Questions on bitcoin and it's fate

[Ventide]

Hi everybody

I am intending to wait till I receive my Nano Ledger before buying a significant portion of Bitcoins

I have a few queries/concerns I hope I can get answers to

1.I am currently using CoinHako, I am afraid that while sending bitcoins from my Coinhako wallet to my ledger, that it is lost for some reason. How possible is such a scenario


2.Lets say I successfully transfer the coins to my ledger, I am concerned the same thing will happen if I transfer my BTC to an exchange. Again, how likely are such scenarios


3.In the event where bitcoin does reach 100K, and we intend to sell on an exchange, who can realistically buy these at such exhorbitant prices. No use having 1 million BTC if you can't sell it


4.I've read that transaction fees are going through the roof, could it scale to a level where transferring 1million BTC would result in fees amounting to 500K for example?


Appreciate if I can get your thoughts on these amatuer questions

[1715413018]

1715413018

[odolvlobo]

1.I am currently using CoinHako, I am afraid that while sending bitcoins from my Coinhako wallet to my ledger, that it is lost for some reason. How possible is such a scenario
2.Lets say I successfully transfer the coins to my ledger, I am concerned the same thing will happen if I transfer my BTC to an exchange. Again, how likely are such scenarios
3.In the event where bitcoin does reach 100K, and we intend to sell on an exchange, who can realistically buy these at such exhorbitant prices. No use having 1 million BTC if you can't sell it
4.I've read that transaction fees are going through the roof, could it scale to a level where transferring 1million BTC would result in fees amounting to 500K for example?

1. There is little chance of losing your coins as long as you send them to the correct address provided by the Ledger wallet and you ensure that the Ledger's seed is securely backed up.

There is an extremely small chance (¹/_4294967296) of losing your coins due to mistyping the address. It is more likely that you might send to the wrong address.

2. Same as #1. Though, there is a chance that the exchange will lose your bitcoins, which is why you have the Ledger.

3. The price cannot reach $100k if nobody is willing to buy at such exorbitant prices. But realistically, you can buy fractions of a bitcoin so the price of a full bitcoin is not a factor.

4. The cost of a transaction is not related to the value of the transaction. It is related to the number of bytes in the transaction. On the other hand, if the price of a bitcoin reaches $100k, then it would indicate that using bitcoin is extremely valuable and that people would be willing to pay a very high fee.

[kolloh]

1.I am currently using CoinHako, I am afraid that while sending bitcoins from my Coinhako wallet to my ledger, that it is lost for some reason. How possible is such a scenario
2.Lets say I successfully transfer the coins to my ledger, I am concerned the same thing will happen if I transfer my BTC to an exchange. Again, how likely are such scenarios
3.In the event where bitcoin does reach 100K, and we intend to sell on an exchange, who can realistically buy these at such exhorbitant prices. No use having 1 million BTC if you can't sell it
4.I've read that transaction fees are going through the roof, could it scale to a level where transferring 1million BTC would result in fees amounting to 500K for example?

1. There is little change of losing your coins as long as you send them to the correct address provided by the Ledger wallet and you ensure that the Ledger's seed is securely backed up.

There is an extremely small chance (¹/_4294967296) of losing your coins due to mistyping the address. It is more likely that you might send to the wrong address.

One possible risk would be malware that replaces a bitcoin address that you copy to your keyboard. We've seen this kind of malware before that will replace any copied bitcoin address with one of the attackers. However, this is easy to catch as long as you double check the address you are sending to before you confirm any transaction.

[HabBear]

My answers to some of your questions...you may get varied opinions and you should fairly consider everyone's opinion.

2.Lets say I successfully transfer the coins to my ledger, I am concerned the same thing (losing BTC) will happen if I transfer my BTC to an exchange. Again, how likely are such scenarios

It's as likely as it would be likely for you to mis-type the destination Bitcoin address into your Ledger "send bitcoin" screen prompts.

3.In the event where bitcoin does reach 100K, and we intend to sell on an exchange, who can realistically buy these at such exorbitant prices. No use having 1 million BTC if you can't sell it

The lowest potential transactional increment of a bitcoin is 1 satoshi, BTC0.00000001, which is 1 / one hundred millionth of a bitcoin. Today you probably couldn't get a one satoshi transaction confirmed, but in theory it is feasible. The fact that bitcoin transactions can be denominated down to 8 places after the decimal means you can easily transact in a fiat volume that makes sense at the time of your transaction. With Bitcoin at $100,000, if you wanted to transact $1,000 it would be BTC0.01. A normal transaction size!

4.I've read that transaction fees are going through the roof, could it scale to a level where transferring 1million BTC would result in fees amounting to 500K for example?

I guess anything's possible and I can't offer an educated opinion on how high fees are projected to get. But if fees get to unfair levels you could trade your Bitcoin for an alternative crypto-currency that offers lower fees...Litecoin would be a good option, they have lower fees now and could have lower fees than Bitcoin in the future.

Good luck with your first major purchase! Hodl forever!

[Mike Mayor]

Fate ? Fate !? Such things are blasphemy !! How dare you even entertain the idea. Bitcoin is undying.

Exchanges are generally safe but use trusted ones. Don't use one you have never heard of it new ones esspecially if they seem dodgy and kess professional. Most of the time scammers use cookie cutter type websites so they give themselves away. I wouldn't worry about it though. You will be fine using one of the big market. How much are you planning to move ? You could do small bits at s time if you really that worried. I don't see why you don't just reduce how much you exchange at once ? I promise you an exchange won't steal from you when they making money on trading fees all day long. They honestly don't want your money and do you know why ? It's simple they want you to move your money around on their exchange making them 0.2% normally per transaction.

[tspacepilot]

My own suggestion to the OP is to keep track of your own private keys.  I'm not familiar with the "Nano Ledger" but I guess it's some kind of hardware wallet.  I strongly suggest that the OP get the private key(s) out of his "Nano Ledger" and keep a physical copy of it safe somewhere.  Electronic devices can fail, ink on paper can fail too, but having a backup in a non-electronic medium seems wise to me.

I think the other posters mainly answered the other questions in the OP.

[mk4]

Hi everybody

I am intending to wait till I receive my Nano Ledger before buying a significant portion of Bitcoins

I have a few queries/concerns I hope I can get answers to

1.I am currently using CoinHako, I am afraid that while sending bitcoins from my Coinhako wallet to my ledger, that it is lost for some reason. How possible is such a scenario


2.Lets say I successfully transfer the coins to my ledger, I am concerned the same thing will happen if I transfer my BTC to an exchange. Again, how likely are such scenarios


3.In the event where bitcoin does reach 100K, and we intend to sell on an exchange, who can realistically buy these at such exhorbitant prices. No use having 1 million BTC if you can't sell it


4.I've read that transaction fees are going through the roof, could it scale to a level where transferring 1million BTC would result in fees amounting to 500K for example?


Appreciate if I can get your thoughts on these amatuer questions

1-2. The chances of you losing your bitcoins only depends on you making a mistake or not. Make sure you are always sending your bitcoin to the right wallet address.

3. If ever bitcoin achieves mass adoption, then people will buy it. why? bitcoin is made to be a currency. so people will buy it for them to be able to use it.

4. It will not go that high (hopefully) as it's extremely unlikely. A solution for these transaction fee problems will be addressed nextmonth. Is it the right solution to the problem? That's for you to decide. Do research on segwit and bitcoin unlimited.

[iluvpie60]

The fate of bitcoin is that it will continue to thrive and grow. It is a good long term investment to hold some. It is very likely the USA and other countries will go into another recession and holding bitcoin for at least another 3 or 4 years should be a lot better than keeping it in your bank.

Anyways.

There are many places that accept btc so you likely wouldn't need to sell it, when you say it will get to 100kUSD, you would more than likely use that BTC to buy things instead of selling it for USD.

The fees will go down beceause blocksize will be increased. Eventuall we will have 10s of millions of people using btc in a day and will need blocksizes that are a lot larger. That will happen and fees won't be too bad. And if they are bad people will just convert to another coin on an exchange first.

[taxmanmt5]

Hi everybody

I am intending to wait till I receive my Nano Ledger before buying a significant portion of Bitcoins

I have a few queries/concerns I hope I can get answers to

1.I am currently using CoinHako, I am afraid that while sending bitcoins from my Coinhako wallet to my ledger, that it is lost for some reason. How possible is such a scenario


2.Lets say I successfully transfer the coins to my ledger, I am concerned the same thing will happen if I transfer my BTC to an exchange. Again, how likely are such scenarios


3.In the event where bitcoin does reach 100K, and we intend to sell on an exchange, who can realistically buy these at such exhorbitant prices. No use having 1 million BTC if you can't sell it


4.I've read that transaction fees are going through the roof, could it scale to a level where transferring 1million BTC would result in fees amounting to 500K for example?


Appreciate if I can get your thoughts on these amatuer questions

What do your questions have to do with the fate of Bitcoin?  Are you really expecting us to believe that you speak like that?  SImply ask your questions and stop trying to sound like a prophet or something.

[taxmanmt5]

Bitcoin will be fine and you will likely make some error in the next six months that will cost you everything, which you will then blame on someone or something else, that is the way that the new Bitcoin generation operates.

[Kprawn]

Hi everybody

I am intending to wait till I receive my Nano Ledger before buying a significant portion of Bitcoins

I have a few queries/concerns I hope I can get answers to

1.I am currently using CoinHako, I am afraid that while sending bitcoins from my Coinhako wallet to my ledger, that it is lost for some reason. How possible is such a scenario


2.Lets say I successfully transfer the coins to my ledger, I am concerned the same thing will happen if I transfer my BTC to an exchange. Again, how likely are such scenarios


3.In the event where bitcoin does reach 100K, and we intend to sell on an exchange, who can realistically buy these at such exhorbitant prices. No use having 1 million BTC if you can't sell it


4.I've read that transaction fees are going through the roof, could it scale to a level where transferring 1million BTC would result in fees amounting to 500K for example?


Appreciate if I can get your thoughts on these amatuer questions

What do your questions have to do with the fate of Bitcoin?  Are you really expecting us to believe that you speak like that?  SImply ask your questions and stop trying to sound like a prophet or something.

Calm down, the user has some legitimate questions and he clearly detailed his concerns, which is lacking with most of the threads being started

by newbies. The price of bitcoins will have a significant impact on mining and also on fees, but it will also adjust as the value increase. Luckily

for us, we can buy smaller units {pieces} of bitcoins, called Satoshi's. 1 Bitcoin = 0.00000001 Satoshi and this can be subdivided even more, if

needed. {example : 1 Bitcoin = 0.00000000001 <-- whatever they want to call that } 

[btcmaker21]

Bitcoin has a future like apple/google/microsoft a while ago iMHO do your own research and believe in it or not or try to "daytrade" instead of longterm investments but IMO its more difficult than doing longterm investments in coins which u belive in

[Palmerson]

I have heard that recently Google has invested in bitcoin, 40 million dollars. It's not a big amount for Google, but it is a signal that the currency has a future. A now panicked about the events on August 1, but I'm sure everything will be fine and the transition will be painless.