Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly!

[Taskford]

Is it unsafe to use PayPal for bitcoin because you won’t have control of your private keys?

I agree that Paypal is probably the worst place for holding your bitcoin even worse than using exchanges, but people still use it a lot.
Maybe they are just lazy or they don't want to take any responsibility for holding their own wealth, and maybe most people are not yet ready for Bitcoin.
Sad, but it's probably true.

I never used paypal for crypto nor have plan to use them in future since I don't like what their charges on USD transactions so maybe it will go the same, But if you don't like base on what you experience well maybe best not to used them. I don't think they are lazy but maybe they are new to technology and their devs are exploring more things about bitcoin. For now use bitamp or whatever wallet you have tried before and make sure you choose those wallet which give you a private key when you create a wallet for security.

[bitampcom]

Is it unsafe to use PayPal for bitcoin because you won’t have control of your private keys?

I agree that Paypal is probably the worst place for holding your bitcoin even worse than using exchanges, but people still use it a lot.
Maybe they are just lazy or they don't want to take any responsibility for holding their own wealth, and maybe most people are not yet ready for Bitcoin.
Sad, but it's probably true.

I think this is the painful reality. That most people aren't ready for Bitcoin, or ever want to be ready for it. And that's okay too. It's just I wonder how many people actually want Bitcoin but are unsuspectingly using PayPal and not realizing they have nothing but an IOU?

[bitampcom]

Why might a country want to ban Bitcoin?

Why would a country ban anything? To prevent it from subverting or displacing its own existing systems. In the case of Bitcoin, a country might feel threatened by Bitcoin because it would mean citizens and people moving off their banking and financial rails — onto networks they can’t monitor and can’t track.

Imagine citizens getting sick of their national fiat and moving on to Bitcoin. They’d wean themselves off the banks and failing fiat printers. Bad news for the government.

Thoughts? Comments?

[notblox1]

Why might a country want to ban Bitcoin?

Why would a country ban anything? To prevent it from subverting or displacing its own existing systems. In the case of Bitcoin, a country might feel threatened by Bitcoin because it would mean citizens and people moving off their banking and financial rails — onto networks they can’t monitor and can’t track.

This is probably true but goverments have banned many things in past and if enought people want to use those things they would remove ban later and they can't do anything about it.
They can't really ban Bitcoin because there is no one place they can shut down, but they can try to forbid people to use it and we know that people like forbiden fruits very much.

[bitampcom]

Does someone need a bank account to open a Bitcoin wallet?

Nope. Bitcoin is one of the pure examples of “money for the unbanked or unbankable”. Meaning those with no bank accounts or those unable to be bank account holders (like refugees without ID cards or people who can’t even read or write) can all open Bitcoin wallets as easily as you or I can.

Isn’t that a great thing? If banks all die tomorrow, Bitcoin will not be affected.

[bitampcom]

This is probably true but goverments have banned many things in past and if enought people want to use those things they would remove ban later and they can't do anything about it.
They can't really ban Bitcoin because there is no one place they can shut down, but they can try to forbid people to use it and we know that people like forbiden fruits very much.

They don't know that. They do know that if they ban exchanges, many people won't have access and not everyone is technologically savvy enough to go P2P. They know at least businesses can be stopped from doing it.

Eventually, people learn to go underground and direct p2p, so yeah, futile for governments to even try but nevertheless, they do:)

[bitampcom]

Why is my Bitcoin transaction not getting confirmed, and what can I do about it?

Nothing really, unless you marked the transaction as replace-by-fee( RBF) with your Electrum and you were the sender. Or if you’re the owner of inputs you can make a second transaction and use a Child Pays For Parent CPFP tx and cover fees with that.

Don’t worry though, Bitcoin mempool right now is manageable and it’ll clear off eventually.

[bitampcom]

Can an online crypto wallet be opened offline?

As long as it’s an actual wallet client, whereby you access with a private key that only you control, then yes. A private key simply unlocks a wallet for use, it doesn’t need you to transfer encrypted data over the internet (which you would be doing if using a username and password). I’d avoid any kind of crypto wallet that requires you to be online to access it.

[bitampcom]

Bitcoin is booming and holding still. Remember to store your Bitcoin in your own wallet and hodl on tight for this rollercoaster that has only just begun;)

Not your keys, not your coins. The eternal PSA from Bitamp!

[bitampcom]

Why can't you withdraw cryptocurrencies from PayPal and Revolut?

Because those aren’t actual blockchain wallets like Electrum or Bitamp are.

Cryptocurrencies work by storing data on blockchains, with private keys telling the code who owns which assets and who can control them.

When you buy crypto on PayPal or Revolut, you’re actually just paying these companies to allocate you a value equal to the market price of Bitcoin. You have an account on their database, with absolutely no interaction at all with the actual networks or blockchains of these crypto.

[bitampcom]

Is defi really safe? I still own the funds on my wallet right?

Defi rug pulls have happened plenty of times, even though your funds are still on your own wallet, they're actually locked in smart contracts with conditions that are poorly understood. People think locking their funds in smart contracts is safe, until a loophole is exploited and their funds are drained anyway. Best is still to keep your money in your own wallet, without any locking in untrusted smart contracts. Your keys only, nothing else.

[bitampcom]

When and how will restaurants take payment in decentralized currency (i.e., Bitcoin, Dogecoin, Ethereum)?

They already do, in many places. All you need to do as a business is decide which app you want to use as a wallet. BTCPayServer is an excellent and easy choice to have control over your own Bitcoin and is used by many webshops already. For a physical terminal you just need to display a request for payment, a customer scans the QR code and pays. Lightning compatible too!
For fiat settlement there are plenty of other options like BitPay!

[bitampcom]

Did Coinbase every give out free Bitcoin?

It did and probably still does, but only to people it deems are legitimate users in their jurisdiction as a referral fee. Think it was $10 of Bitcoin.
Watch out, though, Coinbase wallets are custodial, meaning to say you don’t actually control or own the private keys that give you rights to your Bitcoin.

Use Electrum, or Bitamp to get a feel of a true Bitcoin wallet:)

[btcsmlcmnr]

Did Coinbase every give out free Bitcoin?

It did and probably still does, but only to people it deems are legitimate users in their jurisdiction as a referral fee. Think it was $10 of Bitcoin.
Watch out, though, Coinbase wallets are custodial, meaning to say you don’t actually control or own the private keys that give you rights to your Bitcoin.

Use Electrum, or Bitamp to get a feel of a true Bitcoin wallet:)

Coin Base have good corporations with governments and you can not have privacy if you use CoinBase. They are making noise with Coin Base IPO.

It can be good for crypto noise but Coin Base is not a god exchange if you are care about privacy and there are better non custodial wallets.

[bitampcom]

Which is better to buy Bitcoin, Robinhood or Kraken? Will they let me access my wallet on Robinhood?

But they don’t let you access your wallet:) At least Kraken does have a real Bitcoin wallet, so you can withdraw it to your own Electrum or Bitamp, should you decide you’re done trading and want to hang on to your actual BTC.

Robinhood’s just a balance on an app. You can sell it back but you can’t retrieve actual BTC.

[decodx]

Robinhood’s just a balance on an app. You can sell it back but you can’t retrieve actual BTC.

So, buying cryptocurrencies at Robinhood is just like on the PayPal or Revolut? You can only trade with them but you can't withdraw them to an external wallet. Is that correct?

When you buy crypto on PayPal or Revolut, you’re actually just paying these companies to allocate you a value equal to the market price of Bitcoin. You have an account on their database, with absolutely no interaction at all with the actual networks or blockchains of these crypto.

[bitampcom]

Why does my ERC20 token address look exactly like my ETH wallet address?

ERC20 tokens are simply tokens created on the same network as ETH, which is Ethereum. Only using a different protocol. The same ETH address can hold ETH and as many other types of tokens created on different protocols. ERC20 and ERC721 are the most common right now.
Even Bitcoin network has the same, just not as common.

[bitampcom]

So, buying cryptocurrencies at Robinhood is just like on the PayPal or Revolut? You can only trade with them but you can't withdraw them to an external wallet. Is that correct?

That is correct. Robinhood like Paypal or Revolut is just an app. Closed source and a software that taps into their internal database of accounts to show you what you have.

It doesn't interact at all with the blockchain.

[bitampcom]

Someone asked us if it costs more to send large amounts of ETH.

Unlike Bitcoin, Ethereum doesn’t use input data to perform send transactions, they only update the balance in the wallet, so no, size of transaction does not count. It is only the actual gas used to make the tx that counts, as you pay the costs of that gas. It should be the same whether you send 1 ETH or 1000 ETH.

Gas used depends on complexity of transaction, not amount. Smart contract interactions will cost you a lot more as they require more executions.

[bitampcom]

Sorry for the break, hope you guys had fun meanwhile with ETH ATH and Bitcoin going strong!

We share our latest requested answer from Quora here.

How do I transfer Bitcoin to my bank account?

As far as I know, only the US has certain banks that the law allows to custody Bitcoin, otherwise the only option for anyone else is to liquidate their Bitcoin, as in, trade it (sell it) for fiat to store in your bank account. Things may change in the future but as it stands, Bitcoin was built to be controlled and owned only by you. Embrace it, try and familiarize yourself with a proper Bitcoin wallet like Bitamp or Electrum!