Bitcoin: Difference between revisions
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<html><iframe width="560" height="315" src="https://www.youtube.com/embed/T2zH-T_hmLs" frameborder="0" allow="autoplay; encrypted-media" allowfullscreen></iframe></html> | <html><iframe width="560" height="315" src="https://www.youtube.com/embed/T2zH-T_hmLs" frameborder="0" allow="autoplay; encrypted-media" allowfullscreen></iframe></html> | ||
=Valuation= | |||
Stock to flow ratio of Bitcoin indicates that price would reach $100k by end of 2021 [https://www.investopedia.com/tech/cryptocurrency-this-week/]. It could also drop to as low as $17k. See low and highs for 2021-2025 - which shows highs and lows getting close to $100k in 2023. [https://primexbt.com/blog/bitcoin-price-prediction-forecast/#:~:text=Because%20Bitcoin%20is%20so%20powerful,per%20BTC%20in%20the%20future.] | |||
=Seminal Books= | =Seminal Books= | ||
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*Top 3 books by Investopedia - [https://www.investopedia.com/articles/personal-finance/091316/top-3-books-learn-about-blockchain.asp] | *Top 3 books by Investopedia - [https://www.investopedia.com/articles/personal-finance/091316/top-3-books-learn-about-blockchain.asp] | ||
*'''Article on Medium''' - follow this thread - simple nontechnical examples for aha moments - [https://medium.com/startup-grind/gentle-intro-to-blockchain-and-smart-contracts-part-1-3328afca62ab] | *'''Article on Medium''' - follow this thread - simple nontechnical examples for aha moments - [https://medium.com/startup-grind/gentle-intro-to-blockchain-and-smart-contracts-part-1-3328afca62ab] | ||
=Notes= | =Notes= | ||
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*Miners - ant miners pay for themselves in a few month. | *Miners - ant miners pay for themselves in a few month. | ||
=Tactical = | |||
*Leger Nano S - [https://www.amazon.com/gp/product/B01J66NF46/ref=ppx_yo_dt_b_search_asin_title?ie=UTF8&psc=1]. What happens if the device is not made any more? You can move coins to a newer device by Ledger [https://support.ledger.com/hc/en-us/articles/5615862066717-Ledger-Nano-S-Sunset-FAQ?support=true]. What happens if the company goes out of business? No problem - you can use your recovery phrase to restore your coins using any other wallet platform. | |||
*Custodial vs non-custodial accounts ? Blockchain.com has both. Blockchain.com custodial in the main feature - [https://support.blockchain.com/hc/en-us/articles/4417061860116-How-do-I-withdraw-from-my-Blockchain-com-Account-] - meaning Blockchain.com holds the btc securely for you. | |||
*Blockchain.com stores your private keys | |||
*Exodus is a desktop wallet, you hold keys. Blockchain.com holds your keys. [https://www.bitdegree.org/crypto/exodus-vs-blockchain#:~:text=After%20comparing%20Exodus%20vs%20Blockchain,Blockchain%20supports%207%20different%20cryptocurrencies.] | |||
=Hardware Wallets= | =Hardware Wallets= | ||
*About - https://en.bitcoin.it/wiki/Hardware_wallet | *About - https://en.bitcoin.it/wiki/Hardware_wallet | ||
=Lex Comments= | |||
Saw your post about skycoin... | Saw your post about skycoin... | ||
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https://www.coindesk.com/short-guide-blockchain-consensus-protocols/ | https://www.coindesk.com/short-guide-blockchain-consensus-protocols/ | ||
==Why People Don't Get Bitcoin in the USA== | |||
There is a very good talk by a bitcoin guy (Andreas M. Antonopoulos) of why average people in US don't really get bitcoin right away as compared to someone from a less stable country, I think the same applies to OSE (I see a lot of parallels between this talk and OSE): | |||
https://youtu.be/QoiR4aNbTOw?t=136 | |||
=Eric's Comments= | =Eric's Comments= | ||
In regards to wasteful mining, that is why i find [[FairCoin]] more appealing than bitcoin. Really worth a look. I mainly added this page because bitcoin is really common, and it was the first major cryptocurrency to take off. | In regards to wasteful mining, that is why i find [[FairCoin]] more appealing than bitcoin. Really worth a look. I mainly added this page because bitcoin is really common, and it was the first major cryptocurrency to take off. | ||
=See Also= | =See Also= | ||
*[[Open Source Currency Construction Set]] | *[[Open Source Currency Construction Set]] | ||
*[[Open Source Bitcoin Mining Rig]] | |||
=Links= | |||
*'''Bitcoin Whitepaper:''' https://bitcoin.org/bitcoin.pdf | |||
= | |||
*Understanding Change Addresses - [https://bitzuma.com/posts/five-ways-to-lose-money-with-bitcoin-change-addresses/] | *Understanding Change Addresses - [https://bitzuma.com/posts/five-ways-to-lose-money-with-bitcoin-change-addresses/] | ||
*[https://en.wikipedia.org/wiki/Bitcoin Wikipedia Page on Bitcoin] | *[https://en.wikipedia.org/wiki/Bitcoin Wikipedia Page on Bitcoin] | ||
*Article iun Wired 2014 - on the soul of bitcoin - [https://www.wired.com/2014/03/what-is-bitcoin/] | |||
*NYT article on bitcoin regulation - [https://www.nytimes.com/2021/01/30/business/dealbook/crypto-regulation-blockchain.html] | |||
Latest revision as of 16:13, 24 March 2023
Basics
- The First Decentralized Cryptocurrency
- May not be the best, but it is widely in use compared to other cryptocurrencies
- Part of the Open Source Currency Construction Set
Valuation
Stock to flow ratio of Bitcoin indicates that price would reach $100k by end of 2021 [1]. It could also drop to as low as $17k. See low and highs for 2021-2025 - which shows highs and lows getting close to $100k in 2023. [2]
Seminal Books
- Andreas Antonopoulos - Mastering Bitcoin - [3]
- Top 3 books by Investopedia - [4]
- Article on Medium - follow this thread - simple nontechnical examples for aha moments - [5]
Notes
- The wallet is a public-private key pair
- Hardware wallet or paper copy is safest - ledger nano s, or https://trezor.io/
- The hardware wallet should have a display. The display is used to generate your key pair if you lose - you can recreate your key pair by 20 words that you write down or remember.
- Exchanges typically store your private key.
- Private key is what is used to access your wallet
- Miners - ant miners pay for themselves in a few month.
Tactical
- Leger Nano S - [6]. What happens if the device is not made any more? You can move coins to a newer device by Ledger [7]. What happens if the company goes out of business? No problem - you can use your recovery phrase to restore your coins using any other wallet platform.
- Custodial vs non-custodial accounts ? Blockchain.com has both. Blockchain.com custodial in the main feature - [8] - meaning Blockchain.com holds the btc securely for you.
- Blockchain.com stores your private keys
- Exodus is a desktop wallet, you hold keys. Blockchain.com holds your keys. [9]
Hardware Wallets
Lex Comments
Saw your post about skycoin...
I would say *any* crypto currencies that relies on CPU intensive mining is not "appropriate" technology. It's wasteful and dumb :-)
Even the 2nd most popular crypto currency, Ethereum, is very actively looking to move away from wasteful mining and actually already is pushing out a new Proof-of-Stake algorithm:
https://www.coindesk.com/ethereums-big-switch-the-new-roadmap-to-proof-of-stake/
Basically, look for anything other than PoW (Proof-of-Work).
Here is a short primer on the various other census algorithms:
https://www.coindesk.com/short-guide-blockchain-consensus-protocols/
Why People Don't Get Bitcoin in the USA
There is a very good talk by a bitcoin guy (Andreas M. Antonopoulos) of why average people in US don't really get bitcoin right away as compared to someone from a less stable country, I think the same applies to OSE (I see a lot of parallels between this talk and OSE):
https://youtu.be/QoiR4aNbTOw?t=136
Eric's Comments
In regards to wasteful mining, that is why i find FairCoin more appealing than bitcoin. Really worth a look. I mainly added this page because bitcoin is really common, and it was the first major cryptocurrency to take off.
See Also
Links
- Bitcoin Whitepaper: https://bitcoin.org/bitcoin.pdf
- Understanding Change Addresses - [10]
- Wikipedia Page on Bitcoin
- Article iun Wired 2014 - on the soul of bitcoin - [11]
- NYT article on bitcoin regulation - [12]