Topic: Why Bitcoin may now level off... (Read 8655 times)

You can just as easily be wrong in 2 weeks lol

Sometimes it feels good to be right...

<3.2Kg. I could chuck that in a backpack and motate all over.
U r a wuss

The recent price drop proved you right on what? That bitcoin is volatile at its current state? I think you should try really hard to find a more ridiculous statement than yours.

If posting links to sites like blockchain.info is frowned upon by mods I apologize in advance

Here is a simple tutorial on how to make a paper wallet. I recommend using encrypted paper wallets for larger BTC amounts ( just use a trivial passphrase) so one would at least have to brute force the passphrase if the paper wallet is physically stolen

https://blockchain.info/wallet/paper-tutorial

[edit] I've not checked if blockchain.info automatically puts the remainder back into the wallet address but you should be able to see how much the wallet address contains to make sure it is there if you intend to re-use the paper wallet [/edit]

Hi,

I tried this but when I click "receive Bitcoins" it says, armory must go online to access any funds sent to your wallet. Please do not receive Bitcoins to your armory wallets until you have sucessfully gotten online at least one time.

What now? I anyway have huge problems to understand all that stuff. I printed an paper Backup but I dont get what the root key is? And people say its easy to safe your coins :/

Did I say that I am not a believer in bitcoin ? Still looking at Gold and Bitcoin price development and Volatility, Gold does look at current levels more attractive than Bitcoin.

Oh well, the recent price drop has proven me right.

I find it funny, that especially people who just joined half a year ago are the biggest fanboyz and negate the risks investing in Bitcoin does involve.

Read his assumption and my explanation again: He moves 1BTC from his 100 BTC paper wallet. How does he do this? By entering the private key into a wallet application or online wallet
and performing the 1BTC transaction. Bitcoin-qt will NOT put the remaining 99 BTC back into that paper wallet's address by default but rather place it into a NEW address.
The paper wallet contains nothing after this transaction while the wallet software has the new address with the remaining 99 BTC. If you explicitly specify the return address to be that of the paper wallet's all is good.
But you do need to know this.

If you do not spend from your paper wallet nothing happens, like you said. But that was not the assumption here

4500 million ounces, to be exact.

Ok, keep holding the gold. There are many ounces of Gold, way more than 21 million.

So why you waste your time here. There are some nice gold forums that they hate pretty much bitcoin anyway.

Obviously there are many ways to "lose" coins.  Like leaving your hard drive with 7 million dollars worth, in a Landfill.

But his comment was:  "You have to move all your Bitcoins from your paper wallet to your real wallet or the BTCs on the paper wallet get lost"

You can't lose coins this way.  

As long as he has his paper wallet and his private and public key, he isn't going to "lose" his coins if they don't get moved to a "real wallet" (whatever that means).

Wouldn't holding 100 ounces of gold make your arms tired?

I still prefer to hold 100 ounces of Gold than 100 Bitcoins at USD 1240....

Actually it is possible to lose coins. Here is the scenario: You have paper wallet P1 with a public key P1pub and a private key P1priv containing 1 BTC.
You fill that walled by transferring funds from somewhere else to the public address P1pub. Two months later you decide it is time to spend some of that BTC given the value has at least doubled ( ;-) ).
You import your private key P1priv in bitcoin-qt and tada, the amount of bitcoins stored in your paper wallet are now added to your digital wallet. You then proceed to spend from the added address P1, say 0.1 btc from the 1 BTC of P1. The expected result is that P1 now contains 0.9 BTC. This however is usually not the case. The reason is that usually the wallet software will place the remaining 0.9 BTC into a new address P2 for extra anonymity. So your input from P1 gets split to two outputs: The destination to which you are sending 0.1 BTC and P2 to where you are sending the remainder (actually the difference between the input and the two outputs will be the miner's fee and if you fail to specify a second output for the remainder the miner who found the block receive all of it). Some wallet software will let you specify the remainder address as P1pub, essentially placing the remainder back into the paper wallet but since you have had to use the private key of that address it might be compromised.
Back to the scenario: If you used your wallet software and were unaware that it places the remainder into P2 you might wrongfully assume the paper wallet contains the remainder in P1. You now delete (really, don't ever delete a wallet unless you know what the hell you are doing) the wallet software thinking your online business is done and all is swell. P2 gets deleted along with the private key for P2 so yes, your money is now gone.

Now what do we learn from this? a) Use paper wallets as one time vouchers and once they are digitized destroy them. (and create a new one to where you transfer the remainder) b) don't delete wallets unless you are more than sure that there is nothing you can lose c) who said printing your own money did not at least require a tiny bit of research

It has a learning curve indeed for how to secure your bitcoins but this will change or it must change at least. I think in the future reliable online wallets will make things easier for everyday people. I mean that as someone else said people in the future might use bitcoins without even know it.

Is this a serious question?

Best message of the thread here. You descriped the reasons why bitcoin will fail hard if it wont become easier to manage bitcoins. I am a nerd but my mom, my grandma and grandpa, my uncle and so on.... do you all believe they will understand how to trade with bitcoins? Lol! I have to laugh if you seriously believe in that. Thumps up for your great post!

do people really believe that those going to buy bitcoin don't understand that they can buy divisible amounts? i don't believe that for a second. they realize it the second they go to place an order. people are stupid, but not that stupid.

I don't know who said this but its wrong.

Nothing happens to coins on a paper wallet.  You probably read the sentence wrong.  He probably said you *could* lose something that is on paper.

Meaning, its possible to misplace it.  The coins don't sometimes "get lost" from paper wallets.

In fact, the coins aren't really there.  They aren't anywhere.   The blockchain is an accounting ledger, documenting where the wealth is.

The wealth is virtual.  The paper wallet just houses the private key.  And its the private key that unlocks your ability to move the coins from their location documented in the ledger.

There are no coins on your paper wallet, and they can't be lost.