I think that despite the war between banks and bitcoins, banks can not beat bitcoin, because banks can not do much, even though banks will raise interest rates for savings to attract people, even the bank itself will go bankrupt, because the bank will not be able to beat the bitcoin in terms of investment. i think bank should be cooperate with bitcoin, and utilize bitcoin, that's will be better
Banks don't care bitcoin, they care about their own system, and the development of an own blockchain system to cut the costs. Bitcoin is not yet the real competitor to them, but it can be in a few years time. As soon as the Lightning Network goes live (I don't mind if it lasts longer, there should be enough tests on the mainnet, or a bit more tests, because here we talk about huge amount of money), it will start to change the way people transfer money (there will be no need to use banks but the p2p solution with bitcoin will be easier and quicker). Of course, at first, the companies won't change, just the people, but that will have a huge impact on banks. That time they will realize the real potential in bitcoin. |
|
|
|
According to fork.lol, the average transaction fee is over 400 sat/B (and this is just the average, that means the quickest transactions are using higher fees. If you have a look at blockchain.info chart https://blockchain.info/charts/mempool-state-by-fee-level you can see that the priority line for the transactions is 391 sat/B which means that the transaction will be included in the next block. The regular fee is 219 sat/B so you have a high chance to get confirmed in some hours. If you won't have confirmation in some hours, try the accelerators. ViaBTC works at every full hour for a couple of seconds, they offer 100 free spot for transactions, which is usually filled in a few seconds, you have to be quick and sharp. |
|
|
|
Thank goodness for your smart actions. Now create a new wallet and move every coins from this present wallet to the new one. Change the password of the first wallet that you recovered. Do not leave any coin there no matter how small always move them the new wallet you have created.
After you have done all the things mentioned above, sit back, relax a bit, and after go to Trezor's or Ledger's website and buy yourself a hardware wallet. It's small, you can keep it on your keychain (only Ledger, not Trezor) or you can put it into your safe box at home, and your coins will be safe. I don't know how frequently you use your bitcoin wallet to send bitcoins, but a hardware wallet will fit your habits if you just gather bitcoins and also if you receive and sent them frequently. |
|
|
|
A well-known investor believes that Bitcoin will go upInvestor Peter Thiel has put all his money on BitcoinThe main financial press reports that its venture capital fund was purchased and owned a digital asset by increasing its profit by a thousand percent last year, which made the decentralized currency one of the company's most valuable investments More
News like this are always seems a bit clickbait for me. "put all his money" OK, it's possible that at that time he had only a little (or large) sum of money and he put it into bitcoin. No problem, can be, why not. The last part of the sentence shows that this investment is "one of the company's most valuable investments" means that the company has a lot of investments and this is one of the best now, but not the only.... So he haven't liquidated all his investment and put all the money into bitcoin but only the free cash, that's all. I like the media, you have to read twice and think more to realize what's the real meaning, what happens behind the scenes.... |
|
|
|
Just another addition to our ignore list. Like Merrill lynch banned crypto investment using their network, similar way, we also need to start moving our business to elsewhere. I am actually not surprised by this step and more banks will be added to this list sooner or later. Whenever one door closes, many doors open up. So the more banks join this ban list, more new opportunities will open up and more new businesses will start to help us moving our money to crypto market. So just ignore Merrill lynch for now, it won't have any impact on bitcoin price for sure, especially when it started to recover.
There should be a list of bitcoin friendly and not friendly banks somewhere. Or at least a thread about it, maybe in the local threads where people can share their experience about the banks in their country if they are accepting bitcoin related wire transfers or not. Nowdays I can hear news about returned wire transfers to exchanges from various banks, it could be really helpful for people to check if their bank is restricting the wire transfers from the exhanges or not. |
|
|
|
Governments have nothing to do with this.
It's not up to debate, nor is it being hushed. It's been publicly stated. Wave Crest Holdings violated repeatedly conditions of Visa partnership programme. They were terminated, and because of this all the cards issued through them cannot be used any longer.
This is the official communication, of course, you can't expect anything else written and officially published in the media from a really huge company like VISA. They just can't start a communication like "we don't like cryptos, so we will do our best to slow them down, etc..." They have to be really cautious with the communication, they have to prove every single word they use in the official announcements. I'm curious how long will the remaining crypto related debit card issuers last on the market.... |
|
|
|
Prepaid bitcoin card holders (issued by WaveCrest, a Gibraltar company) had received a letter today with a short notice that VISA had shut down the bitcoin related prepaid cards. This means that a lot of bitcoin card providers (included XAPO, etc...) are without a card issuer now. Some hours later XAPO also wrote a letter to all XAPO debit card holders that the debit cards are cancelled by VISA, without prior notice. They promised that they will look for a replacement solution to issue cards for them and were asking for a little patience from the XAPO wallet holders. I saw on reddit that people are blaming VISA for the situation, it's like the company is trying to close the connections between bitcoin and fiat, in order to preserve it's position on the market. We will need LN and compatible mobile wallets really soon.
There is nothing about no prior notice about this. The only part of no prior notice is if it relates to EU citizens because aside that, there is enough notice all over and I have read some months back that they will give 3 months notice for every one who is outside the EU to use up his or her funds but not cancelling everything. If this is affecting the entire crypto community, then its a step backwards and it means the people who are bent on frustrating bitcoin use are leaving no stone unturned and that is why they are really harnessing every opportunity with this being another step in the series of acts that can be done. It is actually a clarion call as well to developers to start thinking in this direction Visa or MasterCard were created by individuals and there is nothing wrong in creating something like this for the community. This was a really surprise (in the negative meaning) for the EU citizens. XAPO has forced all of the debit card holders to verify themselves in December 2017, in order to be able to use the XAPO debit card in the future, because of the KML and AML things. This was only 1 month ago. After this verification process the expectation was to use this debit card in the future for a long time without any more hassle. Despite of this full verification VISA had closed all the cards after 1 month, and not only for the prior notified US citizens but for all of the EU citizens too. |
|
|
|
|
Prepaid bitcoin card holders (issued by WaveCrest, a Gibraltar company) had received a letter today with a short notice that VISA had shut down the bitcoin related prepaid cards. This means that a lot of bitcoin card providers (included XAPO, etc...) are without a card issuer now. Some hours later XAPO also wrote a letter to all XAPO debit card holders that the debit cards are cancelled by VISA, without prior notice. They promised that they will look for a replacement solution to issue cards for them and were asking for a little patience from the XAPO wallet holders. I saw on reddit that people are blaming VISA for the situation, it's like the company is trying to close the connections between bitcoin and fiat, in order to preserve it's position on the market. We will need LN and compatible mobile wallets really soon.
|
|
|
|
|
This is only the question of a good system (good algorythm) that spreads risk of lenders. I'm sure a lot of people will be happy to lend their bitcoin to strangers (see this forum had a lending section) and it worked with or without collateral (I haven't checked the lending section recently). So it's already working, but if there would be an app or something that can handle this, it would be better. Also the best would be not only to do p2p lending (1 person lends to 1 borrower) but to spread the risk like 100 person lends to 100 borrowers and you have just reduced the risk of having a non-paying loan to 1% if one of the borrowers fail to repay the loan.
|
|
|
|
Nice measure from'em toward the globalisation of bitcoin ( as well as a strike on the face of those who said bitcoin's gonna die in 2018 )
But I wonder why didn't they take such decision when BTC was at lower rates ?
Maybe they have just realized that bitcoin has potential  Or they just realized that bitcoin is really expensive now and they can buy cheaper coins if they don't buy them directly but they sell their stuff for bitcoin. Anyway, great news, but don't forget that Japan is accepting bitcoin since last year, so there's a whole country that already legalized bitcoin. The mass adoption will depend on the regulations, because in Japan bitcoin is regulated, but still works well. |
|
|
|
Well I suppose before I switch banks. I should ask the new bank if they can do a wire transfer to crypto related organizations first.
There's no use asking them about the crypto transactions. They will say they allow it, because they need to have new accounts opened every month, so they will promise everything to get you open a new account. And after a while you will try to send a crypto related transaction, the chance is still 50%-50% if it will go thru. Why don't you ask the community, which bank is OK in your country for crypto transactions? I can periodically see questions on this forum from various members to ask for a crypto friendly bank in their country. Give it a try, ask on the forum. |
|
|
|
So they are just planning to "digitalize" the sterling. In another word, create a digital sterling and name it a cryptocurrency because it will use the blockchain technology. How it's going to be different?
Same money, same centralized sterling, same problems.
That's true, digital currency is not the same as cryptocurrency. This idea only changes the technology behind the same money. UK (and every other country) has already it's own digital money, it's the fiat on the bank accounts. People are already using this digital money (debit cards, credit cards, wire transfer, etc...). The current technology is based on the banks' systems (banks) and the VISA, MasterCard network (the card payment processors) and the SWIFT (international money transfer) so the digital fiat is already is in use. If they change the system behind to blockchain, the money issuer (the central bank) and the banks will remain in the system, it's only the technology that changes. They want to steal the show from bitcoin... |
|
|
|
I don't understand what happened there? If he sent 1 BTC to himself, then the other 8999 should be sent to a change address for which he controls the private key. That is how the deterministic wallets work today. It is not necessary to re-backup a wallet after every transaction, right?
If that is not what happened, how did the wallets back then work? Would they generate a new change address at the time of sending? In which case there was no record of the private key?
This happened before deterministic wallets, which are relatively new. At the time, the wallet would create a new, random "change" address when the transaction was created. This new address would exist only in the wallet, which would then need to be backed up. At the time, a wallet was a collection of random addresses that would have to be backed up every time a new address was created. Now, HD wallets are pseudo-random addresses that can be recreated with one master key that doesn't change. This means if you use an HD wallet, you can eliminate the risky effect of the change address generation, because your change addresses are already generated and stored in the HD wallet itself? So if you don't spend the whole amount of the unspent output, the change will remain in your own wallet, just on the next address, and you won't need to remember the private keys, because your seed will regenerate your HD wallet anytime you need and you will have the control all of the addresses. Does this also mean that if you use a paper wallet, you need to import the private key into an HD wallet, not to lose bitcoins because of random generated change addresses? |
|
|
|
|
You should decide in what ratio you want to gain your income from the two kind of activities, don't rely just on one type. The best would be to gain income in fiat from your IT work at least in an amount that covers your montly fixed expenses (apartment rental, utilities, travel, food, basic savings, etc... ). If your programming income is higher (should be), you can somehow agree to get the remaining part in bitcoins and you can do some extra work for bitcoin. As long as your income generates in fiat and bitcoin, you will cover your risks (fiat income) and gain some profit (bitcoin price increas). After you can start trading...
|
|
|
|
It will take a lot of time before Lightning Network will be introduced on the mainnet. Currently, Lightning Network is being tested on the testnet. I did some tests by myself and it works great. However, LN is not secure if you don't understand how it works so if I were you, I would use this time for trying to understand it. Neither hard forks nor soft fork is needed for LN implementation. The biggest flaw is that wallet providers will have to update their wallets in order to make them compatible. I guess it will take half a year starting from today.
Bitcoin right now is very much affected by the scalability problem which became the basis for the ridiculously high transaction fees which many are really complaining about since this is what Bitcoin should be; we did not signed up for this, so to speak. Appropriate and acceptable solution has to be found and implemented before the whole world will go sour on Bitcoin and jump to other more viable cryptocurrency. Within the cryptocurrency market, the competition is quite fierce on who has the right to kick out Bitcoin from its throne that is why Bitcoin devs should work hard and make it fast without sacrificing security but not also using it as an excuse to delay things from happening. I am expecting the Lightning Network once fully implemented can be the answer to the problems of Bitcoin right now. Of course, it may not be perfect but that is much better than the status quo. We should hope that once it can be available, exchanges will implement the said upgrade without hesitation and another round of politicking. Just wondering what could be the motivation for exchanges to implement LN if they still didn't support Segwit? I hope I'm wrong but exchanges are struggling with this amount of newcomers and transaction count, what if the segwit and LN go live and they have to deal with much higher traffic. I don't know if they will be able to upgrade their service by the time LN comes, they still have time but there's a really need for upgrade from their side. Just have a look at Kraken, when the price of bitcoin moves a lot they're struggling with the load on their website... |
|
|
|
Bitcoin is an asset its is better indian govt see bitcioin as commodity rather than some gambling
Well it is mostly seen as "speculative asset" this is what it is since it needs to form stable price. We have to go through this road of hell, many people are just entering to flip money which is why I think govs don't see it as a currency yet, but if everything goes well they should consider calling it a currency. Goverments won't consider anything. From their point of view they need to communicate to the citizents to stay away from virtual currencies, because they don't want to have a lot of citizens complaining about the losses they possibly face when they don't know about these virtual currencies and just invest in and face the volatile price and they sell in fear and account the loss of their money. This is the public aspect of the government's point of view about the cryptocurrencies, but of course government are not happy when people buy crytocurrencies to invest in, instead of buying the government's bonds to finance the government's debt... |
|
|
|
Well, all the more reason to take your money out of the banks. And even more reasons to stop storing your BTC in exchanges, Seriously, I've seen countless of posts in every bitcoin forum on the internet saying that you should not keep your Bitcoin on exchanges as there's the risk that they will share your private info to 3rd parties.
...
Wow, that news article couldn't be more biased: "Bitcoin, a currency once known for its use by criminals trading online through a ‘Silk Road’ for drugs and weapons, has become a popular investment option."
Really? is that all they know about Bitcoin? why can't they mention anything from the present? I'm pretty sure that the govt and big financial institutions in Australia are using the 'Sydney Morning Herald' as a tool to spread FUD and scared tactics about Bitcoin. Absolutely disgusting.
And this over here, from the article: "A Commonwealth Bank spokesman said “however, we do not currently use or recommend any existing virtual currencies as we do not believe they have yet met a minimum standard of regulation, reliability, and reputation compared to other currencies that we offer to our customers"
It's all about keeping the ponzi fiat alive, it's about the Commonwealth Bank being scared that the customers might start putting their savings outside the system.
There are two different risks that has been mentioned in the topic and seemt that they have a connection, but they are totally different: 1. Every 5th post is about not to store the coins on the exchange, because of the risk. Should store large amount of your coins on an exchange - Definitely no. But not because of exchanges are reporting to governments (possible, but this is not the biggest risk). The biggest risk is that an exhange can close in every second and run away with your coins or get hacked and someone will run away with your coins. (or the exchange ask someone to hack and share 50%-50% ) 2. I've read similar posts about banks who close the account because of receiving fiat from bitcoin exchanges (or not entirely closing the account but just not accepting the transfer from bitcoin exchanges and returns the transaction). Should you wire back fiat to your bank account from an excange - Your decision, but it was a working solution before. If banks and government want to cause serious problem to bitcoin, they can just cut these transfer lines from exchanges to induvidual accounts, and they will force people to use their bitcoins somehow differently. (If LN will go live and you will be able to buy a coffee for bitcoin then this will not be a serious problem anymore, but until then, it can cause us headache...) |
|
|
|
believe it or not all of this drama is because bitcoin stopped rising!
most people are expecting bitcoin to be rising constantly without even having a correction, let alone some bigger drop and some downtime even if it were at a stable price during an accumulation phase.
thanks for sharing this. at least you had some analysis behind what said... I liked the tutorial links too.
Bitcoin just going sideways for months is a total nightmare for so many noobs and will make them lose hope, giving up. Not having the patience and unable to grasp the bigger picture of what Bitcoin really is about makes them sell their stash. This is the advantage of us who are in this space for a few years and where not that much distracted by shitcoins, endless hardforks, and ICOs. We had the time to study Bitcoin and know how it feels to go through bear phases or just long consolidation periods. According to noobs... Yesterday (last year ) a relative of mine (aged 70+) has asked me about bitcoin and the possible investment, where to wire money to buy bitcoin. I've summarized the basics of bitcoin and the whole crypto market and finally I have mentioned that internet and a PC or at least a smartphone is necessary to invest and to track the investment in the future. Also, bitcoin has no physical appearance it only lives inside the blockchain, this is why these smart devices are needed to deal with bitcoin. This was enough for a while, but I was amazed how the news about bitcoin has already reached the everyday people... |
|
|
|
Hi ..we all know that are wallet is not safe as what we expect as safebox..but just anyone know what is the safest wallet here in internet..?
Just take a quick google search for 'bitcoin hardware wallet' and voila you have found the safest wallet for a newbie. If you buy a hardware wallet you don't have to worry about keyloggers on your PC, Man in the middle attack at public places where you want to use a public WIFI, etc. You can find really good comparisons in the Beginner thread here in the forum about wallets so it defenately deserves the reading. Be aware and don't jump into the crytocurrency business immediately have a good read before and you will be safe. |
|
|
|
Waves has their own decentralized exchange too, you know that, right? Wavesdex is even built-in to their site, although much like ED, wavesdex is quite low in volume
Thanks for the heads up, I'll have a look at Waves next year (It's 15:27 local time 31.12.2017 ) What I have found interesting in etherdelta is that it's able to handle a Ledger Nano S directly so this is why I remembered it's name and not the other decentralized exhanges. I think decentralized exchanges will get widesread after the Lightning Network and the Atomic Swap implementation, but only for crypto trading and not for fiat. |
|
|
|
|
Show Posts
