Daily Discussion, January 13, 2018

Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!

Daily threads are fast paced! If you don’t get an answer to your question, you can try phrasing it differently or commenting again tomorrow.

Suggested Topics

  • Screenshots
    • of article headlines without the article
    • of your favorite price ticker
    • of your exchange website
    • of your private chats
  • Wallet/Exchange/Network
    • recommendations
    • complaints
    • service outages
    • troubleshooting
    • fee estimation
    • unconfirmed transactions
  • All things price
    • hodling
    • the dip
    • the moon
    • price going up
    • price going down
    • technical analysis
    • price on your smart phone
    • price on your smart watch
  • Stuff you bought with Bitcoin
    • Hardware wallets
    • Lambos
    • Teslas
    • Pizza
  • Questions
    • Receiving Bitcoin
    • Sending Bitcoin
    • Earning Bitcoin
    • Storing Bitcoin
    • Buying Bitcoin
    • Selling Bitcoin
  • That thing your coworker said
  • Bitcoin Showerthoughts
  • Random music videos
  • Bitcoin license plates
  • Interesting threads
  • Future speculation
  • News of the day
  • Memes, GIFs
  • Twitter links

Your price screenshots and repetitive submissions are being removed, so please stop submitting them!

Please check the previous discussion thread for unanswered questions.

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Our employee trading policy at Coinbase

Today we announced support for Bitcoin Cash (BCH). It appears the price of Bitcoin Cash on other exchanges increased in the hours before our announcement. While digital currency prices fluctuate quite a lot and we have no indication of any wrongdoing at this time, I wanted to share a few thoughts with our customers:

  1. A bit about our internal trading and confidentiality policies
  2. What we’re planning to do about the price movement today

We’ve had a trading policy in place for some time at Coinbase. The policy prohibits employees and contractors from trading on “material non-public information”, such as when a new asset will be added to our platform. In addition to trading restrictions, it prohibits communication of material non-public information outside the company. This includes to friends and family.

Our launch of Bitcoin Cash today is no exception to this. All Coinbase employees and contractors were explicitly prohibited from trading Bitcoin Cash and from disclosing our launch plans over a month ago. This was communicated multiple times via multiple channels to employees. For instance, I made sure it was emphasized at our Friday Q&A sessions, and in emails sent to all employees. I view it as a key part of my job to set the tone from the top about how we all must act to ensure success. The trading restriction, which applies to all personal trading activity on any platform, remains in effect now.

I take the confidentiality of material non-public information very seriously as CEO. Given the price increase in the hours leading up the announcement, we will be conducting an investigation into this matter. If we find evidence of any employee or contractor violating our policies — directly or indirectly — I will not hesitate to terminate the employee immediately and take appropriate legal action.

Our goal is to make Coinbase the most trusted and easiest to use digital currency exchange. We will only accomplish this goal by ensuring that we (the employees and contractors at Coinbase) all hold ourselves to a high standard of conduct.


Our employee trading policy at Coinbase was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

Buy, sell, send and receive Bitcoin Cash on Coinbase

We’re excited to announce that customers will be able to buy, sell, send and receive Bitcoin Cash on Coinbase. You can read more about Bitcoin Cash on our FAQ page.

Sends and receives are available immediately. Buys and sells will be available to all customers once there is sufficient liquidity on GDAX. We anticipate that this will take a few hours. See our update below.

Our customers should benefit from forks

Coinbase operates by the principle that our customers should benefit to the greatest extent possible from forks or other networks events. This is essential in our mission to make Coinbase the most trusted, safe, and easy-to-use digital currency exchange.

Bitcoin Cash was created by a fork on August 1st, 2017. All customers who held a Bitcoin balance on Coinbase at the time of the fork will now see an equal balance of Bitcoin Cash available in their Coinbase account. Your Bitcoin Cash balance will reflect your Bitcoin balance at the time of the Bitcoin Cash Fork, which occurred at 13:20 UTC, August 1, 2017. You can read more about what a bitcoin fork is here and our previous update on Bitcoin Cash here.

We have been monitoring the Bitcoin Cash network over the last few months and have decided to enable full support including the ability to buy, sell, send and receive. Factors we considered include developer and community support, security, stability, market price and trading volume. You can learn more about Bitcoin Cash here.

We will abbreviate Bitcoin Cash as BCH on our platform. Customers will be able to buy Bitcoin Cash using all of our supported fiat currencies: USD, EUR, GBP, CAD, AUD and SGD.

Coinbase maintains a strict trading policy and internal guidelines for employees. Coinbase employees have been prohibited from trading in Bitcoin Cash for several weeks.

Update on December 19 at 8:15pm

Bitcoin Cash sends and receives are functional. Buys and sells on the Coinbase website and in our mobile apps will be available to all customers once there is sufficient liquidity on GDAX. We anticipate that this will happen tomorrow.


Buy, sell, send and receive Bitcoin Cash on Coinbase was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

/r/Bitcoin FAQ – Newcomers please read

Welcome to the /r/Bitcoin Sticky FAQ

You’ve probably been hearing a lot about Bitcoin recently and are wondering what’s the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.

The following videos are a good starting point for understanding how bitcoin works and a little about its long term potential:

For some more great introductory videos check out Andreas Antonopoulos’s YouTube playlists, he is probably the best bitcoin educator out there today. Also have to give mention to James D’Angelo’s Bitcoin 101 Blackboard series. Lots of additional video resources can be found at the videos wiki page or /r/BitcoinTV.

Key properties of bitcoin

  • Limited Supply – There will only ever be 21,000,000 bitcoins created and they are issued in a predictable fashion, you can view the inflation schedule here. Once they are all issued Bitcoin will be truly deflationary. The halving countdown can be found here.
  • Open source – Bitcoin code is fully auditable. You can read the source code yourself here.
  • Accountable – The public ledger is transparent, all transactions are seen by everyone.
  • Decentralized – Bitcoin is globally distributed across thousands of nodes with no single point of failure and as such can’t be shut down similar to how Bittorrent works.
  • Censorship resistant – No one can prevent you from interacting with the bitcoin network and no one can censor, alter or block transactions that they disagree with, see Operation Chokepoint.
  • Push system – There are no chargebacks in bitcoin because only the person who owns the address where the bitcoins reside has the authority to move them.
  • Low fee – Transactions fees can vary between a few cents and a few dollars depending on network demand and how much priority you wish to assign to the transaction. Most wallets calculate the fee automatically but you can view current fees here.
  • Borderless – No country can stop it from going in/out, even in areas currently unserved by traditional banking as the ledger is globally distributed.
  • Trustless – Bitcoin solved the Byzantine’s Generals Problem which means nobody needs to trust anybody for it to work.
  • Pseudonymous – No need to expose personal information when purchasing with cash or transacting.
  • Secure – Encrypted cryptographically and can’t be brute forced or confiscated with proper key management such as hardware wallets.
  • Programmable – Individual units of bitcoin can be programmed to transfer based on certain criteria being met
  • Nearly instant – From a few seconds to a few minutes depending on need for confirmations. After a few confirmations transactions are irreversible.
  • Peer-to-peer – No intermediaries with a cut, no need for trusted third parties.
  • Portable – Bitcoins are digital so they are easier to move than cash or gold. They can even be transported by simply remembering a string of words for wallet recovery.
  • Scalable – Each bitcoin is divisible down to 8 decimals allowing it to grow in value while still accommodating micro-transactions.
  • Designed Money – Bitcoin was created to fit all the fundamental properties of money better than gold or fiat

Some excellent writing on Bitcoin’s value proposition and future can be found here. Bitcoin statistics can be found here, here and here. Developer resources can be found here and here. Peer-reviewed research papers can be found here. The number of times Bitcoin was declared dead by the media can be found here. Scaling resources here, and of course the whitepaper that started it all.

Where can I buy bitcoins?

BuyBitcoinWorldwide.com and Howtobuybitcoin.io are helpful sites for beginners. You can buy or sell any amount of bitcoin and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also, check out the bitcoinity exchange resources for a larger list of options for purchases.

Bank Transfer Credit / Debit card Cash
Coinbase Coinbase LocalBitcoins
Gemini Bitstamp LibertyX
GDAX Bitit Mycelium LocalTrader
Bitstamp Cex.io BitQuick
Kraken CoinMama WallofCoins
Xapo BitcoinOTC
Cex.io
itBit
Bitit
Bitsquare

Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Cashila or Bitwage.

Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google “1 bitcoin in (your local currency)”.

Securing your bitcoins

With bitcoin you can “Be your own bank” and personally secure your bitcoins OR you can use third party companies aka “Bitcoin banks” which will hold the bitcoins for you.

  • If you prefer to “Be your own bank” and have direct control over your coins without having to use a trusted third party, there are many software wallet options here. If you want easy and secure storage without having to learn computer security best practices, then a hardware wallet such as the Trezor or Ledger is recommended. A more advanced option is to secure them yourself using paper wallets generated offline. Some popular mobile and desktop options are listed below and most are cross platform.
Android iOs Desktop
Mycelium BreadWallet Electrum
CoPay AirBitz Armory
  • If you prefer to let third party “Bitcoin banks” manage your coins, try Coinbase or Xapo but be aware you may not be in control of your private keys in which case you would have to ask permission to access your funds and be exposed to third party risk.

Another interesting use case for physical storage/transfer is the Opendime. Opendime is a small USB stick that allows you to spend Bitcoin by physically passing it along so it’s anonymous and tangible like cash.

Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!

2FA requires a second confirmation code to access your account, usually from a text message or app, making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.

Google Auth Authy
Android Android
iOS iOS

Where can I spend bitcoins?

A more comprehensive list can be found at the Trade FAQ but some more commons ones are below.

Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Steam, HumbleBundle, Games Planet, itch.io, g2g and kinguin For when you need to get your game on
Microsoft Xbox games, phone apps and software
Spendabit, The Bitcoin Shop, Overstock, DuoSearch, The Bitcoin Directory and BazaarBay Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg and Dell For all your electronics needs
Cashila, Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, Pey.de, LivingRoomofSatoshi, Hyphen.to, Coinsfer, GetPaidinBitcoin, Coins.co.th, More #1, #2 Bill payment
Foodler, Menufy, Takeaway, Thuisbezorgd NL, Pizza For Coins Takeout delivered to your door!
Expedia, Cheapair, Lot, Destinia, BTCTrip, Abitsky, SkyTours, Fluege the Travel category on Gyft and 9flats For when you need to get away
BoltVM, BitHost VPS service
Cryptostorm, Mullvad, and PIA VPN services
Namecheap, Porkbun For new domain name registration
Stampnik and GetUSPS Discounted USPS Priority, Express, First-Class mail postage
Reddit Gold Premium membership which can be gifted to others

Coinmap, 99Bitcoins and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.

There are also lots of charities which accept bitcoin donations, such as Wikipedia, Red Cross, Amnesty International, United Way, ACLU and the EFF. You can find a longer list here.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;

  • 1-3% savings over credit cards or PayPal.
  • No chargebacks (final settlement in 10 minutes as opposed to 3+ months).
  • Accept business from a global customer base.
  • Increased privacy.
  • Convert 100% of the sale to the currency of your choice for deposit to your account, or choose to keep a percentage of the sale in bitcoin if you wish to begin accumulating it.

If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /r/BitcoinMining would be happy to help you out.

If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. Bitseed is an easy option for getting set up. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.

Site Description
WorkingForBitcoins, Bitwage, XBTfreelancer, Cryptogrind, Bitlancerr, Coinality, Bitgigs, /r/Jobs4Bitcoins, Rein Project Freelancing
OpenBazaar, Purse.io, Bitify, /r/Bitmarket, 21 Market Marketplaces
Watchmybit, Streamium.io, OTika.tv, XOtika.tv NSFW, /r/GirlsGoneBitcoin NSFW Video Streaming
Bitasker, BitforTip, WillPayCoin Tasks
Supload.com, SatoshiBox, JoyStream, File Army File/Image Sharing
CoinAd, A-ads, Coinzilla.io Advertising

You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins)

Bitcoin Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.

Project Description
Lightning Network, Amiko Pay, and Strawpay Payment channels for network scaling
Blockstream and Drivechain Sidechains
21, Inc. Open source library for the machine payable web
ShapeShift.io Trade between bitcoins and altcoins easily
Open Transactions, Counterparty, Omni, Open Assets, Symbiont and Chain Financial asset platforms
Hivemind and Augur Prediction markets
Mirror Smart contracts
Mediachain Decentralized media library
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
Samourai and Dark Wallet – abandoned Privacy-enhancing wallets
JoinMarket CoinJoin implementation (Increase privacy and/or Earn interest on bitcoin holdings)
Coinffeine and Bitsquare Decentralized bitcoin exchanges
Keybase and Bitrated Identity & Reputation management
Bitmesh and Telehash Mesh networking
JoyStream BitTorrent client with paid seeding
MORPHiS Decentralized, encrypted internet
Storj and Sia Decentralized file storage
Streamium and Faradam Pay in real time for on-demand services
Abra Global P2P money transmitter network
bitSIM PIN secure hardware token between SIM & Phone
Identifi Decentralized address book w/ ratings system
Coinometrics Institutional-level Bitcoin Data & Research
Blocktrail and BitGo Multisig bitcoin API
Bitcore Open source Bitcoin javascript library
Insight Open source blockchain API
Leet Kill your friends and take their money 😉

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:

Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (mL) or millimetre (mm)
microbitcoin μBTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (μL) or micrometre (μm)
bit bit 1,000,000 per bitcoin Colloquial “slang” term for microbitcoin
satoshi sat 100,000,000 per bitcoin Smallest unit in bitcoin, named after the inventor

For example, assuming an arbitrary exchange rate of $500 for one Bitcoin, a $10 meal would equal:

  • 0.02 BTC
  • 20 mBTC
  • 20,000 bits

For more information check out the Bitcoin units wiki.


Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /r/Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. A complete list of bitcoin related subreddits can be found here

Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.

Welcome to the Bitcoin community and the new decentralized economy!

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Bitcoin.org to denounce “Segwit2x”

On 2017-10-11 at noon (UTC), Bitcoin.org is planning to publish a banner on every page of the site warning users about the risks of using services that will default to the so-called Segwit2x1 (S2X) contentious hard fork. S2X companies will be called out by name. To ensure that we only warn users against companies that will actually put user deposits at risk, we urge all companies to publicly clarify their stance before the above date, either by a highly-visible public statement or by commenting on Bitcoin.org issue #1835 (or by doing both).

In particular, we need to know that:

  1. The company will not under any circumstances list “Segwit2x” as “BTC” and/or “Bitcoin”. Note that Bitcoin is not ruled by miners, and miner actions cannot be used as a justification to redefine Bitcoin.
  2. The company will not by default do anything that would deprive users of their bitcoins (by eg. using S2X software without addressing replay attacks2, selling user bitcoins automatically, crediting BTC deposits only as S2X deposits, etc.). Providing access to S2X-coins is acceptable, however.
  3. The company will continue to provide normal service to Bitcoin (ie. non-S2X) users.

Although bitcoin.org condemns contentious hard fork attempts such as S2X, we consider it tolerable for companies to support S2X in ways that do not contradict the above three points, such as by supporting both Bitcoin and S2X simultaneously as separate cryptocurrencies.

By default, we will be using the following list of companies known to support S2X in our warning:

  • 1Hash (China)
  • Abra (United States)
  • ANX (Hong Kong)
  • Bitangel.com /Chandler Guo (China)
  • BitClub Network (Hong Kong)
  • Bitcoin.com (St. Kitts & Nevis)
  • Bitex (Argentina)
  • bitFlyer (Japan)
  • Bitfury (United States)
  • Bitmain (China)
  • BitPay (United States)
  • BitPesa (Kenya)
  • BitOasis (United Arab Emirates)
  • Bixin.com (China)
  • Blockchain (UK)
  • Bloq (United States)
  • BTC.com (China)
  • BTCC (China)
  • BTC.TOP (China)
  • BTER.com (China)
  • Circle (United States)
  • Civic (United States)
  • Coinbase (United States)
  • Coins.ph (Phillipines)
  • CryptoFacilities (UK)
  • Decentral (Canada)
  • Digital Currency Group (United States)
  • Filament (United States)
  • Genesis Global Trading (United States)
  • Genesis Mining (Hong Kong)
  • GoCoin (Isle of Man)
  • Grayscale Investments (United States)
  • Jaxx (Canada)
  • Korbit (South Korea)
  • Luno (Singapore)
  • MONI (Finland)
  • Netki (United States)
  • OB1 (United States)
  • Purse (United States)
  • Ripio (Argentina)
  • Safello (Sweden)
  • SFOX (United States)
  • ShapeShift (Switzerland)
  • SurBTC (Chile)
  • Unocoin (India)
  • Veem (United States)
  • ViaBTC (China)
  • Xapo (United States)
  • Yours (United States)

Notes

  1. “SegWit2x” has nothing to do with SegWit. SegWit is already activated, and was supported by an entirely different set of people.
  2. S2X claims to have replay protection, but their version requires extra manual steps in order to prevent loss of BTC. If you use S2X software without careful engineering, you are likely to lose any associated BTC.

Bitcoin Core Version 0.14.2 Released

Bitcoin Core Version 0.14.2

Bitcoin Core version 0.14.2 is now available.

This is a new minor version release, including various bugfixes and
performance improvements, as well as updated translations.

Please report bugs using the issue tracker on GitHub.

Subscribe here to receive
security and update notifications.

Compatibility

Bitcoin Core is extensively tested on multiple operating systems using
the Linux kernel, macOS 10.8+, and Windows Vista and later.

Microsoft ended support for Windows XP on April 8th,
2014
,
No attempt is made to prevent installing or running the software on Windows XP,
you can still do so at your own risk but be aware that there are known
instabilities and issues. Please do not report issues about Windows XP to the
issue tracker.

Bitcoin Core should also work on most other Unix-like systems but is not
frequently tested on them.

Notable changes

miniupnp CVE-2017-8798

Bundled miniupnpc was updated to 2.0.20170509. This fixes an integer signedness error
(present in MiniUPnPc v1.4.20101221 through v2.0) that allows remote attackers
(within the LAN) to cause a denial of service or possibly have unspecified
other impact.

This only affects users that have explicitly enabled UPnP through the GUI
setting or through the -upnp option, as since the last UPnP vulnerability
(in Bitcoin Core 0.10.3) it has been disabled by default.

If you use this option, it is recommended to upgrade to this version as soon as
possible.

Known Bugs

Since 0.14.0 the approximate transaction fee shown in Bitcoin-Qt when using coin
control and smart fee estimation does not reflect any change in target from the
smart fee slider. It will only present an approximate fee calculated using the
default target. The fee calculated using the correct target is still applied to
the transaction and shown in the final send confirmation dialog.

0.14.2 Change log

Detailed release notes follow. This overview includes changes that affect
behavior, not code moves, refactors and string updates. For convenience in locating
the code changes and accompanying discussion, both the pull request and
git merge commit are mentioned.

RPC and other APIs

  • #10410 321419b Fix importwallet edge case rescan bug (ryanofsky)

P2P protocol and network code

  • #10424 37a8fc5 Populate services in GetLocalAddress (morcos)
  • #10441 9e3ad50 Only enforce expected services for half of outgoing connections (theuni)

Build system

  • #10414 ffb0c4b miniupnpc 2.0.20170509 (fanquake)
  • #10228 ae479bc Regenerate bitcoin-config.h as necessary (theuni)

Miscellaneous

  • #10245 44a17f2 Minor fix in build documentation for FreeBSD 11 (shigeya)
  • #10215 0aee4a1 Check interruptNet during dnsseed lookups (TheBlueMatt)

GUI

  • #10231 1e936d7 Reduce a significant cs_main lock freeze (jonasschnelli)

Wallet

  • #10294 1847642 Unset change position when there is no change (instagibbs)

Credits

Thanks to everyone who directly contributed to this release:

  • Alex Morcos
  • Cory Fields
  • fanquake
  • Gregory Sanders
  • Jonas Schnelli
  • Matt Corallo
  • Russell Yanofsky
  • Shigeya Suzuki
  • Wladimir J. van der Laan

As well as everyone that helped translating on
Transifex.