Summary of 54 Common Cryptocurrency Questions - Suggested Collection
Summary of 54 Common Cryptocurrency Questions - Suggested Collection
What is Bitcoin? How do I buy bitcoins? Where is the future of Bitcoin? How do I learn about Bitcoin?
This post is mainly for newbies to solve the confusion, at present the coin circle is very unfriendly to newbies as always because it has not been unified, even the exchange app you start to download may be fake, this post is mainly to avoid newbies to step in the pit.
When you decide to enter this market, you must understand that this is a market with no limit of ups and downs, 24-hour global non-stop trading, and huge risks. Indeed, many people in this market inside, earned countless wealth, complete life cross level, these stories are being told every day by mouth, but, more often than not, countless people loss eclipsed the field, just they have been silent.
1. What is Bitcoin.
Bitcoin is a consensus network that enables a completely new payment system and a completely digital currency. Bitcoin can be understood on 2 levels: 1. It is a decentralized payment system; 2. A digital internet currency.
The total number of bitcoins is 21 million, and is generated through "mining" in the form of a block every ten minutes, which contains 50 bitcoins and a fee. The block bonus is halved every four years, like it has been so far, and the block bonus is 6.25 bitcoins.
2.How to get bitcoins
The normal way to get bitcoins is by giving them away, mining them, buying them, and as the price of bitcoins gets higher and higher, it is now most common to buy them on an exchange.
Top 5 Recommended Global Cryptocurrency Exchanges
Safe, fast, stable and secure.
KuCoin is a world-renowned digital currency exchange that supports trading of a wide range of digital assets.Founded in September 2017, KuCoin has grown to become one of the most popular digital currency exchanges, providing one-stop digital currency trading services to 10 million users in 207 countries and regions worldwide.
KuCoin is a world-renowned digital currency exchange that supports trading of a wide range of digital assets.Founded in September 2017, KuCoin has grown to become one of the most popular digital currency exchanges, providing one-stop digital currency trading services to 10 million users in 207 countries and regions worldwide.
3) Be sure to download the app or computer client from the official page, never search and download on your own in the app store. There have been netizens who downloaded okex through the domestic app store, which was later confirmed to be fake, causing a loss of funds. The current deposit is quite cumbersome, the purpose is to eliminate the influx of black money. And the problems encountered when using it, you can consult the customer service of each exchange.
4) Because sometimes it will be walled, the page may not open. So, if you can, choose the computer client or mobile app. if you have to trade with the web interface, I will promptly update the latest web address when this happens. After the old users go in, they don't need to re-register, and generally tap the icon in the upper left or upper right corner to enter the home page.
3. How to learn about Bitcoin.
1) The Bitcoin official website is a fantastic website, but many people ignore it. There are learning resources recommended on it, and you can find many resource learning sites through its official website, and you can choose the Chinese interface when you go in. Address https://bitcoin.org/
2) The blockchain library at Linking Point is really a good place, perfect for a good quiet read. Address https://www.chainnode.com/library
4. Bitcoin wallet options.
If you buy coins on an exchange, the coins are placed in the exchange wallet, which is in the escrow category. Like the current domestic escrow category there is Coin Trust, both of which are very good to use. But, the escrow category means that you choose to trust the person who is helping you with the escrow.
If you choose to hoard coins, it is recommended to choose an open source decentralized wallet. You can still choose from the official website (bitcoin.org) inside the wallet category, there are desktop, hardware, cell phone, web and other wallet options. The domestic more recommended than too wallet, weak decentralized wallet than special, computer side recommended to choose bitcoin core wallet. Other than that I also recommend the little fox wallet, safe and stable https://metamask.io/
There are also hardware wallets, which you need to purchase yourself.
In short, the choice of wallet lies in your needs. Decentralized wallets are relatively less convenient than hosted wallets, but always the most secure.
5. Virtual currency data analysis website.
1) The more authoritative one is CMC, which includes most of the coin prices and trends on the market, including the ability to see the market value of bitcoin as a percentage, and you can choose the Chinese interface after entering. Address https://coinmarketcap.com
2) TradingView is the most commonly used and covers almost all the price icons and analysis software that investors need, with free and paid features and one-click analysis indicators inside. Address https://cn.tradingview.com/
3) Look at K-line indicators often using Aicoin, which has the advantage of being more complete and covering almost all varieties of all exchanges. Address https://www.aicoin.cn/chart/bitstamp_btc
4) Coinhills, a real-time monitoring platform for virtual digital currency prices developed by a Korean startup team, in which you can see the monitoring data and ranking of each platform. Address https://www.coinhills.com
5) Chain News: There is quite a lot of information inside. Address https://www.chainnews.com/
6) Glassnode: very authoritative, many indicators, but most of them charge. Address https://glassnode.com/
7) QKL123: inside you can look at the K line, there are many data, indicators, quite good. Address https://www.qkl123.com/
6) The more common domestic auxiliary mobile apps, coincoin, Alcoin, contract emperor, golden finance, direct app market search can be.
6. Bitcoin block data query using tools.
1) btc.com: Domestic common query bitcoin block data. Address https://btc.com/
2) 1ml: query bitcoin lightning network status. Address https://1ml.com/
3) BitInfoCharts: More complete, you can view the block data of Bitcoin and other digital currencies. Address https://bitinfocharts.com
4) Etherscan: Etherscan query tool to check token transfers and positions. Address https://etherscan.io/
5) bitnodes: collects information about the nodes that maintain the Bitcoin network. Address https://bitnodes.earn.com/
6) BitcoinCore: Bitcoin core development team website, many of the stereotypes about core can look at its website. Address https://bitcoincore.org/
7) Blockstream: The #1 Bitcoin technology streaming company. Address https://blockstream.com/
7. What is the meaning of cold wallet? How to make it.
Cold wallets, or in layman's terms, offline, unconnected wallets, are theoretically the most secure way to store bitcoin.
I have written about how to make a cold wallet before, you can search under the Weibo headline article.
8. So many coins, what is the best coin to buy?
Everyone has a Hamlet in their heart, and this is true in the cryptocurrency world as well.
In every phase, there will always be some coins that will rise more than bitcoin in a short period of time. But this market is full of examples of 100x coins in the first few months that go to zero in the second few months. With the historical wave, even when the coins were in the top 10 market cap, many of them are now zeroed out and dead.
The advice from those who have been here is to only buy bitcoin. And only bitcoin is worth the time you spend with it.
The biggest enemy of early coin hoarders is that various cottage coins go up at high rates, luring you to exchange them with bitcoins. (Those interested can go through the microblogging on the day of December 31, 2020, the comments are simply a blood and tears history.)
9. Can fixed investment and dead hoarding really make money?
There are no 100% sure things in this world.
The biggest advantage of fixed investment is that you can share the risk and eliminate anxiety, the disadvantage is that the return is not high if the price of the coin goes on an upward path.
Dead hoarding is expensive and cheap, until the heart price.
Currently hoarding bitcoin is also the only viable way to make money in the history of bitcoin, mainly because the price of the currency has been going up by the long term.
Of course, you can ignore it if you are really a one-in-a-hundred trading wizard.
10. If the price of bitcoin keeps going up, then isn't everyone doing nothing and just going to hoard bitcoin, that would undoubtedly be a disaster for society.
All investments have a process of going up, and if you assume in this way, none of them are valid. If Apple stock goes up well, then everyone goes to buy Apple stock, will all other stocks go to zero?
Society is made up of many people, and you can never force others to think like you.
The other thing is that it's too hard to hoard bitcoin. You can go through my Twitter feed a few times for articles on the bottom time of the crash, and the mood in most markets is desperate.
I also disliked those black bitcoin people in Baidu posting in 13 years, and they counted early on.
I also encouraged him to hold steady in the 480k brother thread in 14. (He bought 100 bitcoins at $4800 then and subsequently sold at 3000+ in '15.) He's considered an early player, I guess.
I met an online friend in '15 who bottomed out at $1200 for less than 1000 bitcoins and ended up selling at $1500, then frequently shorted out and saw him posting last year with only single digit bitcoins. He was also an early player, I think.
There are too many such examples, and you always simply summarize the early players hoarding coins to make money, is it too naive?
Do you know how much bitcoin was only affordable at that time? How much risk did you need to take to hoard coins? Do you know what the cryptocurrency bear market was like at that time? Have you ever imagined the scene where 99% cryptocurrency businesses all collapsed? The desperation of the bear market at that time is something you have not imagined.
You don't know anything, and people like you only complain that you were born at the wrong time, and those who make more money than you are just lucky. And fantasize that if you knew about bitcoin early on, you would have sold your house and bought it, and sold it at the highest peak in history.
What you never know is that others endure differently from you, a small fluctuation makes you big surprise, while others are down 90% still gritting their teeth.
11. real name authentication always feel very uneasy? What about information leakage?
I don't know, the few exchanges I commonly use now require strict KYC to avoid policy risks, right?
12.When should I sell bitcoin?
In fact, there really is not a completely standard answer, after all, everyone's actual situation is different.
To put it simply, what do you want to do with Bitcoin.
Some people just want to earn a few tens of thousands of dollars to improve their lives, that the goal is reached can be sold.
Some people just want to change a good car, that price to the point where you can naturally sell.
Some people want to change a house, that target to you can also sell.
Some people are desperate for money, so of course you can sell whenever you want.
Some just want to make some money, then the target arrives and you naturally choose to sell.
Some people just treat him as a savings, that what price he does not matter, idle money investment is not urgent, it is hoarded there.
Some people want to wait until bitcoin can be popularized and called a mainstream currency, so they can wait slowly.
I've met some of the greats who hold the original stock, and basically, no one can hold the stock to the end, spurred on by the rush of riches. Who can get the last? It is the major shareholder who is bound by law.
The Bitcoin market is so free, there are no constraints, you can come and go as you please. When the amount of money you hold is magnified, it's often hard to control your emotions of loss and gain.
It's understandable, when your money has suddenly turned over several levels, you will be difficult to ask yourself to continue to coarse food. Even if you are willing to restrain yourself in this way, emotionally, you are unlikely to restrain your family in this way.
Just like you will rarely see billionaire bigwigs, the family only Passport such as a substitute car. Even in the landed gentry full of site, some second generation commute to work indeed low profile to drive a cheap compact car, but the family will certainly have a million-dollar luxury car.
It's also human nature that drives it, and it's no big deal.
As stated the other day, in the history of Bitcoin, everyone is a treader, it's just a matter of sooner rather than later.
Unless you can predict the date of Bitcoin's death, but with the current trends, it's not really worth discussing right now.
So, don't ask when you should sell bitcoin.
You feel you have reached your goal and you can sell.
You can leave when you want to make a profit and take whatever time you want after taking profits.
But, you want to cross the line with bitcoin, you'll just need a paranoia that regular people can't hold on to.
With bitcoin at $16,700 today and history exceeding that level for just 5 days, you shouldn't be at a loss for what to do when most people are profitable, but rather ask yourself what you need.
13. The exchange account passwords are all the same, will there be any problems with this?
The problem is naturally there, being hacked one account, there may be a chain reaction. It is recommended not to repeat, it is really difficult to remember, use paper to help, and then again, even if the account password is unified, be sure to use Google authentication to hedge the risk.
14. What is the fundamental difference between bitcoin and other cryptocurrencies, and why is the price difference so much.
1) Consensus is different. Consensus is wealth, you can easily fake a microsoft out, but no one uses it, this is the gap.
2) Decentralization is different. Bitcoin is the most decentralized coin compared to other coins.
3) Security issues. Bitcoin's code censorship and network security are hardly comparable to any other coin.
15. Can bitcoins be split?
It can be split and the units are different.
1 Bitcoins (Bitcoins, abbreviated BTC)
1 Bitcent (abbreviation cBTC) = 0.01BTC
1 milli-Bit (Milli-Bitcoins, abbreviated mBTC) = 0.001 BTC
1 Micro-Bitcoins (abbreviated uBTC) = 0.000001BTC
1 Satoshi (abbreviated biti) = 0.00000001 BTC
16. Is it a bit late to enter the Bitcoin market?
I don't know, when I wrote this post the price of bitcoin was $10,000, I don't know what the price of bitcoin was when you saw it, uh, it really doesn't work don't come in.
17. Does Satoshi Nakamoto own millions of bitcoins?
This is just a hypothesis, mainly because in 2013 Bitmex Research published a blog claiming that Satoshi Nakamoto had 100W bitcoins (Bitmex Research is known for publishing detailed and rigorous investigation reports), based on the analysis of the increase of ExtraNonce values in blocks found that different blocks are associated with the same miner's miner.
Assumptions are not too strict, see this article if you are interested. https://www.jianshu.com/p/9a72d1b0451e
Now the only address that can be identified as belonging to Satoshi Nakamoto is: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa, which can be checked with the btc.com blockchain, and people transfer coins to his address every day, and there are currently 68 coins.
18. There are so many fee groups in the cryptocurrency circle, can I enter them?
1) Any circle is like this, that is, a certain person, how bullying, how much money earned. In fact, it is a matter of probability, when the audience is very wide, there is always a small group of people, because of the right choice, because of the qi luck, to become a god to be admired.
(2) From 13 years, countless number of players with single, no one good end, some just disappeared, no trace, remember, is no one.
3) on such a low probability of existence, it is sincerely recommended that you do not want to take a chance on an accident.
4) No one can guarantee that you will make money, that's for sure. If he can, it is completely possible to rely on the multiplier and easily make the Forbes rich list.
5) The market is always uncertain, so most of the time, stable returns are the most rare, which is why so many Wall Street financial firms will launch fee-based services, well, the people who charge you fees, think the same way.
19. The problem of frozen bank card for withdrawal of funds.
This problem can only be avoided for now, and the strategy is simply to reduce the risk of being frozen.
1) bank cards do not use their common cards, such as payroll cards, cards to pay off mortgages and car loans, otherwise, be frozen very passive.
2) Try not to choose the cards of the big 4 banks, local banks have a lower probability of being frozen.
3) Alipay, WeChat don't get involved unless you have a lot of Alipay backup.
(4) try to choose certified merchants more than 2000 single, or the platform certified (there is a logo on it), although this is also proved by the case does not work, but the safety factor is always better.
5) If it is frozen because of money laundering, it depends on the percentage of black money, there are cases of confiscation, so, most of the time, small amounts many times, right, spend some time slowly out. If you are worried about the long time bitcoin discount, you can switch to stable coin USDT. but this approach, on the other hand, the more contact merchants, the greater the risk of encountering mines.
6) Anecdotal evidence also suggests that the first to take credit card spending, spending, then out of the gold, after receiving the amount, the first time to pay back the credit card, clean.
7) There are also rumors that after the gold is out, the first to the stock market inside a slip, out of the guaranteed beauty.
8) There is also the fact that BTC withdrawal is much better compared to USDT, and most of the blocked is caused by USDT withdrawal. If you can, change the USDT to BTC, and then out.
9) Many platforms have large customer access, so if the amount of money is large, you can choose this method.
As a result of previous submissions, 2020 to do OTC businessmen were detained for six months, adding the following points.
1) Do not go to OTC merchants when you are not competent enough, you can not distinguish hei money, too many times backwards hands, it is very troublesome.
(2) The sentencing standard of the netizen is (the bank card has been frozen, but also continue to carry out virtual coin otc trading, that is, knowing that the people who buy and sell virtual coins may exist criminals inside but also trading, constitutes a crime.) The actual fact is that the actual person has been frozen. The netizen's card was frozen at the time, and he promptly reported it to the platform, but also continued OTC trading. The public security identified: you still know the isolation, you found unusual transactions have suspicions, know that there may be criminals inside still continue to engage in otc, then you are knowingly committed.
3) So, if your bank card is frozen, make sure that you do not continue to change your card to withdraw funds. Contact your bank in time and consider continuing to withdraw funds once this matter is resolved.
(4) 2021 and 2020 is different, the market environment is much better, the platform side is also a lot of strict control, do not talk about the tiger.
5) Do not trade offline, exchange out of gold, and take screenshots in a timely manner to preserve evidence in case of emergencies.
6) Do not be greedy for cheap and go to collect those usdt that are much below the market price. telegraph groups have many cheap usdt, many of which are scammers.
(7) That network I asked him, when doing OTC is a certain new small platform, which is estimated to be flooded with such USDT.
(8) Also, do not do over-the-counter trading intermediaries, take commissions, the kind if the problem is also constitutes a crime.
9) Don't panic, this year I know people out of the gold are very smooth, large funds small funds are so. No need to scare yourself, in the words of Sun, dear, I do not see your three melons and two dates.
10) The most important thing is that you have to stand upright, so that you are not afraid of the shadow.
20. Can quantitative trading with stable returns be trusted?
The digital modeling software that has been making money, which is originally a false proposition.
Most claim to be in the traditional industry to do quantitative, more than ten years of experience, actively looking for you, chatting up nine out of ten sentences are trends, grids, backtesting, transfer of these terms of expertise, try not to believe.
If it is true that if you can stabilize the income, he will not contact you.
21. which items can not be touched.
Domestically produced, Russian. You can look at the top 50 coins by market capitalization right now, only three of them are domestically produced projects.
Well, in fact, most of the projects are not to touch for good, it seems that over the years, most of the mortality rate is much greater than the survival rate.
22. The phone is iphone, want to download the app on the external network, Taobao bought the account is safe?
Because of the domestic policy, Apple app store inside the exchange app have been removed from the shelves, if you need to download currently there are 2 ways: 1. download the internal test version, 2. login to the overseas app store to download the official version, this time you need a foreign network Apple app store account.
Currently using the Apple account is also bought from Taobao, the basic security, only, very important thing, after logging in, the first time to close your iCloud, the default is open. There have been screenshots of private keys, which were later automatically uploaded to the cloud and stolen experience.
23. I see XX project is very reliable and a bit different, I want to buy some of this coin, is it feasible?
The money is yours, just be willing to take the risk.
But what countless experiences have told me over the years is that the price of the current hot coin is sad when the next round of hotness arrives. The reason is that the cryptocurrency world still can't get rid of the copy and paste moat right now. The new coins in the future will always be more technical and hotter than the old coins that came before them. This is one thing that is currently insurmountable.
This moat can only be built unless you can do what Bitcoin does, a cryptocurrency with only cryptocurrency properties, security, simplicity is the focus, no other cumbersome features, and a strong community.
So, you know.
24. What is Grayscale's Bitcoin Trust?
Grayscale's Bitcoin Trust, hereafter referred to as GBTC.
1) In September 2013, Grayscale established the first Bitcoin Trust, which was approved for listing by FINRA in 2015.
2) GBTC will develop quarterly private placements in the primary market for qualified investment users, allowing investors to deposit money into the trust in the form of cash or BTC. When you buy into GBTC, you are buying the corresponding share of BTC in the grayscale position.
3) There are 2 restrictions, 1 is the minimum investment is 50,000 U.S. dollars, 2 is the subscription amount is limited, before the general 70% in the form of BTC subscription, the remaining 30% in the form of cash.
4) GBTC so far does not support redemption and requires a locked position for one year before it can be taken to the secondary market and sold to others. Of course, the rules are always changing, for example, the lock-up time of GBTC is now reduced from 12 months to 6 months.
5) Grayscale winning model is through the annual management fee (2%), there is nothing wrong with the economic model, but because so far Grayscale does not have a redemption plan, it is also questioned by many people who think Grayscale is empty-handed.
6) So far, GBTC reached $1.97 billion. As the volume of positions increases, it is also increasingly causing many people to worry about the bear market when GBTC in the secondary market there is a wave of redemption, and grayness forced to sell at a fund discount, which in turn affects the trend of BTC spot.
7) But in any case, the establishment of GBTC has done far more good than harm for BTC's move to the public eye.
25. What is the central bank's digital currency DCEP?
1) DCEP requires an individual to apply through a commercial bank. traditional accounts are not valid and you need to bring your own cash and deposits to convert to DCEP. while digital currency from commercial banks is a full, 100% reserve payment to the central bank.
2) DCEP claims to be slowly replacing M0 (cash in circulation) without affecting M1 (M0 + demand deposit) and M2 (M0 + demand + time). Then the question arises, this point of corporate flow may be more convenient, but there is really no advantage to the ordinary people, the people why not put large amounts in the bank to deposit fixed-term, small amounts why not put in the balance of the treasure, payment is also convenient. The second step of DCEP may be to stimulate the market, which in turn affects M1 and M2. how does that affect the POS mechanism, which automatically sends interest to the DCEP wallet? Only when it comes out will we know.
3) 2 equipped with DCEP wallet, can pay offline, does it mean the same as decentralized wallets, lost the money inside also lost? Should not, otherwise these years because of mobile payments led to a sharp decline in thieves robberies may be subverted, in addition to money laundering becomes more uncontrollable, the central mother will not fail to consider this situation. And bitcoin wallets lost, after all, can still be recovered through the private key. So, is it a good idea to send a recovery tool (similar to a dongle with a private key) when you have a DCEP wallet? You can look forward to it.
4) It is not known whether DCEP will perform account classification or not. But it is undeniable that digital currency systems are simple if they are willing to make special classifications. For example, if a company pays you a salary, it will note the salary, and if you receive rent for a rental house, it will note the rental income. Any additional large amount of money coming in, the source of income needs to be filled in. In the future, you go to Macau to win money, deposit in you have to think about how to fill in, you play antiques to make money, also have to indicate the antique transactions, easy to prepare to check whether this transaction is true and legitimate.
5) And it's even scarier if it's earmarked. For example, the demolition house allowance, issued by DCEP, can only be used for consumption of housing. The company "reasonable tax avoidance" to your car allowance housing subsidies telephone subsidies, can only be used for such special. You say, is it exciting to think about? Is there a kind of back to the old generation that kind of food stamps meat stamps cloth stamps era?
6) The impact of DCEP on the cryptocurrency world will be positive. traditional mainstream media will inevitably mention BTC when promoting what digital currencies are to the public. exposure will rise dramatically, and any further low audience acceptance will be positive for bitcoin.
7) And the most direct impact may lie in whether the exchange will have BTC/DCEP trading pairs, after the convenience of access to gold, the speed of the influx of funds will be much faster. From the current point of view, there should be no problem, but do not report too much hope, after all, if then the iron fist is strict, it may be another story. So far, no one knows how strong the DCEP back office custody.
8) Bitcoin is Bitcoin, DCEP is DCEP. other sovereign nations may not recognize your DCEP, but Bitcoin is fine anywhere on this planet.
26. Is blockchain the most important technology in the future?
It is hard to tell now. In fact, because of the decentralized mechanism, blockchain is at a definite disadvantage relative to many centralized projects in terms of both execution and efficiency, with no advantages. The breadth of application, therefore, may not be as great as you think.
27. Will USDT surpass Bitcoin's market cap? Will it then shake bitcoin's leading position?
Why would you say that USDT's increase in BTC market cap will also increase? Because USDT's increase, in a sense, is good for the market of virtual currencies. The market has also proven the relationship numerous times in the past.
Stablecoin has a lot of advantages over bitcoin, and to put it simply, it's easier to use than bitcoin. I read an article some time ago about how many people on the periphery are now using usdt to launder money.
It all looks perfect, but stablecoins don't have the anti-inflation properties of bitcoin, not now and not ever. usdt will always be 1usd=1usd.(provided tether doesn't collapse)
Another point is that USDT is still a mine, but no one knows whether or not this mine will blow up, or when it will blow up.
So yeah, no one wants to go all in on USDT without a specific demand, whether you're Chinese or American, excluding small fluctuations in the exchange rate, it's pointless and far less reassuring than holding fiat currency in your hand.
Facebook's current market capitalization is $660 billion, it is possible that sometime in the future, the market value of libra issued by Facebook will exceed that of bitcoin, or the market value of China's legal digital currency will exceed that of bit, which is possible.
But comparing stablecoin market cap to bitcoin is a meaningless exercise, and even if it were to happen, it wouldn't inspire any major waves of market confidence.
28. I hold coins that transfer faster than bitcoin, why is there such a big price difference?
This is the most common mistake in the cryptocurrency world, always thinking "I am better than him, I can definitely surpass him", but forgetting to consider whether this "excellent point" is the user's demand.
And what are the current user needs in the cryptocurrency world?
Quite simply, just like traditional finance, it takes you to make money.
When a bull market comes up, or a hot spot hits and the price of the coin rises, he will bring in countless users. And when a bear market hits and the price of the coin collapses, countless users will leave. When the tide is out, we will see who is swimming naked. This is the most realistic picture of the cryptocurrency world most of the time.
So with each bear market, people are slowly discovering the goodness of bitcoin.
The reason is simple, fall-resistant.
If there is such a statistic, the bitcoin bear market may accumulate more users than the bull market.
Most people entering a new market will choose to listen to some of the experiences of those who have gone before them.
Slowly, he will hear more stories about bitcoin and cottage coins.
But in Bitcoin, he can see the story of wealth creation, while the cottage coin, most of the Internet left a record of blood money.
Even if he does not want to do as he is told, the market will force him to choose how to do it in a bear market.
As this cycle ran through each bull and bear transition, gradually Bitcoin accumulated so many users.
The two coins at the head, Bitcoin and Ether, have slots that are always there as well.
Bitcoin slots are currently mainly transaction throughput, Ether is more, TPS is too low, the larger the block the more cumbersome, too many bugs, decentralization is not enough.
Aren't these important?
Yes, it's all important.
But until the system still breaks down, until there are better technical improvements all the time, and until the price of the coin remains strong, none of this matters.
If you haven't accumulated more users before the next new technology coin comes out, then the "merits" you hold can easily become worthless.
Technology is always advancing, and one day most people are talking about how planes are faster and safer, and you're still looking for a way to add grass to your horse for the night, you've already failed.
29. Have you always been so confident in Bitcoin and not a bit apprehensive?
There are concerns.
For example, in the early years I have been looking around for information on quantum computers. Then I met a technical person in this area, and he meant to tell me, don't look at the media as a whole to report what quantum computers have a big breakthrough, at least the last few decades, no way. I thought, if the quantum computer really comes out then, all the current human crypto systems will be forced to upgrade, and bitcoin should also have time to release patches in advance to upgrade or fork to avoid it.
Then again, now I'm worried about bitcoin congestion again because of the halving, the drop in arithmetic power, and the difficulty not being adjusted in place today, bitcoin is already quite congested, and the untraded information accumulated these days has been 50-60MB, which is quite annoying when you think about it.
30. Can I do futures?
It is best not to do, this circle, too many because of futures, lost all the money.
People always believe too much in themselves, in fact, the investment community, there has been 8 losses 1 draw 1 win, that is, most people do not even do a good job of buying high and selling low in the spot, let alone easy to burst the futures.
31. The coins I bought are falling, and I don't feel like working on them, I feel hopeless in life, what should I do?
Until you reach professional investor, until you have the capital to give up your job, no matter what you are doing, please always put your work and study first.
Investing is not proportional to the time and effort you put in, but work and study, is.
And just so, you are worthy of being on it, consuming your time.
Instead of wasting too much time on investments that don't get positive feedback.
32. Can Bitcoin really be a currency as an aggregate determined deflationary currency?
I've answered this question before, so if you're interested, go to Weibo and look it up.
Argumentative points aside, this is not a problem at all in terms of investment price.
Iron and aluminum are the largest stock of metals on earth, although the most widely used, but these two things will not be worth the money. And the earth's largest stock of elements is silicon, so sand (the main component is silicon oxide) is the least valuable.
In this world, you remember that stock is very important in anything that is linked to value.
By the same token, whatever happens to a deflationary currency in the future, it must be worth more than an inflated currency.
33. Can Bitcoin with up to 10 minutes confirmation speed really be used as a currency?
I remember watching a video before, when cell phones were first introduced interviewing passers-by asking if they would buy a cell phone. Everyone's answer was no, I have a phone at home, why buy a cell phone? Standby is so short, it is not too much trouble to use?
Even today, in 9102, cell phone battery life is still a shortcoming, but affects the popularity of cell phones?
The answer is no.
When cell phones play an essential role in daily life, this drawback can only be tolerated.
Similarly, when Bitcoin's risk-averse, decentralized properties of protecting property from freezing are well known and become an indispensable means of guarding private property, this speed of confirmation, at least for now, is not a big deal.
Moreover, technology continues to advance, and lightning networks and side chains are evolving.
Look forward to it, really when everything is solved, you still want to buy a bitcoin for just a few tens of thousands of dollars?
34. Isn't bitcoin a form of submission?
(1) submit, Baidu encyclopedia, describes (people) under great external pressure, against their wishes and submit to the constraints of pressure conditions.
(2) Therefore, there is a very important factor here - against one's heart, such as that previous example, when filling out the document, standing up and sitting down to such trouble is.
3) if you don't understand bitcoin, you follow the trend and buy bitcoin and indeed succumb.
4) If you understand bitcoin and still do not see the future of bitcoin, it is indeed condescending to follow the trend and buy bitcoin.
5) For me, I like Bitcoin from the bottom of my heart and agree with Bitcoin's future, so naturally I don't count it as a submission.
35. Blockchain is important, or Bitcoin is important.
In the early years, before the concept of blockchain was even mentioned, no one separated the two of them. Blockchain was just a technology used by Bitcoin to ensure the copy-and-paste phenomenon that has been impenetrable for online currencies.
Now that it's separate, I don't know what you think, I'm more bullish on bitcoin.
The current market money-making pattern is roughly like this: exchanges > mines > information/wallets. How do you invest? Run to the primary market? Venture capital to buy shares?
Even if you have this energy, now the market can make money in the project, you have money can not participate in. You can buy shares of the new exchange, let you smash money into it, you also panic very much.
And it's much easier to invest in bitcoin. And, in my eyes, bitcoin will definitely take off before blockchain, that's for sure.
Why? Because of the core of blockchain: credit oriented and the biggest demand for cryptocurrency.
36. Bitcoin's halving rule is so unfair that the later pays for the first.
First of all, the world is not fair, a person's success, including too much, choice, effort, luck, etc., so often, you work harder than he did, but not mixed with him this situation.
The second is that even if you divide all the wealth of the world equally, after a few years, the gap between rich and poor will still appear. Some people get the money, eat, drink and play, some people get the money, dead hoard safe, some people get the money, looking for the wrong investment a chicken, some people get the money, looking for the right investment price has doubled a hundred times.
The pioneers took too many risks, and in the early years, Bitcoin was like a small, shaky tree that could be uprooted at any time. Even the country did not even have a decent wallet, and most of the time the information category had to go to the extranet.
Just an environment where you're willing to trust his mom? Someone dares, and he gets the chips low. Do you think that's fair?
37. What is the vision of coin hoarding?
In fact the vision of hoarding coins you can look at it like this, the path bitcoin needs to take is in 3 stages and crosses each other. (For example, bitcoin is now also used for everyday use, but the adoption rate is too low.)
1. to protect private property from anyone's control.
2. like gold, as a safe-haven property.
3. As a currency for daily use.
The first one is an important attribute that Bitcoin was born with, except that many people do not take it seriously, and this is one of the contributing factors that breaks the willingness of most people to accept Bitcoin. It is even said that most of the people who are now entering the cryptocurrency world are fiat naturals.
It's just that history always rolls forward, and human cognition is always progressing inside a long timeline, for reasons of accumulation and transmission on the one hand, and the irreversibility of knowledge caused by the constant advancement of new technologies on the other. This property, will be constantly discovered, known and believed.
We always like to say how ahead of their time the millennials are, how novel their thinking is, because this generation was born in the Internet era, the speed of knowledge acquisition has reached unprecedented ease, resulting in a leap of cognitive progress that far surpasses any previous generation.
In many traditional industries, such as the construction industry where I work, the best people in the industry are post-60s, post-70s, or even post-50s, and they are like elementary school students in front of the computer network. So, I sometimes wonder why these industries are progressing so slowly, and maybe that's a huge reason.
Perhaps, in another 10 years 20 years 30 years, those millennials become palm trustees, may be the new world, the new rules, and now, compared to the world, has been a world of difference. The fiat currency exchange rate, which you thought was unbreakable at the beginning, has long been benchmarked against a certain virtual currency with the largest consensus and become affiliated with it.
The truth will always be the truth, and the truth will always be the truth.
As long as the goal is right, the direction is right, whether to take a straight road or a detour, the end will still be reached.
Number two, become a safe-haven property like gold.
In the past few years, I have been actively comparing bitcoin and gold, but the correlation is not obvious. Then I thought about it, ① is that countries are off the gold standard, gold is no longer a currency in the eyes of the public; ② is that gold is difficult to cut, difficult to identify the real and fake properties, and does not meet the needs of modern people's ideal currency; ③ is that Bitcoin is just starting, even if it accelerates again, it will take a lot of time, is not now a few years to see the first signs?
Then I stopped comparing, simply thinking that it doesn't make any sense to do this, and in my eyes, bitcoin is always superior to gold. A falling currency, a new one, nothing comparable.
So, this one I also think will be the first to achieve a small goal.
Currently gold 8 trillion dollars market value, bitcoin is 190 billion dollars market value, according to this small target, bitcoin and 40 times up, that is, 44W knife dollars.
Well, even if you are more eager to cash out, I think that your task remains to hoard coins until this small goal is reached.
The third article, become the currency of daily transactions. This ultimate goal, not to mention it. If you make it to that point, cashing out or not is meaningless, because spending money means spending bitcoins.
By then the exchange rate for bitcoin has stabilized and the only thing worth your consideration is how much volume volume is needed to achieve this.
Well, prophecy always makes no sense, but the future is truly worth your time to look forward to.
37. Does calculating the cost of mining tell us the true value of bitcoin?
1) Mining cost is a dynamic adjustment indicator. When the coin price falls to a certain level, the arithmetic power will drop, when the next drop to the cut-off point of the open machine can also make money, the arithmetic power will be maintained. Similarly, when it goes up, the arithmetic power will keep increasing. (But because this time the mining machine has been more sought after, the market shortage of supplies, often a machine is difficult to find)
2) Arithmetic power will be dynamically adjusted following the coin price, which will be different for each model of miner, differences in electricity costs, etc..
3) It gets even more complicated when you consider the "sunk costs" and the fact that many mines are "futures hedging".
4) Bitcoin has been mined out 80%, the remaining 20% less than to be mined out in many years to come, the impact of mining costs on bitcoin, is not too great.
38.My computer graphics card is pretty good, can I use it to mine bitcoins?
Can, if you join the mining pool to dig, this point of arithmetic power is not enough to pay for electricity, after all, others are professional miners.
And if you solo, it is theoretically possible to dig, now the block reward has 12.25 bitcoins, but the probability, is lower than winning the double lottery jackpot.
The probability of the Asus GTX1080-A8G, for example, was sold for 5,000 yuan on Taobao at the time, and if it was used for mining, the probability of mining was 1 in 3,238,461,538. and the probability of the double lottery jackpot was only 1 in 17 million.
39. Is the exchange safe?
Security is always relative, the history of Bitcoin has seen theft from exchanges every year, and Mentor, which previously occupied 80% share of Bitcoin trading, has also experienced theft and bankruptcy.
After the theft of many transactions compensation, small amounts are better, while those with large amounts, it is basically difficult to have compensation.
Therefore, most of the time, if you can, buy coins and mention them inside your own wallet. Or put more money in different big exchanges
40. Is Bitcoin illegal?
It is not illegal to hold bitcoin within China, however, Chinese law does not currently allow for trading to be offered, for example if you want to open an exchange, you are not allowed to do so.
In many countries abroad, bitcoin is a fully compliant and legal investment, and exchanges are legally licensed to do so.
The current policy risks for domestic holdings of bitcoin for withdrawal are as follows.
1. virtual currency can be given to others, but the recipient needs to declare personal income tax, otherwise it is suspected of tax evasion.
2. domestic buying and selling abroad, or buying and selling abroad, suspected of money laundering crimes.
3. Chinese citizens, after selling withdrawals, as long as there is a profit, need to declare personal income tax, otherwise suspected of tax evasion.
4. the virtual currency you have legally acquired can be sold to others in a personal transaction without involving money laundering and tax evasion, which is not prohibited but not encouraged by the policy.
5. Chinese citizens, knowingly sell virtual currency to others, disguised as assisting others to enter and exit the country with funds, suspected of money laundering crimes.
41. Can I buy cottage coins?
It is not recommended for newbies to get into cottage coins, the current market is still relatively confusing compared to the traditional market, and various air coins are flooded with them. If you really want to buy, it is recommended to read the following paragraph.
1. Cottage coins are infinite, while there is only one bitcoin, so the market capitalization of bitcoin as a percentage, will always be constantly being affected by the new heat of the market to decline. But this should not be a reason for you to buy cottage coins.
2. any investment has a cycle, when you stretch the time, unwind and get rich are possible, the premise is not to return to zero, otherwise all visions are like bubbles, and these years of observation, cottage coin mortality is too high, early cottage coin mortality rate even reached 99%. from this point of view, bitcoin is the only asset worth you long hold;.
3. Cottage coin aka competing coin, his competition is bitcoin. If you compare him only to fiat currency, it will be meaningless. You are risking so much just to outperform fiat currency, so why don't you choose bitcoin which has a high safety margin and is secure?
4. The significance of the difference between cottage coin participation and bitcoin long hold is that the investment time needs to be shortened so that there is a run on bitcoin. With most cottage coins, long holding is simply a false proposition.
5. often in a group will see a certain coin hedge plate said long hold 5 years 10 years of words, do not take it seriously, even if you can do it is not recommended to do, even if he can in this bull market shine, no one can guarantee that he will survive the next bear market.
6. Most of the time, this market feeds you information that makes you anxious, but often the right action is the opposite. The more you are afraid to buy, the more worthy you are to buy, and vice versa . Similarly, which side of the market hotspots, the best way is to ambush in advance, rather than flock in with the flow.
7. advance ambush is easy to say, do it is particularly difficult. On the one hand, very few people in the market will be thoughtfully considered so far, and the second is to risk a huge anti-humanity operation. As the saying goes, you have to survive those days when no one asks, in order to have the desired poetry and faraway places. And poetry and faraway places, it is always difficult to reach.
8. So, you have to learn to close the five senses inside this market and tick off the information that makes you fomo so that you can make the most correct choice. Basically, every operation under the influence of fomo, most of which will later be found to be very bad when reviewed.
9. And that is, to feel more stupid instead of making some money to inflate up. The next step to inflation is to be overconfident and become risk-averse. So often when you are most complacent, the next step is the endless abyss.
10. Finally, good luck. As long as you can't have a steady way to make money one day, then luck is essential.
42. If Bitcoin is almost out of new coins and there are not many transactions on the chain, what if we can guarantee that the miners' arithmetic can maintain the security of the Bitcoin system?
Bitcoin is cleverly designed with a 4 year block bonus one halved, and the mining revenue is block bonus + fees.
In the future, later mining revenue will come entirely from fees, which may later mean an increase in transaction volume and the need for expansion. Or through the lightning network kind of centralized packaged party, so that its rewards can meet the miners earnings .
But this situation should not be considered in these recent decades, after all, the current mining revenue is still mainly from the block rewards. Style, main chain processing fees explode
Assuming that later on-chain transactions are not large, miners' earnings shrink and arithmetic power decreases, affecting Bitcoin network security.
In fact, there is no need to worry, leaving aside the uncertainty of the fee, how to maintain the arithmetic power does not decline?
It's a simple thing to double the price of bitcoin every 4 years to make up for the halving of block rewards. This would allow miners to gain and not reduce.
Of course, there are a lot of assumptions, such as the machine is not updated, such as the number of miners has not changed, etc., etc.
But the truth is still this truth.
Is it hard to double the price of bitcoin in 4 years?
Well, it's not that hard.
The block bonus is now 6.25, 3.125 per block bonus in 2024, 1.5625 per block bonus in 2028, 0.78125 per block bonus in 2032, 0.390625 per block bonus in 2036, and 0.1953125 in 2040.
The current share of bitcoin mining fees is just 10% of the block rewards, so according to the halving view, this situation can be maintained for at least 3 more halving cycles, that is, until 2032 when it is halved. (Provided the fees don't skyrocket)
So there's no need to worry about this at the moment, bitcoin mining revenue is still a long way from being rewarded by the block, and at least the last 10 years have had no impact.
43. I just learned about bitcoin, can I invest in it now and can I get rich?
1) Before coming into this market, it is recommended to learn something about Bitcoin.
2) After the system study, I believe you will have the answer yourself. Rather than listening to me, I talk about the sky, and you are not sure in your heart.
3) From my standpoint, bitcoin's potential remains huge in the later stages, and an important sign to become mainstream is to surpass gold. By gold's market cap of $8.2 trillion, if bitcoin can surpass gold, at least bitcoin reaches $430,000. Of course, this may require the next round or even several rounds of bull market to reach.
4) Happily, foreign institutions are slowly accepting bitcoin as well. Domestic institutional funds can access bitcoin because of controls, or are not allowed to. So, this is an opportunity, I guess. In that respect, it's not too late and it's considered a pioneer.
5) As for the question of getting rich, you have to find out for yourself whether you believe that bitcoin can surpass gold. If you want to believe, then the question is much simpler and becomes whether or not a 24x increase in your assets will make you rich.
6) If this is not possible, forget it. It's not really about bitcoin anymore, it's about you.
7) And the reality is that even if this goal is reached, leaving aside the risk, it will take years of time to accumulate and is not considered to be a windfall of wealth. The early days of bitcoin kind of a thousand-fold increase in a few years is long gone, and he has slowly moved from towards the ranks of regular investments. If you are looking for short-term riches, Bitcoin is not for you.
8) Finally, you need to be careful when entering the market, in such a 24-hour no limit on the rise and fall, everywhere is a pit, a variety of black swans in the market, the slightest inattention will be harvested clean. You invest a 300,000 yuan to open a milk tea store, struggling to support half a year, even if lost, at least you can still give you half a year to slowly settle accounts, slowly understand the market. But bitcoin you can't hold down the idea of getting rich, high leverage, a few minutes to reach the goal of zero, and you can't learn anything in those few minutes inside. So, from this point of view, if you just want to get rich, try not to come to play.
44. Newbie question, in a bear market do all coins fall like crazy? Then I'll just sit back and wait for the bear market and sell my house to enter.
It's true, all coins go down in bear markets, including bitcoin.
But you sell your house shuttle, the final ending is basically a tragedy.
In the imagination, you think a bull market going up is a straight line, and then you sell at the highest point. In a bear market it's a straight line going down and then buying at the lowest point.
In fact, the k-line is much more thrilling than you might think.
There are numerous pullbacks in a bull market, and when you encounter a big pullback or even a 40%, do you think you can tell if the bull market is over?
There will be months in the bear market is also up market, encounter high rise, but also often doubled, you think you can find the lowest price of the bear market?
In the face of the unknown, any buy and sell is a bet with an uncertain outcome.
At 312 in 2020, half a month, bitcoin fell from 1w to $3800, plus all assets around the world are shrinking like crazy, you don't panic?
Also sell the house pokers, no one can carry this kind of heavy chips.
Are you so sure that the position you bottomed in the bear market is the lowest price?
Are you so sure that bitcoin won't drop another 50% after you take the bottom?
Are you so sure that after another 50% drop, there will be a bull market afterwards?
No one can say what the future is like, and at that time, you're not taking it for granted and breezing through it like you are now, saying that you're selling the house pike.
This is where most people look at the k-line that has come out and imagine themselves operating high and low at various points, as if it were easy.
Unfortunately, there are too few such people.
Wall Street elite are saying that selling high and taking low is catching a flying knife with an empty hand, you think you can?
Over the years of observation, people who consistently play short term, not to mention the win rate, even stick to the few people.
What kind of people are the most numerous?
The more you believe in yourself, the more short term you toss, the less coins you play. Finally played with the contract, the assets to zero.
This is a real catch.
I hope you're not.
45. Summarize the misconceptions that newcomers have about Bitcoin.
(1) The market is out of stock and the price of graphics cards has gone up, but they are not used to mine bitcoins.
2) Bitcoin is not illegal in the country, citizens can legally hold it, however, financial institutions are prohibited from entering, domestic exchanges are not allowed to open, and domestic bitcoin is not called currency, defined as a commodity.
3) Bitcoin is not priceless, in fact, tens of millions of dollars going in and out right now can't make a little bit of a ripple, you can sell 24/7/365 when you want to, and buy when you want to.
4) Bitcoins can be split, so there is no such thing as bitcoins being expensive and unaffordable.
5) Buying bitcoin is not a difficult task, no need for others to buy on your behalf, you can find a regular exchange to register (microblogging top has recommended mainstream exchange). Basically, those who help you buy on your behalf, earn the difference or good, encounter cheaters, people and money empty.
6) Most of the ones that take you to speculate in coins, ask you to pay group fees, and help you operate are IQ taxes. In the bull market, you will have profits when you buy blindly with your eyes closed. So, you must be cautious, when you are cheated, it is very difficult to defend your rights. (I have met many fans to me complaining that the police are basically useless).
7) the statement that bitcoin chips are concentrated is not accurate, the first 100 many wallet addresses, which are the addresses of the exchanges and the coins in them do not belong to individuals.
8) Bitcoin mining is not a waste of resources. First of all, electricity is a very difficult resource to store, and before bitcoin came out, many small power stations were abandoned. Second, mining is a way to keep the bitcoin ledger running smoothly, which is not a waste, as is "accounting" in traditional industries, if that's what you mean.
9) Mining farms are too concentrated in the country and there are risks. If there really is a policy reason for a mining revolt or something, Bitcoin can change the arithmetic hard fork to avoid this situation, which is really nothing to worry about. Bitcoin is already a behemoth, and the more institutional money that comes in, the more expensive bitcoin becomes, the safer he is.
10) It is true that Bitcoin does not have a sovereign state endorsement, but currencies are not required to have a state endorsement. reading the history of cryptocurrency shows that consensus is what matters, and that in a decentralized world, no endorsement is as reliable as math.
11) There is not as much money laundering through bitcoin as you might think, in fact, most people choose bitcoin just to make money. there is a definitive article in 2020 on money laundering in cryptocurrencies, the use of bitcoin for money laundering is minimal.
12) Bitcoin's success was not built on top of a disaster, you may have heard of XX currency collapsing and the population choosing Bitcoin, but it was not Bitcoin's problem, it was that indiscriminately issued bad currency.
13) Bitcoin is very secure. With a cold wallet, the best hackers can't steal your coins. Most bitcoin theft news refers to centralized exchanges, not to the fact that bitcoin itself is so poorly secured. .
14) Bitcoin is not complicated, in fact, far more concise than the steps you take to apply for a bank card.
15) You can be happy without buying bitcoin, it's just an investment. So, if you don't understand bitcoin, there is absolutely no need to enter this market, but try not to mindlessly smear it, because it really looks cheap in many eyes, as you are still smearing the development of the internet.
46. Should I choose to buy bitcoins directly, or should I choose to mine them?
1. mining and direct coin buying, each with its own characteristics, are very dependent on the coin price, both somewhat betting on the future.
2. the uncertainty of mining is more than buying coins directly, in addition to the coin price as a factor, the time cost is also high, the site, wages, and the counting power is constantly increasing, which is all negative for you.
3. mining belongs to the long stream, the bull market, short-term time mining machine production capacity shortage, mining to obtain the cost of bitcoin, far less than the direct purchase of coins, but want to reach the initial investment of those money equivalent amount of coin holding, need time to accumulate. The story here is more, good luck, the back of the profit is very sufficient, even say he is money printing machine is not too much, bad luck, there is a chicken feather. The focus or the time of entry.
4. Mining is a one-time investment that pays off slowly. After the "complete" collapse of the coin price, you have not yet recovered the cost, and there is no relative advantage (low electricity prices, high-count machines), it is very difficult to play. That's why you often see mining machines sold as scrap in bear markets, because these old machines don't generate enough bitcoins to pay the electricity bill.
5. If you have the resources to get a good miner and cheap electricity in a bull market, then naturally you can do a job. If you have this advantage, then it is naturally better than buying coins directly. Mining is a game of competition with others, even if the price of coins plummet, you can still live very well compared to others. Like the story goes, a bear chases 2 people, you don't need to beat the bear, but you must beat your companion.
6. Mining is still the same as any other investment, and it is optimal time to enter when no one is asking for it. So, if you can, it is recommended to get in during a bear market. This time you get the cost of the miner will be very low, plus the slow returns let you survive that to black time, entry you basically win half.
7. One example is that if you buy S19 in 2020 for just over $10,000, you can make a profit of $7,000 a month in 2021, and S19 goes up to $70,000. And if you come in at over 70,000, plus electricity, you're not sure how long it will take to make your money back.
8. There is also the most most important point is that the mining mentality will be much better. Observed over the years, most miners, because of a long time passive position, or forced to increase the arithmetic, both the proportion of money or ability to make money, are far higher than those who are fighting in the secondary market.
47. Difference between bitcoin HD accounts and regular private key accounts.
Let's start with ordinary private key accounts.
In the past, before HD accounts came out, people were choosing these types of accounts.
In layman's terms, this means that each bitcoin address corresponds to one private key. If you want to generate multiple addresses, you have to save multiple private keys for each address. (Like in my previous article on cold wallets, which is about manually producing multiple private keys)
However, the Bitcoin community is a big advocate of not using used Bitcoin addresses anymore, which helps protect the privacy of transactions and the security of addresses.
But every time a new address is randomly generated, it's too much trouble to save it with a traditional private key account, after all, you can't always have a new address and rush to write down the private key to back it up, and that's when the HD account should come out .
The great thing about HD accounts is that instead of private keys, you keep helper words, but can manage countless addresses.
How do you understand it? It's like when you master the trunk of a tree, the branches that branch out from it can be proven to be yours.
Many people may think that the helper word is derived from the private key and the inference in between may not be secure, but in fact, it is not.
The correct order of deduction should be, seed - helper word - private key.
So there is no such thing as an unsafe helper word.
In short, if you are cold wallet hoarding coins, in fact, ordinary private keys can be satisfied, and the private keys I saved from earlier years are all such accounts.
But if you are a common online wallet, HD accounts are better for both privacy and security and convenience. After all, it is also theoretically difficult for quantum technology to launch a computational attack on an address that changes frequently.
48. Bitcoin settlement is too slow to be a currency.
It's true that Bitcoin is not very efficient. Inside a decentralized wallet, the theoretical transaction speed of one block in 10 minutes is already finished by traditional transfers, plus sometimes it takes even longer to get out of the block, or a complete 6 confirmation count.
But it's not a problem because people don't care.
If you're just looking for efficiency and disregarding centralization, you can totally go for the second tier.
What is the second layer?
For example, inside the traditional market, I buy something in the vegetable market, pull out my wallet and take out RMB to the seller, which you can understand as a layer of RMB transaction system that can guarantee anonymity.
But if I'm in Jiangsu and I want to buy an item from a seller in Beijing, Taobao shoots it and then Alipay transfers it, that's the second layer of the RMB. It's not a real RMB, it's just digital.
But the second layer is nice, fast and efficient, just at the expense of anonymity, and all this transaction information is recorded.
So, if you're not thinking about decentralization, you can absolutely go to the second layer of the Bitcoin network. There are a lot of second layers, such as internal transfers on many exchanges, such as the custodian class wallets Coinsign, which transfer money quickly and efficiently, just like WeChat transfers.
And if you're hardcore, extremely efficient and decentralized you can also use Lightning Network, Liquid Network.
But too few people use it. Most people run to this market to make money, and he doesn't think about using bitcoin to buy a cup of coffee. This is also the reason that over the years, the lightning network, even though it is developing and the technology is advancing by leaps and bounds, it is still not widespread.
I've said before that there are three visions for Bitcoin to go: 1. to protect private property from anyone's control; 2. as a safe-haven property, like gold; and 3. as a currency for everyday use. (Top tweets also included, for those interested)
All three of these visions are big, and it takes a lot of people to make them happen, and the most effective way to absorb them is through the money-making effect. Bitcoin has done that so far, and if you make a K-line of the number of Bitcoin players, it has increased faster than the price over the years.
Market perception is a very slow thing.
At this stage, you can hardly ask everyone to recognize the future of Bitcoin, but that's not the point, the point is that the path is going in the right direction and Bitcoin has not yawed.
Like since last year, the market perception is slowly coming around to bitcoin as a savings vehicle, which wasn't the case in earlier years. Back then you'd say he could save and fight fiat currency inflation, and people would taunt you by bringing up highly volatile K charts.
So someday, when people have realized that Bitcoin is an excellent currency and are willing to use him.
This is when the market focus will change from hype to optimizing bitcoin usage, and the development of the lightning network, will skyrocket.
I often see people mocking the slow development of the Lightning Network, and the reason for this is that people don't currently rely on this tool, people just want to see if the price of Bitcoin will go up.
That day will eventually come, and by then, you may no longer be complaining, it just won't cost you the tens of thousands of dollars to get involved to buy a single bitcoin.
49. Can a decentralized blockchain change the world?
When we compare two very different things, the most effective way to compare them is, to find the characteristics.
Compared to centralized projects, decentralization is at a disadvantage in terms of both efficiency and security.
And the only thing decentralization can take out of hand is itself: decentralization.
But now in many projects, we can be embarrassed to find that most of them are not decentralized, and even there are some rules, more centralized, that the makers say change when they want.
From this point of view, most projects inside the current market can't be called decentralized blockchain.
When you control the rules, even if the uplink can't be poked and changed, it becomes meaningless.
I don't know when a real killer app will emerge in this market, but what I do know is that in the future Bitcoin will definitely be one of them.
Currencies naturally come with decentralization rules, which is a perfect match.
So I've always been skeptical of decentralized blockchains changing the world.
But I've always had great faith in Bitcoin to change the world.
50. There are few absolute arbitrage opportunities in the cryptocurrency world.
Yes, there is still an information gap between the outside world and the coin world. The current arbitrage opportunities are as follows.
1) Defi mining
To be honest, Defi mining is still very profitable now.
Just like the stable coin USDT inside AEX are in 20%, but the only risk is that the platform runs away, which has been said, you can microblogging search AEX.
And then there is to mine yourself, which requires some foundation and requires continuous learning on your own.
2) Eating perpetual rates
Bitcoin's perpetual contract rates, sometimes very high, such as bull markets are often greater than 0.1%.
Eat exchange rate you have to go to see how much the rate of each platform permanent, such as okex is can eat 3 times a day, 8 points, 16 points, 24 points.
For example, if the rate is positive, that is, if you open more than one to make up for the cost of opening short, three times a day.
At this point, you can swap your cash in hand for USDT, partly to open short contracts and partly to buy spot hedges.
This way the bitcoin price goes up, you will lose money when the contract is opened short, but the spot will make money.
Bitcoin prices fall, you contract open short will make money, but spot will lose money.
The most important point here is that you need to hedge out the profit and loss of both, so that you are not making or losing money, whether up or down.
The profit comes from the 3 times daily eaten rate.
3) Eat quarterly contract premiums
Quarterly contract arbitrage is pretty much the same, I guess, because it will shift to the current quarter, then to the next week, then to the current week as the delivery date arrives.
By the end of the week, the basic premium disappears and you eat that premium, and bulls are mostly above 10%.
And whether the price of the currency goes up or down, you can't eat the profits because of hedging. Otherwise it becomes a game of betting on size, and it's not called arbitrage anymore.
In short, this piece looks pretty simple, you need to do the actual work yourself to calculate in detail.
And yeah, in a bull market, it can make you feel like you're throwing away the watermelon and picking up the sesame seeds sometimes, after all, bitcoin is crazy and you can make more money with direct spot.
But this way, the win is a sure thing.
The most horrible thing is to make a steady income, as we have said before, and that is why many fee groups are prevalent in the coin world.
51.XX coins how to buy.
1) Selecting an exchange
What coins you want to buy, choose the right exchange first. Popular coins like bitcoin, dogcoin, etc. are traded on normal exchanges. If it's a cold cryptocurrency, you may have to see for yourself which exchanges have trading pairs.
Once you have selected an exchange, register.
After successful registration, as a newbie, your account is unfunded, and you need to top up your funds into it at this time.
Much of the money inside the cryptocurrency world is exchanged for USDT, a coin anchored to the U.S. dollar, and by owning him, you can buy hundreds of virtual currencies.
Of course, you can also exchange for BTC, and many exchanges have trading pairs for Bitcoin, which is a preferred trading pair for many cryptocurrency players.
Like Cryptocurrency, you can buy USDT or BTC by clicking on "Trade" - "C2C".
Like OKEX, you can buy USDT or BTC by clicking on "buy/sell".
Like Firecoin, you can buy USDT or BTC by clicking on "Trading" - "Fiat Currency".
When you click on it, you will find a lot of pending orders from sellers inside, you can see the unit price, you can also see the limit, you can also see the payment method, choose according to your needs.
A gentle reminder to try to choose a certified merchant.
After you tap in to buy, enter the amount you want to buy and make payment as requested by the seller.
After successful payment, the seller confirms receipt of payment and will send you the coins you want to buy to your account. At this point you will have USDT or BTC.
Because of the fiat currency trading area, there are very few coins supported and most people buy and sell USDT or BTC.
And if you want to buy other coins, such as dogcoins, you will need to exchange them through coin trading.
Click on the coin trading (some exchanges call it spot trading), search for DOGE, and many pairs will appear, such as "DOGE/USDT", "DOGE/BTC".
Well, if you have USDT, you can choose the first one for dogcoins, and if you have BTC, you can choose the second one for dogcoins.
After a coin you bought rises and you feel it's almost time to take profits and walk away, you can then exchange it for USDT or BTC and then choose to sell it again C2C (fiat currency trading area).
Same steps as above, except this time someone else calls you with money. After you receive the cash, choose to release the coins.
52. transferred bitcoins to another wallet, but it never arrived, what should I do.
First go to Bitcoin Explorer to check the status of the transaction, enter your address and check the send status.
If it was indeed sent, but not confirmed, it is a bitcoin transfer and the fee is too low unpacked.
The mechanism of Bitcoin is that you transfer money to each other with a decentralized wallet and have to pay a fee as a commission.
This fee is charged by the miners and they will pack in order of high and low, and your transactions will only be confirmed and arrive after they are packed. If you set the fee too low, in the network is too congested, you will only have to wait for the high fee transactions to finish packing before it is your turn.
Normally, there are 3 points affecting the fee:1. byte size, 2. network congestion, and 3. coin age.
Over the years because bitcoin is getting hotter and hotter, and 1MB (isolated witness can be slightly scaled up, the limit peak is 4MB, but the emergence of 2MB are rare, before the science of this knowledge, interested can search SW) of the block limit gradually can not meet the needs of the public. The network was once very clogged, and many people would add fees to insert transactions in order to confirm them earlier, resulting in high transfer fees for Bitcoin.
For example, I currently look at the memory pool and there are already 255MB of volume transactions waiting to be confirmed.
The way to avoid this for ordinary users is to 1. don't transfer money, some coins are in the exchange, also wait for the network is not congested, and then choose to withdraw coins. 2. set high fees to plug the queue.
But what should I do if I can't confirm because of the low fee set?
There are 3 ways: 1. wait for peace of mind; 2. perform acceleration (many mining pools currently have acceleration services, which are now about a few hundred dollars); 3. higher-order play, erase previous transactions. (Depends on whether the wallet supports fee replacement protocols).
53. The private key is imported into the wallet, and it is found that the original address starts with 3, but now it starts with 1, and there is no balance.
1) First, know that currently, the same BTC private key corresponds to 3 different BTC addresses.
2) The 3 addresses are.
① Addresses beginning with 1 are called the most primitive addresses.
② addresses beginning with 3 are called isolated witness (compatible) addresses.
(iii) Addresses beginning with bc1, called isolated witness (native) addresses.
3) These 3 addresses are all independent of each other. So this student, even though he went to the address beginning with 3 to deposit, but after importing the private key, some wallets do not support this format address, just the default address beginning with 1, so his balance display is still 0.
4) So, it's not a matter of your private key or lost bitcoins, it's just a matter of wallet selection. There are wallets on the market now that only support ① format, some only support ①② format, and some support ①②③ format.
5) I just tried it, but it only supports ① address format after importing the private key, while Bitai and imtoken wallets support ①② address format after you import the private key (but Bitai is a transfer format because of the account system); TokenPocket wallet supports ①②③ address format.
6) So, just switch wallets and import. Some wallets are imported with the option to switch addresses as well.
54. What should I do if I choose the wrong chain when I flush my coins.
Nowadays, many coins, in addition to the native address, have a corresponding address on the chain of ETH/BSC/HECO, and sometimes they don't pay attention and choose the wrong chain.
Don't worry, they can all be recovered, in two ways.
1) Choose the wrong chain for withdrawing coins.
For example, I want to withdraw A coins from the exchange to my ETH chain address, but I end up choosing the BSC chain, what should I do?
Open the BSC chain of your own wallet, import it with the private key of ETH chain, and you are done, you will find A coins are quietly lying on the BSC chain.
Because they are the same set of private keys and addresses.
PS: You can transfer back to the exchange and then reselect the chain, or you can cross-chain (but the current cross-chain technology is not too mature, so use caution), but you have to have the GAS fee on this chain, for example, above the BSC chain, you have to have BNB in order to transfer money.
2) The wrong chain is selected for recharge.
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Technically it is fine, all can find coins, it is to see whether the other party is willing to spend energy to deal with you.
To be continued.
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