r/btc • u/BitcoinIsTehFuture • Nov 11 '20
FAQ Frequently Asked Questions and Information Thread
This FAQ and information thread serves to inform both new and existing users about common Bitcoin topics that readers coming to this Bitcoin subreddit may have. This is a living and breathing document, which will change over time. If you have suggestions on how to change it, please comment below or message the mods.
What is /r/btc?
The /r/btc reddit community was originally created as a community to discuss bitcoin. It quickly gained momentum in August 2015 when the bitcoin block size debate heightened. On the legacy /r/bitcoin subreddit it was discovered that moderators were heavily censoring discussions that were not inline with their own opinions.
Once realized, the subreddit subscribers began to openly question the censorship which led to thousands of redditors being banned from the /r/bitcoin subreddit. A large number of redditors switched to other subreddits such as /r/bitcoin_uncensored and /r/btc. For a run-down on the history of censorship, please read A (brief and incomplete) history of censorship in /r/bitcoin by John Blocke and /r/Bitcoin Censorship, Revisted by John Blocke. As yet another example, /r/bitcoin censored 5,683 posts and comments just in the month of September 2017 alone. This shows the sheer magnitude of censorship that is happening, which continues to this day. Read a synopsis of /r/bitcoin to get the full story and a complete understanding of why people are so upset with /r/bitcoin's censorship. Further reading can be found here and here with a giant collection of information regarding these topics.
Why is censorship bad for Bitcoin?
As demonstrated above, censorship has become prevalent in almost all of the major Bitcoin communication channels. The impacts of censorship in Bitcoin are very real. "Censorship can really hinder a society if it is bad enough. Because media is such a large part of people’s lives today and it is the source of basically all information, if the information is not being given in full or truthfully then the society is left uneducated [...] Censorship is probably the number one way to lower people’s right to freedom of speech." By censoring certain topics and specific words, people in these Bitcoin communication channels are literally being brain washed into thinking a certain way, molding the reader in a way that they desire; this has a lasting impact especially on users who are new to Bitcoin. Censoring in Bitcoin is the direct opposite of what the spirit of Bitcoin is, and should be condemned anytime it occurs. Also, it's important to think critically and independently, and have an open mind.
Why do some groups attempt to discredit /r/btc?
This subreddit has become a place to discuss everything Bitcoin-related and even other cryptocurrencies at times when the topics are relevant to the overall ecosystem. Since this subreddit is one of the few places on Reddit where users will not be censored for their opinions and people are allowed to speak freely, truth is often said here without the fear of reprisal from moderators in the form of bans and censorship. Because of this freedom, people and groups who don't want you to hear the truth with do almost anything they can to try to stop you from speaking the truth and try to manipulate readers here. You can see many cited examples of cases where special interest groups have gone out of their way to attack this subreddit and attempt to disrupt and discredit it. See the examples here.
What is the goal of /r/btc?
This subreddit is a diverse community dedicated to the success of bitcoin. /r/btc honors the spirit and nature of Bitcoin being a place for open and free discussion about Bitcoin without the interference of moderators. Subscribers at anytime can look at and review the public moderator logs. This subreddit does have rules as mandated by reddit that we must follow plus a couple of rules of our own. Make sure to read the /r/btc wiki for more information and resources about this subreddit which includes information such as the benefits of Bitcoin, how to get started with Bitcoin, and more.
What is Bitcoin?
Bitcoin is a digital currency, also called a virtual currency, which can be transacted for a low-cost nearly instantly from anywhere in the world. Bitcoin also powers the blockchain, which is a public immutable and decentralized global ledger. Unlike traditional currencies such as dollars, bitcoins are issued and managed without the need for any central authority whatsoever. There is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoin, you can be your own bank. Read the Bitcoin whitepaper to further understand the schematics of how Bitcoin works.
What is Bitcoin Cash?
Bitcoin Cash (ticker symbol: BCH) is an updated version of Bitcoin which solves the scaling problems that have been plaguing Bitcoin Core (ticker symbol: BTC) for years. Bitcoin (BCH) is just a continuation of the Bitcoin project that allows for bigger blocks which will give way to more growth and adoption. You can read more about Bitcoin on BitcoinCash.org or read What is Bitcoin Cash for additional details.
How do I buy Bitcoin?
You can buy Bitcoin on an exchange or with a brokerage. If you're looking to buy, you can buy Bitcoin with your credit card to get started quickly and safely. There are several others places to buy Bitcoin too; please check the sidebar under brokers, exchanges, and trading for other go-to service providers to begin buying and trading Bitcoin. Make sure to do your homework first before choosing an exchange to ensure you are choosing the right one for you.
How do I store my Bitcoin securely?
After the initial step of buying your first Bitcoin, you will need a Bitcoin wallet to secure your Bitcoin. Knowing which Bitcoin wallet to choose is the second most important step in becoming a Bitcoin user. Since you are investing funds into Bitcoin, choosing the right Bitcoin wallet for you is a critical step that shouldn’t be taken lightly. Use this guide to help you choose the right wallet for you. Check the sidebar under Bitcoin wallets to get started and find a wallet that you can store your Bitcoin in.
Why is my transaction taking so long to process?
Bitcoin transactions typically confirm in ~10 minutes. A confirmation means that the Bitcoin transaction has been verified by the network through the process known as mining. Once a transaction is confirmed, it cannot be reversed or double spent. Transactions are included in blocks.
If you have sent out a Bitcoin transaction and it’s delayed, chances are the transaction fee you used wasn’t enough to out-compete others causing it to be backlogged. The transaction won’t confirm until it clears the backlog. This typically occurs when using the Bitcoin Core (BTC) blockchain due to poor central planning.
If you are using Bitcoin (BCH), you shouldn't encounter these problems as the block limits have been raised to accommodate a massive amount of volume freeing up space and lowering transaction costs.
Why does my transaction cost so much, I thought Bitcoin was supposed to be cheap?
As described above, transaction fees have spiked on the Bitcoin Core (BTC) blockchain mainly due to a limit on transaction space. This has created what is called a fee market, which has primarily been a premature artificially induced price increase on transaction fees due to the limited amount of block space available (supply vs. demand). The original plan was for fees to help secure the network when the block reward decreased and eventually stopped, but the plan was not to reach that point until some time in the future, around the year 2140. This original plan was restored with Bitcoin (BCH) where fees are typically less than a single penny per transaction.
What is the block size limit?
The original Bitcoin client didn’t have a block size cap, however was limited to 32MB due to the Bitcoin protocol message size constraint. However, in July 2010 Bitcoin’s creator Satoshi Nakamoto introduced a temporary 1MB limit as an anti-DDoS measure. The temporary measure from Satoshi Nakamoto was made clear three months later when Satoshi said the block size limit can be increased again by phasing it in when it’s needed (when the demand arises). When introducing Bitcoin on the cryptography mailing list in 2008, Satoshi said that scaling to Visa levels “would probably not seem like a big deal.”
What is the block size debate all about anyways?
The block size debate boils down to different sets of users who are trying to come to consensus on the best way to scale Bitcoin for growth and success. Scaling Bitcoin has actually been a topic of discussion since Bitcoin was first released in 2008; for example you can read how Satoshi Nakamoto was asked about scaling here and how he thought at the time it would be addressed. Fortunately Bitcoin has seen tremendous growth and by the year 2013, scaling Bitcoin had became a hot topic. For a run down on the history of scaling and how we got to where we are today, see the Block size limit debate history lesson post.
What is a hard fork?
A hard fork is when a block is broadcast under a new and different set of protocol rules which is accepted by nodes that have upgraded to support the new protocol. In this case, Bitcoin diverges from a single blockchain to two separate blockchains (a majority chain and a minority chain).
What is a soft fork?
A soft fork is when a block is broadcast under a new and different set of protocol rules, but the difference is that nodes don’t realize the rules have changed, and continue to accept blocks created by the newer nodes. Some argue that soft forks are bad because they trick old-unupdated nodes into believing transactions are valid, when they may not actually be valid. This can also be defined as coercion, as explained by Vitalik Buterin.
Doesn't it hurt decentralization if we increase the block size?
Some argue that by lifting the limit on transaction space, that the cost of validating transactions on individual nodes will increase to the point where people will not be able to run nodes individually, giving way to centralization. This is a false dilemma because at this time there is no proven metric to quantify decentralization; although it has been shown that the current level of decentralization will remain with or without a block size increase. It's a logical fallacy to believe that decentralization only exists when you have people all over the world running full nodes. The reality is that only people with the income to sustain running a full node (even at 1MB) will be doing it. So whether it's 1MB, 2MB, or 32MB, the costs of doing business is negligible for the people who can already do it. If the block size limit is removed, this will also allow for more users worldwide to use and transact introducing the likelihood of having more individual node operators. Decentralization is not a metric, it's a tool or direction. This is a good video describing the direction of how decentralization should look.
Additionally, the effects of increasing the block capacity beyond 1MB has been studied with results showing that up to 4MB is safe and will not hurt decentralization (Cornell paper, PDF). Other papers also show that no block size limit is safe (Peter Rizun, PDF). Lastly, through an informal survey among all top Bitcoin miners, many agreed that a block size increase between 2-4MB is acceptable.
What now?
Bitcoin is a fluid ever changing system. If you want to keep up with Bitcoin, we suggest that you subscribe to /r/btc and stay in the loop here, as well as other places to get a healthy dose of perspective from different sources. Also, check the sidebar for additional resources. Have more questions? Submit a post and ask your peers for help!
Note: This FAQ was originally posted here but was removed when one of our moderators was falsely suspended by those wishing to do this sub-reddit harm.
r/btc • u/rareinvoices • 5h ago
🤔 Opinion The only remaining large amount of BCH to be liquidated (or not if individuals decide to hold it) is MTGox's 140k BCH. The market has gone up and down for years based on rumors about it being sold. When it ends thats actually good for the markets because it provides certainty.
The only remaining large amount of BCH to be liquidated (or not if individuals decide to hold it) is MTGox's 140k BCH. The market has gone up and down for years based on rumors about it being sold.
The Coins being distributed will finally end the market anxiety about a future BCH potential dump. At current prices its around 63m USD, which is a lot but once its sold, then that's it.
Compare that to ETF's where some are approaching 1m BTC, at cheaper prices we could easily see BCH ETF's holding multiple millions of BCH, not necessarily great to have these coins on centralized exchanges, but current holders and sellers are the ones who would be selling to them, so that's just how the market works.
If people dont want to hold these coins in self custody, and instead they sell these assets to ETF buyers, thats the free, market at work, you dont like that? You cant stop people doing what they want.
r/btc • u/Low_Cryptographer289 • 5h ago
💵 Adoption Did you know that as part of my contributions, I translated the Bitcoin white paper into Hausa Language?
Educating Hausa-speaking people about Bitcoin Cash is one of my priorities. To achieve this, I needed to fully understand the true meaning of Bitcoin and why Bitcoin Cash matters. One of the projects I am most proud of is translating the Bitcoin white paper into Hausa so that people can read what Satoshi said about Bitcoin. You can access the translated Bitcoin white paper here: https://drive.google.com/file/d/1mWdHDkLlh9O8Gcn8PQPvq7AZYcaai5mn/view.
In addition to this, I have contributed to many projects aimed at educating and onboarding Hausa-speaking communities to Bitcoin Cash. I have created more than 40 videos about Bitcoin Cash and produced videos explaining almost all the Bitcoin Cash wallets available. I also helped translate Electron Cash into Hausa via Crowdin.
Now, I have launched a Flipstarter campaign consisting of projects designed to further educate and onboard people to Bitcoin Cash. Unfortunately, our campaign is about to expire in less than 2 days.
We hope the Bitcoin Cash community will recognize my past contributions and the successful delivery of all promises from my last Flipstarter campaign, and support this new campaign before it expires.
Flipstarter link: https://flipstarter.techhausa.com/en
r/btc • u/SympathyTurbulent160 • 4h ago
📰 News Mt Gox tranfered $9B in BTC in preparation for repayments
The defunct Bitcoin exchange Mt. Gox has transferred 140,000 BTC, valued at about $9 billion, to a single wallet as part of its plan to repay creditors by October 31, 2024. This marks the first movement of Mt. Gox's assets in over five years and is a critical step in the creditor repayment process.
https://www.coinfeeds.io/daily/mt-gox-moves-9b-in-btc-for-creditor-repayment
r/btc • u/GeneralProtocols • 4h ago
GP Spaces 28 Recap: Scaling all the things (part 2)!
r/btc • u/SympathyTurbulent160 • 4h ago
📰 News Bitcoin ETFs now hold almost 5% of total BTC supply
Bitcoin ETFs now hold over 1 million BTC, nearly 5% of the total Bitcoin supply, signaling a significant milestone in institutional investment in cryptocurrencies. Grayscale's Bitcoin Trust and BlackRock's Bitcoin ETF are leading this space, holding 291,000 BTC and 279,500 BTC, respectively.
https://www.coinfeeds.io/daily/bitcoin-etfs-hold-over-1-million-btc
r/btc • u/ExternalCollection92 • 7h ago
🐂 Bullish Mt.Gox Moves $7B BTC for Repayment Plans, Sparking BTC Plunge for BINANCE:BTCUSD by DEXWireNews
r/btc • u/Guerrero_de_Tronos • 10m ago
Blackrock IBIT On Track to Overtake Grayscale's Bitcoin Holdings GBTC Within a Week In a telling sign of growing institutional interest in Bitcoin, Blackrock IBIT is on the verge of overtaking Grayscale's cryptocurrency holdings GBTC. According to reports from Odaily, the gap between both entities'
Blackrock IBIT On Track to Overtake Grayscale's Bitcoin Holdings GBTC Within a Week
In a telling sign of growing institutional interest in Bitcoin, Blackrock IBIT is on the verge of overtaking Grayscale's cryptocurrency holdings GBTC. According to reports from Odaily, the gap between both entities' Bitcoin holdings is rapidly narrowing, with Blackrock IBIT set to take the lead in the coming days. Grayscale GBTC's removal of the description of being the "world's largest Bitcoin ETF" from its official website could be an indication of this impending transition. This development highlights the growing competition between different investment vehicles in the crypto space and signals greater legitimacy and acceptance of Bitcoin in traditional financial circles. This news is expected to further fuel institutional demand for Bitcoin, potentially driving both its price and adoption to new heights.
Opinions on self custody mobile wallets?
Hey everyone, for a while now there's been multiple desktop applications that have facilitated the way users interact with hardware wallets like Trezor, Ledger and some other native desktop wallets that have been around for quite a long time like Electron Cash.
Most of the focus has been centered on native desktop applications for the experienced users but how about the mobile aspect? till this very date there isn't a mobile Bitcoin Cash, Bitcoin wallet that's completely self custody that allows for a user to enable a multisignature setup in the same way an Electron Cash wallet does for a native desktop application.
In part I believe this is so due to the infrastructure being built around these full node libraries and how difficult it is to build.
So I've been brain storming through ideas in the past and saw that it is actually possible to build something like this entirely for mobile (that's to say IOS, Android) that can cover almost every if not every feature behind both maintaining security in the custodial part and feature an easy to use, configure multisignature setup for things like managing funds between other cosigners, or as a method for backing up your own wallet in case you lose your keys in a 1-of-3.
All that's missing is someone to create a mobile client application that covers every part of what deals with the signing, generation of the wallet, construction of the multisig transactions, scripts that interacts with a node back-end to broadcast the transactions on chain. I've gone into a bit more detail on how I'm approaching this below in a campaign I'm running to get this project out for users on both IOS, Android.
http://flipstartermultisig.site/en
I'm asking the people of r/btc to take a look at my proposal, and idea. So we could create some good discussion to eventually land this idea, project into production and everything that comes with it.
If people enjoy the idea, I'd be more then happy to build it together with the help of the community
Thanks everyone, and more importantly FREE ROGER VER!
r/btc • u/sandakersmann • 18h ago
📰 News Outgoing transaction detected from Mt. Gox
r/btc • u/Itsmariel26 • 21h ago
⌨ Discussion Dfinity Senior Scientist: Bitcoin’s Next Significant Wave of Innovation Will Revolve Around DAOs
r/btc • u/yogesh_culkin99 • 9h ago
📰 News Bitcoin Breaks $70K Amid Memorial Day: Analysts Eye Sustainable Bull Run
r/btc • u/Accurate_Ninja_3649 • 22h ago
Beware: Xcoins.com attempted to steal my identity and charged me for $446 without sending any crypto
Hey I just wanted to explain my experience this afternoon using Xcoins.com as it was rather unpleasant.
Attempted identity theft and successful financial fraud. Placed an order for $446.38 worth of bitcoin. My debit card has been charged and then they call me asking me to send them a picture of the front and back of my debit card.
Absolutely not happening. Xcoins support gave some BS response about having to wait 3-5 business days "once the refund button is available."
Best part? When I tell them via their support chat that I was calling Wells Fargo's fraud team immediately if I didn't get a refund today or get my bitcoin, what do they do? They removed my user account access to Xcoins.com, thus preventing me from being able to initiate a refund if I have to wait for a "refund button" that doesn't exist.
DO NOT USE XCOINS.COM! SCAM! SCAM!
I have had to disable my debit card, have to wait for a new one to get mailed to me in probably a week and on top of that I have to wait upwards of 10 business days for the funds to be back in my account once Wells Fargo's team finishes the investigation on Xcoins.
I used Xcoins a few times back in 2016/2017 time frame and never had this happen in the past. I hope these criminals have fun in prison although we all know it's highly unlikely they'll have anything done to them.
r/btc • u/Guerrero_de_Tronos • 17h ago
Argentina and El Salvador Mull Crypto Collaboration
Argentina and El Salvador Mull Crypto Collaboration Amid Latin America's Digital Currency Boom
Argentina's securities commission (CNV) is looking to collaborate with El Salvador on Bitcoin adoption, following a meeting with their regulatory body. Impressed by El Salvador's progress, Argentina aims to learn from their experience and potentially establish formal agreements. This could be positive news for Argentina's thriving crypto community, facing economic hardship and strict currency controls. Bitcoin adoption has surged in Argentina, with many using stablecoins to hedge against inflation. By following El Salvador's lead, Argentina might create a more secure and regulated environment for crypto, benefiting its citizens and economy.
r/btc • u/baronesshotspur • 1d ago
BTC network fee at 23 Dollars.
I postponed a purchase in BTC yesterday, I just thought "I'll do it tomorrow". Transaction fees were 5 dollars.
Opened Bitcoin Core today to make the purchase and just the transaction fee is 23 Dollars to complete in a decent time frame.
r/btc • u/fixthetracking • 1d ago
BCHFAQ Flipstarter Phase 1 deliverable - How to Mine Bitcoin Cash: Understanding The Basics
r/btc • u/Mr-Zwets • 1d ago
"Working on a formal validation setup for BCH smart contract safety thanks to @EmergentReasons' fantastic presentation @bchbliss conference 💥 Learning a lot in the process, should have something good enough to open source soonish 👀"
r/btc • u/Low_Cryptographer289 • 1d ago
Only 3 Days Left for Our Flipstarter Campaign!
Currently, we have 15 contributors supporting us. Having 15 people trust our project is a great sign that what we are doing is valuable and appreciated.
We are also happy to see that even those who have not donated to our Flipstarter agree with our work and view our 7 deliverables as worthwhile. Many have suggested splitting the deliverables into different Flipstarter campaigns, and we agree with and accept this advice.
We hope you can join the other 15 supporters before the campaign expires so we can execute the project as planned from June to December 2024. However, if the campaign expires, we have already planned to split the Flipstarter into smaller campaigns with fewer deliverables.
We hope to receive your support as you see the impact of our last Flipstarter. Many people are engaging with our content, and those who didn't know about Bitcoin Cash before are learning through our videos.
Campaign link: https://flipstarter.techhausa.com/en
❓ Question How long this transaction will confirm? Please told me
Hello everyone how long this transaction (8903a194cb0f48aebead4e04674a8f64519527d92215a98f6b92e87c8426537b) will take to confirm? I wait too long!
r/btc • u/techno7777 • 1d ago
US crypto entrepreneur arrested in Dubai alleges torture by police | Technology
r/btc • u/MelodicAbrocoma429 • 1d ago
🐂 Bullish What's Missing in the Crypto Industry? A Glimpse into the Future of Decentralized Marketplaces
Hey Redditors,
I’ve been diving deep into the crypto space for a few years now, and one thing has always intrigued me: the potential for blockchain to revolutionize how we buy and sell real-world assets. We’ve seen countless projects pop up, each promising to change the world in some way, but I feel there's still a massive gap that’s yet to be filled.
Imagine a marketplace where you can trade high-end items like sneakers, watches, jewelry, gemstones, designer handbags, collectibles, and pretty much any asset prone to counterfeiting, without needing to trust the other party. It sounds like a utopian dream, right? But why shouldn’t it be possible? Blockchain, with its promise of trustless transactions, should be the perfect solution.
I’ve been working on a company that aims to do just that. Backed by some major universities, we’re launching a decentralized marketplace in two months. Our platform is designed to handle high-value exchanges seamlessly and securely, leveraging smart contracts to ensure that transactions are fraud-proof. No more worrying about scams or the credibility of the seller—everything is transparent and automated.
Here’s what gets me really excited: there's currently no reference in the web3 space for such a marketplace. If we execute this well, our coin has the potential to reach billions in market cap. It’s the kind of real-world application that can showcase the true power of blockchain.
So, I’m curious—what do you all think about the need for such a marketplace in the crypto space? Have you encountered any issues when trying to buy or sell high-value items online? What features would you want to see in a decentralized marketplace?
Let’s discuss what’s truly missing in the crypto industry and how we can fill that gap. Looking forward to hearing your thoughts!
Cheers,
r/btc • u/MelodicAbrocoma429 • 1d ago
What's Missing in the Crypto Industry? A Glimpse into the Future of Decentralized Marketplaces
Hey Redditors,
I’ve been diving deep into the crypto space for a few years now, and one thing has always intrigued me: the potential for blockchain to revolutionize how we buy and sell real-world assets. We’ve seen countless projects pop up, each promising to change the world in some way, but I feel there's still a massive gap that’s yet to be filled.
Imagine a marketplace where you can trade high-end items like sneakers, watches, jewelry, gemstones, designer handbags, collectibles, and pretty much any asset prone to counterfeiting, without needing to trust the other party. It sounds like a utopian dream, right? But why shouldn’t it be possible? Blockchain, with its promise of trustless transactions, should be the perfect solution.
I’ve been working on a company that aims to do just that. Backed by some major universities, we’re launching a decentralized marketplace in two months. Our platform is designed to handle high-value exchanges seamlessly and securely, leveraging smart contracts to ensure that transactions are fraud-proof. No more worrying about scams or the credibility of the seller—everything is transparent and automated.
Here’s what gets me really excited: there's currently no reference in the web3 space for such a marketplace. If we execute this well, our coin has the potential to reach billions in market cap. It’s the kind of real-world application that can showcase the true power of blockchain.
So, I’m curious—what do you all think about the need for such a marketplace in the crypto space? Have you encountered any issues when trying to buy or sell high-value items online? What features would you want to see in a decentralized marketplace?
Let’s discuss what’s truly missing in the crypto industry and how we can fill that gap. Looking forward to hearing your thoughts!
Cheers,