Topic: Bitamp Bitcoin Web Wallet - Send & Receive Bitcoin Instantly! - page 22. (Read 13670 times)

No need to post Bitcoin.com articles, we know where to find them;) But yes, Bitcoin means freedom of choice, without the risk of control, censorship, dictating authorities telling you what you can and cannot pay for. Just make sure you're always also on a wallet that protects these ideals;)

I love to watch porn and was surprise to see that this porn site accept bitcoin and Litecoin crypto. Not a bad choice either having these two coins to be accepted. Meanwhile as I do a quick search about this news I found out in a certain published news sites that pornhub accepted other coins too and I take a screenshot below.


Since 2018 they accepted other crypto too with those stable coin like USDT.

I wish to see more sites and establishment slowly adapting the cryptocurrency and introduces it to the community for consumtion. By this way, more and more people will get educated about cryptocurrency and use in daily life basis as an option being decentralized and free form centralized system process, being anonymous and fast and easy transaction.

More information here,

https://news.bitcoin.com/pornhub-accepts-bitcoin-top-adult-site-cryptocurrency-payment/#:~:text=Pornhub%20Premium%20tweeted%20Tuesday%3A,uses%20Probiller%20to%20accept%20payments.

Thanks for sharing these information, hopefully many others find this useful. We personally like the idea of P2P trading and decentralizes exchanges where you keep as much control over your Bitcoin as possible. Not always possible as some P2P platforms themselves are centralized (like LBC) but every step towards total independence is a step towards the right direction:)

About P2P trades and Bitcoin ATM, I have some sources for people who have not yet known
- https://coinmap.org/
- https://coinatmradar.com/
- https://usebitcoins.info/
- P2P marketplace list

A news for porn lovers, pornhub accepted Bitcoin and Litcoin, after Verge in 2018
https://cointelegraph.com/news/pornhub-now-accepts-bitcoin-and-litecoin

Can you buy Bitcoin as an underaged person? Of course! Bitcoin as the censorship resistant, decentralized, sovereign money means no one can dictate if you can or cannot use it.

There is no central authority to say you can’t, though you might be limited to access certain types of ways to buy them (simply because you need to be of a minimum age to use most services) but there are P2P trades (which I still suggest you ask for adult supervision) that will allow this.

Perhaps the easiest for now is to buy Bitcoin from a Bitcoin ATM with cash. Most won’t require identification for small amounts, and you can get your Bitcoin on the spot with cash payment.

Someone asked if BTC ransomware demands helped drive up Bitcoin price... but failed to see that all these ransomware attacks have barely been able to convince enough victims to send any Bitcoin. IIRC the last big ransomware attack only got people to send about $10k... not even worth 1 BTC.

Good luck if that affects the market price!

It's basically a move to get all Bitcoin ATMs to comply with stricter AML/KYC requirements as per the EU's 5th Anti Money Laundering Directive (AMLD5) that came into effect in January this year.

COVID-19 meant enforcement was delayed, so this has been coming for a while!

Germany Continues Shutting All Unlicensed Bitcoin ATMs. It is the thread I did not save days ago but fortunately today I see it again on the forum.

These days especially, I think there are people now who know what Ledgers and Trezors look like and the moment they see you whip one out it can be like a flashing sign to tell everyone HEY I've got BTC!


Very good point. Always double and triple check, it only takes 5 more seconds but saves you a whole world of hurt!

Today, a newbie made the thread Storing the coins for day-to-day use? People advised like you did, only store enough funds on wallets that are used for daily and try to use some wallets with enough small fund for each.

How to lose your Bitcoins with CTRL-C CTRL-V. Electrum or Bitamp, careful to check and make sure you send coin to correct receiving address.

Very true, I'm a ledger user myself but I've never used it in the public, only at home. Using a web wallet through an app just makes it so much easier if you need to spend on the go, just some spending funds for daily things though and not your entire savings account, haha.

Someone asked us today on Reddit the difference between Trezor, Electrum and Bitamp.

For us, everything has a purpose. Trezor's a hardware wallet as you say and I have to say, that's about as good as you can get for a regular storage. You want as little exposure as possible online, so Trezor helps you minimize that. But, for daily Bitcoin use, you don't want to be taking out that Trezor all the time, it's not practical and probably unsafe to do that in public especially!

So that, for us, is what Electrum or Bitamp is good for. A hot wallet with funds enough for you to spend day to day and easily on mobile, without the need for very many steps. They're both available on mobile. Electrum has an app and Bitamp's just a web wallet. Accessed via pin, or in Bitamp's case, just your private key or seed.

Someone asked if it was wise to buy fractional Bitcoin and this reminded us a lot about the mathematical psychology that should not get to you as an investor. Yes, there are only ever going to be 21 million units of Bitcoin ever going to be produced.

Yes, after the next three production halvings in roughly 12 years, less than 1 entire unit of Bitcoin will be produced with every new block as opposed to the current 6.25.

So it will become scarcer, but bitcoin is divisible to 100 million other units called Satoshi and guess what? Second layer payment systems even allow for SUB-satoshi payments. Virtually unlimited. So don’t worry. Stack your satoshis.

And use Bitamp to stack them in!;)

The question posed to us today was about Bitcoin cloud mining and our short and sweet answer is: don't fall for the scam!

Cloud mining has proven to eventually be unsustainable over the years (simply Google the name of the site + scam to understand), and even startups that have tried to go for cheap power (like Hydrominer) have eventually found that the cost of mining far exceeds the cost of management and profit payments.

Most cloud mining sites offer a fixed periodic payment, which is impossible to realistically offer since Bitcoin is highly volatile over the contract period.

So these sites try and tempt you with a free trial (which will never give you enough earnings to withdraw, by the way) to hook you.

Don’t get hooked!

Indeed, every method has its downfalls, and illegal Bitcoin ATMs is something I haven't heard of, but is a valid concern. I'd always check with the shop owner or call support (usually on a sticker on the ATM) to get confirmation first. Thanks for your feedback!


The problem in this case of P2P is that a lot of newbies don't know who to trust and it can be dangerous to deal with people and not know the risks of how they could cheat you (esp with refundable methods of payment and 3rd party transfers). In any case, if considering P2P, avoid meeting people for face 2 face trades, especially with minors as in the case we talked about.

So Bitcoin ATMs still the best for now yeah?

Someone can have a wallet such as bitamp wallet, he does not need bank account or any verification for such, or he can download any other noncustodial wallet. The person can buy bitcoin on bitcoin atm, all he needs for the small amount of bitcoin he will purchase is phone number, this is used for verification. But for larger amount in thousands of dollars, he may need ID verification.

Another way around is to register on p2p exchanges like hodlhodl, bsiq etc. So far he want to buy, he can meet local sellers online and dialogue with them. The sellers will put the bitcoin on escrow and request for the money. The person can collect their bank details to go and pay the money in bank or use any other payment means like PayPal. The person has no bank but get bitcoin through p2p exchange by oqying the seller, the seller will release the bitcoin from escrow into the person's wallet. But, someone need to be careful of scammers.

Bitcoin atms are the best if the person has not bank, but if he knows about p2p exchnages too, he does not need a bank to buy bitcoin, but he may need a bank to sell in certain cases.

Bitcoin ATMs are good but to use them people in general and youngsters in particular should keep some important things in mind and actually practice.
- Beware of legal and illegal Bitcoin ATMs: Because illegal bitcoin ATMs can bring troubles.
- Search and try to discover the location of Bitcoin ATM that you want to visit and buy Bitcoin: Try to avoid ATMs that are located in remote places and something fishy or unsafe.
- Try with small money first to get experience and get it done right. If you make mistakes, you can do another trade and correct previous mistakes.

https://coinatmradar.com/

So some 16-year old kid was asking about how to buy Bitcoin with a debit card. Quite a few people suggested he use Purse, but I think this is one case where Bitcoin ATMs come in handy for small purchases. Of course, we said to make sure he gets a proper wallet first!

Where else do you think a person who may not have access to credit cards or banking services could get Bitcoin?

Thanks for the very detailed feedback, Charles-Tim and yes, I think it's suffice to say that not enough people are using it YET, but it's probably untrue to say it's not being used at all... if anything, for a tech that's so immature, the usage is probably quite high comparative to other Layer 2 solutions on other networks.

What you read is right too, the risks are all there and some people have lost money but that's to be expected with an experimental layer. It is for sure not for the faint-hearted and still aimed at micro transactions.

Look forward to more thoughts!

What I noticed about lightning network is that people are not using it, it is not really encouraged by developers. I remember segwit protocol was even created a year after segwit was creeated, it was proved and tested to be sucured and now used as default address for most bitcoin wallet. But lightning network is not really supported, maybe because it is not yet well proven to be secure.

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I recently read about an attack that is very possible using lightning network address:
https://www.google.com/amp/s/www.coindesk.com/bitcoins-lightning-network-is-vulnerable-to-looting-new-research-explains%3famp=1

The 'Loot'
You might be able to see where this is going. Attackers take advantage of the blockchain congestion and pair it with exploiting the HTLC deadlines.

The attack relies on the bitcoin blockchain being filled to the brim with transactions so that no more can get through. The attacker hopes he or she can push the contracts past the built-in deadlines. If successful, the attacker can begin to “loot” the expired contracts.

“By attacking many channels and forcing them all to be closed at the same time […], some of the victims’ HTLC-claiming transactions will not be confirmed in time, and the attacker will steal them,” Harris explains in the blog post.

The researchers ran simulations on a test Lightning Network with dummy coins to test how feasible such an attack is.

In short, each closed channel results in one more transaction being pushed to the Bitcoin blockchain. The attacker will attempt to simultaneously close as many channels as possible to increase the number of transactions sent to the blockchain, increasing the chance of success.

Using their simulations, the researchers found that attacking 85 channels at once was enough to “guarantee a successful attack.”

Harris notes an attacker targeting 100 channels leads to a reward of “at least” 7402 HTLCs, with the average HTLC today holding about $138 worth of bitcoin. That could mean a payday of roughly $1,021,476.

They also found that, as expected, less block space leads to a higher attack success rate because an HTLC is less likely to go through before the deadline.

Finding “potential victims” was also eerily easy. In the simulation, the researchers found it wasn’t hard to set up channels with other users. Indeed, 95% of Lightning nodes accepted their invitations to set up a Lightning channel.

Jona Harris and Aviv Zohar say:
The researchers argue the attack is systemic and “eliminating the risk entirely seems to be a complicated task.”

That said, Harris suggests several strategies for solving the problem, or at least ameliorating it if the issue can’t be stomped out entirely. One is increasing the HTLC deadline so it is easier for a user tp counter the attacker via the Bitcoin blockchain in time.

You can read the full news on coindesk
https://www.google.com/amp/s/www.coindesk.com/bitcoins-lightning-network-is-vulnerable-to-looting-new-research-explains%3famp=1

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What I think about it now is that lightning network is not yet developed, it can one way or the other be susceptible to attack.