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The strong economies in the world go to cashless that is digital fiat economies. Governments in cooperation with banks impose laws initially το restrict and then to completely ban the circulation of paper money. I don't believe that is a matter of inflation only but they want to control the wealth of the people. Therefore governments and banks will know where anyone of us spend his money and will be very easy to freeze his funds if he is not obey what they say to do. So, I am pretty confident next years people will do their transactions mainly with cards and mobile or web banking. Under this light my view is that bitcoin is the only way people keep some their privacy and independence.
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I'm fairly confident that none of these alts will overcome bitcoins user base in the near future. Although monero has the big advantage of anonymity, some has described it as 'anon- coin', there is not a clue that will overcome bitcoin. However, if bitcoin is not able to overcome its problems (segwit, blocksize, transaction fess, etc) many unhappy users will switch somewhere else but I don't believe they will come back to fiat again. As far as it concerns ethereum, imo, has a different purpose because it operates as a platform for smart contracts and distributed applications so is very different to compare with bitcoin.
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I really can't understand why to compare so different things. Of course both of them are payment system but are completely different. Someone above post that bitcoin problems are blocksize and confirmation time but these problems are irrelevant because paypal is used as internet money. The only reason I believe people they continue to use paypal in future is bitcoin's irreversibly and chargeback policy offers paypal. If in the future online merchants operate as they operate now, many people won't agree but balance tilts to the side of paypal.
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Some people may disagree with me, but only with passive income as is the savings strategy nobody can be rich. Savings are money, fiat or bitcoin, someone will use in the future when has not any other funds. Anyone believes in bitcoin must transact with bitcoins. The best approach is anyone has the chance to be paid selling goods or offering services with bitcoins. Any amount of these payments can be saved and the rest for daily needs to be covered.
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All of the above had given advice to find money. So I present another view of the life.
1. Face the truth
2. Do not spend more than you have
3. If you have pay cash
4. Control the charges of your account
5. Restrict the costly way of your life
6. Every penny counts
This is not a desperate state of mind, this is well organized man! I don't wish to say you gone off topic, but clearly you talk about someone who have home, good work, he is just in financial problems. Let me bring this desperate feeling a bit more closer: You are sick( or even worst your kid ) and you will die in a month if you don't go to operation that cost 10 million dollars. What will you do? This is a totally extreme case. Like saying how strong must lay the foundation of a house to come up against the cyclone. To answer your question: I would sell my house and my car and everything I own. I will borrow from the bank if gives me a loan. I will borrow from relatives and friends. I will beg the hospital for a better price. Have you a better proposal? I am eager to learn. But we speak in economics subforum and not in off-topic, aren't we? |
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No, people are scammers and not paypal. Paypal is a payment system and I am not against it. I have used two times in the past and I will use it again when I will buy something from the other edge of the planet. I love bitcoin I want to transact with bitcoins but can I chargeback? Of course not because bitcoin is irreversible. But If I want to send money to a friend of mine miles away or to a trusted merchant of course I will transact with bitcoins. Thus, the main difference between these two cases is trust and paypal for me is something like an escrow.
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The way I see it, is an amount of 0.05 is the minimum amount one starts to trade and I speak to trade in online exchange markets with alt coins. If anyone wants to trade only btc to fiat and vice versa using the well known localbitcoins then a much bigger amount must can afford about it. Even more, must have time to build a positive feedback. That means first times must trade with minimum exchange ratio so as customers prefer him than others and leave their positive feedback on dashboard. Imho trading with altcoins is the most interested one even is the most risky.
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You need patience in trading and that is very important. Trading is the best option rather than gambling. And if you really want to quit, you better open stores and convert some of it into your currency and save them to the bank for your future needs.
I agree that we get good returns in trading as compared to that of gambling. One should not think the loss of trading as actual loss because he gets some experience with that loss and probably next time he can avoid the same mistake. I see the loss of trading as fees to learn trading (and loss in gambling as fees to learn to gamble.. lolz No). When you can earn good returns with calculated risks (in gambling, it is not possible). Gambling should in no shape or form be seen as something that is close to whatever investment or doing trading. Especially when you look at the most popular gambling games. It's pure luck that people depend on. I often hear people saying that they found a dice method to constantly win, but that's simply impossible. It may work out for them at start as the luck is with them, but at some point their luck runs out, and thus that method will be worthless. It's of course always a great thing to learn from mistakes in trading that resulted in you losing money, but the point is that you actually learn from what you did wrong. In many cases people constantly make the same mistakes, and end up losing money. It doesn't always work for people as some of them don't learn anything As much as I would love to agree with this (that gambling is nowhere close to investment by any metric), the policy of truth still requires me to object to your claim. Obviously, I don't mean dice casinos where you are basically exchanging your coins for the fun and pleasure of gambling as well as testing the level of your luck. That should be evident to any sane individual (as an aside, trading is not very different from gambling in this regard given that over 90% of so-called traders are losing in the long run). Here I refer to the games which also require skill along with luck. For example, one such game is poker where it is said that skill ultimately outplays luck... I guess this kind of gambling may be worth investing in (i.e. investing in your skill and then reaping the fruits of your success) Some years ago I would agree with deisik's opinion about poker, but today the poker tables have many bots. So as I see it the only kind of gambling where someone must have any experience except luck is playing in sporting gamble sites. |
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To my point of view when the reward of mining is not sufficient miners not only cover their expenses but to have a profit too then:
1. First will increase the fees. Even nowadays bitcoin is not the proper way for micropayment transactions. May be if consensus achieved other ways like lightning networks will arise.
2. Secondly some of them (miners) may mine other alt-coins. Of course bitcoin is the leader but some of them are promising too.
After the genesis block (8 years) so many things happened in bitcoin ecosystem. Imo the moment the reward of mining blocks will not satisfy the miners is far way, so there is no reason to worry about
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Follow these commands:
1. Run Electrum.
2. Then File New/Restore (Opens a dialog where you give any file_name you want)
3. Then Standard wallet(next)-I already have a seed(next)
4. Put the 12 words with the same order you had written in the pass phrase box(next)
5. After the message 'Please wait' appears the box new password and confirm password
6. Then "Electrum generates new addresses" message appears and after 3 seconds wallet is Ok
There is no need for video. Hope that helps
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To my way of thinking is logical bitcoin being manipulated by China because is first time Chinese are not under control of PCB. Furthermore is easy anyone to find that the biggest percentage of bitcoins is traded with Yuan. On the other side even though the last years Chinese government imposed a strict policy forcing the media to Censor bitcoin summit there is no reason to act as OP claims. Chinese markets has the power to move bitcoin's price every where they wish.
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As time passes scammers become more resourceful than they were. It is fantastic what ways they find out in order to attract customers. Therefore the simple question I would like to do is: If the scammer really knows a so amazing technique what is the reason to share it with others?
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User ID : 0011744
Match : Villareal vs Barcelona
Prediction : 1 - 2
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Wrong. It looks like you don't understand how the Bitcoin protocol works. The blockchain.info is not the one determining the fee that is required, but suggests (or lets you choose it yourself) the appropriate fee required for the network. The fee policy is set by: 1) Miners. 2) Nodes. Another contributing factor is the current number of unconfirmed transactions which also reflects via the fee rate in satoshis/byte. You can view that information here: https://bitcoinfees.21.co/
Basically the amount that you are transferring is completely irrelevant. What matters is: 1) The size of your transaction. 2) The recommended fee ratio in satoshis/byte. I thought that only miners define the fee policy and nobody else. As I know nodes are responsible to verify transactions and then relay them to other nodes. So users who run their own full nodes define the fee policy too? May be I understand something wrong? |
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Hi,
Thanks for the reply.
I guess I can try that.
Basically what you are saying is that these double-spending (with higher fee) hacks that one can find here and there when googling for this issue aren't really working?
They aren't hacks. Double spend, in the sense that having spending a coin twice and both confirms, can happen albeit rarely. What you are talking about is Replace-By-Fee. Currently, it does not work. UNLESS you specifically opt-in for it in your initial transaction and that is called opt-in RBF. Newer nodes will relay these if enabled. If it is not enabled, nodes will refuse to acknowledge any transactions that spends the same inputs as a transaction that has been seen before by that node. As I saw the post I would like you clarify if you have ever test the feature replace by fee; May I use this option with Electrum so to spend my bitcoins with smaller fees and If my transaction stucks to increase the fee? And how I know if miners don't accept the fees and I have to increase it? Yes, you can. You just have to check the box. Miners usually accept transactions with any fees/size but they are ranked from the largest to the smallest, with the largest being included in the block first. If you see it unconfirmed for several hours, it is possible that your fee/size is too low. Just create another transaction with a higher fee spending the same inputs. Thank you very much ranochigo. I could be wrong but after some years from now when the reward from mining will not be enough for miners bitcoin users will think many times to spend or not their coins because of the transaction fees. In addition, if miners decide the transaction fees will be increased not only from transaction size as we know but also according the bitcoin price. Hi price less fees, low price more fees. |
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Hi,
Thanks for the reply.
I guess I can try that.
Basically what you are saying is that these double-spending (with higher fee) hacks that one can find here and there when googling for this issue aren't really working?
They aren't hacks. Double spend, in the sense that having spending a coin twice and both confirms, can happen albeit rarely. What you are talking about is Replace-By-Fee. Currently, it does not work. UNLESS you specifically opt-in for it in your initial transaction and that is called opt-in RBF. Newer nodes will relay these if enabled. If it is not enabled, nodes will refuse to acknowledge any transactions that spends the same inputs as a transaction that has been seen before by that node. As I saw the post I would like you clarify if you have ever test the feature replace by fee; May I use this option with Electrum so to spend my bitcoins with smaller fees and If my transaction stucks to increase the fee? And how I know if miners don't accept the fees and I have to increase it? |
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I told your friends about Bitcoin and parents, but no one believes him, thinking that this is an unnecessary dummy
maybe they're not too concerned about the function bitcoin what you say, or do you give him only a bitcoin just a currency. so that they are not interested in bitcoin? Maybe what you can do is teach them properly. Not just tell them about it. Of course the very idea of bitcoin would really be hard to grasp, specially when it is there very first encounter with digital currency. A brief explanation like tell them what it can do and what are the basic features that would be an advantage over fiat currency. I think its useless trying to teach people about bitcoin, they will never see the point as long as fiat currency works as expected. Except niche cases, in the first western world nobody needs bitcoin. Why would they? they can use digital dollars and euro and get anything they want. Until the governments remove physical cash, bitcoin will remain as a speculative asset to most of the developed western world, but for chinese, Argentinian, Venezuelans etc it is a vital way to move their collapsing wealth out of their countries. Sooner or later we will see the necessity in the western world and that's when bitcoin explode to 1 million per coin. I have a completely different position. I am confident that is very useful for people learn to use bitcoin. There is no need to learn all the technical details; only the basics. Bitcoin is not only for western world. On the contrary I would say that has more benefits for other countries. China, India and Venezuela do not belong to western world, do they? |
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User ID : 0011744
Match : Preston vs Arsenal
Prediction : 0 - 2
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