I believe that transaction fees and losing your wallet or getting hacked and not receiving any reimbursement is a serious archilies heel preventing mass adoption for bitcoin.
In many poor countries people use cash as means of payment and no extra fees is levied. If each and every single transaction is levied fees, then people wont spend as much as they spend with cash. I mean if you even transfer from one wallet to another you are leived fees.
The so called lightning network defense is not prudent as in lightning network the sellers ids is being broadcasted to everyone.
bitcoin will only be like gold aka store of value.
if you are truly a User of bitcoin and not just posting here about what you heard or read then you misunderstood Bitcoin then . because nowadays that the Fee is so much cheaper compared to what is last year and now getting lower as Segwit and Bench are there , also Lightning Network? it is indeed tend for small transaction with faster and cheaper fees. Would you pay tx fees every time you purchase groceries, movie tickets, paying traffic fines? I dont think avg joe would be comfortable with it. |
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in regards to the topic of acceptable crypt currency and certain idiots ploys of advertising LN as the solution
if luna(and its pegged stable coin) has taught anyone anything..
the currency that has no PoW blockchain, that currency/network has no underlying value, as there is no cost in the creation of the units of measure.. only in the main blockchain currency thats being pegged has some store of value. and if its PoW it has more than other blockchains that are not PoW.
but if that peg is bad and breakable . the bridged/peg network without the blockchain has no value.
if luna has taught anyone anything..for emphasis
if the pegging mechanism is not strong or guaranteed then the currency unit on the pegged network is not strong/guaranteed
learn lessons from the Luna fiasco
LN suffers this same fate.
infact a worse fate due to the crappy ways it locks bitcoin to create its msat equivalent units of measure.
these contracts are not audited at all... LN has no consensus network to ensure every Msat is accounted for on the LN side. its why turbo allows for fractional reserving(setting up balance without confirmed utxo). its why channels can be set up with unbacked balance in LN.
be warned about this.
goodluck to all the LN fangirls thinking LN is the solution.. enjoy your network when everyone catches up to the realisations of the issues with LN
an 1000msat is not worth 1sat if you can create msat balance without a firmly validated and network wide audited peg that cant be broken where by its impossible to create msat without a confirmed utxo
and i wont even go into the other flaws of how channel partners can cheat the balance in their channel against each other
let luna and its stablecoin be a lesson to people about how to perceive the LN peg flaw of LN, especially in regards to features like 'turbo'(unconfirmed(unpegged) msat balance)
Interesting reply. LN already suffers from privacy issue as ip addresses of the seller or receiver is known. But this comment above is like a stake. Blockchain size would have to be increased but this will lead to more space taking up. I still say bitcoin would be used as a store of value or could replace US dollar for cross border transaction for only GOVTS being the BANCOR currency which keynes originally envisioned Bitcoin is the bancor that is required. Your local currency will be used but for international govt trade it will be bitcoin imo. bancor history https://www.youtube.com/watch?v=6qDGMzXiiIs |
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That chart is not accurate as a person could have 10 wallets containing .1 btc each
or group of persons having 1 wallet containing 100 btc.
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What about sparrow wallet. I see in the website they state that you can use it as a blockchain explorer? https://sparrowwallet.com/features/" Your Own Blockchain Explorer With all this power, the transaction viewer doubles as a private blockchain explorer. All inputs and spent outputs are linked so you can explore the transaction graph and understand the full transaction history, as far back as the coinbase transaction. In addition, any transaction can be loaded via it’s transaction ID or hexadecimal/base64 representation (in text or QR) for detailed inspection. " |
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The sad thing is that it is not well known in India. I think bisq introduced indian payments in sep last year. Teh beauty of using bisq is that the govt does not know if you bought or sold BTC!
however if your yearly tx goes above 10 lakh then IT dept might send notice asking you how you got so much money from whom and the reason.
ps: to be more secure connect bisq with your bitcoin core software.
never sell BTC and hodl as in 10 years 1 btc might go million dollars.
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I see no interest in the community. I am relatively new to the P2P space (using WazirX earlier), what are the best places to get P2P trade done in India without any KYC?
use bisq https://bisq.network/Bisq is DEX for Bitcoin and if I am correct it doesn't support INR transaction. It only support dollar and few other global currencies. Anyways whatever you do to avoid the TAX will come back to you so hold if possible or pay TAX as per the law. Are you smoking? Have you tried bisq recently? THey support imps\neft\rtgs |
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I see no interest in the community. I am relatively new to the P2P space (using WazirX earlier), what are the best places to get P2P trade done in India without any KYC?
use bisq https://bisq.network/ |
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Why not just use one Ledger/Trezor hardware wallet? That's ample security already. And if you want to take it one step higher, probably use multisig with multiple devices, or the shamir secret sharing scheme. A Ledger Nano S is only like $70 or something.
its closed source. You trust them? and not to mention so many scams with ledger and trezor. MAke your own hardware wallet like raspberry pi 400 or pico. |
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As the saying goes dont keep your eggs in the same basket. So have you saved all of your btc in mutiple wallets\software?
I like to split with electrum air gapped and bitcoin core.
Should i make it 50:50 even though bitcoin core is always online?
The amount is not that much but i am thinking that if i make it to good amount of mbtc, it will be prudent to divide the amount.
Any OGs who can give feedback?
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Will do but i hope bitcoin devs are watching this thread.
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daymm thanks but it went over my head!.
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The average joe would never accept bitcoin as means of payment due to tx fees
Tell that to El Salvador citizens that use bitcoin as legal tender for everyday paymants by crypto wallet with build in lightining network.
Whats the percentage of el savadorians using btc over cash? https://www.pymnts.com/blockchain/bitcoin/2021/poll-shows-70-pct-of-salvadorans-are-anti-bitcoin/https://www.pymnts.com/cryptocurrency/2022/study-finds-el-salvadors-bitcoin-as-currency-experiment-costly-failing/I believe that transaction fees and losing your wallet or getting hacked and not receiving any reimbursement
Tell me how big reimbursement you will get after loosing your wallet full of paper cash. Or how big reimbursement average joe would get after his bank account hack. [/quote] you will get $250000 if the bank fails. How much you will get if btc fails or your hardware\non custodial wallet is hacked or lost? Bitcoin might have utopian and idealistic ambitions but unless it can solve sending and buying btc without fees and restoring lost\hacking coins, it will never be used as commonly as cash. Bitcoin might force govts to go back to gold standard but to replace all currencies is a fools dream. lightning network is not private as thought to be! https://en.cryptonomist.ch/2021/11/06/lightning-network-privacy-really-that-private/https://www.youtube.com/watch?v=89GJH4PgG6M
I believe that transaction fees and losing your wallet or getting hacked and not receiving any reimbursement is a serious archilies heel preventing mass adoption for bitcoin.
In many poor countries people use cash as means of payment and no extra fees is levied. If each and every single transaction is levied fees, then people wont spend as much as they spend with cash. I mean if you even transfer from one wallet to another you are leived fees.
The so called lightning network defense is not prudent as in lightning network the sellers ids is being broadcasted to everyone.
bitcoin will only be like gold aka store of value.
Have you used Bitcoin though?Transaction fees are very cheap right now, as compare to previous years, Segwit might be one reason why the fees are getting cheaper. I guess you have to look at LN here; https://bitcointalk.org/index.php?topic=5202798.0 and https://bitcointalk.org/index.php?topic=5158920.0. since 2011 The key problem is TX fees, as long there is a fee to pay, it will not be attractive to the avg user. Why not use cash or card where there is no fees? |
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Was hoping more would reply. Yours voting is secret so please give feedback!
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I believe that transaction fees and losing your wallet or getting hacked and not receiving any reimbursement is a serious achilles heel preventing mass adoption for bitcoin.
In many poor countries people use cash as means of payment and no extra fees is levied. If each and every single transaction is levied fees, then people wont spend as much as they spend with cash. I mean if you even transfer from one wallet to another you are levied fees.
The so called lightning network defense is not prudent as in lightning network the sellers i.p ids is being broadcasted to everyone.
bitcoin will only be like gold aka store of value.
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Just found that i am the 3,468,973 th user! Also i could have been the 14294th user. That was the date and time i had posted in some tech forum about bitcoin. Should have joined this forum that day  may 21 2011. btc was $5.59 on that day. |
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No need to reply here. Just vote and reply voted so the thread does not fall down. Your vote is secret!
Lol, that is true. You are smart. Voted. It looks like there will be more No than Yes this time as the price of Bitcoin really pumps in the couple of years and I am sure that people have now lesser BTC than others. If I just saved all the BTC I have before, I have more than 3 BTC now.
You mean to say i would have. My eyes directly went to the ending part of the post by @BitcoinAccepted and I was like wow, this man is lucky. But then I read the full post and I was like, okay we both are in the same boat. I am not that smart. Knew about BTC back in may 2011!mined it back in 2012 and got free btc via bitcoin faucet and tried to buy it but could not as i had a govt bank visa electron. I remember the dwolla days but where i live i could not access it. HDD crashed and i forgot about it. Got in seriously this year!Saved the exe file on disc but did not save the wallet.dat file. At that time the blockchain size was 600mb. Proof bitcoin core 0.4.0 (second file) https://imgur.com/e5sCHTD |
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How I wish I’ll be one of those who have owned 1 BTC, especially that I was hacked almost a month ago in which I am planning to invest some of those into Bitcoin. Right now, I’m just putting a little bit of my funds every month to BTC for building long-term wealth through dollar-cost averaging (DCA).
how were you hacked? |
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Guys can anyone help me in this problem?
I have a bitcoin node operating in my windows 10 pc.
i want to setup 24/7 bitcoin node via raspberry pi 400. Have purchase 3.5" 2tb hdd with its own power supply
I dont want to redownload the blockchain via outside net. Knowing that the pi os is linux and other is windows 10 i simply cannot transfer the blockchain files to the pi or can i?
Can i just sync the pi blockchain from only my pc bitcoin core via internal LAN so it does not download via internet outside my network?
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