Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly!

[bitampcom]

Will Bitcoin mining be profitable in the long term? Say 5-10 years?

The age-old question. Now at the next halving, it’s only 3+ BTC per new block. Halved. But if we’re looking at mining being profitable at 6+ BTC when it was around $10,000 then it stands to reason it’ll be profitable for 4 more years after the next halving at $20k. Which we are way beyond now. So that’s at least 7 years more of profitable mining.

In my view, mining is going to be profitable for at least some of the miners, whatever the price. Especially if that someone pays a low fee for the electricity.
Of course, large mining farms will always have an advantage (bulk equipment buying, competitive electricity rates, more efficient infrastructure).

That's always been the case for at least the past 2 halvings, hasn't it! And with altcoins merged mined, and all kinds of others to switch to during unprofitable Bitcoin times, we can definitely expect the industry to thrive for many more years to come!

[bitampcom]

Bitcoiners old and new are asking each other now, will this rally last?

We believe won’t be a cyclical repeat of past parabolic runs. This time, it is institutional money and not retail, that is laying the foundations for firmer, more stable growth. What do you think?

[bitampcom]

What's the biggest crypto downside?

We don’t think there is any that isn’t worth the upside.

Crypto means complete and utter freedom over how you control your money. With wallets like Bitamp that give you sole access to your private keys, no one else can touch your money, or withold it, or freeze your transactions.

Of course, this means, if you lose it, no one can help you recover it. That’s probably the biggest downside, but it’s definitely worth it.

Agree or disagree?

[notblox1]

What's the biggest crypto downside?

I would say that biggest crypto downside are transactions fees that can go very high like we see now, and I am not sure most people even understand how crypto works.

I think that holding a private keys is big advantage, but other people in the world probably don't care much about that and they are happy keeping fiat money in the bank, and they don't want to use their head and concern about private keys.

[bitampcom]

What's the biggest crypto downside?

I would say that biggest crypto downside are transactions fees that can go very high like we see now, and I am not sure most people even understand how crypto works.

I think that holding a private keys is big advantage, but other people in the world probably don't care much about that and they are happy keeping fiat money in the bank, and they don't want to use their head and concern about private keys.

That is a fair point, although in the near future we can expect a lot of Layer 2 solutions becoming user friendly. Then cost and scalability will be a thing of the past. Not quite there yet, but it's getting there.

As you said, most people don't care, but they will when they've got bitten...

[bitampcom]

Did you know that Bitcoin addresses were originally adviced to be use only once? And in fact, on some guidances including on the Bitcoin wiki, you're still recommended to treat addresses as single-use? What do you think?

[Stalker22]

Did you know that Bitcoin addresses were originally adviced to be use only once?

Yes, but a growing number of owners still use the same address indefinitely. Personally, I like to use different addresses for different services. For example, I use one address for small expenses, another for gambling, and so on.

I think it's too complicated to use a different address for just about every transaction. I would very quickly lose track of where I used which address.

[bitampcom]

Did you know that Bitcoin addresses were originally adviced to be use only once?

Yes, but a growing number of owners still use the same address indefinitely. Personally, I like to use different addresses for different services. For example, I use one address for small expenses, another for gambling, and so on.

I think it's too complicated to use a different address for just about every transaction. I would very quickly lose track of where I used which address.

Most wallets will display all recently used addresses, including or especially those with balances. You can see all those in Bitamp wallet, for example. And then move (consolidate) all those inputs into a single address later.

[bitampcom]

Just a reminder to everyone, keep your private keys and your seed phrases intact and safe. Just read about this computer programmer who somehow forgot the password to his stash of coins. This wouldn't have been a problem if he'd only had his private key;)

https://www.bbc.co.uk/news/technology-55645408

[bitampcom]

I just got into crypto via Coinbase. How do I protect it?

First. Use a real Bitcoin wallet. I recommend Bitamp to learn the ropes, to understand what it means to be the sole controller of your private keys and seed phrase (so no one else, including Coinbase can ever seize your BTC). Then move on to something like Electrum with advanced features like coin control.

And then migrate to a hardware wallet like Ledger or Trezor.

The only way to truly protect your Bitcoin is to be the sole master of your destiny with a non-custodial wallet;)

[bitampcom]

What is the safest crypto wallet for a person in an authorized country (which does not get identified based on location and thus gets frozen)?

You want an independent wallet or client then, one that isn’t centralized (that is, not owned or managed by a single entity or company or authority). Try Bitamp or Electrum. Both are open source (so you can self verify they do what they say they do), both never ever ask you for any information as to your identity, nor do either collect any information about you.

[bitampcom]

It's never too late to get into Bitcoin! Buying now and seeing BTC go back to ATH already will make you over 30%, and that's just short term. Institutionals believe in 6-figure value long term.

But always invest what you can afford to lose, like any other investment.

And with Bitcoin, make sure you store it in a non-custodial wallet. Start small with Bitamp and Electrum to learn the ropes, before upgrading to a hardware wallet.

Agree or disagree?

[FatFork]

It's never too late to get into Bitcoin! Buying now and seeing BTC go back to ATH already will make you over 30%, and that's just short term. Institutionals believe in 6-figure value long term.

But always invest what you can afford to lose, like any other investment.

And with Bitcoin, make sure you store it in a non-custodial wallet. Start small with Bitamp and Electrum to learn the ropes, before upgrading to a hardware wallet.

Agree or disagree?

I agree. If you're thinking of buying cryptocurrency, now might be the right moment. Bitcoin may still be an excellent investment opportunity for those who are willing to buy it at these low prices.

Bitcoin's price hit an all-time high above $41,500 on Friday, Jan 8th (13 days ago). As per the current price, we already have more than 20% discount. I don't know about you, but I love shopping at a discount!

[OcTradism]

And with Bitcoin, make sure you store it in a non-custodial wallet. Start small with Bitamp and Electrum to learn the ropes, before upgrading to a hardware wallet.

I agree. Non custodial wallets are the best for control of wallet and fund. The recent upgrades from Bitstamp makes it more sucks for users. It only reminds us that how important non-custodial wallets are in crypto.

You use their service, make deposits to their companies and if you don't want to prove, disclose your withdrawal address, your fund will be stucked. No privacy, no anonymity.

    Bitstamp will now require Dutch users to link their identity to off-exchange withdrawal addresses.
    It is one of the first major exchanges to introduce this rule.
    Though the rule was introduced in response to Dutch regulations, similar regulations are under consideration in the U.S.

https://cryptobriefing.com/bitstamp-begins-track-off-exchange-addresses/

[bitampcom]

And with Bitcoin, make sure you store it in a non-custodial wallet. Start small with Bitamp and Electrum to learn the ropes, before upgrading to a hardware wallet.

I agree. Non custodial wallets are the best for control of wallet and fund. The recent upgrades from Bitstamp makes it more sucks for users. It only reminds us that how important non-custodial wallets are in crypto.

You use their service, make deposits to their companies and if you don't want to prove, disclose your withdrawal address, your fund will be stucked. No privacy, no anonymity.

    Bitstamp will now require Dutch users to link their identity to off-exchange withdrawal addresses.
    It is one of the first major exchanges to introduce this rule.
    Though the rule was introduced in response to Dutch regulations, similar regulations are under consideration in the U.S.

https://cryptobriefing.com/bitstamp-begins-track-off-exchange-addresses/

There you go, now everyone wants you to know who you are, even when using a personal wallet that itself doesn't collect identities. Very sad news for privacy, but I suppose one must learn to abide by the laws of the countries they choose to do business with. Let's see where this goes from here.

[bitampcom]

Bitcoin's price hit an all-time high above $41,500 on Friday, Jan 8th (13 days ago). As per the current price, we already have more than 20% discount. I don't know about you, but I love shopping at a discount!

If you're a holder and long term believer, this is the best thing to happen for short and medium term. But dollar cost average is always working out to the best advantage on the multi year plane.

As always, not your keys not your coins, so no matter what, keep your coins on a wallet you solely control;)

[Stalker22]

There you go, now everyone wants you to know who you are, even when using a personal wallet that itself doesn't collect identities. Very sad news for privacy, but I suppose one must learn to abide by the laws of the countries they choose to do business with. Let's see where this goes from here.

I only have one word regarding this: DEX - Decentralized Exchange! 
(Is that one word or two, though?)

[OcTradism]

There you go, now everyone wants you to know who you are, even when using a personal wallet that itself doesn't collect identities. Very sad news for privacy, but I suppose one must learn to abide by the laws of the countries they choose to do business with. Let's see where this goes from here.

I only have one word regarding this: DEX - Decentralized Exchange!  
(Is that one word or two, though?)

Many exchanges claim that they are decentralized and are classified by marketcap websites like that but they are not true DEX. Some of true DEX.
https://hodlhodl.com/
https://bisq.network/

Even if you are using a really decentralized exchange, it does not 100% mean that all your identities, information are private. At least your trade partners will have those details and no one can protect you if your trade partners save those details, sell them in future. I don't imagine why they have interest to behave like that but who knows.

Big problems with DEX are very low volume and sometimes you have to wait patiently to see your offers get accepted and opened by trade partners.

[bitampcom]

There you go, now everyone wants you to know who you are, even when using a personal wallet that itself doesn't collect identities. Very sad news for privacy, but I suppose one must learn to abide by the laws of the countries they choose to do business with. Let's see where this goes from here.

I only have one word regarding this: DEX - Decentralized Exchange! 
(Is that one word or two, though?)

Agree, but we all know DEX don't have the best liquidity, and it could even potentially be more difficult for people who want to actually declare their taxes fully and crypto buying and holding (I'm thinking of the US jurisdiction especially!).

Which is why P2P aren't every good options in USA atm. What with personal surveillance on your bank account;)

[Stalker22]

Yesterday I deposited 0.001795. Now I keep getting error on withdraw.
...

I'm puzzled by your "deposit" and "withdraw" terminology... Are you sure you didn't confuse Bitamp Wallet with some other online service?
Bitamp is not a custodial service like exchanges or casinos, so there are no deposit or withdraw options, but send and receive as in any other wallet.

As you may se I'm trying to transfer to "bc1qmy3xnuv39rwaj30t0kdm9gaj20h5yqm6aan8xl"
In case you may execute manually the transfer of 50$, I would be glad to donate 5$ to Bitamp for the help.

Again, Bitamp is not a custodial wallet and doesn't hold your private keys so they cannot execute a manual transfer of your funds. You are the sole owner and solely authorized to execute transactions from your wallet.

Might it be better to provide a more detailed explanation of the error that happens when you attempt to transfer the funds.