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ELI5: Start to Finish Guide on how to buy Bitcoin, load it into a website (of your choice), how to cash out, how to convert back to money in bank account.
I know I’m asking for a lot here - just going on a whim because apparently I’m just an idiot with cryptocurrency. I’ve tried twice to open a wallet and get bitcoin and one way or another I got lost in the process. I learn best after walking through steps once...I live in Texas where gambling is illegal so I figured using Bitcoin on a website like Bovada would be a legal alternative? Please provide details from which website you purchase your Bitcoin from, where/how you store it, how to load into the website, how to retrieve your winnings and convert back to money I can load into my bank account. Please use specific verbiage - you can talk to me like I’m a dumbass because I absolutely am a dumbass with this stuff. I would be eternally grateful! Edit: Figured it out! Thanks guys. 🥰 lost my first $25 deposit - I’m a real high roller I know. 😹
Does anyone know how to delete and clean Bitcoin core wallet unfinishing synch? since my Mac book air's hardware is not enough for loading it all. And hardware space can not be released even deleted the application.
Top post on /r/bitcoin about high transaction fees. 709 comments. Every time you click "load more comments," there is nothing there. How many posts are being censored? The manipulation of free discussion by /r/bitcoin moderators needs to end yesterday.
Can you quantify the decrease in security that is likely/possible from raising the maximum block size allowed from 1MB to 2MB?
The problem is that no one has any way to realistically estimate how transaction fees will change with larger block sizes, and ultimately all of the security will soon come from transaction fees. Here's a reply I added lower down the thread: This is the tragedy of the commons at play. Individuals are demanding lower transaction fees because they want to pay less, but they ignore what the transaction fees pay for. An average 600 byte transaction will cost the network around 6 cents to store for the next few hundred years. I calculated that from S3 storage and bandwidth prices, assumed the price of storage and bandwidth continued to drop by 1.5% per year, and assumed we stay at ~5000 full history Bitcoin nodes, and changing the assumptions don't change much since most of the cost comes within the next 15 years anyway. But more importantly, transaction fees are needed to pay for miners to secure the network from attackers. As the Bitcoin network grows more popular and stable, it will become a bigger target for countries or high net worth organizations that want to manipulate it like a stock. If they amass a huge sum of money and short the Bitcoin net worth for X% of its total value, there needs to be enough mining power to make a 51% attack (mining farm built for the purposes of driving down the price to profit from the short) not viable. There can only be enough mining power if the total sum of transaction fees picks up where the block reward drops off. There's a way to estimate the mining rewards versus the total Bitcoins that would have to be shorted to be a viable attack. The price of Bitcoin drops out of the equation and within 5 years the total number of Bitcoins becomes (effectively) static as well, so that leads to this rough estimation table: https://i.imgur.com/M03YcXa.png Our current transaction fees are ~100 btc per day. If they don't increase, someone would only have to gain a profit of 2% of the total net worth to justify building a mining farm that would 51% attack the currency. With leveraged shorting and high-net-worth organizations, that's fucking nothing. We start to be in real danger if transaction fees haven't increased by ~2028.
It is not a good argument or analogy. The price is now dis-attached due to a civil war on how to scale, which is a serious problem that deserves som attention, not some simple phrase about supercomputers.
I also feel this way. when I got into the community in 2012 there was way more wildly optimistic idealism. It felt like we were really onto something revolutionary here. The longer I have stuck around the more I realized 99 percent of the community is here for self gain. It's a little sad now that when i hear people talking about how btc is going to help all these third world populations and etc, & I can plainly see there are zero solutions in that regard at the moment, that people are saying these things out of greed. They really don't care about people in third world countries. they mainly just want their btc to be worth more. I started my btc journey a very naive idealist, totally convinced we'd soon have our own huge bitcoin economy where people have finally decided to stop supporting the petro dollar and funding the war machine etc etc... but now I realize that idea sounds batshit insane to most people (even a lot of people involved with btc) and not to mention would be an extremely dangerous and volatile thing to attempt to do on a societal scale.
56MB blocks are not unfeasible for the future. Bandwidth is doubling roughly every 18 months. Other computer hardware is still progressing as well. 8MB blocks are completely feasible TODAY. 56MB blocks should be feasible within 5 years. Ultimately, we need adjustable block sizes (adjustable without hard forks) so that it can adapt to current hardware/bandwidth availability.
no. stop pricing out the poounbanked. we don't need to maintain HW requirements of running a node at 2008 levels indefinitely. The unbanked don't need to be able to run a node to make onchain transactions. If you moderately scale bitcoin so that it can accomodate increased user adoption, then # of global nodes will increase due to a larger user base. capiche?
Good thing someone along the line has the ability to convert it to $4800, huh? To most people, saying "my 5 btc transaction only cost .00025 btc" is meaningless. In short, it's only clean money because someone went through those channels that you're mocking to convert it
Just trying to find out how to open a bitcoin account, which are the best for darkweb shopping, and how to load bitcoins into wallet discreetly if at all possible. If this is the wrong subreddit please point me in the right direction, if any. Thanks!
So I just opened my bread wallet and had to make a new passcode and use my paper key to get the wallet. My wallet loaded at $0 which I know is not true. How do I get my balance back? I saw something about rescanning on another bitcoin post. How would I do that?
I’ve seen loads of people rambling about Bitcoin in my school and how they’re going to invest. Is it even safe? Since Bitcoin’s value is rising at an alarming rate and the whole thing is becoming more and more mainstream?
How can I force a wallet to load on a pruned Bitcoin Core node?
So my Bitcoin Wallet is currently pruned to "1024" and I want to start using a fresh wallet. I get the following error. https://gyazo.com/90ba4fd0b482e89e9761d53e4bfaa9f1 I understand it can't check for transactions before say 10 days ago? (with the 1024 limit) but it's a new wallet so I don't care. Is there a way I can force it to load and only display transactions it has in the pruned data?
02-10 18:33 - 'How can i hire a hacker to help me load my BITCOIN WALLET with little amount!!' (self.Bitcoin) by /u/Adamamell removed from /r/Bitcoin within 0-10min
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Ive seen loads of people rambling about Bitcoin in my school and how theyre going to invest. Is it even safe? Since Bitcoins value is rising at an alarming rate and the whole thing is becoming more and more mainstream? /r/Bitcoin
So I just opened my bread wallet and had to make a new passcode and use my paper key to get the wallet. My wallet loaded at $0 which I know is not true. How do I get my balance back? I saw something about rescanning on another bitcoin post. How would I do that? /r/Bitcoin
08-22 18:12 - 'How much will Lightning help to reduce transaction load?' (self.Bitcoin) by /u/kllklmnmnmn removed from /r/Bitcoin within 0-8min
''' I read the Lightning paper and I didn't understand all of it, but from what I did understand, it seemed that lightning transactions only provide a benefit when you open a "channel" to someone else and repeatedly transact with that party (then eventually do a conventional Bitcoin transaction to settle up). In my experience, I have rarely made multiple transactions with the same party, and I would suspect that only a small percentage of current transactions actually look like this. Almost every time you spend crypto, you are transacting with someone new. So how much would Lightning actually move transactions off of the main chain, or does it offer some other use case that I am not understanding? ''' How much will Lightning help to reduce transaction load? Go1dfish undelete link unreddit undelete link Author: kllklmnmnmn
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