10+ Best Bitcoin Faucets images bitcoin, bitcoin faucet ...

A Hefty Apology..

First, I'd like to apologies for how long this is going to be, but I believe context is everything.
I'd like to apologize to the Nano community. Since before the re brand I've always cracked jokes about the project, primarily because I can't stand moonbois.. but I digress.
I guess you could say I was early on the Bitcoin chain. I was blown away by the white paper and mined coins before ASICs we're even a discussion. Never got rid of them or anything, just thought it was an amazing concept to me since I had been repeatedly jacked around by a few banks. However, as a recurring theme life happened and I fell out of it completely. A few years went by when someone brought it up to me and when I asked how much it was worth, I almost had a heart attack. Probably shouldn't have spilled beer on the laptop holding my address and key. It didn't even cross my mind when I threw it out..
So I was back, other projects were on the come up and I took interest. Thought they were great, still do.. But I couldn't wrap my head around a lot of it. I'm familiar with code like I am around the block of an engine, but I'm not a mechanic. I couldn't fathom having to use a calculator to figure out how much gas I needed to send 100 coins of X. Thought I did it right and boom... Dust. The rage. Made some good strides and learned from previous mistakes, but I was still somewhat upset with decisions made within these projects. Who would think that was okay? Life happened again and I dropped out for quite awhile again to return back to a colleague at work mentioning BTC at around 9K. I quietly (I don't mention to many people about how involved I've been) checked out my addresses and was blown away. So I was back.
Yeah I made gains (lost a lot too), but I was already well on my way in life and career and didn't need the rocket in some dream of a lambo (Masi's are better). I just wanted all of this to work. Again, it seemed like it was too hard to do anything, move things around... Dust here, dust there.. None the less, I learned more. Taught myself some code just so I could understand the githubs.. No desire to code, just wanted to learn. The dream I saw a few years ago was growing and I felt optimistic. Stuck around for a long run and then life happened again.
Came back at probably the best time in late summer 2017. You want to talk about diversification... I just (today) burned a stack of papers with private keys written down to projects I forgot even existed. The mayhem! Anyway, won some lost some yeah yeah everyone has those stories....
I was still frustrated because that image I had in my head when I was a bit younger was not really fulfilled. Man, these moonbois, let me tell you. At the time and shortly after cracking jokes and having fun was basically my MO (I'm very sarcastic, still am). But yet again, life happened and I let everything just sit where the chips were.. With the exception of those burned out GPUs and the S9's. They went into the trash.
Life gave me a nice little easy path more recently and I've been poking my head around again. The moonboi epidemic is definitely at an ATH. But where the hell was this image I had years back and now and why did it seem like it died? Too many scams? Too many hacks? Too much smoke and mirrors? The founding idea is/was so perfect?
But I wanted that image. The past couple weeks I've been being my sarcastic ass and ripping a bit on Nano. I saw an actual well thought out post on Reddit and thought “Alright, that's pretty well said. Let me hear this out.” So I took a look. Thought it was better put together than other projects so I lurked around.
Today in the daily general I asked for a laymen's approach. I didn't need it, but I wanted to see what would be thrown at me. I was impressed. I saw on another thread about Natrium and a faucet... DAMN, that was fast. Alright I thought, let's dabble. So I did what I always do.. Took a little BTC to the exchange, picked up some nano, set up the ledger and mobile app and tested some stuff out.
Do you know the feeling after everything I just said to send 10 Nano from the exchange (including fee) to a mobile wallet, to the ledger, back to the mobile wallet and then back to the exchange and in the end... still have 10 Nano? In under less than I don't even know.. as fast as I could copy and paste it?!
I called for my wife took her phone and sent myself 10 Nano back and forth. Man am I an asshole. I'm not “In” so to speak, because honestly, at this point. I don't care about prices. I just want to use the shit. Life happens, I want to be able to continue down life and use this shit. The last time I actually used BTC for anything was in 2014.
BTC is digital gold for me.. Yeah, Yeah, Yeah... Sounds like some WSJ headline, I know. But it's been a good hedge against inflation for what's it worth. But during that second to last time I was back.. the Tx fees were unbelievable. Store of value, all the way, buying a snickers bar? No thanks mate.
I'm actually late to meet a friend at the bar for our weekly pint, was gonna just send this, but he's a moonboi. One sec. Lol --- 45 min later --- Alright, at the pub. Got him to download Natrium. We're now gonna just buy eac hother drinks for the next few hours.
I have some questions regarding decentralization.. bottle necking, spam transactions, but I can ask them in discord I guess. My only fear is that this could be replicated by Chase/BofA etc, but then again, I kind of left them years ago for a reason.
I'm sorry, okay. I'm sorry I was a sarcastic asshole. This is by far the closest thing I've wanted in a very long time. Send 1 Nano.. Get 1 Nano. Who would have thought. I'm going back to darts, but before I go...
- Can someone send me something on how to set up a node? Walk through maybe?
- Mods should pin this. I don't care about worthless internet points. Truth is I'm on my 9th or 10th Reddit account. So, I'll retire this one as soon as I hit send. But I think there is a valuable lesson from my time in this crazy town.
I'm not getting rid of my BTC and “going all in for the moonbois”. But I'll definitely be using my Nano. Whenever or wherever I can.
Thank you.
submitted by zBeale to nanocurrency [link] [comments]

TODO LIST

With the Proposal System now live, anyone can propose work to do for BiblePay coins, if your proposal gets enough Yes votes from Sanctuary owners, your proposal will be funded the BiblePay coins you requested.
Amount of Coins available from Monthly Proposal Budget: 10% Charity 5% IT 2.5% PR (Public Relations) 2.5% P2P (Orphan Letter Writing, Pay To Preach, Pay to be a Priest, FAQ writers, Social Media functions)

How to Submit a Proposal? http://wiki.biblepay.org/Create_Sanctuary_2#SUBMIT_PROPOSAL
TODO LIST
ADVERTISING / MARKETING:
Facebook: https://www.reddit.com/BiblePay/comments/7m6v7w/biblepay_facebook/
Bounties: https://bitcointalk.org/index.php?board=238.0 Examples: https://bitcointalk.org/index.php?topic=1947857.0
Bitcointalk Advertising: http://forum.biblepay.org/index.php?topic=68.0
Bitcointalk Banner Ad: http://forum.biblepay.org/index.php?topic=83.0
Reddit Ad: http://forum.biblepay.org/index.php?topic=82.0
Twitter & Reddit Advertising: http://forum.biblepay.org/index.php?topic=47.0 http://forum.biblepay.org/index.php?topic=92.0
PR Communications: http://forum.biblepay.org/index.php?topic=72.0
Write and Publish Articles on Crypto and Christian Websites
Competitor Comparison Article and Infographic
Slide Deck http://smallbusiness.chron.com/deck-marketing-64930.html Slide decks are full of infographics and data optimized for "at-a-glance" viewing. BiblePay needs a substantial marketing deck
WRITE REVIEWS
Is This Coin a Scam: https://isthiscoinascam.com/check/biblepay
Masternodes Reviewed: https://masternodesreviewed.com/CoinsWithMasternodes/biblepay-bbp/
RESEARCH / IDEAS:
Listing on Bigger Exchange https://www.reddit.com/BiblePay/comments/7dt8k3/help_list_biblepay_on_bigger_exchange/ http://forum.biblepay.org/index.php?topic=97.0
Spreading Gospel & Knowing Jesus https://www.reddit.com/BiblePay/comments/7du3kg/spreading_the_gospel_knowing_jesus/
Helping the Unbanked Poor in Third World Countries: https://www.reddit.com/BiblePay/comments/7qh2mz/helping_the_unbanked_poor_in_third_world_countries/
DESIGN:
BitcoinTalk Banner Add (HTML/CSS): https://www.reddit.com/BiblePay/comments/7ndg5g/bitcointalk_banner_ad_need_htmlcss_skills/
Wallet Design https://www.reddit.com/BiblePay/comments/75hkkw/looking_for_wallet_designe
New Website http://forum.biblepay.org/index.php?topic=101.0
Pool Website http://pool.biblepay.org/
LANGUAGE TRANSLATIONS:
Bitcointalk Announcement: https://www.reddit.com/BiblePay/comments/7qmt6m/bitcointalk_main_post_language_translations/
Documentation & Website: https://www.reddit.com/BiblePay/comments/7dyabk/help_translate_website_documentation_to_othe
Articles: https://www.reddit.com/BiblePay/comments/7nqlxu/articles_in_other_languages/
Wallet: https://github.com/biblepay/biblepay
TECHNICAL:
Write Guides / Create Video Tutorials https://www.reddit.com/BiblePay/comments/7jbfmw/help_write_guides_create_video_tutorials/ http://forum.biblepay.org/index.php?topic=58.0
White Paper http://pool.biblepay.org/Docs/BiblePay_White_Paper.pdf https://bitcointalk.org/index.php?topic=2388064.msg34260952#msg34260952
CHARITIES / NON PROFITS:
Hiring Director of Charity Integration: https://www.reddit.com/BiblePay/comments/7mj66u/hiring_for_director_of_charity_integration/
RECRUITING:
Build Slack Team: https://www.reddit.com/BiblePay/comments/75hozh/slack_team/
Bounty for SegWit Developer! https://www.reddit.com/BiblePay/comments/7dm7wo/bounty_for_segwit_develope
Hiring C++ Blockchain Developer: https://www.reddit.com/BiblePay/comments/7ph4k8/hiring_c_develope
Recruiting http://forum.biblepay.org/index.php?topic=85.0 http://forum.biblepay.org/index.php?topic=103.0
PROGRAMMING:
Mobile Wallet (IN DEVELOPMENT): https://www.reddit.com/BiblePay/comments/7esc05/mobile_wallet/ Need Testers!: http://forum.biblepay.org/index.php?topic=148.0
Proposal Generator https://proposal.dash.org/ https://github.com/dashevo/proposal-generator https://github.com/dashevo/bitcore-lib-dash
Proposal TrackeViewer https://www.dashninja.pl/ https://github.com/elbereth/dashninja-fe
https://www.dashcentral.org/ https://www.dash.org/forum/threads/dashcentral-org-masternode-monitoring-and-budget-voting.5924/
In Wallet Governance (PIVX? 1 - 2)
Wallet Language Translations: https://github.com/biblepay/biblepay
Deflationary Tracking: https://www.reddit.com/BiblePay/comments/7nql2g/deflationary_tracking/
Javascript Web Browser Mining: https://www.reddit.com/BiblePay/comments/76gxwn/javascript_web_browser_mining/
Hack ASIC-Resistance: https://www.reddit.com/BiblePay/comments/7m5eyv/hack_biblepay_asic_resistance_and_receive_reward/
Stratis Fork: https://www.reddit.com/BiblePay/comments/7i9pfp/stratis_fork/
Retirement Accounts: https://www.reddit.com/BiblePay/comments/7aset9/retirement_coins_rbbp/
Faucet: https://www.reddit.com/BiblePay/comments/7m6t8s/build_2nd_faucet/ http://forum.biblepay.org/index.php?topic=80.0
Pool: https://www.reddit.com/BiblePay/comments/7m5xqi/need_2nd_pool_again/
MISC:
Sanctuary (Masternode) Shares: https://www.reddit.com/BiblePay/comments/7jva2w/masternode_sanctuary_shares/
WAITING:
Debit Card: https://bitcointalk.org/index.php?topic=2388064.msg25050743#msg25050743 https://uquid.com/dash-debit-card
Hardware Wallet Support: https://www.reddit.com/BiblePay/comments/7okhl5/hardware_wallet_support/
IDEAS
Other Masternode Coin Proposals: https://www.reddit.com/BiblePay/comments/7vtewk/proposals_of_other_masternode_coins/
WHAT CAN YOU DO EVERY DAY?
Vote for Exchange Listings:
Next.Exchange: https://nextexchange.featureupvote.com/suggestions/3384/biblepay-bbp
AltCoin.Exchange: https://feedback.altcoinexchange.com/suggestions/2114/pls-add-biblepay-bbp
Get.Delta: https://ask.getdelta.io/coin-requests/p/biblepay-bbp
............
Spread the word of BiblePay! Be active in the community! Give ideas and feedback!
............
Bitcointalk: https://bitcointalk.org/index.php?topic=2388064 Official Forum: http://forum.biblepay.org/
Reddit: https://www.reddit.com/BiblePay/ Twitter: https://twitter.com/BiblePay Discord: https://discordapp.com/invite/yWgbKdM
How to Get BiblePay Coins?: https://www.reddit.com/BiblePay/comments/7nevdg/how_to_get_biblepay_bbp_coins/
Faucets: https://www.reddit.com/BiblePay/comments/76mqqf/biblepay_faucet_free_bbp_coins_for_registering/ http://biblepayfaucet.com/
Gospel Links: https://www.reddit.com/BiblePay/comments/7e9uho/gospel_link_rewards/
Orphan Letter Writing: https://www.reddit.com/BiblePay/comments/7647fc/please_remember_to_write_orphan_letters/
Please let me know if you have any ideas/work to add to the TODO list
submitted by togoshige to BiblePay [link] [comments]

Greetings Vertians - newbie here saying hi and questioning a few aspects as well as trying to light a fire under your butts :P

Hi everybody, relatively new to crypto in general, but i would say i'm more informed than most joining the market at the moment , i have read various whitepapers, i thought long and hard about if i wanted to invest and how, realising the risks, i am by no means a wealthy individual but i am into tech and see more than just the value of a digital asset going up or down, i see potential in this market in general.
i purchased a Ledger nano s before i had any real amount of crypto as i understand how weak OUR OWN security can be despite the security of the technology. (claimed some from faucets to understand the bare bones first)
currently waiting for transfer to complete to Coinbase then to -> GDAX then to Bittrex or some other to buy alts via Litecoin for the lowest fees (gbp to euro in revolute) -- also can i point out this is one hell of a dodgy ass way to purchase crypto for one coinbase need your id...ummmmm yeah did not like sending my identity documents over the internet
i am by no means an expert but i think I'm doing this right so far.
my first go at mining was nice hash, i made about £6 then the hack happened, after playing around I Am currently I'm mining via MPMH and Awesome Miner, then converting on their exchange into Vert! this... is where my first question comes in.
secondly although crypto can coexist lets face it, adoption is a kind of arms race, whoever wins adoption wins the argument re: are you a valid currency ... which vert is and should be in my eyes ASIC resistance helps a long way in this of course on the fairness to miners but to a shop keeper... he doesn't care so much, what he does care about is:
ok you gave me some numbers how to i turn this back into "real (fiat) money" so i can pay my bills or purchase more stock.
From what i have seen "Crypto_Vault" may be good for this (at-least in USD to start with) and from this business risk perspective we need to support projects like this, currently crypto is a minefield when it comes to transferring one type of value to another issues with Coinbase GDAX Bitttrex ...ahem..MTGOX are well known and often shouted about, Especially from people making claims about trying to get their fiat currency back.
This needs to change, far far more than if we can be listed on an exchange and "moon" although I'm sure for may people here that have been sticking out the roller-coaster that would be nice, lets be realistic here British gas, Eon, HMRC (English IRS) etc. are not just going to accept and hold crypto - They either would want to convert it immediately or if they did accept they would want to be able to pay their staff with it, which means those staff members need to be able to use it, or switch it back to gbp to buy an item some where that doesn't accept coin x (yes lightning and atomic swaps help here but still that's coin x to to coin y not coin x to fiat)
So as far as i see it , crypto is a grass roots movement , great ok then so we need to convince small shop owners small chains, pubs , online retailers to accept crypto. good fine and dandy, but wait how do they pay their bills with it?? At the moment lets face it they can't, so unless they are enthusiasts or watching the markets and seeing the value of bitcoin rise over the past few years, they will not want the hassle of selling vert on an exchange at least not directly.
So with that in mind i see projects like Crypto_Vault being instrumental in changing this, perhaps one day the VTC wallet could do this as well?
so for merchants as i see it Crypto -> Fiat and vice versa is an issue if we are the ones to solve (or promote the best solution) that should help Vert coin's adoption.
another thing to help vertcoins adoption is ...uggh...marketing here specifically i know WE ...US...the community can do this, i have graphics skills, and at least half a brain - however there are no set standards that i can see (I am Aware of the discord i know i can ask) but I'm talking about making this easy for people to spread the word, via posters leaflets etc that they can design and post for others to use (provided correct branding and accuracy) - but even if we do this at this stage we still face the money issue listed above.
i have a set of skills I am willing to put them into helping vert and for vert's adoption to grow but what i don't have is any direction, personally i think this is a great community from what i have been reading but there are too many people complaining about the price and too few willing to act. HODL doesn't mean let everyone else do everything ...sure you can, you can even make money ....but you will make more and make a tech survive in a flooded market if you help it out where you can however you can surely??
if Litecoin is silver to bitcoins gold, Vertcoin can be Copper to Litecoins Silver (copper is still very expensive and has far far more uses than gold and silver) who knows maybe more but not without our help!
Remember guys Green is the colour of money (see marketing slogan right there) ...unless your not in the us then its just confusing :P
Sry if this was ranty guys I hope I'm not spreading FUD or out of order in anyway just saying it as i see it.
TLDR; - There's lots still to do to increase adoption come on lets organise
submitted by AmmoniteII to vertcoin [link] [comments]

What I learnt about bitcoin the past 7 to ten days (Reposted from /r/Bitcoin

Greetings. Before I get into this let me just say that these are the personal observations of an internet greybeard. I am not a lawyer, a financial consultant, or an advisor of any kind. If you decide to do anything like I'm doing it, god help you and best of luck to you, you'll need both. I have no track record and less credibility.
First I'll give a TL;DR for those who would rather not read such a wordy post: bitcoin has much cool factor, is a potential investment vehicle if you don't mind some considerable risk, and yes, still has a long road ahead of it for broad adoption.
On to the thick of it:
First, some background. I'm not completely inexperienced with bitcoin, I first investigated it sometime in 2011; people were giving me bitcoin at the time in 5 coin batches, just for the asking, so I could experiment with it and try to figure out what it was and what it was good for. My interest involved using it as a currency in so-called 'virtual worlds'.
I accumulated about 15 coin at Mt. Gox, and shortly after, they got hacked. I was not compromised, and my coin was intact; so I moved it to another, seemingly more stable exchange. Before long, this interest took a back seat to something more productive and I pretty much forgot about it until the price took off like a rocket and it seemed I might have several tens of thousands of dollars squirreled away at that exchange, and when I went back to find it, the URL for the exchange had been abandoned and the exchange was gone, with my coin. By this time, the bull run was over and the coin was worth a few dollars again, and I gave it up and made a note to myself: Never again would I screw with bitcoin until I could find out how to secure it personally.
So, to the present: with the recent bull run, and bitcoin in the news because china and the banks suddenly warming up to it, I decided it was time to revisit it. With past lessons in mind, I began my research.
Here's what I've learned: 1. You don't need an exchange if you aren't actively trading coin. DIY and store your coin on paper. 2. Storing coin offline is easy with paper wallets. Workflows with paper wallets are non-trivial but not entirely tedious given the right tools. 3. The 'bitcoin community' is a marketplace only if you consider bitcoin to be their product.
The 'work for coin', and 'buy with coin' memes are pretty misleading; when you get out there and actually try to work for coin, currently at least, all the sites seem to be for show only; that is, getting registered and getting work breaks down; all the sites I interacted with had odd requirements (pass our entrance exams, and keep taking tests to rank up to a wage), broken signup procedures, or the like; none of them turned out to be useable in any meaningful way, with the possible exception of https://www.xbtfreelancer.com, but honestly I could starve quicker by not working at all than for working at the rates being offered on that site and suffer less in the process. The coin faucets are a complete waste of time, for any purpose. I spent two days gathering up 10 cents in order to test my paper wallet workflow; all but 2 cents were taken in transfer fees. Don't bother. One other source of 'work for coin', the reddit /Jobs4Bitcoins, seems legit, but again I think that the majority of the work offered there is offered at such a low wage I wouldn't bother, and the ratio of 'Hiring':'For Hire' is dismal; everyone wants to work for coin, but no one is offering coin for work, and the rates offered on the few jobs that are out there, well, they aren't quite as bad as what the faucets pay... I'll leave off commenting negatively on point 3 for now, and just sum it up as 'not quite ready for prime time'. Instead, I'll address bitcoin as the valuable product and service the community actually provides.
Bitcoin is a perfect example of a bubble. It's only value at present is that it is a proof of concept of a clearly superior mechanism for doing business of just about any kind. This drives excitement, and excitement fuels emotion. Anyone who has ever traded anything knows that emotion drives the marketplace. I say it is a bubble because in and of itself, bitcoin provides no value; yet it is currently trading at or near 400$US/coin. Only that we agree it provides some sort of value makes it valuable. That sounds a bit shady and potentially very risky; but it also happens to be precisely how fiat money works. This is why the banks are excited about the blockchain and not bitcoin. Silly bankers, I think they still don't get it.
A 'bubble' in a financial context is generally a negative description of a market; this is because the market so described is inflated. What they don't tell you is that while a bubble is generally considered 'bad' for an economic sector, a bubble does make a lot of money for some of the people involved. In short, it is an opportunity if you know how to take advantage of it. This requires timing. See 'technical analysis of markets'.
Enough of pandering to greed and need; lets talk a bit about how a regular guy without 150K$US in coin mining equipment can actually use coin to his advantage.
First thing is, don't quit your day job. You're going to need fiat. Period. It's what underpins the value of bitcoin, by design. There won't ever be a world where money is just valuable; unless it's made of pure gold and silver. Get used to that idea, because bitcoin was never meant to replace money, it was always meant as a medium of speculation and exchange; a complement to fiat. This is reflected in it's design.
The first thing for which you'll need fiat in this context is to purchase coin. From an investment perspective, there are three reasons to purchase coin. All benefit from technical marketplace analysis, which is used to do two very useful things: identify highs, and identify lows. Using these two pieces of information one generates signals. There are three kinds of signals: Buy, Sell, and Hold. Anyway, I was not going to talk about greed and need.
So yes, buy coin. Buy it cheap as you can. Then do one of these things with it: 1. Hold it. The overall trend since the beginning has been increased rates of exchange. If you hold it long enough, it will likely mature in value. If you decide to sell it, hopefully it will be for much more than you paid for it. 2. Lend it at interest. This is the functional equivalent of a bitcoin certificate of deposit. You lend the coin at a fixed rate of return and for a fixed period of time. The risks are the same as with any lending in which you might engage and are addressed with similar precautions. 3. Sell it when it's high, wait until it's low again, and buy it again. Repeat for as long as you are comfortable speculating.
I know, I said I was finished pandering to greed and need, but this is the thing that bitcoin is perhaps most useful for at this time.
Now to my original point number 2.
Looking down from my lofty perspective of ignorance, bitcoin works a bit like this (experts feel free to chime in here and correct me, I don't have the deepest technical knowlege of blockchain workings). Basically, a wallet is a cryptographic key value pair. Two big numbers. They are typically presented as both strings of text and QR codes. Both are not required; either will work. It is important to realize that the key/value pair is the 'account'. The values themselves. That is where your coin is stored.
This is the thing I missed at the beginning; had I known I could store my coin on paper with keys that have never seen the network, I'd never have lost my original stake. Note the phrase 'keys that have never seen the network'. These are a lot easier to come by than you might think; mine were generated offline in my browser with a little javascript. This also means that if you ever put your private key from such a wallet on the net, it is no longer secure, no matter what you do with the paper wallet. The crypto keys are the account, not the paper they are printed on. The private key is all you need to sweep the value out of it.
When you receive some bitcoin, that's a transaction. This transaction gets encrypted into a block on the blockchain. This encryption is cryptographically 'hot', which is to say it uses an unusually high amount of computational resource. Encrypting such a transaction is what is referred to as 'mining'. Blocks in the blockchain are a specific size, and when one is 'filled' by a miner, s/he creates a new bitcoin. There's more, but here we are at the limits of my understanding.
So, if wallets are so insecure, how do you ever get coin without it being hacked out from under you? Easy, you have it sent to the public address of one of these offline wallets. This is how every key-pair works; the public key is where the money is sent; the private key is how it is sent.
So, you want to spend your coin? It can be done; there are lots of places on the web that accept coin. I know of a very reliable, high quality hosting provider whom I can pay with coin; VPN services seem to traffic a lot of coin; and other things; from what I understand, it is the currency of the so-called 'dark web' (I wouldn't know first hand, never been there myself). Generally though, the way most of us will spend coin, is to convert it back to fiat. This can be tricky. That being said, it is no more tricky than say, selling your euros or your pesos, and perhaps not quite as tricky as cashing out of some stocks on the stock market. I'll leave it to the reader to decide how best to do that, largely because the landscape changes rapidly in that respect.
Which brings us to my final talking point, one mentioned but not one of my bulleted points: Risk. This whole damn thing is risky as hell. Don't tie up any more money with it than you are willing to lose. There are some things you can do that will help mitigate the risk, but not by a lot. Diversification comes to mind. That being said, most such strategies seem to look more like 'make money quicker and get out while you can' than they look like 'protecting my investment'.
Which brings us finally to my closing comments:
These are the personal observations of an internet greybeard. I am not a lawyer, a financial consultant, or an advisor of any kind. If you decide to do anything like I'm doing it, god help you and best of luck to you, you'll need both. I have no track record and less credibility. Come to think of it, I'll add this to my opening comments too.
EDIT: Typo
submitted by UnclaEnzo to BitcoinBeginners [link] [comments]

What I've learnt about bitcoin the past week or ten days

Greetings. Before I get into this let me just say that these are the personal observations of an internet greybeard. I am not a lawyer, a financial consultant, or an advisor of any kind. If you decide to do anything like I'm doing it, god help you and best of luck to you, you'll need both. I have no track record and less credibility.
First I'll give a TL;DR for those who would rather not read such a wordy post: bitcoin has much cool factor, is a potential investment vehicle if you don't mind some considerable risk, and yes, still has a long road ahead of it for broad adoption.
On to the thick of it:
First, some background. I'm not completely inexperienced with bitcoin, I first investigated it sometime in 2011; people were giving me bitcoin at the time in 5 coin batches, just for the asking, so I could experiment with it and try to figure out what it was and what it was good for. My interest involved using it as a currency in so-called 'virtual worlds'.
I accumulated about 15 coin at Mt. Gox, and shortly after, they got hacked. I was not compromised, and my coin was intact; so I moved it to another, seemingly more stable exchange. Before long, this interest took a back seat to something more productive and I pretty much forgot about it until the price took off like a rocket and it seemed I might have several tens of thousands of dollars squirreled away at that exchange, and when I went back to find it, the URL for the exchange had been abandoned and the exchange was gone, with my coin. By this time, the bull run was over and the coin was worth a few dollars again, and I gave it up and made a note to myself: Never again would I screw with bitcoin until I could find out how to secure it personally.
So, to the present: with the recent bull run, and bitcoin in the news because china and the banks suddenly warming up to it, I decided it was time to revisit it. With past lessons in mind, I began my research.
Here's what I've learned: 1. You don't need an exchange if you aren't actively trading coin. DIY and store your coin on paper. 2. Storing coin offline is easy with paper wallets. Workflows with paper wallets are non-trivial but not entirely tedious given the right tools. 3. The 'bitcoin community' is a marketplace only if you consider bitcoin to be their product.
The 'work for coin', and 'buy with coin' memes are pretty misleading; when you get out there and actually try to work for coin, currently at least, all the sites seem to be for show only; that is, getting registered and getting work breaks down; all the sites I interacted with had odd requirements (pass our entrance exams, and keep taking tests to rank up to a wage), broken signup procedures, or the like; none of them turned out to be useable in any meaningful way, with the possible exception of https://www.xbtfreelancer.com, but honestly I could starve quicker by not working at all than for working at the rates being offered on that site and suffer less in the process. The coin faucets are a complete waste of time, for any purpose. I spent two days gathering up 10 cents in order to test my paper wallet workflow; all but 2 cents were taken in transfer fees. Don't bother. One other source of 'work for coin', the reddit /Jobs4Bitcoins, seems legit, but again I think that the majority of the work offered there is offered at such a low wage I wouldn't bother, and the ratio of 'Hiring':'For Hire' is dismal; everyone wants to work for coin, but no one is offering coin for work, and the rates offered on the few jobs that are out there, well, they aren't quite as bad as what the faucets pay... I'll leave off commenting negatively on point 3 for now, and just sum it up as 'not quite ready for prime time'. Instead, I'll address bitcoin as the valuable product and service the community actually provides.
Bitcoin is a perfect example of a bubble. It's only value at present is that it is a proof of concept of a clearly superior mechanism for doing business of just about any kind. This drives excitement, and excitement fuels emotion. Anyone who has ever traded anything knows that emotion drives the marketplace. I say it is a bubble because in and of itself, bitcoin provides no value; yet it is currently trading at or near 400$US/coin. Only that we agree it provides some sort of value makes it valuable. That sounds a bit shady and potentially very risky; but it also happens to be precisely how fiat money works. This is why the banks are excited about the blockchain and not bitcoin. Silly bankers, I think they still don't get it.
A 'bubble' in a financial context is generally a negative description of a market; this is because the market so described is inflated. What they don't tell you is that while a bubble is generally considered 'bad' for an economic sector, a bubble does make a lot of money for some of the people involved. In short, it is an opportunity if you know how to take advantage of it. This requires timing. See 'technical analysis of markets'.
Enough of pandering to greed and need; lets talk a bit about how a regular guy without 150K$US in coin mining equipment can actually use coin to his advantage.
First thing is, don't quit your day job. You're going to need fiat. Period. It's what underpins the value of bitcoin, by design. There won't ever be a world where money is just valuable; unless it's made of pure gold and silver. Get used to that idea, because bitcoin was never meant to replace money, it was always meant as a medium of speculation and exchange; a complement to fiat. This is reflected in it's design.
The first thing for which you'll need fiat in this context is to purchase coin. From an investment perspective, there are three reasons to purchase coin. All benefit from technical marketplace analysis, which is used to do two very useful things: identify highs, and identify lows. Using these two pieces of information one generates signals. There are three kinds of signals: Buy, Sell, and Hold. Anyway, I was not going to talk about greed and need.
So yes, buy coin. Buy it cheap as you can. Then do one of these things with it: 1. Hold it. The overall trend since the beginning has been increased rates of exchange. If you hold it long enough, it will likely mature in value. If you decide to sell it, hopefully it will be for much more than you paid for it. 2. Lend it at interest. This is the functional equivalent of a bitcoin certificate of deposit. You lend the coin at a fixed rate of return and for a fixed period of time. The risks are the same as with any lending you might engage in and are addressed with similar precautions. 3. Sell it when it's high, wait until it's low again, and buy it again. Repeat for as long as you are comfortable speculating.
I know, I said I was finished pandering to greed and need, but this is the thing that bitcoin is perhaps most useful for at this time.
Now to my original point number 2.
Looking down from my lofty perspective of ignorance, bitcoin works a bit like this (experts feel free to chime in here and correct me, I don't have the deepest technical knowlege of blockchain workings). Basically, a wallet is a cryptographic key value pair. Two big numbers. They are typically presented as both strings of text and QR codes. Both are not required; either will work. It is important to realize that the key/value pair is the 'account'. The values themselves. That is where your coin is stored.
This is the thing I missed at the beginning; had I known I could store my coin on paper with keys that have never seen the network, I'd never have lost my original stake. Note the phrase 'keys that have never seen the network'. These are a lot easier to come by than you might think; mine were generated offline in my browser with a little javascript. This also means that if you ever put your private key from such a wallet on the net, it is no longer secure, no matter what you do with the paper wallet. The crypto keys are the account, not the paper they are printed on. The private key is all you need to sweep the value out of it.
When you receive some bitcoin, that's a transaction. This transaction gets encrypted into a block on the blockchain. This encryption is cryptographically 'hot', which is to say it uses an unusually high amount of computational resource. Encrypting such a transaction is what is referred to as 'mining'. Blocks in the blockchain are a specific size, and when one is 'filled' by a miner, s/he creates a new bitcoin. There's more, but here we are at the limits of my understanding.
So, if wallets are so insecure, how do you ever get coin without it being hacked out from under you? Easy, you have it sent to the public address of one of these offline wallets. This is how every key-pair works; the public key is where the money is sent; the private key is how it is sent.
So, you want to spend your coin? It can be done; there are lots of places on the web that accept coin. I know of a very reliable, high quality hosting provider whom I can pay with coin; VPN services seem to traffic a lot of coin; and other things; from what I understand, it is the currency of the so-called 'dark web' (I wouldn't know first hand, never been there myself). Generally though, the way most of us will spend coin, is to convert it back to fiat. This can be tricky. That being said, it is no more tricky than say, selling your euros or your pesos, and perhaps not quite as tricky as cashing out of some stocks on the stock market. I'll leave it to the reader to decide how best to do that, largely because the landscape changes rapidly in that respect.
Which brings us to my final talking point, one mentioned but not one of my bulleted points: Risk. This whole damn thing is risky as hell. Don't tie up any more money with it than you are willing to lose. There are some things you can do that will help mitigate the risk, but not by a lot. Diversification comes to mind. That being said, most such strategies seem to look more like 'make money quicker and get out while you can' than they look like 'protecting my investment'.
Which brings us finally to my closing comments:
These are the personal observations of an internet greybeard. I am not a lawyer, a financial consultant, or an advisor of any kind. If you decide to do anything like I'm doing it, god help you and best of luck to you, you'll need both. I have no track record and less credibility. Come to think of it, I'll add this to my opening comments too.
EDIT: Typo
submitted by UnclaEnzo to Bitcoin [link] [comments]

Understanding Bitcoin Properly

Bitcoin is a what you can call a new type of online currency, a crypt-currency. This crypts-currency was propose in the late 90's by a group known as cypherpunks who mainly discussed about cryptography and security and among them was, for a currency that would be totally anonymous and free from the control of large banks and governments. around the late 2008 this guy named "Satoshi Nakamoto" wrote a rocking paper describing this concept of a a P2P payment system that would use the concept discussed by the early cypherpunks.
If you don't know why some intelligent folks are excited about the Bitcoin concept, you should take the time to understand. Bitcoin is a new form of currency that is accepted worldwide and can never be debased by politicians trying to get re-elected or countries trying to pay off huge debts. In a world in which the value of paper money is constantly ravaged by inflation, that's a very attractive attribute. Also, the world is very much ready for a "global" currency. Bitcoin satisfies that need.
Bitcoins are like cash in that they aren't tied to your identity, and transactions made with Bitcoins are irreversible and untraceable. But they're like credits in a manner that they aren't physical. Bitcoins are a peer to peer system.
What Bitcoin allows you to do is to send money to people, make purchases, just like real cash, only difference is this is online. Bitcoin in most ways behave like hard cash . you can give it to person to person, you can loose it, and destroy it.
Well, Bitcoin address is different from any other address system you may have encountered before, A bitcoin address consists of two addresses the public address and the private address. Like the name suggests the public address is public and can be distributed to any one and every one without any fear. the private address is the one you keep very private and secret and dont even tell that to any one at all. You keep it so secret, that no one can access it.
A bitcoin address is a hash of a public portion of a public/private ECDSA keypair and they looks like this:- 1La9GFB8sNRko99jP2N5AMQYPvmsDoVbKb. Bitcoin is in its infancy, a free market currency whose price or value is determined by the demand and supply. A multitude of factors could in theory affect Bitcoin prices, nobody in the current scenario can conclude that only a few factors affect Bitcoin, I will try to explain only “a few” that have had a considerable impact on Bitcoin prices recently, many more may be yet to be known.
Like gold prices that fluctuate due to a variety of factors, some of the factors which have been observed till date are listed below:
Media Exposure
The initial growth of the Bitcoin ecosystem and prices was attributed to media articles, familiarizing it to more people. The world’s supply of Bitcoins is essentially fixed, but because people in the media keep talking about it, demand keeps rising. This leads to higher prices—and as prices go up, people who currently hold Bitcoins develop greater and greater expectations for the currency. Today, the excitement around Bitcoin is still confined to a tiny segment of the population — technology aficionados, monetary idealists and speculators. The potential for exposure is large.
Eurozone Crisis
A direct correlation between the Cypress bailout and Bitcoin price was observed. Some of the investors in Europe moved their investments into Bitcoin around the time of the Cypress bailout. This resulted in a huge cash flow into the Bitcoin ecosystem.
Hoarding
Demand crisis: Like any currency, Bitcoin is traded on exchanges, Bitcoin holders hoard their stash, which further reduces supply, which in turn boosts the price and sparks yet more media attention—and the cycle continues till profit selling takes place like in any currency.
Fear of Govt intervention
There is nothing illegal about Bitcoin . Cash is as anonymous and not tied to identity. But could government grow increasingly interested in defending its paper-money monopoly? We've already seen hints of this. But because the market is already huge and global, there will be growing attempts to control it, tax it and regulate it.
Trading Exchange outages
Trading exchanges like MTgox which handles almost 70% of trade have seen trading halted due to DDos's, but such events are seen to be temporary and the a price fall due to a DDos is usually recovered when trading resumes to normal levels, leaving only a temporary effect. Smaller exchanges have been hacked due to insecure design of the sites . The interim crashes could be sharp and scary. The Bitcoin algorithm, system and framework itself is preternaturally sound. As with any new creation, there are glitches and vulnerabilities that still need to be worked out in trading exchanges.
Vendor acceptance
Bitcoins remain very much a niche payment method. In accepting the currency there is a small circle of large Internet companies’ participating in the system. Others include WordPress, which will sell you everything from Web hosting to CSS packages in exchange for Bitcoins. WikiLeaks and 4chan are part of a growing list of online organizations that accept Bitcoin donations. As vendor acceptance improves the value of Bitcoin as a currency improves.
Free market currency
Being in its infancy, Bitcoin will see wild price swings till it becomes established as a currency. The market is still in a price discovery stage and is expected to stabilize at a certain point, where its value and place as currency is usable in daily life.
You can use Bitcoins with people and business that accept Bitcoins. as a new currency there are not many brick and mortar stores that accept Bitcoins, but there are online services that may be purchased with Bitcoin. and like any new currency the growth is slow but then number of people and businesses accepting Bitcoin is increasing exponentially.
The Bitcoin algorithm was presented as a scientific paper and peer reviewed like any other scientific paper, the paper was widely accepted and is the sole fundamental of Bitcoin. The algorithm of Bitcoin has been designed so that it is resistant to quantum computers which have not been built as of yet.
All currencies are backed by gold or similar assets. Lets look at gold. What is gold backed by? What decides the value of gold? Demand and supply. What decides the value of Bitcoin? Demand and Supply.
Like gold the amount of Bitcoins is limited, only 21 million Bitcoins will be ever produced. The value of Bitcoin can be equated to how the value of gold is estimated. So the "fundamental" value of Bitcoin can only be estimated the same way the fundamental value of, gold can be estimated — which is guessing at what someone will be willing to pay for it at some time in the future. The whole premise of Bitcoin is that only a finite amount of it will ever be created. This is in stark contrast to standard currencies, the supply of which is continually increased.
Fiat paper currencies are a relic of a past age. It has proven to be a spectacular failure, giving rise to inflations and unending booms and busts. As technology progresses, markets look for an alternative. A single global digital currency is certainly in our future. Bitcoin is just the most successful example of that so far.
Bitcoin can be easily used for international transfers without paying commissions to third parts like banks and cutting down transaction times for bank wires from days to hours for a Bitcoin transaction.
It is always prudent on your part to view Bitcoins objectively and arrive at its value in your life. In my view, Bitcoin is the Internet, applied to Money. We need to remember that Bitcoin is not a stock, a company, or even a regular commodity. It is a technology. That technology is a payment system that is evolving into a real currency. Right now, its most spectacular use is in transferring funds from one person to another. It's as easy as sending a text message on a phone. We live in a digital age. We need a digital currency.
Using Bitcoin:
In order to use Bitcoin, you need a Bitcoin wallet. Bitcoin Wallet is just like your wallet where you keep your money. Wallets come in the form of softwares and web wallets.
Software wallets are simply installed on your computer. With these standalone clients, you are responsible for protecting your money and doing backups. While using these wallets, you need to bewary as some viruses are designed to steal your wallet files and the hacker can easily eat up your Bitcoins. So, I don't suggest these.
However, some software wallets are also released for smartphones. In these types of wallets, there is no need to backup the files as all the data is stored in the servers.
Examples: Bitcoin Official Client, Multibit, Bitcoin Wallet (Mobile), etc.
Web Wallets are the best and easy to use. They are secure as the data is not stored in your computer, it is stored on secure servers. However, it is very important to choose a good provider. Recently, a Web-based Bitcoin Wallet provider, Inputs.io was hacked and the hacker stole everything. This resulted in loss of millions of dollars. I suggest you to choose Blockchain Wallet or Coinbase. CoinBase just raised $25 Million.
I'm using BlockChain wallet here:
  1. First fill out the form at https://blockchain.info/wallet/new.
  2. After registering on BlockChain Wallet, login with your details.
  3. After logging you will see your Bitcoin address.
  4. This is your auto-generated Bitcoin address. You can use this to receive payments.
  5. if you are not satisfied with one address or need more. You can generate more addresses at "Receive Money" tab. First click on the "Receive Money" tab then click at "New Address" button.
How to earn:
  1. Purchase some Bitcoins at low prices and then sell them at high prices.
  2. Website Revenue: Earn from your website by adding non-annoying ads. These ads are very simple and clean. This is the way I earn Bitcoins. I'm talking about Anonymous-Ads - http://a-ads.com/.
  3. The other way is by using Bitcoin Faucet. But, these faucets are useless as the pay amount is very extreme low. You need to visit Faucets every hour and enter your address. They'll send you a payment in few hours.
Spending your Bitcoins is easy:
There are hundreds of retailers that accept Bitcoin. If you want a domain or hosting, go to NameCheap.com.
Here is a list of websites that accept Bitcoin: http://www.bitcointrading.com/forum/spen...-bitcoins/ but there are many more available.
You should also join the Bitcoin Community at http://bitcointalk.org...
If you liked this post. Please give it a +1 for my work. It will help me to write more on Bitcoin.
submitted by areebmajeed to Bitcoin [link] [comments]

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