🇦🇺 Spot Bitcoin ETF issuer Monochrome releases new Bitcoin ETF commercial 👀
https://youtu.be/ORYviDLjGhA?si=FyAsigBeCLtGVgza
https://redd.it/1d7r12j
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Daily Discussion, June 04, 2024
Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!
If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow.
Please check the previous discussion thread for unanswered questions.
https://redd.it/1d7q745
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Why do people keep overcomplicating this shit
Some of yall in this sub are just too damn clever for your own good.
Stop trynna trade bitcoin. Stop thinking you can reliably time the market and sell high/buy low.
HODL bitcoin is the most simple thing one can do, but for a lot of people its also the hardest thing theyve ever done which is why many fail to be make any type of wealth w this asset.
And no, nobody is advocating HODL until death. People save money so they can eventually spend it somewhere down the road to improve or enrich their life, or just to enjoy the fruits of their labour...you will know when the time is right.
Brute force saving actually works when the money you're saving in is hard, in this case the hardest soundest money ever discovered.
Bitcoin to me is ultimately just a means to an end.
Nobodys insisting you hodl BTC forever having not lived a life just to accumulate the highest score on a screen.
https://redd.it/1d7knuk
@r_bitcoin
You will be rewarded
Bitcoin transfers wealth from those looking to make a quick buck to those who can wait and see the long term vision. I’ve been holding since 2017. I bought because I saw the vision of a world that needed a decentralized payment system. It fills a niche in the market that needs filling. It’s easily transferable across all political barriers. It’s a store of value for people without stable currency. Its inflation is capped algorithmically. It has room to grow to fulfill satoshis vision. 4.3 BTC currently
https://redd.it/1d7iibh
@r_bitcoin
If I type my seed phrase into Sparrow wallet on my laptop if I lost my hardware wallet, is my seed phrase now compromised?
Hi Btc Reddit,
If I were to type my 12 word recovery phrase into the Sparrow wallet application on my laptop to import the wallet, is it now compromised because of a digital entry onto a device that is not airgapped/offline?
Really confused about this, any insight appreciated thanks!
GH
https://redd.it/1d7afag
@r_bitcoin
Too late to DCA into Bitcoin?
Hey everyone. I started DCAing into Bitcoin at the beginning of the year of a rate of about 50$ per month. Right now it’s only worth about 634$, and it’s been making me wonder if it’s even still worth it because some people have thousands of dollars they’ve earned from Bitcoin.
https://redd.it/1d7cddm
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Australia Launches First Spot Bitcoin ETF with Direct Holdings
https://www.bitcointoday.app/article/australia-launches-first-spot-bitcoin-etf-with-direct-holdings
https://redd.it/1d72usq
@r_bitcoin
Best answer to the possible nation-state 51% attack on Bitcoin (reposted because it was deleted).
https://redd.it/1d75vn4
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Hal Finney on what gives him confidence the Bitcoin value will increase. True at $10, true today ✨
https://redd.it/1d71vou
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Australia is on board as well!
https://redd.it/1d6znyz
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Been using lightning for a few months, it's awesome, let's clear up some misconceptions and old info
I've been using lightning for a couple months now and I've read lots of incorrect or outdated information about it online. It's been a very smooth experience for me, and I want to share what I've learned.
**TLDR**: Using lightning with a custodial wallet (strike, cash app, etc) is as easy as using venmo. Transactions happen instantly and cost pennies, often under a single cent. Using it with a non-custodial wallet is *slightly* more complicated but well within the ability of the average person as nearly all the complexity has been abstracted away. Lightning scales really well.
# Background:
**Lightning is a scaling layer for Bitcoin** that enables you to make transactions off-chain with security being provided by the base chain. Transactions confirm in under a second and the fees measure in pennies.
A fundamental problem with blockchain is that space in the blockchain is limited. If you increase the block size (number of transactions per block) or add smart contracts, the size of the chain increases. This means you need more powerful hardware and network connection to run a full node, which increases centralization. Bitcoin, at every turn, has chosen to pursue decentralization, but at the expense of higher chain fees since the limited space increases the competition for the available slots. This is why you can run a Bitcoin node on a 10 year old laptop with a 500GB hard drive but you can't run a node for other cryptos unless you have a server and a fiber connection.
Lightning was designed to enable fast off-chain transactions with much lower fees, and it does that.
# How to use:
To use lightning, you need a wallet which supports it. You can use a custodial or non-custodial wallet.
Custodial wallets mean somebody else holds the keys/funds and you trust them to hold onto them. "Not your keys, not your coins" as they say. Custodial wallets are also a popular choice for buying/selling BTC since they can often connect to your bank account. Popular custodial wallets for Bitcoin lightning are Strike, Cash App, and Wallet of Satoshi. I highly suggest strike. **Using a custodial wallet with lightning is as easy as using Venmo.**
Non-custodial wallets mean you hold the key. If you don't write down the seed phrase it gives you and the device with your wallet dies, you will lose your key and your funds. Popular non-custodial wallets for lightning are Phoenix (mobile) and Electrum (desktop). Zeus (mobile) is great if you want more control and the ability to receive transactions while the app is closed. Non-custodial wallets can also be slightly more complex to use. I highly suggest Phoenix, I have been using it and it is awesome. Electrum is great as well, but I haven't used it for lightning.
Note: an on-chain tx is required to move any of your existing Bitcoin into lightning. Unless you bought your BTC and store it in a custodial wallet or exchange that supports lightning.
# Myths:
**"Lightning requires you to be constantly re-balancing channels"**
* If you use a custodial wallet, you don't even have to know what a channel is, your wallet provider handles all of this. For non-custodial wallets like Phoenix, this is mostly abstracted.
* For non-custodial wallets like Phoenix, *most* of this is abstracted away for you.
* If you receive a payment and don't have enough liquidity, an on-chain tx will be made which incurs an on-chain fee. Some wallets like Phoenix allow you to rent liquidity for very cheap to avoid these fees.
* Most people receive their paycheck and then spend most of it, if you follow this pattern, your channels will stay "balanced".
* Some background on channels: in lightning, you make a "channel" by locking up some BTC. If you lock up 1BTC in a channel, you can send up to 1BTC to anybody else. You can have basically an infinite number of transactions in a channel. Every time you send or receive BTC in a lightning channel, the "balance" of the channel is updated ie how much of the BTC in the
Made me think of crypto
https://redd.it/1d6oa2a
@r_bitcoin
Bitcoin Rewards Those Who HODL (credit @apsk32)
https://redd.it/1d6qoug
@r_bitcoin
Will you sell your Bitcoin?
Just wondering if any of you plan to keep and hold your Bitcoin now and forever.
With all the interest and marketing with the etf’s will we see bitcoin ever again at todays price. Just curious if any one you will follow Saylor and Mallers and either never sell, or go all in on btc.
It’s early but what kind of bear market do you feel is in store eventually? I am perplexed and not sure if maybe we sell and hope to buy back later, which was a no brainer back in the day before now, but now is a very different day. Thx
https://redd.it/1d7pysq
@r_bitcoin
Wait, so there are more millinaires on the planet that Bitcoin supply?
Hey guys (and gals), the other day I was reading a report on wealth creation and it said there are about 60 million millionaires globally. BTW, I am new here
But there are only going to be 21 million (minus 5 million lost for ever) Bitcoins out there.
Shouldn't this make Bitcoin one of the most scarest entity in existence?
I hope this makes sense..... If the above statement is correct, I think we are wayyyyy too early because even if all millionaires want to own ONE coin, they can't. If distributed EVENLY, each millionaire can only get 0.2666 BTC?
21,000,000 (Total supply) - 5,000,000 (Lost) divided by 60,000,000 millionaires = 0.2666
Am I making sense here or am I overthinking this one.....the math makes sense...
What the hell did I just think?
Disclaimer, I only have a small percentage of my wealth in Bitcoin but after thinking this thru, I am probably going to buy more for the long run
https://redd.it/1d7iqgm
@r_bitcoin
Why isn't Bitcoin destroying the credit card processing industry (in the US)?
I haven't had to deal with credit card processing in ages, but looked into it recently. I see that Square charges 3.5% for basically a manual entering of the credit card data. This is barely better than Bank of America was charging 15 years ago. It's 2.6% for magstrip/NFC/chip which is still pretty outrageous. Why?
I suspect a lot of it is because retailers have baked the prices in, so consumers don't realize how screwed they are getting. And then certainly most retailers don't give you any discount for cash.
Perhaps my question should be rather, why isn't the Lightning Network destroying credit card processing? But in any case. Is there some obstacle I'm missing? Is there anything we can do to change this?
https://redd.it/1d7dz9g
@r_bitcoin
All this 60K sideways action has me thinking one thing…
https://youtu.be/8rGuH0vBLLs?si=-zREajff022qt3fb
https://redd.it/1d7ap73
@r_bitcoin
"Satoshi. The Creation of Bitcoin" AI Film Trailer
https://redd.it/1d72qug
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They don’t know what’s coming…
https://redd.it/1d74lkg
@r_bitcoin
Sell Antminers or not?
Good day!
I have 4 Antminers 104 ths. Not sure whether to sell or not? The math is following:
I bought them for 1500$ each last June. Now they cost 500$ on the market. Today I've got my mining check:
cost of mining monthly: 270$,
mined BTC monthly: 340$.
The pros of keeping miners: getting 70$ of net income monthly; maybe price will pump back in bullrun to 1300$.
The pros of selling: getting 2000$ ready to invest in BTC in case it pumps anytime soon, mitigating risks of Antminers losing their cost even more
Edit: check is for monthly use
Edit 2: thanks for all ideas and replies! Have a great day :)
https://redd.it/1d716c4
@r_bitcoin
Mentor Monday, June 03, 2024: Ask all your bitcoin questions!
Ask (and answer!) away! Here are the general rules:
* If you'd like to learn something, ask.
* If you'd like to share knowledge, answer.
* Any question about Bitcoin is fair game.
And don't forget to check out /r/BitcoinBeginners
You can sort by new to see the latest questions that may not be answered yet.
https://redd.it/1d6ylmz
@r_bitcoin
channel belongs to you vs the other person you opened it with. When you send BTC, you open up "channel capacity" called "inbound liquidity" for somebody to send you BTC over lightning. If you don't have incoming channel capacity and somebody wants to send you BTC, you will need to do an on-chain tx to create it. It works this way to ensure security.
**"Funds are easy to steal on lightning and you have to monitor everything"**
* Attacks in the wild are incredibly rare because every incentive is aligned against the attacker.
* If you use a custodial wallet, you don't have to monitor anything and your funds are safe if you trust your custodian.
* If you use a non-custodial wallet, you don't have to worry about this either. Phoenix, for example, automatically uses their watchtower service. As long as your device can connect to the internet every few days, you are fine here.
* The main attack watchtowers prevent against (and really the only attack possible in lightning) is for somebody to "force close" your channel and broadcast an "old" channel state on main chain which assigns the wrong amount of BTC to you. If you watch main chain, you can dispute this state they published, get the correct amount of BTC assigned to you, plus a penalty which is charged to the attacker.
* Lightning is great for everyday spending. If you have significant funds, on-chain txes and cold storage/multi-sig are best.
**"You have to make a channel for everybody you transact with"**
False. Once you have a channel with *anybody* you can use that channel to route payments to anybody else on lightning.
**"You have to keep manual backups of your channel state or you can lose your funds!"**
This is true, but this is usually automated and built into the app. With Phoenix, for example, so long as you have your seed phrase you can install Phoenix on a new phone and automatically retrieve the backups made of your chain state since Phoenix's developers automatically keeps the backups. Other wallets offer similar "storage via lightning" backup options.
With custodial wallets, they do this automatically so you just have to remember your username/password.
**"Lightning doesn't scale"**
* Lightning scales very well. Once you create a channel, you can have essentially an infinite amount of transactions in it, all of which occur off-chain. There is enough chain space to make lightning channels for billions of people.
* This provides enough capacity for significant growth in Bitcoin's adoption
* A single on-chain tx can make a single channel. There are proposals in the works to make multiple channels with a single tx (channel factories) and other L2s like Ark and Fedimint which extend/complement lightning.
**"Sure fees are low now, but as more people use it, fees will get high!"**
No. The reason fees increase on main chain is because you have limited space and you must pay miners for that space. A lightning channel, once opened with a single on-chain tx, can host millions or billions of transactions. The cost to route these transactions is extremely small from a computation standpoint, there is no mining required. Space is not limited, so competition for space doesn't drive high fees.
**"Lightning is centralized"**
Wrong.
* Lightning uses the security of Bitcoin's L1 to secure transactions.
* Transactions are routed through a network of lightning routing nodes, there's currently [at least 41,000 of them](https://1ml.com/statistics), you can run one on a Raspberry Pi.
* Routing nodes can't rug you or steal your funds. You don't have to trust those nodes to secure your BTC, that is secured by L1.
https://redd.it/1d6o06f
@r_bitcoin
Daily Discussion, June 03, 2024
Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!
If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow.
Please check the previous discussion thread for unanswered questions.
https://redd.it/1d6xmkv
@r_bitcoin
PBS segment about the Wisconsin pension fund. Pay attention, anon.
https://redd.it/1d6rup8
@r_bitcoin
Is Bitcoin already to big to fail?
What do you think would happen if the biggest countries in the world attack bitcoin and other cryptocurrencies. If hundreds of regulations and bans suddenly emerged with the aim of ending BTC forever, would they succeed? What do you think ?
https://redd.it/1d6jij6
@r_bitcoin
Wall Street suits now hold about the same amount of BTC that Satoshi is rumored to have
https://newhedge.io/terminal/bitcoin/spot-bitcoin-etf-holdings
https://redd.it/1d6ksfs
@r_bitcoin
