I have been collecting the most frequent and interesting questions about Bitcoin. And to have a history, I am adding them here with the corresponding answers. I will try not to go into too much technical detail and explain / answer it with my simple words so that everyone can understand it in a logical and normal, human understandable way.
If you still can’t find answers to your questions, you can check out the Bitcoin Myths page and also this playlist of question and answer sessions about Bitcoin.
Answer: Excellent question! I want to teach people about Bitcoin for several reasons:
- I consider it my mission to do good in this world full of scammers, corruption, lies and greed
- I consider that it is my little gift or work for humanity, I make my knowledge on this subject available to everyone without any material, political, spiritual interest or of any kind
- my only gain from doing this is that the world can be liberated from the slavery of fucking banksters (bankster = banker + gangster). Each person who frees himself helps me free myself, it will be useless if I free myself only. Only together we can beat these motherfuckers!
- my vision is that Bitcoin is the path to ultimate Freedom, financial and individual sovereignty.
2. What happens to Bitcoin if banks and governments are going to create their "cryptocurrencies" (CBDC)?
Answer: Well to begin with, these CBDC (Central Bank Digital Currency) are NOT cryptocurrencies as they want to call them, just to confuse people. They are simply the same FICTITIOUS euros and dollars, but this time more control, more surveillance, more restrictions, forcing you to use ONLY their versions of super controlled virtual wallets. In short, an even bigger deception than it was until now ...
But the question is not well proportioned. The thing is that Bitcoin is going to continue on its way quietly, it is not going to affect it with almost nothing. Bitcoin and CBDC are two totally different things. Bitcoin is sovereign, decentralized and limited currency. CBDC would be a currency of slavery, centralized and unlimited. Let's see which one are you going to choose?
On the other hand, there is a VERY IMPORTANT aspect: currently the banks are the ones that facilitate the majority of corruption, theft, traffic, B-boxes of politicians, etc. Without these banks and their corrupt system, these motherfuckers couldn't play their dirty tricks. Well, if they create a very centralized system, I don't think these corrupt people will like them, because they won't be able to make their games anymore. So we are going to see a lot of misrepresentation with these CBDCs, because there are many who do not want them or ... they are going to get into Bitcoin 🙂
Answer: NO. NEVER. Bitcoin is free to use for any human, individual, person, company, IoT. Your BTCs are always still in the Blockchain, what you have in PROPERTY are the property keys of these BTCs. When you say that "I open an account" of BTC is not really correct, it is more to take possession of the keys of a wallet. And owning this wallet does NOT carry any cost.
Answer: There is no "permanence" or "permanence" obligation in having BTC. Bitcoin is a PROPERTY and you are going to own it until you feel like having it, until you transfer this property to another. When you “give / send” someone some BTC it is not practically a transfer of cash or physical money, it is practically a transfer of PROPERTY.
Answer: Yes. A transfer (of property) (tx) of some BTC from your wallet to another has a “cost of mining”. This means that for your tx (transaction) to be confirmed and included in a block (in the Blockchain), the miners have to do a super complicated mathematical process, which is going to pack this tx in a safe and IRREVERSIBLE shield. This work costs a lot of energy consumed by the miners and for this it is paid, depending on the size of the tx (in bytes) and the status of the Bitcoin network at the time of the tx (mempool). Example: if you are in a hurry to push a tx that is confirmed by the miners faster, you have to set the fee (mining commission) higher, according to the cost at the time (see mempool). If you are not in a hurry, it is a normal tx that can arrive confirmed later, because you can put the lower fee.
You can see more details, calculations and graphics about this in the Tools page, about mempools, Fee rates etc.
Answer: No, not directly in your business system. But they accept gift card payment systems from various providers. What you can do is search for the type of gift cards they accept and load them on Bitrefill.com with BTC-LN. You can also search for more merchants that accept BTC on the dedicated page that we have created: Merchant List. Another option is to contact the merchants / sellers on Ali Express and ask them if they accept BTC directly, in a particular deal, but in this case it falls on yourself to look for an escrow system (trust) to guarantee that the change is made. in safety. Escrow (trust) options: OpenBazaar.org, Bitify.com, BitRated.com, BTC-Asia. Also one of the reasons why Ali Express does not accept BTC, is that they want to create their own shitcoin.
Answer: If you mean “fiat” money (€ uros), it becomes sovereign money (BTC). But if you mean like an account, Bitcoin is not like that, it is not like a normal bank account, because it is proprietary and is a totally separate system from the fiat banking system. When you "exchange" euro for BTC, it is practically that you send a bank transfer (if you make the change through an exchange) to the seller, normal and current; and the seller on the other hand, in another system (the BTC Blockchain) makes a transfer of ownership of their BTC to your BTC keys. But this is not really necessary, it is just a beginning, when you start and you do not have a way to EARN the BTC. You can also sell your products / services directly for BTC or on a website or physical store and your customers pay you in BTC. This is the best way to get BTC. There are more methods of obtaining them and you can consult them on the dedicated page.
Answer: There is speculation about everything, even potatoes or legumes. To speculate means "to find a price." It is not negative in itself, but governments want to give this term a negative connotation so that you do not speculate and they and their friends do it, stealing your sovereignty. Scarcity is a reality. Everything has a limit, and the only way that something can be used as a medium of exchange is if it is scarce, like gold. But also anything else. You buy potatoes or oranges because they are scarce, you cannot find them on the street, and they require a job that is scarce. All of that must be paid for. You can never subsist on free. Nature itself demands work, and resources are always scarce.
Bitcoin was created in 2008 in the middle of the crisis, EXACTly because the creator was fed up with so much speculation and theft in the financial market, and has decided to create a currency and a financial system different from everything that was used until then. Satoshi Nakamoto has taken the power to create and control money from the hands of the bankers and has given it to the people, to the people. It has even published within the first mined block, the same message that in the press then spoke about the bailouts of the banks, as a warning and tease to all bankers. Here you can see the encrypted message of the first Bitcoin block, and here the newspaper of the same day that said about the bailouts. This is a HISTORICAL MOMENT FOR HUMANITY!
Answer: It is purposely limited to 21M to make it SCARCE. The scarce things have more value than the not scarce. You can see more details about this in an explanatory page the Stock to Flow calculation on the scarcity of a currency like Bitcoin.
Answer: Bitcoin is the first and only decentralized currency. The rest are substitutes created for people to pick and invest in them, their authors making a lot of money from it. It uses only Bitcoin, the remains we call it SHITCOINS and it is not for nothing ...
11. Are there methods to lend BTC? If I have 1 BTC and a house is worth 10 BTC, in the end someone will have to make me a loan anyway, right?
Answer: Yes, there are Bitcoin loan platforms, some P2P. Examples: HodlHodl, Ledn, Nexo, Bitbond. And these are also going to charge you some interest.
The idea is that Bitcoin changes the mindset of spending money. Until now we were used to lending money all the time when we need it, even the banks pushed us to make tons of loans that we never repaid… This has been badly done and misunderstood and that is why we are in the current situation. The banks created money out of nothing, they lent it to everyone in exchange for the interest that they had to create it themselves and so the poop has been exploited ...
Now Bitcoin comes with another perspective and it is possible that many people are NOT going to get it from the beginning or they will not accept it easily. Bitcoin is a currency that you save it, always, do not spend it on nonsense and things that in life you use it only once or for nothing, and you spend the money just for spending it ... Bitcoin, you save it (HODL) with your sweat and effort to earn it until the moment comes when you use it to buy something you really need (a house, a car, children's studies, etc.). This is why you will see fewer people willing to lend their BTC to others, because they know that it is easier and better than just HODL (save). The type of economy is going to change and adapt. It is a misunderstood perspective of trying to adapt Bitcoin to the current economic and financial system, WE have to adapt to the economic and financial system of Bitcoin and only then can we come to light.
12. If there is no internet connection or you are in a site without coverage, how can you use Bitcoin? Or if a government has to shut down internet access? Wouldn't it be a danger that we lose our BTC?
Answer: There are many options to use Bitcoin WITHOUT an internet connection. Recently there have been tests with radio devices such as GoTenna or using antennas and equipment with connection to satellites and using the satellite network. In Sep 2020 a group of bitcoiners in Venezuela, Cryptobuyers, have connected a BTC node to the satellite network. Here is a guidehow to run a BTC node to the satellite network
There is also the possibility of sending by SMS, the tx is created / built in an offline wallet, and the result in the form of an encrypted text code can be sent to a friend or relative by SMS, who simply broadcasts to the tx, copying the code in your wallet and giving you send. He will never have access to his wallet, he just re-transmits the tx.
A government is NOT going to close access to the internet because they too depend 100% on this internet. Yes, they can restrict it, but nowadays, some computers interconnected in some way by a network, can already use many versions of the Internet that cannot be censored (see TOR). But the question is: if you live in a country where the government is an oppressor, it wouldn't be more logical to ask "why did we leave our government that enslaves us?" The problem is NOT in Bitcoin, it is in our government and in us because we let it do this. We do not forget the saying: “When people fear their government, there is tyranny; When the government fears the people, there is freedom". If you are already in a tyranny, then your concern is not how to use BTC, if not, how to stop this tyranny.Bitcoin without Internet
Tools: BitSMS and Inmarsat IsatPhone and Samourai wallet
Answer: Your BTC would be very good on the blockchain, you would never lose it (as long as you still have your access recovery keys). I personally would not ask myself this in case of a global power outage or war… I would first worry if I have supplies of water, food, defense, security for a longer time. There are many more "threats" in such apocalyptic cases (nuclear bombs, terrorist attacks, military attacks, "zombie" attacks that were not prepared etc).
Answer: By 2013, when Bitcoin was experiencing large price drops, BitcoinTalk user GameKyuubi wrote a thread that began with the following expression: "I AM HODLING." In the thread, he made reference to that he would keep his bitcoins and would not sell them even if the price continued to fall. In his message, he explained to the community the reason for his decision, also acknowledging that he had made a writing error. Writing the word HODL instead of HOLD, which translated into Spanish, means to keep or conserve.
Almost instantaneously, memes of all kinds began to appear that made reference to the words of this user. Adopting the expression "Hold on for dear life" as a phrase typical of Bitcoin investors, who would maintain possession of their coins at all costs.
The word HODL (from the English HOLD, but misspelled) is very frequent among users and investors of cryptocurrencies, mainly Bitcoin. And it refers, specifically, to the firm decision to acquire an asset and keep it over time. In Bitcoin, this decision is seen as an investment philosophy, which allows users to exponentially multiply their assets in the near future. Normally HODLers are Bitcoin maximalists who always buy BTC anyway, but NEVER sell them for fiat currencies. They wait for the right moment to use them as ordinary money. You can see some good memes about HODL on the dedicated page of this website.
When people start their bitcoin adventure they often go through a little gold rush with the concept of mining (I'd know, that's how I started;)). Here's a little guide to answer your perennial question "will I make money from it?":
Let's talk about hardware first (click the link for a long and useful list). You won't make money mining bitcoins unless you have a really high ATI GPU, FPGA, or ASIC. That is the short answer. Having a decent CPU can be used for Litecoin mining, which can be a small income in itself, but we are here to talk about Bitcoin.
To see if you will earn any money, you need to enter some data into a special calculator:
- cost of your hardware (cost of buying an ASIC, GPU, motherboards, power supplies, etc.)
- how fast it can hash (mega hashes per second). This can be obtained from your hardware list
- how much power it consumes (again, hardware list)
- your electricity cost (check with your power company)
And then there are two magic variables that will make everything work or are doomed to failure:
- Difficulty: The calculator completes it automatically, but for long-term mining (more than a few weeks), you must be a pessimist. Multiply the value by 10 for predictions for a few months or 100 for a year or two (it will increase considerably soon)
- The price of bitcoin, which is also filled by the calculator, could go up or down in the future, affecting your bottom line. It will probably increase in the long run, but let's be pessimistic and lower that to $ 10- $ 20 to make sure we are making money no matter what.
Having all your hard data and your guess about the last two variables, you put everything into the mining calculator and see what you get. You will get your earnings in BTC and dollars, as well as a summary of your costs and when you will even brake, and what your net income will be during your investment period.
You most likely won't make money from mining Bitcoin, and that's okay - mining has become a very specialized process. If you want to invest money in new ASICs, you may be able to make a considerable profit.
TLDR: use this to verify everything. ASICs Can Make You Money, GPUs No Longer
16. If someone knows the 24 words of your mnemonic phrase but not the order, how long would it take to force it and steal your coins?
Well, some quick math to get an idea. Suppose we can check an order once per clock cycle on a 5ghz cpu core. 24! Orders / (5 * 109) Orders per second = 1.24 * 1014 seconds.
1.24 * 1014/60/60/24/365 = 3,934,858 years approximately.
That's assuming a single-core CPU in a computer, but that's still really high. I'm also assuming an order per clock cycle, which is also an understatement, it would actually take a lot of clock cycles.
First: Bitcoin is hard money, and to understand this term I recommend you to read Saifeadean Ammous's book "The Bitcoin Standard".
Second: Bitcoin is a deflationary currency, not inflationary like the fiat currency (euro, dollar). This means that over time the purchase value grows, so it pushes the user to save Bitcoin and not spend it on any useless stuff. You keep it to yourself to spend it at the right time and on things you really need.
So if you still have fiat currency, it is advisable to spend it first, which is the weakest currency.
An example: You have a monthly general income of € 1,000. You still receive it by bank account.
You have food expenses of € 200 / month, rent € 200 / month, several € 100 / month, utilities € 200 / month. You keep € 300. Well, you exchange this € 300 for BTC and you keep it there, for later. If you already know what expenses you have more or less each month, then you save this sum in euros and throw it away as necessary to spend. In case if your expenses go up in a month, because since you don't have more euros, you start using BTC.
But be careful! Better only in stores that accept direct BTC or at least with Bitrefill.com (recharge cards). Why not sell them in exchange (market)? Well, because if you don't put it on an exchange, don't create liquidity, don't create selling pressure, don't create pressure to lower the price. Remember: the more people want to sell, the price goes down. You don't want the price to drop. If you buy from a merchant with BTC, this merchant may NOT sell their BTC, just as it does not create selling pressure.
In short, when should you spend your BTC? Always when you have no more euros, when you want to help a merchant to receive BTC, when you want to try purchases with BTC, when there is no other payment option, when you do not want to know that you have bought, when you buy from another country / currency.
This is how the circular economy of Bitcoin is created.
18. Do you think it's a wise move to transfer the majority of their savings into a BTC HODL account?
If you think of your savings for short term (few months) - NO.
If you think of your savings for long term - YES.
Forget about "keeping money in a bank". That term will not be viable anymore and we were warning from long time ago about this. In this world, from now on, it will be two types of digital currencies:
- One that will be created/controlled by the Central Banks/BIS, unlimited supply (endless inflation) and used mainly to enslave the world, to use it as draconian surveillance system, the so called CBDC (Central Bank Digital Currencies).
- One that is DECENTRALIZED and controlled by the people, by each user, that cannot be seized, cannot be traced, is borderless, open source, unconfiscatable and LIMITED to 21 millions. This is Bitcoin the true cryptocurrency, the most secure system in the world. A truly sovereign currency.
Now I will ask you: In which system you want to live ?
I choose to EXIT from the Banking Cartel, I choose Bitcoin, because is FREEDOM