As ridiculous as it sounds, this kind of thing is actually possible, but my question is what approach are they going to use? Having a dedicated wing for bitcoin addicts is one thing, but having a treatment plan that is tailored with bitcoin addiction is another. I bet the doctors must have at least basic knowledge of bitcoin to properly diagnose their patients' condition. After all, they must be able to understand how someone can develop bitcoin dependence. Anyway, in my opinion, the most effective treatment would be to lose all of your coins. That experience is definitely a huge slap to the face.    

The damage doesn't seem to be that serious, but I guess we can only see that when the hacker starts using the data they stole to their advantage. I bet it wasn't the core of the company's security system that was breached but just one employee's account. I wonder if "took steps to improve security measures and monitoring systems across internal and third-party applications" also includes informing the owners of the compromized accounts and compensating those that took a huge toll from the breach.

I read a post the other day asking for tips on how to learn bitcoin without going through the technical stuff (so they can start making profit sooner) and another one looking for a quick way to teach old people how bitcoin works. Here’s what I learned after months of observation and heavy reading on cryptocurrency inside and outside this forum.

There are NO SHORTCUTS to understanding bitcoin. You’ll find crash courses and simplified versions of the technical aspects of bitcoin but those are just to help make complex information more digestible WHEN YOU GO OVER IT AGAIN, not to help you skip certain parts. Yes, you’ll eventually realize that it’s best to re-read the stuff you refused to read the first time (when you thought it’s too much for you). With so many risks involved in cryptocurrency, you would want to know as much information about what you’re getting yourself into as you can. So, taking a shortcut is out of the question.

Think of cryptocurrency as a branch of science, because it’s as big as one. It’s not like a Netflix series that you can binge-watch in one go. Rather, it’s like the entire entertainment industry. Like a college course that takes many years to finish, it will take years of research and experience to master bitcoin. Also, research doesn’t stop as cryptocurrency is constantly evolving. Some of the things you will learn today may no longer apply tomorrow, so continuous study must be part of your daily routine.

Regarding profit, there certainly are various ways to grow wealth through bitcoin. You can invest, trade, gamble, perform tasks, write content, and many more, at least in this platform. But let’s not forget that the primary purpose of bitcoin introduction and adoption is to decentralize the financial system. More than just another income generator, it’s a campaign with a goal. Let’s find a way to contribute to that campaign. I also have a mentor btw so connecting with people who share your interest is also important.

I think most of the people who enter the crypto world don't really want to take part in the bigger mission to dismantle the centralized financial system. They just want additional income, so when bitcoin doesn't work for them anymore, they tend to look for something else that works, and then go back when bitcoin is profitable again. For me, there's nothing wrong with that. From an advocate's point of view, however, it's kind of frustrating to see how your supporters can easily abandon you when you're not useful to them anymore. But that's how organizations that offer investment opportunities work. Everyone has an interest to protect.

We can't deny though that the behavior of these people you call "clowns" also contributes to bitcoin's price movement, which also influences the financial market. So, we can't really write off the fact that they are essential to the fulfillment of bitcoin's true purpose. That's the role they chose to play in this project and I think we can't question that. After all, we're free to choose how we want to be involved. I agree with you that patience is key both to making bigger profits through bitcoin and to promoting global bitcoin adoption.       

We can all guess what his intentions are for not choosing to be in the spotlight like other tech geniuses turned billionaires out there. The fact that we're not even sure if Satoshi Nakamoto is his real name tells a lot about what he's after when he proposed the decentralization of the financial system, but fame is definitely not one of them. That also proves how smart he is. He knows that with his proposal he'd be waging a battle against the most powerful people on the planet (those who are at the core of the centralized financial system) so he'd be leading a chaotic life if everyone knows him well. At least that's how I see it. Or maybe he has other reasons.

Most of us already have an idea of how this revolution is going to affect the world. In fact, we're already seeing some of that happen, but like what I've always been saying, we're still too far from experiencing any significant developments. But we'll get there alright. Introducing bitcoin and replacing fiat currency with it is like putting an end to an age-old religion or culture. It's going to take a very long time, maybe as much as it took us to adopt the present-day currency.

What I like about your blog is that it promotes the normalization of bitcoin use, which is the exact point why Satoshi introduced it in the first place. I'm in the digital marketing industry and I am fully aware of the impact contents like that make in terms of conditioning readers' minds. We need more content creators to bombard the Web with high-quality, relevant articles, videos, infographics, white papers, etc. that highlight the benefit of bitcoin in order to establish cryptocurrency's authenticity and effectiveness, and eventually draw more supporters. I think your blog is meant not just for people who are already into crypto but also to the skeptics. 

These are clearly just generic tips and reminders that can help you avoid getting scammed, but they are not set in stone. Eventually, as new technology that improves bitcoin security becomes available, some of these "rules" will change. The full adoption of bitcoin will also entail the creation of laws that will further protect bitcoin users, and that too will ease things up. For now, we have no choice but to be extra smart, vigilant, and cautious when handling our coins. The term "laws" is just used to make the content more catchy I suppose. 

Now that some governments, especially from superpower countries like the U.S., are starting to take cryptocurrency more seriously, I guess we can safely say that the hard work the pioneers and the bitcoin community have put into bitcoin introduction and utilization is finally paying off in terms of the ultimate goal--decentralization of the financial system. However, the fact that it's just a survey and they seem to be hesitant about using the term "cryptocurrency" to refer to bitcoin and altcoins means we have a long way to go before decentralized currency gets fully adopted. 

That would be awesome indeed! In the Philippines, there are already a handful of stores that accept bitcoin payment. But I doubt full adoption is going to happen in our generation. Merchants and their staff have to fully understand how bitcoin transactions work and the proper technology to support it must be accessible first, and that takes a long time. We have a long way to go but we are always optimistic.    

When you say thesis, it means you're trying to present a theory that you'd like to prove through research/surveys/tests/experiments. I think the first thesis ever made about bitcoin is this one here: https://bitcoin.org/bitcoin.pdf from Satoshi Nakamoto, himself. And as we can see today from this community alone, all of his claims and recommendations were right. So, there's nothing else to prove in terms of the fundamentals of bitcoin.

If you're going to make a thesis, it must be about something, an issue, that none of today's bitcoin-based processes or systems hasn't address yet--there are a lot. If you're after spreading awareness, it's not thesis you need but mass advertising, and that's already happening, too. But remember that we are up against a centuries-old financial system, so it will take some time before we can see results.

I don't think this warning or the SEC's action against ponzi schemes for that matter is going to negatively affect bitcoin adoption in the country. If anything, it will help weed out swindlers and primp bitcoin's reputation as the community becomes a little bit safer.

This is not an attack on bitcoin if that's how you interpret it. They have the same, if not tighter, regulations on other kinds of investment schemes (or those that involve other types of currencies) and that makes investors, especially the neophytes, feel a tad bit secure. Simply put, it sounds like a good thing.

On the contrary, I don't think this is the last time we're ever going to hear from SEC. Let's expect the leash to be increasingly tighter as they become aware of how much control they are bound to lose as cryptocurrency overturns the centralized financial system.

Needless to say, yes, it does impact bitcoin's reputation. And I think it's one of the reasons why a lot of people are still reluctant to get into cryptocurrency. This widespread fraudulence, however, should not be taken as proof that cryptocurrency isn't safe and effective. If anything, it proves how little most people know about it, considering that the more you understand cryptocurrency, the less likely you'll get scammed.

If the competition between bitcoin and "all altcoins put together" contributes to the expansion and promotion of a decentralized financial system, let's keep it up!

Clarifications/corrections like this are very helpful to newbies like me. Thanks!!!

That depends on which country or state you are making transactions from. Since Bitcoin (or cryptocurrency) is a type of currency, selling or buying it is considered a form of money transmission, and money transmission is a heavily regulated process in any country. Meaning, there are laws governing it, and any transaction that slips through the regulations is deemed unlawful. It makes sense why some countries would do this because bitcoin can be exchanged for fiat money. If they don't regulate bitcoin like they do fiat money, crooks will take advantage of bitcoin transactions to smuggle fiat money out of their country's financial system. But like I said, that depends on which country you are in. I suggest you read up on money transmission laws in your country or state before you start selling or buying bitcoin just to be safe.  

The differing responses of governments toward bitcoin are quite understandable. They are only trying to protect their economies from possible collapse if bitcoin introduction suddenly dismantles their country's current financial system. That's a good thing I suppose because it goes to show that governments already recognize the difference bitcoin, or cryptocurrency as a whole, can make. As to what kind of difference that is, well, it depends on a plethora of factors from a country's economic stability to the degree of its reliance on intermediaries. These governments are surely taking all critical factors into account to determine if bitcoin is good or bad for them.

We can't blame them for being hesitant. Instead, we should help them strike a balance between allowing the use of bitcoin and keeping their economies from falling apart. I don't know how we can do that but if we really want to decentralize the global financial system through bitcoin, we'll have to figure out how to lessen if not completely eliminate the stress bitcoin could place in the economies of resisting countries.      

This is quite helpful. Thanks for this. I'll have to read further on stability and volatility to better understand their relationship. ;-)

I recommend having a hardware wallet instead. That's the safest of all your wallet options. That is if that's what you meant by "key safety". The thing about private key is that no one must know or have a copy of it apart from you. If it's inputted in a wallet that's owned and run by a third-party provider, access to your private key isn't exclusive to you. The third-party provider has access to it, too. Some of them are reputable though.

That said, hardware wallets aren't totally safe, so you must be careful when buying one. Some sellers will try to trick you into using a set of codes and tell you that it's supposed to be the key to your account. The seller has a copy of this key and can freely use it to steal your coins. Make sure that your hardware wallet is fully formated or free of any suspicious data. Experts advise writing down your private key on a piece of paper instead of saving it in a digital file. This way, if your computer gets infected or hacked, the hacker won't have your key.

Unfortunately, there's no other way to understand bitcoin apart from doing research. Part of the reason is the fact that even if bitcoin has been around for over a decade now, it is still considered a new concept. This is why any transaction involving bitcoin comes with risks, which you can only avoid or manage if you fully understand the ins and outs of cryptocurrency. The less you know, the more susceptible you are to making bad decisions. Simply put, there's no shortcut to learning bitcoin, and giving people a shortcut means putting them in harm's way. What you can do, however, is use imagery (objects, situations, or processes that your listeners are familiar with) when explaining bitcoin. Hope this helps.