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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]

What is cryptocurrency

What is cryptocurrency:  21st-century unicorn – or the money of the future?

This introduction explains the most important thing about cryptocurrencies. After you‘ve read it, you‘ll know more about it than most other humans.

Today cryptocurrencies have become a global phenomenon known to most people. While still somehow geeky and not understood by most people, banks, governments and many companies are aware of its importance.

In 2016, you‘ll have a hard time finding a major bank, a big accounting firm, a prominent software company or a government that did not research cryptocurrencies, publish a paper about it or start a so-called blockchain-project.

But beyond the noise and the press releases the overwhelming majority of people – even bankers, consultants, scientists, and developers – have a very limited knowledge about cryptocurrencies. They often fail to even understand the basic concepts.

So let‘s walk through the whole story. What are cryptocurrencies?

  • Where did cryptocurrency originate?
  • Why should you learn about cryptocurrency?
  • And what do you need to know about cryptocurrency?

What is cryptocurrency and how cryptocurrencies emerged as a side product of digital cash

Few people know, but cryptocurrencies emerged as a side product of another invention. Satoshi Nakamoto, the unknown inventor of Bitcoin, the first and still most important cryptocurrency, never intended to invent a currency.

In his announcement of Bitcoin in late 2008, Satoshi said he developed “A Peer-to-Peer Electronic Cash System.“

His goal was to invent something; many people failed to create before digital cash.

After seeing all the centralized attempts fail, Satoshi tried to build a digital cash system without a central entity. Like a Peer-to-Peer network for file sharing.

This decision became the birth of cryptocurrency. They are the missing piece Satoshi found to realize digital cash. The reason why is a bit technical and complex, but if you get it, you‘ll know more about cryptocurrencies than most people do. So, let‘s try to make it as easy as possible:

To realize digital cash you need a payment network with accounts, balances, and transaction. That‘s easy to understand. One major problem every payment network has to solve is to prevent the so-called double spending: to prevent that one entity spends the same amount twice. Usually, this is done by a central server who keeps record about the balances.

In a decentralized network, you don‘t have this server. So you need every single entity of the network to do this job. Every peer in the network needs to have a list with all transactions to check if future transactions are valid or an attempt to double spend.

But how can these entities keep a consensus about this records?

If the peers of the network disagree about only one single, minor balance, everything is broken. They need an absolute consensus. Usually, you take, again, a central authority to declare the correct state of balances. But how can you achieve consensus without a central authority?

Nobody did know until Satoshi emerged out of nowhere. In fact, nobody believed it was even possible.

Satoshi proved it was. His major innovation was to achieve consensus without a central authority. Cryptocurrencies are a part of this solution – the part that made the solution thrilling, fascinating and helped it to roll over the world.




The transaction is known almost immediately by the whole network. But only after a specific amount of time it gets confirmed.

Confirmation is a critical concept in cryptocurrencies. You could say that cryptocurrencies are all about confirmation.

As long as a transaction is unconfirmed, it is pending and can be forged. When a transaction is confirmed, it is set in stone. It is no longer forgeable, it can‘t be reversed, it is part of an immutable record of historical transactions: of the so-called blockchain.

Only miners can confirm transactions. This is their job in a cryptocurrency-network. They take transactions, stamp them as legit and spread them in the network. After a transaction is confirmed by a miner, every node has to add it to its database. It has become part of the blockchain.

For this job, the miners get rewarded with a token of the cryptocurrency, for example with Bitcoins. Since the miner‘s activity is the single most important part of cryptocurrency-system we should stay for a moment and take a deeper look on it.

What are miners doing?

Principally everybody can be a miner. Since a decentralized network has no authority to delegate this task, a cryptocurrency needs some kind of mechanism to prevent one ruling party from abusing it. Imagine someone creates thousands of peers and spreads forged transactions. The system would break immediately.

So, Satoshi set the rule that the miners need to invest some work of their computers to qualify for this task. In fact, they have to find a hash – a product of a cryptographic function – that connects the new block with its predecessor. This is called the Proof-of-Work. In Bitcoin, it is based on the SHA 256 Hash algorithm.


What is Cryptocurrency


You don‘t need to understand details about SHA 256. It‘s only important you know that it can be the basis of a cryptologic puzzle the miners compete to solve. After finding a solution, a miner can build a block and add it to the blockchain. As an incentive, he has the right to add a so-called coinbase transaction that gives him a specific number of Bitcoins. This is the only way to create valid Bitcoins.

Bitcoins can only be created if miners solve a cryptographic puzzle. Since the difficulty of this puzzle increases the amount of computer power the whole miner’s invest, there is only a specific amount of cryptocurrency token that can be created in a given amount of time. This is part of the consensus no peer in the network can break.