Yeah he won a Tesla truck (forget the name) but that couldn't have been long ago enough for him to have made 7 figures... he got it as Bitcoin neared 2017 ATH, so maybe something like $50k which even if he's invested in BTC would be... $75k now LOL.

Of course, being a gambler, he might have gone elsewhere with it, made 10 times and then degene'd it all. Only he knows, and it's not his business to tell us. lol.

How effective are China’s Bitcoin bans?

You can see for yourself. This isn’t the first time China has had some kind of ban or restriction on Bitcoin, this is at least the third time it’s tried to clamp down on Bitcoin activity. First exchanging, then use, and now mining.

True, each time it’s affected Bitcoin markets but fundamentals continue to grow. Look at wallet numbers. Hashrate. Txs. They’re always climbing!

Thank you for sharing this and indeed. If you want to leave behind the sealed envelope then make sure there is also instructions in there to help them understand it.

I'd share videos and links, a complete package, OR leave it as part of inheritance with a family lawyer. There are technical means to also achieve this that are more trustless but for now, when most people don't know how to use Bitcoin, might be best to stick to understood methods:)

What do you guys think about stats floating around saying 60% drop in active BTC addresses?

I don’t think that statistic really stands. And it would depend on what you define as active addresses. Take into account that a LOT of activity now happens off-chain — that means people more and more are using and transacting Bitcoin without actually using the network. Exchange wallet to wallets, platforms between user accounts, and now even wrapped Bitcoin on other networks and Layer 2 solutions like Lightning.

Bitcoin use and adoption continues to grow, not shrink.

What happens to Bitcoin accounts when an owner dies without passing on their private keys?

It’s simply lost forever. Or until the private keys are found. It sounds like a bad thing but that’s how Bitcoin works. You, and only you, should have access and no one else.

Which is why inheritance plans are really important for Bitcoin — either do a timelock transaction that automatically triggers at a fixed time (presumably once you die or are unable to access). Or simply passing on the private keys as part of your inheritance to a loved one or family.

Anyone got any experience to share with this?

Is there a way for me to avoid paying Coinbase fees?

There isn’t, not if you want to continue using Coinbase.

You also can’t escape paying miner fees for any transactions you do on Bitcoin, or any other crypto network for that matter. BUT you can save drastically on fees by using your own wallet client. For Bitcoin, examples would be Bitamp wallet or Electrum. Both interact directly with the Bitcoin network, so you pay only and exactly the required miner’s fee to confirm your transaction.

You will save a lot in the long run. As an example, a withdrawal fee on a typical exchange is at least 50,000 satoshi today. But sending your own transaction from your own client will cost you as low as 150 satoshi. That’s 300 times more if you use an exchange!

Is it true a country has made Bitcoin legal tender?

Yes it is! El Salvador made history by enshrining this in their Constitution. What does this mean and how is this different from other countries that accept or recognize Bitcoin?

Well, legal tender means no one has the right to refuse payment in Bitcoin — refuse a BTC payment and it would actually be illegal:) This is just the start!

Frequently asked: why does the Bitcoin I send + service fee + miner fee = amount of Bitcoin I own?

Perhaps you don’t mean the total amount you own, but the total amount of Bitcoin actually being sent?

What you send - network fee - service fee (if wallet has it) = what person receives.

Basically, works just like any other method of payment.

If you don’t want to pay service fees, then use a client that interacts directly with the Bitcoin network, so all the fees you pay actually go to the miners (this is also usually cheaper).

What's the smallest amount of Bitcoin I could buy and how would I do that?

Theoretically, there is no smallest amount of Bitcoin you could buy, but since small amounts may end up costing less than a transaction fee it would take to send you the Bitcoin, you may be constrained by how you choose to pay.

Most exchanges probably would let you buy amounts as low as $10–50 but would charge you about $5 in withdrawal.

P2P, you might convince someone to sell you about $1 (about 3,000 satoshi today) but they’d be inconvenienced and you’d lose about 5 cents to fees (which is 5% of your purchase!).

Probably better off trying a faucet, if you really want such a small amount! What do you guys think?

If I want to transfer crypto assets (BTC, ETH) to a hardware wallet like Ledger Nano S, how much transaction fees does it take?

It doesn’t matter WHERE you send your transaction to, what affects the fees is how you spend those funds, or rather, the source of the wallet you’re using.

If you’re using a service like an exchange or online wallet, they’ll charge you a fixed fee to withdraw (send) to another wallet. You can’t do anything about that and have to check with the service how much this costs.
But if you’re using your own wallet client with private keys only you control, then you get to decide how much you pay, depending on how fast you want it to confirm. The faster, the higher the fee.

Someone appears to have used my private keys to access my wallet and send funds to another wallet. Is there any way for me to get it back?

Not unless you know the person you’ve sent it to, in which case you’ll have to ask them to send it back to you. One way is to write on Etherscan comments under the address and hope the person sees it.

Otherwise — your private key seems to have been compromised so I’d sweep any remaining funds to a new wallet.

How can I buy Bitcoin without bank or card?

Well, apart from P2P options, buying directly from someone else, that is, you can actually buy Bitcoin from ATMs in many places, which accept cash. These days also, you can even buy Bitcoin from services that accept cash deposits instead of bank accounts.

Do you know of any other way? Do share:)

How are wallets secured by users?

Cryptography:) Which is what secures the network itself, and provides access to your wallet only via private keys — which you, and you alone control. If you don’t, that is, if your wallet is hosted by a service online, you’re actually trusting the platform to secure your funds.
Make sure you also encrypt your wallet on your device! That is, set a password.

Who gets the Bitcoin transaction fees?

If you’re sending from a service like an exchange, the exchange gets all of it. If you’re sending from your own wallet directly, then the miner that takes your transaction and includes it in a new block found does.

No guesses then why exchange fees are actually more than the actual miner fee!

How to minimize fees when sending Bitcoin to a cold wallet for long term storage?

If it’s not urgent, then I would just set the lowest fee possible, which is 1 sat/byte. The Bitcoin network isn’t at all congested now and that will eventually get confirmed.

Just send everything and set it to lowest fee possible.
Even at worst case scenario this year, it would have taken a couple of weeks at most. Set an RBF if you can in case you need to top up fees.

We're definitely considering this, thanks for your input. The only problem is most newcomers wouldn't know how to set it, and if they set a fee too low, then they come to the wallet begging them to help, which we of course can't:)

Can I send Bitcoin to someone without a wallet?

The only way to do this would be to use an existing service, deposit money to buy Bitcoin, and withdraw it to that person’s address. You’d be using the service’s wallet instead, so you can’t control how or when that person would receive it. The only way to ensure the person receives exactly the amount you want to send, in the time you want, is to use your own wallet.

Does it cost me anything to move out my Bitcoin out of Coinbase?

Of course.

If you’re using a service like Coinbase, then it’s a company that’ll charge you fees for withdrawal. This is a service, and like any other service provider, expect a few for those services provided. They’re typically fixed, and can cost a lot more than the actual miner’s fee (which is the network fee you pay to the computers actually securing the network and validating your transactions).

To ensure you have full control over fees (and usually this means paying cheaper fees), use your own wallet like Electrum and Bitamp so you can set precisely how much you want to pay (and thus the speed of your confirmation for the transaction).

What is the process to make Bitcoin a legal tender in a country?

El Salvador took the shortcut, as it’s own president asked for it.

Depending on how laws get passed in your country, it’s a long and tedious process.
1. One of the govt representatives has to make the proposal. Lawmakers have to look and study and then make proposed amendments, usually to financial law.
2. Proposal is presented to lower house in parliament. Voted on. If approved, then it gets passed to upper house.
3. Same happens if upper house votes and it passes, then it moves to legislation.
4. Lawmakers again look if amendment can be made. If so, then any final changes again goes through voting.
5. Law is enacted.
6. Grace period given to those affected (businesses) to make changes.

All in all, many years!

Can you use your access your Bitcoin wallet address worldwide?

Absolutely! As long as you have the private keys, you can access your wallet — you don’t even need an internet connection! You can access, even make transactions and sign them all offline, anywhere in the world.

You only need to go online if you want to broadcast that transaction to be confirmed by the network.