Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly!

[bitampcom]

How are new Bitcoins made and what gives it value?

New bitcoins are given out as a reward to the miner/node (a computer that is solving mathematical problems as part of a process to secure the Bitcoin network, as well as verify and validate transactions) every time they find a new block. This happens roughly every ten minutes. Every four years or so, this reward is halved, and there will only ever be very close to 21 million Bitcoins in existence. Currently, 90% of this is already “mined” so that scarcity helps give them value.

This is a very basic explanation on supply, but there are many other arguments backing up intrinsic value that gives it market price.

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[bitampcom]

What happens when crypto reaches max supply?

Nothing different happens, if you’re referring to a coin like Bitcoin where new coins are minted with every new block. Practically speaking, it will keep on minting new coins because block rewards are halved. And since Bitcoin is divisible to 8 decimal points, in 12 years, it’ll still be minting about 0.76 btc per block… but once it’s practically zero, miners will still earn mining fees.

[FatFork]

What happens when crypto reaches max supply?
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As far as I understand math, Bitcoin will never reach max. supply of 21 million coins. The mining reward will be less than one satoshi per block in about 120 years.

[bitampcom]

Why are there so many crypto wallets?

Welcome to decentralization and open source idealogy! Bitcoin isn’t owned by anyone or any company or organisation. It was released fully open source, and allowed anyone to take it, use it, and build other tools to access it. So many people have, each with their own idea of what’s best and what’s useful to different people.

We designed our web wallet Bitamp to meet the particular needs of newcomers who want a simple way to access without installing apps, yet still want full control. Or for someone who wants a throwaway wallet just to play with:)

[bitampcom]

Why is it so difficult to transfer bitcoins from one crypto exchange to another?

It actually isn’t. But every crypto exchange has their own rules, and some don’t allow you to transfer coins between exchanges, probably because of AML regulations or well, just some arbitrary need for them to be able to track YOU through your wallet address.
Stop keeping your coins on exchanges and use your own wallet like Bitamp:) Then you can transfer to whomever you want.

[bitampcom]

Is there a large Bitcoin crash coming? What can I do about it?

Very likely, given that the last massive crash was just over a year ago in March 2020. We also saw significant retracements last month. This is Bitcoin. It can easily do double percentage point spikes up, and down with the same ease.

Just make sure you keep your BTC in your own wallet and not on exchanges! Moments of high volatility tend to bring extra exit scam or hack risk to exchanges!

[bitampcom]

Does it matter which wallet you use to keep your Bitcoin?

Of course it does!

Bitcoin is all about independence and sole control. No one to tell you how to use, keep or spend your money. No one to seize it when they feel like it. No one to mess about with the way you want to transact.

This independence is only yours if you use a wallet that gives you complete and sole control.

Using coinbase or Binance wallets? You might as well keep BTC in your bank and use a bank account.

[bitampcom]

Is there any wearable Bitcoin wallet?

Not that I’m aware of, but I believe some wearables already have browsers, in which case, a web browser-based wallet would work? I would advise against using a wallet on your self where everyone in the world would see you were using a Bitcoin wallet though;) Would you wear a physical wallet on your body to be seen?

It would be painting a really attractive target on yourself!

Do you guys know of any wallet wearables?

[bitampcom]

Can you use your access your Bitcoin wallet address worldwide?

Absolutely! As long as you have the private keys, you can access your wallet — you don’t even need an internet connection! You can access, even make transactions and sign them all offline, anywhere in the world.

You only need to go online if you want to broadcast that transaction to be confirmed by the network.

[bitampcom]

What is the process to make Bitcoin a legal tender in a country?

El Salvador took the shortcut, as it’s own president asked for it.

Depending on how laws get passed in your country, it’s a long and tedious process.
1. One of the govt representatives has to make the proposal. Lawmakers have to look and study and then make proposed amendments, usually to financial law.
2. Proposal is presented to lower house in parliament. Voted on. If approved, then it gets passed to upper house.
3. Same happens if upper house votes and it passes, then it moves to legislation.
4. Lawmakers again look if amendment can be made. If so, then any final changes again goes through voting.
5. Law is enacted.
6. Grace period given to those affected (businesses) to make changes.

All in all, many years!

[bitampcom]

Does it cost me anything to move out my Bitcoin out of Coinbase?

Of course.

If you’re using a service like Coinbase, then it’s a company that’ll charge you fees for withdrawal. This is a service, and like any other service provider, expect a few for those services provided. They’re typically fixed, and can cost a lot more than the actual miner’s fee (which is the network fee you pay to the computers actually securing the network and validating your transactions).

To ensure you have full control over fees (and usually this means paying cheaper fees), use your own wallet like Electrum and Bitamp so you can set precisely how much you want to pay (and thus the speed of your confirmation for the transaction).

[Chikito]

What is the process to make Bitcoin a legal tender in a country?

As I know each country has different rules but mostly the same as your post although not so similar.

use your own wallet like Electrum and Bitamp so you can set precisely how much you want to pay (and thus the speed of your confirmation for the transaction).

Bitamp isn't specific detail of fee, isn't like electrum, bitamp use fee such as Priority, regular and slow. I hope bitamp can development set a manual fee like electrum

[bitampcom]

Can I send Bitcoin to someone without a wallet?

The only way to do this would be to use an existing service, deposit money to buy Bitcoin, and withdraw it to that person’s address. You’d be using the service’s wallet instead, so you can’t control how or when that person would receive it. The only way to ensure the person receives exactly the amount you want to send, in the time you want, is to use your own wallet.

[bitampcom]

What is the process to make Bitcoin a legal tender in a country?

As I know each country has different rules but mostly the same as your post although not so similar.

use your own wallet like Electrum and Bitamp so you can set precisely how much you want to pay (and thus the speed of your confirmation for the transaction).

Bitamp isn't specific detail of fee, isn't like electrum, bitamp use fee such as Priority, regular and slow. I hope bitamp can development set a manual fee like electrum

We're definitely considering this, thanks for your input. The only problem is most newcomers wouldn't know how to set it, and if they set a fee too low, then they come to the wallet begging them to help, which we of course can't:)

[bitampcom]

How to minimize fees when sending Bitcoin to a cold wallet for long term storage?

If it’s not urgent, then I would just set the lowest fee possible, which is 1 sat/byte. The Bitcoin network isn’t at all congested now and that will eventually get confirmed.

Just send everything and set it to lowest fee possible.
Even at worst case scenario this year, it would have taken a couple of weeks at most. Set an RBF if you can in case you need to top up fees.

[bitampcom]

Who gets the Bitcoin transaction fees?

If you’re sending from a service like an exchange, the exchange gets all of it. If you’re sending from your own wallet directly, then the miner that takes your transaction and includes it in a new block found does.

No guesses then why exchange fees are actually more than the actual miner fee!

[bitampcom]

How are wallets secured by users?

Cryptography:) Which is what secures the network itself, and provides access to your wallet only via private keys — which you, and you alone control. If you don’t, that is, if your wallet is hosted by a service online, you’re actually trusting the platform to secure your funds.
Make sure you also encrypt your wallet on your device! That is, set a password.

[bitampcom]

How can I buy Bitcoin without bank or card?

Well, apart from P2P options, buying directly from someone else, that is, you can actually buy Bitcoin from ATMs in many places, which accept cash. These days also, you can even buy Bitcoin from services that accept cash deposits instead of bank accounts.

Do you know of any other way? Do share:)

[bitampcom]

Someone appears to have used my private keys to access my wallet and send funds to another wallet. Is there any way for me to get it back?

Not unless you know the person you’ve sent it to, in which case you’ll have to ask them to send it back to you. One way is to write on Etherscan comments under the address and hope the person sees it.

Otherwise — your private key seems to have been compromised so I’d sweep any remaining funds to a new wallet.

[bitampcom]

If I want to transfer crypto assets (BTC, ETH) to a hardware wallet like Ledger Nano S, how much transaction fees does it take?

It doesn’t matter WHERE you send your transaction to, what affects the fees is how you spend those funds, or rather, the source of the wallet you’re using.

If you’re using a service like an exchange or online wallet, they’ll charge you a fixed fee to withdraw (send) to another wallet. You can’t do anything about that and have to check with the service how much this costs.
But if you’re using your own wallet client with private keys only you control, then you get to decide how much you pay, depending on how fast you want it to confirm. The faster, the higher the fee.