Well, this is one of the major risks associated with using bitcoin. With a simple mistake, one can lose all in a twinkle of an eye. One of the most effective precautive measures in keep your bitcoin safe is to keep your wallet keys as safe as possible. One method I employed is to make copies of each of my wallet keys and keep them safe. That way, I can always recover it even if one got lost or missing. I sincerely do hope he is able to recover the coins because that's a whole lot of money to lose . But the issue mentioned with how do you know that they don't just get the private key and then tell you that they couldn't resolve your problem? That is indeed a problem which would keep me concerned, but then you have no chance. This guy in Britain who lost his hard drive, or Scotland, I don't remember. Anyway, he threw it away and then asked the junkyard provider whether he could search it because it was like 70 million or so. The junkyard denied and the guy didn't get the chance to search for it. How do we know the junkyard provider didn't go for it himself? |
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Bitcoin does look like it exceeds our money in the bank, this is certainly more free to transact because of its decentralization, which is not complicated or convoluted like the banking system. Here it is very important to continue to explore Bitcoin itself from its development so far, legal or illegal.. not sure bitcoin will lose its popularity by its function, I'm sure little by little the government will understand this.
Having bitcoins in hand is not the same as having money in the bank. have bitcoin in hand as if we own we can master all aspects including the market itself. while having money in the bank is only limited to current assets which run out from time to time (consumptive) as long as it is not used, the money is not productive. Not only that, there are a lot of limitations when it comes to using the money that you have in the bank, not only you cannot use it in whatever way you want as the bank tries to impose all kind of limits on what you can do and what you cannot do with the money you have with them, with bitcoin this is not a problem, you can use it in whatever way you want, whenever you want and it is money that is truly yours, so when you take all of that into account there is no doubt in my mind that bitcoin is the best out of the two and will keep getting more and more popular as time passes. I guess when it comes to limits that probably more applies to the wealthy class or when you go to a bank and want to deposit a larger amount, in many countries by now you have to provide a plausible origin of that amount. I can only say that it will be getting worse for sure. The European Union along with many other nations in the world want to get the network tighter and higher in order to fight money laundering. Whether that is the only reason they have, I doubt it. The problem is not the little dude with a couple of thousand dollars in the bank. The real deal are the big dudes who are hiding millions and even billions. I hope there goal is to catch those too, not just the normal guy. |
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Snip---
If conditions permit, I would be happy to use Bitcoin for daily payments, but some people have said that they will not sell their own Bitcoins and have been waiting for the price of Bitcoin to rise.
Do you think Bitcoin will be devalued in the future?
This is greatly influenced by the point of view of each person towards bitcoin. some prefer it as an investment tool, so it feels less effective if it is used as a payment method, after all there is fiat or e-money that has the same function. For those who have a different point of view, for example, those of you who like it as a means of payment, perhaps because they are interested in transparency and its function that is not limited by space and time. everything can be done, use wisely according to individual needs. want to be used as a trading commodity is also fine. it all depends on individual needs. the important thing is to use it well, the popularity of bitcoin is increasing along with its increasing adoption I would say that someone who uses Bitcoin for payments these days only uses it because that person absolutely has no choice. Might be the case if you want too avoid using Western Union or other transmitters that are even more expensive than Bitcoin itself, which is hard enough given the transaction fees right now. Most aren't using it, but just hoping for someone else to buy it at a higher price. The more interesting observations took place when in countries with hyperinflation or suppression Bitcoin soared really hard, like in Venezuela. That showed that people are aware of it and if they absolutely have to they will shift their wealth into the digital currency if there is no option to get more stable fiat currencies like the USD. |
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Sometimes government is always the hindrance for the people to have a good and prosperous life. They just want to own everything, cash, gold and now bitcoin but unfortunately they can't control the decentralized digital currency but they still have the power to regulate or ban it. It's sad because you already have your own banks in your hand but government try to steal it. Bitcoin is more than fiat because it can be an asset and also a currency. Without banks, you can use it as your own banks to save money and to make transactions with your own without third party participation.
They don't have the power to ban in, but they can make it hard for people to use it or own it in a lot of different ways. What I think though is that forward looking governments haven't really been cracking down on cryptocurrencies, but rather tried to embrace it more or less. See a few countries in Europe are very pro crypto when it comes to their policies and even in the US the jury is still kind of out, but they haven't destroyed all hope and positive expectations for cryptocurrencies yet. I doubt they will and plan on doing that. The US is the big tech country and those familiar with crypto in the US expect their government to make the right decisions. There are also representatives fighting for good legislation, I am optimistic it will all pan out positively for us. |
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If you do not take risks in life, you will never succeed.So the bigger the risk you take, the more successful you will be at some point. Investing in Bitcoin here makes you feel a lot of risk. Yes there are a lot of big risks but if you do your luck favors you are short term In between you can become rich. So I would say that where there are more rickshaws, the chances of success are much higher.
^ It does not mean you are a high risk-taker you are also can be able to make a high profit. That is not how BTC investment work, you need first how to understand the market situation, the market price flow, and the behavior of BTC price. There is a big risk, yes, and that is why OP gives some point of managing risk that possible we can handle and so if we are already there, let them be. I can consider BTC investment is very crucial the most investors, it could be the reason that their money was lost. despite the risks being laid out by the OP, we all know that a lot of us are still banking on bitcoin. but would be nice if every crypto user knows such risks, at least he can strategise how to lessen or prevent them from happening to his funds. and instead use those as opportunity to grow his holdings. not all people can manage those risks as some will panic when something goes wrong in the market. sometimes it takes experience how to tackle those risks. There will always be a an incalculable residual risk when you invest in intangible assets like Bitcoin. The same way Bitcoin appeared out of nothing and conquered the markets' interest by storm, the same way it could disappear due to another innovation coming from nowhere. It is quite a matured technology by now in the sense that people do trust it, that they do believe this will be around for a while, but you should know that in the digital space surprises can wait behind every corner in a much faster way than for example in the real estate market where you can actually see and analyze market sentiments and movements. |
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I have tried to display a reminder of accepting cryptocurrency payments in my shop.
But many customers don't know what cryptocurrency is. Some interested will ask, I also have to teach him how to buy it on the exchange and then how to transfer it to me. This wastes a lot of time.
In a month, no stranger pays with cryptocurrency except for a friend who understands Bitcoin. He used Biance's C2C function to transfer me a 200USDT bill. Finally, I removed the cryptocurrency payment method.
It takes a long time to promote cryptocurrency payments.
Although we live in the technological age but not everyone can use smartphne proficiently.Cryptocurrencies require you to have more skills to use.Cryptocurrencies have gained rapid popularity in recent times. Actually it's not ready to become a daily payment method, we need more time. It is not only us who need more time, it is also Bitcoin itself that needs more time to develop further. I also believe that Bitcoin won't become the payment method we will use on a daily basis. Decentralized finance also isn't ready yet. There is a lot of development to come in that area as well and that will be the same for Bitcoin. It is interesting to speculate about where we will be at in five years time. I think that is a reasonable time span to expect some significant changes to the current situation and the role cryptocurrencies play in our lives. |
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I don't really think this will happen. It is too ideal, to begin with.
I concur with this opinion and the majority of responses. We would like Bitcoin to become a global reserve asset replacing the USD, but if that happens it will take a long time. It has some intrinsic characteristics that could allow it to be so in the future, such as its deflationary nature, but as of today it is more a fantasy than a reality. Would states and central banks have to buy Bitcoin for their reserves as well, for that to happen, and that is not likely to happen in the near future. . The interesting part about Bitcoin becoming a global reserve currency would be that nobody could make Bitcoin that on their own. It would be the result of a common understanding that nobody suggested, but which Bitcoin causes everyone to gravitate towards with their opinions. It is not like there is a strong economy backing it (like in the case of the USD), but just the nature of how Bitcoin is and how it influences global decision making processes, it will cause nations around the world to consider it as a new global reserve asset. If that common understanding were to develop overtime, whether or not a single nation doesn't like it also doesn't matter. There is no choice but to accept it. Interesting thought experiments are imminent about this idea. |
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Bitcointalk Username: SimpleMan
Current post count:498
Merit earned in last 120 days:
ETH wallet [Must be the same which you used at the standard website.]:0x4524C546988bb7f0dB13612AE337B0776A1C6EdB
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Current number of post (Including this one): 498
Erc20 address: 0x8A88E63365F220659482Bb09ED6c65C69fcf7112
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In my opinion, hijacking is impossible. Blockchain technology is not easy to hack or hijack.
The y cam attack the market though, they buy every coin available in the market and hodl and let it sit in there laps never to see the light again or they will buy all the supply then continuously dump and pump the market to the point that retail investors can't keep up. Do you have any idea how much money they would need to buy every single coin and let it sit idle in their wallets? They would need trillions of dollars, tens of trillions of dollars. It is not possible to hijack Bitcoin just by buying the coins in circulation. |
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Everyone has its aim price especially those who trade regularly, there's someone who will sell no matter what's the situation is. For those who panic sell, sometimes its related to the current news, on what we can see on twitter, socmed and frauds. But I see no reason why would someone will think btc price will go to zero, not unless of you're craig.
I think it also often happens because they invested more than they are willing or can afford to lose. You are trying to recoup as much as you can and conduct a type of damage control. The real harm is done when you panic sell because of weak market signals and the market recovers shortly after. |
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"Government are unaware of people using bitcoin or maybe aware but has not taking actions in this to avoid making some losses especially in terms of the asset that determine the value of the economy represented by fiat currency" as at this day this is no longer valid because many government authorities are taking action against it. And why will I need to travel with a huge sum of money am I not afraid of my own safety and even with how the way is going cashless. I don't see any point to which bitcoin could destroy the economy from all your stances.
Bitcoin also allows you to leave a bad economy if you want to without anyone noticing. You could turn your wealth into Bitcoin and go elsewhere. With bank transfers and physical assets you would get a whole lot of trouble at the boarder control. It is like a cage if you have wealth in a badly managed country and you can't leave it because you are not allowed to take your wealth with you. |
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...the reality is that most altcoins such as ETH have a worse scaling problem than bitcoin. in fact it is at least 60 times worse and yet they lied about it and the creator Vitalik Buterin claimed once that ETH fees will never ever go above 1 cent!!! I can't believe he even said that. That was definitely a marketing stunt. ....
When I last checked the transaction fees they were still double digit. I thought about depositing BTC at an exchange but no was too expensive.
This is the main reason why I made this post. There are many people who don't check first before making a conclusion that it's expensive. You can use tools such as https://mempool.space/ to monitor fees. The fastest fee right now is 34 sats/vbyte which is ~$4. ....
But you did not pay attention to Ripple (XRP)?
I would have included if it was more expensive. The title of the topic says "lower". Well then thanks for sharing. ~$4 is a justifiable amount for a transaction compared to a couple of alts where fees are plainly unbearable. The disadvantage with Bitcoin still is the number of confirmations and the time it takes until a deposit is confirmed. That can be annoying, but if there is no time pressure it's worth using Bitcoin over others. |
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You can pass the coins through a mixer or use a wallet that supports coinjoining services, this way the transaction would be untraceable to the exchange transaction.
Also, you can avoid exchanges which request KYC to further protect your privacy
Avoiding exchanges that request KYC also comes at the risk that they shut their doors right after you deposit your Bitcoins. I don't know how much you want to send to that paper wallet, but going with unregistered exchanges when we are talking high amounts of Bitcoins is like playing with fire. |
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This is what I call an interesting thread guys!
Tried to read upon it, is it a solvable puzzle after all? By now the 32 BTC are a juicy prize pool. What is the motivation for that person to do this? How did OP even notice this address cluster? By coincidence is OP involved?
it's very complicated if you don't have a state-of-the-art pc. because there is no standard for finding private keys. Only quantum computers will find these private keys difficult. Now if you know or guess where that private key is, you are too lucky. But going over the discussion here I am of the impression that there is much more you need than just a state-of-the-art computer. Is this puzzle to be solved just based on luck or an element of luck or could it be solved based on pure logic? |
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Given the high volatility of some coins, this sounds quite correct. because the exchanges want to make money, and not work in the red, and you can understand them in this, although some other exchanges clearly go overboard.
No, why should I understand if they take withdrawal fees that are twenty times higher than the actual fees it would cost to send a certain coin from A to B? There is no reason to understand that. It is rip off, and rip off should not be tolerated! |
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When you take a loan with cryptocurrency, not stable coin, you have double risk of liquidation - Risk of the cryptocurrency you use to make your loan (as a collateral). Its value can be decreased that cause your margin trade will be more easily to be liquidated
- Risk of the cryptocurrency you are in trades will decrease.
- In worst case, you will have double decreases from your collateral and the coin in opened positions
- Make sure you don't use more than 10% of your capital for loan, and margin trades
- Read Differences Between the New Isolated Margin Mode and Cross Margin Mode, then choose one type that fits your need and your risk management
I don't recommend you to go with margin trades if you are not experienced traders in crypto market. In bullish altcoin season, you can choose good ones and hold. It is safer, pressure-free and more profitable at the ends. This is on point and also I don't know how these loans work, are they fixed terms or can you return the loan earlier? Otherwise there is also liquidity risk if you are sitting on the loan that you would like to return earlier because you can afford it but you can't because of agreed upon fixed return terms. Flexibility in returning the loan is one condition I would want to have included in the loan contract. |
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If btc goes to 100k it will "only" have (more or less) doubled from its ATH.
From there it will need to rise another 100k in order to double again. I don't say this is not a good investment, but first of all crypto owners are spoiled, until up to now we were used to 10-fold, 20-fold + increases, so doubling the money has not been really special.
But this smaller reward ratio is paired with a much bigger risk ratio, since btc's swings in a correction period will also get bigger.
For hodlers who are in from the very beginning, it won't matter much probably, but where will btc find new buyers when it has reached 100k and needs to go up another 100k in order to double again in price?
And the fear of FOMO will also become smaller, as people will at one point accept, that the train has left the station.
Of course, should btc show convincing signs that it could reach 1 Million very quickly, then the whole picture changes.
When Bitcoin reaches 100M, then it will mark a turning point in the economic world. And markets will look at Bitcoin differently. Even if you have to pay 20~30% in taxes, we are talking about you have 700~800k dollars to spend for each 1BTC. I believe that there will easily be people with a reserve of tens, if not hundreds, of Bitcoins. If the coin is worth 100M, a person who has 100 Bitcoins can buy half an Apple. Valuing more will not reduce the number of people who want to buy, on the contrary, it will attract more people. Given the ease of acquiring Bitcoin, more people will buy sats. So, even with periods of lower growth, Bitcoin is already at a point, which is unlikely to go down dramatically, it can only slow its rise. Long before my friend, long before a 100M price for Bitcoin would mark a turning point. Even at 0.5M or 1M only for Bitcoin would case immense change to the world. The money has to come from somewhere. People will start liquidating other assets putting pressure on the respective markets while strengthening the digital world even further. |
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It is obvious that world billionaires are indicating interest into bitcoin of late ,for instance Elon Musk twitted that you can now purchase his Tesla cars with bitcoin, is he trying to hod bitcoins so it will be scarce then he control and dictate the price of the market or is it for the good of bitcoin that we have been expecting ,what do you think
Billionaires like Elon Musk and big companies like Tesla have enough money to buy bitcoin in bulk, in amounts that are up to billions of dollars, but I don’t really think any one of them are ready to hold for a very long time. All these investments that they are making are all for profit and I don’t think there is any other plan apart from that. That is why you have seen Tesla sell a percentage of their Bitcoin assets. If they should buy up and have no one to sell it to, then it’s of no use to them. They will always want to invest in something that will grow as a company, and for them to grow, capital is one of the necessary things that they need. Also what does hijacking even mean in this context? Bitcoin is huge right now. Even a billionaire slowly but surely will have trouble to gain massive influence over Bitcoin. We are talking about a trillion dollar coin. If you own $5 billion in cash, even for it is not a trivial task to gt control over that coin. Especially when they start in bulks they also further drive the price up, making it even harder for themselves to gain influence. I guess Bitcoin is beyond the critical point where a billionaire could try to gain major control. There is only one other possibility and that is that they already own the majority. If you invested a billion in 2014 or if you slowly bought over two or three years back then, you could afford to buy half a million Bitcoins for sure. That is a realistic scenario and I also believe that at least a few banks took a gamble back then and just bought coins maybe even just for a hundred million. That's change to them. I also don't think they can easily manipulate the bitcoin market even if we say, they have large holdings. If in case, these large holders will talk to each other and decide to influence the market, maybe they can. But do you really think they will talk to each other regarding their plans for their bitcoin investments? I don't think so. So in my opinion, they can't easily 'hijack' the bitcoin market, now that it is valued in a trillion dollar level. The incentive structure of Bitcoin is very decisive here. If a billionaire or a group of billionaires have large holdings they instantly have an incentive for the network to be healthy, which partially translates into a good price and a decent functioning. In order to destroy or at last harm the network you have to invest enormous amounts of money that I think the only actor able to afford that could be found on the state level, not private individuals. |
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Anyone knows what even happened to Facebook's plans to develop their own digital currency? Did they forfeit those plans or is there any specific reason for the delay? Haven'T heard anything about it in quite a while.
i don't know if they have given up on that or not but it has been a failure so far. nobody was interested in it and they faced a large number of regulatory problems with the US government that was planning on shutting it down anyways. with the way they are looking into bitcoin now, it seems like it is done deal. The government's position on Facebook's digital currency is astounding because that would be a currency the government could monitor and force Facebook to hand out their data. Facebook would have no choice but to cooperate if the governments wants them to. Instead they are now trying to get insights into decentralized blockchains like Bitcoin. |
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