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If a million people gave a dollar to someone, they could be a millionaire. We are an embodiment of this showerthought: https://redd.it/2mq94c If you are looking for the Drawing Threads, head to /millionairemakers
ELI5: Bitcoin wallets / how to be secure in owning and trading bitcoins. Also, future of the bitcoin exchange rate.
I'm reading in various places about how unsafe it can potentially be to store large amounts of currency in btc and about the insecurities of bitcoins. What exactly is a wallet? If my understanding is correct it's simply a string of characters used to identify the owner of a sum of btc, correct? How can something like that be secured, other than by keeping that string safely tucked away and backed up somewhere that no one will ever know it but you? Can a wallet be password protected or something? Finally, I've read conflicting tales on the future of the bitcoin exchange rate. Some people are saying it will soar and within a year it will steadily be worth several hundred per btc, others say that it will spiral back down and won't ever see measures in the hundreds again. Can someone back up these claims somehow?
I've read a lot about wallet security, and I wonder about the real risks here. In order to keep my bitcoin really secure, I should get a computer that's offline and never touches the internet. I should either use a wallet on that computer or use it to generate paper wallets. Or I could use a CD or thumb drive to boot an OS partitioned from anything else on my computer... All of this is tricky and scary. Especially for a newbie who's heard about all of the scams, hacks, and thefts out there. With most of the stuff in my life, I know that bad things could happen: my car could be stolen, my credit card info swiped, etc. I'm careful, but not obsessive. So the question is, I know what the best way to secure bitcoins is, but what 'good enough' for most people?
ELI5 - I just bought £10 worth of bitcoin through blockchain wallet, ended up with £9.73 of bitcoin
So I set up my wallet online, and decided to purchase £10 of bitcoin. I was told there would be a £0.30p fee, so actually spent £10.30. Have confirmed £10.30 left my bank account. So why did only end up with £9.73 of bitcoin at time of purchase?
ELI5: I have bitcoin sitting in a wallet that I can’t access. How is it contributing to the market?
I know for conventional fiat currency, money in a bank accrues interest and is lent to other consumebusinesses and contributes to the economy in a tangible way. This is obviously not the case. Is my lost cryptocurrency quietly inflating and helping increase the market value of BTC? Or is it dead money since it cannot be traded and thus loses value over time as more and more BTC is mined.
Please ELI5: Securing my bitcoin in best wallet or storage vehicle
I have clicked on the links on the side. I have been dying to buy bitcoin for a few months, but have hesitated to do it because of the history of thefts and hacking. As I understand it, I want to store it locally, not online or on a server. But if I do this, I need to write things down. I would ultimately like to store it locally -- like a USB drive or something -- or even a sheet of paper in a safe deposit box. But how the heck does an idiot like me, get from "Hey I want to buy Bitcoin" to "I'm secure in knowing nobody will steal my bitcoin, and I am still able to use it to pay for things securely."?
I'm super confused as to what paper wallets are, as well as how to put your bitcoins onto a hard drive, etc... ELI5 please.
Literally, be as simple as possible about the terminology. If I purchase 1 bitcoin on GDAX and want to safely secure that bitcoin. How do I go about doing it?? Does it turn into a QR code that I use with my phone one day if I want to sell it? Where do I go to get a wallet that I can keep offline? What software is needed? What does the software do? Is it like a save file for a game, that it just remembers? Should I print the bitcoin somehow and keep it with the hard drive or on a thumb drive? I'm so incredibly confused by this all. All I understand is that I can buy and sell and keep the coins on a "cloud" per say, and treat it like I would my waterhouse accounts and sell and buy again.
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