Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly!

[bitampcom]

What's the smallest amount of Bitcoin I could buy and how would I do that?

Theoretically, there is no smallest amount of Bitcoin you could buy, but since small amounts may end up costing less than a transaction fee it would take to send you the Bitcoin, you may be constrained by how you choose to pay.

Most exchanges probably would let you buy amounts as low as $10–50 but would charge you about $5 in withdrawal.

P2P, you might convince someone to sell you about $1 (about 3,000 satoshi today) but they’d be inconvenienced and you’d lose about 5 cents to fees (which is 5% of your purchase!).

Probably better off trying a faucet, if you really want such a small amount! What do you guys think?

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[bitampcom]

Frequently asked: why does the Bitcoin I send + service fee + miner fee = amount of Bitcoin I own?

Perhaps you don’t mean the total amount you own, but the total amount of Bitcoin actually being sent?

What you send - network fee - service fee (if wallet has it) = what person receives.

Basically, works just like any other method of payment.

If you don’t want to pay service fees, then use a client that interacts directly with the Bitcoin network, so all the fees you pay actually go to the miners (this is also usually cheaper).

[bitampcom]

Is it true a country has made Bitcoin legal tender?

Yes it is! El Salvador made history by enshrining this in their Constitution. What does this mean and how is this different from other countries that accept or recognize Bitcoin?

Well, legal tender means no one has the right to refuse payment in Bitcoin — refuse a BTC payment and it would actually be illegal:) This is just the start!

[bitampcom]

Is there a way for me to avoid paying Coinbase fees?

There isn’t, not if you want to continue using Coinbase.

You also can’t escape paying miner fees for any transactions you do on Bitcoin, or any other crypto network for that matter. BUT you can save drastically on fees by using your own wallet client. For Bitcoin, examples would be Bitamp wallet or Electrum. Both interact directly with the Bitcoin network, so you pay only and exactly the required miner’s fee to confirm your transaction.

You will save a lot in the long run. As an example, a withdrawal fee on a typical exchange is at least 50,000 satoshi today. But sending your own transaction from your own client will cost you as low as 150 satoshi. That’s 300 times more if you use an exchange!

[bitampcom]

What happens to Bitcoin accounts when an owner dies without passing on their private keys?

It’s simply lost forever. Or until the private keys are found. It sounds like a bad thing but that’s how Bitcoin works. You, and only you, should have access and no one else.

Which is why inheritance plans are really important for Bitcoin — either do a timelock transaction that automatically triggers at a fixed time (presumably once you die or are unable to access). Or simply passing on the private keys as part of your inheritance to a loved one or family.

Anyone got any experience to share with this?

[dkbit98]

Anyone got any experience to share with this?

Sealed envelope left for your family members with simple instructions on how to recover and use Bitcoin would be the best option, but I believe that some basic education is needed even before, so that people could understand importance of Bitcoin and private keys.
That is easier said than done, and I realized that many people are often just not willing to listen and learn anything, at least that is my experience so far.

[bitampcom]

What do you guys think about stats floating around saying 60% drop in active BTC addresses?

I don’t think that statistic really stands. And it would depend on what you define as active addresses. Take into account that a LOT of activity now happens off-chain — that means people more and more are using and transacting Bitcoin without actually using the network. Exchange wallet to wallets, platforms between user accounts, and now even wrapped Bitcoin on other networks and Layer 2 solutions like Lightning.

Bitcoin use and adoption continues to grow, not shrink.

[bitampcom]

Anyone got any experience to share with this?

Sealed envelope left for your family members with simple instructions on how to recover and use Bitcoin would be the best option, but I believe that some basic education is needed even before, so that people could understand importance of Bitcoin and private keys.
That is easier said than done, and I realized that many people are often just not willing to listen and learn anything, at least that is my experience so far.

Thank you for sharing this and indeed. If you want to leave behind the sealed envelope then make sure there is also instructions in there to help them understand it.

I'd share videos and links, a complete package, OR leave it as part of inheritance with a family lawyer. There are technical means to also achieve this that are more trustless but for now, when most people don't know how to use Bitcoin, might be best to stick to understood methods:)

[dkbit98]

I'd share videos and links, a complete package, OR leave it as part of inheritance with a family lawyer. There are technical means to also achieve this that are more trustless but for now, when most people don't know how to use Bitcoin, might be best to stick to understood methods:)

Making video instruction is a good idea but technology is developing so quickly and it may not be so easy for people in future to play this video.
Imagine recording video with betamax, vhs cassette or even CD not so long ago, and now it would be very hard to play some of them.
I still think that writing instructions on hard paper is better, but you can add optional audio-video recording.

[Bitcoin_Arena]

What do you guys think about stats floating around saying 60% drop in active BTC addresses?

I don’t think that statistic really stands. And it would depend on what you define as active addresses. Take into account that a LOT of activity now happens off-chain — that means people more and more are using and transacting Bitcoin without actually using the network. Exchange wallet to wallets, platforms between user accounts, and now even wrapped Bitcoin on other networks and Layer 2 solutions like Lightning.

Bitcoin use and adoption continues to grow, not shrink.

I agree with you. The stats are most likely not accurate at all but could reflect on times when the network is very active and times when it's not very active.

My Theory is that the on chain transactions or number of  active addresses tend to rise during times of high volatility. There are people joining in due to FOMO and try opening up wallets and purchasing bitcoin and then people trying to move Bitcoins to from wallets to exchanges to sell due to panic.

But in the recent months, the volatility has been very low and so naturally the number of transactions on chain tends to drop. The low volatility is leads to low buy and sell orders as reflected by the low trading volumes lately.

The low on chain activity can also be reflected in the mempool. very few unconfirmed transactions compared to some months back.

[bitampcom]

How effective are China’s Bitcoin bans?

You can see for yourself. This isn’t the first time China has had some kind of ban or restriction on Bitcoin, this is at least the third time it’s tried to clamp down on Bitcoin activity. First exchanging, then use, and now mining.

True, each time it’s affected Bitcoin markets but fundamentals continue to grow. Look at wallet numbers. Hashrate. Txs. They’re always climbing!

[bitcoin talk]

I don't see my money in my account, and I see no history either? Is this normal?
I don't see the barcode either I waited a while 15-20 min, still zero and no barcode to the far right.
I didn't use 2 factor
I use tor browser only.