Well, we dont have an official law of bitcoin but this sentiment will perhaps a law as well.
The only liner that I always read here is, [not your keys, not your bitcoin] which is very true and I always bear on my mind with that rule. And the other rules I agree, that is correct and it seems good advice as well especially rule number 3 [If It’s Too Good To Be True], no one will give you free so don't expect on double your bitcoin.
Well, how about this rule? [Demand and Supply], the price vary on this law. Because sometimes they will think that there a correlation of price in stocks or gold price.
Topic: Laws of Bitcoin - page 4. (Read 728 times)
Not only to the beginners but these rules should be well known and understood by every single person working in this market. These are the rules which will help us to work finer and will help us to gain more.I would like to talk about some of the following rules-:
- Rule no. 4 says that the seed is our key which is absolutely correct.The person who will get to know our private keys will have the access to our wallets and then he can simply misuse our savings.Once the money is gone,it is impossible to retrieve it.
- Rule no. 6 says that every time we click on a link or work on a website we should confirm it's legitimacy because many scammers are using phishing sites in order to steal our private keys.People often add their credentials and keys on these particular sites and these scammers can simply steal their money.
- Rule no. 7 says that everyone has their own opinion on bitcoin. No one can exactly predict about it's future.Different person has a different opinion.So before investing go through the market. Take opinion from different experienced investors and use your knowledge to invest wisely so that you can get good returns.
- Rule no.8 says that invest that amount which you can afford to lose because bitcoin is highly volatile in nature which makes the probability of profit and loss quite same.So in case you lose,it should not affect your daily living.
Quote
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.
I don't think I will agree with you on this. First and foremost, how did you come about with this statistics '' There is only a 1 in 4,294,967,296 chance that one incorrect character can cause you to lose your bitcoin.'' You can't just state figures without giving us proof on how you obtain it. So far as there is some level of chance, you can loose your bitcoin when you input an incorrect address.
can this be a law as well
never store your bitcoin to a wallet that don't let you have the private key - it applies to all online wallet and exchange or markets that in case they got hacked you may lose your bitcoin and other coin as well
never store your bitcoin to a wallet that don't let you have the private key - it applies to all online wallet and exchange or markets that in case they got hacked you may lose your bitcoin and other coin as well
That's already there and in a high second place.
"2. Not Your Keys, Not Your Bitcoin"
can this be a law as well
never store your bitcoin to a wallet that don't let you have the private key - it applies to all online wallet and exchange or markets that in case they got hacked you may lose your bitcoin and other coin as well
never store your bitcoin to a wallet that don't let you have the private key - it applies to all online wallet and exchange or markets that in case they got hacked you may lose your bitcoin and other coin as well
Not having the private key of your own wallet is already a threat since other people can have access to it, also why bother creating an account that does not let you have the freedom on when to access your own money. What you are adding can also help most users to identify what problems might come to them once they do not have their own private keys. We can also say that some exchanges want to preserve their credibility so they are giving there all to give users the interface that can be user-friendly and at the same time being secured at a high level.
can this be a law as well
never store your bitcoin to a wallet that don't let you have the private key - it applies to all online wallet and exchange or markets that in case they got hacked you may lose your bitcoin and other coin as well
never store your bitcoin to a wallet that don't let you have the private key - it applies to all online wallet and exchange or markets that in case they got hacked you may lose your bitcoin and other coin as well
These set of rules will be/must be forever etched in the minds of all investors and users within the Crypto-Community. Discussing your own treasure is within your group of friends is not always suggested since strangers can hear about that and might result into bad situations. Its true that nothing is free these days and must always be mindful on what we read and what we hear (Always think before clicking Not Secure Websites). Its actually not just Bitcoin but it can also be applied along high value Cryptocurrencies that have the opportunity to skyrocket its value.
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.
Quote
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.
Found on Reddit:
https://www.reddit.com/r/Bitcoin/comments/igxcli/the_8_laws_of_bitcoin/
Text version:
What "laws" do you agree or disagree with? What would you add to those written above?
Personally, I think these rules are more than enough to start exploring both cryptocurrency space and bitcoin.
The only rule I would add is learn every single day, read books and serious articles about bitcoin because books teach us to think, avoid cryptocurrency media at all costs, because journalists distort facts.
What do you think?
https://www.reddit.com/r/Bitcoin/comments/igxcli/the_8_laws_of_bitcoin/
Text version:
Quote
1. Never Discuss Your Bitcoin - Don’t ever disclose the amount of Bitcoin you
have with anyone. Ever.
2. Not Your Keys, Not Your Bitcoin - If your Bitcoin is not stored safely in your
wallet, you do not own it. If you leave Bitcoin on an exchange, you do not own it.
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.
4. Your Seed Is Your Key - Your 24 word seed gives access to your Bitcoin. Back
up your seed and store this in a secret place offline. Anyone that has this seed
can take your Bitcoin.
5. Double, Triple, Quadruple Check - When sending or receiving Bitcoin, double,
triple, and quadruple check that the addresses are correct. One incorrect
character can cause you to lose your Bitcoin.
6. Check Those Links - Anytime you buy, send, or receive Bitcoin, make sure you
have a verified legitimate link, url, or website. There are a lot of scamming
websites aimed at taking your Bitcoin.
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.
8. Investing - Never invest more than you can stand to lose.
have with anyone. Ever.
2. Not Your Keys, Not Your Bitcoin - If your Bitcoin is not stored safely in your
wallet, you do not own it. If you leave Bitcoin on an exchange, you do not own it.
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.
4. Your Seed Is Your Key - Your 24 word seed gives access to your Bitcoin. Back
up your seed and store this in a secret place offline. Anyone that has this seed
can take your Bitcoin.
5. Double, Triple, Quadruple Check - When sending or receiving Bitcoin, double,
triple, and quadruple check that the addresses are correct. One incorrect
character can cause you to lose your Bitcoin.
6. Check Those Links - Anytime you buy, send, or receive Bitcoin, make sure you
have a verified legitimate link, url, or website. There are a lot of scamming
websites aimed at taking your Bitcoin.
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.
8. Investing - Never invest more than you can stand to lose.
What "laws" do you agree or disagree with? What would you add to those written above?
Personally, I think these rules are more than enough to start exploring both cryptocurrency space and bitcoin.
The only rule I would add is learn every single day, read books and serious articles about bitcoin because books teach us to think, avoid cryptocurrency media at all costs, because journalists distort facts.
What do you think?
Jump to: