Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly!

[bitampcom]

I don't see how it can happen from a stranger. Because the sender has to have BTC address of receiver. From a spreadsheet, from any source but I think most of time they are friends and have trades in the past. It is so lucky if I receive such donation by mistake and don't know who is sender to refund.

You have a point, but if you've used your wallet already, then your addresses are public already on the blockchain. And since most people don't actually practice single use addresses, I guess it's not impossible to have unexpected bitcoin sent to you if they somehow found it on a blockchain.

Not a practical scenario for sure, but an ethical one.

And then we have all those dust sprayers trying to just taint everyone with bad inputs!

[bitampcom]

Another query we answered, this time on Reddit, was about what the difference is about keeping BTC on an excahnge and keeping it in your wallet.

Our answer, is always predictable:)

The units will never change. Imagine holding 1 US dollar, and its value in euros keeps changing. Whether you keep the dollar in a bank account or in your wallet, the $1 is always $1.

There is one really important difference. Keeping it on an exchange means you are trusting the exchange will give it back to you when you ask for it. And you only need to look at the past 11 years of history to see that this doesn't end well for a lot of people when exchanges get hacked, go bust, or just decide to arbitrarily withhold your bitcoin.

Our advice! Keeping it in your own wallet, where you, and only you, hold the private keys (and therefore control), means you can use it, sell it, send it, whenever you want. Make sure you get yourself a wallet like that. Start with something easy, like Electrum or Bitamp, and then move on up when you're more confident.

[bitampcom]

A favorite question we get asked is, what's the easiest way for a first time BTC user to get a wallet? For us of course, we developed Bitamp wallet precisely to answer this problem of every day BTC introduction!

The easiest way, in my opinion, would be to use a web wallet that doesn’t require him to download and install an app — this means there is one less process for him to complete, and a web wallet simply means he can use any device with a browser and internet.

Bitamp is one such wallet designed specifically for newbies in the space, understanding that complex wallet creation is a hurdle to Bitcoin adoption.

Why Bitamp? You can sign up for a wallet in 10 seconds, it simply generates your seed for you. It’s never stored on our side so only YOU have control. You can use ALL three formats of Bitcoin so you’re covered everywhere!

Coinbase is also easy but you’d have to be a US citizen or in some other parts of EU for you to be allowed to use it. Bitamp has no such restrictions:)

[bitampcom]

Sunday question for Bitcoin newcomers: When receiving a Bitcoin payment, can you see the address the payment is from?

Answer?

Absolutely. As long as the transaction is broadcast to the network, then everything is immediately viewable on the blockchain. Just visit any blockchain explorer like Blockchair — Universal blockchain explorer and search engine then enter your transaction ID, you will be able to see the sending address.

In fact, just opening your wallet and viewing the details should also give you this.

Better still, using a blockchain explorer to view your Bitcoin address shows ALL transactions sending and receiving, including all addresses. These cannot be hidden in Bitcoin’s blockchain!

[bitampcom]

So with all the talk of Defi going on, don't you guys think most of the projects claiming to be Defi are really just centralized finance and should be called Cefi?

I mean, not even all of them have non-custodial wallets. At the very least that part should still be in control if you even want to start thinking about calling yourself Defi, right?

[Hhampuz]

So with all the talk of Defi going on, don't you guys think most of the projects claiming to be Defi are really just centralized finance and should be called Cefi?

I mean, not even all of them have non-custodial wallets. At the very least that part should still be in control if you even want to start thinking about calling yourself Defi, right?

I couldn't agree more! A lot of shady ones popping up but.. I have seen some solid ones that I'll be interested in seeing what the future holds for

[bitampcom]

So with all the talk of Defi going on, don't you guys think most of the projects claiming to be Defi are really just centralized finance and should be called Cefi?

I mean, not even all of them have non-custodial wallets. At the very least that part should still be in control if you even want to start thinking about calling yourself Defi, right?

I couldn't agree more! A lot of shady ones popping up but.. I have seen some solid ones that I'll be interested in seeing what the future holds for

Yeah, I guess this really is the ICO of 2020, isn't it? Defi this and that. Every company wants to be seen as modern and up with the times, but of course, I'm not knocking all Defi for being Defi. I just think we ought to e careful and at least go for non-custodial wallets and smart contracts. Hard to tell at a glance though!

[bitampcom]

A lot of people ask us how to use a Bitcoin service that only accepts Bitcoin and really, there's no other way than to buy Bitcoin first. So if you ever get someone asking you about that, make sure they know the basics of buying. But ask them check to make sure they're not breaking any of the casino’s terms and conditions, and that it’s legal to buy Bitcoin in their country.

And whatever else you do, make sure you get your own Bitcoin wallet first at Bitamp

[OcTradism]

A lot of people ask us how to use a Bitcoin service that only accepts Bitcoin and really, there's no other way than to buy Bitcoin first. So if you ever get someone asking you about that, make sure they know the basics of buying. But ask them check to make sure they're not breaking any of the casino’s terms and conditions, and that it’s legal to buy Bitcoin in their country.

And whatever else you do, make sure you get your own Bitcoin wallet first at Bitamp

A few helpful things to take into consideration before opening a trade:

• Trust or Reputation score (if the platform provides it)
• Number of past trades
• Ages of account
• Past trade feedback (the ratio between positive and negative trade feedback)

About casinos, some have a rule in ToS that they don't allow Coin Join or suspicious illegal money from mixing services so if a customer makes a deposit like that they have right to suspend customer account and related fund. Read ToS and FAQ with keywords and search.

[bitampcom]

A few helpful things to take into consideration before opening a trade:

• Trust or Reputation score (if the platform provides it)
• Number of past trades
• Ages of account
• Past trade feedback (the ratio between positive and negative trade feedback)

About casinos, some have a rule in ToS that they don't allow Coin Join or suspicious illegal money from mixing services so if a customer makes a deposit like that they have right to suspend customer account and related fund. Read ToS and FAQ with keywords and search.

Thank you for the helpful reminder! Actually, a lot of exchanges also have some restrictions about where the source of funds come from, so it's very dangerous for anyone to try depositing/withdrawing directly between exchanges and other services like casinos where the legality can be confusing.

So, always take it to your own wallet first, we would say.

[bitampcom]

I know it's Friday so why not share another meme?

Defi is cool and it's a big thing, we agree, but if you guys are out there right now considering a Defi project, please, please make sure you're at least choosing a REAL decentralized platform where you retain custody of your funds. Remember, not your keys, not your Bitcoin!

[bitampcom]

What do you guys think about layer 2 solutions for payments? Anyone used a Lightning app yet or maybe an L2 app on some other crypto? We have said of course we have a lot of considerations for our tech in future but just want to also get thoughts from potential users.

[Charles-Tim]

What do you guys think about layer 2 solutions for payments? Anyone used a Lightning app yet or maybe an L2 app on some other crypto? We have said of course we have a lot of considerations for our tech in future but just want to also get thoughts from potential users.

What I noticed about lightning network is that people are not using it, it is not really encouraged by developers. I remember segwit protocol was even created a year after segwit was creeated, it was proved and tested to be sucured and now used as default address for most bitcoin wallet. But lightning network is not really supported, maybe because it is not yet well proven to be secure.


I recently read about an attack that is very possible using lightning network address:
https://www.google.com/amp/s/www.coindesk.com/bitcoins-lightning-network-is-vulnerable-to-looting-new-research-explains%3famp=1

The 'Loot'
You might be able to see where this is going. Attackers take advantage of the blockchain congestion and pair it with exploiting the HTLC deadlines.

The attack relies on the bitcoin blockchain being filled to the brim with transactions so that no more can get through. The attacker hopes he or she can push the contracts past the built-in deadlines. If successful, the attacker can begin to “loot” the expired contracts.

“By attacking many channels and forcing them all to be closed at the same time […], some of the victims’ HTLC-claiming transactions will not be confirmed in time, and the attacker will steal them,” Harris explains in the blog post.

The researchers ran simulations on a test Lightning Network with dummy coins to test how feasible such an attack is.

In short, each closed channel results in one more transaction being pushed to the Bitcoin blockchain. The attacker will attempt to simultaneously close as many channels as possible to increase the number of transactions sent to the blockchain, increasing the chance of success.

Using their simulations, the researchers found that attacking 85 channels at once was enough to “guarantee a successful attack.”

Harris notes an attacker targeting 100 channels leads to a reward of “at least” 7402 HTLCs, with the average HTLC today holding about $138 worth of bitcoin. That could mean a payday of roughly $1,021,476.

They also found that, as expected, less block space leads to a higher attack success rate because an HTLC is less likely to go through before the deadline.

Finding “potential victims” was also eerily easy. In the simulation, the researchers found it wasn’t hard to set up channels with other users. Indeed, 95% of Lightning nodes accepted their invitations to set up a Lightning channel.

Jona Harris and Aviv Zohar say:
The researchers argue the attack is systemic and “eliminating the risk entirely seems to be a complicated task.”

That said, Harris suggests several strategies for solving the problem, or at least ameliorating it if the issue can’t be stomped out entirely. One is increasing the HTLC deadline so it is easier for a user tp counter the attacker via the Bitcoin blockchain in time.

You can read the full news on coindesk
https://www.google.com/amp/s/www.coindesk.com/bitcoins-lightning-network-is-vulnerable-to-looting-new-research-explains%3famp=1


What I think about it now is that lightning network is not yet developed, it can one way or the other be susceptible to attack.

[bitampcom]

Thanks for the very detailed feedback, Charles-Tim and yes, I think it's suffice to say that not enough people are using it YET, but it's probably untrue to say it's not being used at all... if anything, for a tech that's so immature, the usage is probably quite high comparative to other Layer 2 solutions on other networks.

What you read is right too, the risks are all there and some people have lost money but that's to be expected with an experimental layer. It is for sure not for the faint-hearted and still aimed at micro transactions.

Look forward to more thoughts!

[bitampcom]

So some 16-year old kid was asking about how to buy Bitcoin with a debit card. Quite a few people suggested he use Purse, but I think this is one case where Bitcoin ATMs come in handy for small purchases. Of course, we said to make sure he gets a proper wallet first!

Where else do you think a person who may not have access to credit cards or banking services could get Bitcoin?

[OcTradism]

So some 16-year old kid was asking about how to buy Bitcoin with a debit card. Quite a few people suggested he use Purse, but I think this is one case where Bitcoin ATMs come in handy for small purchases. Of course, we said to make sure he gets a proper wallet first!

Where else do you think a person who may not have access to credit cards or banking services could get Bitcoin?

Bitcoin ATMs are good but to use them people in general and youngsters in particular should keep some important things in mind and actually practice.
- Beware of legal and illegal Bitcoin ATMs: Because illegal bitcoin ATMs can bring troubles.
- Search and try to discover the location of Bitcoin ATM that you want to visit and buy Bitcoin: Try to avoid ATMs that are located in remote places and something fishy or unsafe.
- Try with small money first to get experience and get it done right. If you make mistakes, you can do another trade and correct previous mistakes.

https://coinatmradar.com/

[Charles-Tim]

Where else do you think a person who may not have access to credit cards or banking services could get Bitcoin?

Someone can have a wallet such as bitamp wallet, he does not need bank account or any verification for such, or he can download any other noncustodial wallet. The person can buy bitcoin on bitcoin atm, all he needs for the small amount of bitcoin he will purchase is phone number, this is used for verification. But for larger amount in thousands of dollars, he may need ID verification.

Another way around is to register on p2p exchanges like hodlhodl, bsiq etc. So far he want to buy, he can meet local sellers online and dialogue with them. The sellers will put the bitcoin on escrow and request for the money. The person can collect their bank details to go and pay the money in bank or use any other payment means like PayPal. The person has no bank but get bitcoin through p2p exchange by oqying the seller, the seller will release the bitcoin from escrow into the person's wallet. But, someone need to be careful of scammers.

Bitcoin atms are the best if the person has not bank, but if he knows about p2p exchnages too, he does not need a bank to buy bitcoin, but he may need a bank to sell in certain cases.

[bitampcom]

Bitcoin ATMs are good but to use them people in general and youngsters in particular should keep some important things in mind and actually practice.
- Beware of legal and illegal Bitcoin ATMs: Because illegal bitcoin ATMs can bring troubles.
- Search and try to discover the location of Bitcoin ATM that you want to visit and buy Bitcoin: Try to avoid ATMs that are located in remote places and something fishy or unsafe.
- Try with small money first to get experience and get it done right. If you make mistakes, you can do another trade and correct previous mistakes.

https://coinatmradar.com/

Indeed, every method has its downfalls, and illegal Bitcoin ATMs is something I haven't heard of, but is a valid concern. I'd always check with the shop owner or call support (usually on a sticker on the ATM) to get confirmation first. Thanks for your feedback!

Someone can have a wallet such as bitamp wallet, he does not need bank account or any verification for such, or he can download any other noncustodial wallet. The person can buy bitcoin on bitcoin atm, all he needs for the small amount of bitcoin he will purchase is phone number, this is used for verification. But for larger amount in thousands of dollars, he may need ID verification.

Another way around is to register on p2p exchanges like hodlhodl, bsiq etc. So far he want to buy, he can meet local sellers online and dialogue with them. The sellers will put the bitcoin on escrow and request for the money. The person can collect their bank details to go and pay the money in bank or use any other payment means like PayPal. The person has no bank but get bitcoin through p2p exchange by oqying the seller, the seller will release the bitcoin from escrow into the person's wallet. But, someone need to be careful of scammers.

Bitcoin atms are the best if the person has not bank, but if he knows about p2p exchnages too, he does not need a bank to buy bitcoin, but he may need a bank to sell in certain cases.

The problem in this case of P2P is that a lot of newbies don't know who to trust and it can be dangerous to deal with people and not know the risks of how they could cheat you (esp with refundable methods of payment and 3rd party transfers). In any case, if considering P2P, avoid meeting people for face 2 face trades, especially with minors as in the case we talked about.

So Bitcoin ATMs still the best for now yeah?

[bitampcom]

The question posed to us today was about Bitcoin cloud mining and our short and sweet answer is: don't fall for the scam!

Cloud mining has proven to eventually be unsustainable over the years (simply Google the name of the site + scam to understand), and even startups that have tried to go for cheap power (like Hydrominer) have eventually found that the cost of mining far exceeds the cost of management and profit payments.

Most cloud mining sites offer a fixed periodic payment, which is impossible to realistically offer since Bitcoin is highly volatile over the contract period.

So these sites try and tempt you with a free trial (which will never give you enough earnings to withdraw, by the way) to hook you.

Don’t get hooked!

[bitampcom]

Someone asked if it was wise to buy fractional Bitcoin and this reminded us a lot about the mathematical psychology that should not get to you as an investor. Yes, there are only ever going to be 21 million units of Bitcoin ever going to be produced.

Yes, after the next three production halvings in roughly 12 years, less than 1 entire unit of Bitcoin will be produced with every new block as opposed to the current 6.25.

So it will become scarcer, but bitcoin is divisible to 100 million other units called Satoshi and guess what? Second layer payment systems even allow for SUB-satoshi payments. Virtually unlimited. So don’t worry. Stack your satoshis.

And use Bitamp to stack them in!;)