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I like historic figures explaining problems but in our considerations, we should always check if past predictions are still valid. Time is changing quickly and we need to figure out to get it right. A known anarchist libertarian historian is Murray Bookchin and he already predicted climate change will destroy our coastal cities. Tampa Bay and Miami are most likely screwed, for example, if morale doesn’t improve. Bookchin analyzed common problems and his famous quote was "when barter?". He viewed capitalism critically and draw several conclusions. Already today we can transfer his comments, because of Murray Blockchain, and give it added value because Bitcoin can be considered barter. For Murray Bookchin, barter was central for his considerations. Murray Bookchin is an educated academical figure. He has left us wise words and given many hints how to protect our environment, to review barter and act against toxic capitalists. You can find his profile on Wikipedia. Reading from Murray Bookchin can help us to draw better conclusions for good solutions. |
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Wow, so many coins stolen, people will again suffer losses.
We really need more protections to prevent such losses. How can such security still be handeld so superficially?
From now on, all digital infrastructure should be reviewed and improved or build newly from experienced coders from scratch because like it has happened now repeatedly multiple times, it can't continue or some people will suffer again.
An improvement is really due!
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It does but Bitcoin developers are very intelligent and once it will be a problem for Bitcoin, it will be solved. It is just not needed right now. Quantum computers are a theory or science fiction at best.
It's already tested but it won't happen from today to tomorrow. Bitcoin developers will have time to create a solution. |
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A big advantage of MEW is it can be used also for Altcoins like Binance Coin or Avalanche Coin because of same technology. Right now, I have only 70$ but MEW offline seemed to be a good sulution.
Yes myetherwallet is designed for altcoins. Can I know what tokens those worth 70$, cause you might interpret that or seen the value based on etherscan or somewhere showing its value. But you need to check on the exchange itself the current value of the tokens. It could be worth more or less. Some value shows but its fake so better really look into exchange. It is not Token, it is Coin, Sir. I have checked on Coingecko, Sir. Coingecko is a very good and reliable site for checking. It is true that myetherwallet wallet is used mostly for storing tokens or erc20 tokens that uses Ethereum network and also for coin like Ethereum which is a coin. I agree, Ethereum is also good coin. It’s number 2 behind Bitcoin. This is the right place to learn about bitcoin, this forum will provide you with the all necessary guidance about bitcoin and blockchain technology. I think bitcoin is the only crypto coin worth investing in because it has the potential to be bigger in the coming years. You can ask questions wherever you are not clear.
You are right, experts are very positive about Bitcoin because Bitcoin’s developers are really good coders. Compared to Altcoins, Bitcoin has also a limited number of Bitcoins, while many Altcoins have inflation and not a limited number of coins. If you are concerned about your funds then a hardware wallet is preferable. It's more secure than a paper wallet or host wallet. Yea, the forum is the right place to learn about crypto and its security. A lot of things here to learn. I believe you will be a good contributor to the forum.
Yes, I have read about it and luckily not bought one because of Hardware wallet Ledger’s hack. Many people were affected and one more reason to avoid centralized companies. And Bitcointalk is a very big forum. I believe, we can find many helpful information for different topics. I have also done some research. Welcome to the forum phu, I do hope you enjoy every bit of the forum and all it offers.
Hello, Sir! People were already very nice and helpful and I’m looking forward to more contributions. In opposite to Altcoinstalk, where I have written a few posts last year from DeFi reviews, people are much more educated here. For example, some Tron an Binance Coin shills were active on Altcointalks, talking nonsense. This forum is where Bitcoin started, and as such, it houses every single information, educational content, anything at all that has to do with bitcoin and cryptocurrencies. I have seen Satoshis contributions but most of it is too technical because I’m not a coder. Some people have already linked important topics, where research was done and I will copy it into my Word document, Sir. I have this personal belief that every user on this forum is in bitcoins history, as bitcointalk is not just another cryptocurrency forum, but a very very important part of Bitcoin's history, when discussing the history of bitcoin, that discussion is never complete without a mention of bitcointalk.
Bitcoin’s history is an important point for Bitcoin. And it is amazing to see how Satoshi Nakamoto has coded a very good coin, a coin of good competition. Bitcoin has many features, where Satoshi was very good and looking forward. Like Bitcoin’s limited supply of 21000000 coins. Satoshi knew, people will like it to own a scarce asset. It is really impressive and still today Bitcoin is leading and likely to stay leading because many Altcoins have flaws and Altcoin developers could not weed out such flaws. And speaking about wallets, I believe you've already been told that hardware wallets are the best type of wallet for your cryptocurrency security, so maybe you should consider getting yourself one, rather than depending on a paper wallet, which to me, I consider really risky to use for storing crypto long term.
Luckily I have not bought a Hardware wallet because of Ledger’s hack. I will use a safe paper wallet and follow coders advice for now because I’m not a coder myself, for example, I’m not active on GitHub. Some people have also recommended coldkeys, which is a nice collectible I have heard from but it’s not available here. I have also heard to stay away from KYC because it is very dangerous, similar to Ledger’s hack. I have already done some research which Exchanges have no KYC and I would support such Exchanges. Because Uniswap is a very good Exchange but it’s only allow Ethereum Coin to Ethereum Tokens or Ethereum Tokens to Ethereum Coins or Ethereum Tokens to different Ehereum Tokens. So it is only Ethereum based. Maybe bear market now is a good chance to find some more coins anywhere. Do you have any free and profitable giveaways on Bitcointalk? |
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A big advantage of MEW is it can be used also for Altcoins like Binance Coin or Avalanche Coin because of same technology. Right now, I have only 70$ but MEW offline seemed to be a good sulution.
Yes myetherwallet is designed for altcoins. Can I know what tokens those worth 70$, cause you might interpret that or seen the value based on etherscan or somewhere showing its value. But you need to check on the exchange itself the current value of the tokens. It could be worth more or less. Some value shows but its fake so better really look into exchange. It is not Token, it is Coin, Sir. I have checked on Coingecko, Sir. Coingecko is a very good and reliable site for checking. Overally, I can see many good content is presented here and we can pick, what is important for us, when we need research.
I'm very happy that you like bitcoin education and learning about it here will certainly find more useful content because this forum provides and presents interesting things for us to see if you want to know more. But I like the threads that Ratimov has summarized in one and we can find what we need I see in that thread there are so many benefits that we need, maybe you need to know that thread. This is the thread. Beginners & Help Encyclopedia [UPD: +Electrum Board]Many educational topics about Bitcoin in [GUIDES] on Bitcointalk. Index thread. There is a section for Bitcoin and if you want to learn more (altcoins, security, forum issues), there are topics about that in the compilation as well. Wow, two very detailed overview sites. I will copy it into my Word document and when I’m in need of search I will come back to it and check it.  |
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I am not advocating Proof of Stake because I know this will make Bitcoin more centralized but I would like to know how the problem of excessive energy consumption can be overcome in the long run.
Government should fund green energy directly. If all power is from green energy, we can prevent climate change. No need to ban PoW. Almost no coding expert is recommending PoS for Bitcoin. So many Altcoins are using PoS already but it is clearly because devs have more power in PoS by hoarding a large chunk of premined coins, so Altcoin dev's choice is PoS. Bitcoin is better in PoW, no need to change to PoS. Now, we can wait and watch, what will be better but I expect many PoS coins will fail. In addition, PoS is an unfair consensus because rich stakers are getting richer every time. PoS is just not fair. Can you please stop copying my text? You have it copied from here: https://bitcointalk.org/index.php?topic=5410782.msg60802859#msg60802859 |
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why bitcoin protocol cannot use pos instead of pow ?
Almost no coding expert is recommending PoS for Bitcoin. So many Altcoins are using PoS already but it is clearly because devs have more power in PoS by hoarding a large chunk of premined coins, so Altcoin dev's choice is PoS. Bitcoin is better in PoW, no need to change to PoS. Now, we can wait and watch, what will be better but I expect many PoS coins will fail. In addition, PoS is an unfair consensus because rich stakers are getting richer every time. PoS is just not fair. In Bitcoin you can always keep a certain % of Bitcoin's supply and it doesn't get diluted. |
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Hello, everyone and nice to get so many insightful answers. The most important features of Bitcoin are that it's maintained by the largest community of developers out of all the coins, and consequentially it has the largest test suite and debugging infrastructure.
It makes it really easy to pin-point bugs. I can't stress enough how important having test cases is for your project, whatever it may be, whether it's related to crypto or not.
Important point. Bitcoin has a very reliable coder community, where flaws will be detected early before implementation and no risks are being taken. Many much smaller coins have a very flawed code review process. A large and educated coder community reviewing code during testing times is indeed an important advantage for Bitcoin. It saves you from a lot of future bug-hunting.
And luckily, it saves us from possible hacks, when hackers are prevented from detecting flaws faster because all flawes are removed before implementation. We have seen so many hacks, where a flawed code was exploited and people lost money, like for Altcoin cross chain bridges recently or when Terra Luna failed. Still, people are buying coins from unreliable coders like Tron from Justin Sun or even weaker DeFi coins like Acala Stablecoin from Web 3. Unfortunately, some people will only learn after a loss.  One more thing that sets Bitcoin apart is the immense decentralization - in hashpower, full nodes, development and community.
For security, the first two are the most critical.
Most altcoins either don't have node decentralization or / and they have a flawed consensus mechanism (proof of stake) that simply gives the developers total power over the project. This allows them to change rules at will, but also allows authorities to press them to do such things. In Bitcoin, that's simply impossible.
A PoW coin without enough hashpower can be attacked similarly, and as a matter of fact most energy is pumped into Bitcoin PoW, which makes it most secure.
Yes, some coins are very centralized and have a single point of failure like Solana, when it was down several times or devs have much power like in Binance Coin or Tron. And DeFi coins can easily print some more coins / tokens into existence. Bitcoin is having a big advantage here.  Important would also mean for Bitcoin from a hacking-resistant point
It is nearly impossible to explain about bitcoin security without getting into technical details. No problem, I have received some very good answers here already. The magic part of bitcoin is Proof-of-Work.
Yes, from what Experts have said so far, PoW is very hard or almost impossible to compromise instead of PoS, where more attack vectors can be found. The second part is digital signatures. The fact that you use private and public keys to prove ownership of fortunes still seems mind blowing to me.
I have run into it recently, when I tried to create a Solana wallet or similar new Altcoins. Altcoin developers are not focussing on security. Or even MEW is bitching around more and more every time. Many Altcoins are leaving people vulnerable which is very concerning. Bitcoin is better like Electrum for example. It's design is not so nice but Electrum is good tech and recommended by many experts. Considering that OP wants answers that (ideally) are easy for non-technical peeps to digest, I think the following quote (from WO, of all places) is worth leaving here. Like shahzadafzal, I really like the term "public digital payments infrastructure".
"Public digital payments infrastructure" sounds like a very good explanation for Bitcoin. |
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- January 18, 2022: Multichain- $3 million stolen.
- January 27, 2022: Qubit- $80 million stolen.
- February 2, 2022: Wormhole- $320 million stolen.
- February 5, 2022: Meter- $4.4 million stolen.
- March 29, 2022: Ronin- $615 million stolen.
- June 23, 2022: Harmony Horizon- $100 million stolen.
- August 1, 2022: Nomad- $200 million stolen.
It is a very shocking list and we can only guess why so much money was hacked but Crypto / Blockchain Bridges are still new, so it isn't as proven as it should be to be used for funds. Hackers can find flawly coded bridges and exploit it for sinistre hacks. Coders should be very careful when releasing such bridges because if it's insecure code, people can lose many coins and tokens on such bridges. We should know about bridges and avoid it, whenever possible because bridges will take a long time until hacks can be prevented more reliable. Instead of boating accidents, it is bridging accidents now. But I have never used bridge because of high fee. |
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I'm not a coder but as a non-technical person, I'm always open for simplified technical knowledge about Bitcoin. So, I would like to ask people of very deep knowledge of Bitcoin’s code what you would tell some non-technical people. What are your 2 most important technical points of Bitcoin, where you would say "it's really important for Bitcoin and people should know it". Important would also mean for Bitcoin from a hacking-resistant point and what is making Bitcoin superior against competing Altcoins? I could give a few examples but I'm sure, it would be explained much better from really knowledgeable people. People maybe even running a Bitcoin node or people active on GitHub. As for educational purposes, it would be nice to include in your reply a generalized language, also understandable for non-coders. So, a simplified but not too oversimplified explanation would be helpful for educational purposes. Having reasons delivered, why Bitcoin’s tech is very advanced is a very important point in my opinion. I'm looking forward to read about your reasons, what's your nomination of Bitcoin's most important technical characteristics! Maybe we can get a nice collection. |
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Arguably, the most significant driver of Bitcoin value is its future price speculation. There have been several speculations of BTC price by top crypto influencers, while some have come to pass but it appears that the 100k price milestone appears elusive.
The $60k prediction came to pass but BTC has since lost more than 65% of its ATH price.
Do you think that BTC will ever rise to and above 100k in the near future? Wil it be before or after the next Bitcoin halving or this price would never come?
What's your opinion?
When you say "will ever reach" you also include 10 years from now or 20 years or even 50 years. And when you look at how Bitcoin is designed by halving mining rewards around every 4 years and why Bitcoin is limited in supply, you will easily find a good argument, why even 100k USD are not Bitcoins final value but it will be much higher. Always remember about people buying Bitcoin as a store of value for a reason. Bitcoin will be HODLed and supply get extremely scarce because nobody wants to sell his Bitcoin. Bitcoin's price is very likely to be way above 100k USD in 5, 10 or 20 years. |
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Wow, your warning is very important.
Hackers are always going to abuse bad code, take advantage from it and steal ppl's coins.
Polkadot really needs to solve such issues or it will result in ppl losing Polkadot coins and tokens build on Polkadot supported by web3.
Infections can easily happen and we should be aware to store our coins mostly offline, not in hot wallets and foreign party manufacturers.
Internet and digital space are still very insecure and experienced hackers will exploit flawed code.
It's a very big risk.
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I have read your linked articles now and some are really good for education. Let me make a few comments on it: Becoming a Blockchain Developerhttps://bitcointalk.org/index.php?topic=5390254.msg59560949#msg59560949It is a very technical topic and because it's targeting coder's education and I’m not a coder, it is above my understanding here, Sir. Ppl need a special education in coding to understand code, especially Blockchain code because Blockchain needs a very good code to prevent abuse. [Infographics] What is Blockchain and How does it work?https://bitcointalk.org/index.php?topic=5144421.0A very good and graphic explanation of Blockchain basics like hash, blocks and block connection. Understanding Blockchain - A Guide for Beginnershttps://bitcointalk.org/index.php?topic=4382304.0It is a really good essay about Blockchain in general and a very good read. Important parts why Blockchain is innovative and how Blockchain is achieving it are presented and outlined. Blockchain is really bringing innovation and progress and many coins are building on it. But it seems to be just a copy paste text? Blockchain related education resourceshttps://bitcointalk.org/index.php?topic=4881231.0It is mostly a link collection from coder sources and from academic research, when people are going to study computer scientist? So, most of it is not possible to understand for normal people. Overally, I can see many good content is presented here and we can pick, what is important for us, when we need research. |
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great that the OP have finally signed up on this forum. because honestly, there are so many important threads here that you can only read in this forum. just roam around and hopefully, this forum will be of assistance to you. and more then likely, all your doubts and questions have been answered many times already. but this section alone will give you many important insights about crypto. even compiling your own wallet have tutorials..so good luck to your journey here.
Helooo! Yes, I’m happy to have signed up because Bitcointalk has a very good content and advice. From what I read so far, I can say Bitcointalk was very useful from what I searched. Wow, it is very useful content! I will try to read it later when I have some time. I know some Blockchain basics already but always good to read more, especially from coders explaning it for non-coders. Welcome aboard! While you've done more research than most newbies (well done!), I'd still say some things: * as other said, be careful and learn how to also generate those paper wallets safely, locally, offline (then wipe/cleanup that system too) * since usually a paper wallet is basically a pair private key+address (paper is not necessarily involved), the way of storing the paper wallets is also important (keeping private keys or wallet seed in e-mails or cloud storage, or your desktop, is not OK) * it's good that you learn all this with altcoins of very small value, but also keep in mind to not invest too much time (and also no money) into projects that may have no future (i.e. the vast majority of altcoins). Yes, I have been active last year, done some research and also wrote some content on Altcoins Talks and Crypto Talk but Altcoin Talks has no coders and Crypto Talk gone dead already last year.  Bitcointalk is much better choice for knowlege content. Your security advice is very important because of hackers, I'm always trying to avoid hackers. About Altcoin you are veeery right. I have done a detailed research about bad Altcoins like Tron, Ripple or Binance coin, which don't have a very good technology and many flaws. Last year, I have written a detailed text about it how to spot and avoid such centralized Alt Coins. Technology behind a coin is very important, where Bitcoin is strongest from what experts have said. |
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I have already sent all my coins recently to a paper wallet because hot wallets are risky, it has been said and it makes sense. Exchange can be hacked because of hot wallets and when it’s an offline wallet, it can't be hacked because it's offline. Hacker will not be possible to get your private key.
All my private key is noted offline and safe.
My owned coins are not much but I don’t want to be hacked.
That's good that you've gone with a paper wallet, instead of something that you don't have the private key too, and is online. However, paper wallets aren't a guaranteed way of keeping your coins safe by default. It's how you handle the generation, and the storage of it. While, you definitely do keep your attack vectors less limited than a online wallet, there's still security considerations you should be giving time too. For example, are you storing it securely enough from physical threats, and that's not just thieves, but fire/water hazards. Hello, Sir! Online storage is indeed very vulnerable to attacks. I store my private keys safely but not sure if my coins can resist a bomb. I feel safe where it is stored, Sir. Out of curiosity how did you generate your private key? Was it with Electrum or Bitcoin Core, or did you go with another method? The reason I ask is there's plenty of pitfalls for newcomers to fall into if they don't quite understand the security implications of using non open source software or using a online generator to generate their private key.
From my coins, it is not Bitcoin unfortunately because I got all my coins for free and my value is very low of 70$ currently, which is not much for most first country ppl but here it is quite some value and exchanging it would mean some losses at such a low amount but I’m really trying to get Bitcoin one day. Bitcoin is very hard to get but also very valuable. Electrum seems to be a very established wallet for Bitcoin. When I get some Bitcoin, i will use Electrum for transfers. I’ve read about Bitcoin Core, too but it’s a full node wallet and requires better tech? My current private keys are generated on my old laptop by MEW, which is always offline ofcourse because some known coders have made a detailed GitHub review how to do it and more experts have agreed on it. A big advantage of MEW is it can be used also for Altcoins like Binance Coin or Avalanche Coin because of same technology. Right now, I have only 70$ but MEW offline seemed to be a good sulution. Software was open source from official MEW GitHub. |
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Hello, everyone!
I have looked out for good security advice for coins recently and Bitcointalk appeared often, when I searched about it, where useful advice was given, so I registered here now because it was very helpful for me.
Last year, I got some coins for free from different DeFi (decentralized finance) applications and I did some research about Alt Coins, wrote a few summary about my research on Altcoins Talks and Crypto Talk, but did not have much time for Crypto since it was very low in value, what I received for free.
I have already sent all my coins recently to a paper wallet because hot wallets are risky, it has been said and it makes sense. Exchange can be hacked because of hot wallets and when it’s an offline wallet, it can't be hacked because it's offline. Hacker will not be possible to get your private key.
All my private key is noted offline and safe.
My owned coins are not much but I don’t want to be hacked.
For more understanding of Blockchain, I signed up here because I was reading more about Blockchain Technology recently and it is very interesting. Ofcourse, I'm not a coder but I'm interested to learn more about it and get more knowledge of Bitcoin and Blockchain.
Bitcoin is a very technical issue and it needs some time to read it completely, from good sources. From what I was reading, Bitcoin has a unique feature called Halving every 4 years or after some defined amount of issued blocks. It makes Bitcoin different from Alt Coin.
Halving was, when I really learned why Bitcoin will be huge.
Bitcoin is highly valuable and when more people realize it, it will be huge.
I like new tech very much and education about it is important.
So, it is my text here, I might ask some questions later and also share my findings here from recently and last year. Education about crypto is very important.
Greetings from Bangkok
Phu
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