Bitcoin & cryptocurrency

[WillBrink]

TechCrunch has some good info, but there are lots of sources and lots of opinions. Just have to research a lot and decide for yourself.

Granted these options are still volatile but just as a reference i just started with a small investment two days ago and I'm currently at double what I invested. And I realize that it could all go into the negatives for me at anytime but im about 50% hoping it keeps going high enough to make a great profit and 50% wanting to keep a hold on to it just to see what happens in the future with these types of currency.

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50% of what I have no idea....but I have to look into if I guess.

[tb-av]

(Like how I lost mine at VaultofSatoshi and Cryptsy).

Can you go a little deeper on the storage as paper? Or best practices storage and such.

My basic understanding is 'lose your password, lose your money and you have no one to blame but yourself.'

But I did not realize it could be stored offline. Could this paper also be handed to someone else with the password as sort of a bearer bond?

I need a readers digest version that is not a site trying to sell me their portal.

If one signs up to Coinbase are you stuck with them or like a bank, broker, what have you, can you switch around?

[sandsunsurf]

When I say storing bitcoin in a paper wallet, it’s still a unique bitcoin address and cryptographic key, and it’s not like I can just print it out and make it up. It’s a way of storing the bitcoin that I already own. There are a lot of places online that can describe this better and in more detail. The short of it is this: each amount of bitcoin you have is unique and yours, and it is limited in supply. Bitcoin itself is more like an IOU with a big public ledger that every computer sees and makes sure is correct. Bitcoin only has value because people use it for trade (just like fiat currency from virtually all nations, now. There is no gold or silver standard). There is a lot of trade and use for bitcoin; Overstock.com and Cheapoair.com both accept bitcoin for payment. If you want your mind to really be blown, go to GDAX.com and watch the trades occur on the exchange in real time (I think you can watch without a login).

[WillBrink]

When I say storing bitcoin in a paper wallet, it’s still a unique bitcoin address and cryptographic key, and it’s not like I can just print it out and make it up. It’s a way of storing the bitcoin that I already own. There are a lot of places online that can describe this better and in more detail. The short of it is this: each amount of bitcoin you have is unique and yours, and it is limited in supply. Bitcoin itself is more like an IOU with a big public ledger that every computer sees and makes sure is correct. Bitcoin only has value because people use it for trade (just like fiat currency from virtually all nations, now. There is no gold or silver standard). There is a lot of trade and use for bitcoin; Overstock.com and Cheapoair.com both accept bitcoin for payment. If you want your mind to really be blown, go to GDAX.com and watch the trades occur on the exchange in real time (I think you can watch without a login).

That's literally the first thing I have read that makes any sense to me in terms of some actual value I can wrap my mind around at least. To date, I'm just not "gettin'" it.

[themonk]

I will post this again. For those that dont understand, listen to this podcast - https://www.kevinrose.com/single-pos...s-antonopolous

You will fully understand after.

[tb-av]

Thanks, I'm going to listen to that tonight.

ETA: fixed stream issue

[jerrysimons]

Paper storage is simply the cypher (private key) printed on a piece paper that corresponds to and accesses the section of the public ledger called the blockchain that your bitcoins were transferred to from the previous location. Who owns/ has possession of the private key is who owns the bitcoins and has the ability to permenantly transfer them to a new encrypted address with a new private key. Paper storage mitigate digital vulnerability of hacking the access to the cypher/private key where you bitcoins are stored.

The governments that seized bitcoins did so by seizing evidence and finding the private keys to the blockchain address where criminal entity had their bitcoins either printed on apiece of paper, stored on a computer or hardware device, or getting out of someone who memorized it.

If the private keys to a blockchain address are lost, you don't remember it and didn't store it somehow, it doesn't matter how many bitcoins we there. Access to them is lost permanently.

[sgtrock82]

If each bitcoin has its own key how would one breakdown a bitcoin and spend it without losing the change? Very few things I would buy cost $17850.00(current bitcoin price per google) although I understand it is very volatile at the moment and currently more of an investment than a usable global currency.

[jerrysimons]

If each bitcoin has its own key how would one breakdown a bitcoin and spend it without losing the change? Very few things I would buy cost $17850.00.

Not each bitcoin with its own address, but every bitcoin transaction has been traced from originally mininng to its current location in the blockchain. Addresses, I don't know what else to call it, can have multiple coins in it. Bitcoins are divisible to .00000000, millibits, microbits, and satoshi. I don't know how the math works out in the code of blockchain to send portions of a bitcoin from one location to another while accounting for the total and also coins yet to be mined but the it will only allow for 21 million bitcoins to be mined in in total. Conceptually it just traces every transaction ever into a public distributed ledger via math and computing. My understanding is conceptual not mathematical or code based

[sgtrock82]

Not each bitcoin with its own address, but every bitcoin transaction has been traced from originally mininng to its current location in the blockchain. Addresses, I don't know what else to call it, can have multiple coins in it. Bitcoins are divisible to .00000000, millibits, microbits, and satoshi. I don't know how the math works out in the code of blockchain to send portions of a bitcoin from one location to another while accounting for the total and also coins yet to be mined but the it will only allow for 21 million bitcoins to be mined in in total. Conceptually it just traces every transaction ever into a public distributed ledger via math and computing. My understanding is conceptual not mathematical or code based

Thanks! I might actually understand something before the evening is over.

Ive got to check that link above too. I had forgotten about it the first time it was posted.