What is Bitcoin? Current BTC price, charts and history

Myths About Bitcoin And How To Bust Them: Expert Take

The price of Bitcoin is too high

Despite being down more than 60 percent from its all time high, the price of 1 Bitcoin - around $7,000 at the time of writing ($7,116 at press time - Cointelegraph) - still deters many people from entering the market. Even though Bitcoin is on the main page of many online newspapers since mid-2017, most people still do not know they can buy a fraction of a Bitcoin. So let’s set the record straight: 1 Bitcoin can be divided into 100 million satoshis (the smallest Bitcoin unit). Just because one cannot afford a full gold bar - which are $600,000 a piece - does not mean one cannot buy a gold coin or invest as little as $126 through a Gold ETF to get exposure to gold. The same thing can be done with Bitcoin.
Assuming a world population of 7 bln people, it means that there are 300,000 satoshis available per human being, or 0.003 Bitcoin. Since several studies have estimated that 3 to 4 mln Bitcoins have been lost in the early years, the true number is probably closer to 220 - 250,000 satoshis per person.
This problem led to an exuberant rally at the end of 2017, when all the coins below $1 suddenly started going up as many thought they were “cheap”. As each coin has a different supply, the price of one coin is irrelevant, what matters is the market capitalization of the outstanding supply and whether a particular coin has a future or not. Since this rally, most of these coins have gone down 80 percent + as these increases never made sense in the first place.
Remember that there are more millionaires in the world than there will ever be Bitcoins, so the price of 1 Bitcoin will soon not be the right metric, but rather 1 mBTC (1 thousandth of a Bitcoin) or even 1 satoshi. The current market capitalization of Bitcoin is $120 bln, while the US Dollar M2 Money Supply is $14,000 bln and the value of all the gold ever mined is $8,000 bln, so there is still plenty of upside left. At $7,000 per Bitcoin, the price of 1 satoshi is 0.007 US cents - at this price anyone can invest.

The price of Bitcoin is too volatile to invest any money in it

There is no debate that the price of Bitcoin is very volatile, but it is so for good reasons. For the first time in the history of mankind there is a cryptographically secure, decentralized currency not backed by any central bank nor any physical asset. It would actually be even more surprising if Bitcoin were already stable. The volatility issue will likely sort itself out with time when the market capitalization of Bitcoin becomes comparable to that of the assets it is competing with - fiat currencies or gold - or if it goes to zero!
Cryptocurrencies are the most volatile and speculative asset class in the world, so if you invest in Bitcoin or other cryptocurrencies, you should know what you are in for and you should only invest what you can afford to lose. Investing only what you can afford to lose gives you something very valuable: time. If you have time, then you will never be forced to sell when the price is low and you can weather market cycles, including severe downturns.

Bitcoin is bad for the environment

When Bitcoin started being mined by Satoshi Nakamoto back in 2009, mining it could be done on a simple laptop and it took on average 10 minutes to mine a block just like it does today. The Bitcoin algorithm is such that it automatically adjusts the difficulty of the cryptographic puzzle that miners have to solve to validate a block and receive the reward such that it always takes 10 minutes to mine a block on average. The more resources are added to the Bitcoin network, the higher the difficulty. This difficulty is what makes the Bitcoin network the most powerful and hence most secure on Earth.
The reason miners have invested billions of US dollars in specialized mining equipment is because Bitcoin is so valuable - it is not as a result of an increase in the number of users nor the number of transactions. As long as Bitcoin is valuable, companies will invest in mining equipment to get the reward that comes with successfully mining a block. These miners consume large quantities of electricity to run their operations, and this is what has been heavily criticized. But since the cost of electricity is the main operating cost for miners, they are always looking for cheap electricity around the world. Electricity is cheap where there is a surplus of it, and this usually happens in countries that have large renewable resources, so the net impact of running a mining operation in a country that has excess hydro capacity for example may not be as bad as what has been written.
At $7,000 per Bitcoin, the current annual cost of the Bitcoin network is $4.6 bln, and a sizable portion of it spent on electricity bills. But what the Bitcoin network provides for this cost is a Blockchain that is unhackable by any existing computer or technology on the planet.
While Bitcoin has been targeted by environmentalists, the legacy fiat system is not perfect either. A lot of resources are also dedicated to running datacenters, building and powering bank branches and printing banknotes just to name a few. The US Federal Reserve alone spends $700 mln a year just to print dollar bills. What makes Bitcoin an easy target is simply that it is relatively easy to figure out how much electricity it consumes.
submitted by PresentType to bitcointheinfomre [link] [comments]

Technical: Upcoming Lightning Network Improvement: JIT-Routing

Bitcoin up? Down? Sideways? Who cares? Lightning Network is going LIVE and that's all that MATTERS!
Last time I talked about a bunch of upcoming Lightning Network improvements. They weren't complete, because there are a big bunch of them being worked on (or mostly just being debated, most devs are fighting bugs and adding boring little features like adding options for various timeouts in communicating with bitcoind and getting their impls out of beta / alpha and etc etc).
One thing I'd forgotten about was JIT Routing, which renepickhardt reminded me about. JIT Routing is actually a potentially-viable alternative to multipart payments / AMP, and in particular does not require a BOLT spec update, though does require that most nodes on the network implement it (unlike multipart, which requires only that the payer and payee support it).
renepickhardt introduced the idea here: https://lists.linuxfoundation.org/pipermail/lightning-dev/2019-March/001891.html
I feel this idea is underappreciated --- AMP gets all the press --- so it deserves its own unique Reddit post!

JIT-Routing

Rerouting payments by rebalancing just in time to service forwarding requests!

Background

Now one thing about multipart payments --- or even just current, non-multipart payments --- is that the payer is mostly just guessing what channels are viable to route through.
In the current scheme where payments cannot be split up, payers just do some payment through a route, then if that fails, tries another route, etc etc until it gets paid.
For multipart payments, it's not clear what algorithm to implement, actually. If some route fails, maybe it could work with a lower payment going through it, or maybe not; who knows?
The remote node that is sending the failure knows, but it can't tell the payer: for all it knows, the "payer" is really a spy node that's trying to trace how much each node owns (for example, as viable targets for the more sophisticated $5 wrench attacks). So all the remote node can safely say is "channel hazy, try again later" (temporary_channel_failure in BOLT terms) which could mean anything from not having capacity to the other endpoint being disconnected to the channel being overloaded with in-flight HTLCs to the node just being lazy today. It can't say "oh you can only route up to XX millisatoshi in that direction right now" because that immediately leaks how much money it and its counterparty owns in that channel, i.e. a minimum on how much a $5 wrench can extract from both nodes.
So since routing is source-based (so that the payer has maximum privacy and able to get around attempts at censorship), the source has to figure out how to get its payment to the destination. But the same principle of privacy-by-default means that the source can't get information about the capacities of the channels it's trying to route through, because the intermediate nodes sure as hell ain't gonna tell.
Now the insight in JIT Routing is that the forwarding node has the knowledge of the current channel liquidities of all channels it has. And rather than leaving the details of every routing attempt to the source payer, the forwarding node can instead make local routing decisions based on its knowledge of local channel state.

Idea

Yep. That's all of it. That, in a nutshell, is JIT-routing. It's probably more accurate to call it JIT-rebalancing.

Effect

Advantages

Disadvantages

submitted by almkglor to Bitcoin [link] [comments]

[10 mbtc] Quizchain2 Block 37

Thank you for playing the quizchain. This block will have a slightly higher prize since it is a lucky number. Interesting coincidence that it is posted on a day with the unlucky number 13. The prize will be the cross sum of 37, which is 10 mbtc. Funding transaction below.
https://www.smartbit.com.au/tx/4e63d912321e10883730adcb1af660bca1a1dd0efe77bfedc2f0e6830ab82702
Question: I created a new word. Minmin. What does it mean?
Format: [solution] TOMI [TOMI]
Solution format is two words, with the first one starting with a capital letter, like this: "Word1 word2".
TOMI format is four words. Each has four letters. The first and last word differ by only one letter. Only the first word starts with a capital letter, like this: "Word1 word2 word3 word4". No words of dubious moral standing in this TOMI field. First three digits of MD5 hash are 394.
First digit of solution only MD5 hash is d.
First two digits of TOMI field only MD5 hash are 49. Interesting coincidence that these two are the last two of the whole MD5 hash read backwards. And d is the fourth letter in the alphabet.
Since the last block was on slow hint timing, I do this one with rapid-fire timing again. First hint after 30 minutes, second after a further 25 minutes, and so on, down to 5 minutes for the sixth one.
Have fun challenging this block and stay tuned for block 38, coming up tomorrow (Friday) 8 am Japanese time.
Update 1 (hint 1): No specific requests for first hint, so I will just go with what I had in mind. First word in TOMI field is a homonym related to Bitcoin.
Update 2: Players requested to step up the hint rapid fire to one each 5 minutes. Okay. Let's try this once.
Hint 2: How do you mine the quizchain?
Next one coming up 5 minutes from now.
Update 3:
Hint 3: The first word of the TOMI field is "Mine". It is a homonym, since it has the meaning to mine a chain or gold as well as "this is mine".
Posting these hints very fast increases the risks of making a simple mistake...
Hint4 coming up five minutes from now.
Update 4:
Hint 4: You all
Update 5:
Hint 5: Tomi field may be used as a slogan for the quizchain, just as "Satoshi without the consonants" is a catchphrase for my handle name.
Next (and last) hint five minutes from now.
Update 6:
Hint 6 (last one, after that you are on your own until further notice): First word of solution is "Quizchain"
Final update: While I was busy posting hints 5 and 6, the winner posted his solution, which he already found before hint 5. Solution was "Quizchain player" and TOMI field was "Mine with your mind".
The new word Minmin is a short way to say "Mindminer", which in turn means someone mining the quizchain in the way it is supposed to be mined (by thinking only). I liked the fact that "mind" and "mine" share the same first three letters.
Congrats to the winner of this slightly hectic round and thank you everyone for playing. I would be interested in feedback on the extremely rapid fire hint format. From my side I feel it is kind of stressful. On the other hand, it probably makes for a more exciting and thrilling experience.
Next block coming up tomorrow 8 am Japanese time, stay tuned.
submitted by AoiNakamoto to Grycoin [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
The following videos are a good starting point for understanding how bitcoin works and a little about its long term potential:
For some more great introductory videos check out Andreas Antonopoulos's YouTube playlists, he is probably the best bitcoin educator out there today. Also have to give mention to James D'Angelo's Bitcoin 101 Blackboard series. Lots of additional video resources can be found at the videos wiki page or /BitcoinTV.
Key properties of bitcoin
Some excellent writing on Bitcoin's value proposition and future can be found here. Bitcoin statistics can be found here, here and here. Developer resources can be found here and here. Peer-reviewed research papers can be found here. The number of times Bitcoin was declared dead by the media can be found here. Scaling resources here, and of course the whitepaper that started it all.

Where can I buy bitcoins?

BuyBitcoinWorldwide.com and Howtobuybitcoin.io are helpful sites for beginners. You can buy or sell any amount of bitcoin and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also, check out the bitcoinity exchange resources for a larger list of options for purchases.
Bank Transfer Credit / Debit card Cash
Coinbase Coinbase LocalBitcoins
Gemini Bitstamp LibertyX
GDAX Bitit Mycelium LocalTrader
Bitstamp Cex.io BitQuick
Kraken CoinMama WallofCoins
Xapo BitcoinOTC
Cex.io
itBit
Bitit
Bitsquare
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Cashila or Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Android iOs Desktop
Mycelium BreadWallet Electrum
CoPay AirBitz Armory
Another interesting use case for physical storage/transfer is the Opendime. Opendime is a small USB stick that allows you to spend Bitcoin by physically passing it along so it's anonymous and tangible like cash.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account, usually from a text message or app, making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy
Android Android
iOS iOS

Where can I spend bitcoins?

A more comprehensive list can be found at the Trade FAQ but some more commons ones are below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Steam, HumbleBundle, Games Planet, itch.io, g2g and kinguin For when you need to get your game on
Microsoft Xbox games, phone apps and software
Spendabit, The Bitcoin Shop, Overstock, DuoSearch, The Bitcoin Directory and BazaarBay Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Cashila, Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, Pey.de, LivingRoomofSatoshi, Hyphen.to, Coinsfer, GetPaidinBitcoin, Coins.co.th, More #1, #2 Bill payment
Foodler, Menufy, Takeaway, Thuisbezorgd NL, Pizza For Coins Takeout delivered to your door!
Expedia, Cheapair, Lot, Destinia, BTCTrip, Abitsky, SkyTours, Fluege the Travel category on Gyft and 9flats For when you need to get away
BoltVM, BitHost VPS service
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun For new domain name registration
Stampnik and GetUSPS Discounted USPS Priority, Express, First-Class mail postage
Reddit Gold Premium membership which can be gifted to others
Coinmap, 99Bitcoins and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations, such as Wikipedia, Red Cross, Amnesty International, United Way, ACLU and the EFF. You can find a longer list here.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. Bitseed is an easy option for getting set up. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, XBTfreelancer, Cryptogrind, Bitlancerr, Coinality, Bitgigs, /Jobs4Bitcoins, Rein Project Freelancing
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
Watchmybit, Streamium.io, OTika.tv, XOtika.tv NSFW, /GirlsGoneBitcoin NSFW Video Streaming
Bitasker, BitforTip, WillPayCoin Tasks
Supload.com, SatoshiBox, JoyStream, File Army File/Image Sharing
CoinAd, A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins)

Bitcoin Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network, Amiko Pay, and Strawpay Payment channels for network scaling
Blockstream and Drivechain Sidechains
21, Inc. Open source library for the machine payable web
ShapeShift.io Trade between bitcoins and altcoins easily
Open Transactions, Counterparty, Omni, Open Assets, Symbiont and Chain Financial asset platforms
Hivemind and Augur Prediction markets
Mirror Smart contracts
Mediachain Decentralized media library
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
Samourai and Dark Wallet - abandoned Privacy-enhancing wallets
JoinMarket CoinJoin implementation (Increase privacy and/or Earn interest on bitcoin holdings)
Coinffeine and Bitsquare Decentralized bitcoin exchanges
Keybase and Bitrated Identity & Reputation management
Bitmesh and Telehash Mesh networking
JoyStream BitTorrent client with paid seeding
MORPHiS Decentralized, encrypted internet
Storj and Sia Decentralized file storage
Streamium and Faradam Pay in real time for on-demand services
Abra Global P2P money transmitter network
bitSIM PIN secure hardware token between SIM & Phone
Identifi Decentralized address book w/ ratings system
Coinometrics Institutional-level Bitcoin Data & Research
Blocktrail and BitGo Multisig bitcoin API
Bitcore Open source Bitcoin javascript library
Insight Open source blockchain API
Leet Kill your friends and take their money ;)

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (mL) or millimetre (mm)
microbitcoin μBTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (μL) or micrometre (μm)
bit bit 1,000,000 per bitcoin Colloquial "slang" term for microbitcoin
satoshi sat 100,000,000 per bitcoin Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $500 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. A complete list of bitcoin related subreddits can be found here
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BinaryResult to Bitcoin [link] [comments]

[7 mbtc] Quizchain2 Block 52

Thank you for playing the quizchain. The last block was solved on sight, this one should be a bit more challenging, even though it does not need a TOMI field. It may well need a hint. If so, that hint will come up 24 hours from now.
Normal 7 mbtc block, funding transaction below.
https://www.smartbit.com.au/tx/649f2566b32f1db7783f8434c8a73c1e1f34a660c5b434f7b9419d6cf173c7e2
Question: Six words.
Format: [solution]
FIrst three digits of MP5 hash are 21b.
Have fun challenging this block and stay tuned for block 53 coming up tomorrow (Saturday) 5 pm Japanese time.
Update: Solved without hint. As winner explained in comments, solution was bat bat bot bit bet but. I noticed when I used the idea earlier that the "bit" of Bitcoin results in a word with all vowels except y, that "bat" is actually two words (the bat in Batman and the baseball bat), which is why I extended the concept to six words. The technical term for this is "homonym" meaning two words with different meaning but same spelling, so there is one homonym in those five words.
Congrats to the winner and thank you everyone for playing.
submitted by AoiNakamoto to Grycoin [link] [comments]

[Easy] [7 mbtc] Quizchain Block 37

Thank you for playing the quizchain. This block will attempt to make a quiz as simple as possible while using a brute force user block (BFUB).
The first thing to make it easy is to explain that BUFB is only there because the answer is easily brute forced without that protection. That means the solution string will be short (like a one letter solution like A in block 31) or a famous name like James Bond in block 27. That is a big hint for the answer. Go for the shortest solution that comes to mind with a BFUB block.
The second principle is to keep the BFUB string also as short as possible. Lets take block 31 as an example. Answer was A, BFUB was Before B."First letter in the alphabet" would be a much longer hint and therefore not adopted. I am not sure now if there is a shorter and more natural hint possible for the solution A. Please point it out in comments if you find one.
With these principles in place, let's try now to build the ultimate easy BFUB block.
This block is for 10 mbtc, since it has the number 7 in it (3 plus 7). Funding transaction below:
https://www.smartbit.com.au/tx/5654065b34c1652c0dee19034a7de7bf3999b43c9c20a3834f5834bf14928bea
Question: James Bond
Format: [solution] BFUB [BFUB string] [link] with exactly one space between them.
Link from Block 36:vXY
First two digits of hash: 3c
There are two things to test with this block. One is if the BFUB string is sufficiently complex to stop bots for a while. The other is if it is sufficiently easy to be solved by human players. Both goals are in conflict, which makes finding the right balance difficult. My aim is for this to be another easy block, even with the BFUB complexity of the format.
Anyway, let's find out what happens. Thanks for playing and good luck solving this block which I have tried to make as easy as possible under the format.
Update: Has survived more than an hour, so I am reasonable sure that the first test is a success. This is reasonably safe against brute force. Now for the second test. Can human players solve it? I will put a [Medium] flair on this post now. Good luck.
Update: This block has been solved now, congrats to the winner. And special thanks to him for the long report on how he solved the block, as well as the excellent suggestions on how to improve the format. The only point here to find the solution was to replace the 0 in 007 for o, since 0 is not allowed in Bitcoin addresses. From there on my BFUB hint was simply 0o, meaning replace 0 for o.
I am still not sure that this was a good BFUB. Its format was not announced from the start on and it actually is not something that comes to mind immediately. So while this may have succeeded in keeping bots from winning, we really don't know, since I have no idea if there is anyone running scripts to find solutions and if so, what resources they devote to getting one of the meager prizes in this chain.
Anyway, congrats again to the winner and another block solved. If I am not mistaken, only blocks 13 and 23 remain unsolved right now, and they are supposed to be impossible to solve right now. I also note that it has been only about a week since I posted the first block and I got so carried away with this that we are already at 38 blocks solved, close to half way to 77.
I would like to post the three next blocks 39 to 41 at around the same time and do a real quizchain. No announcing of links, which means you have to solve previous blocks to get a chance to solve 41. And no easy blocks like 38 in those. Let's see how the quizchain works under those conditions.
Stay tuned for the next three blocks and thanks for playing.
submitted by AoiNakamoto to bitcoinpuzzles [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
Some great introductions for new users are My first bitcoin, Bitcoin explained and ELI5 Bitcoin. Also, the following videos are a good starting point for understanding how bitcoin works and a little about its long term potential:
Also have to give mention to Lopp.net, the Princeton crypto series and James D'Angelo's Bitcoin 101 Blackboard series. Some excellent writing on Bitcoin's value proposition and future can be found at the Satoshi Nakamoto Institute. Bitcoin statistics can be found here, here and here. Developer resources can be found here, here and here. Peer-reviewed research papers can be found here. Potential upcoming protocol improvements here. Scaling resources here. The number of times Bitcoin was declared dead by the media can be found here (LOL!), and of course Satoshi Nakamoto's whitepaper that started it all! :)
Key properties of bitcoin

Where can I buy bitcoins?

Bitcoin.org, BuyBitcoinWorldwide.com and Howtobuybitcoin.io are helpful sites for beginners. You can buy or sell any amount of bitcoin and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also, check out the bitcoinity exchange resources for a larger list of options for purchases.
Bank Transfer Credit / Debit card Cash
Gemini Bitstamp LocalBitcoins
Bitstamp Bitit Mycelium LocalTrader
BitFinex Cex.io LibertyX
Cex.io CoinMama WallofCoins
Xapo Spectrocoin BitcoinOTC
Kraken Luno BitQuick
itBit
HitBTC
Bitit
Bisq (decentralized)
Luno
Spectrocoin
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Android iOs Desktop
Samouari BreadWallet Electrum
Another interesting use case for physical storage/transfer is the Opendime. Opendime is a small USB stick that allows you to spend Bitcoin by physically passing it along so it's anonymous and tangible like cash.
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account, usually from a text message or app, making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy
Android Android
iOS iOS

Where can I spend bitcoins?

Check out spendabit or bitcoin directory for some good options, some of the more commons ones are listed below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Steam, HumbleBundle, Games Planet, itch.io, g2g and kinguin For when you need to get your game on
Microsoft Xbox games, phone apps and software
Spendabit, Overstock, The Bitcoin Directory and BazaarBay Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, LivingRoomofSatoshi, Hyphen.to, Coinsfer, More #1, #2 Bill payment
Menufy, Takeaway, Thuisbezorgd NL, Pizza For Coins Takeout delivered to your door!
Expedia, Cheapair, Lot, Destinia, BTCTrip, Abitsky, SkyTours, Fluege the Travel category on Gyft and 9flats For when you need to get away
BitHost VPS service
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun For new domain name registration
Stampnik Discounted USPS Priority, Express, First-Class mail postage
Reddit Gold Premium membership which can be gifted to others
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations, such as Wikipedia, United Way, ACLU and the EFF. You can find a longer list here.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. Bitseed is an easy option for getting set up. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
WorkingForBitcoins, Bitwage, XBTfreelancer, Cryptogrind, Bitlancerr, Coinality, Bitgigs, /Jobs4Bitcoins, Rein Project Freelancing
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
Streamium.io, XOtika.tv NSFW, /GirlsGoneBitcoin NSFW Video Streaming
Bitasker, BitforTip Tasks
Supload.com, SatoshiBox, JoyStream, File Army File/Image Sharing
CoinAd, A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins)

Bitcoin Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network, Amiko Pay, and Strawpay Payment channels for network scaling
Blockstream, Rootstock and Drivechain Sidechains
21, Inc. Open source library for the machine payable web
ShapeShift.io Trade between bitcoins and altcoins easily
Open Transactions, Counterparty, Omni, Open Assets, Symbiont and Chain Financial asset platforms
Hivemind and Augur Prediction markets
Mediachain Decentralized media library
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
Samourai and Dark Wallet - abandoned Privacy-enhancing wallets
JoinMarket CoinJoin implementation (Increase privacy and/or Earn interest on bitcoin holdings)
Coinffeine and Bisq Decentralized bitcoin exchanges
Keybase and Bitrated Identity & Reputation management
Telehash Mesh networking
JoyStream BitTorrent client with paid seeding
MORPHiS Decentralized, encrypted internet
Storj and Sia Decentralized file storage
Streamium Pay in real time for on-demand services
Abra Global P2P money transmitter network
bitSIM PIN secure hardware token between SIM & Phone
Identifi Decentralized address book w/ ratings system
BitGo Multisig bitcoin API
Bitcore Open source Bitcoin javascript library
Insight Open source blockchain API
Leet Kill your friends and take their money ;)

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (mL) or millimetre (mm)
microbitcoin μBTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (μL) or micrometre (μm)
bit bit 1,000,000 per bitcoin Colloquial "slang" term for microbitcoin
satoshi sat 100,000,000 per bitcoin Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. A complete list of bitcoin related subreddits can be found here
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BinaryResult to Bitcoin [link] [comments]

[Easy] [7 mbtc] Quizchain Block 31

Thank you for playing the quizchain. I just did the funding transaction for block 70, which will be for 77 mbtc, as all blocks until from 70 to 76 before the final 77 with 777.
This block will be easy for human players, I probably don't need to give any hints. It should still be reasonably difficult for brute force users, since I have a brute force user block (BFUB) in place now. The "FU" in "BFUB" certainly has no second meaning. This is just a technical term. I like it better than the BotFU I used in the last block because of the nice symmetry around the central FU theme.
It will be interesting to see if the bots can crack this easily. If so, knowing that is well worth the cost of using one block for this experiment.
Another 7 mbtc block, funding transaction below.
www.smartbit.com.au/tx/4431011443671bdc5cf43b83d408a205056904be5d8972173f4a0952186118c7
Previous block link digits: fTS
Question: BItcoin Second
Format: [solution] BFUB [BFUB] [link] with exactly one space between them and all words in answer capitalized.
First 2 digits of the hash are 26, so if you don't see those two digits, don't bother checking the BIP 39 tool. This does make it way easier to brute force many solutions, but also way easier for humans to check. I think humans go first, so I think the latter advantage is way more important than the former disadvantage.
Update: Not claimed after half an hour. Looks like this BFUB was enough to stop the bots at least for some time.
Update: Block has been solved, prize claimed.
Solution: A. (one capital letter).
Method: Look at first letter of Bitcoin, disregard others for B Second. A is first in alphabet, B second.
Finding BFUB: working from solution, develop hint. In this case Before B.
Discussion: Looking at the prize address, we see that this survived about 4 hours. Much longer than the other one letter blocks 25 and 26. Those were solved immediately. I find that this method is efficient to slow down bots. It makes solving for humans more difficult as a cost, though.
My challenge for block 37 will be to come up with a really easy one even under this format, or even better easy because of the format. I suspect that might be possible, but have no proof yet...
submitted by AoiNakamoto to bitcoinpuzzles [link] [comments]

[77 mbtc] Quizchain2 Block 7

Thank you for playing the quizchain. This is a lucky number block and was a big 77 mbtc block in the first run. I keep it that way this time as well, but it will be the last really big one until 67, unless I manage to mess up again. Funding transaction here:
https://www.smartbit.com.au/tx/fe9bec614bc203f37ed5fd15236c75581bf012e83fc3f3ffdfaeac7858a2e8f9
In comments to the last block, people asked for stronger countermeasures against brute forcing. I am tempted to go into full overkill mode, but anything I do to make it harder for scripts also makes it harder for humans, so I will just go ahead with my original plan this time and see how it goes.
For this special lucky block, let's start a new altcoin. So I can start scamming large numbers of suckers into sending me their money in return for some worthless idiotic token. Will go to a billion dollar marketcap immediately in the coming Bitcoin bull market. I am sure it will be a great success.
The question is to find the name for that altcoin, starting out from the name "Bitcoin".
Format: [solution] TOMI [TOMI]
I do not need a link, since the entropy of this is sufficient to block outside brute forcing.
[solution] is capitalized like "Bitcoin", which means only first letter in capitals.
[Tomi] are three words in alphabetical order [word1 word2 word3], with one of them starting with a capital letter like the solution and the other two in all lower case.
First three digits of MD5 hash are df1.
First digit of solution only MD5 hash is 5.
First digit of TOMI field only MD5 hash is e.
Have fun solving this big prize block. I hope it is the last one for quite some time.
submitted by AoiNakamoto to bitcoinpuzzles [link] [comments]

[7 mbtc] Quizchain2 Block 5

Thank you for playing the quizchain. The last block was solved fast. So I will choose the slightly more difficult way to use the idea for this block. It is a nice match to the block number. Again, this needs neither TOMI field nor link, since the solution has already enough entropy on its own. Makes it very unlikely that I screw up somewhere. Still going to double check, though.
Another normal 7 mbtc block. With the recent increase in bitcoin price, these 7 mbtc blocks become somewhat more valuable than in the first run. Good luck to everyone.
Funding transaction below.
https://www.smartbit.com.au/tx/0dcc393425a6cd5b5266a7275e08c98fbd6c14b9b9518eb8020c34c39a655e18
Question: Five words.
Format: [word1 word2 word3 word4 word5]
One space between words and no period at the end.
First three digits of MD5 hash: e7a
Have fun solving this slightly more challenging block. Another big block coming up for lucky 7 soon (except if there is a mistake in this one, in which case block 6 will be big as well).
Update: Solved, but prize not successfully claimed as of now.
I posted the funding transaction only about 10 minutes before the block, with the default fee my wallet suggested. Turns out the funding transaction is stuck without confirmations. Not sure how this will play out, but I will certainly make sure that the winner gets 7 mbtc one way or another.
Solution was "bat bot bit bet but". As winner posted in comments, a similar concept was tried in a block of the first run. I think it is fun to note that the "bit" in Bitcoin is a word with almost all vowels, with Y the only exception. Good job finding this solution so fast. Congrats to the winner and thank you to everyone for playing.
My Twitter poll on what time is best for players got a fairly distributed result this time, so basically I will rotate through the times offered as options there. This means that the next block 6 will be posted at 6 pm Japanese time today (Wednesday), which is a good match to the block number. Stay tuned.
Second update: Funding transaction and prize claiming transaction both confirmed now.
submitted by AoiNakamoto to bitcoinpuzzles [link] [comments]

[7 mbtc] [7 mbtc] [11 mbtc] Quizchain blocks 45 to 47

Block 45
Thank you for playing the quizchain. This post will show all three blocks in this short chain. If you want to discuss, please reply to appropriate comment I made.
Having all discussion on one post makes it easier to follow. No need to switch between posts. Let's try this and see what happens.
I would also like you to try this idea in comments. If you do not solve the block, post one and only one solution you tried and have found not to work. Post your best shot. Do not repeat solutions other people already have reported. This is to help other players out, since they will avoid dead ends you already checked.
This one will have a BFUB field, but the question will determine it, since the answer does not require brute force protection. It will also use the last seven digits of the private key for block 44 as a link, to make it a bit harder to brute force. Someone succeeded in brute forcing the link in block 43, this change is in reaction to that.
Another 7 mbtc block. Funding transaction here
https://www.smartbit.com.au/tx/8514df7faec741d53faca908df5ccc855c760430759a2b5a12bf74ce00150f51
Question: Bitcoin Second
Format: [solution] BFUB Have fun with this block Da6Sn4J
Link for this is set to Da6Sn4J.
Solved pretty quickly also.
Someone in comments remarked that the same question was used before and had a different answer. I do not agree with that. This block has no BFUB field, which means that the solution can not be "A" as the last time I used this idea.
That is because this time the solution is shifting ALL letters in "Bitcoin" to the letter before in the alphabet, as opposed to shifing only the first in the other block. Really not that hard to come up with if you saw the other block and its solution.
Congrats to the winner and thank you for playing.
First two digits of hash: 66
Have fun solving this block so you can challenge block 46.
Block 46
Another 7 mbtc block, funding transaction here.
2900dfc636a5a9f8c3bbbc2f28dbd9c0fbc98b7d8c06c2e59de613c5f7dfa90a
Question:
Looking for another Bitcoin address, starting with 1A1. Not mentioned by me before here or elsewhere. I do NOT own this address.
Format: [solution] BFUB Think. Think harder. [link]
Find solution, which is the Bitcoin address I am looking for, leave BFUB unchanged and use last 7 digits of previous private key for link.
Note that [link] for this is last seven digits of private key of previous block, not last 3, to increase resistance against brute forcing.
Link not provided, you need to solve block 45 to challenge this one.
This one was solved rather fast. The prize claiming transaction was only one block after that of block 45. Survived only a couple of minutes longer than 45. You can learn from this quiz that the genesis block address starts with 1A1, if you did not already know that.
Congrats to the winner and thank you for playing.
First two digits of hash: 58
Block 47
This one is for 11 mbtc, since it is one of the special blocks ending in 7. Funding transaction below.
https://www.smartbit.com.au/tx/f0e7f3f0fa053d4c05354eab666e99a0e40a4475ed098b5473759ce93b41b92e
Question: Another difficult math problem. 1231
Format; [solution] BFUB [BFUB] [link]
BFUB will be four or less words, all of them lower case and seperated by one space, if there are two or more.
First two digits of hash: b9
That's it. Three blocks on one page. Let's see how that works. Have fun solving these blocks and thank you for playing.
Update: changed "BR the link" in "brute forcing the link" above, this change does not affect solution in any way.
Update: Last block in this series solved now. A couple of comments.
For one, the idea of three blocks in one Reddit post is not successful. It makes it harder for me to avoid mistakes. I have gone back to posting individual blocks.
This particular block survived for five days between confirmation of the funding transaction and claiming of prize. One interesting aspect of a Bitcoin quiz is that it comes with a time recording function built in. Anyone can look at the funding address and see exactly how long this block survived.
The solution was rather simple. Only one digit, the number 7, as the cross sum of the number posted in the question. One reason was because this was a block including 7. One other reason was that this time the Hoax was making people think this is again about the MATH hats (like in previous blocks) while it was actually exactly what the question said, though the part of it being "difficult" was another piece of misdirection.
Congrats to the winner and thanks for playing.
submitted by AoiNakamoto to bitcoinpuzzles [link] [comments]

Chinese Man Pickpockets iPhone Off Moving Bicyclist Using Chopsticks

Chinese Man Pickpockets iPhone Off Moving Bicyclist Using Chopsticks submitted by condom-sense to nottheonion [link] [comments]

[7 mbtc] [7 mbtc] [7 mbtc] Quizchain Blocks 48 to 50

UPDATE: change all TOMI below to BFUB (legacy format). I hashed with that and changed to TOMI in post at the last minute. Sorry for that mistake.
Block 48
Thank you for playing the quizchain. This block serves two purposes.
First and more importantly, I want to use this to warn players not to fall for a Nigerian scam based on this quizchain. Fortunately the prize money now is low and not many players are competing. Quiet and peaceful early times for this little experiment. But I will eventually post a 777 mbtc block, once I am confident the format works well and I am experienced enough to avoid mistakes. Some scammer might try to take advantage of that situation. There are giveaway scammers all over the place on Twitter.
So I wrote a little story based on one of the scams mentioned in the 1617 Book of Swindles. Is now at chapter one of the Wattpad story. There may be a hint for this block in this story, but this block really doesn't need any hints.
And the point here again: I will NEVER ask for money to flow in my direction. If someone asks you to send them money, that's not me. Don't fall for a type 20 scam.
Second, I want a nice and easy question to start this series. It will have a BFUB field (name changed to TOMI), but I will say what to put there in the question.
Past attempts to start easy have failed, like when I added a little twist to block 42 and saw people unable to solve it for days. I hope this one is really easy. Still very difficult for me to predict difficulty before I actually post something.
7 mbtc block, funding transaction here.
https://www.smartbit.com.au/tx/574c8c91192669b4fc76f199ee813ee8e6883c84bfee1513062ae4a60c7647c4
Question: Like in that story, you want to send me a bribe. But you want to use Bitcoin. What amount in mbtc do you send to what address?
Format: [solution] TOMI This one is really easy. No need to bribe anyone to get it. [link]
Format for the solution is [amount in mbtc] for example 0.7 mbtc and then a Bitcoin address. One space between amount and address.
TOMI means "Thinking Only Method" and is the same thing as the BFUB field, just with a different name that avoids the bad manners. I explain that name change at the Wattpad story a bit.
Link from previous block (still unsolved): P5fCnpv
Update: Block solved fast, as expected. Solution was 0.777 mbtc 1AndrewYangforPresident2o2ozm6Pzd. Only problem was that I hashed with old BFUB field name and then changed to new TOMI name. Another mistake that shows me it is way too early to risk posting a 777 mbtc block.
First three digits of MD5 hash: 944
Thank you for playing the quizchain and have fun solving this block.
Block 49
This is supposed to be another easy block. And another one where I tell you the TOMI field. Might be brute forced, but if so, that tells me something about the format.
7 mbtc block, funding transaction below.
https://www.smartbit.com.au/tx/b911b08d4cfd3f682faa48ce4cc6e2e694fbf7e1e616972630372b4867d1024d
Question: You are looking for three words. Those three words are all lowercase. And they must be in the correct order.
Format: [word1 word2 word3] TOMI Good luck with this block [link]
[link] is last 7 digits from previous block private key, not 3, to make it harder to brute force a link.
First three digits of MD5 hash: 3bc
Block 50
This one is a bit harder, uses the format to show that it works with multiple choice questions.
7 mbtc block, funding transaction below.
https://www.smartbit.com.au/tx/1873629ecccf23b2d2cdd30bc337c925f818e6bc0e5c8424f96d1216022c5102
Question: Multiple choice
a) blue
b) green
c) red
d) yellow
Format: [solution] TOMI [TOMI] [link]
Format for solution is only answer, leave out leading a). For example, if you think a) is the answer, write blue as solution, not a) blue.
TOMI format is [word1 word2 word3], with all words lower case.
[link] is again 7 last digits of previous private key.
FIrst three digits of MD5 hash: f7d
I posted all three blocks together again. Like in the last series, if you want to discuss, reply to appropriate comment below.
submitted by AoiNakamoto to bitcoinpuzzles [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
The following videos are a good starting point for understanding how bitcoin works and a little about its long term potential:
For lots of additional video resources check out the videos wiki page or /BitcoinTV.
Key properties of bitcoin
Some excellent writing on Bitcoin's value proposition and future can be found here. Bitcoin statistics can be found here and here. Developer resources can be found here and here. Peer-reviewed research papers can be found here. The number of times Bitcoin was declared dead by the media can be found here. Scaling resources here, and of course the whitepaper that started it all.

Where can I buy bitcoins?

BuyBitcoinWorldwide.com is a very helpful site for beginners. You can buy or sell any amount of bitcoin and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also, check out the bitcoinity exchange resources for a larger list of options for purchases.
Bank Transfer Credit / Debit card Cash
Coinbase Coinbase LocalBitcoins
Gemini Bitstamp LibertyX
GDAX Bitit Mycelium LocalTrader
Bitstamp Cex.io BitQuick
Kraken CoinMama WallofCoins
Xapo BitcoinOTC
Cex.io
itBit
Bitit
Bitsquare
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Cashila or Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Android iOs Desktop
Mycelium BreadWallet Electrum
CoPay AirBitz Armory
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account, usually from a text message or app, making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy
Android Android
iOS iOS

Where can I spend bitcoins?

A more comprehensive list can be found at the Trade FAQ but some more commons ones are below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Steam, HumbleBundle, GreenmanGaming, and Coinplay.io For when you need to get your game on
Microsoft Xbox games, phone apps and software
Spendabit, The Bitcoin Shop, Overstock, Rakuten, DuoSearch, The Bitcoin Directory and BazaarBay Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg, TigerDirect and Dell For all your electronics needs
Cashila, Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, Pey.de, LivingRoomofSatoshi, Hyphen.to, Coinsfer, GetPaidinBitcoin, Coins.co.th, More #1, #2 Bill payment
Foodler, Takeaway, Thuisbezorgd NL, Pizza For Coins Takeout delivered to your door!
Expedia, Cheapair, Lot, Destinia, BTCTrip, Abitsky, SkyTours, Fluege the Travel category on Gyft and 9flats For when you need to get away
BoltVM, BitHost VPS service
Cryptostorm, Mullvad, and PIA VPN services
Namecheap For new domain name registration
Stampnik and GetUSPS Discounted USPS Priority, Express, First-Class mail postage
Reddit Gold Premium membership which can be gifted to others
Coinmap, 99Bitcoins and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations, such as Wikipedia, Red Cross, Amnesty International, United Way, ACLU and the EFF. You can find a longer list here.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. Bitseed is an easy option for getting set up. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
Bitwage, XBTfreelancer, Cryptogrind, Bitlancerr, Coinality, Bitgigs, /Jobs4Bitcoins, Rein Project Freelancing
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
Watchmybit, Streamium.io, OTika.tv, XOtika.tv NSFW, /GirlsGoneBitcoin NSFW Video Streaming
Bitasker, BitforTip, WillPayCoin Tasks
Supload.com, SatoshiBox, JoyStream, File Army File/Image Sharing
CoinAd, A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins)

Bitcoin Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network, Amiko Pay, and Strawpay Payment channels for network scaling
Blockstream and Drivechain Sidechains
21, Inc. Open source library for the machine payable web
ShapeShift.io Trade between bitcoins and altcoins easily
Open Transactions, Counterparty, Omni, Open Assets, Symbiont and Chain Financial asset platforms
Hivemind and Augur Prediction markets
Mirror Smart contracts
Mediachain Decentralized media library
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
Samourai and Dark Wallet - abandoned Privacy-enhancing wallets
JoinMarket CoinJoin implementation (Increase privacy and/or Earn interest on bitcoin holdings)
Coinffeine and Bitsquare Decentralized bitcoin exchanges
Keybase and Bitrated Identity & Reputation management
Bitmesh and Telehash Mesh networking
JoyStream BitTorrent client with paid seeding
MORPHiS Decentralized, encrypted internet
Storj and Sia Decentralized file storage
Streamium and Faradam Pay in real time for on-demand services
Abra Global P2P money transmitter network
bitSIM PIN secure hardware token between SIM & Phone
Identifi Decentralized address book w/ ratings system
Coinometrics Institutional-level Bitcoin Data & Research
Blocktrail and BitGo Multisig bitcoin API
Bitcore Open source Bitcoin javascript library
Insight Open source blockchain API
Leet Kill your friends and take their money ;)

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (mL) or millimetre (mm)
microbitcoin μBTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (μL) or micrometre (μm)
bit bit 1,000,000 per bitcoin Colloquial "slang" term for microbitcoin
satoshi sat 100,000,000 per bitcoin Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $500 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. A complete list of bitcoin related subreddits can be found here
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BinaryResult to Bitcoin [link] [comments]

Thought experiment: what happens to Bitcoin market cap if mBTC is the base unit (1 mBTC = $13.08)?

I've recently been thinking that a lot of the price action has been driven by new market entrants feeling 'priced out' of BTC – meaning they feel that if they can't afford a 1 btc, why bother. That has driven a lot cheaper, less fundamentally promising (imo) coins to insane levels.
If exchanges moved to mBTC as the base unit, do you think Bitcoin market cap would explode and accelerate adoption? Or do you think this has nothing to do with it, people genuinely believe in the underlying tech of other coins.
submitted by rab_eye to BitcoinMarkets [link] [comments]

[7 mbtc] Quizchain2 Block 36

Thank you for playing the quizchain. Last block I did some rapid-fire hints. That adds a bit to the excitement. On the other hand, it means that players who don't happen to be online in that time frame get no chance. I got mixed receptions to this format. So for this block, I will revert to a slow hint schedule.
That of course may lead to players pointing out that it is impossible to solve the block without hint. In my experience that tends to happen when I post a difficult block and there is a time lag of a day until the first hint. With rapid fire hints, people are too busy trying to solve, they don't have time to discuss the level of difficulty.
And they may have a point. It may actually be impossible for the smart wizards attacking this block to solve it without hint. Only one way to find out.
So, yes, this block will be fairly difficult. Maybe you will want to wait a day for the first hint to drop. On the other hand, maybe someone sees the light immediately. I never know before actually posting a block.
Normal 7 mbtc block, funding transaction below.
https://www.smartbit.com.au/tx/b36c5e5c202988acf471111a9f85c66dae766f41edde126974458e5cfa70d76a
Question: de or ha?
Format: [solution] TOMI [TOMI].
No hints on solution or TOMI format at this stage, it is supposed to be hard.
First three digits of MD5 hash are 1db.
First digit of solution only MD5 hash is f.
First two digits of TOMI field only MD5 hash are f9.
Have fun challenging this block and thank you for playing. 10 mbtc special block 37 coming up next Friday 8 am Japanese time.
Update: Mistake in announcing timing for next block, will be posted tomorrow (Thursday) at 1 pm (as noted correctly in posting schedule).
Update 2: Solved in about 4 hours and prize claiming transaction confirmed. Solution was "bit" and TOMI field was "debit orbit habit". I found this by thinking about the "gry" puzzle, looked at the long list of words ending in "bit" and thought it might be difficult to see it the other way around, knowing only the other parts and finding the last syllable. Especially if you don't even know that you are looking for a common ending of words. The connection to Bitcoin is obvious. Once you found the solution, deciding on the TOMI field was not much of a problem either.
Congrats to the winner and thank you everyone for playing. Again, next block coming up tomorrow (Thursday) 1 pm Japanese time.
submitted by AoiNakamoto to Grycoin [link] [comments]

/r/Bitcoin FAQ - Newcomers please read

Welcome to the /Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.
The following videos are a good starting point for understanding how bitcoin works and a little about its long term potential:
For lots of additional video resources check out the videos wiki page or /BitcoinTV.
Key properties of bitcoin
Some excellent writing on Bitcoin's value proposition and future can be found here. Bitcoin statistics can be found here and here. Developer resources can be found here and here. Peer-reviewed research papers can be found here. Scaling resources here, and of course the whitepaper that started it all.

Where can I buy bitcoins?

BuyBitcoinWorldwide.com is a very helpful site for beginners. You can buy or sell any amount of bitcoin and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also, check out the bitcoinity exchange resources for a larger list of options for purchases.
Bank Transfer / Credit card Cash
Coinbase LocalBitcoins
Gemini LibertyX
GDAX Mycelium LocalTrader
Poloniex BitQuick
Bitstamp WallofCoins
Kraken BitcoinOTC
Xapo
SnapCard
Cex.io
itBit
Bitit
Bitsquare
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Cashila or Bitwage.
Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.
Android iOs Desktop
Mycelium BreadWallet Electrum
CoPay AirBitz Armory
Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!
2FA requires a second confirmation code to access your account, usually from a text message or app, making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.
Google Auth Authy
Android Android
iOS iOS

Where can I spend bitcoins?

A more comprehensive list can be found at the Trade FAQ but some more commons ones are below.
Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Steam, HumbleBundle, GreenmanGaming, and Coinplay.io For when you need to get your game on
Microsoft Xbox games, phone apps and software
Spendabit, The Bitcoin Shop, Overstock, Rakuten, DuoSearch, The Bitcoin Directory and BazaarBay Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg, TigerDirect and Dell For all your electronics needs
Cashila, Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, Pey.de, LivingRoomofSatoshi, Wagepoint, Hyphen.to, Coinsfer, GetPaidinBitcoin, Coins.co.th, More Bill payment
Foodler, Takeaway, Thuisbezorgd NL, Pizza For Coins Takeout delivered to your door!
Expedia, Cheapair, Lot, Destinia, BTCTrip, Abitsky, SkyTours, Fluege the Travel category on Gyft and 9flats For when you need to get away
BoltVM, BitHost VPS service
Cryptostorm, Mullvad, and PIA VPN services
Namecheap For new domain name registration
Stampnik and GetUSPS Discounted USPS Priority, Express, First-Class mail postage
Reddit Gold Premium membership which can be gifted to others
Coinmap and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.
There are also lots of charities which accept bitcoin donations, such as Wikipedia, Red Cross, Amnesty International, United Way, ACLU and the EFF. You can find a longer list here.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;
If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /BitcoinMining would be happy to help you out.
If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.
Site Description
Bitwage, XBTfreelancer, Cryptogrind, Bitlancerr, Coinality, Bitgigs, /Jobs4Bitcoins, Rein Project Freelancing
OpenBazaar, Purse.io, Bitify, /Bitmarket, 21 Market Marketplaces
Watchmybit, Streamium.io, OTika.tv, XOtika.tv NSFW, /GirlsGoneBitcoin NSFW Video Streaming
Bitasker, BitforTip, WillPayCoin Tasks
Supload.com, SatoshiBox, JoyStream, File Army File/Image Sharing
CoinAd, A-ads, Coinzilla.io Advertising
You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins)

Bitcoin Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.
Project Description
Lightning Network, Amiko Pay, and Strawpay Payment channels for network scaling
Blockstream and Drivechain Sidechains
21, Inc. Open source library for the machine payable web
ShapeShift.io Trade between bitcoins and altcoins easily
Open Transactions, Counterparty, Omni, Open Assets, Symbiont and Chain Financial asset platforms
Hivemind and Augur Prediction markets
Mirror Smart contracts
Mediachain Decentralized media library
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
Samourai and Dark Wallet - abandoned Privacy-enhancing wallets
JoinMarket CoinJoin implementation (Increase privacy and/or Earn interest on bitcoin holdings)
Coinffeine and Bitsquare Decentralized bitcoin exchanges
Keybase and Bitrated Identity & Reputation management
Bitmesh and Telehash Mesh networking
JoyStream BitTorrent client with paid seeding
MORPHiS Decentralized, encrypted internet
Storj and Sia Decentralized file storage
Streamium and Faradam Pay in real time for on-demand services
Abra Global P2P money transmitter network
bitSIM PIN secure hardware token between SIM & Phone
Identifi Decentralized address book w/ ratings system
Coinometrics Institutional-level Bitcoin Data & Research
Blocktrail and BitGo Multisig bitcoin API
Bitcore Open source Bitcoin javascript library
Insight Open source blockchain API
Leet Kill your friends and take their money ;)

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (mL) or millimetre (mm)
microbitcoin μBTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (μL) or micrometre (μm)
bit bit 1,000,000 per bitcoin Colloquial "slang" term for microbitcoin
satoshi sat 100,000,000 per bitcoin Smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $500 for one Bitcoin, a $10 meal would equal:
For more information check out the Bitcoin units wiki.
Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. A complete list of bitcoin related subreddits can be found here
Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.
Welcome to the Bitcoin community and the new decentralized economy!
submitted by BinaryResult to Bitcoin [link] [comments]

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 problem

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 solution

The natural choice is the symbol ₥, which is called the mill. It is the natural choice for the symbol for 1 mBTC because:
  1. The symbol ₥ already has Unicode support at U+20A5, and it is already called the mill.
  2. The term "mill" is superior to "millibitcoin" because it's one syllable and parallels the "cent."
  3. This symbol is not in widespread modern use to denote any major currency.
  4. 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.
  5. 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.

Conventions

The convention I propose for using ₥ is to parallel ¢ and put it immediately after the number:
Since it seems reasonable that other cryptocurrencies might follow suit, one can then prepend the currency symbol when context requires it:
Or you can put the currency name after, as follows:
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):
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.

Variations

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:
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:
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.
submitted by MauledByPorcupines to Bitcoin [link] [comments]

[Very easy] [7 mbtc] Quizchain Block 8

Thank you to everyone playing the quizchain. Back to another 7 mbtc block. Funding transaction:
www.smartbit.com.au/tx/4af04e6b843f56fba6073024ed973a775944291e850fc051522b37cf2384b6e2
Both of the two previous blocks are unclaimed as of now. So for this block, the question will be very easy to answer. Question for block 8:
How many mbtc do I plan to offer as the prize for block 77?
Would be claimed in milliseconds, except for one thing. In this case you don't use the last three digits of the preceding block's private key. You need the 6 digits preceding the last three digits of the private key for block 6 (the other unsolved block right now). I chose 6 digits to make brute-forcing the thing impractical without having dedicated software or hardware for that task. I hope no one has anything of the sort right now.
So this does two things. One it gives players the satisfaction of solving this easy problem at first sight. And two it gives whoever solves block 6 an extra 7 mbtc, increasing the prize for that block retroactively. This might be one thing done more easily with this setup than with a bitcoin puzzle standing alone.
At the time I am posting any puzzle, I may misjudge how difficult it is. That makes it desirable to have an easy way to increase the prize after seeing a hard question unclaimed for some time. That in turn means this format might make some sense. It makes sense for what I have in mind anyway.
Update: As will surprise exactly no one, the correct answer for this is 777. And the last three digits of the private key for block 8 are HwX. Next block will be easy again and use only this as a chainlink.
submitted by AoiNakamoto to bitcoinpuzzles [link] [comments]

The financial irresponsibility in this sub has gone too far

The world of blockchian technology has in the past few months rapidly become a penny stock casino full of scams and obvious poor decisions.
I remember in college finance class where my professor would talk about during the .com boom people would go onto stock lists and buy anything if it was named .com. I always thought how insane that sounded for people to risk their money off of such little information. Now I'm watching it happen in real time at a much worse level.
If you are going on coinmarketcap.com and just picking something listed on the front page that is "cheap", TRON for example, you are putting yourself at great risk and will be very disappointed in the long run. I keep seeing this line of thinking that people want to be a 2010 Bitcoin buyer, and will only buy cryptocurrency that is worth pennies or a few dollars. This line of thinking is a terrible way to approach investing your money.
Price is not that important in the grand scheme of investing. Things like Ripple, cardano, and NEM are not "cheap" or undervalued simply because their listed price per coin is low. Price is simply supply and demand, and you will notice that all of those examples are that price because they have a massive supply of coins in the market. Just because something has a large available supply (ripple 40 billion vs Bitcoin 16 million) should not be a factor in deciding to purchase it. If Bitcoin was changed to being listed as price per mBTC (millibitcoin) suddenly it's now cheap and has a large marketcap so moon here I come!
Does this sound like a good way to risk your savings?
Instead you should be doing deep dives of several days before you make any major financial decisions. What are its use cases, what is the competition, is there a market for it, who is their target market. These are all things you should be thinking about. Go read both sides of why you should and shouldn't buy. Places like hackernoon, medium, ycombinator, and crypto valley assoscation are great places to find information. Go on to investopedia and learn the basics on financial investment. Actually read the whitepaper several times, and if you can't understand it don't take leaps of faith and buy it. Always question what people tell you (Including me). Don't go out and make a major financial decision because a friend, co-worker, or youtuber told you to buy something. Especially if their reasoning is that it is cheap.
MOST IMPORTANTLY DO NOT RISK TOO MUCH. This has to be the biggest mistake I see on this subreddit. If you can't sleep at night, are upset by dips in the market, or god forbid thinking of ending your life YOUR POSITION IS TOO HIGH. You should never risk more than 4-5% of your total net worth into one position, and you should only risk that much if you are extremely confident in your pick. Just because someone invested their life savings in Bitcoin early on does not mean they made a good descion. It might have worked out this time but this an outlier and exception to the rule.
Please do not risk your financial well being on the dream of being a cryptomillionare. 12% yearly returns is considered very good, and you should not attempt to gamble your life away for 5000% returns.
submitted by i_mash_shoryuken to CryptoCurrency [link] [comments]

[Easy] [7 mbtc] Quizchain Block 36

Thank you for playing the quizchain. Last block was without BFUB, since it was not necessary to block brute forcing with the three word solution to that puzzle. The same is true for this one. The answer is a phrase certainly not contained in password lists, so I can skip the BFUB part. A large reduction in complexity for human players.
7 mbtc block again, funding transaction below.
https://www.smartbit.com.au/tx/5ffb530c3039f03c59943eccfe67f76708343aafdc0e5d2ab7b78340e9438e2c
Question:
How are you this morning, Ms. Nakamoto?
Thank you, I am good.
Format: [word1 word2 word3 word4] [link] with exactly one space between them.
I already said where the hint for this is elsewhere.
First two digits of hash: 4f
Link from last block: ebC
Thank you for playing and have fun solving this block.
Update: Solved before posting of quiz and prize claimed in zero seconds. Congrats to the winner and thank you for confirming you are human player on Twitter, since I might have suspected brute force bots.
Very interesting experience from this one.
If you look at the funding address, you see that someone took the funds about zero seconds after I broadcast the funding transaction. I learn several things from this.
For one, obviously people are taking the trouble of watching the change address from the previous funding transaction. That way, they can set up a bot that claims the reward with the solution to a quiz they do not yet know, but anticipate. Doing this requires several things.
One, you need to know how to set up such a script watching the change address from the previous transaction. Two, you need to anticipate the answer (not necessarily the question) before the quiz is even posted. Good job on both points, winner.
It also shows that yes, it is possible to spend an UTXO even before the transaction funding is is confirmed. Something maybe not everyone knows about how BItcoin works.
On the other hand, human players who start only after the puzzle has been posted are at a disadvantage. They have no chance in the first place. That is something I probably should avoid for most blocks. Avoiding is easy. I could fund the block from an address different from the change address of the previous block. That would require work on my part, which does not appeal to me. The easier countermeasure is to avoid posting blocks where the answer can be anticipated before even seeing the question. That is easily done, so that is the route I am going for.
Solution for this was "Google only one way", which is a new phrase I mentioned in my hint post. Relation to the question was that the answer from me would be rephrased as "Thank you, I am goof." in a Twitter conversation. Said conversation already happened, and thank you to the friendly people who took part in it.
Another interesting experience. Shows that blocks can be too easy as well as too hard. Probably better to have them too hard than too easy, since I can always fix that problem with more hints. There is no way to increase the difficulty after someone won.
It also shows that it would be a very bad idea to do have easy questions on purpose and leave the decision of a winner to who happens to get their double spend confirmed fast. Most human players would be without a chance in a contest with players using scripts for the purpose.
Update 2: Over comments I learned from the winner that he solved this manually and did the transaction manually as well. The fact that there is zero seconds between funding transaction and prize claiming transaction is of course because both were in the same block.
Still no bots watching the change addresses, then.
That of course means most of the stuff I wrote in the update above is wrong. Thanks again to the winner for explaining what happened and clearing up my false ideas.
submitted by AoiNakamoto to bitcoinpuzzles [link] [comments]

Welcome to the TipBit Closed Alpha (/u/tip_bit)!

It's been too long since we've had a working tip bot on /Bitcoin, and none of the previous tip bot developers put up a source code to their work, so things seemed bleak. I've worked out a rudimentary bot that I'd like to evolve into a fully functional tip-bot for the subreddit, and I need testers.
"NO WAY", you shout... "We're not giving our Bitcoin to a possibly buggy bot!"
This is absolutely the most logical response and if you don't want to risk your bitcoin, I absolutely advise you to completely disregard this post and stop reading here. If, however, you've been missing the fun of tipping to the point that you might be willing to take the risk, please continue on. I make no guarantees about everything working... that's why I'm doing an alpha test in the first place.
"NO WAY", you shout... "We don't trust you. We don't even know you"
This is a completely valid argument and one that I have absolutely no rebuttal to. I am a long-standing member of /Bitcoin using another account, but I will be remaining anonymous, as I don't want anyone targeting me as someone who has control over a private key that holds a lot (if the bot is popular) of bitcoin. As such, I have no real way of convincing you I'm not some common criminal, planning to abscond with your money. I suppose the one argument I could make is this: Why would I be telling you this if I was planning to take your money, and why would I have users eat the fees instead of bank-rolling it a small amount and offering to eat the fees to incentivize a lot of people to sign on? I know this isn't a great argument, but it's all I've got. If anyone has some other ideas that don't relate to me giving up my anonymity, I would be interested in talking to you over PM.
Current Stage: Preliminary
So long as you follow the guidelines, you can register and receive a deposit address. If someone tips you, you are automatically registered in the sense that there is bitcoin in your account, though you'll still have to send a Registration PM to the bot to get your deposit address.
Current Issue: Fees
There's a fee that you'll set on your own transaction when you deposit money, and obviously there is a fee to withdraw as well because I'm not rich so I can't just eat all those fees myself. That means, if you pay 5 mBTC to deposit 4.8 mBTC, then withdraw 4.8 mBTC, on my side it will subtract the fee from your withdrawal which might end up with you receiving 4.6 mBTC back. When this occurs, you are more than welcome to check the transaction ID when the bitcoin arrives in your wallet to ensure I didn't lie about the fee to steal the difference for myself.
The Consolidation Problem
On top of this, though, there is another problem. In my current version of the bot, it consolidates all of the deposits into one account so that I can, if needed, let anyone withdraw without having to pull from multiple accounts and possibly rack up 5 fees in one transaction, taking most of their bitcoin... So I consolidate it all immediately. What does that mean for you? Well, it unfortunately means one more transaction fee. It's a low satoshis-per-byte but it's still a fee. What this means is that to deposit, receive your balance, and withdraw is a total of three fees. In my experience this has cost about $3.50 USD in total, though it depends on a number of factors, including the transaction string size for each, and what you set your own satoshis-per-byte at on your deposit transaction. If you want to avoid this fee, consider using a Sweep Deposit
Obviously: All tips are off-chain so there is no fee for them 
If you haven't scoffed and turned away yet, here's what I need from you
I need stress testing... I have no idea how many comments and messages I'll receive once it takes off on /Bitcoin, so I need people to continue using it and testing the features while it's still unpopular. The bot won't reply anywhere else but the accepted subreddits, which are /TipBitTestSub, /TipBit, /BitTippers, and of course, /Bitcoin. If you have a suggestion for a subreddit you believe it should be active on, please let me know.
"I'm not interested in putting my own Bitcoin into this potentially buggy bot, but I want to help"
If you receive a tip, you can play with that money. You can tip it around with no fees other than the single one you'll get for a withdrawal if you choose to do so. I'd appreciate help from anyone that gets a tip, by using it to test the bot (AKA keep tipping). If you can think of a way to break the code, I want to see it. If you just want to sit around and tip the same amount back and forth between you and your buddy, all the better, because it'll help stress test the bot.
"Okay, I'm in... how does it work?"
For anyone still reading, the use of the bot is pretty simple. To register, Send a message to tip_bit with the subject line "Register" and it will send you back a deposit address that is associated with your account. Deposit at least 0.5 mBTC to that address and the bot will send you a confirmation when it arrives. Anything under 0.5 mBTC will be ignored, so please don't send something that small (I disabled it because of fees eating it up... don't worry, if you accidentally send 0.49 mBTC you can send a little more and it'll send as much as possible of the combined amount to storage and your balance). The confirmation will remind you about the fee issue, and show you how much was taken out and how much reached your balance. It will also provide the transaction ID for pushing the money to central storage, in case you want to ensure I'm not skimming off the top.
When you want to withdraw, Send a message to tip_bit with the subject line "Withdraw", as well as the withdrawal address and amount. Replace ADDRESS with your desired withdrawal address, and replace AMOUNT with the amount to withdraw. You can specify "ALL" for the amount, or a specific amount. Again, please note that a fee will be taken out of the amount. If you have a balance of 5 mBTC and ask to withdraw all 5 mBTC, it will give you 5 mBTC minus the fee, so probably around 4.8 mBTC. Again, you are encouraged to check the transaction details when the money arrives to ensure I haven't skimmed any off the top. If you get a message stating that your withdrawal is below the minimum, but you still want to withdraw, PM me directly and I will handle it manually.
If you understand the issue of Bitcoin Dust, you might see one more fee problem forming here. The Storage wallet will be filled with dust if a lot of people deposit in a row without a withdrawal, and whoever withdraws first after a large number of deposits will be stuck with a huge fee (because of all the combined unspents... if you don't understand what this is and are curious, ask me and I'll make a separate thread about it). Although there isn't really a good way around this unless someone else wants to eat the fee, I have provided another message prompt that will help at least the more careful users. Send a message to tip_bit with the subject line "Withdraw Test" and it will act just like a withdraw until the time comes to actually withdraw, at which point it will instead send you a private message with the estimated fee for your transaction if you withdrew at that time. If you do this, and the fee is not to your liking, contact me directly (this account, not the bot) and I'll see if I can do your withdraw manually with a lower satoshi-per-byte during a low mempool moment or something.
Between those points, the bot will manage your balance. You can tip someone in comments by mentioning the bot, then the target's username, then the amount. Please note that for now, the amount is in mBTC by default, as are all messages and comments the bot makes, but you can override the default with the dollar symbol or by using a moniker like "coffee". Here are some examples of properly formatted tips:
tip_bit BashCo 1.2 Thanks for being a great dev! tip_bit TipBitDev $3 Thanks for making this bot! tip_bit fishering coffee Thanks for testing the bot before me! 
Anything after the amount is ignored, just as everything before tip_bit is ignored. You can throw a second tip into a comment if you'd like, but I'm sure there's some way that can be done that will screw with the bot, so keep an eye out for the bot not responding appropriately. As far as amount monikers like "coffee", the full list of usable monikers can be found in this thread
There are variations I've put code in to detect, such as not including before the target user's name. Because I don't want to spam anyone, the successful tip reply will not include the , so people don't get a ton of mentions. You are, therefore, encouraged to use the in YOUR comment before their name so they get a mention report in their inbox. You are welcome to tip more than one person at a time, and it should work.
"How do I give feedback?"
Please direct any feedback to me, not to the bot. Because it relies on the reddit inbox items being unread, I can't go through it's inbox looking for messages. I might just have the bot print anything unrelated to it's duties out into a text file, but there's no guarantee I'll read those regularly, so just PM this account (again... NOT the bot) for questions / concerns / feedback. You can also mention me in a comment or post a topic in the subreddit /TipBitTestSub and I'll probably see what you wrote that way.
With that said, please post any questions / comments / concerns in the comments.
submitted by TipBitDev to TipBitTestSub [link] [comments]

Bitcoin Halving 2020 Explained Dan Held on Why Bitcoin is Still King, Satoshi’s Meaning of Cash & the Importance of Marketing What is the full form of MBTC? Bitcoin units explained: mBTC, uBTC, and Satoshi. Bitcoin Mega and Sub-Units Explained: centiBit, uBTC, mBTC, hBTC, fBTC, pBTC and more

The bitcoin symbol is ₿ and its ticker price is BTC (XBT). The bitcoin unit of account is bitcoin and the denomination is one hundred of a millionth (0.00000001) with the smallest unit called a satoshi (sat). Other alternative units for smaller amounts are millibitcoin (mBTC) for 0.001 bitcoin or 100,000 satoshis. For starters, let us define the two units; mBTC stands for mili-bitcoin, which is equal to a thousandth of the crypto coin. This is denoted numerically as 0.001BTC. One Bitcoin equals 1,000 mBTC. uBTC stands for a micro-bitcoin, which is a millionth of the crypto coin. This is numerically represented as 0.000001BTC. One Bitcoin equals 1,000,000 A millibitcoin is 0.001 BTC. But an easier way to remember is one satoshi is one hundred millionth of a bit coin. Ten Satoshi = one Ith I one hundred Satoshi = one Hish H one thousand Satoshi = one Shi S ten thousand Satoshi = one Oth O one hundred thousand Satoshi = one Tish T one million Satoshi = one Ash A ten million Satoshi = one Sha S The Bitcoin dropped by 0.91% on Wednesday 22nd of July 2020. How did the currency on yesterday? The average value Bitcoin price for convert (or exchange rate) during the day was $9,361.56. Min. Bitcoin value was $9,313.66. Max. BTC price was $9,398.38. BTC price dropped by 0.91% between min. and max. value. The value has dropped. A millibitcoin: 1/1000 of a bitcoin, or .001 bitcoins. Used because the bitcoin, although highly fluctuating, has been very high: over a hundred dollars, and nobody wants to have to deal with all of the decimals in small transactions. Perhaps, if bitcoins take off, we will have to start using microbitcoins (µBTC).

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Bitcoin Halving 2020 Explained

This page is all about abbreviation, acronym and meaning of the given term MBTC. Not able to find full form or full meaning of MBTC May be you are looking for other term similar to MBTC. In this episode, Mike and Dan discuss why Bitcoin remains a leader in the space, dive into the context and meaning of Satoshi’s whitepaper, the early days of Bitcoin, the importance of marketing ... Crypto Jargon Episode 29 (with English Subtitles) In this episode: For more detailed insight into these indicators just do a youtube search, they are explain... In this video I talk about how the bitcoin community is switching to mBTC, which represents 1/1000 of a bitcoin. I also discuses how I believe this will play out. Bitcoin has been giving us so many mixed signals the past month. A lot of people are freaking out over here. Let see what the charts are telling us about this recent bitcoin dump and what to expect!

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