All the laws are correct. People are fond of asking me questions on how many bitcoins I have , and I see that as a very dumb question, it’s like asking me how much I have in my bank account. There are things that are meant to be kept to yourself and not to the public, and when people ask me this question, especially it comes from people who talk about Bitcoin, I don’t give them any answer, because it’s none of their business.
Storing your whole coins on an exchange is wrong, people should have different wallets and exchange that are reliable. You have two wallets that are reliable and then have one exchange that you will be using for trading, whether decentralized or centralized, any one of them that works for you.
Topic: Laws of Bitcoin - page 2. (Read 728 times)
The last one is just a common sense, I mean why would you push your chips all the way when you know that the return will not be immediate. Most of the rules do make sense but I do think most of them can be condensed into common sense, a lot of red flags for promotion? Common sense, Letting other's opinion cloud your judgment? Common sense, Not bragging about your wallet? Common sense. If you know what you are doing then you are good to go, the more you know.
I do think, we should try at least to tell our loved one's about our seed phrase. It will do us enough good in case something bad happens.
Not only for the People we love but must be to the people who loves us more,because we Know that money is the sourceof all evil and if you only rely to those people that you love they may turn or find that they don't really loves you and Will
have interest in your Cryptos,be secretive sometimes and choose only the people that you are 100% sure of helping and
supporting you whatever you do.
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It better for them to access it than our bitcoin disappearing totally without the reach of anybody.
The unexpected can happen anytime without notice
yups things happen thats why we must be ready about our funds because there is no way that others can recover our fundsThe unexpected can happen anytime without notice
once we die and did not Give the phrases and seeds to the people that deserve to have this funds.
i agree on all rules except on number one , you can discuss the number of your coins to the people because it encourage them to invest too . not all people are criminal and are going to steal your coins and not all people have a huge number of coins .
its also possible that some books can be manipulated and they can put wrong infos with it , thats why its better that we have to read on other sources and not all on the media are lying .
its also possible that some books can be manipulated and they can put wrong infos with it , thats why its better that we have to read on other sources and not all on the media are lying .
I just wanna highlight these two for our beginners out there. I see these two as their main problem when they first enter the market knowing less about the crypto market.
3. If It’s Too Good To Be True - Nobody in this world wants to give you free
Bitcoin. Nobody wants to double your Bitcoin. Nobody wants to offer you a
business opportunity. It's a scam. It's a scam. It's a scam.
I don't wanna be a hypocrite, we all enter the crypto market because we see an earning opportunity from it, it's 2020 who else does not want money?? but beginners always tend to fall for this old investment promises, too good to be true, 10x? 20x? if the project succeeded? reaches the target capitalization? double investment in just weeks? Man the market is built with uncertainty, this is all you need to know. Bitcoin. Nobody wants to double your Bitcoin. Nobody wants to offer you a
business opportunity. It's a scam. It's a scam. It's a scam.
7. Everyone Has An Opinion - Everyone has an opinion on Bitcoin. Take it with a
grain of salt. Never listen to one single individual and do your own research.
Another common beginner mistake, they always buy someone's opinion especially when it comes from a popular person or someone that is close to him. I mean there is nothing wrong listening to their opinion but you should consider the fact that the market's core is speculation, you can't really tell where this all are going to, especially the price. grain of salt. Never listen to one single individual and do your own research.
I can't say I really disagree with anything on this list and it's a good reminder for myself. I practice everything on this list, but I think if you send out bitcoin often then most of you'd probably be guilty of not double/triple checking addresses like we should be. Andreas Antonopoulos ( If you're not familiar with him, definitely become familiar) always preaches number 1. He often says let me be the one to talk about bitcoin, don't ever talk about your own. He's right. People are too happy to give up their private information, private financial information to boot.
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Can you describe and explain the whole process of validation of bitcoin address? As I understood, addresses are checked automatically by wallet software and in case address is not valid (checksum is wrong), software will not process the transaction. What it means is that we have to trust software and rely on it, right? What if user wants to use web based wallet or an exchange, how can he be sure that web wallet or exchange is coded competently and validation mechanism is actually built-in? What will happen to a transaction, if it were sent to invalid address? Is it even possible to send coins to invalid address or it will be rejected by bitcoin network?https://bitcoin.org/en/you-need-to-know
Why did they put "usually"? In which cases bitcoin network allows you to make typos and send transaction to an invalid address? Is there any specific script?
The checksum is only validated by the wallet software and not the Bitcoin network. So if for some reason your client doesn't validate the (malformed) address before submitting it to the network those coins would be gone. I'm not aware of any cases of people accidentally burning bitcoin due to missing address validation on the client side though.
As for what would happen to those coins -- they'd still be visible on the blockchain but just not spendable.
In short just use your common sense in dealing with bitcoin. It would be your fault if you do a mistake with all of the laws, with a decade of bitcoin's existence you should have done your homework regards to it.
1. Never discuss your bitcoin - Of course don't be that fool to become an easy target for anyone.
2. Not your keys, not your bitcoin - Well technically it's yours you are just letting them, a third party service to hold it without your full control.
3. To good to be true - Some of them are true, but most of them are not!
4. your seed, your key - same with physical keys, don't let anybody have it.
5. double or triple check - you know what happens when you got the wrong recipient. When sending funds especially when you are using a browser you could just use the CTRL+F tool so you'll see if you pasted it right.
6. Check links - Never click links that is so suspicious to you or random emails that has been sent to you.
7. Everyone has their opinion - Listen but don't depend on them
8. Invest - this is very self-ware, you should know what you afford.
Common sense is the key!
1. Never discuss your bitcoin - Of course don't be that fool to become an easy target for anyone.
2. Not your keys, not your bitcoin - Well technically it's yours you are just letting them, a third party service to hold it without your full control.
3. To good to be true - Some of them are true, but most of them are not!
4. your seed, your key - same with physical keys, don't let anybody have it.
5. double or triple check - you know what happens when you got the wrong recipient. When sending funds especially when you are using a browser you could just use the CTRL+F tool so you'll see if you pasted it right.
6. Check links - Never click links that is so suspicious to you or random emails that has been sent to you.
7. Everyone has their opinion - Listen but don't depend on them
8. Invest - this is very self-ware, you should know what you afford.
Common sense is the key!
They are reasonable points. I do not totally agree with few (esp 3) though.
I guess I would call this "8 advice (or maybe 8 rules) on using Bitcoin safely . But rules (and laws) have to based on good foundational/basic principles.
So, I would consider Law in this context a strong word, and the points/advice have to be good and reasonable to become widely accepted as law. Enough consensus and research is required to make it a law. Once it becomes a law, it'd pretty hard to change without proper consensus and research/hardwork.
I guess I would call this "8 advice (or maybe 8 rules) on using Bitcoin safely . But rules (and laws) have to based on good foundational/basic principles.
So, I would consider Law in this context a strong word, and the points/advice have to be good and reasonable to become widely accepted as law. Enough consensus and research is required to make it a law. Once it becomes a law, it'd pretty hard to change without proper consensus and research/hardwork.
The above tips may seem helpful to those new to bitcoin, but for us, they are too ordinary. Buy bitcoins at discount and sell when you raise their value or hold until you run out of cash. If you have bitcoins stored on your computer, install an anti-virus software because they may find a way to retrieve your data and also your bitcoins.
A while ago, I have tried opening up Electrum and importing a private key completely invented by me, letter by letter. It resulted in an error, and no matter how many times I tried to change it, it wouldn't work.
So private keys come in various formats. In their "base" format, they are simply a 64 character long hexadecimal number. Almost any 64 character hexadecimal number is a valid private key - only the very highest numbers in that range are not valid private keys because of the order of the secp256k1 curve, but I digress. My point is that if you were to type out 64 random hexadecimal characters, you would almost certainly create a valid private key.However, Electrum only accepts private keys in Wallet Import Format (WIF). To turn a private key from the 64 character string as described above in to a WIF, you have to do a number of things. First, you add a 0x80 byte at the start. Then, much like with an address, you take the first four bytes of SHA256 double hash and append it as the checksum, before converting in to Base58. As such WIF keys have the exact same characteristics as an address, in that changing a random character will only have a 1 in 4,294,967,296 chance of producing a valid key.
The impact of knowing these laws can greatly affect the way on how the community will now approach their ways on how to spend and earn their Bitcoins along with other Cryptocurrencies. Knowledge regarding these different kinds of laws is already an important investment and must never forget some of the rules stated. Following certain rules or knowing some rules can never damage our personalities since some rules are placed to keep people away from danger.
I do think, we should try at least to tell our loved one's about our seed phrase. It will do us enough good in case something bad happens.
It better for them to access it than our bitcoin disappearing totally without the reach of anybody.
The unexpected can happen anytime without notice
It better for them to access it than our bitcoin disappearing totally without the reach of anybody.
The unexpected can happen anytime without notice
Laws, Guidelines , Reminders ,whatever is it, i agree with this and that is enough to follow by all Bitcoiner's for the safety of our funds. I think much better if we have a printed copy of this and put in the area that we always read this so that it will remind us always.
Can you describe and explain the whole process of validation of bitcoin address? As I understood, addresses are checked automatically by wallet software and in case address is not valid (checksum is wrong), software will not process the transaction. What it means is that we have to trust software and rely on it, right? What if user wants to use web based wallet or an exchange, how can he be sure that web wallet or exchange is coded competently and validation mechanism is actually built-in? What will happen to a transaction, if it were sent to invalid address? Is it even possible to send coins to invalid address or it will be rejected by bitcoin network?
A while ago, I have tried opening up Electrum and importing a private key completely invented by me, letter by letter. It resulted in an error, and no matter how many times I tried to change it, it wouldn't work. Here's something I found, related to your question:Quote
Generally speaking, it is not possible to send Bitcoin to a mistyped address. The hash value and checksum data in a Bitcoin address are converted into an alpha-numeric representation using a custom scheme, called the Base58Check encoding scheme.
The checksum is stored directly in the address and if any of the address were to be mistyped, the built-in checksum would not match the checksum of the mistyped address. If this happens, your wallet should, in theory, not allow you to send a transaction.
(Source: https://news.coinsquare.com/learn-coinsquare/checksum-addresses-how-blockchains-add-security/)The checksum is stored directly in the address and if any of the address were to be mistyped, the built-in checksum would not match the checksum of the mistyped address. If this happens, your wallet should, in theory, not allow you to send a transaction.
Therefore, my best guess is that you could invent a wallet that doesn't have a checksum for addresses, but don't the miners also validate them? Because if they do, then it's a dead end for the person trying to send any BTC to an invalid address as it'd get immediately rejected upon broadcasting. And even if it's somehow possible to also have a miner that skips address validation, 1 confirmation doesn't automatically mean it gets confirmed.
when I looked at this title I thought they were talking about that some law firm would be talking to governments to propose laws on bitcoin, but when I read the thread I realized that they are talking about guidelines for people, exchanges are anonymous and in wallets you don’t do KYC.
how can anyone claim inheritance from their relative who had bitcoin? if that person doesn't have a private key or passwords? this is a very difficult problem to get around
how can anyone claim inheritance from their relative who had bitcoin? if that person doesn't have a private key or passwords? this is a very difficult problem to get around
Everybody has an optinion: your optinion is highly welcome in bitcoin,never you disclose your private key so that you would not be scam,all link should be check .
Never you use the same password with others in bitcoin.
Never you use the same password with others in bitcoin.
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1. Never Discuss Your Bitcoin - Don’t ever disclose the amount of Bitcoin you
have with anyone. Ever.
have with anyone. Ever.
Privacy and being humble is important as a bitcoin user.
You should not let other people know your situation and state in bitcoin, you should not boast about it. You can teach them and influence them so that they also know how bitcoin can affect someone positively. Also, being private with your asset can help you prevent being scammed and hacked. Bitcoin is not easy to earn, it is not instant, so as much as possible, do your best to hold it properly.
This is what I'm concern about that's why i replied in this part.
I'm glad that this is number 1 on the list.
I would add to this:
9. Just Hodl It - You didn't lose anything until you sell.
9. Just Hodl It - You didn't lose anything until you sell.
Nor you gain anything unless you sell.
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One incorrect character can cause you to lose your Bitcoin.
I appreciate the sentiment behind it, but it is factually incorrect. One incorrect character in an address will lead to an incorrect checksum and therefore an invalid address which your wallet will not accept. There is only a 1 in 4,294,967,296 chance that one incorrect character can cause you to lose your bitcoin.
That's not to say you shouldn't double/triple/quadruple check every address - you absolutely should - but any incorrect or fake address will almost certainly differ by more than one character.
You can lose money if you make a single character mistake with decimals when you are selecting the fee or the amount. Especially risky when editing raw transactions, like that famous case when someone paid 50 BTC miners fee.
Also, if you are writing down raw private key, 1 character mistake would make it hard to recover the key, cause it would require a custom brute force search.
True that, the statement is just to remind us to be very careful when dealing with Bitcoin ( addresses, private key, seeds, amounts etc.) We must be precise on everything when tackling things about Bitcoin. there must be no room for mistake else we can lose our BTC.
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Can you describe and explain the whole process of validation of bitcoin address? As I understood, addresses are checked automatically by wallet software and in case address is not valid (checksum is wrong), software will not process the transaction. What it means is that we have to trust software and rely on it, right? What if user wants to use web based wallet or an exchange, how can he be sure that web wallet or exchange is coded competently and validation mechanism is actually built-in? What will happen to a transaction, if it were sent to invalid address? Is it even possible to send coins to invalid address or it will be rejected by bitcoin network?
https://bitcoin.org/en/you-need-to-know
Why did they put "usually"? In which cases bitcoin network allows you to make typos and send transaction to an invalid address? Is there any specific script?
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