Topic: Clarification on a few topics (Read 295 times)
Got it. Good info. Thank you
Very easy app to use.
Is the 12 words + pin code security a standard for most wallets?
Is the 12 words + pin code security a standard for most wallets?
Not only that it's a standard, it's necessary when choosing a wallet. If your wallet doesn't give you access to the 12 word recovery seed then that wallet's company is pretty much holding your bitcoin, not you. In bitcoin and most cryptocurrencies, you are your own bank. If your wallet doesn't give you access to your seed, then this defeats the purpose. The 12 word seed is pretty much like your wallet's password.
Very easy app to use.
Is the 12 words + pin code security a standard for most wallets?
Is the 12 words + pin code security a standard for most wallets?
Got it. Thanks for the info, very helpful.
I am using CoinBase so do not have a private key.
Any recommendation on a service where I will have access to the key?
I am using CoinBase so do not have a private key.
Any recommendation on a service where I will have access to the key?
Windows: Electrum Bitcoin Wallet | Exodus Wallet
Android: Mycelium Bitcoin Wallet | Copay Bitcoin Wallet
iOS: Bread - bitcoin wallet
Remember: only store your recovery seed non-digitally. Preferably on a piece of paper or some sort.
Got it. Thanks for the info, very helpful.
I am using CoinBase so do not have a private key.
Any recommendation on a service where I will have access to the key?
I am using CoinBase so do not have a private key.
Any recommendation on a service where I will have access to the key?
Fairly new to cryptocurrency and blockchain, I had a few questions that have been plaguing me and would like to get clarified.
In regards to privacy and blockchain, say I was to purchase a rug from someone in person and was paying with bitcoin. We would need to exchange wallet addresses to make the transaction which would link me to that wallet address. The merchant could then even see my balance correct? I'm having trouble understanding about how to keep your privacy when conducting in person transactions.
I was also questions as to how prices stay stable. With the volatility of bitcoin and all crypto currencies, how does a merchant expect to keep prices stable? If I buy a rug for .00000500 btc, this amount could be worth much more post-transaction leaving me as if I over paid.
Any clarification would be appreciated. Trying to get a better understanding.
In regards to privacy and blockchain, say I was to purchase a rug from someone in person and was paying with bitcoin. We would need to exchange wallet addresses to make the transaction which would link me to that wallet address. The merchant could then even see my balance correct? I'm having trouble understanding about how to keep your privacy when conducting in person transactions.
I was also questions as to how prices stay stable. With the volatility of bitcoin and all crypto currencies, how does a merchant expect to keep prices stable? If I buy a rug for .00000500 btc, this amount could be worth much more post-transaction leaving me as if I over paid.
Any clarification would be appreciated. Trying to get a better understanding.
That is true, because the bitcoin is volatile, the price might go up or go down depending on the market. But if the merchant really accept this kind of transaction, the current price of bitcoin in the time of your transaction is the right price for the rug that you are buying. That's really bitcoin transaction goes.
In regards to privacy and blockchain, say I was to purchase a rug from someone in person and was paying with bitcoin. We would need to exchange wallet addresses to make the transaction which would link me to that wallet address. The merchant could then even see my balance correct? I'm having trouble understanding about how to keep your privacy when conducting in person transactions.
He could see your balance of the address you sent the coins from, yes. You should use a new address for every transaction if you're concerned about privacy, but remember bitcoin is a public ledger so all transactions can be linked together. You can use services like bitcoin mixers to jumble your coins to make the source harder to find if you're worried about privacy or people knowing how much money you have in a specific wallet.
I was also questions as to how prices stay stable. With the volatility of bitcoin and all crypto currencies, how does a merchant expect to keep prices stable? If I buy a rug for .00000500 btc, this amount could be worth much more post-transaction leaving me as if I over paid.
You can use merchant services such as bitpay which will give the business owner the cash equivalent straight away to protect against fluctuations. Otherwise, bitcoin always has a risk of volatility so I would treat it as a foreign currency in that respect in as much that you could exchange your Dollars for Euros and then see the exchange rate has shifted either up or down moments later. It's the same with bitcoin, but on a more unstable scale given that it is being used as an asset as well as a medium of exchange. If you choose to accept bitcoin directly without using a service like bitpay volatility and price fluctuations are something you will have to take into consideration, but you can choose whether to hold as a speculative investment or just cash it out asap but that's up to you.
In regards to your first question: yes. The merchant would be able to see your balance. Unfortunately bitcoin is only pseudo-anonymous due to it having no name or any personal information affiliated with your wallet(unless you use a service like Coinbase, whereas you don't have access to your private keys), but all wallet balances are available to the public. My suggestion would be: to use multiple wallets. Yes, with a bit of effort people can affiliate 2 of your wallets because of funds probably moving back and forth, but it definitely makes it slightly harder to track; especially if you have multiple transactions with different wallets on both of your wallets.
Usually merchants use services like Bitpay whereas after receiving bitcoin payments, the bitcoin will be automatically converted to fiat after the transaction; to lessen the risks due to volatility. Bitcoin is in it's early stages, so volatility would be expected for years to come. I'm pretty sure there are merchants that don't automatically sell their btc for fiat though, probably the ones that are actually also bullish on bitcoin like the most of us here.
Usually merchants use services like Bitpay whereas after receiving bitcoin payments, the bitcoin will be automatically converted to fiat after the transaction; to lessen the risks due to volatility. Bitcoin is in it's early stages, so volatility would be expected for years to come. I'm pretty sure there are merchants that don't automatically sell their btc for fiat though, probably the ones that are actually also bullish on bitcoin like the most of us here.
Fairly new to cryptocurrency and blockchain, I had a few questions that have been plaguing me and would like to get clarified.
In regards to privacy and blockchain, say I was to purchase a rug from someone in person and was paying with bitcoin. We would need to exchange wallet addresses to make the transaction which would link me to that wallet address. The merchant could then even see my balance correct? I'm having trouble understanding about how to keep your privacy when conducting in person transactions.
I was also questions as to how prices stay stable. With the volatility of bitcoin and all crypto currencies, how does a merchant expect to keep prices stable? If I buy a rug for .00000500 btc, this amount could be worth much more post-transaction leaving me as if I over paid.
Any clarification would be appreciated. Trying to get a better understanding.
In regards to privacy and blockchain, say I was to purchase a rug from someone in person and was paying with bitcoin. We would need to exchange wallet addresses to make the transaction which would link me to that wallet address. The merchant could then even see my balance correct? I'm having trouble understanding about how to keep your privacy when conducting in person transactions.
I was also questions as to how prices stay stable. With the volatility of bitcoin and all crypto currencies, how does a merchant expect to keep prices stable? If I buy a rug for .00000500 btc, this amount could be worth much more post-transaction leaving me as if I over paid.
Any clarification would be appreciated. Trying to get a better understanding.
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