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    • Clearvalue tax crypto videos December 9, 2023
      Has anybody been able to find this video again ny the popular youtuber ClearvalueTax? He talked about shorting btc at 21k and then called people who buy at 21k suckers. This was a video released on Feb of 2023. submitted by /u/Jake_Akstins [link] [comments]
    • What are your thoughts on Jack Dorsey (Former Twitter CEO) creating a crypto wallet? December 9, 2023
      Jack Dorsey's Block Launches Bitkey: A New Self-Custody Bitcoin Wallet With No Seed Phrases Block, Inc. has recently introduced Bitkey, its innovative self-custody bitcoin wallet, offering a unique approach to bitcoin management. Unlike traditional wallets which rely on passwords or seed phrases, Bitkey utilizes a distinctive 2-of-3 multi-signature mechanism for recovery. ​ submitted by […]
    • Wish I had more sats… December 9, 2023
      I’m trying to be a responsible bitcoiner & not overextend my finances into BTC. I’ve been putting as much as I reasonably can into BTC since the middle of the year this year and it’s my first year seriously stacking. I’m up right now but it’s not a crazy amount for me currently with my […]
    • Halving 2024 Oppenheimer December 9, 2023
      submitted by /u/Affalterbachmg [link] [comments]
    • The U.S. Dollar is the real magic internet money December 9, 2023
      It is backed by nothing but the word of people who can change its value on a whim. When that value changes, entire industries are affected. “From 2012 to 2022, investment in private U.S. start-ups ballooned eightfold to $344 billion. The flood of money was driven by low interest rates… 3,200 private venture-backed U.S. companies […]
    • Thoughts on Blockstream's 2FA Protected accounts? December 9, 2023
      I'm wondering what people think about Blockstream's 2FA Protected (formerly "Multisig Shield") accounts. It's basically a 2-of-2 multisig setup where Blockstream holds one of the keys, secured by two-factor authentication. There's a timelock set on the funds, during which 2FA is required to spend them. Once the timelock period expires, you have to do a […]
    • Lolli December 9, 2023
      Do any of you use Lolli the BTC rewards for purchases 3rd party platform? If so what improvements would you make to the system. Also has anyone won the $100 daily stack? submitted by /u/Financial_Clue_2534 [link] [comments]
    • Cold storage recommendation December 9, 2023
      I'm new to Bitcoin but know I want cold storage and not use the exchanges. Are there any cold storage wallets you would recommend? submitted by /u/wints_22 [link] [comments]
    • Anyone else here currently have a bigger portfolio (in USD terms) than they did at the Nov 10 2021 bull run peak? December 9, 2023
      During the last bull cycle, I had about 63k at the peak. Then, the price kept crashing, I kept having car issues, and eventually I lost it all to celsius and in June 2022, I no longer had 63k, and instead had -$5,000 (debt). I kept on buying and buying and paid off my debt […]
    • How many bear markets make one a “veteran”? December 9, 2023
      Share your stats and stories, so the new recruits have an idea of what they can expect. I’ll go first 😁 It’s been a WHILE since I’ve seen this level of bullish posts by folks apparently new to Bitcoin. When I was new, I loved reading stats from those with more experience than myself. Hope […]
    • Starting to feel like all the practice and patience will pay off soon! Never doubted. December 9, 2023
      submitted by /u/JonnyBeGoodest [link] [comments]
    • hodlers of 1 bitcoin or less are buying more than the daily supply coming from miners, this is huge December 9, 2023 Said in this video: DCAing is sucking all supply and any big guy buyings simply pump prices... We are going moon and we are going fast submitted by /u/marcio-a23 [link] [comments]
    • $2.4B Will Flow Into Bitcoin ETFs In Q1 2024: VanEck December 9, 2023
      submitted by /u/No-Comparison-9307 [link] [comments]
    • Block Opens Up Preorder Of BitKey Hardware Wallet Globally December 9, 2023
      submitted by /u/No-Comparison-9307 [link] [comments]
    • We are less than 100 billion to a $34T Debt . December 9, 2023
      Debt is reaching all time highs. Meanwhile government is not even thinking of tightening of spending. It's just a game of Trust. QE is just a matter of time. Meanwhile big funds lining up to drain the exchanges of last 2 million coins . Don't be a 'weak hands' . Give it some time, in […]
    • Working in Fiat world . December 9, 2023
      I'm living in Fiat world. I'm earning Fiat to swap it to hardest money there is. Dreaming in bitcoin standard, that one day all this hard work will yield sweet juicy fruits . Hopefully that will let me retire in 2032. Good luck on your path to freedom. Peace frens. submitted by /u/TomasNYC [link] [comments]
    • Finding a mortgage lender that will recognize Bitcoin as an asset. December 9, 2023
      Anybody know of a good mortgage lender that will recognize Bitcoin as an asset? It seems impossible to get a mortgage while holding BTC unless you have a traditional job. Any ideas? United States... submitted by /u/curlymaple8 [link] [comments]
    • What is currently considered the absolute best form of Bitcoin self custody? December 9, 2023
      Got into BTC years ago and have it sitting on a ledger nano s since 2016. Haven’t really been keeping up to date with the latest developments in the crypto world, although I’m aware that Ledger are not considered as secure as they might have once been. So what is the absolute best practise for […]
    • Bitcoin mortgage December 9, 2023
      Has anyone here in the US successfully used a Bitcoin backed mortgage? If so, what service did you use? submitted by /u/Upset_Cry1554 [link] [comments]
    • UK tax on bitcoin gains December 9, 2023
      What’s the basic rundown of tax in the uk if for example my initial £20k was now worth £100k. What are peoples plans to navigate the potential returns from their bitcoin? submitted by /u/dkb16195 [link] [comments]

About Blockchain

Bitcoin and Blockchain


When bitcoin broke into public consciousness in 2013, it couldn’t have been sexier: a digital currency being used to buy everything from drugs to cupcakes. Then the excitement shifted to an aspect of bitcoin that is a bit less sexy: public online ledgers. Blockchain — the technology used for verifying and recording transactions that’s at the heart of bitcoin — is seen as having the potential to reshape the global financial system and possibly other industries. Both bitcoin and its blockchain are gaining imitators as well as adherents, along with plenty of critics, including Jamie Dimon, the chief executive officer of JPMorgan Chase & Co. This year’s wild price surge has given ammunition to both.

The Situation

The price of bitcoin rocketed in 2017 as the debate raged on whether the cryptocurrency — whose total value neared $300 billion in early December — should be considered a legitimate financial asset. It got a huge boost when Cboe Global Markets Inc., started futures trading tied to the digital currency and CME Group Inc. and Nasdaq Inc., said they would follow suit. Futures trading will push bitcoin closer to the mainstream by making it easier to trade without the hassles of owning bitcoin directly. Bitcoin began to look almost traditional compared with the new cryptocurrencies whose explosive growth has drawn warnings from regulators around the globe. More than $3.5 billion was raised through initial coin offerings through mid-November. The bitcoin community came together (mostly) in November to reject a proposed software change that had threatened a split. Meanwhile, more than 100 banks are working within the R3 consortium, created to find ways to use blockchain as a decentralized ledger to track money transfers and other transactions. Australia’s stock exchange plans to start using blockchain to process equity transactions. Blockchain is also being tested by retailers like Wal-Mart Stores Inc. for ensuring food safety, as industries explore what advantages the technology might hold over traditional databases.


The Background

Virtual currencies aren’t new — online fantasy games have long used them — but the development of a secure digital currency without a central issuer rightly turned heads. Mysterious spikes and drops in the price of bitcoin since its birth helped build an early reputation for the currency as a tool for selling drugs and laundering money. Its history also featured arrests for Ponzi schemes. The person or people who created the bitcoin system under the pseudonym Satoshi Nakamoto solved a problem central to any currency —preventing counterfeiting — and did it without relying on a government’s authority. The software also solved one specific hurdle for digital money — how to stop users from spending the same unit of currency twice. The breakthrough idea was blockchain, a publicly visible, anonymous online ledger that records every single bitcoin transaction. It’s maintained by a network of bitcoin “miners” whose computers perform the calculations that validate each transaction, preventing double-spending. The miners earn a reward of newly issued bitcoin. The pace of creation is limited, and no more than 21 million will ever be issued.

The Argument

Since bitcoin first boomed, there’s been no shortage of critics to call its rise a bubble and to argue that the currency has no intrinsic value. In September, Dimon called bitcoin a “fraud.” But a month later his chief financial officer followed rivals at Goldman Sachs Group Inc. and Citigroup Inc. in expressing openness to working with cryptocurrencies.  Entrepreneurs in the field say that focusing on the price of bitcoin is missing the point — its value is as proof of concept for a new kind of payment system not reliant on third parties like governments, big banks or credit-card companies. Others say blockchain advocates are hyping what amounts to no more than a new kind of database. Proponents of ether, the second most commonly used digital currency, respond that the etherium blockchain does far more than let bitcoin users send value from one person to another. Its advocates think it could be a universally accessible machine for running businesses, as the technology allows people to do more complex actions in a shared and decentralized manner.

The Reference Shelf

Blockchain Education

The difference between Bitcoin and blockchain for business

Are Bitcoin and blockchain the same thing? No, they aren’t. However, they are closely related. When Bitcoin was released as open source code, blockchain was wrapped up together with it in the same solution. And since Bitcoin was the first application of blockchain, people often inadvertently used “Bitcoin” to mean blockchain. That’s how the misunderstanding started. Blockchain technology has since been extrapolated for use in other industries, but there is still some lingering confusion.

How are Bitcoin and blockchain different?

Bitcoin is a type of unregulated digital currency that was first created by Satoshi Nakamoto in 2008. Also known as a “cryptocurrency,” it was launched with the intention to bypass government currency controls and simplify online transactions by getting rid of third-party payment processing intermediaries. Of course, accomplishing this required more than just the money itself. There had to be a secure way to make transactions with the cryptocurrency.

Bitcoin transactions are stored and transferred using a distributed ledger on a peer-to-peer network that is open, public and anonymous. Blockchain is the underpinning technology that maintains the Bitcoin transaction ledger. Learn more here and watch the video below for an overview:


How does the Bitcoin blockchain work?

The Bitcoin blockchain in its simplest form is a database or ledger comprised of Bitcoin transaction records. However, because this database is distributed across a peer-to-peer network and is without a central authority, network participants must agree on the validity of transactions before they can be recorded. This agreement, which is known as “consensus,” is achieved through a process called “mining.”

After someone uses Bitcoins, miners engage in complex, resource-intense computational equations to verify the legitimacy of the transaction. Through mining, a “proof of work” that meets certain requirements is created. The proof of work is a piece of data that is costly and time-consuming to produce but can easily be verified by others. To be considered a valid transaction on the blockchain, an individual record must have a proof of work to show that consensus was achieved. By this design, transaction records cannot be tampered with or changed after they have been added to the blockchain.

How is blockchain for business different?

The blockchain that supports Bitcoin was developed specifically for the cryptocurrency. That’s one of the reasons it took a while for people to realize the technology could be adapted for use in other areas. The technology also had to be modified quite a bit to meet the rigorous standards that businesses require. There are three main characteristics that separate the Bitcoin blockchain from a blockchain designed for business.

Assets over cryptocurrency

There is an ongoing discussion about whether there is value in a token-free shared ledger, which is essentially a blockchain without cryptocurrency. I won’t weigh in on this debate, but I will say this: blockchain can be used for a much broader range of assets than just cryptocurrency. Tangible assets such as cars, real estate and food products, as well as intangible assets such as bonds, private equity and securities are all fair game. In one business use case, Everledger is using blockchain to track the provenance of luxury goods to minimize fraud, document tampering and double financing. Now, over one million diamonds are secured on blockchain.

Identity over anonymity

Bitcoin thrives due to anonymity. Anyone can look at the Bitcoin ledger and see every transaction that happened, but the account information is a meaningless sequence of numbers. On the other hand, businesses have KYC (know your customer) and AML (anti-money laundering) compliance requirements that require them to know exactly who they are dealing with. Participants in business networks require the polar opposite of anonymity: privacy. For example, in an asset custody system like the one being developed by Postal Savings Bank of China, multiple parties, including financial institutions, clients, asset custodians, asset managers, investment advisors and auditors are involved. They need to know who they are dealing with but one client or advisor doesn’t necessarily need to be able to see all transactions that have ever occurred (especially when those transactions relate to different clients).

Selective endorsement over proof of work

Consensus in a blockchain for business is not achieved through mining but through a process called “selective endorsement.” It is about being able to control exactly who verifies transactions, much in the same way that business happens today. If I transfer money to a third party, then my bank, the recipient’s bank and possibly a payments provider would verify the transaction. This is different from Bitcoin, where the whole network has to work to verify transactions.

Why will blockchain transform the global economy?

Similar to how the internet changed the world by providing greater access to information, blockchain is poised to change how people do business by offering trust. By design, anything recorded on a blockchain cannot be altered, and there are records of where each asset has been. So, while participants in a business network might not be able to trust each other, they can trust the blockchain. The benefits of blockchain for business are numerous, including reduced time (for finding information, settling disputes and verifying transactions), decreased costs (for overhead and intermediaries) and alleviated risk (of collusion, tampering and fraud).