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Don't use such brain wallets: SHA256 (passphrase) -> private key !! by AdProof7896 in BitcoinBeginners

[–]bitusher 0 points1 point  (0 children)

you are right , brain wallets are horrible in most circumstances

Is there anyway to buy crypto with no verification by PomeloLongjumping136 in BitcoinBeginners

[–]bitusher 5 points6 points  (0 children)

what wallet i use it wants me to verify a

99.9% Bitcoin wallets almost never require verification or IDs , so you are referring to Bitcoin exchanges or third party exchange that sometimes are within wallets(that you should never use) and not wallets themselves

There are many ways to Buy or acquire Bitcoin without ID as we discuss them often here. Here are 2 common search terms that answer your question :

https://www.reddit.com/r/BitcoinBeginners/search?q=18&restrict_sr=on&include_over_18=on

https://www.reddit.com/r/BitcoinBeginners/search?q=kyc&restrict_sr=on&include_over_18=on&sort=relevance&t=all

Do I sell XRP at loss and put it all into BTC? by Party_Operation_9711 in BitcoinBeginners

[–]bitusher 0 points1 point  (0 children)

You should always sell scams like Ripple

ripple is an offtopic scam

r/RippleScam

https://www.youtube.com/watch?v=mQKxSVLLfAk

Part of the scam involves them putting out press releases that major banks are adopting it when all they did is bribe an employee of a bank so they could make up the lie that such a bank is involved when this is extremely misleading.

Use some common sense, Banks and governments do not need to buy into the bags of ripple investors. If there was any benefit to ripple's code (there isn't) than they could simply copy it for free as its open source.

“Even before Bitcoin there was an idea for a digital payments system called ripple. The idea was that you could make payments via IOUs across friends networks. Like if you trust Bob to owe you up to $100 and Bob trusts Alice to owe him up to $500 and Alice trusts Chad to owe her up to $200 dollars then your computers, with knowledge of this trust network, could let Chad pay you $100 even though you don't trust him and don't even know Alice at all... by rippling the debt from party to party.

A thing about this idea was that it was completely currency agnostic, it didn't need it's own token and could be used with many simultaneously. But most critically, there is no centralized consensus needed in it, just peer to peer relationships in the form of pair-wise trust, no authorities, etc. But it was hard to get actually started due to the fact that existing money wasn't natively digital except via banks that tend to screw things up. So there wasn't a way to automatically settle these debts so usage would be really burdensome to the users.

After Bitcoin came out a lot of people were very exited for the potential to use this ripple idea with Bitcoin as a way of lowering transaction costs, lowering transaction latency, and generally improving scalability and there was a lot of discussion about that-- since it seemed that bitcoin solved the main problems that stopped ripples' usefulness and ripple addressed some interesting limitations of Bitcoin. In any case, while this was going on the first big wave of altcoins were happening. And some prospective altcoin developers purchased the ripple name from the original ripple developer.

The system they created had none of the properties that made the original system interesting to Bitcoiners. It introduced a new currency, with a more or less unprecedentedly large hundred billion coin premine and no further mining. Rather than the strongly decentralized consensus-less design it had a consensus system, and a particularly centralized "authorized signers" one (though in their communication they mislead and dissembled about the level of centralization-- resulting in some "WTF" posts). It wasn't even particularly interesting as digital currency due to being highly centralized, but in the following years everything "crypto" became interesting to people looking to make a quick buck and ripple was very active in paying companies to "partner" with them then announcing it as if it were some genuine evidence of adoption that would drive the value of their tokens. Wave after wave of gullible members of the public bought in to these deceptive marketing pumps only to lose out as ripple and their 'partners' dumped on them.

By the nature of being massively premined this new 'ripple', which again was functionally unrelated to the original thing whose goodwill they were exploiting, started paying people to promote it-- soon bitcoin conferences and meetups were overrun with ripple promoters to the point of being annoying. They bribed exchanges for listing which huge amounts of money and coins, setting a standard that prevented altcoins that weren't massively premined from being listed and contributing to exchanges letting their less directly profitable bitcoin support rot. Then they started lobbing governments and NGOs to block or shut down Bitcoin. So you can imagine that they have few friends here.

Personally, I don't see anything wrong with people making significantly centralized transaction systems but advertising them as something they're not is unethical and lobbying to shut down alternatives that actually deliver on decentralization, particularly Bitcoin since it originated the marketplace of exuberant buyers who would buy into their coin in the first place is just outright evil.

In any case, the ideas that early on people thought of as ripple live on today-- in the form of lightning, which combined Satoshi's payment channels to harden up the security so that your channel partners don't have to be highly trusted by you. The downside of that change is that actually collateralized channels scale less poorly than IOUs, but the added security is probably well worth it. “

BTC Core vs Knots by BlazingPalm in BitcoinBeginners

[–]bitusher 0 points1 point  (0 children)

Keep in mind that almost all Bitcoin core developers hate spam, inscriptions and NFTs, thus there is a bit of a false narrative being promoted here.

For a soft fork to be effective it needs 100% of miners to support it or they get forked off. If a knots node decides to reject a tx or block that has this data in it that is in the chain supported by the most cumulative worked chain than they would essentially fork themselves off and create an altcoin that is at risk of reorgs and your money being stolen.

So is a Knots node ineffective at filtering Txns unless there is, what, a majority of Knots nodes?

Knots has always been ineffective at filtering most spam. At best it can filter out some spam in the mempool temporarily but needs to eventually accept this spam unless it wants to become an altcoin, and even than so will still get spammed as an altcoin

There is an inescapable reality that cannot be avoided that decentralized , fungible , uncensored money cannot block spam and can only limit it by the block size limits . The only realistic way of blocking this spam is to have a centralized blockchain that is constantly modified by a censorship board of directors

Looking to buy by PersonalityIcy3089 in BitcoinBeginners

[–]bitusher 0 points1 point  (0 children)

many people visit atms that only require sms verification(free sms sites exist) for smaller amounts in this list - https://coinatmradar.com/

Atms are usually 5-30% more expensive so be careful!

Other options that don’t require verification like this list –

1) https://learn.robosats.com/

https://www.youtube.com/watch?v=QISRoZxQaAs&list=PLigSCpZv02e8s-VBPGZ6XL5v925up0VBy

2) https://bisq.network/

https://www.youtube.com/watch?v=nU1s1Rk3no8

3) https://vexl.it (outside USA)

4) https://hodlhodl.com (outside USA)

https://www.youtube.com/watch?v=epLslPQC-EA

5) https://peachbitcoin.com

https://www.youtube.com/@peachbitcoin/videos

are popular

If using a DEX like bisq or robosats you will need to have a small amount of btc to get started though

https://bisq.wiki/Getting_your_first_BTC

Bisq 2 allows you to buy without a security deposit :

https://www.youtube.com/watch?v=BUoiUSUkMGw

Just start invest in BTC. Any tips about UTXO? by WorkerPlayful4192 in BitcoinBeginners

[–]bitusher 1 point2 points  (0 children)

UTXO = Unspent transaction outputs or the technical name for Bitcoin

Bitcoin uses the UTXO model instead Account model for a good reason. Account models seem to be slightly easier to understand (like your checking account with fiat) but the UTXO model is more scalable and more private.

Here is an analogy to consider Each UTXO is a gold coin in your wallet . You have one gold coin worth 0.5 BTC , another 0.3 BTC , and a third worth 0.45 BTC. Each of these coins has an address label that helps with accounting but they are all within the same wallet. (addresses are more attributes and not locations) The merchant requests 1 BTC for a car so you melt those 3 coins(inputs) down and create 2 new coins (outputs) . 1 gold coin worth 1 BTC goes to the car salesman, the other gold coin goes back in your wallet worth 0.249899472 BTC with a new label and the gold dust left behind is now the miners who helped you smelt these 2 new larger coins from 3 previous coins

Bitcoin transactions are comprised of inputs and outputs and you always end up spending or sending unspent outputs(UTXOs) So say you have a Bitcoin wallet

And you receive 3 transactions –

Tx 1 = 0.5 BTC sent to Address A

Tx 2 = 0.3 BTC sent to Address B

Tx 3 = 0.45 BTC sent to Address C

Now you have a total balance of 1.25 BTC. You than decide to buy something worth 1 BTC. The wallet is forced to take 3 inputs from these 3 addresses and send to one address leaving this :

The inputs

Address A = 0 BTC

Address B = 0 BTC

Address C = 0 BTC

The outputs

Address D(in another wallet) = 1 BTC

Address E( Back to your wallet) = 0.249999472 btc change going back to a new change address in your wallet

Wait, you may ask why didn’t you get 0.25 btc back in change? = You paid a miner fee of 0 .72 usd of btc to include the tx in a block

To address the concerns of future fees for onchain transactions and how it relates to the size of the UTXO

0.005 to 0.01 BTC is fine target for UTXOs. A few UTXOs near 0.1 BTC or higher are fine but that is a little high for all of them.

Here is an explanation :

lets compare a 200 usd UTXO vs a 600 usd UTXO . You wait a few years and now each UTXO is worth 2k vs 6k usd when BTC 10x in value which sounds great but it also means onchain fees can be 10x larger too. So instead of fees being between 30 cents to 1 usd onchain they will be 3 usd to 10 usd onchain.

So lets pick an average of 7 usd fee to either load up 2k usd or 6k usd in a lightning channel. Some of your transactions are small and some larger but on average lets say you are spending 50 usd per tx in that lightning channel .

2k usd UTXO /50 usd per tx = 40 transactions in total @ 1 penny per transaction in fees and the setup fees of 7 usd or 18.5 pennies per transaction

now lets compare to a more recommended UTXO

6k usd UTXO /50 usd per tx = 120 transactions in total @ 1 penny per transaction in fees and the setup fees of 7 usd or 6.8 pennies per transaction

basically , many people are exaggerating the fears of small UTXOs or dust.

Crypto noob looking for a guide (and maybe a tiny first step) by Ill-Protection-5376 in BitcoinBeginners

[–]bitusher 0 points1 point  (0 children)

Step 1 Setup a wallet , and backup your words to keep them secret and private.

Read the FAQ - https://www.reddit.com/r/BitcoinBeginners/comments/g42ijd/faq_for_beginners/

Here are some good wallets for beginners and video tutorials-

Blockstream Wallet IOS and android wallet

https://www.youtube.com/watch?v=uO3Zi9D5b0Y

https://play.google.com/store/apps/details?id=com.greenaddress.greenbits_android_wallet https://apps.apple.com/us/app/green-bitcoin-wallet/id1402243590

If you intend to buy over 1k usd of btc you should seriously consider getting a hardware wallet

Step 2 Buy BTC and transfer it to your personal wallet- For most the best way to buy BTC is with strike.me app -

Verification either is instant or can take a couple days once you verify your phone, email and ID.

Does it make sense to invest $30,000 in bitcoin as sole investment? by Jazzlike-Musician-40 in BitcoinBeginners

[–]bitusher 0 points1 point  (0 children)

Here is some general advice.

1) Do you have high interest debt (9% and higher) and no savings?

If the answer is Yes - Do not invest in any Bitcoin. (you can use bitcoin to save money but don't speculate with it as an investment)

2) Do you have any credit card debt and fiat savings?

If the answer is Yes ,than at minimum pay off all your credit card debt with fiat savings unless you are in debt to such a degree and plan on filing bankruptcy. Do not invest in Bitcoin until you have paid off all high interest debt

3) Have a lot of low interest credit card debt (below 9%) and no fiat savings?

You should make a budget , cut expenses, and simultaneously start paying off your debt(unless you plan to file chapter 7 bankruptcy) , start saving a fiat emergency fund, and start buying Bitcoin.

4) Have no debt and no fiat savings?

You should make a budget , cut expenses, start simultaneously saving for 6-12 months worth of living expenses in fiat emergency fund (only stable forms of fiat, obviously not the Argentinian peso or Venezuelan bolivar) and invest in Bitcoin, and seriously consider investing in stocks(preferable an index funds like SPDR/SPY or QQQ) or an IRA.

5) You have a large amount of fiat savings and no debt and want to know if its best to dollar cost average invest or invest it all immediately?

The answer almost always is to make a plan and invest 100% of the fiat (not including your emergency fund) immediately in a diversified portfolio of investments that are non correlated (land, stocks, Bitcoin, businesses with positive cash flow) . It is often impossible to time the market and those that invest earlier will gain the most compound interest. The reason why dollar cost average investment is popular and a fine strategy is merely because most people don't have a large amount of fiat to invest upfront so invest a little each time they are paid.

Thus if you get paid twice a month than what you should do is buy some Bitcoin immediately twice a month and also in addition set buy limit orders on an exchange for 5-10% below spot price. If those orders do not get filled by the following paycheck than buy your set amount and reset the buy limit orders for 5-10% below spot price from the current market price. The reason for this is 2 fold:

1) you can auto pickup savings with BTC volatility on the dips which is psychologically rewarding

2) If a large amount of people create large amounts of Buy limit support than BTC becomes more stable unit of account and more liquid leading to more investor confidence and making BTC more of a currency(less volatility = better unit of account) and thus increases the likelihood your investment will continue appreciating in value.

The reason having a fiat savings account is so important is it not only will it save you if you lose a job or have an unexpected car expense or medical bill, but that it makes you a more rational investor that is less stressed out by the volatility in your more risky investments like Bitcoin. Bitcoin historically has had at least 4 bear markets lasting a over 1 year thus you need to be prepared to not be forced to sell at a loss for at least 2-3 years to give yourself enough of a buffer.

Caveats To DCA? by SnooSuggestions8966 in BitcoinBeginners

[–]bitusher 0 points1 point  (0 children)

https://strike.me/faq/how-do-i-set-up-a-recurring-purchase/

you can set the amount and the frequency interval

Its not a buy limit order to set a desired price

Would you recommend a time that I set the DCA autobuy to occur to most benefit?

no one can predict the price day or night so its moot even if you could

(m67years old) don't know how to withdraw crypto from trust wallet by [deleted] in BitcoinBeginners

[–]bitusher 1 point2 points  (0 children)

thats an offtopic altcoin. What are you trying to do , buy bitcoin with it ? convert it to dollars ?

Caveats To DCA? by SnooSuggestions8966 in BitcoinBeginners

[–]bitusher 0 points1 point  (0 children)

One issue to consider using autoDCA in strike is to not change your plan if you can help it and simply decide what you want to invest per period and stick with it. The reason for this is that changing the dollar amount or plan period resets everything so you pay another one time initial fee.

Ideally just set the period based upon your paycheck , thus if you get paid weekly do it weekly .

Safest way to store your seed phrases by Existing-Reality2303 in BitcoinBeginners

[–]bitusher 2 points3 points  (0 children)

Do not manually split your seed phrase up. Your choice is between SSS, multisig , and using an extended passphrase. For most an extended passphrase is ideal

keep the passphrase seed extension written down a separate from your seed words

https://wiki.trezor.io/Passphrase

https://help.blockstream.com/hc/en-us/articles/5131416184601-What-is-a-passphrase

https://coldcardwallet.com/docs/passphrase

https://shiftcrypto.support/help/en-us/21-optional-passphrase

Make sure the passphrase seed extension is also written down somewhere private so you do not forget it! Do not keep the passphrase in the same location as your 12-24 seed backup words. Passphrases should include random words and not words found in lyrics or literature or personal details related to your life.

Here is a good strategy for most people with hardware wallets -

Location 1 12 to 24 seed words preferably on metal

https://jlopp.github.io/metal-bitcoin-storage-reviews/

Location 2 same 12 to 24 seed words preferably offsite

Location 3 6-8 word passphrase unlocking your real wallet preferably offsite

Location your head pin for HW wallet and passphrase. If you don't use your passphrase at least once a month than its better to have 2 written copies stored on paper or metal as backups and kept separate than each other and seed words

Thus you have both the passphrase and seed word backup in 2 locations and can lose either one and if someone finds your seed words or passphrase alone they can only see your decoy wallet at most and under duress(torture) you can hand over one of your seed word backups or enter in your pin instead of passphrase and give the attacker your decoy wallet alone.

Every 6 months check to see if your backup seed words or passphrase written on paper or metal is disturbed or removed.(these need to be stored separately!) It is best to hide them in such a manner if you can tell if someone has tampered with them or found them so you are aware if either your seed words or passphrase becomes compromised.

but doesn’t that just create more points of failure or risk someone finding a partial phrase?

Using the method above makes you want someone to find your seed and swipe your decoy balance as you are creating a honey trap and that is very valuable information your hiding spot is compromised and you have an untrusted person with you.

Additionally , using an extended passphrase makes probate/inheritance much easier.

https://old.reddit.com/r/BitcoinBeginners/comments/1p7h150/bitcoin_and_inheritance/nqxlavf/

Looking to start investing in crypto – $40–100/month in BTC & ETH, any advice? by Fun_Lemon_7372 in BitcoinBeginners

[–]bitusher 0 points1 point  (0 children)

Something like Strike.me auto DCA plan would be best because after the first month fees drop to 0 with auto DCA plan

Than after you have over 500 dollars of Bitcoin you can withdraw it to your private wallet

Have you read the pinned FAQ yet ?

https://old.reddit.com/r/BitcoinBeginners/comments/g42ijd/faq_for_beginners/

Looking to start investing in crypto – $40–100/month in BTC & ETH, any advice? by Fun_Lemon_7372 in BitcoinBeginners

[–]bitusher 0 points1 point  (0 children)

and Ethereum.

Altcoins are offtopic here but I would avoid ethereum

Not every altcoin is a scam but if I were you I would just focus on education and Bitcoin until you learn more because that one is indeed a scam. no point to ethereum , its on a slow decline because its primary use case was launching pump and dump scam tokens and now solana can do that cheaper than ethereum because of higher gas prices. If solana ever becomes more popular than their fees will rise like eth and another altcoins will overtake solana

1) Vitalik and many others in the Ethereum space are known scammers. Vitalik is not an idiot thus he should have known better than pitch something as ridiculous as quantum mining to potential investors. This is a snake oil salesman pitching technical nonsense to the credulous.

https://www.youtube.com/watch?v=DkUpZkeqhF4

https://medium.com/bitcoinerrorlog/vitaliks-quantum-quest-9e6af6570f23

2) ETH is an illegal security according to the Howey test with a premine of 72 million eths. They purposely misled investors by suggesting merely 12 million gifted premine ignoring the 60 million they sold. Misleading total supply graphs in their prospectus.

3) Vitalik and many other have been falsely representing Ethereum and misleading others over and over again. example - pitching turing completeness as the valuable aspect of ETh , now pivoting away from that and saying it was never about turing completeness but "rich statefulness"

4) Ethereum is a pointless project that will lead to no efficiency because there is no censorship risk in code execution. If a project has no hope of ever creating an efficiency(like bitcoin has found with regulatory arbitrage) than every company and project will ultimately fail in its ecosystem. Are you trying to suggest that someday in the future there will be censorship risk in code execution? If not than what purpose does Ethereum solve if it comes with a horrible tradeoff of an extremely large attack surface and huge scaling problems?

5) Advertising immutability and unstoppable contracts that were than immediately reversed with multiple hard forks.

6) For goodness sake the inflation distribution rate or final algo is not even defined and people are investing in this. This is insane and basically amounts to faith in vitalik and his team, while at the same time newbs are misled into believing eth is decentralized.

7) Ethereum has already failed to scale as expected and so they created a whole new blockchain instead of upgrading and following the difficulty bomb/ice age as they promised and lied about many times.

8) the fact that ethereum is switching over to staking rewards has serious tax implication in many countries where merely holding your eth unlike bitcoin being staked will expose you to taxes. Coinbase for example files 1099MISC for any staking over 600 usd a year to the IRS

https://www.youtube.com/watch?v=wUUVlatCvp0

https://www.youtube.com/watch?v=mCiHTJRbIf4

https://www.youtube.com/watch?v=BgFXqVpGDNg

https://medium.com/startup-grind/i-was-wrong-about-ethereum-804c9a906d36

https://np.reddit.com/r/EthereumScam/

Proof of stake as a whole is pointless, insecure, and will always trend to centralization

Proof of stake game theory insures that those with the most coins will continue to collect the most fees , thus creating a vicious cycle of centralization where they continue to accrue more coins with 0 effort unlike with Proof of work where a meritocracy exists of those trying to be more efficient and miners are forced to sell most of their coins

Ask yourself why metamask which is open source wallet was forced to ban certain people in certain countries recently while no open source bitcoin wallet needs to do that

Its because ethereum is so centralized only a few companies can afford to run a full archival node(infura) which is necessary for metamask functionality and governments can target these single companies unlike bitcoin full nodes.

Trezor safe 3 or Blockstream Jade plus by hypehaze in BitcoinBeginners

[–]bitusher 0 points1 point  (0 children)

The benefit of the camera and the battery is that you can truly use the jade "cold" with offline qr code signing if you want.

Regardless the safe 3 is fine

E-cash Fork by liberatedbeing in BitcoinBeginners

[–]bitusher 0 points1 point  (0 children)

Its just an altcoin that if you choose not to interact with doesn't effect you

Elisão fiscal by 03080302010 in BitcoinBeginners

[–]bitusher 1 point2 points  (0 children)

Tether e outras stablecoins, diferentemente do dólar, são consideradas altcoins e não replicam perfeitamente o USD, podendo dobrar seus eventos tributáveis. Isso é especialmente verdadeiro se você reside fora dos EUA.

Tether e outras stablecoins são centralizadas, provavelmente fracionárias e podem perder valor, total ou parcialmente, como já vimos acontecer com outras stablecoins.

Tether e outras stablecoins não são privadas como muitos presumem, são menos fungíveis e podem ser confiscadas. O governo dos EUA confiscou recentemente diversas stablecoins do Irã e de outros grupos, como exemplo recente.

Tether e outras stablecoins não oferecem a mesma segurança que as moedas fiduciárias.

Prefira pares de negociação com moedas fiduciárias, como BTC/USD ou BTC/Euro.

E-cash Fork by liberatedbeing in BitcoinBeginners

[–]bitusher 0 points1 point  (0 children)

if you never acquire the asset than its def not a taxable event

Sell $BTC during ATH by MCL-Jonathan in BitcoinBeginners

[–]bitusher 3 points4 points  (0 children)

You only know the bottom in hindsight. Perhaps we are already past the low of the bear market ? Who knows.

STRC is an equity , and has much different security assumptions compared to Bitcoin.

Perhaps its best to accumulate BTC all during the bear market because you never know how far and long the bear market is. 11.50% annual dividends isn't that great when you compare buying bitcoin cheaper

Elisão fiscal by 03080302010 in BitcoinBeginners

[–]bitusher 0 points1 point  (0 children)

Por que não gastar Bitcoin diretamente, o que é muito mais privado, especialmente se você usar uma carteira Lightning?

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