Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly! - page 21.

OcTradism

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Quote from: bitampcom on September 20, 2020, 03:31:18 AM

People there are all using Bitcoin to make sure they don’t just see their money vanish.

Bitcoin transaction is irreversible and no one can reverse your bitcoin transactions, deposits or withdrawals or payments. There is no charge back on your bitcoin transaction. Be your own bank with non-custodial wallet and you can control what amount you want to send out, pay out and to the person you want. No one else can reverse your bitcoin transactions if you do it on your non-custodial wallets.

On custodial wallets, exchanges, marketplaces the companies can hold your funds, freeze your account, and subtract your balance for some reasons.

bitampcom

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You know, people are always asking if we should always always trust only ourselves and I think the answer is always more nuanced than yes or no. We created Bitamp wallet because we believe that “not your keys, not your crypto” should also apply to easy consumer solutions, hence a web wallet that yu control your own private keys.

But at some point, if you’re holding crypto and savings as part of a risk diversification strategy, then you also want to consider either taking out insurance on your savings — costly — or allocating some of it to something like Kraken, which would, as a Federal bank, include deposit insurances.

I might also engage them for custodial services alongside inheritance plans — so when I die, for example, I can have some assurance that my will is carried out and a custodial entity, perhaps a bank like Kraken, would ensure my crypto is passed on properly.

Everything is about context, don't you agree?

bitampcom

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Question: What is the main use for crypto when the majority of people do fine using the dollar?

Answer: I’m going to answer this honestly. I do believe in crypto and bitcoin as sovereign money, money only you control, and the eventual form of money the world will use to displace regular dollar money.

BUT the honest answer today, isn’t that Bitcoin is about being your own bank. It’s not banking the unbanked.

But the majority of people using crypto now find it especially useful as a store of value that appreciates with time AND is secure from being controlled by the state. Imagine today your country’s money suddenly loses value overnight, and then spirals out of control so your life savings are wiped out in weeks. This isn’t fiction. It’s happened many times over the last 10 years. And we’re not talking only about “some country at war”. It’s not just happening in Iran, Jordan, but also in Argentina, Brazil, even Greece…

People there are all using Bitcoin to make sure they don’t just see their money vanish.

bitampcom

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Quote from: OcTradism on September 18, 2020, 10:39:47 AM

True. Only non-custodial wallets are better than bank accounts. With such non-custodial wallets, people have full control on wallets by having private keys, mnemonic seeds. They will have their own banks.

Custodial wallets are nearly same as bank accounts because people can not have full control on their wallets like as with bank accounts.

Sometimes it is worse when exchanges are hacked, shut down, scam exit, or governments require to freeze some accounts from money laundering accusations. Many reasons to make custodial wallets are worse than bank accounts.

Glad you agree, and we see it this way. Someone counter-argued that transparency would be the only way companies can legitimize themselves which is why they go for custodial options but I'd argue that custodials mean less transparency. Imagine holding the private-keys alone and showing people you as a company are transparent about yr txs!

OcTradism

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Quote from: bitampcom on September 17, 2020, 06:22:48 AM

Difference between Bitcoin wallet and online bank account?

Depends on which bitcoin wallet is used, it will be better, worse or the same when compare to bank accounts.

Quote

I think it’s unfair to say that digital wallets are better than online bank accounts (though you could probably say they serve the same function.

True. Only non-custodial wallets are better than bank accounts. With such non-custodial wallets, people have full control on wallets by having private keys, mnemonic seeds. They will have their own banks.

Custodial wallets are nearly same as bank accounts because people can not have full control on their wallets like as with bank accounts.

Sometimes it is worse when exchanges are hacked, shut down, scam exit, or governments require to freeze some accounts from money laundering accusations. Many reasons to make custodial wallets are worse than bank accounts.

bitampcom

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So a new Wyoming law was passed to day which is good news for everyone in Bitcoin as banking charters now let people keep their Bitcoin safely in banks...

But is this really good in the long term? Shouldn't we all be keeping bitcoin in our own wallets? What do you guys think of this?

bitampcom

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Difference between Bitcoin wallet and online bank account?

I think it’s unfair to say that digital wallets are better than online bank accounts (though you could probably say they serve the same function.
The one thing for me that’s really unique about crypto digital wallets like Bitamp (used for Bitcoin) is that the wallet is really just an interface that lets you visualize your Bitcoin. You access it with private keys, that can then be used to open the same “account” anywhere on any other wallet. so even if the wallet ceases to exist, you can always open another wallet with the same credentials.

A bank account on the other hand, if the bank decides to close your account access, well, then it’s all gone and can’t be opened anywhere else.

Agree or disagree?

bitampcom

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Someone asked: What'd happen if someone stole Satoshi's bitcoins and took 5,000 bitcoins and left the rest in fear to crash the whole bitcoin value?

We think, let’s say, for the sake of theoretical fantasy, that someone was somehow in control of Satoshi’s bitcoins and only decided to take 5k bitcoins?
He’d be watched by everyone. And he wouldn’t instil fear, rather he’d inspire curiosity and hype. Everyone would be sitting up and getting their share.

A selloff? Maybe another 90% crash but guess what? Those coins are now circulating and in the hands of many. That means one less thing to be uncertain about and a much more distributed supply.

Long term? Good news for Bitcoin.

Agree?

bitampcom

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So a post on reddit argues that everyone should not use technical difficulty as an excuse, and learn and learn so they don't miss out on Bitcoin amazingness...

I agree here somewhat but the facts are that most people, including myself when I first started all those times ago, that the fear of the unknown and unfamiliar is a very strong, strong hurdle to overcome. So instead of forcing people to learn, I think the better way is to try make easier tools first, and then encourage them to move up the technical ladder until they get to the desired stage. With wallets, for example, start with a web one like Bitamp or a soft client like Electrum. Then move up, slowly, until you eventually learn to use nodes, LNs, hardware, etc.

What do you think?

bitampcom

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Someone asked us why some governments made Bitcoin illegal, well, it's because governments are always going to be afraid of something that threatens their status quo.

Until your country begins to be more friendly towards Bitcoin and crypto, you can still use Bitcoin and keep it (store and save) on your own wallet, without risk of your state ever finding out about you! The way? A real Bitcoin wallet where only you know and control about it. Check out Electrum and check out Bitamp.

Censorship free, sovereign, open. The way Bitcoin is supposed to be.

bitampcom

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Quote from: Chikito on September 10, 2020, 05:06:16 AM

Quote from: bitampcom on September 09, 2020, 05:38:08 AM

Newbie asked how to use a hardware wallet without connecting to the Internet when sending a transaction. This was the explanation we gave. Think you can do better?

Don't need to worry about sending it online because signing transactions already outside on PC.

Are have a plan Bitamp can connect with the Hardware wallet?

You still need to broadcast the signed transaction to the Bitcoin network to propagate it though, otherwise it doesn't get picked up by miners and never gets confirmed... unless you specifically are a miner yourself and can enter your transaction into a block;)

We'll think about it and pass on the question to our developers... although you could still simply restore a seed from a hardware wallet to use it;)

Chikito

legendary

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Quote from: bitampcom on September 09, 2020, 05:38:08 AM

Newbie asked how to use a hardware wallet without connecting to the Internet when sending a transaction. This was the explanation we gave. Think you can do better?

Don't need to worry about sending it online because signing transactions already outside on PC.

Are have a plan Bitamp can connect with the Hardware wallet?

bitampcom

member

Activity: 314

Merit: 17

Saw a clip on Reddit today about fintechs, Defi, custodials, now all competing with central banks to give you loans, give you interest, etc.

They all want to be your own bank, they all want to control you and your financial destiny.

Use Bitcoin. And use it properly. Take control of your money and your destiny!

PSA;)

bitampcom

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Newbie asked how to use a hardware wallet without connecting to the Internet when sending a transaction. This was the explanation we gave. Think you can do better?

All you need to do is generate the signed transaction from your hardware wallet, and then that will generate the raw transaction id. Then, from an online computer, broadcast that transaction to the Bitcoin network from another client, or simply push it through another service. That's how you keep your wallet offline:)

https://www.blockchain.com/btc/pushtx

https://live.blockcypher.com/btc/pushtx/

bitampcom

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With the markets going a bit crazy, and people generally still loading up equity into Defi, we want to offer a friendly reminder to everyone to always do your own research before putting your Bitcoin over into some project promising good returns. Even if they claim to be a self-custodial platform, just make sure you are always in control of your BTC. Sometimes, it's better to hold safe in your own wallet and earn nothing... rather than risk insecure platforms for 5% annual returns;)

bitampcom

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Quote from: OcTradism on September 05, 2020, 02:46:02 AM

Use mobile devices for crypto storage is always unsafe: misclick, device lost/ stolen or broken. It is also about people often less install security software for their mobile devices.

Anyway, on mobile devices or desktop, laptop, search to get the link of offficial site and takes link to download app from official site will help you safe. There will be notifications of updates from email, pop up messages, tweets, etc. but should never rely on them to get info and link of update.

Officially visit websites & download apps, not fake ones.

Good advice. Remember, there are many points of failure with devices, especially if used to go online.

We always recommend Bitamp as a good hot wallet on the go, and for reasons of hiding that you're using crypto (since you use it on mobile like you would any type of digital money) but for long-term secure storage, there really isn't better than hardware wallets!

bitampcom

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Quote from: NotATether on September 04, 2020, 12:08:13 PM

I just realized something, for mobile users, instead of relying on an app they have to install to get a wallet, they can just use Bitamp from their mobile browsers. Then there is no need to worry about wallet apps becoming unsupported on their device, forcing them to get a new one as mobile OSes generally have short lifespans, and Bitamp enables people to have a bitcoin wallet on their old phone on tablet (suitable for small amounts of money of course!).

Well-maintained iOS wallets in particular are hard to come by so Bitamp provides a nice alternative for that without having to ditch your Apple device.

Exactly! That is precisely one of the big reasons we made our Bitamp wallet to be web-based. No need to add an app and worry if it's compromised, and uninstall it etc. Access it on the go, with ANY browser, and clear it when you're done. Isn't it wonderful? And no one needs to spy on your wallet either if you go offline or Incognito with Tor.

OcTradism

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Quote from: NotATether on September 04, 2020, 12:08:13 PM

I just realized something, for mobile users, instead of relying on an app they have to install to get a wallet, they can just use Bitamp from their mobile browsers. Then there is no need to worry about wallet apps becoming unsupported on their device, forcing them to get a new one as mobile OSes generally have short lifespans, and Bitamp enables people to have a bitcoin wallet on their old phone on tablet (suitable for small amounts of money of course!).

Well-maintained iOS wallets in particular are hard to come by so Bitamp provides a nice alternative for that without having to ditch your Apple device.

Use mobile devices for crypto storage is always unsafe: misclick, device lost/ stolen or broken. It is also about people often less install security software for their mobile devices.

Anyway, on mobile devices or desktop, laptop, search to get the link of offficial site and takes link to download app from official site will help you safe. There will be notifications of updates from email, pop up messages, tweets, etc. but should never rely on them to get info and link of update.

Officially visit websites & download apps, not fake ones.

NotATether

legendary

Activity: 1568

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bitcoincleanup.com / bitmixlist.org

I just realized something, for mobile users, instead of relying on an app they have to install to get a wallet, they can just use Bitamp from their mobile browsers. Then there is no need to worry about wallet apps becoming unsupported on their device, forcing them to get a new one as mobile OSes generally have short lifespans, and Bitamp enables people to have a bitcoin wallet on their old phone on tablet (suitable for small amounts of money of course!).

Well-maintained iOS wallets in particular are hard to come by so Bitamp provides a nice alternative for that without having to ditch your Apple device.

bitampcom

member

Activity: 314

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We had a young user ask about wallets that don't ask to verify age, since Coinbase he says needs him to be 18+, so we recommended to check out Bitamp or Electrum.

Both Electrum and Bitamp will never ask you for any details, and will never check or surveil you!

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