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Economy / Service Announcements / Re: Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly!
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on: September 02, 2020, 10:17:19 AM
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Thanks for sharing these information, hopefully many others find this useful. We personally like the idea of P2P trading and decentralizes exchanges where you keep as much control over your Bitcoin as possible. Not always possible as some P2P platforms themselves are centralized (like LBC) but every step towards total independence is a step towards the right direction:) |
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Economy / Service Announcements / Re: Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly!
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on: September 01, 2020, 02:58:23 PM
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Can you buy Bitcoin as an underaged person? Of course! Bitcoin as the censorship resistant, decentralized, sovereign money means no one can dictate if you can or cannot use it.
There is no central authority to say you can’t, though you might be limited to access certain types of ways to buy them (simply because you need to be of a minimum age to use most services) but there are P2P trades (which I still suggest you ask for adult supervision) that will allow this.
Perhaps the easiest for now is to buy Bitcoin from a Bitcoin ATM with cash. Most won’t require identification for small amounts, and you can get your Bitcoin on the spot with cash payment.
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Economy / Service Announcements / Re: Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly!
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on: August 31, 2020, 12:42:33 PM
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Someone asked if BTC ransomware demands helped drive up Bitcoin price... but failed to see that all these ransomware attacks have barely been able to convince enough victims to send any Bitcoin. IIRC the last big ransomware attack only got people to send about $10k... not even worth 1 BTC.
Good luck if that affects the market price!
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Economy / Service Announcements / Re: Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly!
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on: August 30, 2020, 09:04:28 AM
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Indeed, every method has its downfalls, and illegal Bitcoin ATMs is something I haven't heard of, but is a valid concern. I'd always check with the shop owner or call support (usually on a sticker on the ATM) to get confirmation first. Thanks for your feedback!
Germany Continues Shutting All Unlicensed Bitcoin ATMs. It is the thread I did not save days ago but fortunately today I see it again on the forum. It's basically a move to get all Bitcoin ATMs to comply with stricter AML/KYC requirements as per the EU's 5th Anti Money Laundering Directive (AMLD5) that came into effect in January this year. COVID-19 meant enforcement was delayed, so this has been coming for a while! |
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Economy / Service Announcements / Re: Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly!
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on: August 29, 2020, 12:51:35 PM
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Very true, I'm a ledger user myself but I've never used it in the public, only at home. Using a web wallet through an app just makes it so much easier if you need to spend on the go, just some spending funds for daily things though and not your entire savings account, haha.
These days especially, I think there are people now who know what Ledgers and Trezors look like and the moment they see you whip one out it can be like a flashing sign to tell everyone HEY I've got BTC! Very good point. Always double and triple check, it only takes 5 more seconds but saves you a whole world of hurt! |
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Economy / Service Announcements / Re: Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly!
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on: August 28, 2020, 10:04:46 AM
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Someone asked us today on Reddit the difference between Trezor, Electrum and Bitamp.
For us, everything has a purpose. Trezor's a hardware wallet as you say and I have to say, that's about as good as you can get for a regular storage. You want as little exposure as possible online, so Trezor helps you minimize that. But, for daily Bitcoin use, you don't want to be taking out that Trezor all the time, it's not practical and probably unsafe to do that in public especially!
So that, for us, is what Electrum or Bitamp is good for. A hot wallet with funds enough for you to spend day to day and easily on mobile, without the need for very many steps. They're both available on mobile. Electrum has an app and Bitamp's just a web wallet. Accessed via pin, or in Bitamp's case, just your private key or seed.
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Economy / Service Announcements / Re: Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly!
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on: August 27, 2020, 07:09:09 AM
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Someone asked if it was wise to buy fractional Bitcoin and this reminded us a lot about the mathematical psychology that should not get to you as an investor. Yes, there are only ever going to be 21 million units of Bitcoin ever going to be produced.
Yes, after the next three production halvings in roughly 12 years, less than 1 entire unit of Bitcoin will be produced with every new block as opposed to the current 6.25.
So it will become scarcer, but bitcoin is divisible to 100 million other units called Satoshi and guess what? Second layer payment systems even allow for SUB-satoshi payments. Virtually unlimited. So don’t worry. Stack your satoshis.
And use Bitamp to stack them in!;)
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Economy / Service Announcements / Re: Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly!
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on: August 26, 2020, 06:35:06 PM
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The question posed to us today was about Bitcoin cloud mining and our short and sweet answer is: don't fall for the scam!
Cloud mining has proven to eventually be unsustainable over the years (simply Google the name of the site + scam to understand), and even startups that have tried to go for cheap power (like Hydrominer) have eventually found that the cost of mining far exceeds the cost of management and profit payments.
Most cloud mining sites offer a fixed periodic payment, which is impossible to realistically offer since Bitcoin is highly volatile over the contract period.
So these sites try and tempt you with a free trial (which will never give you enough earnings to withdraw, by the way) to hook you.
Don’t get hooked!
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249
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Economy / Service Announcements / Re: Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly!
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on: August 25, 2020, 10:19:43 AM
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Bitcoin ATMs are good but to use them people in general and youngsters in particular should keep some important things in mind and actually practice. - Beware of legal and illegal Bitcoin ATMs: Because illegal bitcoin ATMs can bring troubles. - Search and try to discover the location of Bitcoin ATM that you want to visit and buy Bitcoin: Try to avoid ATMs that are located in remote places and something fishy or unsafe. - Try with small money first to get experience and get it done right. If you make mistakes, you can do another trade and correct previous mistakes. https://coinatmradar.com/Indeed, every method has its downfalls, and illegal Bitcoin ATMs is something I haven't heard of, but is a valid concern. I'd always check with the shop owner or call support (usually on a sticker on the ATM) to get confirmation first. Thanks for your feedback! Someone can have a wallet such as bitamp wallet, he does not need bank account or any verification for such, or he can download any other noncustodial wallet. The person can buy bitcoin on bitcoin atm, all he needs for the small amount of bitcoin he will purchase is phone number, this is used for verification. But for larger amount in thousands of dollars, he may need ID verification.
Another way around is to register on p2p exchanges like hodlhodl, bsiq etc. So far he want to buy, he can meet local sellers online and dialogue with them. The sellers will put the bitcoin on escrow and request for the money. The person can collect their bank details to go and pay the money in bank or use any other payment means like PayPal. The person has no bank but get bitcoin through p2p exchange by oqying the seller, the seller will release the bitcoin from escrow into the person's wallet. But, someone need to be careful of scammers.
Bitcoin atms are the best if the person has not bank, but if he knows about p2p exchnages too, he does not need a bank to buy bitcoin, but he may need a bank to sell in certain cases.
The problem in this case of P2P is that a lot of newbies don't know who to trust and it can be dangerous to deal with people and not know the risks of how they could cheat you (esp with refundable methods of payment and 3rd party transfers). In any case, if considering P2P, avoid meeting people for face 2 face trades, especially with minors as in the case we talked about. So Bitcoin ATMs still the best for now yeah? |
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Economy / Service Announcements / Re: Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly!
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on: August 24, 2020, 09:23:36 AM
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So some 16-year old kid was asking about how to buy Bitcoin with a debit card. Quite a few people suggested he use Purse, but I think this is one case where Bitcoin ATMs come in handy for small purchases. Of course, we said to make sure he gets a proper wallet first!
Where else do you think a person who may not have access to credit cards or banking services could get Bitcoin?
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Economy / Service Announcements / Re: Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly!
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on: August 23, 2020, 01:35:47 PM
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Thanks for the very detailed feedback, Charles-Tim and yes, I think it's suffice to say that not enough people are using it YET, but it's probably untrue to say it's not being used at all... if anything, for a tech that's so immature, the usage is probably quite high comparative to other Layer 2 solutions on other networks.
What you read is right too, the risks are all there and some people have lost money but that's to be expected with an experimental layer. It is for sure not for the faint-hearted and still aimed at micro transactions.
Look forward to more thoughts!
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Economy / Service Announcements / Re: Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly!
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on: August 20, 2020, 05:46:04 AM
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A few helpful things to take into consideration before opening a trade: - Trust or Reputation score (if the platform provides it)
- Number of past trades
- Ages of account
- Past trade feedback (the ratio between positive and negative trade feedback)
About casinos, some have a rule in ToS that they don't allow Coin Join or suspicious illegal money from mixing services so if a customer makes a deposit like that they have right to suspend customer account and related fund. Read ToS and FAQ with keywords and search. Thank you for the helpful reminder! Actually, a lot of exchanges also have some restrictions about where the source of funds come from, so it's very dangerous for anyone to try depositing/withdrawing directly between exchanges and other services like casinos where the legality can be confusing. So, always take it to your own wallet first, we would say. |
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Economy / Service Announcements / Re: Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly!
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on: August 19, 2020, 06:41:34 AM
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A lot of people ask us how to use a Bitcoin service that only accepts Bitcoin and really, there's no other way than to buy Bitcoin first. So if you ever get someone asking you about that, make sure they know the basics of buying. But ask them check to make sure they're not breaking any of the casino’s terms and conditions, and that it’s legal to buy Bitcoin in their country. And whatever else you do, make sure you get your own Bitcoin wallet first at Bitamp |
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Economy / Service Announcements / Re: Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly!
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on: August 18, 2020, 04:42:08 PM
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So with all the talk of Defi going on, don't you guys think most of the projects claiming to be Defi are really just centralized finance and should be called Cefi?
I mean, not even all of them have non-custodial wallets. At the very least that part should still be in control if you even want to start thinking about calling yourself Defi, right?
I couldn't agree more! A lot of shady ones popping up but.. I have seen some solid ones that I'll be interested in seeing what the future holds for  Yeah, I guess this really is the ICO of 2020, isn't it? Defi this and that. Every company wants to be seen as modern and up with the times, but of course, I'm not knocking all Defi for being Defi. I just think we ought to e careful and at least go for non-custodial wallets and smart contracts. Hard to tell at a glance though! |
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Economy / Service Announcements / Re: Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly!
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on: August 17, 2020, 12:57:39 PM
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So with all the talk of Defi going on, don't you guys think most of the projects claiming to be Defi are really just centralized finance and should be called Cefi? I mean, not even all of them have non-custodial wallets. At the very least that part should still be in control if you even want to start thinking about calling yourself Defi, right?  |
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Economy / Service Announcements / Re: Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly!
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on: August 16, 2020, 11:46:52 AM
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Sunday question for Bitcoin newcomers: When receiving a Bitcoin payment, can you see the address the payment is from?
Answer?
Absolutely. As long as the transaction is broadcast to the network, then everything is immediately viewable on the blockchain. Just visit any blockchain explorer like Blockchair — Universal blockchain explorer and search engine then enter your transaction ID, you will be able to see the sending address.
In fact, just opening your wallet and viewing the details should also give you this.
Better still, using a blockchain explorer to view your Bitcoin address shows ALL transactions sending and receiving, including all addresses. These cannot be hidden in Bitcoin’s blockchain!
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Economy / Service Announcements / Re: Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly!
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on: August 15, 2020, 08:41:32 AM
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A favorite question we get asked is, what's the easiest way for a first time BTC user to get a wallet? For us of course, we developed Bitamp wallet precisely to answer this problem of every day BTC introduction! The easiest way, in my opinion, would be to use a web wallet that doesn’t require him to download and install an app — this means there is one less process for him to complete, and a web wallet simply means he can use any device with a browser and internet. Bitamp is one such wallet designed specifically for newbies in the space, understanding that complex wallet creation is a hurdle to Bitcoin adoption. Why Bitamp? You can sign up for a wallet in 10 seconds, it simply generates your seed for you. It’s never stored on our side so only YOU have control. You can use ALL three formats of Bitcoin so you’re covered everywhere! Coinbase is also easy but you’d have to be a US citizen or in some other parts of EU for you to be allowed to use it. Bitamp has no such restrictions:) |
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Economy / Service Announcements / Re: Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly!
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on: August 14, 2020, 08:31:09 AM
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Another query we answered, this time on Reddit, was about what the difference is about keeping BTC on an excahnge and keeping it in your wallet.
Our answer, is always predictable:)
The units will never change. Imagine holding 1 US dollar, and its value in euros keeps changing. Whether you keep the dollar in a bank account or in your wallet, the $1 is always $1.
There is one really important difference. Keeping it on an exchange means you are trusting the exchange will give it back to you when you ask for it. And you only need to look at the past 11 years of history to see that this doesn't end well for a lot of people when exchanges get hacked, go bust, or just decide to arbitrarily withhold your bitcoin.
Our advice! Keeping it in your own wallet, where you, and only you, hold the private keys (and therefore control), means you can use it, sell it, send it, whenever you want. Make sure you get yourself a wallet like that. Start with something easy, like Electrum or Bitamp, and then move on up when you're more confident.
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