If a transaction takes approx 10 min and 20 people were in a queue, does this mean that the 20th person would be waiting 200 minutes before he clears the check out ?
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Saturday, 25 June 2022
If a highstreet store accepted bitcoin, would I need to wait 10 min for my payment to clear?
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Best Cold Wallet?
Wanna buy one let me know which are the best?
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source https://www.reddit.com/r/btc/comments/vjw954/best_cold_wallet/
Coinbase Launches First Crypto Derivatives Product Tailored Towards Retail Traders.
In the midst of a collapse in the market for digital assets, cryptocurrency exchange Coinbase is launching a derivatives product next week. On June 27, Nano bitcoin futures, the exchange's first listed product, will go live. Investors will be able to purchase contracts linked to the potential value of a tenth of a bitcoin. It will be reachable through clearing companies and independent retail brokers.
Futures contracts can be used as a hedge for trading techniques by institutional and retail traders alike because they are smaller in size and need less upfront cash than regular bitcoin ...
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Adam Back on Bitcoin’s Energy Usage
It’s a little long, but I thought that Adam Back’s take on Bitcoin’s energy usage from episode 175 of the “What is Money?” podcast was too good not to share.
“Bitcoin finds itself in a place where yes, it consumes energy, but it’s far more efficient than all alternatives because people are not good at realizing forgone alternatives in economics.
If someone gets interested in bitcoin and then they start buying bitcoin, well where did they get the money from? Well, they got it from working or earning it somehow, and there was an alternative, what they would have done with it before. And bitcoin tends to encourage people to save because it’s gone up in value historically, or to take a longer term outlook, giving you hope for the future let’s say. And so, they engage in longer term behaviors, and so actually they probably end up using less natural resources because they stop buying consumer gadgets that end up in landfills, they get more hesitant to spend money, or when they do spend money they want to spend it on things that are going to last a long time.
So you know, there are foregone alternatives to everything. A lot of the media reactions are not even good at capturing first order effects, but I think it is actually highly efficient and then it also comes to the point we discussed where with a fiat currency, which is a variant of proof of stake basically, the same energy is expended, it’s just expended in unproductive, and messy, and corruption prone ways. But, the game theory is there so the money is going to be spent on lobbying or corruption or violence, criminality, you name it, it’s all happening day to day. And everybody who’s got much real policy understanding of how the world works, realizes that this is the current state of the art which is pretty ugly and chaotic. So I think if bitcoin provides a tidy solution to that, the electrical cost is actually much cheaper than the alternative.”
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Coinbase to require (due to regulation) private information when sending money to off-platform wallets, making it impossible to keep the recipient anonymous (In the Netherlands)
Funds have been held for over 10 months with no reason. I've submitted all necessary documentation requested and yet they ignore me. This has been truly traumatic for me. Please stay away from the company called Blockchain if you value your peace of mind.
Friday, 24 June 2022
Binance’s CZ Says Crypto Price Fluctuations Normal as Industry Is Still Growing
Changpeng Zhao, the CEO of the popular crypto exchange Binance, has said it might take Bitcoin some months to a couple of years to get back to the all-time-highs previously reached by the coin. ChangPeng told Guardian ePaper, a UK-based news outlet, that he believes if investors in 2018 were told that Bitcoin would be $20k in 2022, they would have been very happy. However, he admitted that the current $20k price of Bitcoin is low considering its previous highs.
CZ said, “I think given this price drop from the all-time high of 68k to 20k ...
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Russia Changing Stance on Bitcoin
The Russian Central Bank's stance on bitcoin (BTC) and cryptocurrencies appear to be softening. The head of the financial institution, Elvira Nabiullina, indicated these days to agree to use crypto assets to pay international commitments. Nabiullina spoke at the St. Petersburg economic forum this June 16, explaining that they still maintain their stance of not allowing the use of bitcoin and cryptocurrencies as a means of payment within the country.
https://www.vanticatrading.com/post/russia-changing-stance-on-crypto
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Binance Launches Zero-Charge Bitcoin Trading for American Customers
Binance.US in an effort to encourage more activity during this tough bear market, has begun to provide zero-fee trading for Bitcoin to its American customers. Binance.US’s CEO Brian Shroder said that “Since inception, we have been known for our really low fees.” Furthermore, he added zero-fee trading would result in "positive user sentiment," which would attract more users. Currently, the promotion is only available to BTC users in the United States. The majority of centralized exchanges' income comes from trading and transaction fees.
The move is probably going to make exchanges more competitive, especially in the ...
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Thursday, 23 June 2022
Coinbase Updates and Redesigns Mobile Wallet to Add Dapp Browser to Stay Ahead of Competition
Popular cryptocurrency exchange Coinbase (COIN) has redesigned its mobile wallet to include a browser that can search for decentralized finance (DeFi) protocols, games, NFTs, and transact on the company's system. With this new upgrade, top decentralized apps (Dapp) are suggested on the browser's homepage, giving users the opportunity to perform token swaps via a couple of clicks. A demo released by Coinbase Wallet’s Twitter address on Tuesday told users that the new features are already available on Coinbase's web browser extensions.
Adding this new feature may help Coinbase increase its revenue and company transactions as users ...
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Post-Merge Ethereum Centralization Concerns Validated by Vitalik Buterin
The long-awaited update for Ethereum called The Merge is planned to take place by the end of the year.
In the aftermath of the Merge, when the current Ethereum Mainnet merged with the beacon chain proof-of-stake (PoS) system, Vitalik Buterin, the co-founder of Ethereum (ETH), declared that he is "absolutely" concerned about centralization threats. The mastermind behind Ethereum pointed out that Lido Finance, the biggest Ethereum staking service provider, where around a third of staked ETH (stETH) has been put, theoretically has the power to interfere with the Ethereum network after the Merge.
He ...
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Wednesday, 22 June 2022
Leading Solana NFT Marketplace, Magic Eden Raises $130M After Reaching $1.6B Valuation
The leading NFT marketplace on the Solana network, Magic Eden, has raised a total of $130 million in a Series B funding round. This funding round was co-led by Electric Capital and Greylock. The seeding round, announced on Tuesday, values the platform at $1.6 billion, making it level with Series B of OpenSea, the top Ethereum NFT marketplace. OpenSea is already valued at $13 billion after its Series C round, which was announced earlier this year.
The leading Solana NFT marketplace disclosed that it plans to use the funds raised to expand its primary and secondary ...
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Tuesday, 21 June 2022
Coinbase is stopping (some?) BTC withdrawals.
Went to withdraw my monthly BTC to cold storage and got 'The following error occurred: You are currently unable to send Bitcoin. Please contact support.' Contacted support and was told that BTC withdrawals were 'limited' until 6/26/22. When I asked if it was just my account or site-wide, the rep said that he couldn't disclose that information for 'security purposes'. Not a huge deal to me, as 95% of my coin is in a cold wallet, but has anyone else run into this?
Obilgatory: Not your keys, not your coins.
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Ex-Sushi CTO Raises $8 Million for Astaria, an NFT Lending Platform
Astaria, a non-fungible token (NFT) lending platform and liquidity engine, has acquired $8 million in early capital to support its development throughout the down market. True Ventures, Arrington Capital, Ethereal Ventures, Wintermute, Genesis Trading, LedgerPrime, Hypersphere Ventures, The LAO, and several other investors participated in the preliminary round of funding.
Users can use Astaria to generate instant liquidity by putting up their NFTs as collateral. According to Justin Bram, the co-founder and CEO of Astaria, the recent drop in NFT sales, coupled with signs of a bear market, makes Astaria's services appealing to NFT owners hoping ...
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Accepting BTC as Payment for In-Person Sales
I run a booth at the farmers market. If I want to accept BTC as payment, do I need a LN node to speed up tx times and reduce fees? I would like the tx's to be nearly instant, under ten seconds, but with minimal technical knowledge required for the sender. Any tips appreciated. The stuff I sell is also as low as $4, so reducing tx fees as much as possible is huge.
Is there anything like 0-confs still?
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Blocksize Dilemma
Hi guys, lately watched a few videos on the history of bitcoin. I started to wonder some questions..
First off, im a big believer in bitcoin to replace traditional banking. To stop inflation and too powerful banks.
I always thought that when people (miners) wanted a hard fork with the doubled blocksize because of the increased mining rewards. But that the full nodes refused to update because the higher blockchain size. But then there is the whole Blocksteam story that core devs had other intrest because they also work at Blocksteam. if thats true, Isn't that a threat to decentralization? Or how much power do the core devs hold?
(if im confused i go to reddit sorry that why i have reddit lol)
I look forward to hearing your opinion about it
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source https://www.reddit.com/r/btc/comments/vgu4pf/blocksize_dilemma/
Monday, 20 June 2022
Please help me to understand.
How is bitcoin defacto limited while one could just launch the exact same construct with the exact same properties, just with the name Bitcoin #2? I only see a mathematical limitation within its construct. For the use case however, the supply of similar constructs is infinite. The price for one certain coin should head to zero, at least long-term.
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source https://www.reddit.com/r/btc/comments/vg2c2s/please_help_me_to_understand/
A lot of weird energy in this sub right now…
For obvious reasons. Some people are losing their shit because they are in an extremely hard place; others seem to be relishing the situation.
I get that for a lot of people who went in hard in more recent times, who maybe thought this would be a straight road “to the moon”, that right now might be a moment of extreme anxiety. And I also get that for every reasonably sensible, interested and careful investor there are a hundred “bros” that annoy the fuck out of people, and folks like to see that type of person get their comeuppance.
But I don’t see any difference between what’s happening in the crypto markets to any of the rest of the financial sector right now: it’s all fucked. As an edge case, crypto is much more volatile, and for that reason we’re seeing the kinds of corrections going on right now. But it’s not going to just go to 0. There’s a huge, huge, huge amount of investment that has gone into crypto. Entrepreneur’s have gone in deep. Crypto is being used to pay for goods and services by ordinary people in lots of places across the world. Whole governments have gone into crypto. If we were to put it in terms of a clock, I think we’re still in the first few minutes of day 1 of cryptocurrency.
Whether it ends up being bitcoin by midday, or some other currency, I just don’t see it going away. Like any new technology, there will be bubbles and bursts, but an important thing to consider is that the internet is still here. Transformative technologies take time to become truly embedded and adopted - especially if there’s not an immediately apparent need for them on a large scale.
The “internet” was invented in 1969. I think we can all take a moment to relax, remind ourselves of the actual utility of cryptocurrency as a technology, and move forward with a bit less anxiety and manic energy. As early adopters, we could, potentially, stand to gain a decent return on our investments, but getting into constant a back and forth of buy/sell/is it dead/haha it’s dead does nobody any good.
Like any technology, bitcoin is only as valuable as it is useful. Remember the value of this coin beyond just the fiat value and I think (I hope) you’ll be able to feel a little calmer.
I feel like this sub has of late become less about learning about the technology than become a kind of tech /wsb
It’s not about “ride the wave” or going “to the moon”. It’s about doing your due diligence, understanding what you are investing in, not investing any more than you can afford to lose, asking questions, learning more, and remembering above all else that this is a technology that has a really profoundly positive potential - but like any technology, it’s about how we use, talk, and think about it.
Peace, everyone x
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If you're thinking about "investing" money into bitcoin, especially now that it's basically a fire sale. Here's a list of things that I'd really recommend you to do respectively avoid to do.
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DCA into bitcoin on regular basis (e. g. $25 per week or anything you can afford, regardless of the current price).
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Don't put in more than you can afford to lose.
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Stay far away from altcoins, you'll lose money.
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Don't try to time the market by trading bitcoin, you'll lose money.
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Get familiar with using a hardware wallet like Coldcard, Trezor, Bitbox2 or Keystone.
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Never store you funds on exchanges, but move them to the said hardware wallet.
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Get familiar with the passphrase ("25th word") feature and setup it up once you got how it works.
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Accumulate and hodl for at least 5 years, 10 years still better.
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Learn about bitcoin as much as you can, starting at Jameson Lopp's great website about Bitcoin.
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Don't tell anyone about the amount you hodl.
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Always stick to the virtues that bitcoin teaches, namely modesty and patience.
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Enjoy the rollercoaster.
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Bitcoin isn't dead. The Hedge Funds are.
Hedge Funds are in real trouble with the market turning down as we head into what is clearly a huge recession. They are selling off all future bets to stay afloat. Thats where we're seeing all this sell pressure. Nothing has changed about the technology. In fact, it's gotten better over the years and the network effect has only gotten stronger. More wallets, more transactions, more users than ever before. Bitcoin is cheaper better faster stronger money. Do what you need to do during these rough times ahead but I don't have a shadow of a doubt that Bitcoin is the future.
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Bitcoin Lightning Network achieves all-time high in average payment channel capacity
Sending large sums of money through Bitcoin's Lightning Network (LN) is becoming increasingly feasible, thanks to the constant growth in the average capacity of its payment channels.
As of June 18, the average capacity of LN payment channels is 4.7 million satoshis, or 0.047 BTC. This is the first time this figure has been reached in the Bitcoin micropayment network. While, according to the current BTC price in the market, the average record capacity of these channels is around USD 880.
Let's remember that this technological development favors the same blockchain development for other branches and other transactions, just to mention some of the most popular and benefited projects such as Elite-Token and Equlibrium.
Throughout the first half of 2022, the average transaction capacity offered by Lightning network channels has increased by 17%. Interestingly, due to the plummeting price of bitcoin in the market, the average amount in fiat money at the beginning of this year was higher than it is today, at around USD 1,800.
Bitcoin's Lightning network had reached a new milestone when its total transaction capacity exceeded 4,000 BTC. This means that, in theory, LN can accommodate about USD 75 million that can be sent in portions between the channels that make up the network. However, this does not mean that one person can send such an amount of money to another in a snap.
The true capacity to send money in LN is measured with the payment channels, which are the channels that communicate the nodes that make up this network.
Another important aspect to take into account is that the capacity of the payment channels is depleted as they are used. For example: Alice opens a payment channel with Peter that has a capacity of 0.35 BTC. If Alice sends 0.2 BTC to Peter today, but wants to send him another 0.2 BTC tomorrow, it will be impossible; Alice would only have 0.1 BTC of liquidity in her channel after her first transaction.
Payment channels not only establish the connection between one node and another, but also allow routing third-party payments through them. This means that a payment in the Lightning network can pass through 3 or more different payment channels and nodes until it reaches its destination. However, for this to be possible, the available capacity of these channels must cover the amount of the payment in question. If not, the payment cannot be made through this channel.
The solution to liquidity problems in payment channels when attempting an LN transaction is simply to re-fund the channel. It is also possible to rebalance the channel if it originally had the capacity to route a given payment.
While there are alternatives for when a transaction is larger than the available liquidity in a payment channel, the fact that the average capacity of these channels is growing is encouraging, as it increases the usability of the Bitcoin Lightning network
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source https://www.reddit.com/r/btc/comments/vg1aab/bitcoin_lightning_network_achieves_alltime_high/
Sunday, 19 June 2022
Microstrategies is now at a 40% loss, 1.6 billion dollars on their "store of value" bet. Of course the only losers are Saylor his investors. (Saylor did a similar pump and dump with this stock during the dot com bubble and got fined 8 million dollars but the SEC does fuck all nowadays)
BCH and XMR will overtake BTC
One of these two coins if not both will overtake Bitcoin. Watch it come true and don't say I didn't warn you. Peer to peer electronic digital cash, no digital Gold crap Saylor is selling you.
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source https://www.reddit.com/r/btc/comments/vfc951/bch_and_xmr_will_overtake_btc/
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