Is the Bitcoin eco system ready for the $100k BTC?
OK, we all expect a $100k BTC soon, but what does that mean? Are we even ready. - Most wallets, including BTC core, allow for the lowest fee to be 1 sat / vbyte, and most transactions are at least ~300 vbyte in size (lowest is, afaik, 1 in 1 out segwit = ~145). This means, the cheapest (!) BTC transaction at a 100k price tag is: 300 vbyte * 1 sat / vbyte * $100k / BTC = 30 cents. To repeat once more, that's the absolute minimum for most current wallets, it's a technical limitation. - A high BTC price will also give newbies a hard time to enter the eco system. Similar to the price of a troy ounce of gold, a very high BTC price will lead people astray to buy "something cheaper", but that's of course a very bad idea - however, a sat might be too cheap, and something in between is hard to understand. Isn't there a problem? What will we talk about in the future, miliBitcoin? - Other thoughts?
Its becoming harder to explain to people that are new to bitcoin that they don’t have to buy whole coins . For example they can buy bitcoin in fractions like 10 dollar worth of bitcoin which now is 0.00279 BTC. The problem begin when new people feel it’s kind of dumb to buy goods in such a small fractions of a unit. I know that the best solution right now for this problem is to give names like mili-bitcoin. For example 10 dollars = 2.79 mBTC. To me it still feels like this solution is causing a psychological barrier for the mainstream adoption. People around the world are using units of fiat money with a much bigger fractions like cents to buy things (only 2 numbers after the decimal point). For example the price of mineral water is 1.22 $. they don’t pay with mili-dollar or micro-dollars or even units that are so small and named after the issuer of the money system (like in bitcoin that the smallest unit is named Satoshi). To have a mass adoption in bitcoin we need to educate people for a different system of money. we need to give them the courage to asks themselves “what dose money even means?”. But is it really necessary to make the average Joe think differently when they want to pay with bitcoin? We did a pretty good job in making bitcoin wallets much more user friendly to the non-technical users over time. why don’t we change the way we see units in bitcoin to fit the mainstream way of thinking? Here is one new approach I was thinking of... Because the decimal point of bitcoin unit is not technically part of the bitcoin protocol (it’s only there because satoshi decided to present bitcoin unit that way in the first bitcoin client). Why don’t we decide on moving the dot every halving one number right. For example if I have 50.00000000 BTC after the first halving my wallet will present my balance as 500.0000000 BTC. After the second halving which is relevant to this day my total balance will be 5000.000000 BTC. That way no economical or technical principle of bitcoin are being broken and every one is happy :) What do you think?
Since tokens will be different than bitcoin on exchanges. Is there a way to force all exchanges use miliBitcoin as units. Is there anything that can be done on source to accomplish this. Price is a important psychological factor.
if theres only 21 million coins, how is potentially a world economy supposed to split them, especially if they cant be reminted? this would essentially mean someone would have like 1.5btc for life earnings. so .5 btc buys an amazing house possibly and day to day transactions will be what? micro or mili bitcoins? perhaps ltc aswell
I was thinking that it may be a fairly decent time to switch to using mBTC, but maybe the wait is until we pass far enough by $1000? - So as not to make a miliBitcoin worth less than US$1? I suppose I am wondering if all websites will eventually switch over to using mBTC instead of showing balances of 0.00231454 etc.. Exchanges, retailers, charting websites, etc. Would this push adoption or hinder it? What are you thoughts? Also, I don't see the confusion that Americans seem to be having with mBTC and uBTC. It can't be a problem directly related to the metric system, because the math is just so simple. Is it the fear of learning two new words? I have personally never used a micro unit while measuring anything, but it is easy for me to adopt that word and begin using it. No offence is meant to Americans here, simply curiosity. Thanks !
It would be really cool if someone designed an app where you could type in the amount of bitcoin that you owned and it would display your coins in some cool visual way. Perhaps if you set which denomination you want to see it at. If you own a whole bitcoin it will show you one whole bitcoin. Fractions of a bitcoin can look like a small flake and have it grow into a nugget then around 80% it will look like a rough unpolished coin and 1 bitcoin will look like a nice shiny coin. Then you set the denomination into mBTC and now the one bitcoin shatters into a thousand whole bitcoins in a wheel barrow. Set the denomination into uBTC and that divides into a million coins that you can fill a large vault with. Set it to show you the visualization in Satoshis and now you are scrooge mcduck swimming in coins. haha. There has to be an app designer who could do this fairly easy, yeah? mBTC = mili bitcoin = 1 thousandth of a bitcoin = 0.001BTC uBTC = micro bitcoin = 1 millionth of a bitcoin = 0.000001BTC SI = Satoshi = 100 millionth of a bitcoin = 0.00000001BTC
Ferrum Network (FRM) là gì? Phỏng vấn Ian Friend cùng Grace Phạm
https://preview.redd.it/3j38vfdagdh31.png?width=700&format=png&auto=webp&s=0ae4528ed42bb6b1edf9edb522d15f360ddb631b Link bài viết gốc: https://coin98.net/ferrum-network-frm-ama/ Như Coin98 đã từng phân tích, Ferrum Network là dự án Blockchain dịch vụ tập trung vào cung cấp các ứng dụng tài chính hàng ngày. Ferrum Network hoạt động như một sàn giao dịch phi tập trung. Hỗ trợ các đồng Crypto như Bitcoin, Ethereum, Neo, PUR… Một trong những đột phá của Ferrum Network là trợ giúp phát hành các loại tiền điện tử được hỗ trợ bởi các network bên ngoài và các loại tiền pháp định. Để hiểu rõ thêm về dự án Ferrum Network, hãy cùng Coin98 điểm lại những nội dung chính trong buổi AMA với Ian Friend — COO tại Ferrum Network nhé! Ian Friend hiện là đồng sáng lập kiêm COO Ferrum Network. Trước khi gia nhập Ferrum, Ian là một luật sư tại thành phố New York. Đó cũng là nơi ông thành lập đội ngũ nghiên cứu Blockchain cho công ty luật của mình. Sau đó, Ian may mắn gặp được tiến sĩ Naiem Yeganeh và thành lập Ferrum từ đó.
Ferrum Network là gì?
Ferrum Network là sự kết hợp hoàn hảo từ hai tính năng đơn lẻ. Thứ nhất là network với khả năng tương tác tốc độ cao có thể kết nối với bất kỳ Blockchain nào. Thứ hai là khả năng thực hiện các giao dịch của bất kỳ tài sản số hoá nào — ngay cả Bitcoin. Tốc độ hoàn thành giao dịch phải tính bằng mili giây với mức phí gần như bằng không. Trong đó, họ sử dụng công nghệ DAG để đẩy nhanh tốc độ giao dịch tài sản số trong mạng lưới ở mức chỉ vài mili giây với chi phí giao dịch thấp. Đồng thời, các ứng dụng chạy trên mạng lưới của Ferrum sẽ có thể cho phép thực hiện các giao dịch mua bán, trao đổi, lưu trữ các tài sản số mà không cần ký gửi bất kỳ tài sản thật nào.
Điểm nổi bật và triển vọng nhất của Ferrum Network là gì?
Ferrum Network dự kiến ra mắt ba ứng dụng chính. Bao gồm UniFyre Wallet, Infinity DEX và việc ra mắt nhiều cổng thanh toán tiền pháp định ở khắp nơi trên thế giới. Đây thực sự là những ứng dụng mà cộng đồng tiền điện tử cần, nhằm cải thiện cuộc sống của họ. Hiện, sẽ có 2 sản phẩm chạy trên Mainnet khi ra mắt: Kudi và UniFyre. Sau đó là Sub-Zero Wallet (ví trữ lạnh). Sau Mainnet, Ferrum sẽ cho phát triển Infinity DEX.
Cách thức hoạt động của Interoperability Network là gì? Network này có những lợi thế gì so với các network hiện có?
Interoperability Network là một đổi mới từ một thiết kế cũ hơn. Về cơ bản, Interoperability Network sử dụng token proxy có thể đại diện cho bất kỳ tài sản kỹ thuật số nào. Và bởi vì network này chạy trên DAG thay vì Blockchain, các giao dịch có thể được thực hiện ngay lập tức mà hầu như không mất phí.
FRM là gì?
FRM là gas của network. Anh em cần chi FRM để hoàn thành các giao dịch trên Ferrum Network. Điều đặc biệt là mỗi khi một token được sử dụng, nó sẽ được burn ngay lập tức.
Lịch trình release token FRM là gì?
Tất cả token của các nhà đầu tư sẽ được unlock 3 tháng sau TGE. Do đó, thị trường FRM sẽ không xuất hiện áp lực bán liên tục sau 3 tháng đó. Token phân phối cho team dev Ferrum sẽ được lock trong 2 năm. Phần còn lại sẽ được giữ lại trong dài hạn. Ferrum Network có khoản dự trữ mang tên Traction Based Reserve. Đây là những token bị lock trong 1 năm. Sau đó, chúng sẽ được phát hành dần dần dựa trên số lượng token bị burn.
Vì sao Ferrum Network lại chọn DAG thay vì Blockchain?
Lý do Ferrum Network lựa chọn DAG thay vì Blockchain là do chúng vốn nhanh và rẻ hơn so với Blockchain khi giảm thiểu đi công cụ khai thác xác nhận block. Thay vào đó, mỗi giao dịch sẽ xác nhận một giao dịch khác. DAG sẽ phù hợp hơn đối với các giao dịch tốc độ cao và chi phí thấp.
Điểm yếu của Ferrum Network là gì?
Thứ nhất, hiện Ferrum Network không có ngân sách cho các chiến dịch marketing hoặc ngân sách để chi hàng triệu USD cho việc niêm yết trên các sàn giao dịch. Yếu điểm thứ hai nằm ở khâu nhân sự. Đội ngũ cần phải thuê nhiều kỹ sư hơn nữa để nhanh chóng ra mắt các sản phẩm thực.
Người dùng có được trả thưởng khi stake token FRM trong tương lai không?
Sẽ có! Và đặc biệt, người dùng sẽ có thể stake trực tiếp ngay trong ứng dụng Ví UniFyre. Anh em có thể stake ngay khi Mainnet được phát hành vào năm 2020. Song, hiện người dùng vẫn có thể kiếm được FRM thông qua social mining. Hình thức mining này hoạt động dựa trên số tiền anh em giữ cộng với giá trị anh em cung cấp cho hệ sinh thái ở dạng tweet, bài viết, video… Càng chia sẻ thông tin về Ferrum Network nhiều, anh em sẽ càng kiếm được FRM token.
Thông qua mối quan hệ với Fusion, liệu họ có xây dựng được giao thức hàng đầu không?
Fusion được xem là đối tác chiến lược của Ferrum. Mối quan hệ hợp tác này được thiết lập nhằm cùng nhau giải quyết thách thức về khả năng tương tác. Fusion sở hữu công nghệ DCRM — thứ chúng ta sẽ sử dụng để cải thiện Interoperability Network.
Mối quan hệ giữa Ferrum và Gemini là gì? Người dùng sẽ được lợi ích gì từ quan hệ hợp tác này?
Hiện Ferrum đang hợp tác với Gemini để trở thành ứng dụng duy nhất ở Tây Phi cung cấp stablecoin được hỗ trợ bằng USD. Đồng nghĩa, cư dân xứ Nigeria có thể phòng tránh biến động giá Bitcoin, thoát khỏi đồng tiền nội địa vốn đã mất 50% giá trị kể từ năm 2013.
Hiện team dev Ferrum Network đã có bao nhiêu ứng dụng được tạo lập thành công?
Hiện họ đã ra mắt sàn giao dịch Kudi (Kudi Exchange) — cổng thanh toán tiền pháp định tại Châu Phi. Vì là một start-up, do đó Ferrum Network đã xây dựng sàn Kudi với tổng chi phí dưới 100.000 USD. Anh em có thể tìm hiểu thêm tại đây: https://www.kudi.exchange/
Làm thế nào Ferrum Network đối phó với tấn công 51%?
DAG của Ferrum Network là bản hard fork từ IOTA. Và điều này đã bảo đảm thành công cho chính nó trong ít nhất 4 năm nay. Tuy nhiên, Ferrum cũng đã tăng cường thêm một số cập nhật bảo mật quan trọng, gia tăng khả năng tương thích địa chỉ Ethereum để làm cho nó an toàn và hữu ích hơn.
Ferrum hiện chỉ xây dựng 4 sản phẩm? Các nhà phát triển có thể xây dựng dApp trên Ferrum không?
Ferrum sẽ là nguồn mở. Team dev cực kỳ khuyến khích người khác xây dựng ứng dụng trên network. Họ thậm chí còn có quỹ các token khuyến khích các nhà phát triển hoạt động.
Ferrum Network đã huy động được bao nhiêu vốn từ ICO?
Team dev đã cho mở bán ICO và huy động được 1.12 triệu USD. Vòng cuối cùng là 300.000 USD và họ chỉ gọi vốn trong vòng vài phút.
Điều gì khiến team dev quyết định bắt đầu với Kudi Exchange và tại sao lại lựa chọn Châu Phi?
Châu Phi là một thị trường khổng lồ với hàng tỷ người dùng. Trong khi đó, hệ thống tài chính ngân hàng hiện tại đang thiếu sót khá nhiều. Đặc biệt, họ lại rộng cửa chào đón công nghệ Blockchain. Đó là chưa kể đến Nigeria là thị trường lớn thứ 7 trên thế giới về giao dịch BTC. Sắp tới, Kudi khả năng cao sẽ ra mắt tại Đông Nam Á. Hiện, Ferrum đang làm việc với một vài đối tác tiềm năng ở đó để đẩy nhanh tiến độ hoạt động này.
Vì sao Ferrum không tập trung vào phát triển DEX?
Các sàn DEX sẽ là xu hướng dài hạn trong tương lai. Song, chúng ta vẫn sẽ cần đến các sàn CEX như fiat onramp/ offramp. Các cổng fiat này được quy định bởi các quy tắc tài chính và không thể được phân cấp hoàn toàn. Trong khi đó, Ferrum cung cấp nhiều cổng fiat để mua tiền mã hoá bằng tiền pháp định. Nhưng ngay sau đó, anh em sẽ được tham gia vào một hệ sinh thái phân quyền có lợi ích tối ưu về chi phí, quyền riêng tư, tốc độ và phạm vi toàn cầu.
Ferrum Network có kế hoạch gì thu hút user cho các dApp trên network hay không?
Kế hoạch đầu tiên là team dev đã quyết định ra mắt một sản phẩm hữu ích (cổng fiat và ứng dụng thanh toán) tại khu vực tăng trưởng cao của Tây Phi. Dù không có nhiều ngân sách cho các chiến dịch marketing lớn. Song, Ferrum vẫn có thể thực hiện những chương trình nhỏ ở Nigeria. Họ hiện đang tổ chức sự kiện tại các trường đại học nội địa Nigeria, gia nhập vào các hệ thống điểm bán hàng… Đối với ví UniFyre, Ferrum sẽ thực hiện một chiến dịch marketing lớn. Chẳng hạn như trả phần khi sử dụng ứng dụng.
Hướng phát triển sắp tới của Ferrum Network
Số lượng token sẽ tăng lên khi Ferrum Network có được nhiều người dùng hơn. Sản phẩm tiếp theo đội ngũ sẽ ra mắt mang tên UniFyre Wallet. UniFyre Wallet là non-custodial ví, sở hữu các tính năng độc đáo như tự động lấy lại tài sản nếu người dùng mất điện thoại; tự quản lý private key. Ứng dụng ví này cũng cho phép stake bất kỳ token nào và giao dịch OTC trực tiếp, không rủi ro, không trung gian. Thị trường của UniFyre hiện khá lớn. Đây là ứng dụng dành cho những ai muốn đảm bảo quyền riêng tư và tự kiểm soát cho ví tiền của mình. Song, vẫn đảm bảo được hỗ trợ khi gặp sự cố cần phục hồi lại số tiền mã hoá của mình nếu bị mất hoặc bị hack. Anh em có thể tìm hiểu thêm về dự án tại đây https://unifyre.io/. Hiện đệ trình niêm yết lên Binance DEX của Ferrum Network đang chờ duyệt. Họ đang chờ đợi các validator vote. Ferrum Network cũng đã làm việc với nhiều sàn giao dịch và sẽ sớm thông báo tên các sàn sẽ list FRM trong tương lai gần. Để theo dõi tiến trình dự án, anh em có thể tham khảo thêm tại https://github.com/ferrumnet #FerrumNetwork #Coin98 #AMA #FRM #Blockchain
A proposition: ₥, the "mill," should be the currency symbol for mBTC.
This post outlines why ₥, the "mill," is the natural choice for the short representation of ฿0.001, and why its simplicity will make it much easier for us all to talk about mBTC.
Abstract and Executive Summary (TL;DR)
There is a serious use case for talking in terms of mBTC rather than BTC, since the price has continued to rise exponentially. Being able to talk in terms of mBTC means we can talk in units of currency that are more familiar to the average person in terms of purchasing power. However, the word "millibitcoin" is rather unwieldy, and it has no shorthand currency symbol. This proposal fixes all of those problems by proposing the use of 1₥, or one mill, to represent the denomination of ฿0.001. Furthermore, this proposal outlines a simple way to extend this notation to arbitrary SI/metric divisions of any unit of any currency, as in ฿75₥, Ł75₥, ฿1,000,000n̸, etc. Alternative stylizations of the mill are also provided for those who prefer alternate stylizations of the Bitcoin currency symbol instead of ฿.
The dollar has $ as its symbol. When we talk about 1/100ths of a dollar, we don't talk about cUSD or c$, but instead we have a different symbol ¢ for cents. So rather than being like "I found 75 cUSD (centidollars) in my pocket!" we can just say "I found 75¢ (cents) in my pocket." Likewise, bitcoin has ฿ as its symbol (or Ƀ, or B⃦, or whatever). Rather than talk in units of ฿0.01, it's common for us to talk in units of ฿0.001, or 1 mBTC. However, mBTC currently has no established symbol, nor an established "short" name, so it's unwieldy to talk about. "This shirt costs 20 millibitcoins" isn't very attractive.
The natural choice is the symbol ₥, which is called the mill. It is the natural choice for the symbol for 1 mBTC because:
The symbol ₥ already has Unicode support at U+20A5, and it is already called the mill.
The term "mill" is superior to "millibitcoin" because it's one syllable and parallels the "cent."
This symbol is not in widespread modern use to denote any major currency.
Despite the obscurity of this symbol in modern times, the mill was at one point used historically to divide arbitrary currencies into units of 1/1000.
Hence, it has an already-established general meaning when dealing with currencies, yet it isn't tied down to any specific established currency, and it's waiting for a currency that needs a division into 1/1000s to resurrect it - perfect for Bitcoin.
The convention I propose for using ₥ is to parallel ¢ and put it immediately after the number:
I have 75₥ (75 mills) in my wallet.
Since it seems reasonable that other cryptocurrencies might follow suit, one can then prepend the currency symbol when context requires it:
I have ฿75₥ (75 mills) in my wallet.
I have Ł75₥ (75 mills) in my wallet.
Or you can put the currency name after, as follows:
I have 75₥ BTC in my wallet.
I have 75₥ LTC in my wallet.
I expect that the symbol ₥, by itself, will probably be associated with Bitcoin by "default," however.
Metric System Extensions
In the future, we may even find that 1₥ becomes rather large, and so we'll have to start talking about microbitcoins if that happens. We can apply the same basic pattern above by using the other SI prefixes instead, and putting a diagonal stroke over them. For now, we can apply the diagonal stroke to any standard unicode letter by following it with U+0338, as in: µ̸, n̸, p̷, etc, with short names just being the name of the prefix ("mics," "nans," etc). Some examples from the year 2200 (be sure you have good unicode support):
I'm so glad that I found my old wallet from 2013 with 100µ̸ in it! Now I have enough to buy a flying car.
The bitcoin devs are going to have make bitcoins divisible down to ฿1n̸ soon, keeping it on par with $1¢.
You'll note that this is backward-compatible with both the cent and the fact that the SI prefix for 100 is to have no prefix at all.
Some people have insisted that the single stroke through ฿ is a bad thing, and have insisted on a small horizontal stroke or a double vertical stroke instead, as in Ƀ or B⃦. We could insist on making these currency divisions have the same look and feel by using Unicode diacritics U+0335 and U+20EB. Examples:
I found Ƀ75m̵ in my wallet today, which is the same as Ƀ75,000µ̵ or Ƀ75,000,000n̵.
I found B⃦75m⃫ in my wallet today, which is the same as B⃦75,000µ⃫ or B⃦75,000,000n⃫.
Alternately, if you're feeling more minimalist and don't feel like stylizing things at all, you can skip the strokes entirely and go with ordinary letters:
I found ฿75m in my wallet today, which is the same as ฿75,000µ or ฿75,000,000n.
This has the benefit of not requiring extra Unicode support, and being backward compatible with statements like "OMG, someone just did a market buy of ฿25K on Gox!" EDIT: Added TheZombio's suggestion from here.
I've seen a lot of posts here recently regarding what unit of account Bitcoin Cash should use. There seems to be consensus that a unit six orders of magnitude smaller than the current BCH would make pricing more user friendly (both buying bitcoin with fiat and buying goods and services with bitcoin). Have we considered the following?
Come up with a new ticker to represent 100 Satoshis (BCH/1,000,000, e.g. BIT, BTCC, etc).
Dual list Bitcoin Cash as BCH and the new unit on exchanges. Let normal price arbitrage settle the price of the new unit to 1/1,000,000th that of BCH ($0.001250 currently).
Replace BCH in protocol implementations with the new unit, i.e. make the new unit the default in the core software (eliminating the need for mili- and micro- prefixes at the UI level).
Would this be worth pursuing? What are the risks, costs, and benefits?
What would be your preferred new unit (I think we can do better than BCH)?
One problem with cryptocurencys are digits. How many bitcoin costs that coffe? 0.0001 u say? How many dodgecoin for that lambo? 100000000 u say This proplem can not be solved in a market with such volatility. U need to have many units. Like bitcoin has satoshi. And milibitcoin. Butbnobody uses them cause i want to talk about the complete thing. Nano means nothing else then 10−9 What if all this is just a Concept jet? And our currency will have no state name. We are counting in maxium suply. So one nano is 0.000000001 of the maximum suply. Atbthe moment thats like 0.1 xrb Later if that should be worth 100$ we will just change our name to pico and we are back in the game Edit.: got removed from raiblocks cause of being a price related post Edit2: even if it does not mean we will change our name from time to time i still think this will be the reference. Some sence this name will need to have. So ve ready for 1xrb =0.1 nano And we still can say mili for huge amounts of money and pico for tiny ones
Forgive me if this has been addressed through 'pruning' or 'clouding' or whatever. But this is a major concern of mine that has yet to be addressed. About 3 months ago I stumbled into bitcoin for whatever reason. I thought "Oh yeah... I remember hearing something about this a few years ago... some sort of bit-torrent structured currency?? Well, I haven't stopped reading about bitcoin since that that day. I've told everyone I know about it, and even mined a little, just to support the network and be part of something that I think is amazing. I am planning to take about 25% of my savings and purchase bitcoin, not to profit from its gain as I would have no plans of ever selling it. I would like to leave my kids some real-estate, some gold, some cash, and as much bitcoin as I can manage... However, I believe bitcoin has a major problem that prevents me from moving in 100%. The blockchain. Am I to understand that the blockchain is increasing in size at about 1GB per month?? Does this not mean that in the next five years its size will grow to just under 70GB?? And that's at it's current rate... imagine the increase in size after the major increase in adoption that we've all been hoping for so much. Does current bitcoin theory just conclude that hard-disk space and bandwidth will out-pace the rate of the blockchain growth? I'm okay with that if that's the answer... but jesus... what if it doesn't? Imagine every bitcoin user who wanted to download the entire blockchain having to download what would be today the equivalent of a 40GB file before they could even get started. Out of all the concerns I've heard presented for the challenges that face bitcoin, this is the only one that really bothers me. Deflation doesn't bother me, bitcoin wallets being lost doesn't bother me, the pesky decimal-point issues (micro, mili) are something that I've just come to accept about the currency... but the blockchain getting larger and larger... forever kind of has me fearing for its longevity. I sincerely hope that someone can quickly lay my concerns to rest, so that I can get back to feeling thrilled about being part of such a great project. Thanks. tldr: I think the rate that the blockchain increases in size, might just be its fatal flaw.
What do you think about using Bitcent as 1/1000 part of Bitcoin. BCN could be short for it. I think this issue is very important for future of Bitcoin, and that we should avoid any SI denominations (mili, micro, m, u...) Also, bit(s) can be very confusing because it is also part of Bitcoin word. And adding fin's along with satoshi's would just complicate things more. We need something that will be easy to understand for newcomers. Us, here, are already used to dealing with weird numbers and denominations. Another thing that we need to account is that it should be useful for paying. That is why I think 1/1000 or 1/10000 should be next step.
I really think McDonalds will start accepting bitcoin from the 2nd of Febuary onwards after being announced on the 1st and heres why!
Firstly, they held a hackathon and the CEO met head guys from blockchain.info and plan to release there "global app" which allows for different ways to pay. https://www.cryptocoinsnews.com/bitcoin-found-way-macdonalds-london-hackathon/ Secondly, they need new revenue streams and fast. Bitcoin has proven to be a good source for that. http://www.bloomberg.com/news/articles/2014-10-21/mcdonald-s-profit-drops-30-as-u-s-sales-slump and finally, theres this. Note in the first article, i think it says they already accept apple pay so it isnt that. also note in the video the guy says "whats that?" if it were dollars, he wouldnt need to ask that. another guy says "just tell me how much it is!" > cos if the guy working at the till said "50 MiliBits, how the hell is anyone going to know what that is! https://www.youtube.com/watch?v=LnBAp_G3SyA oh yes.. google: "mcdonalds bitcoin" and look what comes up first even though bitcoin is not mentioned in the video nor in the description, not only that but it shows in the news section, even though it isnt news... yet. i dont think this is coincidence.
[uncensored-r/Bitcoin] To the Bitcoin Millionaires/Billionaires I dare you to....
The following post by Budalce is being replicated because the post has been silently removed. The original post can be found(in censored form) at this link: np.reddit.com/ Bitcoin/comments/7npiv5 The original post's content was as follows:
I’m making a video about bitcoin, so I dare the milis and bilis to sell me a bitcoin for 1€/$/£ what ever curency u want. Ill be paying for the paypal transaction. ????
My name is Joe Average. I am the 80% of people who found out about bitcoin. I found out last week that an ATM for a new type of special currency is being released in my hometown, Vancouver BC Canada. Like many others, I'm still clueless about bitcoin, despite spending my halloween weekend researching it, trying to find out whether it's a trick or a treat (sorry I had to). In this post, I'll list what I know about it, then list the thoughts, problems, and barriers that I, and probably 80% of the population, feel about bitcoin. These things are probably most relevant to those of you bitcoin enthusiast that have a vested interest in the success of the currency/commodity, because the general public represents a population that will influence the capacity that bitcoin can have in society. Bitcoin has many advantages. Here are the advantages that I came across in forums and news articles: -free from government influence -zero bank fees -limited resource, naturally appreciating value -relatively anonymous -intangible, convenient to carry -irreversible transactions And here are some problems, starting from the most relevant one which probably everyone thinks of right off the bat: 1-Bitcoin or cash? Why should I bother using bitcoin? Dozens of local merchants in my area are accepting bitcoin. Wow that's great! Now I can spend 2 hours acquiring bitcoin from a private, ungoverned, unregulated exchange (more on that later) and buy a medium belgium hot chocolate from waves (great drink by the way). Paying with card or cash? No ma'am, I'm paying with BITCOIN big teethy smile, eyebrows up and down several times Ok, bust out the ipad or whatever, spend 15 minutes waiting for the cashier to grab her ipad, unlock the screen, get a network connection at coffee shop network speeds, tap the bitpay app or w/e, load the app, scan my qr code, wait for the transaction to verify, blah blah blah, meanwhile, big ass line up forms behind me and I'm the big asshole who decided to pay with bitcoin instead of cash. Okay, in all fairness, I'm probably being ignorant to some bitcoin app out there that cuts this whole process down from 15 minutes to just 5 minutes, the time it takes to verify transactions. But if I have to use an app, that probably costs money. So now my $4.50 dark belgium hot chocolate now costs $4.65 + 5 minutes of my life. Hmm maybe I'll just 1) whip out some cash 2) whip out my visa card and pay it off right away so I don't incur interest fees 3) pay for it with debit, my bank doesn't charge me debit fees for using my card 2-Sending bitcoin So let's say what appeals to me is that bitcoin replaces Western Union, bank transfers, etcetc. I want to send $4,000 to Alice and Bob of ABC Co., payment for their work as hypothetical people in every accounting example I've ever read. For that amount, I'd have to pay >$100 in service fees from a money company. Or I could save myself >$100 by using bitcoin instead. Okay great! Where do I start? Download a wallet. Done, nice. Next step, synchonize 208 weeks of ledger. Great.. oh, hang on. It's been 4 hours and I've downloaded 3 weeks. What the fuck?! How long does this take.. it doesn't even tell me how long it will take or how big the file is! computer left running overnight Awesome, just 2 more nights to go then I'll be fully syncrhonized. 2 days later hard-drive is maxed out? I needed a new one anyways. 4 days and a 500GB SSD later Now I have my wallet ready to use. Time to purchase some bitcoin! So I purchase bitcoin, send it to Bob and Alice, and since they own ABC Co., a massive enterprise, they employ an IT guy, and he is the only guy in the company who will ever understand how to securely use bitcoin. He's behind 2 juniper firewalls (for redundancy), we VPN tunnel'd the payment code over with the pass, that way I know it went to him and nothing's been compromised. Because once the funds are sent out, it's gone, there is no insurance. Which brings me to my next point: Bottom line: requires a lot of time to SAFELY and SECURELY send bitcoin, FEE-FREE. But that's okay because I have nothing better to do. If I had kids, errands, work, non-IT hobbies to do, $40-$100 might be worth the time it takes me to research the process of sending bitcoin out properly. 3-Bitcoin wallet services There's a whole list of companies emerging to take podium position in the race of the bitcoin wallet services world. Besides setting up a bitcoin exchange (which anyone can do in their basement), bitcoin wallets are the next biggest thing in bitcoin. In the digital world, about 3 companies take podium position in a certain thing. Like Android/Apple/Blackberry for cell phones, Windows/Apple/Linux, Chrome/Firefox/IE, etc etc. Right now, for digital bitcoin wallets, everyone's competing to be one of those 3 major companies that everyone will use. Companies like coinbase. These companies cost money. Coinbase has a pretty impressive talent pool. Let me introduce them to you: Barry Kwok- Holy shit, this guy has a Masters in Engineering?! No seriously, this guy is a master of engineering. He built teams of 5 to 50 people at Google (fucking google man!). This guy is the first guy on the list, how much does he make? I'd have to guess $120k Craig Hammell- This guy built OK Cupid. I know a guy who uses that shit to get laid, it really works, so OK cupid is probably a well-established company. Because of Craig's success with OK cupid, and the fact he looks that young, I'd say he probably doesn't make that much, just a modest $90k Olaf Carlson-Wee- Olaf does rock-climbing, enough said. $95k Fred Erhsam- Traded at Goldman Sachs. $150k Charlie Lee- Invented Litecoin, worked on google chrome, google play, and youtube. $120k Brian Armstrong- This guy has experience with Fraud Prevention. Don't know why they hired him, because as everyone's been saying, you can't fraud bitcoin. Since they don't need him, he's probably an intern. Let's run some quick numbers: Total cost of salaries: $575,000/year Other expenses including dividends to investors: $3m/year So this company has $3.6m a year to allocate to their consumer base of 329k of wallets, and 12k merchants. That is roughly $10.56/year per wallet or merchant. (realistically, the portion of cost between wallets and merchants would be not be split equally, and of course all these figures are pulled straight from thin air, however, this is reddit, not forbes). That is a very low amount compared to using VISA which costs merchants $0.25/transaction+monthly service fee. As we can see, bitcoin is a great! Save some money. But here's the problem: people fraud banks all the time. That costs money. Somebody puts $10k in their digital wallet, loses it, they're going to be pissed off. They'll start demanding it back from coinbase. The day coinbase pays 1 guy $10k compensation, the day they'll have to pay everyone that loses money like that, and that $3-mil figure I gave above will be much higher, and the fees everyone has to pay will go up. If coinbase doesn't compensate, then people will be reluctant to use bitcoin for anything other than small transactions. This means bitcoin will not have the capacity to be adopted by regular people, like me. Either I lose big chunks of money at a time, when my digital wallet gets hacked, goes missing, frauded, etc, or I lose it in smaller chunks and frequency which is similar to a bank. So digital wallet services are just like banks. Wait, I thought the bitcoin guys were saying banks were a bad thing? 4-Inflation vs Deflation I see a lot of bitcoin enthusiasts talking economics, which really angers me. You should read some of the things they say "inflation is bad, bitcoin actually deflates, so its good" "the government can't fuck with bitcoin, so its good" "bitcoin good, so it's good". If you're a bitcoin enthusiast and discussed bitcoin economics, you probably need to trade your internet credit for some college credits. Because seriously, that is some retarded shit. For example: Inflation is bad, bitcoin deflates = good / The gov't can't fuck with bitcoin so it's good No. Inflation is good, yes I said it and you can quote me on that. Inflation allows job creation through lowering interest rates which encourages people and businesses to buy things. When stuff is bought, things happen. And jobs are required to make things happen. So when the government sees that "hey, our economy ain't doin too well, how bout we print some of ye ol' fashioned paper dolla bills" that's a strategic move to lower the unemployment rate and increase GDP. The US is in shambles right now for reasons beyond inflation. The #1 reason why is labour costs too much in the US. Shaquila and Billy Bob don't want to work in a factory for $12/hr, they're too in love with hollywood and liberty, thinking they're entitled to a high paying comfortable job. Half of America thinks like that. But guess what, the Chinese don't, they're happy to pick up where Shaquila and Billy Bob left off. And because of the economies of scale thanks to their large population, that ignited over night, and now the US is left with a population that doesn't want to work. There's also a bunch of other reasons like going to war, etc, but that's debatable because there's a cost/benefit of going to war (own all the oil rigs out east to pay for things because you lazy fucks can't be bothered to make money with elbow grease). The point is, mind fuck #1, inflation is a solution to a problem that's not related to money. On the other side of the coin, deflation IS a bad thing. Deflation, which bitcoin is designed to do, means that there will be fewer amounts of money to spend over time. That increases the price of things. That's good for people who are holding on to bitcoin. This encourages people to spend with bitcoin less, and save more. Mind fuck #2, saving money is bad, because it reduces GDP. It reduces the need for companies like coinbase to develop and create a product for spending bitcoin in the first place. So the more bitcoin deflates, the more its value goes up, the less people spend bitcoin on shit, the less merchants see a point in accepting bitcoin, the less merchants use bitcoin, the less people buy bitcoin, then bitcoins value goes down. 5-Limited supply of bitcoins This title should read Diminishing supply of bitcoins, but it would then be misinterpreted without an explanation. Bitcoins don't diminish, they are simply unaccounted for. Meaning, if you have bitcoins, and forget the password, it is gone forever. And in case you didn't know, people are human, making them prone to mistakes. Forgetting, etc. So, over time, enough people will lose bits and pieces of bitcoin here and there. That's going to add up over the long run. Units of measure will start going to miliBits, Microbits, ultra micro bits, ultra ultra micro bits. etc. Kind of like fiat currency, it can inflate to be infinitely large, and with bitcoin, infinitely smaller. 6-Exchanges and trading When Silk Road went down, bitcoin went up. First, naturally and by way of economics, fewer bitcoin = increased value. The Silk Road guy had $26-million USD worth of bitcoin, more than enough bitcoin to raise the market price. Followed by that, we have news, and hype, which drove higher. Then the fact prices are going up, makes a nice news article, which drives it up even more. When prices went up because of the news, incentive went up. Now the prices are so high, some people have made fortunes off of it. And that makes the news too, which drives it up again even higher. That's a great incentive if you're a bitcoin investor. Hey, the winklevoss twins have 1% of bitcoin, all you miners go use your mining pools to break into the winklevoss account and delete the fuck out of their bitcoin wallets and backup, so you can raise the market value. Just kidding. That's a lot of work. You know what's easier? This: 1) Start your own bitcoin exchange, no fees 100% free. 2) People will start trading on it. 3) ???? 4) Profit! Actually step 3 isn't a mystery, you set the fucking price level to whatever you want it to be. And because it's 100% unregulated, unsanctioned, not tied to any commodities, no authority, no referee, no consortium, you can do whatever the fuck you want on it. Without authority, believing that the prices on the bitcoin exchange is set naturally by way of price and demand is like believing in religion. You just have to believe. Of course with public exchanges, there is some level of corruption involved, but that's why people get arrested and shit. Using bitcoin exchanges doesn't have that level of protection, and it never will. You think the governments own law enforcement is going to go after guys corrupting a private stock exchange, which trades a currency that negatively impacts their own fiat currency? Unless the government is somehow benefiting from bitcoin, which it won't by design, the police will simply have a good laugh at that. In conclusion, there's so many flaws that I can see with bitcoin. But bitcoin enthusiasts will say otherwise. If I jumped on the bitcoin train 3 years ago, I'd probably do the same thing as you: make up some backwards economic reasoning it'll succeed, some backward political reason, etc. So Dear Bitcoin, you just don't make enough sense to us, the general population, for us to adopt you. A great substitute for currency in the underground world, but you just don't fit with us here on the mainstream. And if you did fit, you'll end up being regulated just like currency, so what's the point? You're the same shit as my cash or cards. Fuck off. -Joe Average
Experiences of an Australian bitcoin n00b buying in and trying to find a good way out.
Up until a week ago, I was skimming past the news and coverage of Bitcoin and never really invested any time in trying to understand it. I knew it existed, I knew it was fluctuating, but as someone who hasn't had any experience in investments like foreign currency, it of course took the press about the initial adopters who might have bought in for dollars that were today sitting on a fortune. I'm old enough to have lived through the dotcom boom as a child, but realised that no matter what the outcome in years to come, I was digitally witnessing another - hopefully major - technology boom. I would consider myself extremely conservative financially, so have considered my play in bitcoin nothing more than a bet... but a confident long running bet. I read a post in /bitcoin this week about a guy who had a load of bitcoin purchase early - who was making the statement that he was staying in and would simply enjoy the exciting "internal life" he was leading if it all goes to hell. I admired that sentiment... a lot. So with thanks to /bitcoin, I've been educating myself, following links, reading, watching and thinking and I quickly noticed that as an Australian, it's relatively easy to buy in - but slow to get out. We don't seem to have a coinbase equivalent yet, so we are left with the exchanges. So I went looking into Mt. Gox, and while getting an account is as easy as any online forum, it's the validation that is the killer. I sent my ID details 4 days ago and am still in their undoubtedly massive queue to be verified. So no way to buy in there yet - although I respect that it is one of the most respected exchanges. They also indicate that International Wire transfers are taking 10 days to 30 days - which means getting money out is a nightmare if you wanted to turn anything around quickly or buy out significantly with confidence. From this link https://en.bitcoin.it/wiki/Buying_Bitcoins_(the_noob_version) I ended up finding a few ligitimate looking options for buying in over the counter in Australia at banks. This itself is extremely frustrating, as our banks are traditionally open 9.30am - 4.30pm Monday to Friday, making deposits annoying for those of us who work 9-5! Some have extended trading or Saturday morning opening hours, but this is a massive limitation to the working majority who might not be close to a bank. Bring on EFT or ATM credits! https://www.bitxoin.com/ had a minimum 5 bitcoins per transaction (pricey for a new starter) which now appears to have been reduced to 2. The commission at 3.7% seems reasonable. https://www.cryptxchange.com/ seemed to be down and earlier in the week indicated they could not buy as their allocation was exhausted. 3. https://www.getbitcoin.com.au/ 4.4% commission, but a reasonable exchange rate. What is interesting is that quite a few of the local agents seem to have a $1,000 daily limit - so if you wanted to buy in big, you may need to use an international vendor. So I bought in via getbitcoin.com.au and it took about 30 minutes from deposit to staring at my first (mili)coins in my wallet. It worked exactly how they said it would - but I will admit for that 30 minutes after walking out of the bank I was wondering if I would ever see that money again... but they confirmed via email and all was good. This gave me the confidence to dig in deeper. Having read about both bitcoin and litecoin, I thought spreading my bets was probably a good idea. But direct litecoin purchase seems much more difficult internationally, let alone locally in Australia, so I registered at BTC-e. Not an exchange that looks amazing or entirely legitimate but I found it to be one of the easiest places to transfer some bitcoin for some exchange related fun. I managed to buy a few litecoin and had some fun with that in the last couple of days as it jumped from $12 to $20. But I have to admit, I still believe more in Bitcoin's likely longterm success - as I'm yet to find any real indication of a Litecoin merchant framework or vendors accepting it - whereas Bitcoin now seems to be on it's (slow) way forward. Now I'm looking around for ways to buy out if the time comes. Again, with Mt.Gox quoting 30 days for international wire transfers, I could execute a trade today and not see the money for weeks - unacceptable! And the $1,000 daily withdraw limit surely means that it could take years for some of the richer bitcoiners to get out that way! I found https://www.btradeaustralia.com/ to have wildly different buy and sell exchange rates commonly seen in airports and exchange booths that to me are a big detractor for exchanging. They also have a $1,000 per day limit, which again means getting out for those with lots (not me) is difficult. So what other places have Australian's had good experience with? TL;DR It's easy for an Australian to buy in, but getting money out is slow!
It's time to simplify the way we describe bitcoin values.
This post was inspired by this post. I'd like to present what I feel to be a very straight-forward approach that removes any sort of crazy symbols or names (mBTC, μBTC, "milibitcoin, microbitcoin, etc) that will certainly be considered strange and confusing to the uninitiated. What the hell is a "milibitcoin"?? Nobody wants that. Guys we can't even get the people in this country to use centimeters, and you want to sell them on "milibitcoins"?? We already have the "satoshi". And it's perfect. I think the problem is not only in how we 'see' the measurements of Bitcoin, but rather how we 'hear' them. A distinct letter or symbol will need to take the place of writing out 'satoshi', and I'm open to suggestions. The best I've come up with is something simple and identifiable that keeps the visual phonetics in place. For this example assume that 'satoshi' will be abbreviated as 'sh' and always placed after the bitcoin amount. Now watch this: 16sh (Sixteen satoshi) 100sh (One-hundred satoshi) 1700sh (Seventeen-hundred satoshi) 150,000sh (One-hundred-fifty-thousand satoshi) 70,000,000sh (Seventy-million satoshi) Obviously when describing larger bitcoin values, you would simply switch over to 'Bitcoin'. This is the same sort of verbal key we have in place when describing dollars. At some point we stop describing large amounts in individual dollar's terms and instead opt to say things like "Two-point-four million". Conversely, we never describe smaller amounts in terms of the larger because it's inefficient and confusing (for example: "Point-three-nine dollars). But hey, maybe we'll just direct our mathematically impaired friends and family to this easy-to-use chart! No no no no no... we need to get rid of the Greek symbols and the micro-mega-mili-metric confusion. Bitcoin may have started with geeks, but if we want it to succeed we need to consider its ultimate audience.
Dass der Bitcoin nach dem Komma acht Stellen hat, ist praktisch, da es erlaubt, problemlos mit exponentiell steigenden Preisen umzugehen. Allerdings fühlt es sich zuweilen seltsam an - etwa wenn man Beträge wie 0,0005 Bitcoin berechnet oder 0,1 Bitcoin für gut 30 Euro kauft. Seit geraumer Zeit wird daher vorgeschlagen, das Komma doch einfach zu verschieben.… Decimal metric units. The BTC unit was chosen to represent a value of 10 8 so as to give sub-unit precision rather than large whole numbers. Mirroring the standard Le Système International d'Unités, this allows for divisions of 1/10th (deci-bitcoins, dBTC), 1/100th (centi-bitcoins, cBTC), 1/1 000th (milli-bitcoins, mBTC), and 1/1 000 000 (micro-bitcoins, μBTC). Bitcoin Faucet List Best Bitcoin Faucets .Earn Bitcoin from the best bitcoin faucets. Up to Date Promotions, Information and News. Get the Best and Top Reviews. You like games? Then you will love the following bitcoin games! SHARKOIN.com SHARKOIN is a brilliantly simple and very addictive online game! SharkRoulette.com WIN BIG! Play European Roulette with Bitcoin! Earn Bitcoin for clicks ... A milli is the International System of Units (SI) prefix representing one thousandth (1/1000th). Contents. 1 Examples; 2 Criticism; 3 See Also; 4 References; Examples . One thousand millibits refers to 1 bitcoin or 1 BTC. Twenty seven millibits refers to 0.027 BTC. 1.375 BTC may be referred to as one bitcoin and three hundred seventy-five millibits, or in more common notation, simply one ... The Bitcoin dropped by 2.81% on Friday 23rd of October 2020. And we have data for yesterday. BTC price dropped by 2.81% between min. and max. value. The average value Bitcoin price for convert (or exchange rate) during the day was $12,948.82. Max. BTC price was $13,152.81. Min. Bitcoin value was $12,793.08. Don't be sad and watch the next day.
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