Bitcoin
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@dustinb3403 said in Bitcoin:
@scottalanmiller said in Bitcoin:
@lakshmana said in Bitcoin:
@scottalanmiller said in Bitcoin:
@lakshmana said in Bitcoin:
If new one is opening wallet legally how safe wallet will be?How can individuals trust in the wallet portal?
Not very safe. Bitcoin has announced that wallets made around this time might just vanish without warning, all money being lost.
If the wallet is vanishing then money also vanishes Right?
Yes
Unless you have a backup of the wallet, which you should be doing. (since it is an important item in ones life)
I remember a few years ago a bitcoin mining company lost their wallet with millions, and didn't have a backup. . . FOOLS!
That backup responsibility lies in individuals or in company who owns wallet?
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@scottalanmiller said in Bitcoin:
@lakshmana said in Bitcoin:
@scottalanmiller said in Bitcoin:
@lakshmana said in Bitcoin:
If new one is opening wallet legally how safe wallet will be?How can individuals trust in the wallet portal?
Not very safe. Bitcoin has announced that wallets made around this time might just vanish without warning, all money being lost.
If the wallet is vanishing then money also vanishes Right?
Yes
It's too risk with Money.
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@lakshmana said in Bitcoin:
@dustinb3403 said in Bitcoin:
@scottalanmiller said in Bitcoin:
@lakshmana said in Bitcoin:
@scottalanmiller said in Bitcoin:
@lakshmana said in Bitcoin:
If new one is opening wallet legally how safe wallet will be?How can individuals trust in the wallet portal?
Not very safe. Bitcoin has announced that wallets made around this time might just vanish without warning, all money being lost.
If the wallet is vanishing then money also vanishes Right?
Yes
Unless you have a backup of the wallet, which you should be doing. (since it is an important item in ones life)
I remember a few years ago a bitcoin mining company lost their wallet with millions, and didn't have a backup. . . FOOLS!
That backup responsibility lies in individuals or in company who owns wallet?
All wallets are controlled by an individual (unless there was some business mining organization)
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@dustinb3403 said in Bitcoin:
@scottalanmiller said in Bitcoin:
@lakshmana said in Bitcoin:
@scottalanmiller said in Bitcoin:
@lakshmana said in Bitcoin:
If new one is opening wallet legally how safe wallet will be?How can individuals trust in the wallet portal?
Not very safe. Bitcoin has announced that wallets made around this time might just vanish without warning, all money being lost.
If the wallet is vanishing then money also vanishes Right?
Yes
Unless you have a backup of the wallet, which you should be doing. (since it is an important item in ones life)
I remember a few years ago a bitcoin mining company lost their wallet with millions, and didn't have a backup. . . FOOLS!
No, the issue that they've warned about now cannot be solved with a backup, at all. The money just vanishes. Lots of retails will not accept bitcoins from certain dates because of it, it can vanish even after you spend it.
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@scottalanmiller said in Bitcoin:
@dustinb3403 said in Bitcoin:
@scottalanmiller said in Bitcoin:
@lakshmana said in Bitcoin:
@scottalanmiller said in Bitcoin:
@lakshmana said in Bitcoin:
If new one is opening wallet legally how safe wallet will be?How can individuals trust in the wallet portal?
Not very safe. Bitcoin has announced that wallets made around this time might just vanish without warning, all money being lost.
If the wallet is vanishing then money also vanishes Right?
Yes
Unless you have a backup of the wallet, which you should be doing. (since it is an important item in ones life)
I remember a few years ago a bitcoin mining company lost their wallet with millions, and didn't have a backup. . . FOOLS!
No, the issue that they've warned about now cannot be solved with a backup, at all. The money just vanishes. Lots of retails will not accept bitcoins from certain dates because of it, it can vanish even after you spend it.
Oh that's a nice bug then.
Sounds like the chain isn't keeping account of the wallets and transfers then.
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There is still the risk of replay attacks with Segwit2x ahead this year. I would mix your coins with a miner from the segwit side before sending to a segwit address to avoid replay. The UAHF side is still requiring this "OP_RETURN" bullshit or risk losing your btc.
The end result is that bitcoin's mining block size will grow, and likely will continue to grow over the next couple years. This alleviates a backlog issue but also makes BTC less decentralized.
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@dustinb3403 said in Bitcoin:
@scottalanmiller said in Bitcoin:
@dustinb3403 said in Bitcoin:
@scottalanmiller said in Bitcoin:
@lakshmana said in Bitcoin:
@scottalanmiller said in Bitcoin:
@lakshmana said in Bitcoin:
If new one is opening wallet legally how safe wallet will be?How can individuals trust in the wallet portal?
Not very safe. Bitcoin has announced that wallets made around this time might just vanish without warning, all money being lost.
If the wallet is vanishing then money also vanishes Right?
Yes
Unless you have a backup of the wallet, which you should be doing. (since it is an important item in ones life)
I remember a few years ago a bitcoin mining company lost their wallet with millions, and didn't have a backup. . . FOOLS!
No, the issue that they've warned about now cannot be solved with a backup, at all. The money just vanishes. Lots of retails will not accept bitcoins from certain dates because of it, it can vanish even after you spend it.
Oh that's a nice bug then.
Sounds like the chain isn't keeping account of the wallets and transfers then.
There is an alogorithm change that is huge and breaking.
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Then, any option to create opensource wallet for Bitcoin?
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@lakshmana said in Bitcoin:
Then, any option to create opensource wallet for Bitcoin?
There is no point in creating your own wallet, when the transaction history (the global chain) simply dumps your information.
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@dustinb3403 said in Bitcoin:
@lakshmana said in Bitcoin:
Then, any option to create opensource wallet for Bitcoin?
There is no point in creating your own wallet, when the transaction history (the global chain) simply dumps your information.
Sometimes Bitcoin is owned anonymously right?
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@lakshmana said in Bitcoin:
@dustinb3403 said in Bitcoin:
@lakshmana said in Bitcoin:
Then, any option to create opensource wallet for Bitcoin?
There is no point in creating your own wallet, when the transaction history (the global chain) simply dumps your information.
Sometimes Bitcoin anonymously right?
I don't understand what you're asking.
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@dustinb3403 creating own wallet without the help of companies which creating wallets.creating own wallet is not possible according to you?
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@lakshmana said in Bitcoin:
@dustinb3403 creating own wallet without the help of companies which creating wallets.creating own wallet is not possible according to you?
No, it's not that it's not possible. You can, but why?
There are a ton of different wallet applications, why add one more?
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@dustinb3403 said in Bitcoin:
@lakshmana said in Bitcoin:
@dustinb3403 creating own wallet without the help of companies which creating wallets.creating own wallet is not possible according to you?
No, it's not that it's not possible. You can, but why?
There are a ton of different wallet applications, why add one more?
Trust is less on wallet application so interested to create a new
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@lakshmana said in Bitcoin:
@dustinb3403 said in Bitcoin:
@lakshmana said in Bitcoin:
@dustinb3403 creating own wallet without the help of companies which creating wallets.creating own wallet is not possible according to you?
No, it's not that it's not possible. You can, but why?
There are a ton of different wallet applications, why add one more?
Trust is less on wallet application so interested to create a new
Here. LMGTFY
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@lakshmana this would in no way improve your situation. If you are new to BTC you would be much safer moving your funds to coinbase until this is over.
Its those who aren't on the segwit side who send there money that direction without using the right process that risk replay.
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I think that we need to step back. In the OP you were asking what Bitcoin was. Now you are acting like you might be interested in using it. But ask yourself... why?
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@scottalanmiller said in Bitcoin:
I think that we need to step back. In the OP you were asking what Bitcoin was. Now you are acting like you might be interested in using it. But ask yourself... why?
I was interested to know more about it first.since I didn't used before in my day-to-day life.so now interested how to use?
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@lakshmana said in Bitcoin:
@scottalanmiller said in Bitcoin:
I think that we need to step back. In the OP you were asking what Bitcoin was. Now you are acting like you might be interested in using it. But ask yourself... why?
I was interested to know more about it first.since I didn't used before in my day-to-day life.so now interested how to use?
I would avoid it. The theory is great, I'm glad that people play with it and it's important to have decentralized currencies i the world - but unless your are a drug dealer, I see zero reason to be interested in actually using it.
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@lakshmana said in Bitcoin:
@scottalanmiller said in Bitcoin:
I think that we need to step back. In the OP you were asking what Bitcoin was. Now you are acting like you might be interested in using it. But ask yourself... why?
I was interested to know more about it first.since I didn't used before in my day-to-day life.so now interested how to use?
Bitcoin is a form of currency like anything else. To earn bitcoin you have to setup bitcoin miners, and have them work on the blockchain, if you're lucky you'll discover a new block.
The system would pay you bitcoins for discovering the block.
Alternatively you could join a bitcoin mining pool, and contribute to the processing power of the pool, and when the pool finds a new block, they pay you a portion of the award dependent on the amount of processing power you put towards it.
Just think of bitcoin or any cryptocurrency money. You have to work for it. Or you buy into it with with other currency.
The wallet management aspect is a completely separate issue to this.
