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Bitcoin Newcomers FAQ - Please read!

Welcome to the /Bitcoin Sticky FAQ

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:
Some other great resources include Lopp.net, the Princeton crypto series and James D'Angelo's Bitcoin 101 Blackboard series.
Some excellent writing on Bitcoin's value proposition and future can be found at the Satoshi Nakamoto Institute.
Some Bitcoin statistics can be found here and here. Developer resources can be found here. Peer-reviewed research papers can be found here.
Potential upcoming protocol improvements and scaling resources here and here.
The number of times Bitcoin was declared dead by the media can be found here (LOL!)

Key properties of Bitcoin

Where can I buy bitcoins?

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.
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.
Google Auth Authy OTP Auth
Android Android N/A
iOS iOS iOS

Watch out for scams

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.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Spendabit, Overstock and The Bitcoin Directory Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, LivingRoomofSatoshi, Coinsfer, and more Bill payment
Menufy, Takeaway and Thuisbezorgd NL Takeout delivered to your door
Expedia, Cheapair, Destinia, Abitsky, SkyTours, the Travel category on Gyft and 9flats For when you need to get away
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun Domain name registration
Stampnik Discounted USPS Priority, Express, First-Class mail postage
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

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.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, Cryptogrind, Coinality, Bitgigs, /Jobs4Bitcoins, BitforTip, Rein Project Freelancing
Lolli Earn bitcoin when you shop online!
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
/GirlsGoneBitcoin NSFW Adult services
A-ads, Coinzilla.io Advertising
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.

Bitcoin-Related Projects

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.
Project Description
Lightning Network Second layer scaling
Blockstream, Rootstock and Drivechain Sidechains
Hivemind and Augur Prediction markets
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
JoinMarket and Wasabi Wallet CoinJoin implementation
Coinffeine and Bisq Decentralized bitcoin exchanges
Keybase Identity & Reputation management
Abra Global P2P money transmitter network
Bitcore Open source Bitcoin javascript library

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
bitcoin BTC 1 bitcoin one bitcoin is equal to 100 million satoshis
millibitcoin mBTC 1,000 per bitcoin used as default unit in recent Electrum wallet releases
bit bit 1,000,000 per bitcoin colloquial "slang" term for microbitcoin (μBTC)
satoshi sat 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!
submitted by BitcoinFan7 to Bitcoin [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome to the /Bitcoin Sticky FAQ

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.
The following videos are a good starting point for understanding how bitcoin works and a little about its long term potential:
For some more great introductory videos check out Andreas Antonopoulos's YouTube playlists, he is probably the best bitcoin educator out there today. Also have to give mention to James D'Angelo's Bitcoin 101 Blackboard series. Lots of additional video resources can be found at the videos wiki page or /BitcoinTV.
Key properties of bitcoin
Some excellent writing on Bitcoin's value proposition and future can be found here. Bitcoin statistics can be found here, here and here. Developer resources can be found here and here. Peer-reviewed research papers can be found here. The number of times Bitcoin was declared dead by the media can be found here. Scaling resources here, and of course the whitepaper that started it all.

Where can I buy bitcoins?

BuyBitcoinWorldwide.com and Howtobuybitcoin.io are helpful sites for beginners. You can buy or sell any amount of bitcoin 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.
Bank Transfer Credit / Debit card Cash
Coinbase Coinbase LocalBitcoins
Gemini Bitstamp LibertyX
GDAX Bitit Mycelium LocalTrader
Bitstamp Cex.io BitQuick
Kraken CoinMama WallofCoins
Xapo BitcoinOTC
Cex.io
itBit
Bitit
Bitsquare
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Cashila or 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.
Android iOs Desktop
Mycelium BreadWallet Electrum
CoPay AirBitz Armory
Another interesting use case for physical storage/transfer is the Opendime. Opendime is a small USB stick that allows you to spend Bitcoin by physically passing it along so it's anonymous and tangible like cash.
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, usually from a text message or app, 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.
Google Auth Authy
Android Android
iOS iOS

Where can I spend bitcoins?

A more comprehensive list can be found at the Trade FAQ but some more commons ones are below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Steam, HumbleBundle, Games Planet, itch.io, g2g and kinguin For when you need to get your game on
Microsoft Xbox games, phone apps and software
Spendabit, The Bitcoin Shop, Overstock, DuoSearch, The Bitcoin Directory and BazaarBay Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Cashila, Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, Pey.de, LivingRoomofSatoshi, Hyphen.to, Coinsfer, GetPaidinBitcoin, Coins.co.th, More #1, #2 Bill payment
Foodler, Menufy, Takeaway, Thuisbezorgd NL, Pizza For Coins Takeout delivered to your door!
Expedia, Cheapair, Lot, Destinia, BTCTrip, Abitsky, SkyTours, Fluege the Travel category on Gyft and 9flats For when you need to get away
BoltVM, BitHost VPS service
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun For new domain name registration
Stampnik and GetUSPS Discounted USPS Priority, Express, First-Class mail postage
Reddit Gold Premium membership which can be gifted to others
Coinmap, 99Bitcoins and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations, such as Wikipedia, Red Cross, Amnesty International, United Way, ACLU and the EFF. You can find a longer list here.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

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. Bitseed is an easy option for getting set up. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, XBTfreelancer, Cryptogrind, Bitlancerr, Coinality, Bitgigs, /Jobs4Bitcoins, Rein Project Freelancing
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
Watchmybit, Streamium.io, OTika.tv, XOtika.tv NSFW, /GirlsGoneBitcoin NSFW Video Streaming
Bitasker, BitforTip, WillPayCoin Tasks
Supload.com, SatoshiBox, JoyStream, File Army File/Image Sharing
CoinAd, A-ads, Coinzilla.io Advertising
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)

Bitcoin Projects

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.
Project Description
Lightning Network, Amiko Pay, and Strawpay Payment channels for network scaling
Blockstream and Drivechain Sidechains
21, Inc. Open source library for the machine payable web
ShapeShift.io Trade between bitcoins and altcoins easily
Open Transactions, Counterparty, Omni, Open Assets, Symbiont and Chain Financial asset platforms
Hivemind and Augur Prediction markets
Mirror Smart contracts
Mediachain Decentralized media library
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
Samourai and Dark Wallet - abandoned Privacy-enhancing wallets
JoinMarket CoinJoin implementation (Increase privacy and/or Earn interest on bitcoin holdings)
Coinffeine and Bitsquare Decentralized bitcoin exchanges
Keybase and Bitrated Identity & Reputation management
Bitmesh and Telehash Mesh networking
JoyStream BitTorrent client with paid seeding
MORPHiS Decentralized, encrypted internet
Storj and Sia Decentralized file storage
Streamium and Faradam Pay in real time for on-demand services
Abra Global P2P money transmitter network
bitSIM PIN secure hardware token between SIM & Phone
Identifi Decentralized address book w/ ratings system
Coinometrics Institutional-level Bitcoin Data & Research
Blocktrail and BitGo Multisig bitcoin API
Bitcore Open source Bitcoin javascript library
Insight Open source blockchain API
Leet Kill your friends and take their money ;)

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (mL) or millimetre (mm)
microbitcoin μBTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (μL) or micrometre (μm)
bit bit 1,000,000 per bitcoin Colloquial "slang" term for microbitcoin
satoshi sat 100,000,000 per bitcoin Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $500 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. A complete list of bitcoin related subreddits can be found here
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!
submitted by BinaryResult to Bitcoin [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome to the /Bitcoin Sticky FAQ

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.
Some great introductions for new users are My first bitcoin, Bitcoin explained and ELI5 Bitcoin. Also, the following videos are a good starting point for understanding how bitcoin works and a little about its long term potential:
Also have to give mention to Lopp.net, the Princeton crypto series and James D'Angelo's Bitcoin 101 Blackboard series. Some excellent writing on Bitcoin's value proposition and future can be found at the Satoshi Nakamoto Institute. Bitcoin statistics can be found here, here and here. Developer resources can be found here, here and here. Peer-reviewed research papers can be found here. Potential upcoming protocol improvements here. Scaling resources here. The number of times Bitcoin was declared dead by the media can be found here (LOL!), and of course Satoshi Nakamoto's whitepaper that started it all! :)
Key properties of bitcoin

Where can I buy bitcoins?

Bitcoin.org, BuyBitcoinWorldwide.com and Howtobuybitcoin.io are helpful sites for beginners. You can buy or sell any amount of bitcoin 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.
Bank Transfer Credit / Debit card Cash
Gemini Bitstamp LocalBitcoins
Bitstamp Bitit Mycelium LocalTrader
BitFinex Cex.io LibertyX
Cex.io CoinMama WallofCoins
Xapo Spectrocoin BitcoinOTC
Kraken Luno BitQuick
itBit
HitBTC
Bitit
Bisq (decentralized)
Luno
Spectrocoin
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.
Android iOs Desktop
Samouari BreadWallet Electrum
Another interesting use case for physical storage/transfer is the Opendime. Opendime is a small USB stick that allows you to spend Bitcoin by physically passing it along so it's anonymous and tangible like cash.
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, usually from a text message or app, 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.
Google Auth Authy
Android Android
iOS iOS

Where can I spend bitcoins?

Check out spendabit or bitcoin directory for some good options, some of the more commons ones are listed below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Steam, HumbleBundle, Games Planet, itch.io, g2g and kinguin For when you need to get your game on
Microsoft Xbox games, phone apps and software
Spendabit, Overstock, The Bitcoin Directory and BazaarBay Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, LivingRoomofSatoshi, Hyphen.to, Coinsfer, More #1, #2 Bill payment
Menufy, Takeaway, Thuisbezorgd NL, Pizza For Coins Takeout delivered to your door!
Expedia, Cheapair, Lot, Destinia, BTCTrip, Abitsky, SkyTours, Fluege the Travel category on Gyft and 9flats For when you need to get away
BitHost VPS service
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun For new domain name registration
Stampnik Discounted USPS Priority, Express, First-Class mail postage
Reddit Gold Premium membership which can be gifted to others
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations, such as Wikipedia, United Way, ACLU and the EFF. You can find a longer list here.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

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. Bitseed is an easy option for getting set up. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, XBTfreelancer, Cryptogrind, Bitlancerr, Coinality, Bitgigs, /Jobs4Bitcoins, Rein Project Freelancing
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
Streamium.io, XOtika.tv NSFW, /GirlsGoneBitcoin NSFW Video Streaming
Bitasker, BitforTip Tasks
Supload.com, SatoshiBox, JoyStream, File Army File/Image Sharing
CoinAd, A-ads, Coinzilla.io Advertising
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)

Bitcoin Projects

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.
Project Description
Lightning Network, Amiko Pay, and Strawpay Payment channels for network scaling
Blockstream, Rootstock and Drivechain Sidechains
21, Inc. Open source library for the machine payable web
ShapeShift.io Trade between bitcoins and altcoins easily
Open Transactions, Counterparty, Omni, Open Assets, Symbiont and Chain Financial asset platforms
Hivemind and Augur Prediction markets
Mediachain Decentralized media library
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
Samourai and Dark Wallet - abandoned Privacy-enhancing wallets
JoinMarket CoinJoin implementation (Increase privacy and/or Earn interest on bitcoin holdings)
Coinffeine and Bisq Decentralized bitcoin exchanges
Keybase and Bitrated Identity & Reputation management
Telehash Mesh networking
JoyStream BitTorrent client with paid seeding
MORPHiS Decentralized, encrypted internet
Storj and Sia Decentralized file storage
Streamium Pay in real time for on-demand services
Abra Global P2P money transmitter network
bitSIM PIN secure hardware token between SIM & Phone
Identifi Decentralized address book w/ ratings system
BitGo Multisig bitcoin API
Bitcore Open source Bitcoin javascript library
Insight Open source blockchain API
Leet Kill your friends and take their money ;)

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (mL) or millimetre (mm)
microbitcoin μBTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (μL) or micrometre (μm)
bit bit 1,000,000 per bitcoin Colloquial "slang" term for microbitcoin
satoshi sat 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. A complete list of bitcoin related subreddits can be found here
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!
submitted by BinaryResult to Bitcoin [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome to the /Bitcoin Sticky FAQ

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.
The following videos are a good starting point for understanding how bitcoin works and a little about its long term potential:
For lots of additional video resources check out the videos wiki page or /BitcoinTV.
Key properties of bitcoin
Some excellent writing on Bitcoin's value proposition and future can be found here. Bitcoin statistics can be found here and here. Developer resources can be found here and here. Peer-reviewed research papers can be found here. The number of times Bitcoin was declared dead by the media can be found here. Scaling resources here, and of course the whitepaper that started it all.

Where can I buy bitcoins?

BuyBitcoinWorldwide.com is a very helpful site for beginners. You can buy or sell any amount of bitcoin 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.
Bank Transfer Credit / Debit card Cash
Coinbase Coinbase LocalBitcoins
Gemini Bitstamp LibertyX
GDAX Bitit Mycelium LocalTrader
Bitstamp Cex.io BitQuick
Kraken CoinMama WallofCoins
Xapo BitcoinOTC
Cex.io
itBit
Bitit
Bitsquare
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Cashila or 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.
Android iOs Desktop
Mycelium BreadWallet Electrum
CoPay AirBitz Armory
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, usually from a text message or app, 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.
Google Auth Authy
Android Android
iOS iOS

Where can I spend bitcoins?

A more comprehensive list can be found at the Trade FAQ but some more commons ones are below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Steam, HumbleBundle, GreenmanGaming, and Coinplay.io For when you need to get your game on
Microsoft Xbox games, phone apps and software
Spendabit, The Bitcoin Shop, Overstock, Rakuten, DuoSearch, The Bitcoin Directory and BazaarBay Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg, TigerDirect and Dell For all your electronics needs
Cashila, Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, Pey.de, LivingRoomofSatoshi, Hyphen.to, Coinsfer, GetPaidinBitcoin, Coins.co.th, More #1, #2 Bill payment
Foodler, Takeaway, Thuisbezorgd NL, Pizza For Coins Takeout delivered to your door!
Expedia, Cheapair, Lot, Destinia, BTCTrip, Abitsky, SkyTours, Fluege the Travel category on Gyft and 9flats For when you need to get away
BoltVM, BitHost VPS service
Cryptostorm, Mullvad, and PIA VPN services
Namecheap For new domain name registration
Stampnik and GetUSPS Discounted USPS Priority, Express, First-Class mail postage
Reddit Gold Premium membership which can be gifted to others
Coinmap, 99Bitcoins and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations, such as Wikipedia, Red Cross, Amnesty International, United Way, ACLU and the EFF. You can find a longer list here.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

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. Bitseed is an easy option for getting set up. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
Bitwage, XBTfreelancer, Cryptogrind, Bitlancerr, Coinality, Bitgigs, /Jobs4Bitcoins, Rein Project Freelancing
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
Watchmybit, Streamium.io, OTika.tv, XOtika.tv NSFW, /GirlsGoneBitcoin NSFW Video Streaming
Bitasker, BitforTip, WillPayCoin Tasks
Supload.com, SatoshiBox, JoyStream, File Army File/Image Sharing
CoinAd, A-ads, Coinzilla.io Advertising
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)

Bitcoin Projects

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.
Project Description
Lightning Network, Amiko Pay, and Strawpay Payment channels for network scaling
Blockstream and Drivechain Sidechains
21, Inc. Open source library for the machine payable web
ShapeShift.io Trade between bitcoins and altcoins easily
Open Transactions, Counterparty, Omni, Open Assets, Symbiont and Chain Financial asset platforms
Hivemind and Augur Prediction markets
Mirror Smart contracts
Mediachain Decentralized media library
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
Samourai and Dark Wallet - abandoned Privacy-enhancing wallets
JoinMarket CoinJoin implementation (Increase privacy and/or Earn interest on bitcoin holdings)
Coinffeine and Bitsquare Decentralized bitcoin exchanges
Keybase and Bitrated Identity & Reputation management
Bitmesh and Telehash Mesh networking
JoyStream BitTorrent client with paid seeding
MORPHiS Decentralized, encrypted internet
Storj and Sia Decentralized file storage
Streamium and Faradam Pay in real time for on-demand services
Abra Global P2P money transmitter network
bitSIM PIN secure hardware token between SIM & Phone
Identifi Decentralized address book w/ ratings system
Coinometrics Institutional-level Bitcoin Data & Research
Blocktrail and BitGo Multisig bitcoin API
Bitcore Open source Bitcoin javascript library
Insight Open source blockchain API
Leet Kill your friends and take their money ;)

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (mL) or millimetre (mm)
microbitcoin μBTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (μL) or micrometre (μm)
bit bit 1,000,000 per bitcoin Colloquial "slang" term for microbitcoin
satoshi sat 100,000,000 per bitcoin Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $500 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. A complete list of bitcoin related subreddits can be found here
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!
submitted by BinaryResult to Bitcoin [link] [comments]

It's Time to Let Everyone in on Litecoin's Biggest Secret

Fellow Consumers,
It's possible that you might be getting a little upset at the current BTC fees. Please assist me in sending, or editing as you see fit, this drafted outline and email to whichever business you feel would benefit from using Litecoin instead. Or you can make a video, or tweet the link, or 100 other things. Just help in bringing attention to Litecoin in BTC's mempool time of need. It's time they learned Litecoin's biggest secret .... It’s THE BEST payment method out there. Also, please support businesses that currently accept Litecoin. I've put together a list below the draft.
........................................................................................................................................
BEGIN EMAIL DRAFT
To whom it may concern,
Has your company ever considered receiving the alternative payment currency Litecoin?
To begin, you may already be accepting bitcoin and Litecoin is very similar to bitcoin. If you're unfamiliar with bitcoin as a currency then Litecoin is a great place to start. They are even built from the same Core coding. A benefit to Litecoin is that it has a 2.5 minute block time instead of bitcoin's 10 minutes. This makes Litecoin's transaction speed four times faster and much less expensive than bitcoin. In layman's terms, this just means payment is confirmed faster and less expensively with Litecoin.
For reference - you can see the average fee of both bitcoin and Litecoin in US Dollars compared here: https://bitinfocharts.com/comparison/transactionfees-btc-ltc.html#1y
This chart shows the average fee for Litecoin is staying around 10 to 20 cents, and bitcoin bouncing between a low of $1.50 and $8.00 recently. This means you would pay less in fees to convert the same total value into fiat or USD in this case.
If you were to compare this to the average credit card transaction fees, of say 2.5%, any transaction over $5.00 would be more profitable through Litecoin.
Reference of fees found here: https://www.cardfellow.com/average-fees-for-credit-card-processing/#Typical
If you've heard of Litecoin, I'm sure you have heard the saying "Litecoin is the silver to bitcoin's gold." But really, Litecoin should really be considered Platinum instead of silver. Platinum is stronger, more durable, and much more ductile. Over 20% of all consumer goods either contain platinum or are produced using platinum. Platinum is truly an enduring metal just as Litecoin is truly an enduring cryptocurrency. It will be 6 years old this October, bitcoin is 8 years old.
A few facts that demonstrate Litecoin's strength, durability, and ductility are listed below:
  1. Litecoin has a large economy and your current bitcoin technology should work on Litecoin with very little changes. If you don't use bitcoin, it is still easy to implement.
  2. Litecoin has the best combination of economic size and technical similarity to bitcoin than any other cryptocurrencies.
  3. Litecoin is capable of eight times as many transactions as bitcoin in a ten minute period.
  4. Litecoin has much faster confirmation times with blocks that are not full.
  5. Litecoin has proven its longevity compared to many other cryptocurrencies that have come and gone.
  6. Also, if changes ever need to be made to Litecoin, it doesn't take years to implement them. Litecoin implemented Segregated Witness before bitcoin, and will most likely run on the lightning network before bitcoin as well. If you don't deal with bitcoin, this all just means Litecoin is a front runner in implementing new technology and features.
  7. Litecoin is a limited supply coin, launched fairly, with no coins premined (no developer is hiding a majority somewhere), nor has it ever hard forked for any special interest groups. It is decentralized and no one person or group controls what happens to it and no one person or group can manipulate the market.
  8. Whole Litecoins are much more affordable than whole bitcoins. This helps eliminate some psychological barriers to entering the market.
In conclusion:
If your company was to accept Litecoin, I would be happy to start conducting my business with you.
If your company accepts bitcoin payments but not Litecoin, I hope I have helped shed some light on the benefits Litecoin could bring to your business.
If your business does not accept bitcoin payments, I hope I have introduced you to an alternative payment option that a large number of people transact with everyday who would love to add you to their list of merchants accepting Litecoin. It really is the currency of the future.
If you have any questions about Litecoin or need help in possibly implementing Litecoin into your business, please let us know. There are many of us here excited to help you transition into accepting Litecoin or to help you further and answer any questions you may have.
We can be found here:
[email protected]
[email protected]
https://www.reddit.com/Litecoin
https://twitter.com/LitecoinCA
http://litecoinalliance.org/
https://twitter.com/ltcfoundation
https://twitter.com/litecoinsupport
A few options of the easiest ways to implement Litecoin payments currently are:
  1. https://shapeshift.io - currently used by Overstock.com - "The Safest, Fastest Asset Exchange on Earth"
  2. https://coinpayments.net/ - Payment gateway for LTC & BTC
  3. https://alfacoins.com/ - an international LTC & BTC payment processor
  4. https://www.asmoney.com/ - an electronic payment system for LTC & BTC
  5. https://www.gocoin.com/ - Enabling merchants to accept BTC & LTC payments
  6. http://cointopay.com/ - Provides merchant services in LTC, BTC, & many others
  7. https://www.cryptowoo.com/ - a decentralized payment plugin to accept LTC, DOGE, & BTC
  8. https://gourl.io/ - an open source crypto-currency payment gateway
  9. https://litepaid.com/ - accept LTC, BTC, & over 25 others fast & easy
END EMAIL DRAFT ........................................................................................................................................
This below is for LTC spending reference. No need to include it in any email. Dots were added in for any mobile users who can't see the formatted lines.
Places to spend Litecoin:
Please feel free to mention any links/sites/businesses you know of - It took me a bit to compile this list or PM me and I will add your business link to whichever category you prefer. Also, please verify with the consumer they still accept Litecoin or are still an active domain before purchasing.
A Bit of Everything:
https://overstock.com - Furniture, Decor, Cars, Pet Adoptions, Jewelry, Clothing
http://bitroadmarket.com/en/ - Electronics , Home and Kitchen
http://shop.btcs.com/ - Jewelry, Coins, Shirts, Collectors Items
https://bitcoingalaxy.us/shop/ - Jewelry, Coins, Shirts, Collectors Items
https://www.all-mints.com/- Gift Cards, PCs, Clothing, Food, Tools, Perfume, Electronics, Bags, Shoes, Gifts, Pet Products
Art & Collectibles:
https://bitographs.com/ - Crypto Posters
https://dogmaportraits.uservoice.com/ - Prints of your uploaded pet photos
http://cryptoart.com/ - Crypto themed art
http://bitcoinsportscards.com/ - Sports Cards
http://aircraft-photos.com/ - Aircraft photos
http://www.juanmiguelsalas.com/blog/ - Art - Blogger
http://www.benzandbeamer.com/ - Luxury Cars
Clothing/Jewelry:
https://Digswag.com - Clothing, Unique Items, Pets, Home and Office
https://Coinpupil.com - Crypto themed clothing
https://allthingsluxury.biz/ - Fine Jewelry
http://www.afkapparel.co.uk/ - Geek/Gamer clothing
http://www.sakamaonline.com/ - Leather and Rugs
https://www.siamsecrets-auz.com/ - Siam clothing
https://cryptocurrencygear.com/ - Crypto gear
https://www.topshelftoker.com/ - Shirt and Hat
https://allthingsdecentral.com/ - Card games, Hardware wallets, clothing, Beginners Box
http://shiresoaps.com/ - Soap
https://5mr.com/ - Baby Wearing
https://www.cryptojeweler.com/ - Jewelry
https://www.cheveux-naturels.com/ - Hair Extensions
https://www.etsy.com/shop/JestersLeather - Leather
http://www.cryptoverge.com/ - Crypto clothing
http://moniebug.com/ - Chlidren's Clothing (Launch Party Sept 30th - Coming Soon)
https://chicagogemshop.com/ - Precious Gems and Crystals
https://litecoinmerch.com/ - Litecoin Merchandise - Donates 25% Back to LTC Foundation!
https://twitter.com/LitecoinMerch
Domains/Hosting/and Other Digital Services:
https://nameselling.com - Domain names
http://www.lovinghosting.com/ - Linux Web Hosting
http://www.lovingdomains.com/ - Domain names
https://www.vps-city.com/ - Virtual Private Servers
https://flokinet.is/en/ - Anonymous Servers
https://coinshost.com/en/ - Web Hosting and DDos Protection
http://www.qhoster.com/ - Hosting, VPS, Servers, Domains
https://briehost.com/ - Hosting, VPS, Servers, Domains
https://www.hostmycode.in/ - Hosting, VPS, Servers, Domains, Wordpress, SSD Reseller
https://www.cinfu.com/ - Shared Hosting, VPS, Dedicated Servers, Domains, SSL Digital Certificates
http://ellenet.com.au/ - Web Hosting, Web Design, Server Maintenance, Web Development
https://247zilla.com/ - Cloud Hosting
https://hosthavoc.com - Game/Minecraft/Voice Servers and Web Hosting
https://www.simrai.com/ - Game/Minecraft/Voice Servers and Web Hosting, Package Deals
https://143vpn.com/ - VPN, DDoS protection
https://torguard.net/ - VPN, Anonymous Email, Anonymous Proxy
https://www.trilightzone.org/ - VPN Services
http://gameservers.today/ - Game and Voice Servers
https://xwebhosting.org/ - Dedicated and Cloud Servers, Web Hosting, Datacenters
http://www.onenetwork.net/ - Servers and VPS
http://instantcpanelhosting.com/ $0.5 Hosting, $4 VPS, Domains, Dedicated Servers, SSL
https://koddos.net/ - DDoS protection, Off shore hosting
http://www.coinrdp.com/
https://axelwebhosting.com - Web Hosting
18+:
http://www.vieci.com/# - Assorted Adult Products
Food and Drinks:
https://tealet.com/litecoin - Assorted Teas, Loose Leaf
https://www.drinkcham.com/ - Award Winning Cold Brew Tea
https://www.cryptomercado.com/ - Coffee, Jerky, Nuts, Snacks
https://crypto-coffee.com/ - Coffee
http://drapis.com/ - Raw Honey
Furniture:
https://distinguishedimports.com/shop/ - Hand Blown Glass, Decor, Vintage Furniture
Game Keys:
https://key4co.in/ - Game Keys
https://www.cjs-cdkeys.com/ - Game Keys and Physical Discs
https://gamerzheat.com/ - Game Keys and Software
Gift cards:
https://www.gyft.com
https://www.cryptodechange.com/
https://www.egifter.com/litecoin/
https://bitcoingiftcards.com.au/
https://www.cryfter.com/
https://giftoff.com/
Gold and Silver:
https://www.coaex.com/ - Gold and Silver Bars
http://www.bitgild.com/ - Gold, Silver, Platinum, Palladium, Accessories
http://www.bitcoinmetals.us/ - Copper, Gold, and Silver Bullions
Law firms:
https://sohovichlaw.com/ - DUI Defense
Miscellaneous:
http://coinmap.org - Map of Local Businesses
https://www.unlockbase.com/ - Unlock iPhone
https://www.custommuzzlebrakes.com/ - Custom Gun/Rifle Parts
http://www.getballistic.com/ - Body boards
http://www.3dp4btc.com/ - 3D Printing
Music:
http://www.shanthagopian.com/
http://www.progmegastore.com/store/ - Memorabilia, Vinyl, and Collectors Items, CDs and DVDs
http://cryptopay.trebaltek.ca/wp/
Other Electronics:
http://www.thermostatenshop.nl/ - Thermostats
http://www.heat4feet.net/nl/ - Floor Heating maps, rugs, thermostats
http://www.opritverwarmingen.eu/ - Heating cables, thermostats, and control systems
https://www.vorstvrij.net/nl/ - Heating cables and thermostats
http://www.keraheat.com/ - Assorted heating products
Pet Supplies:
http://cryptopet.com/ (Out of date site)
Physical Coins:
http://www.lealana.com/ (also sold on bitcointalk.org forum)
Travel:
https://www.cheapair.com - Plane tickets
https://btctrip.com/ - Festivals, Burning Man, Museums, Trips
http://finnatravel.com/ - Travel Agency
https://www.mercadoviagens.com/ - Brazil Travel Agency
http://3s.ee/booking/# - Estonia Hotel
https://www.surfranchnicaragua.com/bitcoins - All Inclusive Nicaragua Resort
Vape Nation:
https://arkansaseliquid.com/ - Vape Shop
https://www.vaposhop.com/ - Vape Shop
https://azarius.net/ - Assorted 'exhalant' supplies
http://btcheadshop.com/- Assorted 'exhalant' supplies
https://www.fogonthetyne.eu/- Vape Shop
https://www.ecigsplus.com/- Vape Shop
https://vapourdepot.com/- Vape Shop
http://www.tobaccoseed.company/ - 'Grow your own' Tobacco Seeds
https://kingpenvapes.com/- Vape Shop
http://www.digitalcloudvapor.com/- Vape Shop
Current Litecoin Developments - For Reference
Litecoin Roadmap - https://litecoincore.org/
Lightning Network
LN - vid by LTC Foundation's Franklyn
ln.network
RSK - Rootstock Sidechains
RSK - vid by LTC Foundation's Franklyn
rsk.co
MAST - Smart Contracts
Inside MAST: The Little-Known Plan to Advance Bitcoin Smart Contracts
Multisig Wallets
Multisig - vid by LTC Foundation's Franklyn
If you find any errors, mistakes, have suggestions of websites, comments on the wording, or what have you, just let me know in the comments or through PM. Also, as a disclaimer: I can not confirm every website above is still active or still accepts LTC, some accept but you have to email them first. I also left all the gambling websites out because those are hard to verify their trustworthiness.
Also, feel free to cross post this anywhere you want on the internet. You can edit and create whatever medium, youtube, twitter, reddit, voat, 4chan, bloomberg post you want. Feel absolutely free to get all that sweet sweet karma for yourself.
EDIT: I'll no longer keep this list up. I'll keep updating https://redd.it/6w0khi over in litecoinmarkets so you can always link to that.
submitted by 1JoeLite1 to litecoin [link] [comments]

Can bitcoin replace the gold?

Bitcoin and gold are very different assets. The cryptocurrency can’t replace gold as a precious physical asset as it isn’t a tangible commodity, while its volatility means it is unlikely to replace gold as a safe haven.
Two are very different markets to focus on; Bitcoin is a peer-to-peer decentralized digital currency first ‘mined’ in 2009, while the precious metal gold, very much a tangible asset, has been highly valued for millennia.
DIFFERENCES BETWEEN BITCOIN AND GOLD
1. Volatility
One of the most important differences between Bitcoin and gold is the volatility of the two assets. A useful measure of volatility is the average true range (ATR), which describes how much a market moves, on average, over a specified time.
Visit BtcNewz for the bitcoin price, prediction and mining.
2. Storage Procedure
A second difference between Bitcoin and gold is the way they are stored. As a physical asset, gold is stored in vaults, safety deposit boxes in banks and personal safes for smaller amounts. Bitcoins, on the other hand, cannot be stored in the traditional sense. Instead, what is stored is a secret number called a ‘private key’, which facilitates the transfer of Bitcoin from one party to another. Buying Bitcoin can be extremely risky if you do not make use of a hardware or software wallet to secure your private key.
3. Sources of Demand
Gold, as an asset, has a 7,000-year history and its drivers of demand are easily identifiable, as can be seen in the chart below. The demand for Bitcoin on the other hand, is less clear and tends to centre around price speculation, buy-to-hold strategies and the underlying blockchain technology itself.
4. Bitcoin and Gold’s Utility as Currency
Bitcoin and gold’s utility as currency is the subject of some dispute. Economists often describe money as having three crucial functions that must all be satisfied: medium of exchange, unit of account and store of value.
Medium of Exchange
Medium of exchange is the ability for something to be used as a currency to exchange for goods and services. While not widely accepted, this description fits Bitcoin; as of November 2018 organisations that accept the cryptocurrency include travel company CheapAir, gift card company Gyft, and US-based REEDS Jewelers, with many more showing interest.
However, gold is not often used as a medium of exchange in modern economies and it is not generally considered legal tender.
Unit of Account
To satisfy the unit of account function, a potential currency must be ‘countable’ so that there is something to compare the cost of goods and services against. Unit of account is satisfied by Bitcoin due to the fact that the cryptocurrency is divisible. Most transactions will be fractions of a Bitcoin and these can go as far as eight decimal places.
Gold can also be used as a unit of account as it is also divisible (although less easily). Its value can be related to other goods through its value per ounce in a given currency.
Store of Value
Store of value refers to an asset that can be set aside for future use. As it can be used in the future, it is believed to hold value overtime, as opposed to perishable goods such as milk, which is a poor store of value due to its propensity to spoil.
Sceptics of Bitcoin argue that the cryptocurrency has no value and is merely worth what the next person is prepared to pay for it. Some also believe that the fact that you cannot physically touch it is consequential when ascertaining its store of value.
In conclusion, it can be argued that while Bitcoin has been used as a medium of exchange, neither Bitcoin nor gold meet all three functions necessary to be considered ‘money’ and therefore neither fully satisfies a utility as currency.
Bitcoin and gold share few similarities, so their differences are not to be overlooked, particularly from a trading point of view. Gold is still regarded as a safe haven, while Bitcoin is renowned for being a particularly volatile asset. Greater volatility brings with it a need for greater risk management in the form of position sizing and well-defined stop and take-profit levels.
submitted by alifkhalil469 to BtcNewz [link] [comments]

[Reference] Here's a raw list of ~300 retailers that accept BCH via Gyft & eGifter. It's fun to spendl both online & in your neighborhood!

Confused? Scroll to bottom.
Gyft.com:
1-800-Baskets.com 1-800-Flowers.com 1-800-PetSupplies.com Adidas Aerie Aeropostale Allposters.com AMC Theatres American Airlines American Eagle American Frame App Store & iTunes Applebee's Aquarium Restaurants Art.com Athleta Babin's Seafood House Bahama Breeze Banana Republic Barnes & Noble Bass Pro Shops Bath & Body Works Bed Bath & Beyond® Belk Best Buy® Big Fish Seafood Bistro Bloomingdale's Boomerang Grille Brenner's Steakhouse Brinker Restaurants Brookstone Bubba Gump Shrimp Buca di Beppo Buffalo Wild Wings Build-A-Bear Workshop Burger King Burlington buybuy BABY® Cabela's Cadillac Bar California Pizza Kitchen Callaway CanvasPop Captain D's Caribou Coffee Casual Male XL Catherines CB2 Champs Sports CharityChoice Charleston's Restaurant Charley's Crab Chart House Chef'd Cheryl's Cookies Chili's Chipotle Christmas Tree Shops® andThat! Claim Jumper Cold Stone Creamery Columbia Sportswear Cost Plus World Market Crate & Barrel Crutchfield D'Angelo Darden Restaurants Dell Delta Air Lines Destination XL Domino's Dunkin' Donuts eBay EXPRESS Fandango Fish Tales Fisherman's Wharf Foot Locker FragranceNet.com Fruit Bouquet GameStop Gap Factory Gap Gilt.com Go Play Golf by Fairway Rewards Golden Nugget Google Play Great American Days Grotto Groupon Hal Smith Restaurant Hallmark Harlow's Food & Fun Hefner Grill Hollie's Flatiron Steakhouse Hollister HomeGoods Hot Topic Hotels.com Hulu IHOP JCPenney Jo-Ann Stores Kemah Boardwalk Kmart Kohl's L.L.Bean La Griglia Lady Foot Locker Landry's Landry's Seafood Lands' End Lane Bryant Legal Sea Foods Levy Restaurants Lighthouse Buffet Lobster Gram Logan's Roadhouse LongHorn Steakhouse Lord and Taylor Louie's Grill & Bar Lowe's Lucille's BBQ Macy's Magazines.com Maggiano's Little Italy Mahogany Steakhouse Mama Roja Kitchen Marshalls McCormick & Schmicks Microsoft Office 365 Home, 1-year subscription Microsoft Office 365 Personal, 1-year subscription Mitchell's Fish Market Morton's Muer Seafood NASCAR.com NFLShop.com Nike Nintendo Nordstrom Nordstrom Rack Old Navy Olive Garden Omaha Steaks On The Border One Kings Lane Overstock.com Panera Bread Papa Gino's Papa John's Pizza Peohe's Petco Pro Am Golf Rainforest Cafe Red Lobster Red Robin Red Sushi Redrock Canyon Grill Regal Cinemas River Crab/BlueWater Inn Rixty Rochester Big & Tall Romano's Macaroni Grill Rosetta Stone TOTALe Royal Caribbean Saks OFF 5TH Saltgrass Steak House San Jose Earthquakes San Luis Resort Sears Sephora Sheetz Shutterfly Simms Steakhouse SiriusXM Southwest Airlines Spa & Wellness by Spa Week SpaFinder Staples Starbucks Steak 'n Shake Stein Mart Steiner Sports Memorabilia StubHub T-Rex T.J.Maxx Target GiftCard TGI Fridays The Cheesecake Factory The Children's Place The Crab House The Flying Dutchman The Garage The Home Depot® The Oceanaire The Popcorn Factory The Red Door Salon & Spa ThinkGeek Toby Keith's Bar & Grill Tony Roma's Torrid Tower of America Uber - INCLUDING Uber Eats (food delivery from your local takeout restaurants!) Ulta Beauty Under Armour® Unleashed by Petco Uno Chicago Grill Upper Crust Pizza Vic and Anthony's Victoria's Secret Walmart Whole Foods Market Willie G's Wine Country Gift Basket Wine Enthusiast Wine.com Xbox LIVE Yak & Yeti Yard House Zappos.com 
eGifter.com
1-800-Flowers.com Abercrombie & Fitch Acorns Adidas Aerie Aeropostale Alamo Drafthouse AllPosters.com Amazon.com AMC Theaters Amella Caramels American Airlines American Eagle Outfitters American Frame Applebee's Aquarium Restaurants Athleta Babin's Seafood House babyGap Bahama Breeze Banana Republic Bar Toma Barnes & Noble Booksellers Bass Pro Shops Bath & Body Works Bed Bath & Beyond Belk Best Buy® Big Fish Restaurant BJs Restaurants Black Angus Steakhouse Bloomin' Brands Bloomingdale's Bonefish Grill Boscov's Boston Market Boxed Brenner's Steakhouse Bridge Bar Brookstone Bubba Gump Buffalo Wild Wings Build-A-Bear Burger King Burlington Coat Factory buybuy Baby Cabela's Cadillac Bar Cafe Spiaggia California Pizza Kitchen Callaway CanvasPop Captain D's Captain Morgan Club Caribou Coffee Carnival Cruise Lines Carrabbas Italian Grill Casual Male Celebrity Cruises Champs Sports Charity Choice Charleston's Restaurant Charley's Crab Chart House Restaurant Chef'D Children's Music Shop Chili's Chipotle Christmas Tree Shops Cirque du Soleil Claim Jumper Cold Stone Creamery Columbia Sportswear CrossFire Crutchfield CVS/pharmacy D'Angelo Darden Dell Delta Airlines Destination Maternity Destination XL Domino's Pizza Downtown Aquarium Dunkin' Donuts Ebay Express Facebook Game Card Fandango Fish Tales Fisherman's Wharf Fleming's Prime Steakhouse & Wine Bar Foot Locker FragranceNet.com Fulton’s Crab House Fulton’s on the River GameStop Gap Gap Options GCodes® AT&T Prepaid Plans GCodes® Verizon Prepaid Plans Gilt Go Play Golf GoCash GolfThere Googie Burger Great American Days Grotto Groupon Guitar Center Gymboree Hal Smith Restaurant Group Harlow's Hefner Grill Hollie’s Flatiron Steakhouse Hollister HomeGoods HOOCHs Hot Topic Hotels.com Hulu IHOP IMVU IndieFlix iTunes JAGEX Jake Melnick's Corner Tap JCPenney Jiffy Lube Jo-Ann Fabric JumpStart School of Dragons Karma Koin Kemah Boardwalk Kingsisle Pirate Kingsisle Wizard Kmart Kohl's Krispy Kreme La Griglia Landry's Landry's Seafood Lands' End Lane Bryant Legal Sea Foods Lobster Gram Logan's Roadhouse Longhorn Steakhouse Lord & Taylor Louie's Grill & Bar Lowe's Lucille's Smokehouse BBQ Macy's Magazines.com Maggiano's Little Italy Mahogany Prime Steakhouse Mama Roja Mexican Kitchen Marshalls McCormick & Schmick's Microsoft Office 365 Home Microsoft Office 365 Personal MobileLocate Morton's The Steakhouse Muer Seafood Restaurants NASCAR.com Superstore Neopets NetDragon Universal Nike Nintendo eShop Digital Cards Nordstrom Nordstrom Rack O'Charley's Oak Street Beach Food + Drink Old Navy Olive Garden Omaha Steaks On the Border Mexican Grill & Cantina Outback Steakhouse Overstock.com P.C. Richard and Son Panera Bread Papa Gino's Pizzeria Papa John's Peohe's Petco PetSupplies.com Portobello Princess Cruises ProAm Golf Rainforest Cafe ReallyColor Red Lobster Red Robin Red Sushi Redrock Canyon Grill Regal Entertainment Group REI Rixty ROBLOX Rochester Big & Tall Ruby Tuesday Saks OFF 5th Saltgrass Sears Sephora Sheetz Shutterfly Simms Steakhouse Simply Magazine Sirius XM Skype Sling TV Sony Playstation Southwest Airlines Spa and Wellness by Spa Week Spa Finder Spiaggia Stage Stores Staples Steak 'n Shake Stein Mart Steiner Sports Memorabilia Stitch Fix Stockpile StubHub Studio Movie Grill Swap.com T-Rex T.J.Maxx Target Texas Roadhouse TGI Fridays The Cheesecake Factory The Children's Place The Crab House The Flying Dutchman The Garage The Home Depot The Oceanaire ThinkGeek Toby Keith's I Love This Bar & Grill Tony Roma's Torrid Tower of the Americas Tracer Pix Uber - INCLUDING Uber Eats (food delivery from your local takeout restaurants!) Ulta Unlimited eBooks Uno Upper Crust Wood Fired Pizza Vic & Anthony's Vimbly Walmart Wargaming World of Tanks Wargaming World of Warships Whole Foods Willie G's Wine Country Gift Baskets Wine Enthusiast Wine.com Wolfgang Puck Grand Cafe WWE Network XBOX Xbox Live Gold Yak and Yeti Yard House 
For those who don't know, Gyft.com & eGifter.com sell gift cards online (Amazon, iTunes, BedBathBeyond, etc., like you see in the revolving rack at the corner convenience store). Both services accept BitcoinCash (via Bitpay). Instead of a plastic card, they send you a "virtual" card (an activation code). So you can buy stuff from all the stores above with BCH (& then replace your BCH so you don't later feel like you spent $500 on diapers :)
I scraped and massaged the lists from both services for you because I find it easier to refer to than browsing their sites that make you scroll through logos instead.
Many of the retailers are found on both services. Many are unique to one. The superset is probably about 300 (plus thousands of local restaurants that participate with Uber Eats).
There's a lot more than Restaurants, Starbucks & Playstore! You'll find Uber, airlines (Southwest, American, Delta), Hotels.com, XBOX, Playstation, Dell, Microsoft Office, Hulu, Ebay, Wine.com, Walmart, Target, Home Depot, CVS Pharmacy, Marshalls, Panera, Nordstrom Rack, Nike, Adidas, Zappo, Foot Locker... You can literally live on BCH now (if only there were a way to pay utilities and rent/mortgage).
You can have a super smooth experience buying a card while queuing for the register. When you tap to pay in BitcoinCash (or BTC) from the Gyft app, android prompts you to launch your wallet! The amount, fee, and receiving address is already filled in. Simply take a look to confirm and then slide to pay. In seconds (before the next register is open) the new gift card is in your Gyft app "wallet" and ready to be scanned by the cashier. You can also regift/send the gift card to a friend instead of activating/revealing the card's code.
Note that Uber credit is how you pay for Uber Eats, so an Uber gift card can not only get you around town but also bring food to your door from restaurants in your neighborhood.
Feel free to paste the lists into the weekly/monthly or any BCH updates, or to categorize it (i should have but I don't know them all). It's not my data obviously. I don't know how often the two services update the lists.
(Not sure which are limited to regions. I can confirm that Uber gift card was credited when pasted in the Uber app, in Japan, but wasn't usable for rides in Japan. The balance was perfectly usable later, in USA.)
submitted by LuxuriousThrowAway to btc [link] [comments]

[uncensored-r/Bitcoin] /r/Bitcoin FAQ - Newcomers please read

The following post by BinaryResult is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link:
reddit: /Bitcoin/comments/6jlop4
The original post's content was as follows:

Welcome to the /Bitcoin Sticky FAQ

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.
The following videos are a good starting point for understanding how bitcoin works and a little about its long term potential:
For lots of additional video resources check out the videos wiki page or /BitcoinTV.
Key properties of bitcoin
  • 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.
  • 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.
  • 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 - Transactions fees can vary between a few cents and a few dollars depending on network demand and how much priority you wish to assign to the transaction. Most wallets calculate the fee automatically but you can view current fees here.
  • Borderless - No country can stop it from going in/out, even in areas currently unserved by traditional banking as the ledger is globally distributed.
  • Trustless - Bitcoin solved the Byzantine's Generals Problem which means nobody needs to trust anybody for it to work.
  • Pseudonymous - No need to expose personal information when purchasing with cash or transacting.
  • Secure - Encrypted cryptographically and can’t be brute forced or confiscated with proper key management such as hardware wallets.
  • Programmable - Individual units of bitcoin can be programmed to transfer based on certain criteria being met
  • Nearly instant - From a few seconds to a few minutes depending on need for confirmations. After a few confirmations transactions are irreversible.
  • Peer-to-peer - No intermediaries with a cut, no need for trusted third parties.
  • Portable - Bitcoins are digital so they are easier to move than cash or gold. They can even be transported by simply remembering a string of words for wallet recovery.
  • Scalable - Each bitcoin is divisible down to 8 decimals allowing it to grow in value while still accommodating micro-transactions.
  • Designed Money - Bitcoin was created to fit all the fundamental properties of money better than gold or fiat
Some excellent writing on Bitcoin's value proposition and future can be found here. Bitcoin statistics can be found here, here and here. Developer resources can be found here and here. Peer-reviewed research papers can be found here. The number of times Bitcoin was declared dead by the media can be found here. Scaling resources here, and of course the whitepaper that started it all.

Where can I buy bitcoins?

BuyBitcoinWorldwide.com and Howtobuybitcoin.io are helpful sites for beginners. You can buy or sell any amount of bitcoin 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.
Bank Transfer Credit / Debit card Cash
Coinbase Coinbase LocalBitcoins
Gemini Bitstamp LibertyX
GDAX Bitit Mycelium LocalTrader
Bitstamp Cex.io BitQuick
Kraken CoinMama WallofCoins
Xapo BitcoinOTC
Cex.io
itBit
Bitit
Bitsquare
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Cashila or 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, there are many software wallet options here. If you want easy and secure storage without having to learn computer security best practices, then a hardware wallet such as the Trezor or Ledger is recommended. A more advanced option is to secure them yourself using paper wallets generated offline. Some popular mobile and desktop options are listed below and most are cross platform.
Android iOs Desktop
Mycelium BreadWallet Electrum
CoPay AirBitz Armory
  • If you prefer to let third party "Bitcoin banks" manage your coins, try Coinbase or Xapo 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.
Another interesting use case for physical storage/transfer is the Opendime. Opendime is a small USB stick that allows you to spend Bitcoin by physically passing it along so it's anonymous and tangible like cash.
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, usually from a text message or app, 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.
Google Auth Authy
Android Android
iOS iOS

Where can I spend bitcoins?

A more comprehensive list can be found at the Trade FAQ but some more commons ones are below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Steam, HumbleBundle, Games Planet, itch.io, g2g and kinguin For when you need to get your game on
Microsoft Xbox games, phone apps and software
Spendabit, The Bitcoin Shop, Overstock, Rakuten, DuoSearch, The Bitcoin Directory and BazaarBay Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg, TigerDirect and Dell For all your electronics needs
Cashila, Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, Pey.de, LivingRoomofSatoshi, Hyphen.to, Coinsfer, GetPaidinBitcoin, Coins.co.th, More #1, #2 Bill payment
Foodler, Menufy, Takeaway, Thuisbezorgd NL, Pizza For Coins Takeout delivered to your door!
Expedia, Cheapair, Lot, Destinia, BTCTrip, Abitsky, SkyTours, Fluege the Travel category on Gyft and 9flats For when you need to get away
BoltVM, BitHost VPS service
Cryptostorm, Mullvad, and PIA VPN services
Namecheap For new domain name registration
Stampnik and GetUSPS Discounted USPS Priority, Express, First-Class mail postage
Reddit Gold Premium membership which can be gifted to others
Coinmap, 99Bitcoins and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations, such as Wikipedia, Red Cross, Amnesty International, United Way, ACLU and the EFF. You can find a longer list here.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
  • 1-3% savings over credit cards or PayPal.
  • No chargebacks (final settlement in 10 minutes as opposed to 3+ months).
  • Accept business from a global customer base.
  • Increased privacy.
  • Convert 100% of the sale to the currency of your choice for deposit to your account, or choose to keep a percentage of the sale in bitcoin if you wish to begin accumulating it.
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

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. Bitseed is an easy option for getting set up. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, XBTfreelancer, Cryptogrind, Bitlancerr, Coinality, Bitgigs, /Jobs4Bitcoins, Rein Project Freelancing
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
Watchmybit, Streamium.io, OTika.tv, XOtika.tv NSFW, /GirlsGoneBitcoin NSFW Video Streaming
Bitasker, BitforTip, WillPayCoin Tasks
Supload.com, SatoshiBox, JoyStream, File Army File/Image Sharing
CoinAd, A-ads, Coinzilla.io Advertising
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)

Bitcoin Projects

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.
Project Description
Lightning Network, Amiko Pay, and Strawpay Payment channels for network scaling
Blockstream and Drivechain Sidechains
21, Inc. Open source library for the machine payable web
ShapeShift.io Trade between bitcoins and altcoins easily
Open Transactions, Counterparty, Omni, Open Assets, Symbiont and Chain Financial asset platforms
Hivemind and Augur Prediction markets
Mirror Smart contracts
Mediachain Decentralized media library
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
Samourai and Dark Wallet - abandoned Privacy-enhancing wallets
JoinMarket CoinJoin implementation (Increase privacy and/or Earn interest on bitcoin holdings)
Coinffeine and Bitsquare Decentralized bitcoin exchanges
Keybase and Bitrated Identity & Reputation management
Bitmesh and Telehash Mesh networking
JoyStream BitTorrent client with paid seeding
MORPHiS Decentralized, encrypted internet
Storj and Sia Decentralized file storage
Streamium and Faradam Pay in real time for on-demand services
Abra Global P2P money transmitter network
bitSIM PIN secure hardware token between SIM & Phone
Identifi Decentralized address book w/ ratings system
Coinometrics Institutional-level Bitcoin Data & Research
Blocktrail and BitGo Multisig bitcoin API
Bitcore Open source Bitcoin javascript library
Insight Open source blockchain API
Leet Kill your friends and take their money ;)

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (mL) or millimetre (mm)
microbitcoin ?BTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (?L) or micrometre (?m)
bit bit 1,000,000 per bitcoin Colloquial "slang" term for microbitcoin
satoshi sat 100,000,000 per bitcoin Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $500 for one Bitcoin, a $10 meal would equal:
  • 0.02 BTC
  • 20 mBTC
  • 20,000 bits
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. A complete list of bitcoin related subreddits can be found here
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!
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

40 Bitcoin Predictions: What I got right, what I got wrong, and ones for the future

I think you all might be interested in reading about Bitcoin predictions - and hopefully sharing some of your own - so I've posted the intro + the 4 predictions that are viewable at no cost. And if you're enticed enough, the following 36 can be viewed on Yours.org for a measly $1.25. Hope you find them interesting.
https://www.yours.org/content/40-bitcoin-predictions--what-i-got-right--what-i-got-wrong--and-ones-f-ee169b2821c6
During the middle of 2013, I discovered Bitcoin as a result of what was going in the country of Cyprus, and let’s just say, I've been hooked ever since. Like most people, I've made many predictions over the course of Bitcoin’s history, and in this writing, I'm going to share as many as my memory allows. You should see some bonehead predictions, some spot-ons, and some that are too close to call. The predictions will go in chronological order, beginning with the initial predictions made in mid-2013, and ending with ones of the future. Four are viewable at no cost, and the remaining 36 can be viewed by unlocking the paywall for a cool, $1.25. And if you share one of your own in the comments section, I will gladly send $0.25 back in your direction. Hope you find the predictions interesting and the stories behind them equally as enjoyable. Now let’s get this show on the road.
Prediction #25: In the midst of another “China bans Bitcoin” episode, the bull market would NOT end.
Result: True. I was proud to get this one right, because at the time, a lot of people I knew were freaking out, thinking this was the end. I stood calm, knowing this storm would pass, knowing sunny days were just ahead. I knew this because the chart wasn’t going to end with Bitcoin topping out at $5,000. Not when we had just broken out over $3,000. Not without rising exponentially. And mostly, because we had experience with “China banning Bitcoin” back at the beginning of 2017. When it happened then, Bitcoin’s price fell, but it didn’t break. It recovered, and a few months later we proceeded to reach the high from 2013, which then launched us into the beginning of Bitcoin’s meteoric rise. It didn’t stop us then, and it wasn’t going to stop us now. I told my friends there wasn’t anything to worry about, and it would probably be a good time to buy if they had any extra cash lying around. China banning Bitcoin is never as scary as it seems.
Prediction #16: Vinny Lingham’s “Bitcoin to $1,000 by 2017” prediction was going to be accurate.
Result: True. Just as Vinny publicly predicted, the price of Bitcoin was $1,000 as 2017 began. Because of this prediction, he became known as the Bitcoin Oracle; but to me, he was somebody who knew how to read and interpret a chart’s pattern correctly and extrapolate the data from it. That may sound like a knock on the guy, but I hope you don’t take it like that. He’s a very intelligent and respectable person. I value his opinion, appreciate his Bitcoin contributions with Gyft, look forward to him making a difference in identity verification with Civic; and to be honest, it did take talent to make that prediction. But I watched The Matrix, so throwing “Oracle” around is something I don’t take very lightly. Haha, just kidding around. But anyways, based on the trend at the time, his prediction seemed accurate and I absolutely agreed with it.
Prediction #17: After the Winklevoss Bitcoin ETF (Exchange Traded Fund) was disapproved by the SEC, it was curtains for the price.
Result: DEAD Wrong. - And I’m so glad I was… But wow, this event put me through one hell of an emotional rollercoaster. I was so hyped up from it, tracking the price on a daily basis, watching industry news, writing articles; and then on the day the ETF was axed, my enthusiasm was gone, hopes were shattered, and I was in one of the worst moods I’ve ever had in my life. I didn’t know what to do, what to think, or where the market was going to go from there. 2013’s all-time high had already been breached – largely due to the ETF speculation – so I fully expected the ETF to be approved (wishful thinking). When this thought was put to rest, and because the run-up past 2013’s all-time high seemed to be the catalyst for the rise, I began to doubt whether the exponential rise would ever occur again. I fully expected the price to tank. Well, I was both right and wrong. For the first few days, it held strong, but after a few more, it started to drop. As it did, my emotions got the best of me and I ended up panic-selling some of my small stake like a worried little child. What a costly error that was…
Future Prediction #5: Central Banks will issue their own digital currencies.
Comments: And I say GOOD. Let them get their citizens accustomed to using digital currency. Let their centralized cryptocurrencies compete with decentralized cryptocurrencies. Governments and central banks are powerless to stop the best decentralized cryptocurrency(s), and they may temporarily “win” by disallowing trading or commerce to be conducted with them, but as the age of digital money makes its mark on the world, the best form(s) of money will win out in the end. The good ones will always be available as an alternative for the inevitable day when the central bank or government abuses their money-issuing rights. When they’ve gone too far and the citizens unite and stand up to them, the people will have a fair alternative to fall back on. Decentralized cryptocurrencies can, and will, keep governments in check - and you should consider that a prediction, too.
You can find the remaining here: https://www.yours.org/content/40-bitcoin-predictions--what-i-got-right--what-i-got-wrong--and-ones-f-ee169b2821c6
submitted by BitcoinOptimist to btc [link] [comments]

We play white elephant during Xmas party at my work....about 100 or so people attend it. This is what I'm planning to give. (TEXT VERSION) Feel free to copy and use it.

Pic
Inside this envelope is a paper that holds Bitcoins.
Bitcoin(abv. BTC) is digital currency that is worth real money (At the time of writing this, each BTC is worth about $726). It's the first decentralized electronic currency not controlled by a single organization or government. It's an open source project, and it is used by millions people. All over the world people are trading millions of dollars worth of bitcoin every day with no middle man and no credit card companies. It's a startup currency which has never happened before.
Email let us send letters for free, anywhere in the world. Skype lets us make phone and video calls for free, anywhere in the world. Now there's bitcoin. Bitcoin lets you send money to anyone online, anywhere in the world for less than a cent per transaction! Bitcoin is a community run system not controlled by any bank or government. There's no wall-street banker getting rich by standing between you and the people you want to send and receive money from.
It is impossible to make a counterfeit Bitcoin and there will only be a finite number ever created. No one person controls Bitcoin and therefore no one can control what you do with Bitcoin. All of these qualities add up to make Bitcoin a solid platform for both saving and spending money.
Like gold, oil, or any other fiat currency, Bitcoin value also fluctuates every second mostly because of demand and supply. At the beginning of this year each BTC was worth $14 then it went upto $1200 during Thanks Giving and at time of writing this it is worth $726. You can see the realtime value of your Bitcoins at http://coinbase.com/charts - the number in the top right is the current value in US Dollars, that is the price that people are actively buying Bitcoins for right now on an exchange market.
What can you do with Bitcoins? *You can send them to people. You can setup an online ‘wallet’ at http://coinbase.com and send them to anyone in the world for free.
You can buy things. *http://www.gyft.com/ Shop for gift cards and pay with BTC *http://www.bitcoinstore.com - Buy electronics. *http://coinkite.com - Bitcoin debit card.
You can hold onto them as an investment. *Just put this card away somewhere safe, and in a few years’ time you may be surprised at the value that your Bitcoins accrue. Who knows this paper might worth thousands of dollars in near future.
You can convert them back to US Dollars at any time. *http://coinbase.com allows you to buy and sell Bitcoins and withdraw or deposit US dollars back into your bank account.
If you’d like to know even more, go to http://weusecoins.com or http://bitcoin.it
Bitcoin is going to be the biggest opportunity for innovation that the world has seen since the industrial revolution.
HAPPY HOLIDAYS
submitted by thebigt to Bitcoin [link] [comments]

The Daily Decrypt (archive) - YouTube Bitcoin; Silver; CAD/USD; Stock Market; Litecoin 2017.12.22 How to load cards on paxful - YouTube What is Bitcoin - Meet Bitcoins Top 5 millionaires - YouTube How To Make $100 to $200 Per Day On Google Maps (Make ...

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world.Also, keep up with your holdings, BCH and other coins, on our market charts at ... Cryptocurrency users have options to trade bitcoin beyond traditional money. A number of platforms will let you exchange retailers’ gift cards with digital coins or sell you just about any gift […] The post 12 Platforms Allowing You to Trade Gift Cards With Cryptocurrencies appeared first on Bitcoin News. Continue Reading . Mobile Gifting Platform Swych Announces Cryptocurrency Support ... Select the amount of Bitcoin to take and fill in your details. (There are possibilities to get paid out in other crypto’s, checkout the cryptocurrency charts to evaluate the options) We will send you the free BTC to the Bitcoin address entered in your account. CoinCola is the best place to buy Bitcoin with Gift Card. It is easy and convenient and supports virtually all of today's popular Gift Cards like Amazon Gift card, iTunes Gift Card, Google Play Gift Card, and more. Change your unwanted Gift Cards into Bitcoin today! SOCIAL MEDIA. QUICK LINKS . Buy Bitcoin Buy Ethereum Buy USDT Buy EOS Buy XRP Buy Bitcoin Cash Buy Litecoin Buy Gemini Dollar Buy ... To give Bitcoin as a gift using Cash App, simply download Cash App, input your info and bank account, go through verification process to enable Bitcoin withdrawals and deposits, and then hit “Withdraw Bitcoin” to send it to the recipient’s Bitcoin wallet address (they can find this address on their Cash App by going to the “Deposit Bitcoin” screen after going through the verification ...

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The Daily Decrypt (archive) - YouTube

Bitcoin is one of the most important inventions in all of human history. For the first time ever, anyone can send or receive any amount of money with anyone ... This video is unavailable. Watch Queue Queue. Watch Queue Queue Queue Thanks for watching! For donations: Bitcoin - 1CpGMM8Ag8gNYL3FffusVqEBUvHyYenTP8 Thank you for the views, likes, comments, bitcoin gifts and most of all helping spread real money and central banking ideas with your community. Appreciated ... Welcome to the MoneyCharts Channel Below are my Crypto Gift Wallets for anyone wishing to send in gratitude or via request for chart analysis on suggested codes. BITCOIN (BTC) wallet ...

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