which crypto wallet and why?

[johnarb]

Bitcoins are not stored on any wallet. bitcoins are entries on a public ledger (bitcoin blockchain)

What's important is the private key(s) and who controls or has access to the private key(s)

A "private" wallet is only a storage of private keys. The bitcoins are on the blockchain. See first statement

When you travel from London to Singapore and you own 1M EUR in bitcoins, you did not bring the bitcoins with you. They have always been where they were, on the blockchain, see first statement

Technically, you can memorize a passphrase which can be converted to private keys, or you can memorize a big number (don't make it obvious like 123456789ABCxxxxx) as your private key, then your brain is the bitcoin "wallet"

Why do I say all of these? Because the UK is planning to ban private wallets. I don't even know where to start, but hey, central banks gotta do what they got to do



https://www.reuters.com/technology/eu-tighten-rules-cryptoasset-transfers-2021-07-20/

 

[zghorner]

Bitcoins are not stored on any wallet. bitcoins are entries on a public ledger (bitcoin blockchain)

What's important is the private key(s) and who controls or has access to the private key(s)

A "private" wallet is only a storage of private keys. The bitcoins are on the blockchain. See first statement

When you travel from London to Singapore and you own 1M EUR in bitcoins, you did not bring the bitcoins with you. They have always been where they were, on the blockchain, see first statement

Technically, you can memorize a passphrase which can be converted to private keys, or you can memorize a big number (don't make it obvious like 123456789ABCxxxxx) as your private key, then your brain is the bitcoin "wallet"

Why do I say all of these? Because the UK is planning to ban private wallets. I don't even know where to start, but hey, central banks gotta do what they got to do



https://www.reuters.com/technology/eu-tighten-rules-cryptoasset-transfers-2021-07-20/

Nice post…So can you recommend an app to buy goods with lol?

 

[johnarb]

Nice post…So can you recommend an app to buy goods with lol?

I'm sorry but I cannot as I do not want to be involved if the wallet is used in illicit transactions, i.e. hiring a hitman wife's bodyguard

Don't want to be contacted by authorities via ET private message...

 

[zghorner]

I'm sorry but I cannot as I do not want to be involved if the wallet is used in illicit transactions, i.e. hiring a hitman wife's bodyguard

Don't want to be contacted by authorities via ET private message...

proof that crypto is a terrible exchange currency.

 

[johnarb]

proof that crypto is a terrible exchange currency.

I do not understand. Are you trying to use bitcoin as payment for illegal activities? Maybe the problem is you and not bitcoin

Microsoft accepts bitcoin as payment. AT&T accepts bitcoin as payment. NewEgg accepts bitcoin as payment

Bitcoin is legal tender in El Salvador



https://99bitcoins.com/bitcoin/who-accepts/

 

[Girija]

I don't get why someone would spend with btc since it will be a capital gain / loss at the time of transaction. In addition with so much volatility why spend in btc? For example the coffee we bought for x btc may be 1000 bucks one day if at all it keeps appreciating. May be there is a reason, if so I wd like to know.

 

[johnarb]

I don't get why someone would spend with btc since it will be a capital gain / loss at the time of transaction. In addition with so much volatility why spend in btc? For example the coffee we bought for x btc may be 1000 bucks one day if at all it keeps appreciating. May be there is a reason, if so I wd like to know.

Sometimes you want to enjoy your profits in your investments and want to spend

Same thing for someone in 1999 and selling their Amazon stock to buy a dishwasher. Horrible decision looking back, but what if Amazon turned out to be like Pets.com, was not a bad move

Anyway, not a tax expert but I think there's something in the works for regulators to provide clarity on whether micro transactions <$500 on bitcoin will be taxable or not

The best way to spend bitcoin if you want an easy record keeping is to use PayPal or a credit-card linked to your bitcoin account, i.e. Coinbase

I spent 0.1 btc on a $10 Burger King gift card when I was first getting into it, but here's the thing, the 0.1 btc may be worth close to $3K now, but the gift card cost me $10 plus fees

You always have the choice to buy back the btc's you spend

In 2013, there were many Reddit posts to encourage bitcoin believers to spend bitcoins to gain adoption, but always with the recommendation to re-buy the btc amount spent

 

[Fain]

Crypto.com

 

[easymon1]

I hv been averaging into it.

Swan Bitcoin
https://elitetrader.com/et/threads/...-and-business-poll.335193/page-4#post-5363862

 

[easymon1]

I am looking to start making some purchases using BTC and curious which wallet ET would recommend. Looking for something with good Security, fees, easy UI etc...

essentially do you just link an account to it and send cash equivalent of whatever goods you want, the wallet sends that amount in crypto to the seller?

View attachment 263994

Swan Bitcoin
https://elitetrader.com/et/threads/...-and-business-poll.335193/page-4#post-5363862

https://en.wikipedia.org/wiki/Ouroboros#Kekulé's_dream