Why Bitcoin Now: Andreas Antonopoulos and Dan Held on ...

Bitcoin for Beginners

Bitcoin for Beginners is a subreddit for new users to ask Bitcoin related questions. **Do not respond to strangers direct messaging you, as over 99% of these people are Scammers.** This subreddit allows open discussion where peer review occurs. /BitcoinBeginners is not for posting new websites, memes, faucets, affiliate links, news, concern trolling, blog articles, or promoting altcoins and ICOs. **Bitcoin related Questions only** No url shorteners (auto spam)
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Bitcoin - The Currency of the Internet

A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
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Monero: the secure, private, untraceable currency

This is the official subreddit of Monero (XMR), a secure, private, untraceable currency that is open-source and freely available to all.
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Worthless banknotes in Venezuela are used to make handbags - This is why Bitcoin is so important!

Worthless banknotes in Venezuela are used to make handbags - This is why Bitcoin is so important! submitted by hodl_ninja to Bitcoin [link] [comments]

Why Bitcoin is NOT a Ponzi in 6 Tweets

Why Bitcoin is NOT a Ponzi in 6 Tweets submitted by JoeB34 to Bitcoin [link] [comments]

The 3 Biggest Reasons Why Bitcoin Will Become the Standard for Generation Z and Generation Alpha

The 3 Biggest Reasons Why Bitcoin Will Become the Standard for Generation Z and Generation Alpha submitted by sylsau to Bitcoin [link] [comments]

This is why Bitcoin will disrupt them

This is why Bitcoin will disrupt them submitted by slywalkers to CryptoCurrency [link] [comments]

You Will Never Guess Why Bitcoin Hashrate Dropped by ~45%

You Will Never Guess Why Bitcoin Hashrate Dropped by ~45% submitted by Dunedune to Buttcoin [link] [comments]

Why Bitcoin is Superior to Gold

There is a constant war being fought between goldbugs, like Peter Schiff, and Bitcoin enthusiasts so I decided to make an outline, with links, comparing and contrasting gold and Bitcoin. I made this in November of 2019 (thus the information therein is based on figures from that time) but, being scatter brained, neglected to post this for the Bitcoin community to see. The yardsticks I used to compare the two assets included the following: shipping/transactions costs, storage costs, censorship factor, settlement time, stock to flow, blockchain vs clearing house, validation, etc. I will also touch on Roosevelt's gold confiscation executive order in 1933, transporting gold during the Spanish Civil War in 1936, and the hypothetical cost for Venezuela to repatriate its gold more recently.
I will provide a brief summary first then follow that with the outline I made. This information can be used as a tool for the Bitcoin community to combat some of the silly rhetoric coming from goldbugs such as Peter Schiff and James Rickards. I would like to make it clear, however, that I am not against gold and think that it performed its role as money very well in a technologically inferior era, namely Victorian times but I think Bitcoin performs the functions of money better than gold does in the current environment.
I have been looking to make a contribution to the Bitcoin community and I hope this is a useful and educational tool for everyone who reads this.
Summary:
Shipping/transaction costs: 100 ounces of gold could be shipped for 315 dollars; the comparable dollar value in Bitcoin could be sent for 35 dollars using a non-segwit address. Using historical precendent, it would cost an estimated $32,997,989 to transport $1 billion in gold using the 3.3% fee that the Soviets charged the Spaniards in 1936; a $1 billion Bitcoin transaction moved for $690 last year by comparison. Please note that the only historic example we can provide for moving enormous sums of gold was when the government of Spain transported gold to Moscow during the Spanish Civil War in 1936. More information on this topic will be found in the notes section.
Storage costs: 100 ounces of gold would require $451 per year to custody while the equivalent value of Bitcoin in dollar terms could be stored for the cost of a Ledger Nano S, $59.99. $1 billion USD value of gold would cost $2,900,000 per year while an Armory set up that is more secure would run you the cost of a laptop, $200-300.
Censorship factor: Gold must pass through a 3rd party whenever it is shipped, whether for a transaction or for personal transportation. Gold will typically have to be declared and a customs duty may be imposed when crossing international borders. The key take-away is gatekeepers (customs) can halt movement of gold thus making transactions difficult. $46,000 of gold was seized in India despite the smugglers hiding it in their rectums.
Settlement time: Shipping gold based on 100 ounces takes anywhere from 3-10 days while Bitcoin transactions clear in roughly 10 minutes depending on network congestion and fee size.
Historic confiscation: Franklin Roosevelt confiscated and debased the paper value of gold in 1933 with Executive Order 6102. Since gold is physical in nature and value dense, it is often stored in custodial vaults like banks and so forth which act as a honeypot for rapacious governments.
Stock to flow: Plan B's stock to flow model has become a favorite on twitter. Stock to flow measures the relationship between the total stock of an asset against the amount that is produced in a given year. Currently gold still has the highest value at 62 while Bitcoin sits at 50 in 2nd place. Bitcoin will overtake gold in 2024 after the next halving.
Blockchain vs clearing house: gold payments historically passed through a 3rd party (clearinghouse) in order to be validated while Bitcoin transactions can be self validated through the use of a node.
Key Takeaway from above- Bitcoin is vastly superior to gold in terms of cost, speed, and censorship resistance. One could theoretically carry around an enormous sum of Bitcoin on a cold card while the equivalent dollar value of gold would require a wheelbarrow...and create an enormous target on the back of the transporter. With the exception of the stock to flow ratio (which will flip in Bitcoin's favor soon), Bitcoin is superior to gold by all metrics covered.
Notes:
Shipping/transaction costs
Gold
100 oz = 155,500. 45 x 7 = $315 to ship 100 oz gold.
https://seekingalpha.com/instablog/839735-katchum/2547831-how-much-does-it-cost-to-ship-silver-and-gold
https://www.coininvest.com/en/shipping-prices/
211 tonnes Venezuela; 3.3% of $10.5 billion = 346,478,880 or 32,997,989/billion usd
http://blogs.reuters.com/felix-salmon/2011/08/23/how-to-get-12-billion-of-gold-to-venezuela/ (counter party risk; maduro; quotes from article)
Bitcoin
18 bitcoin equivalent value; 35 USD with legacy address
https://blockexplorer.com/
https://bitcoinfees.info/
1 billion; $690 dollars
https://arstechnica.com/tech-policy/2019/09/someone-moved-1-billion-in-a-single-bitcoin-transaction/
Storage costs
Gold
.29% annually; https://sdbullion.com/gold-silver-storage
100 oz – $451/year
$1 billion USD value – $2,900,000/year
Bitcoin
Ledger Nano S - $59.00 (for less bitcoin)
https://shop.ledger.com/products/ledger-nano-s/transparent?flow_country=USA&gclid=EAIaIQobChMI3ILV5O-Z5wIVTtbACh1zTAwqEAQYASABEgJ5SPD_BwE
Armory - $200-300 cost of laptop for setup
https://www.bitcoinarmory.com/
Censorship factor (must pass through 3rd party)
Varies by country
Gold will typically have to be declared and a customs duty may be imposed
Key take-away is gatekeepers (customs) can halt movement of gold thus making transactions difficult
$46,000 seized in India
https://www.foxnews.com/travel/indian-airport-stops-29-passengers-smuggling-gold-in-their-rectums
Settlement time
Gold
For 100 oz transaction by USPS 3-10 days (must pass through 3rd party)
Bitcoin
Roughly 10 minutes to be included in next block
Historic confiscation-roosevelt 1933
Executive Order 6102 (forced spending, fed could ban cash, go through and get quotes)
https://en.wikipedia.org/wiki/Executive_Order_6102
“The stated reason for the order was that hard times had caused "hoarding" of gold, stalling economic growth and making the depression worse”
Stock to flow; https://medium.com/@100trillionUSD/modeling-bitcoins-value-with-scarcity-91fa0fc03e25 (explain what it is and use charts in article)
Gold; SF of 62
Bitcoin; SF of 25 but will double to 50 after May (and to 100 in four years)
Blockchain vs clearing house
Transactions can be validated by running a full node vs. third party settlement
Validation
Gold; https://www.goldismoney2.com/threads/cost-to-assay.6732/
(Read some responses)
Bitcoin
Cost of electricity to run a full node
Breaking down Venezuela conundrum; http://blogs.reuters.com/felix-salmon/2011/08/23/how-to-get-12-billion-of-gold-to-venezuela/
“The last (and only) known case of this kind of quantity of gold being transported across state lines took place almost exactly 75 years ago, in 1936, when the government of Spain removed 560 tons of gold from Madrid to Moscow as the armies of Francisco Franco approached. Most of the gold was exchanged for Russian weaponry, with the Soviet Union keeping 2.1% of the funds in the form of commissions and brokerage, and an additional 1.2% in the form of transport, deposit, melting, and refining expenses.”
“Venezuela would need to transport the gold in several trips, traders said, since the high value of gold means it would be impossible to insure a single aircraft carrying 211 tonnes. It could take about 40 shipments to move the gold back to Caracas, traders estimated. “It’s going to be quite a task. Logistically, I’m not sure if the central bank realises the magnitude of the task ahead of them,” said one senior gold banker.”
“So maybe Chávez intends to take matters into his own hands, and just sail the booty back to Venezuela on one of his own naval ships. Again, the theft risk is obvious — seamen can be greedy too — and this time there would be no insurance. Chávez is pretty crazy, but I don’t think he’d risk $12 billion that way.”
“Which leaves one final alternative. Gold is fungible, and people are actually willing to pay a premium to buy gold which is sitting in the Bank of England’s ultra-secure vaults. So why bother transporting that gold at all? Venezuela could enter into an intercontinental repo transaction, where it sells its gold in the Bank of England to some counterparty, and then promises to buy it all back at a modest discount, on condition that it’s physically delivered to the Venezuelan central bank in Caracas. It would then be up to the counterparty to work out how to get 211 tons of gold to Caracas by a certain date. That gold could be sourced anywhere in the world, and transported in any conceivable manner — being much less predictable and transparent, those shipments would also be much harder to hijack. How much of a discount would a counterparty require to enter into this kind of transaction? Much more than 3.3%, is my guess. And again, it’s not entirely clear who would even be willing to entertain the idea. Glencore, perhaps?”
“But here’s one last idea: why doesn’t Chávez crowdsource the problem? He could simply open a gold window at the Banco Central de Venezuela, where anybody at all could deliver standard gold bars. In return, the central bank would transfer to that person an equal number of gold bars in the custody of the Bank of England, plus a modest bounty of say 2% — that’s over $15,000 per 400-ounce bar, at current rates. It would take a little while, but eventually the gold would start trickling in: if you’re willing to pay a constant premium of 2% over the market price for a good, you can be sure that the good in question will ultimately find its way to your door. And the 2% cost of acquiring all that gold would surely be much lower than the cost of insuring and shipping it from England. It would be an elegant market-based solution to an artificial and ideologically-driven problem; I daresay Chávez might even chuckle at the irony of it. He’d just need to watch out for a rise in Andean banditry, as thieves tried to steal the bars on their disparate journeys into Venezuela.”
submitted by cornish_roots to Bitcoin [link] [comments]

Why bitcoin going to $1,000,000 is unlikely and horrifying

What are your thoughts ?

From the author: Bitcoin going to 1mil = more people will mine for it, thusl kill the environment
Link: https://www.cityam.com/why-bitcoin-going-to-1000000-is-unlikely-and-horrifying/
I honestly have never read anything so stupid and baseless in my life.
submitted by HymenPounder to Bitcoin [link] [comments]

Here Are the 6 Biggest Reasons Why Bitcoin Is So Valuable

Here Are the 6 Biggest Reasons Why Bitcoin Is So Valuable submitted by sylsau to Bitcoin [link] [comments]

Uber, Twitter Angel Investor Naval Ravikant Explains Why Bitcoin Is So Important

Uber, Twitter Angel Investor Naval Ravikant Explains Why Bitcoin Is So Important submitted by DetroitMotorShow to CryptoCurrency [link] [comments]

Why Bitcoin? This Czech Family Was Charged For Traveling Through Austria With Gold

Why Bitcoin? This Czech Family Was Charged For Traveling Through Austria With Gold submitted by wmredditor to CryptoCurrency [link] [comments]

Kanye West talking about why Bitcoin is freedom.

Kanye West talking about why Bitcoin is freedom. submitted by MierenKnager to CryptoCurrency [link] [comments]

[Aged like milk] Why Bitcoin's Price Will Be Valued At $150,000 By The End Of 2018

[Aged like milk] Why Bitcoin's Price Will Be Valued At $150,000 By The End Of 2018 submitted by frankenmint to Buttcoin [link] [comments]

A diagram explaining why bitcoin experiences parabolic bull runs.

A diagram explaining why bitcoin experiences parabolic bull runs. submitted by JoeB34 to Bitcoin [link] [comments]

Michael Saylor on why bitcoin is digital gold

Michael Saylor on why bitcoin is digital gold submitted by alvarosb to Bitcoin [link] [comments]

Interested in understanding why bitcoin has recently been rising consistently

Wondered if anyone could give some advice as to why crypto is appearing so bullish right now. I'm trying to understand what elements are at play that are seeing it rise steadily over the last few weeks, what might make it find a new holding position and what might could be a reason for it dropping back down.
submitted by Gom8z to InvestmentClub [link] [comments]

That Is Why Bitcoin Will Hit $100k - Robert Kiyosaki & Anthony Pompliano

That Is Why Bitcoin Will Hit $100k - Robert Kiyosaki & Anthony Pompliano submitted by Roy1984 to CryptoCurrency [link] [comments]

3 Reasons Why Bitcoin Rebounded, Dollar Slumped Ahead of Powell's Speech

3 Reasons Why Bitcoin Rebounded, Dollar Slumped Ahead of Powell's Speech submitted by himadri-saha to CryptoMarkets [link] [comments]

Why Bitcoin is not a socialist’s ally – Reply to Ben Arc by Yanis Varoufakis

Why Bitcoin is not a socialist’s ally – Reply to Ben Arc by Yanis Varoufakis submitted by BlockchainSocialist to socialistprogrammers [link] [comments]

Why Bitcoin Miners Don't Use More Renewable Energy

Why Bitcoin Miners Don't Use More Renewable Energy submitted by SaneFive to Bitcoin [link] [comments]

Why Bitcoin will be bigger than you think

Why Bitcoin will be bigger than you think submitted by SuomalainenOpiskelia to Bitcoin [link] [comments]

Incase you're wondering why Bitcoin is moving up today: Euro printer go Brrrrr. - EU leaders strike 'historic' $2 trillion deal to rebuild Europe's economy

Incase you're wondering why Bitcoin is moving up today: Euro printer go Brrrrr. - EU leaders strike 'historic' $2 trillion deal to rebuild Europe's economy submitted by atrueretard to Bitcoin [link] [comments]

Bitcoin: The End of Money As We Know It (I recommend this to people when they ask why Bitcoin has value)

Bitcoin: The End of Money As We Know It (I recommend this to people when they ask why Bitcoin has value) submitted by crypto_grandma to CryptoCurrency [link] [comments]

What is Bitcoin? Bitcoin Explained Simply for Dummies ... Why Bitcoin? - YouTube Should You Buy Bitcoin? - YouTube Why Bitcoin? WARNING: The Truth About Bitcoin - YouTube

Why does bitcoin have any value at all? This is the objection that has tripped up some of my personal investing heroes, like Jack Bogle and Warren Buffett. Buffett summarized the concern in an ... Why bitcoin? Bitcoins can be used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. Digital money that’s instant, private, and free from bank fees. Download our official wallet app and start using Bitcoin today. Read news, start mining, and buy BTC or BCH. It is hard to say exactly why searches spiked — especially in South Africa and Malta — in late spring and summer 2018, but turbulent bitcoin prices could be to blame, with repeated $2,000 ... This is the sixth in the Why Bitcoin Now series, in which we take a closer look at Bitcoin in the context of macroeconomic forces, including the pandemic and the economic response, and today’s episode will focus on the coin’s monetary policy. Here to discuss are Andreas M. Antonopoulos, speaker, educator, and author of Mastering Bitcoin, Mastering Ethereum, and the Internet of Money ...

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What is Bitcoin? Bitcoin Explained Simply for Dummies ...

May.16 -- Barry Silbert, Digital Currency Group founder and chief executive officer, discusses what's behind the revival of Bitcoin with Bloomberg's Joe Weis... Why would you be interested in Bitcoin? Well there are many compelling reasons and here are a few to consider... watch this video to learn more about Bitcoin. More Frequently asked questions ... Why Bitcoin? In this video I explain why I use Bitcoin as my currency of choice, and I outline why I think it will be a better choice for everyone going forw... Thanks to Away for sponsoring this video! Go to https://www.awaytravel.com/techquickie and use promo code techquickie to get $20 off your next order! Bitcoin... SUBSCRIBE to Two Cents! https://goo.gl/jQ857H Most have never used Bitcoin and probably don't know exactly what it is. Although, estimates show that over 16 ...

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