Coldcard Wallet – Coldcard is the Ultrasecure Bitcoin ...

Removed comments/submissions for /u/jigaxx

Hi jigaxx, you're not shadowbanned, but 37 of your most recent 90 comments/submissions were removed. They may be removed automatically by spam filters and not necessarily by human moderators.
Comment (1pts) in CryptoCurrency, "Daily Discussion Megathread - August 10, 2018", (10 Aug 18):
Indeed, they are telling me that my eos tokens are worthless now because I didn't register my tokens on time. I was one of the really early investors on their platform. All gone just like that. What a...
Comment (1pts) in SnowDividends, "Exit scam?", (01 Aug 18):
Thanks! You're the man.
Comment (1pts) in SnowDividends, "Exit scam?", (01 Aug 18):
Yep, looks like it
Comment (1pts) in garlicoin, "Forgive me for I have killed somany garlic.", (20 Jul 18):
Hey friend, no worries. I'll give you the 761 garlic if you tell me how you're going to back them up.
Comment (1pts) in CryptoCurrency, "Daily Discussion Megathread - July 17, 2018", (18 Jul 18):
I've been sucker punched too many times by pumps like these. I'm staying skeptical for now.
Comment (1pts) in CryptoCurrency, "Daily Discussion Megathread - July 11, 2018", (11 Jul 18):
What a fucking nightmare!
Comment (1pts) in CryptoCurrency, "Daily Discussion Megathread - June 22, 2018", (23 Jun 18):
Oh yeah. Sit down and let me tell you a story about the bearwhale fight at $300
Comment (1pts) in CryptoCurrency, "Daily Discussion Megathread - June 12, 2018", (13 Jun 18):
I know, it feels like the downtrend from early 2014 but this one feels waay worse and artificial. Almost like everyone is being waterboarded.
Comment (1pts) in nanocurrency, "feels like it's the same with Nano..", (10 Apr 18):
RemindMe! 3 Years
Comment (1pts) in CryptoCurrency, "List of dividend-paying cryptos", (06 Nov 17):
COSS and Kucoin
Comment (1pts) in CryptoCurrency, "Anything similar to tether?", (16 Jul 17):
Nubits
Comment (1pts) in videos, "When a male gymnastic coach tries uneven bars.", (20 Dec 14):
10
Comment (1pts) in Bitcoin, "I love this man: If you've never heard of Bitcoin, "get...", (09 Dec 14):
Right, that enthusiasm. He even forgot to take a puff puff from his weed and the thing went out.
Comment (1pts) in explainlikeimfive, "ELI5: What is the best way/position for humans to sleep? It...", (21 Nov 14):
Lean on the wall.
Comment (1pts) in dogecoin, "The Count Down to the Biggest storm in Doge History has...", (09 Nov 14):
Battle Creek here
Comment (1pts) in Music, "What was the last actual compact disc (not download) you...", (08 Nov 14):
50 cent - Get Rich Or Die Tryin. Year: 2003.
Comment (1pts) in dogecoin, "Doges of the world! [OC!]", (11 Oct 14):
Africa?
Comment (1pts) in dogecoin, "Dear whales leaving our currency...", (08 Aug 14):
Whales? More like bottom feeders. They get higher profit margins when the prices are low but now I think they've realized the consequences of pressuring the prices towards the bottom. Miners are findi...
Comment (1pts) in dogecoin, "I guess we might see bitcoin race against dogecoin...", (25 Jul 14):
Seal of approval. It means our community is highly regarded by BTC. This imitation is flattering.
Comment (1pts) in dogecoin, "First they ignore you, then they laugh at you, then they...", (16 Jul 14):
First they ignore you, then they laugh at you, then they fight you, then you wow!
Comment (1pts) in flappycoin, "FlappyCoin Qt Wallet 2.0.0 released", (23 Mar 14):
Hello dev. Please follow the instructions from the link below to fix the "libgcc_s_dw2-1.dll" issue: http://stackoverflow.com/questions/4702732/the-program-cant-start-because-libgcc-s-dw2-1-dll-is-mis...
Comment (1pts) in flappycoin, "I will buy 1 million flaps for 300 doge.", (22 Mar 14):
1 dogecoin = about 123 satoshis
1 flappycoin = 1 satoshi (at current market price)
300 dogecoin = 300 X 123 (which comes out to about 36,900 flappycoin)
Your 300 Doge will get you 36,900 flappy. Wh...
Comment (1pts) in flappycoin, "Stop selling You %@[email protected]", (16 Mar 14):
He's talking about the dipshits selling so low and pilling a huge sell wall and crippling the coin.
Comment (1pts) in flappycoin, "Lets bring up the value of Flappycoin!!!!!!", (05 Mar 14):
Check out Flappy Party. It is a Flappy Bird gambling ring using bitcoin. If we could get them to accept Flappycoin, it will increase our transaction volume.
Comment (1pts) in dogecoin, "Want Coinkite to accept Dogecoin? First to ฿25 wins!", (14 Feb 14):
Did Bitcoin and Litecoin have to pay to be included? If the answer is no, then we shouldn't have to either.
Comment (1pts) in science, "Be Happier: Spend More Money on Others " ... Psychologists...", (06 Feb 14):
I think this phenomenon is happening on a massive scale at /dogecoin
Comment (1pts) in dogecoin, "I love you all my dear shibes <3 :)", (01 Feb 14):
Am I welcome too?
Comment (1pts) in dogecoin, "a few people asked for an sms tipbot so i made one", (27 Jan 14):
Behold, we are witnessing the birth of a killer app.
Comment (1pts) in dogecoin, "a few people asked for an sms tipbot so i made one", (27 Jan 14):
I am not sure if anyone really understands the gravity of this. This is going to be similar to how the M-Pesa system revolutionized finance in East Africa.
Comment (1pts) in dogecoin, "a few people asked for an sms tipbot so i made one", (27 Jan 14):
Tanzania (+255)
Comment (1pts) in dogecoin, "Just found our ticket to the moon", (22 Jan 14):
Yes yes yes! Shut up and take my doge.
Comment (1pts) in dogecoin, "Just wanted everyone to see this link showing our progress...", (20 Jan 14):
Just donated, hope too see them at the Olympics. It would be nice if they could somehow promote dogecoin at the olympics.
Comment (1pts) in explainlikeimfive, "ELI5: Whats the difference between () [] and {} ?", (07 Dec 13):
public class HelloReddit { public static void main(String[] args) { System.out.println("[The] Magic bean store (where my buddy Jerry used to work until he ate too much merchandise: {beans, ornamental ...
Comment (1pts) in gifs, "Downhill longboarding.", (05 Nov 13):
Claremont is another great video
Comment (1pts) in videos, ["Russell Brand Hilariously Embarrases Morning Show H
submitted by MarkdownShadowBot to CommentRemovalChecker [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome to the /Bitcoin Sticky FAQ

Maybe you're here because you've received a tip on social media, or maybe you've just been hearing a lot recently about Bitcoin and are wondering what the big deal is? The following videos are a good starting point for understanding how bitcoin works and a little bit about its long term potential:
For lots of additional video resources check out the videos wiki page or /BitcoinTV . Peer-reviewed, research papers can be found here.

Where can I buy bitcoins?

You can buy or sell any amount of bitcoin (from as little as $1 worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank account. A good list of exchanges sorted by region can be found on the exchanges wiki here.
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. Here are a couple useful sites [bitkoin.io, preev.com] that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Where can I spend bitcoins?

Store Product
Microsoft Xbox games, phone apps and software
Spendabit and The Bitcoin Shop Search engines of online retailers accepting bitcoin with millions of results
Overstock and Rakuten Everything under the sun
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.
NewEgg, TigerDirect and Dell For all your electronic needs
Expedia, Cheapair, Destinia and 9flats For when you need to get away
BoltVM, Namecheap, Mullvad and PIA Handy web services
Foodler and Takeaway Takeout delivered to your door!
HumbleBundle, GreenmanGaming, and Coinplay.io For when you need to get your game on
Reddit Gold Premium membership which can be gifted to others
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. UK residents can find a comprehensive directory of shops, pubs, websites and other places in the UK that accept bitcoins 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.
Additional resources can also be found at TheBitcoinPage.com

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 friendly folks 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. You can view the global node distribution here.

Securing your bitcoins

With bitcoin you can "be your own bank" and personally secure your bitcoins OR you can use established companies such as Coinbase and Circle which have secured wallets where they hold the bitcoins for you and provide insurance.
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 options in the wallets wiki. If you would prefer easy and secure storage without having to learn computer security best practices then a hardware wallet such as the Trezor, Ledger or HW-1 is recommended.
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 Authy
Android Android
iOS iOS

Earning bitcoins

Just like any other form of money, you can earn bitcoins by working for them. Here are a few resources for bitcoin jobs.

Tipping

Fundraising

You can use Lighthouse to crowdsource fundraising initiatives with bitcoin. It's similar to Kickstarter, but without intermediaries or exorbitant fees. You can participate in project discussions at /LighthouseProjects, and watch the progress of fundraisers at lightlist.io.

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 Payment channels for network scaling
Blockstream Sidechains
Open Transactions, Counterparty, Omni, Open Assets, Symbiont and Chain Financial asset platforms
Augur and Mirror Prediction markets
Factom Records & Titles on the blockchain
Open Bazaar, Provistor and Bitmarket Decentralized free markets
Zerocash, Dark Wallet and Joinmarket Privacy enhancement
ShapeShift.io The easiest way to swap between bitcoin and altcoins
BitShares Decentralized exchange
Keybase and Bitrated Identity & Reputation management
Bitmesh and Telehash Mesh networking
JoyStream BitTorrent client with paid seeding
Maidsafe Decentralized internet
Storj and Sia Decentralized file storage
21e6 Internet of things??
Streamium Decentralized video streaming
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 Multisig bitcoin API
Copay Open source mulltisig wallet by BitPay
Bitcore Open source javascript library by BitPay
Insight Open source blockchain API by BitPay
Foxtrot Open source routing network from BitPay
La'Zooz Decentralized Ridesharing
Leet Kill your friends and take their money ;)
Lawnmower Spare change into bitcoin

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:
If you want to use 'bits' exclusively, just remember that there are 100 satoshis in 1 bit, and 1 million bits in one bitcoin. For more information check out the Bitcoin units wiki.
Still have questions? The friendly folks at /BitcoinBeginners would be happy to help you out, 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 mod approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BashCo to Bitcoin [link] [comments]

Blocksize Debate: Coinbase? BitPay? Chain.com? Blockchain.info? Circle? 21.co? What the fuck do they think about that?

Their silence smells like "we don't give a shit because we have other plans, let the average bitcoiner waste his time and words", even if, because of their HUGE involvement with Bitcoin, they should probably care way more than the average bitcoiner here on Bitcoin.
Personally, as an average bitcoiner, I'm not going to waste tens of millions of dollars if Bitcoin goes to shit. What about them?
Any ideas? Any word from them?
------------ EDIT -------------------
Xapo SUPPORTS larger blocks:
“We support Gavin's proposal as we think it is important for Bitcoin's growth and development to get ahead of this hard cap before it is a problem. Many of us are already circumventing this by processing as many transactions as possible off the blockchain which makes Bitcoin more centralized, not less."
Coinbase SUPPORTS larger blocks:
"Lets plan for success. Coinbase supports increasing the maximum block size http://t.co/JoP4ATw4ux"
Blockchain.info SUPPORTS larger blocks:
"It is time to increase the block size. Agree with @gavinandresen post at http://t.co/G3J6bqgchu 1/2"
BitPay SUPPORTS larger blocks:
"Agreed (but optimistic this will be the last and only time block size needs to increase) http://t.co/o3kMtEkm0x"
Coinkite SUPPORTS larger blocks (BIP100):
“BIP 100 is a reasonable proposal, but it must be implemented by Bitcoin Core and not Bitcoin XT.”
BitPagos SUPPORTS larger blocks (BIP100):
“BitPagos supports the increase in the block size. It is important to maintain the Bitcoin network reliable and its value as a global transfer system."
http://cointelegraph.com/news/114505/web-wallet-providers-divided-over-andresens-20-mb-block-size-increase-proposal
http://cointelegraph.com/news/114612/major-payment-processors-in-favor-of-block-size-increase-coinkite-and-bitpagos-prefer-bip-100
submitted by 1_obvious_throwaway_ to Bitcoin [link] [comments]

Why is Peter Todd wrecking Zeroconf security? Because he is being paid by Big Bitcoin Business.

At the Amsterdam Bitcoin Conference I spent time following Peter and his little circle of friends and business partners. I'm new to Bitcoin so it took me until now to put two and two together and understand what was really going on, but hear me out. Peter spent a lot of time talking to Lawrence Nahum who is the guy behind GreenAddress. On the first or second day they went out to dinner after the days talks were done and went out to a nice little open-air restaurant with a bunch of people from Mastercoin. I sat at a table behind them and could hear their discussions, which including GreenAdddress's transaction confirmation guarantees, and also, an agreement for Peter to do consulting work for GreenAddress. What really stood out to me was the offer to help "shape the Bitcoin ecosystem" in ways beneficial to them. Later in the conference I also overheard a similar deal between Peter and someone, I didn't catch their name, in Coinbase branded apparel. And of course as everyone knows CoinKite hired Peter to be their "Chief Naysayer" during that conference too.
What's in common with all these companies? They're all in the dangerous business of holding other peoples' Bitcoins and GreenAddress and Coinbase both offer for-profit and centralized solutions to guarantee unconfirmed transactions. I'm sure CoinKite will be doing that soon too.
It's obvious why Peter is spending all that time and energy spreading FUD about how insecure unconfirmed transactions are. GreenAddress has been spreading their own FUD. Peter has even been trying to bribe miners to switch to his so called "replace-by-fee", which is really just an attack on secure zeroconf transactions, saying some un-named "site" paid him too. Who might that be? GreenAddress, Coinbase, CoinKite? It's not hard to figure out.
Peter sure seems quite happy to attack and hold back Bitcoin whenever it suits him for the sake of his Big Bitcoin Business contracts. It's not just unconfirmed transactions either. He's been shilling for AppCoins which dump garbage into the blockchain for the sake of pump-and-dump schemes like Mastercoin and Counterparty. (quite the about face from his supposed anti-blockchain bloat positions before) Or look at his weirdly passionate opposition to a simple feature, getutxos, that's needed for Mike Hearn's decentralized fundraising platform Lighthouse. Where's that passion coming from? The heart? Or his salary from Mastercoin, Counterparty and Colored Coins? I'm sure Mastercoin wants the next Maidsafe to happen on their platform, run by and for the benefit of Mastercoin, not Hearn's truly decentralized alternative.
I agree with Peter that GHash.IO is a possible threat to Bitcoin, but what solution does he have? Getting rid of pools. His buddies at the totally discredited Hacking Distributed (remember selfish mining? yeah those guys) run with this FUD, trying to scare the Bitcoin community into making changes to get rid of pools. Sounds like a good idea right? But then I looked further into it and found out he had just been hanging out at CloudHashing. What does banning pools do to the little guy mining decentralized? It puts them out of business because they'll never find a block that's what. Just perfect for CloudHashing's "send us money and we'll run the miners" business model and also GHash.IO's.
Peter likes to talk the big talk about decentralization, but all I am seeing here is paid shilling for the benefit of Big Bitcoin Business.
submitted by alicebtcmayes to Bitcoin [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome to the /Bitcoin Sticky FAQ

Maybe you're here because you've received a tip on social media, or maybe you've just been hearing a lot recently about Bitcoin and are wondering what the big deal is? The following videos are a good starting point for understanding how bitcoin works and a little bit about its long term potential:
For lots of additional video resources check out the videos wiki page or /BitcoinTV . Peer-reviewed, research papers can be found here and here. Developer resources can be found here. Lots of Bitcoin statistics can be found here.

Where can I buy bitcoins?

You can buy or sell any amount of bitcoin and there are several easy methods to purchase bitcoin with cash, credit card or bank account. A good list of exchanges sorted by region can be found on the exchanges wiki here.
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. Here are a couple useful sites [bitkoin.io, preev.com] 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 established companies which have secured wallets where they hold the bitcoins for you and provide insurance.
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.
Google Authenticator Authy
Android Android
iOS iOS

Tipping

Use ChangeTip.com (/changetip) for tipping people on Facebook, Reddit, Twitter, YouTube, Tumblr, Google+, GitHub, Slack and more! (you can even use custom monikers to tailor your tip to the discussion or add a bit of humor). Read more about ChangeTip at their reddit wiki.
Go to /FreeBits to get a few bits to practice with and then tip them forward. Go to /BitTippers to play games and solve riddles to earn your bits. Don't forget your flair!

Where can I spend bitcoins?

Store Product
Microsoft Xbox games, phone apps and software
Spendabit and The Bitcoin Shop Search engines of online retailers accepting bitcoin with millions of results
Overstock and Rakuten Everything under the sun
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.
NewEgg, TigerDirect and Dell For all your electronic needs
Expedia, Cheapair, Lot, Destinia, BTCTrip, Abitsky and 9flats For when you need to get away
BoltVM VPS service
Namecheap For new domain name registration
Cryptostorm, Mullvad, and PIA VPN services
Foodler and Takeaway Takeout delivered to your door!
HumbleBundle, Disco Melee, GreenmanGaming, and Coinplay.io For when you need to get your game on
Reddit Gold Premium membership which can be gifted to others
Shipnik Discounted USPS Priority & Express mail postage
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. UK residents can find a comprehensive directory of shops, pubs, websites and other places in the UK that accept bitcoins 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.
Additional resources can also be found at TheBitcoinPage.com

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. 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.
You can also earn bitcoins by participating as a market maker to allow users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins)

Fundraising

You can use Lighthouse to crowdsource fundraising initiatives with bitcoin. It's similar to Kickstarter, but without intermediaries or exorbitant fees. You can participate in project discussions at /LighthouseProjects, and watch the progress of fundraisers at lightlist.io.

Bitcoin Projects

Here 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.

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:
If you want to use 'bits' exclusively, just remember that there are 100 satoshis in 1 bit, and 1 million bits in one bitcoin. For more information check out the Bitcoin units wiki.
Still have questions? The friendly folks at /BitcoinBeginners would be happy to help you out, 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

Maybe you're here because you've received a tip on social media, or maybe you've just been hearing a lot recently about Bitcoin and are wondering what the big deal is? The following videos are a good starting point for understanding how bitcoin works and a little bit about its long term potential:
For lots of additional video resources check out the videos wiki page.

Where can I buy bitcoins?

You can buy or sell any amount of bitcoin (from as little as $1 worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank account. A good list of exchanges sorted by region can be found on the exchanges wiki here.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in a 24/7/365 balance of supply vs demand. Here are a couple useful sites [1] and [2] that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Where can I spend bitcoins?

An extensive list can be found at TheBitcoinPage.com but some of the key ones are below:
Store Product
Microsoft Xbox games, phone apps and software
Spendabit and The Bitcoin Shop Search engines of online retailers accepting bitcoin with millions of results
Overstock Everything under the sun
Gyft Gift cards for thousands of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, etc.
NewEgg, TigerDirect and Dell For all your electronic needs
Expedia, Cheapair and 9flats For when you need to get away
Wordpress, Namecheap, Mullvad and PIA Handy web services
Foodler and Takeaway Takeout delivered to your door!
HumbleBundle and GreenmanGaming For when you need to get your game on
Reddit Gold Premium membership which can be gifted to others
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. UK residents can find a comprehensive directory of shops, pubs, websites and other places in the UK that accept bitcoins 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 hobby 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 friendly folks 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.

Securing your bitcoins

With bitcoin you can be your own bank and personally secure your bitcoins or you can use trusted companies such as Coinbase and Circle which have secured wallets where they hold the bitcoins for you and provide insurance.
If you prefer to have direct control over your coins without having to use a trusted third party there are many options in the wallets wiki.
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.
Android 2FA
iOS 2FA

Earning bitcoins

Just like any other form of money, you can earn bitcoins by working for them. Here are a few resources for bitcoin jobs.

Tipping

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common ones are listed below:
Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (ml) or millimeter (mm)
microbitcoin μBTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (μl) or micrometre (μm)
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? The friendly folks at /BitcoinBeginners would be happy to help you out. 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. If you're looking for more advanced information, an extensive list of (frequently updated) bitcoin related, peer-reviewed, research papers 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 mod approval. The original sticky can still be found here.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BashCo to Bitcoin [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome to Bitcoin!

Maybe you're here because you've received a tip on social media or from /FreeBits, or maybe you've just been hearing a lot recently about Bitcoin and are wondering what the big deal is? The following videos are a good starting point for understanding how bitcoin works and a little bit about its long term potential:

What are Bitcoins worth and where can I buy them?

Bitcoins are valued at what market price people are willing to pay for them. Here is a useful site that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just google "1 bitcoin in (your local currency)".
You can buy or sell any amount of bitcoin (from as little as $1 worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank account. Top recommendations include:
US & Europe
China
Also exchanges such as those listed below can be used with bank transfer in most of Europe and US
For even more bitcoin exchanges by country location, review these exchange country listings.

Where can I spend Bitcoins?

A comprehensive list can be found at TheBitcoinPage.com but some of the key ones are below:
There are also lots of charities which accept bitcoin donations, such as Wikipedia and the RNLI. You can find a longer list here.

Merchant Resources

If you operate a business and want to accept bitcoin as a payment method, there are several options available:

Can I mine bitcoin?

Mining bitcoins can be a fun hobby 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 friendly folks at /BitcoinMining would be happy to help you out.

Securing your bitcoins

With bitcoin you can be your own bank and personally secure your bitcoins or you can use trusted companies such as Coinbase and Circle which have secured wallets where they hold the bitcoins for you and provide insurance. Be sure to only deal with reputable companies, if you have any concerns about a company's trustworthiness just ask or check their consumer reviews and ratings.
If you prefer to have direct control over your coins without having to use a trusted third party you can use personal wallets for desktops / laptops, android and iOS where you alone hold your private keys. Electrum, Mycelium and breadwallet are popular, but there are many options.
Find a wallet that works best for you
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 two great apps for handling 2FA.
Additional security systems such as Mycelium Entropy (for printing multi-signature paper wallets) and the Trezor Hardware Wallet are great ways to easily secure your coins. Or, you can opt to secure your bitcoin using cold storage.
Note: Do not use brainwallets unless you are an expert, they are known to be vulnerable to theft unless set up correctly.

Tipping

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. There's lots of discussion about which unit is the most appropriate so you might see people using different ones until people agree:
Unit Value Info
mBitcoin / mBTC 1,000 in a bitcoin SI unit for milli i.e. millilitre (ml) or millimeter (mm)
μBitcoin / μBTC 1,000,000 in a bitcoin SI unit for micro i.e microlitre (μl) or micrometre (μm)
bits 1,000,000 in a bitcoin Colloquial term with the same value as μBTC
Satoshi 100,000,000 in a bitcoin The smallest unit of bitcoin, named after the inventor
For example, assuming an exchange rate of $500 for one Bitcoin, a $10 meal would equal:
Assuming the worth of bitcoin continues to increase, it will become easier to work at these lower divisions in day to day life.
Still have questions? The friendly folks at /BitcoinBeginners would be happy to help you out. 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.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BashCo to Bitcoin [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome To The /Bitcoin Sticky FAQ

Maybe you're here because you've received a tip on social media, or maybe you've just been hearing a lot recently about Bitcoin and are wondering what the big deal is? The following videos are a good starting point for understanding how bitcoin works and a little bit about its long term potential:

What are Bitcoins worth and where can I buy them?

Bitcoins are valued at what market price people are willing to pay for them. Here are a couple useful sites 1 and 2 that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just google "1 bitcoin in (your local currency)".
You can buy or sell any amount of bitcoin (from as little as $1 worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank account. Some recommendations include:
US & Europe
Australia
China
All countries
Always do your own personal due diligence on the validity of an exchange and check the URL prior to sending them money or entering login credentials. Phishing sites are not uncommon. Use this checklist if you aren't sure which exchange to choose.

Where can I spend Bitcoins?

A comprehensive list can be found at TheBitcoinPage.com but some of the key ones are below:
Store Product
Microsoft Xbox games, phone apps and software
Spendabit and The Bitcoin Shop Search engines of online retailers accepting bitcoin with millions of results
Overstock Everything under the sun
Gyft Gift cards for thousands of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, etc.
Reddit Gold Premium membership which can be gifted to others
NewEgg, TigerDirect and Dell For all your electronic needs
Expedia, Cheapair and 9flats For when you need to get away
Wordpress, Namecheap, Mullvad and PIA Handy web services
Foodler and Takeaway Takeout delivered to your door!
HumbleBundle and GreenmanGaming For when you need to get your game on
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. UK residents can find a comprehensive directory of shops, pubs, websites and other places in the UK that accept bitcoins at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations, such as Wikipedia, Red Cross and the RNLI. You can find a longer list here.

Merchant Resources

If you operate a business and want to accept bitcoin as a payment method, there are several options available:

Can I mine bitcoin?

Mining bitcoins can be a fun hobby 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 friendly folks at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network, you can run a full node by hosting the blockchain and propagating transactions. Here is a handy setup guide

Securing your bitcoins

With bitcoin you can be your own bank and personally secure your bitcoins or you can use trusted companies such as Coinbase and Circle which have secured wallets where they hold the bitcoins for you and provide insurance. Be sure to only deal with reputable companies, if you have any concerns about a company's trustworthiness just ask or check their consumer reviews and ratings.
If you prefer to have direct control over your coins without having to use a trusted third party you can use personal wallets for desktops / laptops, Android and iOS where you alone hold your private keys. Electrum, Mycelium and Breadwallet are popular, but there are many options.
Find a wallet that works best for you
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 two great apps for handling 2FA.
Additional security systems such as Mycelium Entropy (for printing multi-signature paper wallets) and the Trezor Hardware Wallet are great ways to easily secure your coins. Or, you can opt to secure your bitcoin using cold storage.
Note: Do not use brainwallets unless you are an expert, they are known to be vulnerable to theft unless set up correctly.

Earning bitcoins

Just like any other form of money, you can earn bitcoins by working for them. Here are a few resources for bitcoin jobs.

Tipping

Bitcoin Units

Note: This is a brief overview to the most commonly used Bitcoin units. For full information check out the Bitcoin Units wiki (work in progress).
One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common ones are listed below:
Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (ml) or millimeter (mm)
microbitcoin μBTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (μl) or micrometre (μm)
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:
Still have questions? The friendly folks at /BitcoinBeginners would be happy to help you out. 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 mod approval. The original sticky can still be found here.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BashCo to Bitcoin [link] [comments]

Bitcoin dev meeting in layman's terms (2015-10-8)

Once again my attempt to summarize and explain the weekly bitcoin developer meeting in layman's terms. Link to last weeks summarization
Disclaimer
Please bare in mind I'm not a developer and I'd have problems coding "hello world!", so some things might be incorrect or plain wrong. Like any other write-up it likely contains personal biases, although I try to stay as neutral as I can. There are no decisions being made in these meetings, so if I say "everyone agrees" this means everyone present in the meeting, that's not consensus, but since a fair amount of devs are present it's a good representation. The dev IRC and mailinglist are for bitcoin development purposes. If you have not contributed actual code to a bitcoin-implementation, this is probably not the place you want to reach out to. There are many places to discuss things that the developers read, including this sub-reddit.
link to this week logs link to meeting minutes
Main topics discussed this week where:
Mempool limiting: chain limits Low-S change CLTV & CSV review Creation of bitcoin discuss mailing list
off-topic but important notice
This issue has made most JS bitcoin software vulnerable to generating incorrect public keys. "This is an ecosystem threat with the potential to cause millions of dollars in losses that needs higher visibility; though it's not a bitcoin core / bitcoin network issue. Common, critical, JS code is broken that may cause the generation of incorrect pubkeys (among other issues). Anyone who cares for a JS implementation should read that PR."
Mempool limiting: chain limits
(c/p from last week) Chain in this context means connected transactions. When you send a transaction that depends on another transaction that has yet to be confirmed we talk about a chain of transactions. Miners ideally take the whole chain into account instead of just every single transaction (although that's not widely implemented afaik). So while a single transaction might not have a sufficient fee, a depending transaction could have a high enough fee to make it worthwhile to mine both. This is commonly known as child-pays-for-parent. Since you can make these chains very big it's possible to clog up the mempool this way. The first unconfirmed transaction is called the ancestor and the transactions depending on it the descendants. The total amount of transactions is reffered to as "packages".
As said in "Chain limits" last week Morcos did write a proposal about lowering the default limits for transaction-chains. 2 use cases came up which are currently in use or happened before: As example: someone buys bitcoin from a website and can spend those bitcoin in the marketplace of the same website without waiting for confirmation in order to improve the bitcoin user-experience. This leaves a sequential transaction chain. They don't need to chain more than 5 transactions deep for this, and it falls within the proposed limits. What's not within the proposed limits is the chain of +/- 100 transactions a company had during the spam-attacks. These where simply increased activities by end-users while not enough UTXO's where available (3 to be precise)(UTXO: unspent transaction output, an output that can be used as input for a new transaction). Notably this is with the best practices of using confirmed transactions first. Ways this can be solved from the company's end is to have more UTXO's available before hand, bundling transactions (which requires delaying customer's request) or using replace-by-fee to add payees (which saves blockchain space, is cheaper in fees and gets transactions through quicker, but is not widely deployed by miners atm). Bare in mind these proposals are for default values for the memorypool, not in any way hard limits.
Sense of urgency. Quoting sipa: "my mempool is 2.5G... we better get some solution!" Current attack analysis assumes child-pays-for-parent mining, it should probably be done again without. Higher limits on number of transactions increase attack-vectors. Proposed number of transactions gets some push-back, total size limit not. Mixing default values (for example having a 50% of a 10/10 limit and 50% of a 100/100 limit) wastes bandwidth while there are too many factors that limit utility of long chains as well. 25 transaction limit ought to be enough for everyone (for now).
Review & test Limit mempool by throwing away the cheapest txn and setting min relay fee to it Provide support for Lower default limits for tx chains aka convince people 25 should be enough.
Low-S change
This is in regards to the recent malleability attack. Which is caused by a value 'S' in the ECDSA signature which can be 2 values, a high and low value and still be valid. Resulting in different transaction id's. more info A solution for this is to require nodes to have the "low-s" encoding for signatures. Downside is that it will block most transactions made by sufficiently out of date software (+/- pre-march 2014) This does not replace the need for BIP62, it only eliminates the cheap DOS attack.
95% of transactions already confirm to this, and more fixes have been applied since. BlueMatt has a node which several people are running that auto-malleates to low-s transactions. Questions whether we release it ASAP or wait for the next release and get it to a couple of miners in the meantime (possibly with auto-lowS-malleating)
Contact miners about "Test LowS in standardness, removes nuisance malleability vector" Release scheduled for the end of the month, together with likely check-lock-time-verify and possibly check-sequence-verfiy.
CLTV & CSV backport review
CLTV: checkLockTimeVerify CSV: checkSequenceVerify Both new time-related OP-codes. Been discussed heavily last week.
Concerns whether CSV will be ready enough for release later this month. There's no clarity on how things look when all 3 time related pull-requests are merged. There's a number of people still reviewing the pull-requests. Uncertainty and confusion about whether the semantics are final or not (in regards to using bits from nSequence). nSequence are 4 bytes intended for sequencing time-locked transactions, but this never got used. Now these bytes are being repurposed for a mixture of things. Currently the plan is: " bits 0..15 are the relative locktime, bit 30 determines units (0: height, 1: time w/ 512s granularity), and bit 31 toggles BIP 68 (0: on, 1: off). bits 16..29 are masked off and can take any value."
Clarification from maaku regarding nSequence for BIP68. (after the meeting he explained he was waiting for opinions, but not enough people seemed to know the issue at hand) Continue review of pull requests 6312, 6564 and 6566
Creation of bitcoin discuss mailing list
The bitcoin-dev mailing list is intented for technical discussions only. There's things that don't belong there but need to be discussed anyway. Now this is done in bitcoin-dev, but the volume of this is getting too big. There's recently also an influx of really inappropriate posts, level kindergarden.
No clarity about who are the moderators. Next week there'll be a bitcoin-discuss list created. Decisions are needed as to who'll become the moderators for that and bitcoin-dev. Decisions are needed as to what will be the list and moderation policies.
The bitcoin-discuss list will be created as well as a simple website listing all the lists and corresponding policies. A meeting is scheduled on monday to discuss the moderation and policies of said lists.
Participants
morcos Alex Morcos gmaxwell Gregory Maxwell wumpus Wladimir J. van der Laan sipa Pieter Wuille BlueMatt Matt Corallo btcdrak btcdrak petertodd Peter Todd warren Warren Togami phantomcircuit Patrick Strateman dstadulis Daniel Stadulis GreenIsMyPepper Joseph Poon bsm117532 Bob McElrath
submitted by G1lius to Bitcoin [link] [comments]

[dev] Transaction Malleability Strikes Back

Okay, the headline's over dramatic, but "Transaction Malleability is a bit inconvenient" is less catchy. As you may be aware, there's an ongoing transaction malleability attack against Bitcoin at the moment. Due to how the signatures on transactions work, there are two different valid values for one of the variables (S), and these can be calculated from each other. Someone is switching these values over in relayed transactions; the result is an entirely valid transaction, but as it's constructed differently, it has a different transaction ID (which is the SHA256 hash of the serialised transaction).
I've just gone over half the audiences' heads haven't I?
Bad people are being silly with Bitcoin transactions and making it hard to identify transactions.
How does this relate to Dogecoin, I hear you ask? Well, in a number of ways:
  1. There's a similar issue in Bitcoin Core 0.9 and below (which Dogecoin Core 1.8 is based on), about how signatures are stored (DER signature format for those who want technical details), which Dogecoin Core 1.10 fixes, so mostly I'm using this to motivate people to upgrade once we hit release.
  2. The same issue is in Dogecoin Core, including 1.10. That means we'll need to remove it at some point, although that's not trivial. There is a Bitcoin standard (BIP 62) for dealing with this, but it's not been enabled (I believe issues with unusual but valid transactions being broken).
  3. I've been spending bits of this week finishing off adding support for BIP 66 (the DER signature format fix) for bitcoinj. The main bulk of that has been submitted and is awaiting review, although it's not actually enabled yet. This also introduces a lot of architecture needed for other transaction malleability fixes.
  4. If you've ever heard me say we can't use CATE yet because of transaction malleability, this is what I mean!
Obvious question, what does this mean for the average shibe, and what do you need to do? Well, generally it shouldn't really have a lot of impact, however if you're sending a transaction on the Bitcoin block chain, don't presume the transaction ID it's sent with is the final one. All block explorers I'm aware of let you search by address, which you should use instead. Once a transaction is mined it will be "locked in" and can't change, but until then (i.e. until the first confirmation) it can change ID. I'll let you know as I see more developments.
The other big activity going on has been the resurrection of Dogeparty. patricklodder has added a mirror of the Dogeparty wallet with funding from sporklin, go hug them both if you're a Dogeparty user! coinwarp is working on an updated version of Dogeparty based on a more recent version of Counterparty, which brings me to what I've done with the other half of the week.
Recent versions of Counterparty depend on a feature called "searchrawtransactions" which was submitted to Bitcoin Core but never merged. As such, it's not part of Dogecoin Core 1.10, so I've been dusting that work off and updating it. I have a basic patch done (https://github.com/rnicoll/dogecoin/tree/1.10-branding-searchrawtransactions), but this close to release it will probably not make it into 1.10 itself, and instead I'll do a separate client with the extension. I'll also raise it as a pull requests against Bitcoin Core, and see if we can get it into their code, so maintenance happens above us :-D
1.10 remains in a stabilisation state, I'm expecting we'll have a release candidate later this month. bitcoinj work is primarily waiting on Mike being available to review code (and he's tied up with the Bitcoin block size debacle of course), there's minor improvements going on to libdohj and python-altcoinlib. Think that covers everything!
Updates should be back on schedule from here on, so expect the next on the 18th.
Have a great fortnight everyshibe!
Ross
submitted by rnicoll to dogecoin [link] [comments]

FAQ For Newcomers

August 9th, 2014: With the amount of projects that have been in constant development, this FAQ is somewhat out of date. While information about fundamentals of the coin remains the same and can be found here, there is much that has changed since then. In the meanwhile, please see the projects list here for a taste of the enormous development efforts of the BlackCoin community, and feel free to follow the subreddit to keep on track with new updates:
http://www.reddit.com/blackcoin/comments/27lz3h/blackcoin_projects_overview/
I created this as an initial draft of a FAQ for newcomers, feel free to recommend additions, corrections, removals, or changes.
TL/DR version at the end for those short on time.

Sections: (Ctrl + F to jump)

What is BlackCoin? [A]
What separates BlackCoin from other cryptocurrencies? [B]
Why Proof of Stake? [C]
What other reasons are there to pick up some BlackCoin? [D]
How to obtain BlackCoin? [E]
Why BlackCoin instead of competing Proof of Stake coins? [F]
Where can I talk to others about BlackCoin? [G]
TL/DR Version: [H]

What is BlackCoin? [A]

BlackCoin is a cryptocurrency based on many of the ideas contained within the original Bitcoin protocol, but with a few very important changes. Being only a couple of months old, it is a relatively new currency, but has been experiencing rapid growth. It is already in the top 10 cryptocurrencies by market cap.

What separates BlackCoin from other cryptocurrencies? [B]

There are a few main advantages to BlackCoin that separate it from most other cryptocurrencies. To ensure a fair distribution of coins, BlackCoin was initially distributed through a Proof of Work phase, the same method that Bitcoin uses to generate coins and secure the network.
That period is now over, and BlackCoin has transitioned entirely to PoS, or Proof of Stake. This allows lightning fast confirmation times, which can average as fast as 10 seconds each. In comparison, bitcoin averages 10 minutes per confirmation and litecoin clocks in at 2.5 minutes. These faster confirmation times can provide an extraordinary advantage for merchant adoption, as well as greatly improving the user experience.

Why Proof of Stake? [C]

Proof of Work was a fantastic innovation that formed the backbone of the original Bitcoin protocol. The idea is that by solving a computationally intensive math problem, one can prove the effort they've done to secure the protocol. This is how a blockchain is generated, and the effort that is required to perform this computations contribute to a coin's scarcity and value.
However, proof of work eventually becomes an extraordinarily expensive system. To secure the bitcoin network at the current market value costs about $1.8 million dollars, every single day. Most of this money is leaving the system to pay for energy costs and specialized computer equipment, much of which is done by huge computer farms. Even worse, when the value of a bitcoin increases, so does this cost. The hypothetical "$10,000 bitcoin" would cost $13 billion per year to maintain. While some of this may be mitigated by a reward "halving" or two in 3-7 years time, decreasing this reward too substantially creates a potential security risk.
Proof of Stake solves this issue in a very elegant way. Rather than using computer power as a scarce resource to generate security, Proof of Stake uses the scarcity of the coin itself. A user may choose to "stake" his coins to generate the next block in the chain, and his chance of doing so is basically proportional to the weight of his own coins.
With Proof of Work, a user can attack a network if he holds 51% of the current computer power, but to do so with Proof of Stake, that user would need a large shares of the overall coins. Acquiring this number of coins would be very difficult and expensive, and such an individual would have little incentive to attack the network as this would hurt the value of his own coins. As such, a Proof of Stake system is secured through basic economic facts rather than mass computing power.
While this is still a very contentious issue, the superior environmental and economic efficients of Proof of Stake lead many here to believe that it could be the future of cryptocurrency.

What other reasons are there to pick up some BlackCoin? [D]

There are many interesting coins out there, but BlackCoin strives to be superior in all areas. The combination of Proof of Stake and fast transaction times allow BlackCoin to excel both as a long-term store of value and for day-to-day transactions, a rare combination. But the coin also has a strong community and a rapidly developing infrastructure.
The coin's original developer has continued to work on the coin and make sure new applications are secure, even going so far as to point out a potential vulnerability in a competing coin. There is a dedicated community manager and many others who have been helping BlackCoin to grow and thrive.
Further, there are many new and exciting projects going on with BlackCoin, and it can even be difficult to keep track of it all. The most famous of these projects is the Blackcoin mining pool (http://blackcoinpool.com/), which allows miners to group together to mine other Proof of Work coins and use the profits to purchase BlackCoin, allowing this value to be absorbed into the BlackCoin economy. But don't be confused - the coin wasn't built around the idea of the mining pool, it's just one of the many great community developments that have sprung up to support it.
There have been other major developments recently as well. BlackCoin was recently accepted to be part of CoinKite's point of sale system, a huge step which will make it easy for both physical and online merchants to accept BlackCoin. The Black Coin Card (www.blackcoincard.com) is another effort which will make it very simple for anyone to get started using BlackCoin. Even a press release was sent out today to spread the word about BlackCoin: http://www.prweb.com/releases/2014/04/prweb11772516.htm. The community brings more and more ideas each day to support and promote BlackCoin.

How to obtain BlackCoin? [E]

Just like any cryptocurrency at the moment, it can take a little effort to get started, but once you have some cryptocurrency to your name, it isn't too hard.
The best way at the moment to acquire BlackCoin would be to buy Bitcoin and send those to an exchange to convert to BlackCoin. BitStamp.net is one of the largest exchanges between USD and Bitcoin, while CoinBase is also an option for U.S. customers. Once you have bitcoin in your possession, you can convert them to BlackCoin pretty quickly. Just send them to an exchange like MintPal and you can buy them at the present market rate.
Unfortunately, it can be a bit slow to get Bitcoin with the above method, but it's probably the best. If you want greater speed, you could try localbitcoins.com or finding someone directly to trade with (perhaps another reddit user). However, you may pay a significant premium over the market rate this way (15%+) and have to be careful of scams.
For the miners out there, you can't mine BlackCoin directly, but you can join the BlackCoin pool which mines the most profitable coins and uses them to purchase BlackCoin. Another user made a video explaining how to get started here: http://www.reddit.com/blackcoin/comments/23dy88/a_video_on_how_to_get_set_up_for_new_members/ (But make sure you are pointed at the updated address, stratum+tcp://useast.blackcoinpool.com:3333 for scrypt as I write this, stratum+tcp://useast.blackcoinpool.com:4444 for SHA).

Why BlackCoin instead of competing Proof of Stake coins? [F]

Some way wonder why they should obtain BlackCoin when coins like NXT and Peercoin have been around longer. Of course, this is always up to an individual to decide, but I feel there are strong reasons to support BlackCoin instead.
I think PeerCoin was a great idea for a coin and was the original pioneer of the Proof of Stake/Proof of Work concept. It is still in a combination phase between the two, slowly transitioning to a pure proof of stake coin. But it is different in its goals from BlackCoin.
Peercoin was designed to be the sort of coin that you use as a store of value, but is also specifically designed not to be used for day to day transactions. It uses a slow transaction confirmation time of 10 minutes per block and a very high fixed fee rate for transactions at .01 PPC per kilobyte. It is intended to be more of a complementary coin to something like Bitcoin rather than a day to day currency.
NXT is another coin which is operating as completely Proof of Stake, but there are some important differences between the two coins. BlackCoin is currently about twice as fast as NXT in terms of average confirmation speed and was based on the original Bitcoin Protocol. In comparison, NXT was instead built on its own code base. This may allow some potential positive changes, but also means that NXT is more likely to introduce new bugs or exploits that were not a part of its tried-and-true predecessors.
But one of the biggest differences can be found in the initial coin distribution. BlackCoin was launched with a brief initial Proof of Work phase and no pre-mine. Although this phase is much shorter than the one implemented by Peercoin, it was announced a week in advance to give all miners and buyers an equal and fair opportunity to claim the coin. In contrast to this method, NXT was distributed based on Bitcoin payments to an account set up by the developer. The period for purchasing NXT was prematurely cut off 6 weeks early without any warning. See here for more information:
https://bitcointalk.org/index.php?topic=303898.msg3620944#msg3620944
Another important component of any cryptocurrency that truly cannot be understated is the community that supports, builds infrastructure for, and spreads awareness of the coin to increase both its utility and adoption rate. It is this very factor that I feel has played a major role in bringing Bitcoin to where it is today, with a multi-billion dollar market cap. While this is a largely subjective area, I feel that BlackCoin has one of the strongest communities, especially for a very young coin, with several new projects springing up every few days. Contrastingly, it appears that NXT has some schisms within the community as can be seen here, splitting into two different forums:
https://nextcoin.org/index.php/topic,4621.0.html
However, bear in mind that this is my own view on the situation as an outsider with limited involvement, and it is always best to do your own research if time permits.

Where can I talk to others about BlackCoin? [G]

There are a few places to talk about BlackCoin, news, and upcoming developments. First, where you are now, the reddit community has been growing very quickly:
http://www.reddit.com/blackcoin/ Make sure to check the sidebar for many more websites.
https://bitcointalk.org/index.php?topic=469640.0 This is the bitcointalk thread. This thread has historically had the most information of any forum, but it's quite a slog to read through. Worth checking up on if you don't want to miss anything though.
http://blackcointalk.com/ The "official" forums.

TL/DR Version: [H]

Blackcoin is a cryptocurrency. It's pretty new, but it's pretty great. It uses Proof of Stake, so it's efficient. It's also lightning fast. Bitcoin is slow and expensive to secure. Proof of Stake = the future. BlackCoin = the future. The community here is amazing. BlackCoinPool. BlackCoinCard. Press. Hype. CoinKite. New projects all the time. Don't get left in the dust. Blackcoin is the best in all areas. Speed, store of value, economics, efficiency, community, developers, got it all. Buy some.
submitted by asdffsdf to blackcoin [link] [comments]

Miami's Inaugural Bitcoin Hackathon! $17,500 in prizes. Great Sponsors: Bitpay,Coinkite,Bitstop,Trucoin,Satoshi Labs,Tally Capital and many more.

Blockchain Beach is proud to announce Miami’s inaugural Bitcoin Hackathon, a three-day event on the weekend of January 9th to the 11th. With prizes totaling over $17,500 USD in value, you can expect Miami’s most talented developers to show up. Entry is free for all participants as well as observers of the event. The event is strategically planned to occur just two weeks after the Bitcoin Bowl in St. Petersburg, FL and the weekend just before The North American Bitcoin Conference in Miami. The winner will be invited to the startup session at TNABC the weekend after the hackathon.
We were very fortunate to be able to partner up with some very generous Bitcoin industry startups including Bitpay, Bitstop, Coinkite, Trucoin, Satoshi Labs and others. Prizes range from cold hard paper wallets filled with bitcoin to bitcoin hardware wallets (Trezors). Of course there will be swag to go around and we have games centered around bitcoin planned for spectators to participate in to snag their first bits. Local educational institution partners include Miami Dade Community College, University of Miami, and Wyncode. Munchies and drinks will be provided by our awesome local event partners Kind Energy Bar, Pollo Tropical, 2SweetTreats, Jojo’s tea and others.
Miami and Bitcoin is a match made in heaven. Its geographic location, diverse population and upstart tech community make for an ideal substrate. Come join us by cheering on your favorite team or register and bring your skills!
Thanks for checking us out and for all the support.
Info & Registration : www.miamibitcoinhackathon.com
TLDR: Come to our hackathon in Miami. Develop some epic apps. Get some swag. Fall down the rabbit hole. Win.
submitted by blockchainbeach to Bitcoin [link] [comments]

Which would you consider to be "solid coins" at the moment

I keep reading about investment strategies favouring "solid coins" and to stay away from new ones yet I feel this is a lot more intangible as time goes on and about 10 or more new coins are introduced each month or so. How would you judge which one is solid and which one is not? Do you stick with your initial assumption or do you change your view every so often?
In the last month in particular I've noticed coins like Crypt, Cloak and BTCD come out of nowhere with a promise of anonymous transactions and get pumped hardcore, while the solid ones (?) keep declining. Monero has experienced the same and so far I have a hard time differentiating, or even justifying my own views on the ones I consider solid.
So far what I see is: coin gets introduced, levels off after stupidly overvalued launch then gets pumped to about 5-10x a week to a month later and then declines forever. I know it's about the devs and their work, how dedicated they are to the coin and how well they keep the ball rolling with respect to adding innovative services, but so far I've gotten quite jaded even with that.
Case in point, I like Blackcoin and Darkcoin. Not to hype on them (I've just followed their development a lot closer than the others), but BC for instance has had cool shit coming out for ages now (Coinkite ATM integration, BlackHalo, Nighttrader, in open beta now) and yet the market doesn't seem to care at all, solely focusing on this week's pump and dump coin. Which for all intents and purposes could be just as promising if you remove the bias. I mean you could just as well talk a big game about say Cloak or VRC as you could for BC and you'd be right on both accounts. And yet the market seems utterly detached from the actual prospects of the coin itself, bar the occasional pump from an announcement that then backfires a week later anyway and the bubble bursts. It's odd that devs who continually work on their coins cop so much shit from people and every addition is looked at with massive skepticism ("what's the point of that, you can do it just as well with Bitcoin" etc.) while some newcomer promising the world gets pumped and talked up without any indication of performance yet.
I get that speculation rules in this market more so than any proper technical aspects, which can be attacked just as easily as defended while using market performance and personal bias as a backup. In the longer term it's possible to make out trends in hindsight but making a good call on a "good coin" seems to be damn near impossible.
What are your strategies concerning this? I've been at it for about 6 months and the paradigm seems to completely change every couple of months. The coins I hold now are completely different from the coins I held a few months ago, the coins I would have defended with my life then I wouldn't even look at now. Do you believe there even is such a thing as a "long game" with alts at all? Do you think even Bitcoin has a long game anymore, or that the market of say in a year's time will be a more level competitive field with Bitcoin not even necessarily at the top anymore, but an ever changing game of who's got the biggest market cap? BC in particular has the echo chamber going on, people telling each other that the "price doesn't matter" and this coin is "for the long term". While I agree with some of that, the long term is made up of a longer period of short term, so it has to eventually appreciate in value somehow in order for a "long term" argument to make any sense at all.
submitted by feared_rear_admiral to CryptoMarkets [link] [comments]

The Demons and Angels of Progress: BlackCoin Ecosystem, Industry, and Evolution

Having newly taken up the mantle as head of the BlackCoin Foundation, I thought it a good moment to step to the podium and offer something of an overview - where we've been, what's brewing lately, what's imminent, and, broadly speaking, what kind of vision is building for the year to come. A 'State of the Union' address, as it were, with a few revelations, a smattering of history, some personal reflections, and a good dose of encouragement about the months ahead.
At 8 months of age, BlackCoin is stepping into a new phase of its existence. I'll call it 'Phase 3'. Phase 1 began with Rat4 triggering a kind of decentralized Big Bang, sending a massive shockwave through the primordial soup of Altcoin. Therewith, a strangely huge, bright cluster of matter, energy, money and mind-power began its rapid expansion, leaving a 1500-page trail of btctalk thread, no small degree of ideological gang warfare, wild price chart action, and a barrage of POS aftershocks throughout the cryptosphere.
Then came Phase 2: the quest for order. We saw the inception of the Blackcoinpool, the BlackCoin Foundation, CoinKite integration, the new btctalk thread, the /blackcoin reddit, and Blkfeed where I am writing now. We saw well-organized initiatives like L'Isle sur la Sorgue in France. We saw rat4's implementation of POS 2.0, and a progressive mitigation in price volatility. We saw the release of the BlackCoin Music Video and its immediate rampage across social media. And then two things happened. Two 'Phase 2' explosions: David Zimbeck birthed his magnum opus, BitHalo/BlackHalo, and Joshua Bouw went to China. These two monumental steps, combined with all the other incremental developments mentioned above, have planted the seeds and set direction for where we are now.
Phase 3 as I see it is about two things: The creation of value, and the full arrival of BlackCoin technology on the world stage of business and finance. These go hand-in-hand.
While Bitcoin has begun to step meaningfully beyond the embryonic isolation of its first few years as a strange new tech experiment, Altcoin can scarcely be said to have done so. It functions mostly as a developer playground/sandbox on the one hand, and a zero-sum game on the other, where traders (and some thieves and bullies), hang out and try to take each others money. Such value as there is, is mostly in forward-looking potential. The price-action on our markets, however, is little more than the daily scorecard at a poker game. There are only so many chips on the table. They change hands. That's it. And while this game is intrinsic to all markets, even the most mature ones, it is not the basis of industry. Value is. And BlackCoin is now on a mission with all guns blazing to make that happen. For some indications about how, read on.
A large part of my work since wrapping up the BlackCoin Music Video (and even before and during production), has been in outreach to the business world, outside crypto. Persistent efforts over many months have yielded results, not least of which has been a great deal of steady buying. Many new players are at the table now. And many old ones have withered and are gone, often to the tune of 50-100K BC at a clip, and most especially during periodic heavy sell-offs. But the new hands are not like the old ones. They are not the cynical, coin-hopping P&D sleezebags we know all too well. They are established businessmen, buying-in with an intent not only to hold, but to build. They are a new breed, and a new brain-trust. I am amazed by the flow of fresh ideas they generate, and by how ready, willing and able they are to facilitate new contacts and connections across a multitude of industries. And not only to suggest but also back new initiatives. Including a new tech start-up of my own, about which more will be said in coming weeks and months. The new network is growing. This is life in Phase 3.
I'll bring this post to a close by recalling the great industrialist, Henry Ford. He did not invent the automobile (just as BlackCoin did not 'invent' crypto). The Stanley-Steamer had come into existence already a decade earlier, as the ultimate in turn-of-the-century 'personal-tech'. What Ford did was to provide a series of catalytic design and production moves that resulted in a mass-scale paradigm shift. He pushed the automobile through that watershed moment, to that click-point where suddenly everyone just saw that the automobile was no mere tech-toy for the idle rich. It was the future of transportation.
I'll leave it to the master-debaters, quibblers and hair-splitters to argue over the merit of my analogy. I'll even spice it up by stating my opinion that BlackCoin's PoS 2.0 is to Proof-of-Work what the internal combustion engine was to the steam engine. Now go have a field day. For additional entertainment and history lessons, have a look at the FUD campaign waged against Ford by the Stanley Motor Carriage company: see the sub-heading, 'Obsolescence' in the Wiki here: http://en.wikipedia.org/wiki/Stanley_Motor_Carriage_Company
Now, onward and upward for BlackCoin!
And PS: my motto going forward is: "You can have any color you want, as long as it's BLK."
Yours Truly, Jabulon
submitted by Thereal_Jabulon to blackcoin [link] [comments]

FAQ - Newcomers please read

Welcome to Bitcoin!

Maybe you're here because you've received a tip on social media or from /FreeBits, or maybe you've just been hearing a lot recently about Bitcoin and are wondering what the big deal is? The following videos are a good starting point for understanding how bitcoin works and a little bit about its long term potential:

What are Bitcoins worth and where can I buy them?

Bitcoins are valued at what market price people are willing to pay for them. Here is a useful site that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just google "1 bitcoin in (your local currency)".
You can buy or sell any amount of bitcoin (from as little as $1 worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank account. Top recommendations include:
US & Europe
China
Also exchanges such as those listed below can be used with bank transfer in most of Europe and US
For even more bitcoin exchanges by country location, review these exchange country listings.

Where can I spend Bitcoins?

A comprehensive list can be found at TheBitcoinPage.com but some of the key ones are below:
There are also lots of charities which accept bitcoin donations, such as Wikipedia and the RNLI. You can find a longer list here.

Merchant Resources

If you operate a business and want to accept bitcoin as a payment method, there are several options available:

Can I mine bitcoin?

Mining bitcoins can be a fun hobby 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 friendly folks at /BitcoinMining would be happy to help you out.

Securing your bitcoins

With bitcoin you can be your own bank and personally secure your bitcoins or you can use trusted companies such as Coinbase and Circle which have secured wallets where they hold the bitcoins for you and provide insurance. Be sure to only deal with reputable companies, if you have any concerns about a company's trustworthiness just ask or check their consumer reviews and ratings.
If you prefer to have direct control over your coins without having to use a trusted third party you can use personal wallets for desktops / laptops, android and iOS where you alone hold your private keys. Electrum, Mycelium and breadwallet are popular, but there are many options.
Find a wallet that works best for you
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 two great apps for handling 2FA.
Additional security systems such as Mycelium Entropy (for printing multi-signature paper wallets) and the Trezor Hardware Wallet are great ways to easily secure your coins. Or, you can opt to secure your bitcoin using cold storage.
Note: Do not use brainwallets unless you are an expert, they are known to be vulnerable to theft unless set up correctly.

Tipping

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. There's lots of discussion about which unit is the most appropriate so you might see people using different ones until people agree:
Unit Value Info
mBitcoin / mBTC 1,000 in a bitcoin SI unit for milli i.e. millilitre (ml) or millimeter (mm)
μBitcoin / μBTC 1,000,000 in a bitcoin SI unit for micro i.e microlitre (μl) or micrometre (μm)
bits 1,000,000 in a bitcoin Colloquial term with the same value as μBTC
Satoshi 100,000,000 in a bitcoin The smallest unit of bitcoin, named after the inventor
For example, assuming an exchange rate of $500 for one Bitcoin, a $10 meal would equal:
Assuming the worth of bitcoin continues to increase, it will become easier to work at these lower divisions in day to day life.
Still have questions? The friendly folks at /BitcoinBeginners would be happy to help you out. If you decide to post a question in /BetterBitcoin, 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.
More informational material, provided by Bitcoinsultants.org:
Welcome to the Bitcoin community and the new decentralized economy!
submitted by moon_drone to BetterBitcoin [link] [comments]

Proposed PR Newswire press release

Proposed PR Newswire press release I initially proposed on the sticky thread at the link below that we produce a press release. Bigbtcconsulting later agreed to work on this. http://www.reddit.com/blackcoin/comments/23fwwo/lfg_developers_designers_for_new_projects/ Iconic agreed to use his PR Newswire account to handle our blackcoin press releases, if we reimburse him. Here is that thread: http://www.reddit.com/blackcoin/comments/23i8tcold_hard_facts/ I produced the first rough draft and pasted it on the thread at the link below. Iamtheshirt later pasted a revised version, which I think is a big improvement. http://www.reddit.com/blackcoin/comments/23jt9m/we_need_a_green_marketing_initiative_encourage/ I used MS Word’s Track Changes feature to produce the version below based on Shirt’s revision. TL:DR I will be placing a clean copy of my revise version in a post below as soon as I have produced it. Anyone can suggest changes or produce a revised version. Blackcoin: Bitcoin's Green, Decentralized Competition Blackcoin vaulted onto many investors’ radar screens two weeks ago when its market cap increased ten time in 24 hoursthe value of the cryptocurrency multiplied ten times in 24 hours. At the peak of this meteoric rise, Blackcoin had the sixth-largest market cap of all cryptocurrencies. In the following day, the unsustainable growth rate caused a sell-off that dropped Blackcoin's value sharply. From that low point, Blackcoin has seen more sustainable growth over the last week, regaining almost 400% in value and market cap. Blackcoin is currently the ninth-largest cryptocurrency by market cap. At the time of this publication, each Blackcoin is valued at 0.19 24 USD. So, what is different about the two month old Blackcoin that to warrant the large amount of attention it has received? Blackcoin was specifically designed to improve upon two of the Bitcoin protocol by mitigating two of Bitcoin's most widely criticized design flaws: 1. The tremendously expensive and energy-inefficient proof of work system used to run the Bitcoin network and minet new Bitcoins has been replaced by Blackcoin's 100% proof of stake system. The capital equipment cost and electrical consumption required to maintain a Blackcoin network the size of Bitcion’s will probably be about a humdred times less. be By percentage of market cap, the operation cost and electricity usage of the Blackcoin network is merely a small fraction of the costs necessary to maintain the Bitcoin network. 2. Bitcoin’s ten minute ledger block generation time has been reduced to 10 seconds with Blackcoin. replaced by Blackcoin’s ten second block generation time. Since all transactions on cryptocurrency networks are contained in these ledger blocks and limited by their speed, Blackcoin has a clear advantage in merchant adoption over Bitcoin for point of sale transactions or any form of transaction in which speed is critical. Blackcoin's 100% proof of stake network is supported by stakeholders all over the world who receive by offering 1% yearly interest on their stake as an incentive to run the wallet software, thereby securing the network. Unlike the proof of work system, the proof of stake system does not require unnecessary, very-energy- intensive large calculations by competing miners in order to secure the network. This is the primary reason for Blackoin's fast transaction speed. The proof of stake system also ensures that the network will continue to run in perpetuity without requiring the use of prohibitively –expensive, energy-hungry specialized equipment, making Blackcoin's network extremely cost and energy efficient. Bitcoin's Proof of Work system was supported by individual computers in the past, but because the system requires large calculations by competing miners in order to secure the network and minet coins, it quickly led to a specialized hardware arms race. Bitcoin's network is currently supported by vast enterprises with millions of dollars of overhead in energy and specialized equipment. Blackcoin's supporting infrastructure is growing quickly, highlighted by the recent acceptance to CoinKite, a company offering user friendly web and point of sale solutions for merchants who wish to accept cryptocurrency. CoinKite had previously offered solutions only for Bitcoin and Litecoin, the two largest cryptocurrencies by market cap. Blackcoin will be the third coin added to Coinkite in June. Blackcoin is the clear choice for the environmentally-conscious individuals and buninesses looking for a green, energy efficient cryptocurrency or for those who believe in Satoshi Nakamoto's original vision of a completely decentralized cryptocurrency run by the people. Combined with Blackcoin's ten second ledger block generatin timeother advantages, the current market leaders in cryptocurrency, Bitcoin and Litecoin, may now have some serious competition on their hands.
submitted by RJSchex to blackcoin [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]

Bitcoin PoS System - Will this Skyrocket Bitcoin?

So the team at Coinkite are announcing their Bitcoin point of sale system tonight in Toronto (src http://www.meetup.com/Bitcoin-Toronto/) that will allow physical stores to accept Bitcoin and Litecoin just like they would debit and credit cards.
To me this seems like a pretty big deal - BTC and LTC have always had their value restricted in the fact that its hard to buy physical products (and a currency becomes of real value when you can buy your base needs with it like food shelter clothing etc)
Being able to use BTC/LTC in a shop with only a 30 second verification time seems pretty cool! Will be interesting to see how this changes the market!
What are your thoughts?
Will this allow BTC/LTC to become stable real world currencies?
submitted by AdamSC1 to Bitcoin [link] [comments]

Why Increased Transaction Fees And Off-Blockchain Services Are Not The Answer

It seems like most people agree that most Bitcoin transactions should occur off blockchain through third party services. The development team of Bitcoin also seems to think increasing transaction fees dynamically as demand increases will help keep the size of blocks under control.
The thing is, don't these 2 solutions completely go against what Bitcoin is about? By dynamically raising the transaction fee on Blockchain transactions, it becomes too much of a burden for people to use it for any form of purchase. People will continue to use the blockchain until it becomes too unreasonably high for purchases- it will still get flooded until it becomes impractical for anything except huge transactions. We'll probably still use it whether the fee is $0.10 or $1, but eventually it will become much too high for anything. If people are forced to use a third party service to pay with Bitcoin, then what makes it any better than Paypal or credit/debit cards? The service can still keep track of everything you buy, deny service to some markets, charge fees on your purchases, and you have to trust them with your money.
If we go with these 2 solutions instead of raising the maximum size of a block, Bitcoin will lose most of its values as a payment network. If I need to send $500 to a blockchain service at a time to avoid high fees on my $10-100 purchases, what is the point? It defeats the purpose of Decentralization since i have to trust the service not to scam me, track me, or prevent purchases. I can't send purchases without transaction fees since these services will likely charge something(and the blockchain would be worse). The security would not be good either, as passwords/cards/accounts can be compromised, so it would require the same protection that credit and debit cards require.
Transaction fees exist to:
  1. prevent malicious spam
  2. pay miners once mining rewards diminish
The current fees already accomplish this as most transactions with fees we see are legitimate and not intended to flood the network. Miners currently do not need more fees as most of the incentive comes from the 25 BTC block reward.
Please do not force most transactions to occur off blockchain with the burden of high fees. It completely defeats the purpose of Bitcoin and makes it no better than what we currently have. Doing this turns Bitcoin into a system that requires trust, has significant fees, and is no longer secure. Raising the block size limit when necessary is a much better solution. Thanks.
edit: https://en.bitcoin.it/wiki/Scalability
The Bitcoin network itself can easily support much more activity, so I don't see the point in limiting it. I feel like people being able to control their money is more important than being able to run a node on a home computer on a slow internet. With Gigabit internet spreading rapidly, Bitcoin can easily support thousands of transactions a second.
edit #2: I'm not against off blockchain services that make Bitcoin easier(ie coinkite cards) or provide services like escrow, I just don't want them to be the only way to work with Bitcoin in smaller amounts.
submitted by skilliard4 to Bitcoin [link] [comments]

Bitcoin dev meeting in layman's terms (2015-10-8) | G1lius Caesar | Oct 10 2015

G1lius Caesar on Oct 10 2015:
Once again my attempt to summarize and explain the weekly bitcoin developer
meeting in layman's terms.
Link to last weeks layman's summarization:
https://www.mail-archive.com/[email protected]/msg02445.html
Disclaimer
Please bare in mind I'm not a developer and I'd have problems coding "hello
world!", so some things might be incorrect or plain wrong.
Like any other write-up it likely contains personal biases, although I try
to stay as neutral as I can.
There are no decisions being made in these meetings, so if I say "everyone
agrees" this means everyone present in the meeting, that's not consensus,
but since a fair amount of devs are present it's a good representation.
The dev IRC and mailinglist are for bitcoin development purposes. If you
have not contributed actual code to a bitcoin-implementation, this is
probably not the place you want to reach out to. There are many places to
discuss things that the developers read, including this sub-reddit.
link to this week logs (
http://bitcoinstats.com/irc/bitcoin-dev/logs/2015/10/08#l1444330778.0 )
link to meeting minutes (
https://docs.google.com/document/d/1hCDuOBNpqrZ0NLzvgrs2kDIF3g97sOv-FyneHjQellk/edit
)
Main topics discussed this week where:
Mempool limiting: chain limits
Low-S change
CLTV & CSV review
Creation of bitcoin discuss mailing list
off-topic but important notice
This issue ( https://github.com/feross/buffepull/81 ) has made most JS
bitcoin software vulnerable to generating incorrect public keys.
"This is an ecosystem threat with the potential to cause millions of
dollars in losses that needs higher visibility; though it's not a bitcoin
core / bitcoin network issue.
Common, critical, JS code is broken that may cause the generation of
incorrect pubkeys (among other issues). Anyone who cares for a JS
implementation should read that PR."
Mempool limiting: chain limits
(c/p from last week)
Chain in this context means connected transactions. When you send a
transaction that depends on another transaction that has yet to be
confirmed we talk about a chain of transactions.
Miners ideally take the whole chain into account instead of just every
single transaction (although that's not widely implemented afaik). So while
a single transaction might not have a sufficient fee, a depending
transaction could have a high enough fee to make it worthwhile to mine both.
This is commonly known as child-pays-for-parent.
Since you can make these chains very big it's possible to clog up the
mempool this way.
The first unconfirmed transaction is called the ancestor and the
transactions depending on it the descendants. The total amount of
transactions is reffered to as "packages".
As said in "Chain limits" last week Morcos did write a proposal about
lowering the default limits for transaction-chains.
2 use cases came up which are currently in use or happened before:
As example: someone buys bitcoin from a website and can spend those bitcoin
in the marketplace of the same website without waiting for confirmation in
order to improve the bitcoin user-experience. This leaves a sequential
transaction chain. They don't need to chain more than 5 transactions deep
for this, and it falls within the proposed limits.
What's not within the proposed limits is the chain of +/- 100 transactions
a company had during the spam-attacks. These where simply increased
activities by end-users while not enough UTXO's where available (3 to be
precise)(UTXO: unspent transaction output, an output that can be used as
input for a new transaction).
Notably this is with the best practices of using confirmed transactions
first.
Ways this can be solved from the company's end is to have more UTXO's
available before hand, bundling transactions (which requires delaying
customer's request) or using replace-by-fee to add payees (which saves
blockchain space, is cheaper in fees and gets transactions through quicker,
but is not widely deployed by miners atm).
Bare in mind these proposals are for default values for the memorypool, not
in any way hard limits.
Sense of urgency. Quoting sipa: "my mempool is 2.5G... we better get some
solution!"
Current attack analysis assumes child-pays-for-parent mining, it should
probably be done again without.
Higher limits on number of transactions increase attack-vectors.
Proposed number of transactions gets some push-back, total size limit not.
Mixing default values (for example having a 50% of a 10/10 limit and 50% of
a 100/100 limit) wastes bandwidth while there are too many factors that
limit utility of long chains as well.
25 transaction limit ought to be enough for everyone (for now).
Review & test "Limit mempool by throwing away the cheapest txn and setting
min relay fee to it" ( https://github.com/bitcoin/bitcoin/pull/6722 )
Provide support for "Lower default limits for tx chains" (
https://github.com/bitcoin/bitcoin/pull/6771 ) aka convince people 25
should be enough.
Low-S change
This is in regards to the recent malleability attack. Which is caused by a
value 'S' in the ECDSA signature which can be 2 values, a high and low
value and still be valid. Resulting in different transaction id's. more
info:
http://blog.coinkite.com/post/130318407326/ongoing-bitcoin-malleability-attack-low-s-high
A solution for this is to require nodes to have the "low-s" encoding for
signatures.
Downside is that it will block most transactions made by sufficiently out
of date software (+/- pre-march 2014)
This does not replace the need for BIP62, it only eliminates the cheap DOS
attack.
95% of transactions already confirm to this, and more fixes have been
applied since.
BlueMatt has a node which several people are running that auto-malleates to
low-s transactions.
Questions whether we release it ASAP or wait for the next release and get
it to a couple of miners in the meantime (possibly with
auto-lowS-malleating)
Contact miners about "Test LowS in standardness, removes nuisance
malleability vector" ( https://github.com/bitcoin/bitcoin/pull/6769 )
Release scheduled for the end of the month, together with likely
check-lock-time-verify and possibly check-sequence-verfiy.
CLTV & CSV backport review
CLTV: checkLockTimeVerify
CSV: checkSequenceVerify
Both new time-related OP-codes.
Been discussed heavily last week.
CSV doesn't seem ready enough for release later this month.
There's no clarity on how things look when all 3 time related pull-requests
are merged.
There's a number of people still reviewing the pull-requests.
Uncertainty and confusion about whether the semantics are final or not (in
regards to using bits from nSequence). nSequence are 4 bytes intended for
sequencing time-locked transactions, but this never got used.
Now these bytes are being repurposed for a mixture of things. Currently the
plan is: " bits 0..15 are the relative locktime, bit 30 determines units
(0: height, 1: time w/ 512s granularity), and bit 31 toggles BIP 68 (0: on,
1: off). bits 16..29 are masked off and can take any value."
Clarification from maaku regarding nSequence for BIP68. (after the meeting
he explained he was waiting for opinions, but not enough people seemed to
know the issue at hand)
Continue review of pull requests 6312 (
https://github.com/bitcoin/bitcoin/pull/6312 ), 6564 (
https://github.com/bitcoin/bitcoin/pull/6564 ) and 6566 (
https://github.com/bitcoin/bitcoin/pull/6566 )
Creation of bitcoin discuss mailing list
The bitcoin-dev mailing list is intented for technical discussions only.
There's things that don't belong there but need to be discussed anyway.
Now this is done in bitcoin-dev, but the volume of this is getting too big.
There's recently also an influx of really inappropriate posts, level
kindergarden (
https://www.mail-archive.com/[email protected]/msg02539.html
).
No clarity about who are the moderators.
Next week there'll be a bitcoin-discuss list created.
Decisions are needed as to who'll become the moderators for that and
bitcoin-dev.
Decisions are needed as to what will be the list and moderation policies.
The bitcoin-discuss list will be created as well as a simple website
listing all the lists and corresponding policies.
A meeting is scheduled on monday to discuss the moderation and policies of
said lists.
Participants
morcos Alex Morcos
gmaxwell Gregory Maxwell
wumpus Wladimir J. van der Laan
sipa Pieter Wuille
BlueMatt Matt Corallo
btcdrak btcdrak
pe...[message truncated here by reddit bot]...
original: http://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-Octobe011496.html
submitted by dev_list_bot to bitcoin_devlist [link] [comments]

Coinkite TOS: Bitcoins are not a currency.

The Coinkite terms of service require me to agree that 'Bitcoins and Litecoins ("Coins") do not constitute a currency, an asset or a form of property at law or otherwise'
Also 'Coins do not have inherent or underlying monetary or other value and may, without warning or notice and at any time, have no such value whatsoever'
I cannot agree to this, as that contradicts the current state of US law and my beliefs about bitcoin. Hopefully they will change this and I will be able to use Coinkite in the future.
submitted by nmgafter to Bitcoin [link] [comments]

[Table] IamA Owner of a Bitcoin Accepting Subway in Allentown, PA (Sapan Shah) AMA!

Verified? (This bot cannot verify AMAs just yet)
Date: 2013-12-02
Link to submission (Has self-text)
Questions Answers
How has your staff taken to accepting bitcoins? Do the number of decimal places freak out the staff? Do you have a minimum purchase requirement for use of bitcoin? My employees are simply awesome. They have dealt with all of this with a smile on their faces and have actually shown a lot of interest.
They don't have to deal with decimals because I have set it up so all they have to do is input the total dollar amount into a tablet at the register. The app automatically generates the code that the customer scans. It pops up on the screen when they receive the payment.
We don't have a minimum purchase requirement.
Hi. How many bitcoin customers have you had so far? Are you a bitcoin investor as well? I can not disclose exact sale figures or numbers, however I can say it has steadily been growing. We have a couple bitcoin paying customers almost every day.
I am indeed a bitcoin investor myself.
How many times a week does someone ask you what a Bitcoin is? 4 Zillion.
Plain and simple.
I thought bitcoins were worth about 1K each. How would it work if I forked over a bitcoin for a Footlong Tuna Fish sandwich? We calculate the total sale amount (i.e. $10.53) and convert that to the equivalent Bitcoin value (roughly 10.09 mBTC or .01009 BTC). We generate a QR code with an address and the amount. The customer scans that code and sends us instant payment.
You can take a look at preev.com to see what I mean.
Don't sell yourself short, 10.09 milli would be .01009. roughly 10.09 mBTC or .001009 BTC. Would be $1.13. You are correct- I changed it..thank you :)
Do you immediately sell the bitcoins for cash to take away the currency risk or are you keeping the bitcoins in your account? This has been one of the most complicated parts of the process. Since I started accepting Bitcoins, I have switched my Merchant Services Processor 3 times. I am actually looking for a longer term solution. Until I find a more permanent solution that is fully integrated with our bank account, our Bitcoins are remaining as is.
Since this has been relatively new we are still working out all the kinks in the process. I am not worried about the currency risk at all.
How have you been keeping records of sales? I'm planning to accept Bitcoin but am unsure how to do so legally as a business. So you convert to USD and simply keep record of those earnings? Link to en.bitcoin.it
I thought it took like an hour to confirm a bitcoin transaction. I remember reading that it was too slow for most consumer transactions like this. Am I completely misinformed? In our case, we have not had a payment take longer than 2-3 seconds. The merchant services take care of everything on the back end. A transaction has never taken us 1 hour to process.
Would you be able to pay an employee in BTC if they desired? There are no Bitcoin Payroll Services to my knowledge. I'm not sure how feasible this would be.
Is your store a franchise? - what do you do if the value of bitcoin drops? Does the company you go through for scanning take care of that? - what company do you use? - what kind of training did you give your employees? - if i wanted to start getting my local business owners in on this, what do you recommend i show them? Subway is indeed a franchise. We are currently using Coinbase to process our payments and I have personally walked all of my employees through the process.
I have found this page to be the most helpful if you want to show other small business owners: Link to en.bitcoin.it
It was most helpful for me.
Was really excited to see the fact that more brick and mortar stores are accepting bitcoin, of course even more so when it was a more well known chain store (compared to a mom and pop place) Has the news coverage about this given you more business from local bitcoin users? Whats you're current process for accepting bitcoins (how do you go handle payments, exchanges and such)? I hope more businesses will begin accepting Bitcoin!
Ever heard of Coinkite? and if so would you consider using them as a way to accept bitcoins (and Litecoins?) *They're like a wallet service with a credit-card esque terminal where you get a bitcoin debit card and can make payments through that (or the traditional way of QR Codes works too) I did consider Coinkite. They were very nice and responsive, just not the right match for us at this time.
How can I persuade other Subway Owners to accept Bitcoin at their stores? This is a very good question. I think it is entirely up to the owner if they want to start accepting it or not. There is definitely a learning curve involved along with some risk and doubt.
A good start would be educating them about what a Bitcoin is. Even if you ultimately can't persuade them, at least you have taught one more person about Bitcoin.
The second thing maybe to show them some articles or videos about me accepting it. Tell them I have been accepting it for over a month. If they see another franchisee accepting it, they may be more willing to try it out.
Many may be deterred by the initial costs involved. Perhaps eliminating those costs would help to convince many to come on board. You could also try telling them it is non-binding, they don't have to sign a contract and there is no catch. Print out a sign and set it up for them. Tell them to try it out for a week and if they don't like it- ...nevermind, I doubt that will happen.
Can you write a little FAQ for Subway patrons to convince owners in their area to accept bitcoin? Would love a little list of hardware, software, which accounts to create with which companies, etc. Most of the equipment used in Subway's are fairly standard. I have a Nexus 7 next to my register with the POS app on there. They would just need to tweak some settings on the POS.
If you draft up some questions I might be able to help you out with an FAQ
I'm most curious about the things that would encourage or discourage a small business owner who is less knowledgeable/enthusiastic about bitcoin from accepting them. I've thought for a while that there is a need for somebody to create a well-executed, hard to screw-up, system for small businesses to accept bitcoins for in-person transactions. As far as I can tell, nothing like that exists on the market today, and most businesses accepting BTC are mostly rolling their own solution, at a high cost in time for whoever is managing it. Would you buy such a system, if it was available? I set up most of my system by myself. It took a little bit of technical knowledge (and interest). There are people available that can come in and set everything up, I just wanted to keep it simple and easy. I doubt other business owners would want to pay start up costs in addition to take the risk of accepting a new form of tender.
About how much time a week do you spend dealing with Bitcoin processing related issues? What was your worst week? What are the biggest pain points in accepting bitcoins right now? Training staff, integrating with existing POS systems, getting reliable conversions back to USD, something else? I don't spend too much time dealing with Bitcoin Processing related issues too much. They go fairly smoothly.
I'm from Plymouth Meeting, which is really close to Allentown! I think this is awesome, I should come buy something with Bitcoins sometime. Also, what was the most difficult part about integrating Bitcoins into your store? There have been so many challenges from the start. I think the biggest one has been trying to explain to everyone what a Bitcoin is. For example, in order to train my employees, they needed to fundamentally understand what a Bitcoin was. I had to explain it over and over again answering the same doubtful questions.
We would love to have you at our store!
Hey, you run the Subway by Dorney Park? Wow, I used to live right near there, worked at St Luke's in Bethlehem. Nostalgia. Not related to BitCoin, but what do you think of Allentown and LV in general? How long have you been there? Where are you originally from? Yep, Subway Dorneyville. I was born and brought up in Allentown!
Do you have any BTC for yourself? Also, what do you think about altcoins such as Litecoin, Namecoin, ect. I do have BTC myself. I do not have any plans to start accepting any Alt. currency at my store. I think they are very interesting and we may see many more in the future.
Hey there Sapan, I'm located in easton and I was just wondering which subway it is that you run so that I can possibly stop by and say hello?! Absolutely! Link to local.subway.com
I spend a lot of time in Allentown. Where is your store located? I'd love to stop by and buy some subway with bitcoins. Link to local.subway.com
Allentown resident here. Which Subway? Link to local.subway.com
Hey, I go to Lehigh. I'm literally in the building across the street from you. I was also your 2nd bitcoin customer. If I happen to see you, I'll say hi. Do say hi if you see me. I'm always there.
No questions, but thank you from the Dorney Park team for making lunch for us on many occasions! You guys are Awesome. Can't wait till everyone comes back in the Spring.
You're a very smart man according to the fever going on in bitcoin. Thank you, I'm not that smart. Just a man with a Sub...and a Bitcoin.
According to them, you are going to be a millionaire by accepting bitcoin right now. According to me. They all are probably millionaires. I've gotten to meet some of them in my store. Great group of people. on bitcoin.
Last updated: 2013-12-07 04:31 UTC
This post was generated by a robot! Send all complaints to epsy.
submitted by tabledresser to tabled [link] [comments]

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