Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly!

[bitampcom]

We got asked: why would people still buy Bitcoin in a pandemic?

Economic concerns. The pandemic actually arrived a time when many major economies were already stressed, the cyclical slowdown coinciding with lockdown that basically forced businesses to cease operations means productivity has gone down globally and jobs have been cut down.

So we’re facing with already-contracting economies, further joblessness, putting a squeeze on incomes. So, governments everywhere are printing more money as stimulus, putting cash in people’s hands so they can continue spending and keeping businesses and economies afloat.

Next step is inflation. Money supply increases, so value drops. We’re already seeing dollar crises in Lebanon, Venezuela, Argentina.

How do people store value and prevent what they’re earning today from being worth nothing in a day or weeks? Well, they used to buy gold. But how easy is it to buy gold, protect it, and then liquidate it when you need to spend?

Bitcoin’s the new answer to that these days. Easily bought and sold online in every country (even where it’s legally banned!).

[bitampcom]

Fees are one of the biggest concerns with Bitcoin wallet users and we just want to remind everyone that we have three fee settings in Bitamp. The highest setting is set to ensure you have next-block confirmation but even at our lowest setting we determine for reasonable confirmation times. Just always make sure if it's urgent, to use high priority settings:)

[OcTradism]

Fees are one of the biggest concerns with Bitcoin wallet users and we just want to remind everyone that we have three fee settings in Bitamp. The highest setting is set to ensure you have next-block confirmation but even at our lowest setting we determine for reasonable confirmation times. Just always make sure if it's urgent, to use high priority settings:)

Three fee settings with Bitamp wallet. Good. People always want to have as many choices as possible 

Check mempool to pick up a good fee.

[bitampcom]

Three fee settings with Bitamp wallet. Good. People always want to have as many choices as possible 

Check mempool to pick up a good fee.

A few good implementations already out there but yeah, our focus is on ease of use and simplicity/convenience for newcomers to Bitcoin, hence the easy settings of fire and forget on Bitamp wallet. OF course, an advanced user knows how to pick a good fee!

[bitampcom]

Don't forget guys, if you lose your wallet but still got the seed phrase, you can try any Bitcoin wallet that supports that derivative. One of them is the Bitamp wallet. Just simply create a new wallet and enter the keyphrase (also called seed). You’ll gain access immediately.

[bitampcom]

Favorite topic these days is Defi and someone asked us how banks are going to challenge 16% interest rates offered by Defi.

Well, if you take into account DEXToolsApp on 9 October recorded 15 Defi scams in just 2 hours just on ONE platform, then you know banks have nothing to hear. That’s more than 1 every 10 minutes on 1 platform alone.

[bitampcom]

Money laundering is an issue faced by any kind of payment service provider or financial institution and most crypto exchanges would fall into either category, hence the need for additional KYC and AML procedures that they must implement if they are licensed entities, as required by most jurisdictions. Check out what’s happening to BitMEX now, which is the largest crypto exchange by volume of Bitcoin futures. Which is a great reminder to all that you should hold your Bitcoin on your own wallet, lest the exchange you use suddenly gets targeted by regulators.

[OcTradism]

Money laundering is an issue faced by any kind of payment service provider or financial institution and most crypto exchanges would fall into either category, hence the need for additional KYC and AML procedures that they must implement if they are licensed entities, as required by most jurisdictions. Check out what’s happening to BitMEX now, which is the largest crypto exchange by volume of Bitcoin futures. Which is a great reminder to all that you should hold your Bitcoin on your own wallet, lest the exchange you use suddenly gets targeted by regulators.

Keep store capital in bitcoin and choose good non-custodial wallet to use.
- Bitcoin: governments can not freeze your bitcoin wallet and addresses if you use a non-custodial wallet and keep its private key or mnemonic seed secretly and safely.
- Non-custodial wallets: Bitcoin Core, Electrum, and Bitamp (sure).

Don't think too much about stable coins especially USDT because they are centralized stable coins and they can be frozen under requests from governments.
PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets.

[bitampcom]

Don't think too much about stable coins especially USDT because they are centralized stable coins and they can be frozen under requests from governments.
PSA: Most Stablecoins Can Be Frozen, Even in Your Own Wallets.

Very good PSA, and for that matter, don't even think to use most altcoins because most of them are also not decentralized enough or indeed, complete centralized. I dread to think of what happens if governments decide to freeze the few known clients and nodes running some coins.

[OcTradism]

Very good PSA, and for that matter, don't even think to use most altcoins because most of them are also not decentralized enough or indeed, complete centralized. I dread to think of what happens if governments decide to freeze the few known clients and nodes running some coins.

Cryptocurrency that is created by a centralized entity (company, person) and not decentralized in technology will be shut down by governments at anytime. They are not different from traditional companies.

Bitcoin is different because the creator is unknow (what we know is Satoshi Nakamoto is the creator but it is the name on Internet space and no one so far is able to know where he lived). Moreover, the protocol of bitcoin makes it is a totally decentralized cryptocurrency.

Government can not shutdown bitcoin but as being said they can seize bitcoin wallets that are own by centralized companies. If you are customers of centralized companies that control your private keys, your bitcoin can be seized. The fault does not belong to bitcoin protocol, it belongs to wallet provider.

[bitampcom]

If you are customers of centralized companies that control your private keys, your bitcoin can be seized. The fault does not belong to bitcoin protocol, it belongs to wallet provider.

Can, and eventually will. Just because there are some good companies who have been around for years, doesn't mean they one day won't be hacked, shut down, or go rogue.

Don't trust people and companies. Trust the tech.

[bitampcom]

Question: What stops a wallet from stealing bitcoins?

We thought it was a weird question but we got asked several times, so let's try to answer anyway:

Cryptography and code. Wallets cannot steal Bitcoins. They are simply a way to access the Bitcoin on the blockchain, using private keys. When Bitcoin is stolen, it’s not wallets that are the ones doing anything, rather, private keys (and therefore, access) are stolen and used to access coins, and send them out to another wallet controlled by the thieves.
So the only way to stop theft is to keep your private keys safe. Without them, anyone could view your wallet addresses as much as they want, but not access the coins in them.

[bitampcom]

We've been away for a while but just sharing our latest answer on Quora to the question: How would governments go about trading CBDC’s (Central Bank Digital Currencies) across borders?

They would probably just use permissioned (that’s private blockchain as opposed to public) blockchains that give access to each other and then it takes simple programming to create representations of their respective currencies to interact with each other via smart contracts.
Very similar to how Bitcoin interacts with some platforms and then have wrapped Bitcoin tokens to swap directly with native tokens. That’s one way to implement this anyway!

[OcTradism]

We've been away for a while but just sharing our latest answer on Quora to the question: How would governments go about trading CBDC’s (Central Bank Digital Currencies) across borders?

They would probably just use permissioned (that’s private blockchain as opposed to public) blockchains that give access to each other and then it takes simple programming to create representations of their respective currencies to interact with each other via smart contracts.
Very similar to how Bitcoin interacts with some platforms and then have wrapped Bitcoin tokens to swap directly with native tokens. That’s one way to implement this anyway!

Excellent answer for the big question in the weekend. Thank you.
Nevertheless, I will never trade CBDC that is a kind of digitalized fiat currency. Why do I need to believe in the value of fiat currency and should I believe that my privacy won't be destroyed by trading it?

No, never. From my perspective, digitalized currencies are created and backed by governments only serve their ultimate purposes to help governments reduce costs of minting (rather than printing) new flow of money supply (from paper fiats to digitalized fiats) and better follow the flow of money from locals.

[bitampcom]

Nevertheless, I will never trade CBDC that is a kind of digitalized fiat currency. Why do I need to believe in the value of fiat currency and should I believe that my privacy won't be destroyed by trading it?

No, never. From my perspective, digitalized currencies are created and backed by governments only serve their ultimate purposes to help governments reduce costs of minting (rather than printing) new flow of money supply (from paper fiats to digitalized fiats) and better follow the flow of money from locals.

Thank you for your response! I don't think we would either. Doesn't make sense for us to trade CBDC, unless we were already into forex. Imagine if central banks already control fiat (and they do), what more control could they exert over CBDC where they have absolute control over supply? They could increase, burn, lock, reverse, as much as they want. And that's the big part you mentioned: better surveillance over their people.

[OcTradism]

I sugggest the Bitamp team consider to use the official and initial account Bitamp.com to leave a neutral feedback on bitampcom and notify it as the official PR account of Bitamp.com in the feedback content.

It will be helpful for new guests in the thread and can help to reduce compromise when something happens with the PR account.

[bitampcom]

I sugggest the Bitamp team consider to use the official and initial account Bitamp.com to leave a neutral feedback on bitampcom and notify it as the official PR account of Bitamp.com in the feedback content.

It will be helpful for new guests in the thread and can help to reduce compromise when something happens with the PR account.

We'll ask and remind the devs to do this. There is a slight issue with account accesses due to different ownership of the PR/marketing and such on these accounts but we're cognizant of the need to address this at some point. Thanks for the feedback.

[NotATether]

I need some advice on how to securely transfer a private key I made in Bitamp from iOS to my Linux PC so I can load it with funds. The PC does not have Bluetooth so that’s not an option. I would like to encrypt the private key with BIP38 instead but Ian Coleman’s webpage for it freezes my phone, and I don’t trust other sites enough to use them.

And I do not want to use an iOS wallet app. That is specifically why I’m using Bitamp for this, to put a small amount of money in an address I want to pay someone with, and being able to do that while I am on the road. Asking in this thread because I’m sure that other mobile users face this dilemma.

If there’s no reasonable alternative I’ll just write the private key on a piece of paper and import it to PC using that, although it will be tedious to write.

[bitampcom]

I need some advice on how to securely transfer a private key I made in Bitamp from iOS to my Linux PC so I can load it with funds.

If you have an email client that supports PGP encryption, that might be one relatively simple way to send yourself your private key with end-to-end encryption -- I know there have been recent vulnerabilities discovered, but those are with attackers sending messages, I'm not aware of any if you send yourself the message and you know what's in it.

[bitampcom]

How important is layer 2 for Ethereum?

At the moment, incredibly important. Since 2017, when Ethereum got the mass adoption that they wanted, they realized that the network simply did not have the capacity to handle that demand in use, hence the various stages of congestion that we’ve experienced over the years, along with the high fees that come with that.

So much, so, it’s now even more expensive than Bitcoin to use. Bitcoin’s been working on Layer 2 for a while now and it’s taking off. Defi (read about why it’s so hot now (https://cryptomarketeer.com/what-is-defi-and-why-is-it-so-hot-right-now/)) now has also used to some extent and success Layer 2 — at least until Ethereum 2.0 with improved scalability arrives (circa 2021 hopefully).