Please understand what "1 btc = 1 btc" really means

Often a bitcoiner will say "1 btc = 1 btc" and then someone, thinking they are clever, will respond with "well 1 usd = 1 usd" - so I'd like to explain the flaw in this response, and I'll use a simple example to do so.

Let's take some constant, like "1 meter." The "meter" is defined as the length of the path travelled by light in a vacuum during a time interval of 1/299,792,458 of a second.

Since the speed of light does not change, the length light travels in that time in a vacuum does not change. Therefore, the meter is an unchanging and permanently fixed constant backed by physics and mathematics, i.e. "1 meter = 1 meter."

If the speed of light were somehow centrally planned and constantly changing (read: inflating), then 1 meter would not be a reliable and we could not measure length effectively. Buildings could not be built and no one would be able to communicate distance. You can substitute the meter with any other mathematical constant to illustrate the same concept.

Similarly, a "bitcoin" can be defined as a single token out of 21 million. Since the cap cannot change, a bitcoin is also a permanently fixed constant backed by physics and cryptography, i.e. "1 btc = 1 btc."

The same cannot be said of the dollar, as it is one unit out of a forever increasing total, centrally planned supply. This is similar to the speed of light always changing, messing with the "meter" definition and our ability to measure. The changing inconsistency of the dollar leads to distortion in "measurements" (read: prices) that is destructive to society - which bitcoin remedies.

It is the first constant in the field of economics. The importance of this can hardly be overstated.

tl;dr: The "1 btc = 1 btc" does NOT mean how much a btc is valued in fiat, nor does it indicate how much a bitcoin can buy, nor is it a tongue-in-cheek tautology. It's a phrase indicating the fixed, mathematical, physically-tethered nature of bitcoin.

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Brief update about my house building using Bitcoin Cash

submitted by /u/alberdioni8406_ [link] [comments]

source https://www.reddit.com/r/btc/comments/w1eys2/brief_update_about_my_house_building_using/

Yet another post warning people to get their coins off exchanges. Mine was almost running out of bitcoin.

tbh, they may have enough liquidity to buy some more, or even other wallets with more funds(less likely), but still not reduces the of value of knowing your keys & coins are safe.

now the main story.

after the recent events of those Chinese banks running out of money & several exchanges/lenders going bankrupt (most notably Celsius), i finally got my coins off my local exchange. It was a very stressful process, as the amount was relatively high for me (less than 1000$ but almost 4x my salary!), the fees were high (a flat rate of 0.00035 per transaction, almost 10x the network fee), & it being my first time doing so. I finally decided to do it. first did a small batch (the minimum withdrawal set by exchange to test run the whole process). Then erased my wallet app & rechecked my seeds & preparedness. Finally the next day i transferred the rest of my sats to my own wallet.

As I thought the fees were too high (relative to network fees which i checked beforehand using block inspector (https://live.blockcypher.com/btc), I got curious to see whether it was the exchange taking this high fee or something else happening. After the first transaction, i found it on the block chain the yeah it was the exchange taking all this fee for itself (my guess was to discourage small time HODLers from withdrawing their funds, but tbf the transaction was very fast). Then I checked their current reserves & it was around 32BTC (this was thuesday). After I moved all my funds, there was only 26 remaining (the next day and now as I'm writing this on Saturday night, only 4BTC left!!!! I got more interested & look at the recent transaction & it was mostly small amounts ranging from 0.001 to 0.1BTC.

My greed was almost ruining my saving!!! They might have had other wallets or be able to restock in time but I sure am not going to take that risk again!!!!

submitted by /u/ipredeemer
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Zhang’s Supermarket in St Kitts now accepts BitcoinCash

submitted by /u/Sunnyskn [link] [comments]

source https://www.reddit.com/r/btc/comments/w0mmgu/zhangs_supermarket_in_st_kitts_now_accepts/

Bitcoin inspired Supra Track Car featuring BTC miners and Lightning network

submitted by /u/VoskCoin [link] [comments]

New York Yankees Ready to Pay Employees in Bitcoin by Partnering With NYDIG.

After reaching an agreement with Bitcoin-focused financial services company New York Digital Investment Group, renowned baseball team the New York Yankees will permit its employees to convert a portion of their salary into Bitcoin holdings (NYDIG). The multi-year agreement, as stated in the official press release, would provide Yankees employees access to NYDIG's Bitcoin Savings Plan (BSP), giving them the choice to set up an automated conversion of a portion of their post-tax salary into bitcoin. Although there are no transaction fees, the site does not allow users to transfer their coins to outside wallets or receive the asset from outside sources.

One of the most effective ways to save bitcoin for workers at the Yankees and elsewhere is to set aside a tiny portion of their wages into a Bitcoin Savings Plan. Dollar-cost averaging can smooth out any hiccups along the way. According to the "Bitcoin Benefits 2022" poll conducted by NYDIG, 36% of workers under the age of 30 are interested in earning a percentage of their wages in bitcoin.

The blockchain ecosystem is rapidly growing as cryptocurrency as means of payment is increasingly being adopted around the globe also diverse establishment across different industries such as Ferragamo, Gucci, Facebook are adopting NFTs and blockchain-based social media platforms which provide users more privacy and are censorship resistant such as Tok Lok App, Steemit, peetah and indorse.io are increasingly becoming popular. These are all indicators of a thriving Ecosystem. According to NYDIG, organizations of all sizes, from small firms to the Fortune 500, have used their bitcoin platform, which satisfies the highest regulatory level. The relationship, according to NYDIG's chief marketing officer, is a crucial chance to capitalize on the legendary sports team's impact and further the company's goal of "bringing bitcoin to everybody."

submitted by /u/Rutneoal
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source https://www.reddit.com/r/btc/comments/w0nbo0/new_york_yankees_ready_to_pay_employees_in/

Nvidia's 50,000 bitcoin anniversary sweepstakes is a trap

Scammers are using Nvidia company's 30th anniversary as a lure to trick unsuspecting people with a USD 50,000 bitcoins (BTC) sweepstakes, warn researchers at cybersecurity firm Kaspersky.

In addition, Exeno, the largest crypto ecommerce of the moment also spoke out about it, alerting its buyers about this alleged "giveaway".

Nvidia will be 30 years old in 2023, but the scammers brought the celebration forward only with the idea of capturing the attention of cryptocurrency enthusiasts, such as bitcoin.

submitted by /u/PenMysterious3364
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source https://www.reddit.com/r/btc/comments/w0msmk/nvidias_50000_bitcoin_anniversary_sweepstakes_is/