Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly! - page 17.

OcTradism

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Quote from: bitampcom on November 22, 2020, 05:34:29 AM

Utility. Bitcoin is recognized now as a currency, store of value, and long-term appreciative asset.

True.

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Ethereum is also a recognized currency, but cannot challenge Bitcoin as all the above points, but is now a much-needed Dapp platform that has proven to be mature and with the coming upgrade will handle scalability issues. Altcoins each say they’re currency, but only for their internal ecosystems. 90% of them are actually just speculative assets.

Ethereum after many years of developments is a chain on which scam projects join and build up a very big scam ecosystem. ERC20 scam ecosystem. I would not blame on Ethereum for scam projects but why it happened?

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Development. Bitcoin is the most conservative development project, with very few new changes happening to its core structure over the years. But this also results in the most stable platform, battle-tested and highly secure.

Any changes or upgrades must be approved with Consensus.

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Ethereum is very fluid, with drastic changes always happening including the upcoming shift to PoS. Altcoins are on the extreme end, with centralized teams deciding very quickly how to change their infrastructure.

Ethereum is different. Important decisions and upgrades are decided and made by core team with the header is Vitalik.

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What are the differences in Bitcoin, Ethereum, and Altcoins?

So many differences to say! But from a technical perspective, let’s look at what’s easy to see:

Utility. Bitcoin is recognized now as a currency, store of value, and long-term appreciative asset. Ethereum is also a recognized currency, but cannot challenge Bitcoin as all the above points, but is now a much-needed Dapp platform that has proven to be mature and with the coming upgrade will handle scalability issues. Altcoins each say they’re currency, but only for their internal ecosystems. 90% of them are actually just speculative assets.
Development. Bitcoin is the most conservative development project, with very few new changes happening to its core structure over the years. But this also results in the most stable platform, battle-tested and highly secure. Ethereum is very fluid, with drastic changes always happening including the upcoming shift to PoS. Altcoins are on the extreme end, with centralized teams deciding very quickly how to change their infrastructure.

bitampcom

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Is the Cash App considered a crypto wallet, and is my Bitcoin safe there?

It is, but it’s not a true Bitcoin wallet, whereby you are the sole controller of your Bitcoin through sole ownership of your private keys. If the owners of Cash App decide to hold your account, not much you can do about regaining access, which is they key problem for any type of wallet like this that belongs to a centralized company or entity.

I’d recommend you learn to use a proper wallet like Bitamp or Electrum. Open source and truly all yours.

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How do I backup a Bitcoin wallet on Android?

You can backup most Bitcoin wallets simply by saving the private key or seed phrase. Though I wouldn’t save it on an Android, these should be kept offline as much as possible.

Some Bitcoin wallets have an Android app like Electrum. Using Bitamp, you can even res

bitampcom

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Trezor T or Ledger Nano X: which is safer?

I would say that both brands are equally safe. Many people might go for the Trezor because of its price range (a bit more than the Ledger) and it also wins in the sense of open source (Ledger is not fully open source).

What’s important is what you want to use it for though. It doesn’t make sense to use either if you’re only carrying around coffee or pizza money in Bitcoin simply because using them would need you to physically take it out (alerting onlookers you actually have Bitcoin!). These hardware wallets are meant to store long term and keep offline.

A hot wallet for day to day use? Bitamp is a better solution or other open source apps like Electrum.

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How is finance decentralized?

Finance being decentralized means removing away the central authorities that currently dictate how financial services and products should be run, and who gets to access them. It means removing middlemen and intermediaries so that people can transact directly and provide and use services from each other directly.

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For those who think BTC should now not be seen as currency...

Why can't it be all of that? I know plenty of people who happily pay stuff in Bitcoin when they can. And earn or get paid it in when they can. Some educators also happily put away some, but spend the majority of what they get -- they see a future of 10 years, even 20, not a trader view of 2 to 3 years cycles.

Many of our wallet users also don't mind loading a hotwallet with some quick cash to spend and throw.

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How to make transactions go faster? You simply pay a higher fee for your transaction. Most wallets allow you to set your own fee, like ours at Bitamp has 3 settings, each with a fee that estimates how soon you get confirmed, with the highest and most expensive setting estimating you to get confirmed in the next block (roughly ten minutes on average).

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Any thoughts on PayPal getting into Bitcoin and all that?

Personally, I think that people who want to use Bitcoin should really learn about what it means to be in control of your own money, which is what Bitcoin is all about. But I also accept that for Bitcoin to reach the masses, I think this goes beyond being a Bitcoin purist and accepting that first exposure for many people may have to be through easy consumer apps like PayPal. Hopefully, they see the potential from there and then begin to use Bitcoin as it should be — on their own wallet.

That’s also why we developed Bitamp the way it is, as a simple web wallet for newcomers to easily understand what Bitcoin is and how to use it. We hope the experience inspires them to then go off and use more secure, more soverein methods.

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What's the easiest way to set up a hardware wallet?

It really depends on the user, but I would always advice anyone to get very familiar with Bitcoin wallets first before moving on to hardware wallets as they can be a bit more complicated. So that means downloading Electrum or even using Bitamp to just create wallets and sign wallets and spend Bitcoin comfortably before upgrading.

That said, most of the mature hardware wallets like Ledger or Trezor have very simple setup instructions that come along with the packaging — if you didn’t get that, you should be careful you actually bought a legitimate one!

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Are crypto exchanges regulated?

These days, most of the major ones are, but that only means that they have to complete minimum standards in business processes, pass their own AML and KYC procedures to get licenses in their jurisdictions. Of course, most now have to have security audits passed as part of the process but this still doesn’t protect you as the user from worst-case scenarios where the exchange is hacked, goes bankrupt, or just decides to close.

Which is why, always keep your crypto in your own wallet:)

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Someone asked if there were any decentralized wallets besides Mycelium or Electrum.

Our answer?

Not to toot our own horn but our web wallet is one of the few that are still in development that is open source and self custodial — yes, it is centralized in the sense we have a website, but any wallet you create on Bitamp is freely exportable and usable elsewhere (private keys and seeds are your own).

Mycelium I believe isn’t even fully open source, but a number of other great wallets are in development which are.

Decentralized can be done in many ways but non-custodial is probably the best most wallets can be done right now, along with making code public by doing it open source.

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People like to ask: what's a good amount to get started in Bitcoin?

We like to say that putting aside money every paycheck that you should assume you'll never get back is the way to go, since no one can tell what will happen to Bitcoin some day.

Dollar cost averaging with money you can afford to lose, in other words.

As long as you keep those sats in your own wallet;)

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It's so nice to see posts like this where people earning $15 an hour saved up money and bought using dollar cost averaging methods to eventually own 1 BTC today. It's never too late to start! We just only advice: keep your BTC in your own wallet!;)

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Cryptocurrency recovery phrases are meant to be only on paper. What's a good, secure strategy for someone who often loses things?

Probably storage in a safe, which is what a lot of people do when keeping their phrase on paper — and also to separate it in two safes or locations or people. Would never recommend paper for a long term one though, something more permanent like etched metal is what is getting popular these days.

Would even commit it to memory if it’s only 12 words. What would you guys do?

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Quote from: OcTradism on November 06, 2020, 09:20:11 PM

I did not know I can do it offline on Bitamp. Your wallet is awesome by giving people way to create their wallets with Bitamp without any connection to Internet.

Some good things from Bitamp wallet on my eyes:
- Can create it with Tor browser
- Can create it offline
- 3 types of address
- 2 options to create wallet with seeds or private keys.

I try your wallet today and I have my suggestion for you.
- When I open wallet creation page, seed or private key will be displayed by default settings.
- I suggest the Bitamp team to hide it and have a Show button for user. They can click on the button to show seed or key when they are ready.
- Sometimes, people are not ready in public places and it is risky when seed or keys displayed like this.

Thank you for the kind words! We'll also share this feedback on our reddit I hope you don't mind!

We know it's a web wallet and thus designed for on-the-go usage but we also like to think it gives a lot of options even at the level.

We'll pass on your suggestions to development, but we leave it to them to decide how they'll take it on!

bitampcom

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Activity: 314

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Question was asked to us on Quora: Is it possible that OKEX withdrawals will never come back and that this cryptocurrency exchange will never recover?

It’s always possible with a centralized exchange. And that’s the risk that is always present when trusting your funds with a centralized entity, not just with OKEX and the very reason people say “not your keys, not your bitcoin”. If you haven’t already, use your own wallet and make sure all your coins are in your wallet with private keys only owned by you.

OcTradism

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Quote from: bitampcom on November 06, 2020, 01:48:33 AM

Quote from: OcTradism on November 05, 2020, 08:06:37 AM

On Bitamp, can I create wallet offline?

Actually, yes you can. A lot of complicated ways to strip the code but you can even just store this page offline if you want: https://wallet.bitamp.com/#/create.html

It'll still generate a new seed for you every time you click, without being connected to the internet. This is all client side, you never transmit it across the internet;)

I did not know I can do it offline on Bitamp. Your wallet is awesome by giving people way to create their wallets with Bitamp without any connection to Internet.

Some good things from Bitamp wallet on my eyes:
- Can create it with Tor browser
- Can create it offline
- 3 types of address
- 2 options to create wallet with seeds or private keys.

I try your wallet today and I have my suggestion for you.
- When I open wallet creation page, seed or private key will be displayed by default settings.
- I suggest the Bitamp team to hide it and have a Show button for user. They can click on the button to show seed or key when they are ready.
- Sometimes, people are not ready in public places and it is risky when seed or keys displayed like this.

bitampcom

member

Activity: 314

Merit: 17

Quote from: OcTradism on November 05, 2020, 08:06:37 AM

On Bitamp, can I create wallet offline?

Actually, yes you can. A lot of complicated ways to strip the code but you can even just store this page offline if you want: https://wallet.bitamp.com/#/create.html

It'll still generate a new seed for you every time you click, without being connected to the internet. This is all client side, you never transmit it across the internet;)

bitampcom

member

Activity: 314

Merit: 17

How can I top up and send Bitcoin to people in another country with minimum fees?

Try Localbitcoins as an alternative and see if there are trusted sellers in that country. Best is always to get your own Bitcoin and send it with your own wallet like Bitamp. That’s the only way you set your own fees.

(answer for a newbie)

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