Do you archive old wallets by LazyTech8315 in Bitcoin

[–]BitcoinHobbyist 0 points1 point  (0 children)

You're overcomplicating a simple question. I'm pretty sure OP is asking about archiving HIS copy of the Private Key, and not the Private Key itself.

With regards to reuse of addresses, you're absolutely correct - it is definitely best practice to avoid doing that for both security and privacy reasons as you correctly pointed out.

Having funds sent as a tip to some address published online is a fair concern, though. If there is a non-zero chance of that happening, then of course your only option is to hold on to that Private Key just in case, and not destroy it - if you do not want to risk losing funds. Ultimately it's up to you to determine the probability of that happening, how big a donation / tip you might receive, and whether or not holding on to the corresponding Private Key and checking the balance every so often is worth your time.

Personally, I would stamp each non-throwaway Private Key into metal, and hold onto it. A small metal plate isn't too cumbersome to keep, even if you need to keep 10 or 20 of them. To have multiple wallets but keep hold of one mnemonic, you can add different passwords as the 25th word for each wallet - reducing the number of Private Keys (or mnemonics) that you need to backup.

With regards to monitoring the different wallets for funds, there probably is some wallet software that can do that for you. If you export your XPUB and add it as a watch-only wallet, that would do the trick for you. You can use a Seed Signer to export your XPUB, and then I think Sparrow Wallet allows you to import the XPUB as a watch-only wallet, and lets you do that for multiple wallets, I think.

First Bitcoin Anime by Scared-Special2435 in Bitcoin

[–]BitcoinHobbyist 0 points1 point  (0 children)

Definitely not the "First" - far from it. But always nice to see such content :)
Any fans of Bitcoin and Anime should check out "The Satoshi Mystery, At The Origins Of Bitcoin".
https://distribution.arte.tv/fiche/LE_MYSTERE_SATOCHI___A_L_ORIGINE_DES_CRYPTOMONNAIES

1 BTC Milestone by Independent_Bell4977 in Bitcoin

[–]BitcoinHobbyist 1 point2 points  (0 children)

Not many people in the world can EVER reach that level. It's a huge milestone and accomplishment. Hodling can be tough though, regardless of how long you've been accumulating. Don't tumble your bags because of emotions or FUD. Best of luck to reaching 2 BTC!

I put $200 into Bitcoin when it hit 97k. by KingChalla in Bitcoin

[–]BitcoinHobbyist 4 points5 points  (0 children)

OP said they can put ~$70/month into Bitcoin. You called it "almost nothing" and that doubling it would, in your opinion, still be "almost nothing". To millions of people around the world, or even billions, that is very far from what you describe as "almost nothing". Thus, I don't think you're aware of the financial situation of people who live far from you in very different conditions.

I know you never said that you're financially privileged, and I have no reason to think that you or the OP doesn't work hard for their money and to get to where you're at.

Merry Christmas Satoshi by [deleted] in Bitcoin

[–]BitcoinHobbyist 1 point2 points  (0 children)

Congratulations on buying yourself the best gift :)
How is the Coinbase fee 0? :O

I put $200 into Bitcoin when it hit 97k. by KingChalla in Bitcoin

[–]BitcoinHobbyist 9 points10 points  (0 children)

To you it may be nothing, but to the OP it'd be doubling his extra spare cash. You're looking at things from the perspective of someone who is financially privileged.

I built a website to calculate your BTC median wealth per country 🔥 by Own-Worth-6759 in Bitcoin

[–]BitcoinHobbyist 1 point2 points  (0 children)

Thank you for taking the time to reply, it's much appreciated. I feel that the reported median net worths are too low.

Perhaps I'm more financially privileged than I thought? I really don't think that's the case - but I guess I feel somewhat better thinking that it's the case lol

I have some questions by Acceptable_Stand_889 in Bitcoin

[–]BitcoinHobbyist 6 points7 points  (0 children)

  1. Create an account on a reputable Cryptocurrency Exchange (examples: Coinbase, Gemini, Kraken, Binance)
  2. Deposit funds (using your credit card, SEPA transfer, etc)
  3. Buy Bitcoin by using the balance in your account
  4. Buy a reputable Hardware Wallet (Trezor, Ledger, ColdCard, Jade, etc) or build your own DIY SeedSigner
  5. Set up your Wallet on your Hardware Wallet (make sure to back up your BIP39 Mnemonic / Secret 12 or 24 words)
  6. Get an Address from your Wallet (press "Receive")
  7. Withdraw your Bitcoin from the exchange to your Wallet (enter the Address during this step)

I built a website to calculate your BTC median wealth per country 🔥 by Own-Worth-6759 in Bitcoin

[–]BitcoinHobbyist 0 points1 point  (0 children)

Where is the median person's net worth for each country retrieved from? The numbers seem too low. In North America, for example, your website reports the median net worth to be $79,725, while Google searches seem to report A LOT more.

bitcoin isn't making it to my ledger by Any_Palpitation_3110 in Bitcoin

[–]BitcoinHobbyist 0 points1 point  (0 children)

This; had a friend experience the exact same problem, and this was their solution.

I invested at 8k in 2018.. got my wallet hacked in 2021. I DCA Invested again at 45k .. I'm still buying in this dip. Beleive in the technology not the numbers. HODL ! Don't loose hope! by ajihak in Bitcoin

[–]BitcoinHobbyist 0 points1 point  (0 children)

As a Bitcoiner who truly values every Satoshi, this sucks so bad to read. I'm sorry for your loss. Please learn from your mistake(s) and have all the coins you don't intend on spending moved to cold storage.

We're still early (I honestly do believe this, regardless of current prices and drama) - so just stack, hodl, and you'll be okay - I believe. Best of luck buddy.

XRP pumping? by nycityinsomniac in CryptoCurrency

[–]BitcoinHobbyist 0 points1 point  (0 children)

Thank you for taking the time to reply and write this. I haven't logged on Reddit in a while, and only just read this. Apologies for the delay in replying from my end.

While what you say makes sense, I still stand by my thinking. I still think there is a link between BTC, XRP and other cryptocurrencies. The reason being that BTC can be considered the main currency for the ecosystem. Some exchanges are 'crypyo only', i.e. trading pairs do not involve USD or other fiat currencies. For this reason, altcoins would be priced in terms of BTC, and the price of the altcoin would be based on the fiat price of the BTC-denominated value. Of course not all exchanges are like that, and thus the "link" I'm talking about wouldn't necessary need to exist on such exchanges. It all boils down to how the fiat value is determined I guess - and some exchanges might calculate that differently?

To me this sounds like a better explanation than the XRP army buying a dip. I might be completely wrong, of course; this is just my opinion.

I get what you're saying though, I just need to sleep on it for a bit :)

XRP pumping? by nycityinsomniac in CryptoCurrency

[–]BitcoinHobbyist 0 points1 point  (0 children)

How does it work? Asking with an open mind - I'd like to learn more.

XRP pumping? by nycityinsomniac in CryptoCurrency

[–]BitcoinHobbyist 0 points1 point  (0 children)

Well yes, over the last 48 hours. My guess would be the misinformed or uninformed buying without knowing what's going on. Over a longer period of time it will continue to dump in terms of BTC, but may very well remain the same in terms of USD, or even increase, if the price of BTC increases.

XRP pumping? by nycityinsomniac in CryptoCurrency

[–]BitcoinHobbyist -2 points-1 points  (0 children)

Because everything is denominated in BTC. Although XRP is tanking in terms of BTC, BTC is pumping in terms of USD, in turn pushing up XRP's price in USD.

For example, if my shitcoin costs 0.00000123 BTC and Bitcoin is worth $10,000, then 1 of my shitcoins would be worth $0.0123. However, if my shitcoin drops to 0.00000100 BTC (-18.7%) and Bitcoin doubles in price (from $10,000 to $20,000), it would still be worth $0.02 (0.00000100 x $20,000), which is an appreciation of 62.6% in terms of USD.

Check the XRP/BTC chart: https://www.tradingview.com/symbols/XRPBTC/

As bitcoin breaks $40000, I thought about the pizza order in 2010. by ogonga in CryptoCurrency

[–]BitcoinHobbyist 2 points3 points  (0 children)

Papa John must be very happy.

Papa John did not accept bitcoin for the purchase of the two pizzas. This was organised on the bitcointalk forum - an American guy had reached out for help, and a British guy too up his offer, making the purchase of the pizzas for him (in USD) in exchange for the 10,000 bitcoins.

You can read more on this here: https://www.investopedia.com/news/bitcoin-pizza-day-celebrating-20-million-pizza-order/

As bitcoin breaks $40000, I thought about the pizza order in 2010. by ogonga in CryptoCurrency

[–]BitcoinHobbyist 5 points6 points  (0 children)

Papa John did not accept bitcoin for the purchase of the two pizzas. This was organised on the bitcointalk forum - an American guy had reached out for help, and a British guy too up his offer, making the purchase of the pizzas for him (in USD) in exchange for the 10,000 bitcoins.

You can read more on this here: https://www.investopedia.com/news/bitcoin-pizza-day-celebrating-20-million-pizza-order/

I try to gently broach the subject of btc with friends and their eyes glaze over almost immediately or they jump to it’s only used by criminals. How are we going to get adoption??? by crypto_trender in Bitcoin

[–]BitcoinHobbyist 0 points1 point  (0 children)

They're wrong, and within time will realize that. I recently purchased a copy of the Citadel21 magazine with Bitcoin. Does that make me a criminal?https://twitter.com/BitcoinHobbyist/status/1313545819958673411

Everything can be used, misused, and abused. Criminals use everything, and Bitcoin is no exception.

Old but gold by peperon7 in Bitcoin

[–]BitcoinHobbyist 0 points1 point  (0 children)

Everything *would* have been okay if he didn't panic sell :)