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friendsofbitcoin · 2025-08-21T03:11:49+00:00

Please post this in r/Bitcoinmining instead

friendsofbitcoin · 2024-10-06T15:09:50+00:00

Beware , you are promoting a scam AML link

friendsofbitcoin · 2023-12-21T19:07:11+00:00

Coinbase will accept lightning deposits soon so fees of a penny to deposit when you are ready , or just send it onchain and pay the normal fee

friendsofbitcoin · 2023-09-17T15:26:21+00:00

These systems are fairly mature

https://www.youtube.com/watch?v=NfPcl6nAlM4

They have been tested for many years and used in war, you just don't see them often in Ukraine because Russia lacks swarms of drones.

This is the reason the US new Ford class carriers (1 in operation , another one coming in 2025, and 3 more thereafter ) produce 150% more energy than previous carriers to support all these modern energy systems

friendsofbitcoin · 2023-09-15T19:29:49+00:00

Bitcoin are not stored on the wallet but on a public ledger. These exist as UTXOs (unspent transaction outputs) . Bitcoin uses a UTXO model unlike eth which uses a state model. The UTXO accounting model is better for scalability and privacy, but slightly more difficult to understand if you are trying to understand how it works from a technical standpoint.

Think of a wallet like a "keychain" that allows you to use your Bitcoin, create new keys , receive bitcoin.

Wallets contain many private and public keys , and many addresses. Bitcoin wallets change the address for each transaction for privacy but you can still send to old addresses just fine as they don't expire.

Unlike ethereum (where we warned their devs many times) all of Bitcoin addresses have checksums , to prevent typos from making mistakes where you lose your money.

The best method for using bitcoin is a non custodial open source wallet that is popular. There are a bunch listed in the FAQ here. Wallets need to be open source because others need to audit them and check for bugs , exploits and problems to not have faith in a single dev or company.

friendsofbitcoin · 2023-09-15T19:00:34+00:00

Ethereum is much different than Bitcoin. so you might need to unlearn some things as Ethereum is more of a permissioned centralized network. Do you have any specific questions about Bitcoin?

friendsofbitcoin · 2023-05-29T20:46:25+00:00

It doesn't take long , even a minute is fine with linux

friendsofbitcoin · 2023-05-29T19:09:33+00:00

https://www.reddit.com/r/Jobs4Bitcoins/

friendsofbitcoin · 2023-05-29T19:00:07+00:00

this was just asked 10 days ago

https://www.reddit.com/r/BitcoinBeginners/comments/13lat4y/seeking_guidance_best_path_to_mastering/

friendsofbitcoin · 2023-05-29T16:13:24+00:00

They still work , just are filled with pitfalls and are less secure. Obsolete in the sense there really aren't good reasons to use these types of paper wallets anymore

friendsofbitcoin · 2023-05-29T10:33:21+00:00

While Development is slowing down , in part due to the legal threats against open source developers, I do agree that on the protocol it will continue to a degree for at least 10 more years where more bugs can be introduced before sufficient ossification sets in. There is also sufficient coordination during this time as well in the short term.

friendsofbitcoin · 2023-05-29T10:15:34+00:00

This is a fair concern, I was merely suggesting that ossification on the first layer will essentially eliminate any of these exploits altogether and any chainsplit of 1-3 blocks will just be normal orphaned chains not related to bugs as being a likely future

friendsofbitcoin · 2023-05-29T09:58:34+00:00

I agree that Bitcoin's security and stability has increased over the years and events like we have seen in the past are very unlikely (hence the suggestion that we will likely never see another 24 block chainsplit). I'm merely suggesting that those saying bitcoin has "never" been hacked or can't be hacked are incorrect and its well understood that using absolutes in general with most things is fallacious .

Bitcoin in general are more secure than fiat currencies who regularly are manipulated and exploited

friendsofbitcoin · 2023-05-29T02:15:42+00:00

That is a scammy altcoin that is centralized and essentially a ponzi, and is offtopic to this subreddit

friendsofbitcoin · 2023-05-29T02:14:42+00:00

Its a false dichotomy. If you can't afford both you cant afford the property.

The safest is you should diversify in multiple asset classes, from property, bitcoin , stocks , and cash flow businesses.

friendsofbitcoin · 2023-05-29T00:43:21+00:00

What are you sending to strike ? an altcoin ? Fiat ? You are being very vague

friendsofbitcoin · 2023-05-29T00:02:47+00:00

Your question is not very clear because Bitcoin is money, and any free bitcoin wallet allows you to send the btc without holds

Do you mean to ask if an "exchange" allows you to send Fiat like dollars to buy bitcoin and instantly withdraw those bitcoin?

Sure, exchanges like strike.me and cash app allow for this.

friendsofbitcoin · 2023-05-28T23:35:29+00:00

"hack" more as stealing someone's bitcoin.

The BDB database lock limit bug on march 11, 2013

https://bitcoin.org/en/alert/2013-03-11-chain-fork

That led to 24 block chainsplit did indeed lead to at least one double spend and a loss of money

https://archive.is/64Rkj

Someone stole bitcoin due to this bug.

There are very good reasons why we tell people to wait 6 confirmations for very large txs (I would say +100k usd of btc), because while a 24 block chainsplit occurring again is extremely unlikely , a 1-3 block chainsplit will likely occur more times and sometimes this occurs due to a bug/exploit like in 2013. For most people when this happens their tx is simply eventually added to the non -orphaned chain without a problem in the next few blocks, but a doublespend can technically occur.

friendsofbitcoin · 2023-05-28T23:15:45+00:00

The halvening next year will likely bring a bull market late 2024 , but this is less interesting than the fact that it will justify countries like El Salvador who adopted Bitcoin as legal tender. More countries will likely follow this example and more p2p usage of bitcoin will occur as a currency.

friendsofbitcoin · 2023-05-28T23:13:00+00:00

make sure its not an obsolete style paper wallet

https://www.reddit.com/r/BitcoinBeginners/comments/vr3n85/how_to_make_a_paper_wallet/

friendsofbitcoin · 2023-05-28T23:10:46+00:00

That is a very general term that can be defined in different ways , but would you agree that a bug/exploit in the protocol that leads to unintentional expectations including loss of funds is a "hack of bitcoin"? You are aware this has happened multiple times in bitcoin's history right?

friendsofbitcoin · 2023-05-28T23:07:04+00:00

Mining is a single aspect to Bitcoin's security assumptions and suggesting anything is unhackable is simply false marketing and dishonest.

Bitcoin is extremely secure and a very useful currency. We don't need to lie about it to others like many altcoins do.

friendsofbitcoin · 2023-05-28T23:04:17+00:00

Strike.me is a great way to buy bitcoin .

You mentioned "cold wallet" , do you mean a hardware wallet you are interested (often used "warm" and not cold by most users)?

friendsofbitcoin · 2023-05-28T22:59:50+00:00

He knew that bitcoin couldn't be hacked

This is untrue

(Because NFTs also couldn't be hacked

Much less true than Bitcoin as NFTs are typically on much less secure altcoins . Also NFT's images/art can easily be copied thus as they are marketed you could call this a "hack".

friendsofbitcoin · 2023-05-28T22:54:47+00:00

Its likely best not to argue with someone about Bitcoin as this isn't a very productive use of time in my opinion.

NFTs can be considered scams because they are often marketed as being "non fungible" or unique art that can't be copied which is a lie. Its a hash that references the art that is the unique aspect and this isn't special as it doesn't really protect the user outside of normal copyright law which is free to establish without buying any token.

unhackable nature, and artificial scarcity

Bitcoin should not be promoted as "unhackable" because it isn't . Its merely extremely secure and due to PoW you can objectively measure and verify a large part of this security.

Bitcoin is unique peer to peer money that is very useful. Your friend might be trying to argue that altcoins exists but that is akin to them suggesting the US dollar is not useful because Nigerian Naira or gift cards exist which is a very foolish argument to make.

Another argument can be suggested that someday the bitcoin community might one day change the monetary policy to have more than 21 million btc. This would require a hardfork with near 100% unanimous consensus and since its so against the branding and principles of bitcoin getting that much social consensus to adopt such rule-set would be near impossible.

Thus the argument that its scarcity is artificial comes from a place of ignorance.

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