So when someone asks: Can I buy Bitcoins at grocery stores? Might get us rolling our eyes on this forum but we think it's a valid question for newbies, and we get asked a lot of these kinds of questions on Quora! For many newcomers, Bitcoin is a bewildering thing, never mind the technology and ideas behind it! Check out how we answer the question on Quora. Think you could have come up with a better one? |
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We got asked today but it wasn't precisely clear which crypto the query was related to so we answered for multi-crypto and ETH. Whichever the wallet, we believe open source needs to be the prerequisite. Agree? Full answer here. |
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Now we got a question asked about if it were possible to live only on crypto. As much as we love Bitcoin, our answer had to be no. Even though we're fully invested in crypto and we earn it, we recognize that mass adoption hasn't reached the levels we'd like to be able to fully live on crypto. That said, if you ever want to try it, make sure you're using a wallet where you control the private keys! Read our answer in full: https://www.quora.com/Is-it-possible-to-live-only-using-cryptocurrencies/answer/BitAmp-Official |
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It is. Secure escrows are cool to protect traders on P2P marketplaces but people have to send funds to Escrows on such marketplaces. Above all, having full controls on private keys and self protect their keys, their funds (if they don't trade) are things they should priority for and should learn to manage it.
Secure escrows are for trading P2P but for fund storage, non-custodial wallets are best ones for bitcoin enthusiasts.
Apart from that, escrow mechanisms for Bitcoin marketplaces aren't all too friendly just yet for most users, never mind Bitcoin newcomers! The ones that ARE easy to use and understand (like on Localbitcoins) usually do force you to handover control of your entire wallet though, so again, sacrificing convenience for control. That again is the whole philosophy of Bitamp:) To try and see that fine balance between security, control, and ease of use. |
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In the past, P2P marketplaces are best options for people to buy bitcoin but with the integrations of fiats and own-built P2P marketplaces on more and more crypto exchanges, people tend to more frequently use crypto exchanges to buy bitcoin and other cryptocurrency. For now, it is almost restricted to bitcoin but in the future, more cryptocurrency will be available on exchanges' own-built P2P marketplaces. They provides many payment methods include credit cards.
Indeed, exchanges are simply easier for most people, and understandably, people still feel more secure in buying from a company that they can later speak to a customer support person if anything goes wrong. Even when P2P marketplaces have very secure escrow that protects them more, the barrier to entry is the technical difficulty. It's this technical barrier of owning your own Bitcoin that we understand and are trying to address with our wallet solution:) |
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The latest question we received today on Quora was about Bitcoin fees and we find that a lot of users find this aspect to be one of the most difficult ones to do on their own. On our wallet, therefore, we have set 3 levels of fees, depending on urgency of the transaction, and set the lowest one to still have enough fees to ensure a quick enough transaction. It's not ideal, but we want to prevent users accidentally setting too low fees to confirm!
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Bitamp wallet ready has 3 address types and Bench32 is one of them.
Lightning network (lnxxxx) if possible, I suggest.
Thank you. Somehow I missed that after I generated seed words... I can see that Lightning network and Exchange tabs are planned and in development. Not sure if fiat $ will be added to exchange or only other crypto coins, but overall it is solid alternative for blockchain.com Thank you to OcTradism for helping out a fellow wallet user! Glad you could sort yourself out so fast. And yes, as we responded earlier, we have definitely put Lightning Network on our horizon maps, whether or not we actually do it or how soon that will be remains to be seen. Personally, we'd love seeing everyone going full Segwit first! |
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Looks like there is more and more interest in Bitcoin and people are really asking about new wallets, and related questions. No surprise for us, as Bitcoin is now at its highest difficulty setting ever, meaning it's never been more difficult to mine! Wondering if it's still profitable to mine Bitcoin? Make sure you get a reliable wallet first;)
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Check out our reddit pages for additional information or if you just prefer to hang out in a community where discussions are better handled! It's available here. Let us know how we can improve too, we really want to get some discussions going there (and here!). |
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Today, we answered a question about sites where you could send Bitcoin without registration.
Isn't it strange that many of us now take for granted that we all send Bitcoin easily and without any accounts? But newbies who come into the space now are bewildered by options online, not least because of so many misleading Bitcoin-branded websites!
Spread the education guys!
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Question for you guys, again inspired by one of the more common queries we get asked on Quora. What does it mean to you when you hear the word "cryptocurrencies" and "digital currencies"? We think the former is the latter, but the latter isn't the former. What do you think? Bitcoin wallet users speak up! |
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Hey guys! Someone requested our answer today on Quora about "why should they use Libra instead of fiat". We argue that in some countries right now, trusting Libra is a better option than a corrupt government but we ask them to go a step further and choose to use Bitcoin. See our full answer here! |
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Did you have a particular token in mind?
OMNI Backed USDT is a good option! Ah but soon everything will be on ETH won't it not? Can't keep up with all the developments! Does this have support for the lightning network?
Not yet! But it's definitely been considered to be on our plans for good things to come up in the pipeline. Might need different implementations but we're not against it of course:) |
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Just tried out this wallet for a bit of fun. Why not,,, add all the different Bitcoin tokens that are also attached to the address, like ERC20 token viewer for Ethereum? This is the only reason I would use a web wallet actually:)
At the moment, this is only a Bitcoin wallet, if you are talking about all the other sidechain assets on Bitcoin blockchain, you can look them up on their own individual blockchains. Did you have a particular token in mind? |
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AH that's what you meant, so yes in that case, absolutely, we'll transmit your messages to our development. Thank you very much for pointing that out, as we like to say, we're not always the best technical experts in the area, but I'm sure our developers will understand this. Thank you again!
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Well, to be perfectly fair. It shouldn't matter which wallet you use, a seed phrase should always be recoverable in any type of wallet, as long as the type of seed is supported.
Just my suggestion to make bitamp be better like other. Thank you for the suggestion! However, as we explained, our aim with Bitamp is to encourage newcomers to Bitcoin to take the first step towards financial sovereignty. Learn to trust only yourself and the algorithm of the network, and you never need to put yourself at the mercy of a server who might act maliciously with your information like passwords stored on their server. No need to have passphrase because anyone who have seeds or private keys, they will be able to access wallets and funds.
Seed with passphrase is a different thing with seed without a passphrase. you get the different address of both. I'm not sure you understand what a passphrase is. A single seed brings you to only one wallet (where you might have different addresses within). Having a passphrase is merely encrypting access to an account. We don't have accounts at Bitamp. |
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Bitamp is good for recovery purpose, if hardware wallet had stolen, people should use your wallet to sending it fast. But I can't see Passphrase option, Imposible to recovery using your wallet if the user had it. Also, a passphrase is the most important thing if the seed had uncompromised, someone can't access without the 13th seed.
Well, to be perfectly fair. It shouldn't matter which wallet you use, a seed phrase should always be recoverable in any type of wallet, as long as the type of seed is supported. Passphrase is a vulnerability, because it means the server has to store a passphrase, meaning, if it is hacked, someone else can access your wallet. A Passphrase is NOT a 13th seed! |
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Thank you for the responses!
@slaman29: It is of course possible for a single seed phrase to give you all three types of Bitcoin addresses. Depending on the implementation, and in this case it's called a BIP39 implementation, our single wallet actually does give you all types of addresses in one wallet. We believe there are other wallets that also allow this, but none of them are open source (which means you don't know for sure they are as private as they claim they are!).
Also, we wanted to create a web wallet and not a software client because our target customers are Bitcoin newcomers who probably don't want or don't know how to manage a software wallet. We are trying to convert normal web wallet users like Coinbase, to switch to a self-controlled only web wallet. That would be a first step to using Bitcoin the way it was meant to be!
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