I've begun to find out a whole lot more about Bitcoin in the last couple of days—much more/faster than I can commit to memory. Consequently, whenever I get a spare moment or two, I plan to return to this thread to record what I am hearing so I can use the resulting notes as a study resource...
Questions About Bitcoin
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i have been trading btc since it began and it has financed my short term investing in many other different crypto's. i have made more in percentage of gain than any other market i have ever traded and with less stress. my main trading program is done with eth-btc arbitrage.
i also trade futures but that is a fading endeavor, when you compare commissions, data feed cost, platform cost, manipulated data feed, lack of true 24/7 trading etc. i will frankly be glad when all traditional global exchanges are closed and go the way of dinosaur and open pit trading.
crypto is true 24/7 trading, data is free, data is real time, depth of market is there with history, volume is true, and it's commission-less if you trade like i do. it is simply the best market to trade on the planet, and there are huge advantages for savvy traders migrating from cut throat traditional financial exchanges.
m
i also trade futures but that is a fading endeavor, when you compare commissions, data feed cost, platform cost, manipulated data feed, lack of true 24/7 trading etc. i will frankly be glad when all traditional global exchanges are closed and go the way of dinosaur and open pit trading.
crypto is true 24/7 trading, data is free, data is real time, depth of market is there with history, volume is true, and it's commission-less if you trade like i do. it is simply the best market to trade on the planet, and there are huge advantages for savvy traders migrating from cut throat traditional financial exchanges.
m
How is bitcoin different from all the other cryptocurrencies?
Unlike the world's traditional money systems, bitcoin is a financial system that nobody can control. Also, nobody can create more bitcoins once their number reaches the predetermined cap of 21 million; and nobody can seize it, steal it, manipulate it, etc. In short, bitcoin is a decentralized protocol.
It's different from the other multiple thousands of cryptocurrencies in that it is not controlled by anybody. It is completely decentralized.
The key aspect that makes bitcoin decentralized (versus the other 15,000 or so cryptocurrencies) is that its database is very small. It's about 300 gigabytes (e.g., you could run it on a thumb drive). And the reason that this is important is because it means that you can run a node.
Just to frame this up real quick, something like Facebook or Experian is on a centralized database, and because Experian is on a centralized database, it gets hacked all the time. On the other hand, bitcoin is a decentralized database. That means instead of one database, there are millions of databases, meaning that you can run a full copy of the bitcoin database. You can do it on an old laptop, or on a Raspberry Pi, etc. Anybody can buy one, or build one for a hundred bucks, and run it.
The problem with all the other thousands of cryptocurrencies is that you cannot do this with them. So, if you look at etherium, cardano, etc., you basically have to have an industrial grade server co-located in an industrial grade co-location facility. So, it blocks the average person from a node, which of course causes centralization!
This is probably the biggest difference between bitcoin and all the rest.
Unlike the world's traditional money systems, bitcoin is a financial system that nobody can control. Also, nobody can create more bitcoins once their number reaches the predetermined cap of 21 million; and nobody can seize it, steal it, manipulate it, etc. In short, bitcoin is a decentralized protocol.
It's different from the other multiple thousands of cryptocurrencies in that it is not controlled by anybody. It is completely decentralized.
The key aspect that makes bitcoin decentralized (versus the other 15,000 or so cryptocurrencies) is that its database is very small. It's about 300 gigabytes (e.g., you could run it on a thumb drive). And the reason that this is important is because it means that you can run a node.
Just to frame this up real quick, something like Facebook or Experian is on a centralized database, and because Experian is on a centralized database, it gets hacked all the time. On the other hand, bitcoin is a decentralized database. That means instead of one database, there are millions of databases, meaning that you can run a full copy of the bitcoin database. You can do it on an old laptop, or on a Raspberry Pi, etc. Anybody can buy one, or build one for a hundred bucks, and run it.
The problem with all the other thousands of cryptocurrencies is that you cannot do this with them. So, if you look at etherium, cardano, etc., you basically have to have an industrial grade server co-located in an industrial grade co-location facility. So, it blocks the average person from a node, which of course causes centralization!
This is probably the biggest difference between bitcoin and all the rest.
He is a prolific professional writer.
Wait till you see his 30 plus Journals in this forum.
As I stated in the original post, I established this thread as an archive where I can record what I hear about bitcoin so I can use the resulting notes as a study resource to help me absorb all the information over time. It has nothing to do with questions that somebody asked.
But of course, in the five years I have been on this forum, I have come to see that there are many people in this world who have nothing better to do in their lives other than to write nasty comments that add nothing constructive to the discourse of others.
These types of individuals simply clutter my threads with negativity that interrupts the flow of information. Accordingly, I am putting you on ignore, just as I have all the others of your ilk.
I recommend running an Umbrel node since you get a Bitcoin core (taproot) and a lightning node over the TOR network, plus many built-in tools like your own blockchain explorer so you don't have to visit public blockchain explorerers tha may be collecting IP addresses
If you run linux on an old laptop/desktop, you can install it without having to buy the Raspberry pi kit
https://getumbrel.com/
So this idiot has been on ET for 5 years and he is just learning about cryptos? Maybe someone should introduce him to googling things...
%%They are like Big Foot. Everybody knows about them but no one has ever seen one.
Good points both bitcon + big foot start with the same letter.
I dont care like some greenies that they waste energy\LOL. [IBKR founder had a good point about bitcon '' it has no fundamental value'']
Thats the beauty of capital market$\ waste energy if you want.................................................
Its on the newest IRS form /question
NO way is it any kind of tax shelter as promoted by some.