Laws of Bitcoin

[witcher_sense]

I don't know but for me shouldn't this be a rule and not a law? Correct me if Im wrong though. Since there are those people that broke these laws and no one knows what that is as they say it, on one above the law. On the other hand a rules is something that couldbe a guide for the people use bitcoin. This is just my opinion though.

The law itself is a system of rules, and if you don't follow rules, you will get punished. How can this be applied to bitcoin? Actually, it is an interesting question rather philosophical and it can be the subject of debate. What purpose the law does exist for? Generally speaking, it ensures our safety, it protects us against violence and abuses by anyone including governments. The current monetary policy is far from perfect, currency in such system is subject to inflation, debasing, confiscating, censoring, etc. Bitcoin protects us, gives us an option to opt out from the system in which abuses have become a norm. But in order to achieve financial sovereignty, the laws of bitcoin must be strictly followed, otherwise you will get punished, not by authorities though, but by bitcoin network itself. You will lose your ability to transact in an open, decentralized, neutral, borderless, immutable network. If you want to participate, you must follow the rules.

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[blckhawk]

i agree on all rules except on number one , you can discuss the number of your coins to the people because it encourage them to invest too  . not all people are criminal and are going to steal your coins and not all people have a huge number of coins  .

IMO, even if they are your relatives, friends and whatsoever you shouldn't discuss it no matter what because you never know what will happen they can probably just boast it to others something they know. However, if you still want to share it so badly you can perhaps tell them the estimated amount you have. Besides, there are tons of ways to encourage them like show them what things you acquired or received in doing this crypto stuff.

 its also possible that some books can be manipulated and they can put wrong infos with it , thats why its better that we have to read on other sources and not all on the media are lying .

Indeed. Perhaps don't rely on a single medium I think. You can use books, media, or online articles to verify the info you have discovered. Though this will be an additional task coz you need to verify it everytime but this will guarantee you safety.

[Sapphire915]

Not only to the beginners but these rules should be well known and understood by every single person working in this market. These are the rules which will help us to work finer and will help us to gain more.I would like to talk about some of the following rules-:

• Rule no. 4 says that the seed is our key which is absolutely correct.The person who will get to know our private keys will have the access to our wallets and then he can simply misuse our savings.Once the money is gone,it is impossible to retrieve it.
  
• Rule no. 6 says that every time we click on a link or work on a website we should confirm it's legitimacy because many scammers are using phishing sites in order to steal our private keys.People often add their credentials and keys on these particular sites and these scammers can simply steal their money.
• Rule no. 7 says that everyone has their own opinion on bitcoin. No one can exactly predict about it's future.Different person has a different opinion.So before investing go through the market. Take opinion from different experienced investors and use your knowledge to invest wisely so that you can get good returns.
  
• Rule no.8 says that invest that amount which you can afford to lose because bitcoin is highly volatile in nature which makes the probability of profit and loss quite same.So in case you lose,it should not affect your daily living.[/li
  

Yes, indeed. I must admit, i am just new in this Bitcoin and blockchain industry. This written laws about Bitcoin really gives me an additional knowledge as I am exploring the world of cryptocurrency. I agree all the rules and believes that its a bit risky to learn all those important factors here, yet, with constant research and personal experiences, and interactions with fellow Bitcoiners, I am 100% sure that I could possibly do well. This thread is a big help for me.

[FlightyPouch]

I don't know but for me shouldn't this be a rule and not a law? Correct me if Im wrong though. Since there are those people that broke these laws and no one knows what that is as they say it, on one above the law. On the other hand a rules is something that couldbe a guide for the people use bitcoin. This is just my opinion though.

The law itself is a system of rules, and if you don't follow rules, you will get punished.

I think this just explains it all, thank you for that. But that also raises a question since no one can actually punish these people when they didn't follow these laws. I mean, some tell the amount of bitcoin they hold, hold their btcs to exchanges and don't care what link are they clicking. If I will be answering my question, I think the punishment would be losing their btcs.

[hermawan9416]

Whether the laws of bitcoin? I'm not quite sure about that. In my opinion, the crypto industry is somewhat anarchy.

[witcher_sense]

I think this just explains it all, thank you for that. But that also raises a question since no one can actually punish these people when they didn't follow these laws. I mean, some tell the amount of bitcoin they hold, hold their btcs to exchanges and don't care what link are they clicking. If I will be answering my question, I think the punishment would be losing their btcs.

While it is widely known that bitcoin uses incentivizing system instead of punitive one, still, there is always a place for punishment mechanisms. For example, malicious miners trying to include invalid transaction or higher rewards for finding a block, get punished by the bitcoin network, it simply rejects bad blocks. Miners wasted electricity, money, and recieved nothing in return. That situation could be thought of as miners violated the law and paid a fine. As for users of the network, if they break the rules of the system, for example, they use it irresponsibly, they also get punished by losing an access to own funds. You may be wondering why irresponsibility per se is considered a violation. It is because of the fact that there is no third parties in bitcoin network to be responsible for storing your money. You should control your own keys, otherwise, keys aren't yours. If you failed controlling them and lost your funds, you simply got punished by the system.

[Nellayar]

Even though I did not yet read this on reddit. I followed some rules written on that. Just like having a double up to quadruple check in the address where I will send my bitcoins. I am proudly to say that in my 3 years of existence in this industry, I did not yet become a victim of wrong sent address. I always check the address before I going to send. In addition, I do not give my private keys since from the start even to my relatives because I know that if i will give the keys then that wallet is not already mine. Because they have an access already.

These rules should be followed and it should be spread so that newbies will have knowledge on how to avoid loss of funds.

[decodx]

I have decided to comply with this law first of all when it comes to Bitcoin and cryptocurrencies in general:

Don't trust anyone and DYOR!

Knowledge is the greatest enemy of all scammers, imho.

[seoincorporation]

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What do you think?

I like them, those are basic topis for all the bitcoiners, but not basic for all, maybe this are the first things users should learn about bitcoin before they use it. And i would like to add one more basi rule.

* Never trust on unconfirmed transactions because if you take an unconfirmed transaction as valid it can be always be doublespended. So, it's a risk to do it for anyone.