Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly! - page 2.

Chikito

legendary

Activity: 2366

Merit: 2054

Quote from: bitampcom on June 14, 2021, 05:16:59 AM

What is the process to make Bitcoin a legal tender in a country?

As I know each country has different rules but mostly the same as your post although not so similar.

Quote from: bitampcom on June 15, 2021, 02:08:13 AM

use your own wallet like Electrum and Bitamp so you can set precisely how much you want to pay (and thus the speed of your confirmation for the transaction).

Bitamp isn't specific detail of fee, isn't like electrum, bitamp use fee such as Priority, regular and slow. I hope bitamp can development set a manual fee like electrum

bitampcom

member

Activity: 314

Merit: 17

Does it cost me anything to move out my Bitcoin out of Coinbase?

Of course.

If you’re using a service like Coinbase, then it’s a company that’ll charge you fees for withdrawal. This is a service, and like any other service provider, expect a few for those services provided. They’re typically fixed, and can cost a lot more than the actual miner’s fee (which is the network fee you pay to the computers actually securing the network and validating your transactions).

To ensure you have full control over fees (and usually this means paying cheaper fees), use your own wallet like Electrum and Bitamp so you can set precisely how much you want to pay (and thus the speed of your confirmation for the transaction).

bitampcom

member

Activity: 314

Merit: 17

What is the process to make Bitcoin a legal tender in a country?

El Salvador took the shortcut, as it’s own president asked for it.

Depending on how laws get passed in your country, it’s a long and tedious process.
1. One of the govt representatives has to make the proposal. Lawmakers have to look and study and then make proposed amendments, usually to financial law.
2. Proposal is presented to lower house in parliament. Voted on. If approved, then it gets passed to upper house.
3. Same happens if upper house votes and it passes, then it moves to legislation.
4. Lawmakers again look if amendment can be made. If so, then any final changes again goes through voting.
5. Law is enacted.
6. Grace period given to those affected (businesses) to make changes.

All in all, many years!

bitampcom

member

Activity: 314

Merit: 17

Can you use your access your Bitcoin wallet address worldwide?

Absolutely! As long as you have the private keys, you can access your wallet — you don’t even need an internet connection! You can access, even make transactions and sign them all offline, anywhere in the world.

You only need to go online if you want to broadcast that transaction to be confirmed by the network.

bitampcom

member

Activity: 314

Merit: 17

Is there any wearable Bitcoin wallet?

Not that I’m aware of, but I believe some wearables already have browsers, in which case, a web browser-based wallet would work? I would advise against using a wallet on your self where everyone in the world would see you were using a Bitcoin wallet though;) Would you wear a physical wallet on your body to be seen?

It would be painting a really attractive target on yourself!

Do you guys know of any wallet wearables? Wink

bitampcom

member

Activity: 314

Merit: 17

Does it matter which wallet you use to keep your Bitcoin?

Of course it does!

Bitcoin is all about independence and sole control. No one to tell you how to use, keep or spend your money. No one to seize it when they feel like it. No one to mess about with the way you want to transact.

This independence is only yours if you use a wallet that gives you complete and sole control.

Using coinbase or Binance wallets? You might as well keep BTC in your bank and use a bank account.

bitampcom

member

Activity: 314

Merit: 17

Is there a large Bitcoin crash coming? What can I do about it?

Very likely, given that the last massive crash was just over a year ago in March 2020. We also saw significant retracements last month. This is Bitcoin. It can easily do double percentage point spikes up, and down with the same ease.

Just make sure you keep your BTC in your own wallet and not on exchanges! Moments of high volatility tend to bring extra exit scam or hack risk to exchanges!

bitampcom

member

Activity: 314

Merit: 17

Why is it so difficult to transfer bitcoins from one crypto exchange to another?

It actually isn’t. But every crypto exchange has their own rules, and some don’t allow you to transfer coins between exchanges, probably because of AML regulations or well, just some arbitrary need for them to be able to track YOU through your wallet address.
Stop keeping your coins on exchanges and use your own wallet like Bitamp:) Then you can transfer to whomever you want.

bitampcom

member

Activity: 314

Merit: 17

Why are there so many crypto wallets?

Welcome to decentralization and open source idealogy! Bitcoin isn’t owned by anyone or any company or organisation. It was released fully open source, and allowed anyone to take it, use it, and build other tools to access it. So many people have, each with their own idea of what’s best and what’s useful to different people.

We designed our web wallet Bitamp to meet the particular needs of newcomers who want a simple way to access without installing apps, yet still want full control. Or for someone who wants a throwaway wallet just to play with:)

FatFork

legendary

Activity: 1820

Merit: 2700

Crypto Swap Exchange

Quote from: bitampcom on June 03, 2021, 01:56:24 AM

What happens when crypto reaches max supply?

As far as I understand math, Bitcoin will never reach max. supply of 21 million coins. The mining reward will be less than one satoshi per block in about 120 years.

bitampcom

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Activity: 314

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What happens when crypto reaches max supply?

Nothing different happens, if you’re referring to a coin like Bitcoin where new coins are minted with every new block. Practically speaking, it will keep on minting new coins because block rewards are halved. And since Bitcoin is divisible to 8 decimal points, in 12 years, it’ll still be minting about 0.76 btc per block… but once it’s practically zero, miners will still earn mining fees.

bitampcom

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How are new Bitcoins made and what gives it value?

New bitcoins are given out as a reward to the miner/node (a computer that is solving mathematical problems as part of a process to secure the Bitcoin network, as well as verify and validate transactions) every time they find a new block. This happens roughly every ten minutes. Every four years or so, this reward is halved, and there will only ever be very close to 21 million Bitcoins in existence. Currently, 90% of this is already “mined” so that scarcity helps give them value.

This is a very basic explanation on supply, but there are many other arguments backing up intrinsic value that gives it market price.

bitampcom

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Activity: 314

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So many wallets, and so many apps to choose from! So which should you choose? As always, we like to say: Depends on what you’re looking for.

Electrum is probably the best Bitcoin wallet due to the high level of control you have over it (plus it’s open source and one of the most mature apps around). But it isn’t the friendliest looking. Bitamp is also free and isn’t even an app, accessible via any type of smartphone with a web browser.

bitampcom

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Do I actually lose my cryptocoins if I lost my ledger wallet?

You never lose anything if you lose your wallet, whatever the form of the wallet. The wallet is simply a tool to access your coins, usually a visual user interface to help you use it. What gives you the access is your private key, so that’s what you need — or your recovery phrase (seed phrase sometimes it’s called). Restore this on any other compatible wallet and you get your access.

bitampcom

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Activity: 314

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What is the difference between a wallet and an exchange?

A wallet is where cryptocurrencies are stored, and is how you identify the owners of crypto, as it contains addresses you own and have coins in.

An exchange is merely the platform where assets are exchanged (hence the name), that is, sold, bought or traded.

When you use an exchange, they assign you an address from THEIR wallet. Which is why it is not a good idea to store crypto at exchanges because you have no control over THEIR wallet if they one day decide to scam you or get hacked.

bitampcom

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Activity: 314

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Where can I sell my BTC wallet whose passphrase I've lost?

You couldn’t sell it for anything. You can’t prove you own it, so you could simply just take a wallet address from somewhere and sell it.
If someone could crack wallets, all they would need to do it surf the blockchain explorer and find wallets with balances and hack them.
This isn’t possible of course, so no one would buy your wallets.

bitampcom

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Activity: 314

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What is the difference between a hard wallet and a digital wallet?

You probably mean a hardware wallet. But there are some things to understand about “hardware” and “software” wallet and I will give you as simple a description about what separates the two in terms of security.

A hardware wallet still contains the software, but is a device SOLELY for storing crypto, and usually does not even need to go online or interact with the internet to work. This prevents any kind of network attack or hack. If hackers can’t access, they can’t steal.

A software wallet is used on any ordinary device, and as you may be aware, most people don’t usually secure their devices, leaving it prone to malware and other listening tools that hacker can use to steal your passwords.

bitampcom

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A question from our Quora today: Do exchanges have parallel blockchains for each coin?

If you’re referring to centralized exchanges, then no. There’s no sense to make a parralel blockchain when APIs can easily connect to the public blockchain and track deposits and withdrawals. It’s when these APIs or blockchains are down that exchanges can’t do much or when they need to do maintenance for wallets.

bitampcom

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Why does it take so long for BTC transactions to be confirmed, when I always get a notice confirming the deposit amount (almost immediately) when the TX is sent? Is it really possible for the BTC to be lost or re-directed during this time?

The notice you get is not confirming a deposit amount, it is simply a notice or alert of an incoming transaction.

Bitcoin transactions are broadcast to the network, where miners (computers that pick up, validate and verify the transactions) will decide which txs are to be included in blocks they find — new blocks are found on average every 10 minutes. In periods of high network activity, this can take a long time, depending also on the miner fee you paid. Obviously, the more the likelier you are to get picked up.

It’s not possible for BTC to ever be lost in transacting. It also cannot be redirected. But you can choose to “double spend” — using the same unconfirmed bitcoin to spend elsewhere. This isn’t possible with most clients, however.

Chikito

legendary

Activity: 2366

Merit: 2054

Quote from: bitampcom on May 22, 2021, 07:52:42 AM

I see 3 confirmations on my Bitcoin transaction but it's still pending on my balance. Is this normal?

If sending bitcoin to exchange there will not automatically confirm even has confirmed many blocks, it's happening to me for a month ago, I have to contact support to confirm it to my wallet. But, if I used a non-custody wallet which you own a private key (such as electrum, and etc) that is not happening, we can get the balance with only 1 confirmation.

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