arriving at consensus AND distributing coins via burning Bitcoin instead of electricity/equipment to create permissionless, unfakeable, green, and trust minimized basis over every aspect of sidechain control.
creating Bitcoin peg from altcoin chain to mainchain (the hard direction) by allocating small percentage of Bitcoin intended for burning to reimbursing withdrawals, effectively making it a childchain/sidechain (no oracles or federated multisigs)
This is not an altcoin thread. I'm not making anything. The design discussed options for existing altcoins and new ways to built on top of Bitcoin inheriting some of its security guarantees. 2 parts: First, the design allows any altcoins to switch to securing themselves via Bitcoin instead of their own PoW or PoS with significant benefits to both altcoins and Bitcoin (and environment lol). Second, I explain how to create Bitcoin-pegged assets to turn altcoins into a Bitcoin sidechain equivalent. Let me know if this is of interest or if it exists, feel free to use or do anything with this, hopefully I can help.
how to create continuous sunk costs, permissionless entry, high cost of attacks?
how to do it without needing to build up a new source of hardware capital or energy costs?
how to peg another chain's token value w/o incentivized collusion risk of federation or oracles?
how to make sidechain use fully optional for all Bitcoin parties?
how to allow programmable Bitcoins w/ unlimited permissionless expressiveness w/o forcing mainchain into additional risks?
Solution to first few points:
Continuous Proof of Bitcoin Burn (CPoBB) to distribute supply control and sidechain consensus control to independent parties
Distributes an altcoin for permissionless access and sidechain-only sybil protection.
In case of sidechain block-producer censorship, Bitcoin's independent data availability makes sidechain nodes trivially aware
PoW altcoin switching to CPoBB would trade:
cost of capital and energy -> cost of burnt bitcoin
finality of their PoW -> finality of Bitcoin's PoW
impact on environment -> 0 impact on environment
unforgeable costliness of work -> unforgeable costliness of burn
contract logic can include conditions dependent on real Bitcoins as it's Bitcoin-aware
PoS altcoin switching to CPoBB would trade:
permissioned by coin holders entry -> permissionless entry by anyone with access to Bitcoin
no incentive to give up control or sell coins -> incentive to sell coins to cover the cost of burnt bitcoin
incentivized guaranteed centralization of control over time by staking -> PoW guarantees with same 0 environmental impact
nothing at stake -> recovering sunk costs at stake
contract logic can include conditions dependent on real Bitcoins as it's Bitcoin-aware
We already have a permissionless, compact, public, high-cost-backed finality base layer to build on top - Bitcoin! It will handle sorting, data availability, finality, and has something of value to use instead of capital or energy that's outside the sidechain - the Bitcoin coins. The sunk costs of PoW can be simulated by burning Bitcoin, similar to concept known as Proof of Burn where Bitcoin are sent to unspendable address. Unlike ICO's, no contributors can take out the Bitcoins and get rewards for free. Unlike PoS, entry into supply lies outside the alt-chain and thus doesn't depend on permission of alt-chain stake-coin holders. It's hard to find a more bandwidth or state size protective blockchain to use other than Bitcoin as well so altcoins can be Bitcoin-aware at little marginal difficulty - 10 years of history fully validates in under a day.
What are typical issues with Proof of Burn?
limited burn time window prevents permissionless entry in the future. how many years did it take for most heavily mined projects to become known and well reviewed? many. thus entry into control of supply that's vital to control of chain cannot be dependent on the earliest stage of the project. (counterparty)
"land grabs" - by having limited supply without continuous emission or inflation we encourage holding vs spending.
These issues can be fixed by having Proof of Burn be permanently accessible and continuous: Continuous Proof of Bitcoin Burn CPoBB
This should be required for any design for it to stay permissionless. Optional is constant fixed emission rate for altcoins not trying to be money if goal is to maximize accessibility. Since it's not depending on brand new PoW for security, they don't have to depend on massive early rewards giving disproportionate fraction of supply at earliest stage either. If 10 coins are created every block, after n blocks, at rate of 10 coins per block, % emission per block is = (100/n)%, an always decreasing number. Sidechain coin doesn't need to be scarce money, and could maximize distribution of control by encouraging further distribution. If no burners exist in a block, altcoin block reward is simply added to next block reward making emission predictable. Sidechain block content should be committed in burn transaction via a root of the merkle tree of its transactions. Sidechain state will depend on Bitcoin for finality and block time between commitment broadcasts. However, the throughput can be of any size per block, unlimited number of such sidechains can exist with their own rules and validation costs are handled only by nodes that choose to be aware of a specific sidechain by running its consensus compatible software. Important design decision is how can protocol determine the "true" side-block and how to distribute incentives. Simplest solution is to always :
Agree on the valid sidechain block matching the merkle root commitment for the largest amount of Bitcoin burnt, earliest inclusion in the bitcoin block as the tie breaker
Distribute block reward during the next side-block proportional to current amounts burnt
Bitcoin fee market serves as deterrent for spam submissions of blocks to validate
sidechain block reward is set always at 10 altcoins per block Bitcoin block contains the following content embedded and part of its transactions: tx11: burns 0.01 BTC & OP_RETURN tx56: burns 0.05 BTC & OP_RETURN ... <...root of valid sidechain block version 1> ... tx78: burns 1 BTC & OP_RETURN ... <...root of valid sidechain block version 2> ... tx124: burns 0.2 BTC & OP_RETURN ... <...root of INVALID sidechain block version 3> ...
Validity is deterministic by rules in client side node software (e.g. signature validation) so all nodes can independently see version 3 is invalid and thus burner of tx124 gets no reward allocated. The largest valid burn is from tx78 so version 2 is used for the blockchain in sidechain. The total valid burn is 1.06 BTC, so 10 altcoins to be distributed in the next block are 0.094, 0.472, 9.434 to owners of first 3 transactions, respectively. Censorship attack would require continuous costs in Bitcoin on the attacker and can be waited out. Censorship would also be limited to on-sidechain specific transactions as emission distribution to others CPoB contributors wouldn't be affected as blocks without matching coin distributions on sidechain wouldn't be valid. Additionally, sidechains can allow a limited number of sidechain transactions to happen via embedding transaction data inside Bitcoin transactions (e.g. OP_RETURN) as a way to use Bitcoin for data availability layer in case sidechain transactions are being censored on their network. Since all sidechain nodes are Bitcoin aware, it would be trivial to include. Sidechain blocks cannot be reverted without reverting Bitcoin blocks or hard forking the protocol used to derive sidechain state. If protocol is forked, the value of sidechain coins on each fork of sidechain state becomes important but Proof of Burn natively guarantees trust minimized and permissionless distribution of the coins, something inferior methods like obscure early distributions, trusted pre-mines, and trusted ICO's cannot do. More bitcoins being burnt is parallel to more hash rate entering PoW, with each miner or burner getting smaller amount of altcoins on average making it unprofitable to burn or mine and forcing some to exit. At equilibrium costs of equipment and electricity approaches value gained from selling coins just as at equilibrium costs of burnt coins approaches value of altcoins rewarded. In both cases it incentivizes further distribution to markets to cover the costs making burners and miners dependent on users via markets. In both cases it's also possible to mine without permission and mine at a loss temporarily to gain some altcoins without permission if you want to. Altcoins benefit by inheriting many of bitcoin security guarantees, bitcoin parties have to do nothing if they don't want to, but will see their coins grow more scarce through burning. The contributions to the fee market will contribute to higher Bitcoin miner rewards even after block reward is gone.
What is the ideal goal of the sidechains? Ideally to have a token that has the bi-directionally pegged value to Bitcoin and tradeable ~1:1 for Bitcoin that gives Bitcoin users an option of a different rule set without compromising the base chain nor forcing base chain participants to do anything different. Issues with value pegs:
federation based pegs allow collusion to steal bitcoins stored in multi-party controlled accounts
even if multisig participants are switched or weighted in some trust minimized manner, there's always incentive to collude and steal more
smart contract pegs (plasma, rollups) on base chain would require bitcoin nodes and miners to validate sidechain transactions and has to provide block content for availability (e.g. call data in rollups), making them not optional.
bitcoin nodes shouldn't be sidechain aware so impossible to peg the value
Let's get rid of the idea of needing Bitcoin collateral to back pegged coins 1:1 as that's never secure, independent, or scalable at same security level. As drive-chain design suggested the peg doesn't have to be fast, can take months, just needs to exist so other methods can be used to speed it up like atomic swaps by volunteers taking on the risk for a fee. In continuous proof of burn we have another source of Bitcoins, the burnt Bitcoins. Sidechain protocols can require some minor percentage (e.g. 20%) of burner tx value coins via another output to go to reimburse those withdrawing side-Bitcoins to Bitcoin chain until they are filled. If withdrawal queue is empty that % is burnt instead. Selection of who receives reimbursement is deterministic per burner. Percentage must be kept small as it's assumed it's possible to get up to that much discount on altcoin emissions. Let's use a really simple example case where each burner pays 20% of burner tx amount to cover withdrawal in exact order requested with no attempts at other matching, capped at half amount requested per payout. Example:
withdrawal queue: request1: 0.2 sBTC request2: 1.0 sBTC request3: 0.5 sBTC same block burners: tx burns 0.8 BTC, 0.1 BTC is sent to request1, 0.1 BTC is sent to request2 tx burns 0.4 BTC, 0.1 BTC is sent to request1 tx burns 0.08 BTC, 0.02 BTC is sent to request 1 tx burns 1.2 BTC, 0.1 BTC is sent to request1, 0.2 BTC is sent to request2 withdrawal queue: request1: filled with 0.32 BTC instead of 0.2 sBTC, removed from queue request2: partially-filled with 0.3 BTC out of 1.0 sBTC, 0.7 BTC remaining for next queue request3: still 0.5 sBTC
Withdrawal requests can either take long time to get to filled due to cap per burn or get overfilled as seen in "request1" example, hard to predict. Overfilling is not a big deal since we're not dealing with a finite source. The risk a user that chooses to use the sidechain pegged coin takes on is based on the rate at which they can expect to get paid based on value of altcoin emission that generally matches Bitcoin burn rate. If sidechain loses interest and nobody is burning enough bitcoin, the funds might be lost so the scale of risk has to be measured. If Bitcoins burnt per day is 0.5 BTC total and you hope to deposit or withdraw 5000 BTC, it might take a long time or never happen to withdraw it. But for amounts comparable or under 0.5 BTC/day average burnt with 5 side-BTC on sidechain outstanding total the risks are more reasonable. Deposits onto the sidechain are far easier - by burning Bitcoin in a separate known unspendable deposit address for that sidechain and sidechain protocol issuing matching amount of side-Bitcoin. Withdrawn bitcoins are treated as burnt bitcoins for sake of dividing block rewards as long as they followed the deterministic rules for their burn to count as valid and percentage used for withdrawals is kept small to avoid approaching free altcoin emissions by paying for your own withdrawals and ensuring significant unforgeable losses. Ideally more matching is used so large withdrawals don't completely block everyone else and small withdrawals don't completely block large withdrawals. Better methods should deterministically randomize assigned withdrawals via previous Bitcoin block hash, prioritized by request time (earliest arrivals should get paid earlier), and amount of peg outstanding vs burn amount (smaller burns should prioritize smaller outstanding balances). Fee market on bitcoin discourages doing withdrawals of too small amounts and encourages batching by burners. The second method is less reliable but already known that uses over-collateralized loans that create a oracle-pegged token that can be pegged to the bitcoin value. It was already used by its inventors in 2014 on bitshares (e.g. bitCNY, bitUSD, bitBTC) and similarly by MakerDAO in 2018. The upside is a trust minimized distribution of CPoB coins can be used to distribute trust over selection of price feed oracles far better than pre-mined single trusted party based distributions used in MakerDAO (100% pre-mined) and to a bit lesser degree on bitshares (~50% mined, ~50% premined before dpos). The downside is 2 fold: first the supply of BTC pegged coin would depend on people opening an equivalent of a leveraged long position on the altcoin/BTC pair, which is hard to convince people to do as seen by very poor liquidity of bitBTC in the past. Second downside is oracles can still collude to mess with price feeds, and while their influence might be limited via capped price changes per unit time and might compromise their continuous revenue stream from fees, the leverage benefits might outweight the losses. The use of continous proof of burn to peg withdrawals is superior method as it is simply a minor byproduct of "mining" for altcoins and doesn't depend on traders positions. At the moment I'm not aware of any market-pegged coins on trust minimized platforms or implemented in trust minimized way (e.g. premined mkr on premined eth = 2 sets of trusted third parties each of which with full control over the design). _______________________________________
Brief issues with current altchains options:
PoW: New PoW altcoins suffer high risk of attacks. Additional PoW chains require high energy and capital costs to create permissionless entry and trust minimized miners that are forever dependent on markets to hold them accountable. Using same algorithm or equipment as another chain or merge-mining puts you at a disadvantage by allowing some miners to attack and still cover sunk costs on another chain. Using a different algorithm/equipment requires building up the value of sunk costs to protect against attacks with significant energy and capital costs. Drive-chains also require miners to allow it by having to be sidechain aware and thus incur additional costs on them and validating nodes if the sidechain rewards are of value and importance.
PoS: PoS is permissioned (requires permission from internal party to use network or contribute to consensus on permitted scale), allows perpetual control without accountability to others, and incentivizes centralization of control over time. Without continuous source of sunk costs there's no reason to give up control. By having consensus entirely dependent on internal state network, unlike PoW but like private databases, cannot guarantee independent permissionless entry and thus cannot claim trust minimization. Has no built in distribution methods so depends on safe start (snapshot of trust minimized distributions or PoW period) followed by losing that on switch to PoS or starting off dependent on a single trusted party such as case in all significant pre-mines and ICO's.
Proof of Capacity: PoC is just shifting costs further to capital over PoW to achieve same guarantees.
PoW/PoS: Still require additional PoW chain creation. Strong dependence on PoS can render PoW irrelevant and thus inherit the worst properties of both protocols.
Tokens inherit all trust dependencies of parent blockchain and thus depend on the above.
Embedded consensus (counterparty, veriblock?, omni): Lacks mechanism for distribution, requires all tx data to be inside scarce Bitcoin block space so high cost to users instead of compensated miners. If you want to build a very expressive scripting language, might very hard & expensive to fit into Bitcoin tx vs CPoBB external content of unlimited size in a committed hash. Same as CPoBB is Bitcoin-aware so can respond to Bitcoin being sent but without source of Bitcoins like burning no way to do any trust minimized Bitcoin-pegs it can control fully.
Few extra notes from my talks with people:
fees must be high to be included in next block (and helps pay and bribe bitcoin miners), RBF use is encouraged to cancel late transactions
what if not enough burners, just passive nodes? you can burn smallest amount of bitcoin yourself when you have a transaction you want to go through
using commit hashes on bitcoin to lock altcoin state isn't new (e.g. kmd) but usually those rely on some federation or permissioned proof of stake mechanism with no real costs. this is combination of both.
this is not exactly like counterparty's embedded consensus as block data and transactions are outside Bitcoin, but consensus is derived with help of embedded on Bitcoin data.
deterministic randomness (e.g. via that block's hash) could be used to assign winning sidechain block weighted by amount burned to allow occasional blocks formed by others curbing success rate of censorship by highest burner
wants to transition away from using proof of burn via tunable proofs and native proof of work (whitepaper)
a dominant premine (trust maximized) relative to emission that defeats the purpose of distributing control over incentives (figure 3 in tokenpaper suggests premine still ~30%-70% by year 2050)
variable emission rate "adaptive mint and burn" makes supply unpredictable (and possibly gameable)
additional rewards that aren't trust minimized like "app mining" and "user incentives" possibly gameable with premine
election of a leader includes their own PoW to be elected even at start (5% cap), why lol?
blockstack also suggested use of randomness that depends on that block so Bitcoin miners that already spent energy mining that block can't just re-do it to get picked at no cost
if can burn bitcoins directly via op_return tx would help to use 1 less output and be provably prunable for utxo set (not sure if that's relayed as standard)
Main questions to you:
why not? (other than blocktime)
can this be done without an altcoin? (Not sure and don't think so w/o compromising unforgeable costliness and thus trust minimization. At least it's not using an altcoin that's clearly centralized.)
how to make it less detectable by Bitcoin miners? ( BMM could use some techniques described here: https://twitter.com/SomsenRuben/status/1210040270328254464 ) ( Perhaps since sidechain nodes receive proposed blocks independently and can figure out their hash, the commit message ( sidechain id + block commit + miner address) can be hashed one more time before its placed on Bitcoin, making miners unaware until after Bitcoin block is found that this is that sidechain's burn. Sidechain block producers would have to delay sidechain block propagation until after Bitcoin block is propagated, 10 minutes blocktime helps here. Hiding the fact that Bitcoin is burnt until after the fact is another possibly important matter. )
Should reward be split between all valid blocks or just winner gets all? (Blockstacks approach does not reward blocks marked by different from leader chaintip. That seems dangerous since sidechain tx sorting would be difficult to match and could take significant time to be compensated for perfectly valid work and coins burned. It doesn't seem as necessary in burning since we're not expending costs based on only one previous block version, the costs are independent of block assembly. Tradeoff is between making it easier for independent "mining" of sidechain and making it easier to validate for full nodes on sidechain)
I wished my best friend had been more careful... [Part 2]
Part 1 Hi nosleep, sorry it's taken me so long to update, I've been spending time trying to fix this and haven't thought to update you all on the situation, here's what has happened: As I'd said before, the police were useless and didn't find anything. I couldn't focus on school, not with Daniel gone and this group after me. I decided the first thing to do should be looking into this group first. However, I first looked on the blockchain to find out where the money had gone, because it wasn't like Dan to do something so stupid in a scenario like this. He had sent the bitcoin's through a bitcoin mixer & whilst i'm good with computers, I can't trace where the bitcoins went or who they went to. I created a new pseudonym for every forum I used on the dark web. If i'm going to be researching these guys, I don't want them to know it's me. Turns out they're quite well known amongst some of the darker forumns, how Daniel and I didn't know about them before is shocking to me. Nevertheless, it didn't seem like I'd be able to just find them by looking for clues. I would have to earn back that money. I looked around for ways to earn money, now as a high-school kid I wouldn't be able to find a job that would pay me 23 grand in a month, so I had to turn to the internet again. I couldn't use my regular cryptocurrency wallet or I would risk being identified, but I still needed the funds as I had at least a £2000 which i'd made prior to this. I went onto my chosen wallet software and guess fucking what. Daniel had gotten the bitcoin mixer service to send ME the 23 grand (it was in ethereum though rather than bitcoin, not that it makes a difference). This particular wallet software I have, Daniel uses as well and allows us to add encrypted messages along with payments, this one read: "I know you're going to be mad, but these guys can't have their money, who knows the other fucked up shit they'll do. I lied about where I hid the flash drive. But I knew you'd try & send back the money. so I've sent it to you. By the time you see this I'll either be safe, or something has happened. But DONT GIVE THEM THE MONEY" Of course Daniel sent the money to me, he's basically that character in every movie that has to constantly be the hero, but nevertheless he was right, they couldn't have the money, but I needed to get a message to them at least so I could know whether Daniel was still alive. Now with bitcoin, you have to have a fee along with your bitcoin payment when sending bitcoin, the fee get's paid to bitcoin miners to process your transaction, this keeps the system going. The bitcoin address that 'The Winning Cause' had given me was my only way to communicate with them. I sent them the smallest amount of bitcoin I could so I could attach the message "Is Daniel alive, I have the money he took, we can schedule somewhere to meet to trade off". I'm obviously not giving them the money but I had a plan to get him back. See on the dark web, there are vicious barbaric people, these are the kind of people that Daniel and I aim to stop, but it's not all doom and gloom, it's a community after all, there are people who are may be in the same predicament as you or are just willing to help for a price. I found the latter... There's a group who also want to take down the winning cause, they gave themselves the fitting name of "Your cause will lose", apparently they had tried before but a bunch of the people in their group were kidnapped and used on the winning cause's redrooms. And they wan't revenge. The next day I got a miniscule payment of bitcoin, attached was a message. It said "go to 17 Trinity street at 9pm tonight, then turn right and walk until you see an abandoned warehouse, we'll be waiting, come alone!". You may be wondering, where are my parents in all this. They think I'm just letting the police do their job, they're allowing me to help them find evidence online or any new leads, they don't know what I'm going to do tonight. 50 members of "Your cause will lose" had been assigned to come with me to the warehouse, they brought with them a whole arsenal of guns and long range weapons, they would park at 17 Trinity street and as soon as they brought out Daniel, they would shoot up the place. It took us around an hour to drive to Trinity Street, by then it was 8:45pm, they got their snipers ready and I walked towards that warehouse with a pistol of my own tucked into my pants, I wasn't going empty handed... I got to the warehouse and there was an unlocked gate, as soon as I stepped through my face was flooded with illuminating lights, I could make out 3 people coming towards me, 2 of them I didn't recognize, and 1 of them being Daniel! His hands were tied with rope, I rushed over but was blocked from getting to him by one of his captors. "Have you got our mon-" was as much as he was able to say before a bullet went cleanly through the center of his head, then another through the guard stood next to him, I quickly untied his hands. However these guys weren't idiots, as soon as those two bullets went off a whole army of people stormed out from inside the warehouse shooting. It was a massacre, bullets went off left right & center, Daniel and I ducked and crawled towards the exit, no-one really seemed that concerned about us at the moment, from what I could see, the majority of "The Winning Cause" were losing, but it didn't seem like we were doing too well either. But as long as we escaped we'd be fine. We were nearly at the exit when the ground beneath us just gave way, we fell into a dark room (no pun intended) and there was one computer and one door, confused and baffled, I went onto the computer, we were greeted with a message "You shouldn't have tried that!". A feeling of instant regret grew in the pit of my stomach as I knew that we were completely and utterly fucked, the computer in this room has internet access and is surprisingly letting me come onto reddit, I don't know what to do now, i've heard footsteps repeatedly but so far no one has come in, they might be monitoring us I dont know. But what I do know is that we need help more than ever now...
A question I have about Bitcoin(awnsers appreciated)
TL;DR:Do Bitcoin replace it's puzzles with a new one that dosent reward you after it's solved?(If it even does puzzles, that is, I barely understand this currency) -So, from my terrible understanding of Bitcoin, I've heard that servers which are mining have to solve puzzles with equations in them to earn currency. -I've also heard that there is approximately 21 million Bitcoin, including anything yet to be mined by servers -There is roughly 4 million Bitcoin left to mine -A Satoshi, or 0.00000001 BTC(one hundred millionth), is the smallest amount of Bitcoin liquidable and I'm guessing that a completed puzzle earns you that much(It might be wrong but I need to assume that to move on to the question) -The question I'd like to ask is this: When a puzzle is solved by a server, does Bitcoin inject another puzzle into the Bitcoin mine which dosent award you with anything(an empty puzzle)? So Every time your server solves a puzzle, does that mean the probability of getting Bitcoin in a single puzzle goes down by a hundred millionth of a four millionth? Thanks a lot for reading this, it took alot of time to type and I'd like to learn more about the currency so any corrections on what I said would be appreciated : )
Do you believe Crypto will never replace fiat, it's all speculative? Read this
All credits to kunlangeta, IDK why he deleted this post it's so good.. A person asked "I really want to believe in Bitcoin/Crypto as the future. I have a basic understanding on how it works. I just don't see how this is more convenient than the systems that are already in place. I can give someone physical money instantly and it's trusted. My CC app instantly notifies me when my CC is used and also enables me to de/reactive my card at my discretion. Also, if BTC was the current main form of currency and you go to the store to buy some milk and it costs you .0002376839 BTC? Really? That's a better system? How would children buy ice cream from the ice cream truck? How would you pay the neighbor kid for shoveling your sidewalk? What about people living in poverty that can't afford a smart phone or internet? How would one take out a loan to purchase a house or car with BTC? I'm sorry, I'm 34 years old and I feel like a 70 year old trying to figure out Facebook." So, you are 34 years old. 20 years ago, you were 14. Back then, mobile phones were bricks. Could you have imagined everyone having a touch screen smartphone that is stronger in every regard than PC of that time in their pocket? Could you have imagined ubiquitousness of internet we have today? Social media and impact it has on social relationships today? Facilitation of trade it offers? I am asking cause crypto is still in its infancy. Bitcoin was the Alpha version and it is horrible in most of the things it was made to do (privacy - coins can be tracked, speed - blocks are full and transactions take a while, fees - due to blocks being full and value of bitcoin, transaction fees are horrible), but it paved the way to currencies which solve these problems much better. That isn't to say that these currencies won't be outdone by some new ones in the future. So, to closely address some of your issues:
I just don't see how this is more convenient than the systems that are already in place.
It isn't. Yet.
I can give someone physical money instantly and it's trusted.
Why is it trusted? What stands behind it to be trusted. Not to mention, that current fiat currency system has huge problems. And that physical money is being phased out slowly (though I am sure it will have its place in decades to come).
My CC app instantly notifies me when my CC is used and also enables me to de/reactive my card at my discretion.
I admit that losing your crypto to malicious actors is easy currently, but it will be solved. You can split your currency between wallets, so that if one gets compromised, others remain safe. Or some sort of banks could do the same thing your CC companies do, for a provision. Or, more likely, some better solution will come along.
Also, if BTC was the current main form of currency and you go to the store to buy some milk and it costs you .0002376839 BTC? Really? That's a better system? How would children buy ice cream from the ice cream truck? How would you pay the neighbor kid for shoveling your sidewalk?
As I said, BTC is Alpha Version of crypto currency. I doubt it would be used for everyday transactions, but if it were, smallest amount of bitcoin is 0.00000001 and it is called satoshi. So you would pay x satoshis (or some larger unit). Main issue with bitcoin currently is high provisions and slow transactions and there are some currencies that solve that ( for example, XRB, just hit $1, does instant feeless transactions). Payments can be done easily, on most crypto, by scanning a QR code and inputting the amount you want to pay.
What about people living in poverty that can't afford a smart phone or internet?
As I said, cash is here to stay for a while longer, but cashless society is the future, with or without crypto.
How would one take out a loan to purchase a house or car with BTC?
In current crypto market, there are a lot of coins/tokens made to solve specific problems. I imagine there will be token to solve that one in the future. Now, I am not saying crypto, as it is will succeed (I hope so). I am saying that governments/financial institutions stand to lose a lot to it, so even if it gets outlawed, future of society is cashless. And who is to say governments won't make their own crypto?
I don't have specialized hardware, but just for the heck of it, I want to mine bitcoins. I want to share upfront that I know that it's not a profitable operation, but I want to do it any way. My question is how much time would it take to get the smallest amount of bitcoin? And how would I go about this? I am sorry if this has been asked before, but would be helpful if someone can point me to it.
Is it possible to send one satoshi between wallets without any fees?
Hi, I'm just trying to wrap my head around bitcoin and only have 0.00105 BTC (from some some ad click thing) to my name. I wanted to send some fraction of that to another wallet to see how it works but I noticed the fee would be higher than what I was sending and not worth trying I guess. So this got me to wondering if I can even transfer the smallest amount of bitcoin without any fees...? Anyways, I'm using Multibit and did successfully imported a wallet which made me happy. Now I just want to learn about the transfer experience if I can. I also bought some bitcoins from coinbase but I won't have them until Monday (if the transfer goes through). So, until then I've got fractions to play with. I'm not sure it's worth it at all to try but I don't mind the wait if I can avoid any fees for now.
Colored coins - what's the smallest units that make them usable?
Thought experiment using colored coins. Pretend I'm using a car title system of the future. And in it, I have a fleet of cars, like Hertz rental cars, all tracked with their titles in a property system for cars generally, for a state, like Missouri. Under the hood, one day, I think "hey I'll explore the blockchain manually, and see how these colored coins use the bitcoin protocol to work." I have some assumptions about how that would work, but as I go, I think I need to edit some of my understandings. One idea is that a colored coin could be a satoshi. And this colored coin could represent something, like the title to a car. So I have a car title, and a corresponding public address. And at that address, just as a placeholder, I expect to see 1 satoshi, the smallest amount of bitcoin that can currently exist. But if the car can change owners, then in order to prove that I'm the new owner, I would have to sign a message with the private key at the address that that satoshi is stored at. But .... if I share a private key, how do I sell the car, transfer the title? And the next problem is that a satoshi is too small to move. I couldn't even send it to a burn address (I think) unless I paid a fee that is way way above the value of a satoshi. If a satoshi is something like 0.00000001 bitcoin, the fees are now something like 0.0001 just to move the bitcoin around. Cars are bought and sold something like every couple of years until they're crushed and recycled, so I assume we need something like 0.001 just to represent an object whose ownership can be transferred around. Does this imply that 21 million coins times 1000 (21 billion total) is the total number of objects we could ever theoretically track in a colored coin systems where objects could change owners?
I wanted to share my experience playing PrimeDice ref non-ref **Second Edit : PrimeDice is offering a .002btc giveaway if you like their facebook page https://www.facebook.com/officialprimedice I believe the promotion ends tomorrow. Its a great bankroll to start with! Keep in mind that this is gambling, and the odds are always in the house favor - if you play long enough, you will lose. However for a while I have been having pretty good success with the following tactic.
If you dont want to transfer in a deposit from your bitcoin savings. (I didnt) click the bottom icon, it looks like a "B" crossed with a "$"
You will have to enter a captcha and then the faucet will give you some satoshi (the smallest amount of bitcoin.
Now its time to start playing. Change your payout number to 1.800x
I think the faucet at level one will pay you around 0.00000050
set your bet to whatever you are comfortable with, often I go all in for the first couple of rolls in hopes of getting up to a couple hundred to play with.
I generally try to keep my base bet around 10% of my bank.
So lets say you are betting 0.00000005. Continue to roll with this until you get two red (wrong) in a row. Now you double your bet twice, making it 0.00000020.
Roll with that bet until you hit one green (correct). Then 1/2 the bet making it 0.00000010.
Roll with that until you get one green again. If you get two reds in a row, go back up to your max (4x your base bet). And look for your one green (correct bet) again.
Once you have your one green without two reds in a row. You move back to base bet again and start the whole process over.
Another BIG factor is the chat. Make sure you participate in the chat. Dont spam, dont ask for tips. Just chat. There is a bot that tips 50,001 satoshi. You can get it a couple times per day if you are lucky. But if you spam or beg you get blacklisted for a period of time. I didnt get my first tip until I made level 3. Which isnt too hard, just keep betting and chatting.
Its slow and steady. You will hit some bad stretches. be patient and build back up. I do stray from my system when I feel like going with instinct. Good luck, I hope I explained this ok. **edit If you see me in the chat, send me a pm I can try to help you if you need.
Riding this wave has been amazing. Going to take full advantage of this opportunity and travel this spring.
I am 18 y.o. and wanted to just say that i have huge hopes for this currency. I was late to the Bitcoin train but cannot complain. I bought a couple Bitcoins when they were worth around $100 and sold one of them at around 800 to buy some quality winter gear from REI which i can't be happier about. I am going to hold onto my last coin until the spring and take a plane somewhere, anywhere. I want to enjoy this opportunity because we are all lucky to have even the smallest amounts of Bitcoins right now. This is amazing to think that i could put money i had in my bank account into an alternative currency and it grows 1000% in less than a year! The story of Bitcoin is one of success but i feel that we should tread these unknown waters with care as it is still volatile and the future is unknown. I'm glad i could be a part of this journey. I wish i had known about Bitcoin when it was worth cents on the dollar, however i cannot complain because i am aware that the days of Bitcoin being worth < $1000 might be behind us. I will re-invest what little i can the price drops again soon, but will be happy no-matter which way this goes. Enjoy, and stop looking at the charts every hour, it's a waste of time for most of us!
01-26 07:33 - 'Why do people keep making these posts... / 1. If anyone with even the smallest amount of intelligence knew that there was an upcoming opportunity for them to profit in trading Bitcoin, the last thing they would do is tell eve...' by /u/seanl1991 removed from /r/Bitcoin within 20-30min
''' Why do people keep making these posts...
If anyone with even the smallest amount of intelligence knew that there was an upcoming opportunity for them to profit in trading Bitcoin, the last thing they would do is tell everyone else. If they told other people, they would also tell other people and the price would rise before they could capitalise on the advantage.
If someone is investing in Bitcoin, and is hounding others to buy in, There is a significant chance that person wants Bitcoin to become scarcer and for the price to rise, this means that by the time you buy in, you're more than likely already too late. This is a very well known strategy for whales, as the price barely needs to rise before they can flood the market with Bitcoin again and then the price tanks. You lose.
Don't trust a word anyone says because 100% of the people in this sub can't predict the future, myself included.
Help, How to buy large amounts of Bitcoin for the smallest fee!!! Also looking for Bitcoin investment tips! Also coinbase question
Hello fellow BitBoysss, haha im a loser I know, but seriously I'm looking to invest in Bitcoins when the next dip hits and I was wondering what the most effective way to do this would be. I currently use coinbase and if you use your bank account there is a 1.49% fee for buying bitcoins. Are there any online exchanges that have a lower exchange rate and that you would specifically reccomend for buying large amounts of bitcoin. Or is 1.49% basically as low as its gonna get :(. Another question I had hopefully someone knows, but I on my bank statement for coinbase I always see "Foreign Transaction Fee" is that the same fee that coinbase is charging for whenever I buy Bitcoin from them or are these scumbags also adding on that fee afterwards. Basically if anyone knows when you buy bitcoins on coinbase what is the sum of the fees, like what are all the types of fees, and if this "foreign transaction fee" is a seperate fee is there anyway to avoid it? Why the fuck does coinbase charge a foreign transaction fee if its based in San Francisco.?? Thanks in advance for your help with these two questions guys!!
Ultimate glossary of crypto currency terms, acronyms and abbreviations
MW Wyco Wednesday Inventory Update! First 20 Orders Get a Free Syringe or Calendar Raffle Entry! Restocked: GT, B+, PE6, Jedi Mind Fuck, White Teacher, Rusty Whyte, AA+, Blue Meanie NEW: Purple Mystic! Card Payments Back Up and Running on www.MillyWyco.com
www.millywyco.com Stickers=12mL Syringes MillyWyco is NOT Willy Myco :) (see below) Any mention of cultivation or anything unrelated to microscopy will not receive a response and orders will be cancelled. This includes DM's, PM's, e-mails, notes with your transaction, feedback of any kind, and thoughts. Don't even think about it! (I'm a mind reader) Heyooo!! This past week was a little rough not being able to accept card payments, but thanks to Square, that's all resolved! You can continue to pay by card on the site just as before. If anyone placed an order this past week and wasn't sure how to complete your purchase with an app, please let me know and I'll take care of you :) I'm running just a bit short on time (big surprise) for this post, but I want to get inventory finalized by 5:00 for you early birds. I'll be making a separate post on the sub tonight with some things to look forward to and a small flash giveaway, so stick with me! So far, the calendar raffle has been going great, and a lot of you are pretty excited about! This is a way to make things more fun and exciting, and have a chance to win some pretty neat stuff EVERY DAY! Check out the Calendar Raffle post on the MW subreddit for details, how to enter, and what's up for grabs! DO SOMETHING KIND FOR A COMPLETE STRANGER TODAY! Not because you think it will come back to reward you later, or because you get the warm and fuzzies...though both are probably true. Do it because you want to make a change in someone's life and make this world a better place. Do it out of the genuine kindness of your heart, even if it goes unnoticed. The smallest gestures could mean a WORLD of difference...you just don't know it yet ;) I LOVE YOU ALL!!! Seriously...ya'll are THE BEST! <3 Also, when I say "Priority Mail", this is referring to USPS Priority Mail vs. the standard "First Class" mail. All of my orders get my absolute highest priority care and attention, regardless of shipping method. USPS Priority Mail costs me $8, while I only pass on $5 of that to your order...it does not benefit me in any way if you choose this option, I just know those orders need to get to you ASAP, so I make sure to get all of these out on Thursday, with as many standard shipping orders as well. Sometimes it is not humanly possible to get every order from Wednesday out on Thursday, and some ship Friday morning. Thank you for your patience and continued support!! The first 20 orders placed after this post (Order #14779-14798) will receive an additional free syringe with their order! ALSO...in addition to the first 20 promo, any order number ending in 1, 0 or 2 on 10/21 only will also get a free syringe! If you are in the first 20, and your order number ends in 1, 0, or 2, you get both! If your order number ends in 21 (#14821, 14921, etc.) the week of 10/21 only, I will be in contact to arrange your special gift. Either you can have a double order (you ordered 5, I'll ask which other 5 you'd like...if you ordered 10, you'll get 20, etc), or you can choose to make that order free, (refunded if already paid) totally up to you! This week, I have restocked a few favorites, including Golden Teacher, B+, PE6, Albino A+, KSSS, Blue Meanie, White Teacher, Jedi Mind Fuck, Rusty Whyte, and a few others! The new variety this week is one I haven't had in over a year, and I am oh so proud to bring back Purple Mystic! I have several new varieties undergoing quality testing now, and should be ready by the end of the month! Thank you so much to everyone who has subscribed to a subscription box! Each and every month, these boxes will get better and better :) Newsletters will go out on the first of each month, regardless of when your plan is set to renew. In these newsletters will also be the winner of the random equipment raffle for MASTER PLAN members! This could be a sterilization wand, dehydrator, magnetic stir plate, or other super duper helpful tools in the hobby. Last month, 3 lucky Master Box subscribers received a pressure cooker, UV-C light sterilization wand, and a dehydrator! PLEASE USE COUPON CODES if ordering on the site for discounts!! Please see below: 2PACK - $20 for two cubensis syringes 5PACK - Classic and most popular $30 dealio for 5 cubensis varieties. Also works in multiples of 5 as well, so if you need 15 syringes, this code will be good for 3- 5 packs, and you only need to place one order. NEEDMORE - 5 cubensis varieties for $30 plus 1 exotic add-on for $10...total $40 NEEDMORE2 - 5 cubensis varieties for $30 plus 2 exotic add-ons for $20...total $50 NEEDMORE3 - 5 cubensis varieties for $30 plus 3 exotic add-ons for $30...total $60 ...and so on. Currently, this is setup for up to 5 exotic add-ons. If you have an order that does not meet these codes, such as adding on more than 5 exotics, getting 7 cubensis varieties, etc. please send me a message and I will build you a coupon code to match your order in a timely manner. Shipping not available to ID, GA, or CA (yes, really) Spore syringes are for microscopy use only Any reference to cultivation will exclude you from placing an order and we may never speak again. I want to talk to you. Don't do it! There are no exceptions to these rules. You have been warned. PAYMENT METHODS ACCEPTED: Major Credit/Debit cards, Zelle, Cash App, Venmo, Google Pay, Apple Pay, Bitcoin and Amazon gift cards PayPal is NOT available to me at this time. Also, I am the fee master! I get charged fees left and right that I don't pass on to you from shipping and third party payments. If you'd like to throw me a tip, however much it may be, I'd love you forever and it really does make a difference! These types of people have allowed me to share with some who are less fortunate. On the other hand, if times are tough for you right now, let's talk about it! ALL PRICES INCLUDE USPS SHIPPING WITH TRACKING!! I COVER ALL STANDARD SHIPPING COSTS. Please add an additional $5 to any order if you prefer USPS Priority Mail shipping. 1 syringe for $15 2 syringes for $20 5 syringes for $30 Golden Teacher (LIMITED TO 2 PER ORDER!) Acadian Coast Ajax Alacabenzi Albino A+ Amazonian B+ (Be Positive) Blue Meanie Burma Columbian Rust Corumba Brazil Costa Rican Daddy Long Legs Dancing Tiger Ecuadorian Fiji Golden Mammoth Golden Teacher Huautla Jedi Mind Fuck Koh Samui Super Strain (KSSS) Lake Toba (Sumatra, Indonesia) Lizard King Mazatapec McKennaii Mexican NorMel PES Amazon PES Hawaiian Puerto Rican Purple Mystic Rusty Whyte Taman Negara Tasmanian White Teacher Wollongong Z-Strain THE FOLLOWING EXOTICS ARE NOT PART OF THE 5/$30 MIX-n-MATCH DEALIO, but can be added to the 5/$30 pack for $10 as an add-on, or $15 each by themselves. These are NOT cubensis, and NOT recommended for beginners. USE COUPON CODE "NEEDMORE" on the site to add ONE EXOTIC on to a 5 pack. Want 2 Exotics? Use code NEEDMORE2 or NEEDMORE3 for 3, etc. Currently this is setup to add a maximum of 5 exotics....if you need more, please message me and I'll create a unique coupon code to enter for your order :) ****Penis Envy #6 (PE6)***\* This actually IS a cubensis variety, but added to exotics list due to rarity and popularity. NOT part of the pick 5. ****Psilocybe Allenii***\* ****Psilocybe Azurescens***\* ****Psilocybe Cyanescens***\* ****Psilocybe Mexicana Galindoi***\* ****Psilocybe Ovoideocystidiata***\* ****Psilocybe Serbica***\* ****Psilocybe Subaeruginosa***\* ****Panaeolus Bisporus***\* ****Panaeolus Cyanescens (Australia)***\* All syringes are 12cc/mL and come capped with a sterile tip cap, and also include an 18ga 1.5" sterile needle and alcohol pads. Syringes are made in a lab grade environment and the utmost care and attention is the highest priority to be sure they are sterile. Anything exposed to an open air environment is subject to contamination, but I take every precaution possible to minimize this risk. I cannot "guarantee" they are 100% sterile, but I can guarantee that if you have an issue, I will make it right. I really do love to help, and if something happens, I'd like to know about it so I can fix the issue instead of you getting frustrated or giving up! To ensure equal quantity of spores in each syringe, and for adequate suspension of the spores in the solution, I use a magnetic stir plate. Very often, this does such a good job of breaking up clumps of spores that it will appear to be sparse. THIS IS NOT AN ISSUE! There are still a TON of spores in each syringe, even if you can't see them individually (though most of my syringes appear to have a very good amount of visible spores...even with my horrible eyesight!). You can compare and contrast to see the blackish/purple tint to ensure every syringe is packed with spores. If a spore clump forms during transportation, simply give it a good flick with your finger and vigorously shake to break it up or free it from clinging to the wall of the syringe before examining. Syringes ship in individual bags clearly labeled as to specific variety and born on date, bubble wrapped and shipped through USPS tracked shipping (discreet) within 24 hours of payment. I send tracking info soon after payment and give updates along the (super quick) way. Any messages referring to spores being used for anything other than microscopy use will be ignored. Don't do it. THANK YOU ALL so much again for your continued support!! I appreciate it more than you know! MUSH LOVE P.S. In no way am I trying to be an impostor. I AM NOT WILLY MYCO. I chose this u/ a while back as sort of a play on words and tribute to a legend most of us recognize, long before I became a spore vendor. I don't want anyone to think I am trying to pass off as him, though I do admire his dedication to the craft! I appreciate all of the kind words, though, from people saying they learned from "my" videos. I wish I could pass on those notes to Willy himself. Cheers and MUSH LOVE! MW
You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments. It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following videos for a good starting point for understanding how bitcoin works and a little about its long term potential:
Limited Supply - There will only ever be 21,000,000 bitcoins created and they are issued in a predictable fashion, you can view the inflation schedule here. Once they are all issued Bitcoin will be truly deflationary. The halving countdown can be found here.
Open source - Bitcoin code is fully auditable. You can read the source code yourself here.
Accountable - The public ledger is transparent, all transactions are seen by everyone.
Decentralized - Bitcoin is globally distributed across thousands of nodes with no single point of failure and as such can't be shut down similar to how Bittorrent works. You can even run a node on a Raspberry Pi.
Censorship resistant - No one can prevent you from interacting with the bitcoin network and no one can censor, alter or block transactions that they disagree with, see Operation Chokepoint.
Push system - There are no chargebacks in bitcoin because only the person who owns the address where the bitcoins reside has the authority to move them.
Low fee scaling - On chain transaction fees depend on network demand and how much priority you wish to assign to the transaction. Most wallets calculate on chain fees automatically but you can view current fees here and mempool activity here. On chain fees may rise occasionally due to network demand, however instant micropayments that do not require confirmations are happening via the Lightning Network, a second layer scaling solution currently rolling out on the Bitcoin mainnet.
Borderless - No country can stop it from going in/out, even in areas currently unserved by traditional banking as the ledger is globally distributed.
Portable - Bitcoins are digital so they are easier to move than cash or gold. They can even be transported by simply memorizing a string of words for wallet recovery (while cool this method is generally not recommended due to potential for insecure key generation by inexperienced users. Hardware wallets are the preferred method for new users due to ease of use and additional security).
Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also check out the bitcoinity exchange resources for a larger list of options for purchases.
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage. Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".
Securing your bitcoins
With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
If you prefer to "Be your own bank" and have direct control over your coins without having to use a trusted third party, then you will need to create your own wallet and keep it secure. If you want easy and secure storage without having to learn computer security best practices, then a hardware wallet such as the Trezor, Ledger or ColdCard is recommended. Alternatively there are many software wallet options to choose from here depending on your use case.
If you prefer to let third party "Bitcoin banks" manage your coins, try Gemini but be aware you may not be in control of your private keys in which case you would have to ask permission to access your funds and be exposed to third party risk.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email! 2FA requires a second confirmation code to access your account making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the btc subreddit are active scams. Almost all altcoins (shitcoins) are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. Don't trust, verify. Also as they say in our community "Not your keys, not your coins".
Where can I spend bitcoins?
Check out spendabit or bitcoin directory for millions of merchant options. Also you can spend bitcoin anywhere visa is accepted with bitcoin debit cards such as the CashApp card. Some other useful site are listed below.
Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out. If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.
Just like any other form of money, you can also earn bitcoins by being paid to do a job.
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins.
The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
one bitcoin is equal to 100 million satoshis
1,000 per bitcoin
used as default unit in recent Electrum wallet releases
1,000,000 per bitcoin
colloquial "slang" term for microbitcoin (μBTC)
100,000,000 per bitcoin
smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki. Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval. Welcome to the Bitcoin community and the new decentralized economy!
Type in the amount of bitcoin you’d like to buy. When you are buying small amounts of bitcoin, it’s important to always be mindful of the minimum trade amount. You can go from 10 USD, 20 USD, 50 USD, and up. On Paxful, the smallest amount of bitcoin you can buy is 10 USD or the equivalent in other currencies, while the smallest amount for selling is 0.001 BTC. Select a currency. Specify ... A bitcoin can be divided down to 8 decimal places. Therefore, 0.00000001 BTC is the smallest amount that can be handled in a transaction. The history of Bitcoin. Bitcoin is the oldest cryptocurrency in the world. The first block of Bitcoin was mined in January 2009. Bitcoin wasn’t born out of nowhere. It was the result of decades of research. Satoshi Nakamoto succeeded where the ... This table is intended to include all well-defined units of bitcoin value, including less common and niche units. Unit Abbreviation Decimal (BTC) Alternate names Info Algorithmic maximum : 20,999,999.9769 Calculation: tam-bitcoin : 2,814,749.76710656 : 1,0000,0000 tonal mega-bitcoin : MBTC : 1,000,000 Rare in context kilo-bitcoin : kBTC : 1,000 Rare in context hecto-bitcoin : hBTC : 100 Rare ... For Bitcoin, the minimum amount you can probably buy is 1 Satoshi which translates to 0.00000001 Bitcoins. However, since the amount is considerably small, it is not possible to buy just 1 Satoshi on any exchange. For instance, Coinbase allows its users to buy Bitcoin from $2. However, on LocalBitcoins the minimum amount is 1 cent. Since Bitcoin can be broken down into 100 million Satoshis ... Similarly to pence or cents, Satoshis come in handy when you want to send a relatively small amount of Bitcoin to someone. Imagine you want to send someone 1,000 Sats – that’s a lot easier to ...
BEST HOT WALLETS for SMALL AMOUNTS OF BITCOINS for BEGINNERS Pros & Cons Reddit Approved! PT 6 Watch my "I was Hacked Kshs. 10,000/= worth of Bitcoin from my Wallet" https://youtu.be ... However the bitcoin can be divided into smaller parts (the smallest divisible amount is one hundred million of a single bitcoin and is called satoshi named on founder). You can earn small amounts of Bitcoin and also much more using some of the sites I share in this video. Links mentioned in the video: ️ Earnably - https://nottaughtatschool.co.uk/Earnably ️ ... HOW TO BUY BITCOIN 2019 - EASY Ways to Invest In Cryptocurrency For Beginners! Get $10 of free Bitcoin when you buy or sell at least $100 of cryptocurrency o... Rusty Peterson on twitch realizes he bought a small amount of bitcoin at years ago and now he has $1000! Stream Link: https://www.twitch.tv/chicagorusty.