to claim your coins safely .
This sounds great. So, I should send to myself all my BTC after the fork and after things get stable. Should I send to same wallet (Jaxx) or to another wallet (Bread)? Then I should claim my new BTG from the old wallet? But why send to myself if it will remain in same wallet? So, no need to uninstall wallet then reinstall, just don’t make transactions? |
|
|
|
|
Thanks guys,
So what I understand all what I have to do is to keep my Jaxxx wallet as it is, but I should only refrain from moving bitcoins during or after the fork. No need to uninstall and reinstall. Am I getting it right?
|
|
|
|
|
Just wondering, as I am reading a lot about Fork risks especially with bitcoin gold.
I have the private keys (the 12 words) safely stored.
What if I simply uninstall the wallet that has my BTC (it is Jaxx by the way) before the fork, then reinstall later and recover from the 12 keywords. Would that be ok or will be risk?
Would my BTC remain BTC or can accidentally be changed to BTG?
What safest wallet?
Your help highly appreciated.
|
|
|
|
|
My 2 cents....
It can happen... not opening a current account in bitcoin of course... but imagine:
- a bank can allow a client to “deposit” or convert crypto to his fiat account, the bank receives the crypto in his wallet, immediately exchange it on an exchange automatically into fiat, the exchange immediately transfer fiat to the bank, the bank transfers the fiat to the client account. After of course every body takes his commissions and fees normally as if it was jus a forex transaction.
- banks can make even a mobile app or wallet (private keys on clients mobile) and the client can transfer crypto to his credit, prepaid, debit cards or whatever accounts.
- a bank can verify me to an exchange, I register my name, account or card number only, the exchange requests all the KYC .. etc from the bank, so it is done.
Banks then can still work with crypto, while not really keeping crypto accounts.
|
|
|
|
Who is behind Bitcoin Gold?
This is the first time I am hearing such a thing.
I guess 2017 will be known for its multiple chain attacks against Consensus?
Well it's already known for this, so why not just amplify it to the point so that we have multiple people trying to split off from the REAL Bitcoin. Yes, I guess you are correct and it may even go as far as mid to late 2018 at this rate. Next we will have Bitcoin Plutonium and Bitcoin Latinum. Seriously, I don't understand why people are doing this again.
...
IMO, it is predicated on a false belief that chain splits is a form of Bitcoin "evolution" and an economic determination by "survival of the fittest". This is incorrect and is a misunderstanding of evolution and how it essentially works. Economic participants in our community have taken a scientific theory and applied it to chain splits and think that it should function just as in the natural world does, with viable branches and nonviable branches. But it never will determine such, since evolution is based upon the human's inability to control or manipulate nature and time, and their Bitcoin evolution theory is fully manipulated by human markets owned and controlled by human governments. So, they are totally different and will not work as they think. In nature, when a new trait develops that may overtake in the future, that advanced trait development is usually due to external environmental effects, not randomly for no purpose (majority of the time). But the current Bitcoin chain splits are not from a result of "genetic capturability" or "external threat", but solely for belief in "more choices". New Bitcoin chains developing as a response to internal conflicts is not a correct evolutionary theory, and the evolutionary theory should only apply with external threats. All internal issues or threats should be dealt with through Consensus systems like an organism's immune system. Using evolution theory for Bitcoin's current chain splitting, IMO, is obviously wrong and has nothing to do with "natural evolution", and more to do with human desires and egos. So IMO, all of this is either misguided economic participants or attackers who are manipulating the misguided economic participants. I agree with you. As far as I know, a fork happens only in case there is a basic disagreement, (this is what I have seen with open source software and Linux), if 2 parties disagree on should BTC transactions be faster or not. If both parties agree it should be faster, then the question is how, and it is simple to sort it out and develop the original product. This kind of the alleged “forking” is just copying! Just trying to start again the same history of BTC and make a fortune. They are simply trying to go back in time. If the original BTC is developing to make transactions faster, and the new alleged fork is doing the same thing, then there is no reason for its existence because it does not add anything new. If someone fork or copy KFC chicken, but call it Golden chicken GFC, it is the same, there is no reason to succeed, or replace KFC. |
|
|
|
Hi'
Sir after reading all about you i just feel that ,you already know all the aspects about the share market. Bitcoin is also as much as similar like that the only difference is the currencies.And you are already aware about the risk that held in this field.Do you know something success is always belongs to the risk takers.I am dam sure that you can make a huge profit by investing in this bitcoin by the experience of your investments in share market.It will give you a fabulous retirement days.
Thanks Ayaancool for your nice words. It is a bit different from shares. The price of a share depends on the expected profit and expected growth, depends on the expected balance sheet of the company, taking of course lots of variables into consideration including even the management and past history and plans... companies pay dividends, you get money but you still have the original number of shares you bought. But crypto, to make money, you mostly sell part of the crypto you already have. So, it is not income as such. For everybody, who think about “huge” profits, or getting rich quick, as far as I know and my experience there is nothing as such. Investment is a continuous process, it is absolutely different from gambling. There is as well nothing as expecting high returns because you are taking high risk, taking high risk means making high profit or high loss. Don’t look at profit only. But still, there is what they call a calculated risk, it is about calculations before anything and after anything. So, may I adivise you and everybody, investing should be a continuous process, slowly, calculating, estimating and deciding, this way you can build wealth and income sources. Other than that it is gambling. Bill Gates, Warren Buffet, Microsoft, Google, didn’t just “happen “ in a short time, they “happened over years and years... this is the only way to do it I know of, if I know of another way I would have done it for sure, and I am not that smart as them. Wish you all, all the best. |
|
|
|
Remember the one thing - even though somebody control the situation from the above it'd always be an opponent on his stage. States that would delay the blockchain development will lose to progressive countries. Banks that don't admit cryptocurrency will lose to their world competitors. Those who'd hold on an obscure fiat economy will be like North Corea nowadays.
Reframe "divide and rule" to a new paradigm "decentralize and rule".
Sure Loni, but I don’t take things based on conspiracy theory, it is just a game, everybody plays to win. I believe as it is open source, nobody can really do anything to it. It only depends on the developers, as open source, they should listen and interact very actively with the community. This is my experience with Linux. May be because I am new here, I don’t know if the developers are reading this or who comments is a developer or just a user like me. There is only one way to go, even for banks, and even central banks, digital currencies, and they will have crypto currencies, BTC, ETH, XRP... etc as a given in the environment. Still waiting to hear an answer from a developer on my above questions. |
|
|
|
i fully agree with the statement above. How I wish that there would be more people having the same kind of understanding and orientation like you so that Bitcoin can really go mainstream as soon as possible. Yes, there are still many problems and challenges that Bitcoin can be facing but am sure that it can be able to withstood them all making it a very resilient and forward looking cryptocurrency.
We all know that central banks are using the power vested to them anytime to be printing the money they all want which can have many ramifications for the economy in general and our pockets in particular. This is one area which Bitcoin is a big contrast since its supply is quite limited.
There is a big possibility that governments would also get enamored with cryptocurrency and they will also be issuing their own versions of cryptocurrency...I have seen this trend and there is already a government on the verge of getting this idea into reality.
I see we are sharing the same understanding. But don’t worry about crypto currencies. It is here to stay, nobody can really stop it. If they thought they have a little potential to stop it they wouldn’t have thought of issuing their own cryptocurrency. The only challenge I see for now, in general, is the cost of transaction and speed, ease of use, to include everybody, every minor transaction. If we reached this, it makes no big difference if they keep printing money. Still hoping developers come in and answer my above question. |
|
|
|
56 years old huh  wow that's quite inspiring and motivates younger people like me to stay into the crypto world forever. I was knowing about Crypto from 3 years but came into the community a few months back. I really feel obliged to be in this community where one helps the other and earns side by side. I wanted something like this where I can be the boss of myself and don't have to be under any person. Bitcoin has fulfilled this dream of mine and made me achieve a lot of things which I can't explain it right now. I welcome you here and am quite impressed with the older generation people to walk aside the younger ones. Thanks hasmukh_rawa, I again say, I’m not old, 56 yes, but saying again I am teen in heart. LOL. I knew about bitcoin sometime ago in 2013, but at that time, still it was absolutely virtual. So I didn’t go in. I was quite busy as well to follow up... but I just started about 1st September when I bought my first crypto and sold it and got money back to my bank. Then I took it seriously. You are lucky, you are younger, you can reap the rewards some time, you already did somehow from what you wrote. Just commenting on your post, I absolutely don’t agree with you that you can be “unemployed” now matter how rich you get. No matter how much endless guaranteed passive income you get. Humans should work and produce and be productive no matter what. Even working for free. If you are “consuming” something on this planet, morally you have to give something back at least equals to what you consume. I hope together we can contribute something useful. I see, I am being always called old generation though I’m feeling teen inside. |
|
|
|
|
Maybe someone, a developer can answer the question, after reading my above posts, does anonymity and privacy cause increased cost and slower transaction? Assuming we gave up annonimity and privacy, would this cause transaction speed to go up and transaction cost go down?
It is a programming or technical question I don’t know.
Having an answer might help.
|
|
|
|
|
You are absolutely right jseverson, you presented facts.
But to clarify what I meant by illiterate who can’t read or write, not who absolutely can’t read or write, no, there are many people I have seen and even dealt with, who hardly read and write, they can’t read a book, but they can stare at the road signs, and hardly know just the alphabets, and figure out what it says, and just figure out numbers on a banknote, something like me reading German or Italian, or like me when I was in Greece before the EURO, Though I know nothing about the alphabet, I could figure out what is the banknote I’m holding.
These people exist in some places in the world, and they can use a smart phone. Just reading the names or numbers, just very basic to jus t use the phone as a phone. But they can’t use the browser or read a book.
The post above supports the same concept, MIT students preferred ease of use. Think about it.
I am talking about a global currency for everybody as much as possible. Everybody will benefit. Even miners, they make a little money just by recording a transaction of an already mined BTC, if the number of transactions increased they will be making much more money.
|
|
|
|
|
In the conclusion of the above paper,
Quote
Moreover, whenever privacy requires additional effort or comes at the cost of a less smooth user experience, participants are quick to abandon technology that would offer them greater protection. This suggests that privacy policy and regulation has to be careful about regulations that inadvertently lead consumers to be faced with additional effort or a less smooth experience in order to make a privacy-protective choice.
Unquote
I hope this helps crypto adoption to be widespread.
It confirms what I previously mentioned about ease of use, and the average Joe above.
The research was done on MIT students, I think they are at least above average Joes, when faced with sort of difficulty or unsmoothness, they preferred ease of use though even they can overcome the complications. They are MIT students.
|
|
|
|
For privacy, a scientific research by MIT states that, Quote Bank-like wallets, instead, connect to traditional bank accounts and credit cards, offer a mobile app, can easily convert Bitcoin to and from government-issued money, and may provide additional privacy to their users from the public because of the way they pool transactions within their network without recording each one of them on the public ledger. At the same time, with bank-like wallets users need to be comfortable sharing all their transaction data and identity information with a commercial intermediary, and possibly the government since these intermediaries need to comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations like other financial institutions. Students’ wallet choices therefore involve a trade-off in terms of who may have easier access to their financial transaction data in the future.The vast majority of participants (71%) selected a bank-like wallet and only 9% selected a wallet that is more difficult for the... Unquote Here is a link to the pdf http://www.nber.org/papers/w23488.pdfI hope it helps. |
|
|
|
I would highly appreciate if a developer might enlighten me and answer this question:
Assuming that blockchain or BTC completely ignored privacy, would this make transactions faster, less costly...etc.?
Or it is technically as is?
if we could turn back the clock where the bitcoin wasn't launch at full blast then we could ask the developer about this assumption but now it is too late to change the bitcoin protocol as it coin circulating reach to maturity level as high as 80 percent, and it is not easy to rewrote or re-implement new protocol once the infrastructure had been establish and a huge amount of money was invested to run the bitcoin industry, it is hard to take down and begin again from scratch. I understand, till now nobody can travel back in time. What I am thinking is not starting from scratch, just developing, modifying the software, the protocol or whatever to accommodate the required changes. Software can be always and continuously modified to perform faster and faster, and cheaper, without re writing the whole application from scratch. This is the software part. For the hardware, miners can still keep mining and solving the problems as usual using the same hardware. They might lose some of the profits, but they might gain more if the amount and speed of transaction is increased and more people use it. May be w need to think something like torrents, p2p... What you think? |
|
|
|
the transaction fee is a sort of service fee from the miners and the witness signer of the the ledger from the blockchain in order to secure your transaction free from hacks and tampering. adding security features of bitcoin takes a lot of cost. If you want sort it out like verification is thru phone or any devices nearby that are bitcoin users are the one who verifies your transaction without the need of miners signatures on the blockchain, that's is what we called off-chain verification. Lightning Network trying to proposed this kind of solution to reduce transaction fees and speed up transaction capacity per second,the only problem is it needs another centralized network or server that need to broadcast or sending the data back to the mining pool and acknowledges the miner that those transactions were verified from the mobile devices but it does violates the bitcoin protocol of decentralization, an off-chain verification is possible but it can be a different entity not related to bitcoin mining.
Well, though I am not that deep in technical stuff related to bitcoin,as a principle, everything is better decentralised, well, I don’t mind keeping my wallet running all time to contribute part or idle processor power to the network, I’ll be mining very little, and I don’t mind giving the few Satoshi I mined with my mobile to the miner who have a lot of hardware, but in return, I might get a reduced transaction cost. This will help spreading the use of altcoins. |
|
|
|
|
I would highly appreciate if a developer might enlighten me and answer this question:
Assuming that blockchain or BTC completely ignored privacy, would this make transactions faster, less costly...etc.?
Or it is technically as is?
|
|
|
|
|
