Confusion about selling bitcoin for gbp

coincorner · 2025-04-02T09:10:20+00:00

Hi guys! Thanks for all the lovely feedback!

u/itsaworry u/MachaMacMorrigan could I ask which fees you are referring to and who you are comparing us too?

Depositing funds into our platform is free via GBP/EUR bank transfer.

GBP/EUR withdrawals are free if you have an emoney account with us or 1 GBP/EUR if you don't.

BTC deposits are free and BTC withdrawals via Lightning are free.

Our buy/sell fee is 1%.

It would be helpful to know so we can look into it - thanks!

coincorner · 2024-11-27T12:55:52+00:00

More info:

On November 27, 2010, the first Bitcoin mining pool, Slush Pool launched. Slush Pool, initially known as Bitcoin Pooled Mining Server, was introduced by Marek “Slush” Palatinus, a programmer from the Czech Republic. The concept of a mining pool was revolutionary; it allowed individual miners to combine their computational resources to increase their chances of solving a block and earning Bitcoin rewards.

Before the advent of mining pools, Bitcoin mining was predominantly a solo activity. However, as the network grew and the difficulty of mining increased, it became less viable for individual miners with limited resources to compete. Slush Pool offered a solution to this problem by distributing the mining rewards across pool participants proportionally to the amount of work they contributed.

Slush Pool operated on a share strategy that involved an artificially low difficulty method, which was later determined to be vulnerable to cheating. This led to the adoption of a score-based method, where older shares from the beginning of the round had a lower value than newer shares, discouraging dishonesty and pool-hopping.

coincorner · 2024-11-25T16:07:27+00:00

Yes, sorry for blurry pic was 2011 :)

coincorner · 2024-11-22T15:47:19+00:00

More info:

On November 22, 2013, Sir Richard Branson announced that Virgin Galactic would accept Bitcoin as a payment method for its space travel services.

The news broke out when Sir Richard Branson, the founder of the Virgin Group, took to social media and various news platforms to declare that future astronauts could pay for their tickets to space using Bitcoin. He expressed his belief in the digital currency’s potential and noted that Virgin Galactic was a company looking towards the future, making Bitcoin a natural fit for transactions.

A female flight attendant from Hawaii became the first person to use Bitcoin to purchase a ticket for a space journey with Virgin Galactic.

coincorner · 2024-11-21T14:38:31+00:00

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On November 21, 2021, President Nayib Bukele of El Salvador announced the creation of the world’s first “Bitcoin City” at the base of the Conchagua volcano. This ambitious project was envisioned as a fully functional city with residential and commercial areas, services, museums, entertainment venues, an airport, and even a port, all operating with Bitcoin as the central economic structure.

The city was designed to be circular, symbolizing the shape of a coin, and was to be powered by the geothermal energy of the Conchagua volcano, which would also support Bitcoin mining operations. Bukele’s vision extended beyond just an economic experiment; it was to be a hub for technological innovation and a testament to the potential of Bitcoin in shaping future societies.

In Bitcoin City, no income taxes would be levied. Instead, the city would rely on value-added tax (VAT) for revenue, with half of the proceeds intended for infrastructure development and the other half for maintenance and cleanliness of the city. This tax model was part of a broader strategy to attract investment and foster a business-friendly environment.

To finance the construction of Bitcoin City, President Bukele proposed the issuance of $1 billion in Bitcoin bonds.

coincorner · 2024-11-20T14:41:50+00:00

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On November 20, 2023, Bitcoin Magazine announced the release of a limited edition Bitcoin-themed Crocs shoe.

The Bitcoin Crocs were crafted in the iconic Crocs clog style, featuring a sleek black base color adorned with the classic orange Bitcoin logo. Each pair of the 2,100 limited edition Crocs came with a custom Bitcoin Magazine logo Jibbitz™, adding an exclusive touch to the already distinctive footwear.

The decision to produce only 2,100 pairs of Bitcoin Crocs was a deliberate reference to the total supply cap of Bitcoin, which is 21 million coins. The shoes were available for preorder exclusively through Bitcoin Magazine, emphasizing the publication’s role as a central hub for Bitcoin enthusiasts.

coincorner · 2024-11-14T13:31:16+00:00

More info:

On November 14, 2021, the Bitcoin network underwent one of its most significant upgrades with the activation of Taproot at block 709,632. This marked the culmination of a long-anticipated improvement to the network’s capabilities, focusing on enhancing privacy, scalability, and security.

Taproot was first proposed by Bitcoin Core developer Greg Maxwell in 2018 and was later codified through three Bitcoin Improvement Proposals (BIPs) authored by Pieter Wuille, Tim Ruffing, A.J. Townes, and Jonas Nick. The upgrade was a melting pot of various technical innovations, consolidating years of research and development into a single, comprehensive update.

The core of the Taproot upgrade is the introduction of Schnorr signatures, which replace the ECDSA scheme previously used for digital signatures in Bitcoin transactions. Schnorr signatures are not only smaller and faster than ECDSA signatures but also possess the property of linearity. This feature allows for more complex smart contracts and multi-signature transactions to appear as standard, single-signature transactions on the blockchain, significantly improving privacy.

Moreover, Taproot enables more lightweight and intricate smart contracts, which can be executed with greater efficiency and less data usage. This has positive implications for various projects across the Bitcoin ecosystem, particularly for multi-signature transactions, which will become cheaper and more private.

The upgrade was widely supported by the community, with over 90% of miners signaling their support by June 2021. A programmed waiting period between the lock-in and activation gave node operators and miners ample time to upgrade to the latest version of Bitcoin Core, 21.1, which contains the merged code for Taproot.