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Nutcoin - The Anti Scarcity Stabilized Currency
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07-23 17:25 - 'Are you looking to buy some BTC? www.fastcoin.express has a fast delivery, selling 20 different types of crypto. Safe easy and fast.' (i.redd.it) by /u/FastCoin-Express removed from /r/Bitcoin within 5-15min

Are you looking to buy some BTC? www.fastcoin.express has a fast delivery, selling 20 different types of crypto. Safe easy and fast.
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Author: FastCoin-Express
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Fast & Easy Ways To Buy Bitcoins From Coinmama

Fast & Easy Ways To Buy Bitcoins From Coinmama
Fast & Easy Ways To Buy Bitcoins From Coinmama

Fast & Easy Ways To Buy Bitcoins From Coinmama

Coinmama founded in the year 2013. It was created with the motto that the world can find an easy way to buy Bitcoins (BTC).
It is in practice over 190 countries and territories. Coinmama users can buy Bitcoin as well as five different cryptocurrencies, here listed Fast & Easy Ways To Buy Bitcoins From Coinmama
Types of cryptocurrencies
Ethereum (ETH)
Ethereum Classic (ETC)
Bitcoin Cash (BCH)
Litecoin (LTC)
Monero (XMR)

Setting up your Coinmama account

To buy Bitcoins from Coinmama, first you have to set up your account.
As a start you have to register your email address and get verified for purchase.
In order to the risk management policy, Coinmama verifies all of its users' email acccunt for compliance with regulations.
If you are willing to have a fast and smooth verification process, then before account setup first you have to gather your government issued personal information such as a driver’s license or passport, your smartphone.
  1. To Register
Go to www.coinmama.com, and click “sign up”

Fast & Easy Ways To Buy Bitcoins From Coinmama

Enter your first and last name, your email address, password of your choice, and country of residence.
Then click create an account button.

Fast & Easy Ways To Buy Bitcoins From Coinmama

Check your registered email id there you will get an email link for verification, this link will acknowledge your owner identity.
Click that link in the email to complete the registration process.
2.Get Verified for Purchase
Enter here your personal information, including your full name and address, then click “Next.”

Fast & Easy Ways To Buy Bitcoins From Coinmama

Next step, you have to Upload a photo of your government-issued identification card. Upload both the front and back of your ID card.
Make sure that the image is clear.
Upload your recent photo, then click “Send for approval
Fast & Easy Ways To Buy Bitcoins From Coinmama


Here you can also add your selfie by ,uploading a photograph of yourself holding the paper as well as the ID you’ve just uploaded.
Your face, the ID, and the paper all need to be fully visible.


Fast & Easy Ways To Buy Bitcoins From Coinmama

After this step wait for some time until the coinmama verification team will review the information that you submitted.
If all your information is ok, then your identity should be verified in about fifteen minutes.
Once your account is verified, you’re ready to buy Bitcoin!

Place your first order

After the account set up and verification is complete, you can buy cryptocurrency with Coinmama.
You have options of different wallets to store your favorite cryptocurrency.
You need to just choose the crypto wallet that best suits your needs.
After choosing your Bitcoin wallet, think of which cryptocurrency you want to buy, and how much.

Choose your cryptocurrency

Log into your Coinmama account, then click “buy.”
You are now redirected to the “buy cryptocurrency” page.
From that dropdown menu, choose which cryptocurrency you’d like to purchase, and also the currency
Coinmama accepts all cryptocurrencies, but note that if your bank account is in a country that uses a currency other than USD, EUR, GBP, AUD, or CAD, you may be charged a foreign transaction fee by your bank
Choose an amount. You can select a package, or enter the fiat amount or crypto quantity you’d like to buy.
Then click “Buy now.”

Fast & Easy Ways To Buy Bitcoins From Coinmama

Add your Bitcoin wallet and payment details

Enter your cryptocurrency wallet address.
Keep in mind, different wallets are used to support different cryptocurrencies, so here if you buy Bitcoin, you’ll need a Bitcoin wallet.
For example If you buy Ethereum, then you’ll need an Ethereum wallet
If you have doubt with your cryptocurrency wallet address, try clicking on “receive funds” or something similar from your wallet provider’s application or website.
Each cryptocurrency wallet provider is different, so it’s best to contact them with any questions.

Select Carefully The Payment Method

You can choose your own payment method, to buy bitcoin
The options are, you can buy with credit card, debit card, or bank transfer.
Select your preferred payment method, then click the buy button.
Enter your payment details. Enter your credit card details if paying by credit or debit card.
If you pay via the bank transfer, then log onto your own online banking system and transfer the exact amount shown to the Coinmama bank details provided.
Bank transfers through the SEPA usually take 1-2 business days to post
while SWIFT bank transfers can take up to 3 business days.
Coinmama will be unable to lock the cryptocurrency rate on bank transfer orders until payment is received.

Confirm your cryptocurrency wallet address

Consequently, to confirm your wallet address, check your email link
If you buy Bitcoin with a credit card or debit card, you will receive your Bitcoin wallet confirmation link once your payment has been received.
If you pay with a bank transfer, the link will be in the order summary email.
Because wallets are hosted through third-party applications and providers,
Coinmama will not be able to retrieve any funds sent to the wrong address.
If everything looks ok, then click on the link to confirm.
Wait for your coins
You receive your bitcoins about 10-20 minutes, If you buy with a credit or debit card.
If you pay with a bank transfer, then it usually takes 1-3 business days to receive your bitcoins
Thats all you now owned your first Bitcoins from Coinmama
submitted by stealthaccshop to u/stealthaccshop [link] [comments]

WHERE CAN I BUY BITCOIN WITHOUT USING VERIFICATION fast and easy /r/Bitcoin

WHERE CAN I BUY BITCOIN WITHOUT USING VERIFICATION fast and easy /Bitcoin submitted by ABitcoinAllBot to BitcoinAll [link] [comments]

WHERE CAN I BUY BITCOIN WITHOUT USING VERIFICATION fast and easy /r/Bitcoin

WHERE CAN I BUY BITCOIN WITHOUT USING VERIFICATION fast and easy /Bitcoin submitted by cryptoanalyticabot to cryptoall [link] [comments]

01-13 05:13 - 'WHERE CAN I BUY BITCOIN WITHOUT USING VERIFICATION fast and easy' (self.Bitcoin) by /u/universesdaughter removed from /r/Bitcoin within 224-234min

'''
I live in
'''
WHERE CAN I BUY BITCOIN WITHOUT USING VERIFICATION fast and easy
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Author: universesdaughter
submitted by removalbot to removalbot [link] [comments]

Easy guide: How to buy bitcoins fast (And even for small amounts).

I would like to share an easy way to buy bitcoin fast
https://www.virwox.com
  1. Register your account on that website.
  2. Deposit money into the website.
  3. On the left side of the page press "USD/SLL" or other currency you deposited and exchange your money to sll.
  4. Than press "BTC/SLL" and exchange your sll to bitcoins
  5. Now you can press "Withdraw" and withdraw your btc.
It's fast, feas are not big. I used it many times, so it's trustworthy and transparent. I hope I helped someone.
submitted by Benukysz to Bitcoin [link] [comments]

@Bitxoxo-india's Fastest Bitcoin Exchange . Do you know that you can now Buy/Sell bitcoin using our super easy platform? You can also gift bitcoin card to your loved ones. Register at https://bitxoxo.com to get started. #Bitcoin #Trading #Exchange #Bitxoxo #Fast #Btc

@Bitxoxo-india's Fastest Bitcoin Exchange . Do you know that you can now Buy/Sell bitcoin using our super easy platform? You can also gift bitcoin card to your loved ones. Register at https://bitxoxo.com to get started. #Bitcoin #Trading #Exchange #Bitxoxo #Fast #Btc submitted by Toscrypto to u/Toscrypto [link] [comments]

04-29 18:53 - 'Buy bitcoin online easy ans fast' (youtu.be) by /u/adarjunk removed from /r/Bitcoin within 190-200min

Buy bitcoin online easy ans fast
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Author: adarjunk
submitted by removalbot to removalbot [link] [comments]

Buy bitcoin online easy ans fast

Buy bitcoin online easy ans fast submitted by HiIAMCaptainObvious to BitcoinAll [link] [comments]

Buy bitcoin with Swish. With us, you can trade, buy and sell bitcoin in a fast, safe and easy way. Start trading bitcoin today with BTCX!

submitted by alakhverdikagv05 to computer_simulation [link] [comments]

@ulrichrosenbaum : Buy bitcoins with over 300 different payment options to pay. It's easy and fast! https://t.co/YQe7EADyLl #bitcoinlambotomoon

@ulrichrosenbaum : Buy bitcoins with over 300 different payment options to pay. It's easy and fast! https://t.co/YQe7EADyLl #bitcoinlambotomoon submitted by ulros to digitalbanking [link] [comments]

Easy guide: How to buy bitcoins fast (And even for small amounts). /r/Bitcoin

Easy guide: How to buy bitcoins fast (And even for small amounts). /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Bitquick how to buy Bitcoin GOOD COINBASE ALTERNATIVE!!! FAST EASY

Bitquick how to buy Bitcoin GOOD COINBASE ALTERNATIVE!!! FAST EASY submitted by cryptocrunch1 to Crypto_Currency_News [link] [comments]

Could someone please help me find a place where I can buy very little Bitcoins (.09) fast and easy with a credit card that requires no verification?

submitted by alexkv27 to Bitcoin [link] [comments]

Referral Links • Buy bitcoins with over 300 different payment options to pay. It's easy and fast! #buy #bitcoin

submitted by btcforumbot to BtcForum [link] [comments]

Use potcoinescrow to get Potcoin with USD fast! No need for exchange fees (trade+withdraw). Skip the debit/credit card fees charged from buying Bitcoin instantly. We do it all in one step. Easy! FAQ

potcoinescrow http://www.reddit.com/PotcoinEscrow/comments/21g9m8/welcome_potcoinescrowcom_is_here_to_serve_you
Potcoinescrow Service Pricing
We have a tiered membership that offers base fee discounts and special offers. Escrow fees are set at a 4.2% base fee, memberships coming soon, please inquire about memberships. ([email protected]) 1.1% is donated to humanitarian outreach, 1.1% is donated to mmj research, And 2% is allocated to operating costs.
"By using potcoinescrow.com services you avoid these costs (fees charged by the major exchanges, withdraw+trade fees) + (fees incured from converting to BTC using instant methods like VISA or MasterCard). In addition, it's a much easier process getting Potcoin here at potcoinescrow. By using our service you eliminate the need to convert to Bitcoin and then to Potcoin via one of the popular exchanges. We hold Potcoin and are able to bring it to you quicly at market value. The way we mitigate our risk is by spreading our investments accross the markets. Because all three markets are tied to each other, BTC, POT, USD, we set our daily trade caps based on the volume of the markets. This way we dont ever overextend ourselves, but are still able to deliver as much Potcoin as possible each day."
-potcoinescrow "Your Choice in Quality Altcoin Escrow"
Have a specific question? Were here to help you through the process. POTminer Support Team [email protected]
submitted by POTminer to potcoin [link] [comments]

I need a refreshment, Best way to buy bitcoins, fast as possible, and easy payments such as bank, debit, cash, etc.

submitted by Iwillhavetoomuchfun to SilkRoad [link] [comments]

All my former BitCoin buying methods are gone. What is fast and easy? BST is out till Thursday.

I need some coins tonight or tomorrow morning. BST is out of stock for a while, otherwise I'd use them. LocalBitcoin only has one dude in my area with no feedback and a huge markup (13%) so no go there.
I used to use BitInstant to BitStamp, to wallet, to SR. Now I have no idea what to do.
Help?
submitted by SabbathViper to SilkRoad [link] [comments]

need help buying bitcoin : Fast, Cheep, Easy ?

i am a first time bitcoin buyer and i need your help to cut through the bull and distractions. i know you can get taken for a hand full fee every step of the way and i would like to minimize that also i would like to start with about 2500 USD maybe more so how do i do that the fastest with out daily limits and delays ? looking to buy something with BTC this week if possible. VIVA LA BITCOIN!
submitted by Bisman83 to Bitcoin [link] [comments]

Putting $400M of Bitcoin on your company balance sheet

Also posted on my blog as usual. Read it there if you can, there are footnotes and inlined plots.
A couple of months ago, MicroStrategy (MSTR) had a spare $400M of cash which it decided to shift to Bitcoin (BTC).
Today we'll discuss in excrutiating detail why this is not a good idea.
When a company has a pile of spare money it doesn't know what to do with, it'll normally do buybacks or start paying dividends. That gives the money back to the shareholders, and from an economic perspective the money can get better invested in other more promising companies. If you have a huge pile of of cash, you probably should be doing other things than leave it in a bank account to gather dust.
However, this statement from MicroStrategy CEO Michael Saylor exists to make it clear he's buying into BTC for all the wrong reasons:
“This is not a speculation, nor is it a hedge. This was a deliberate corporate strategy to adopt a bitcoin standard.”
Let's unpack it and jump into the economics Bitcoin:

Is Bitcoin money?

No.
Or rather BTC doesn't act as money and there's no serious future path for BTC to become a form of money. Let's go back to basics. There are 3 main economic problems money solves:
1. Medium of Exchange. Before money we had to barter, which led to the double coincidence of wants problem. When everyone accepts the same money you can buy something from someone even if they don't like the stuff you own.
As a medium of exchange, BTC is not good. There are significant transaction fees and transaction waiting times built-in to BTC and these worsen the more popular BTC get.
You can test BTC's usefulness as a medium of exchange for yourself right now: try to order a pizza or to buy a random item with BTC. How many additional hurdles do you have to go through? How many fewer options do you have than if you used a regular currency? How much overhead (time, fees) is there?
2. Unit of Account. A unit of account is what you compare the value of objects against. We denominate BTC in terms of how many USD they're worth, so BTC is a unit of account presently. We can say it's because of lack of adoption, but really it's also because the market value of BTC is so volatile.
If I buy a $1000 table today or in 2017, it's roughly a $1000 table. We can't say that a 0.4BTC table was a 0.4BTC table in 2017. We'll expand on this in the next point:
3. Store of Value. When you create economic value, you don't want to be forced to use up the value you created right away.
For instance, if I fix your washing machine and you pay me in avocados, I'd be annoyed. I'd have to consume my payment before it becomes brown, squishy and disgusting. Avocado fruit is not good money because avocadoes loses value very fast.
On the other hand, well-run currencies like the USD, GBP, CAD, EUR, etc. all lose their value at a low and most importantly fairly predictible rate. Let's look at the chart of the USD against BTC
While the dollar loses value at a predictible rate, BTC is all over the place, which is bad.
One important use money is to write loan contracts. Loans are great. They let people spend now against their future potential earnings, so they can buy houses or start businesses without first saving up for a decade. Loans are good for the economy.
If you want to sign something that says "I owe you this much for that much time" then you need to be able to roughly predict the value of the debt in at the point in time where it's due.
Otherwise you'll have a hard time pricing the risk of the loan effectively. This means that you need to charge higher interests. The risk of making a loan in BTC needs to be priced into the interest of a BTC-denominated loan, which means much higher interest rates. High interests on loans are bad, because buying houses and starting businesses are good things.

BTC has a fixed supply, so these problems are built in

Some people think that going back to a standard where our money was denominated by a stock of gold (the Gold Standard) would solve economic problems. This is nonsense.
Having control over supply of your currency is a good thing, as long as it's well run.
See here
Remember that what is desirable is low variance in the value, not the value itself. When there are wild fluctuations in value, it's hard for money to do its job well.
Since the 1970s, the USD has been a fiat money with no intrinsic value. This means we control the supply of money.
Let's look at a classic poorly drawn econ101 graph
The market price for USD is where supply meets demand. The problem with a currency based on an item whose supply is fixed is that the price will necessarily fluctuate in response to changes in demand.
Imagine, if you will, that a pandemic strikes and that the demand for currency takes a sharp drop. The US imports less, people don't buy anything anymore, etc. If you can't print money, you get deflation, which is worsens everything. On the other hand, if you can make the money printers go brrrr you can stabilize the price
Having your currency be based on a fixed supply isn't just bad because in/deflation is hard to control.
It's also a national security risk...
The story of the guy who crashed gold prices in North Africa
In the 1200s, Mansa Munsa, the emperor of the Mali, was rich and a devout Muslim and wanted everyone to know it. So he embarked on a pilgrimage to make it rain all the way to Mecca.
He in fact made it rain so hard he increased the overall supply of gold and unintentionally crashed gold prices in Cairo by 20%, wreaking an economic havoc in North Africa that lasted a decade.
This story is fun, the larger point that having your inflation be at the mercy of foreign nations is an undesirable attribute in any currency. The US likes to call some countries currency manipulators, but this problem would be serious under a gold standard.

Currencies are based on trust

Since the USD is based on nothing except the US government's word, how can we trust USD not to be mismanaged?
The answer is that you can probably trust the fed until political stooges get put in place. Currently, the US's central bank managing the USD, the Federal Reserve (the Fed for friends & family), has administrative authority. The fed can say "no" to dumb requests from the president.
People who have no idea what the fed does like to chant "audit the fed", but the fed is already one of the best audited US federal entities. The transcripts of all their meetings are out in the open. As is their balance sheet, what they plan to do and why. If the US should audit anything it's the Department of Defense which operates without any accounting at all.
It's easy to see when a central bank will go rogue: it's when political yes-men are elected to the board.
For example, before printing themselves into hyperinflation, the Venezuelan president appointed a sociologist who publicly stated “Inflation does not exist in real life” and instead is a made up capitalist lie. Note what happened mere months after his gaining control over the Venezuelan currency
This is a key policy. One paper I really like, Sargent (1984) "The end of 4 big inflations" states:
The essential measures that ended hyperinflation in each of Germany,Austria, Hungary, and Poland were, first, the creation of an independentcentral bank that was legally committed to refuse the government'sdemand or additional unsecured credit and, second, a simultaneousalteration in the fiscal policy regime.
In english: *hyperinflation stops when the central bank can say "no" to the government."
The US Fed, like other well good central banks, is run by a bunch of nerds. When it prints money, even as aggressively as it has it does so for good reasons. You can see why they started printing on March 15th as the COVID lockdowns started:
The Federal Reserve is prepared to use its full range of tools to support the flow of credit to households and businesses and thereby promote its maximum employment and price stability goals.
In english: We're going to keep printing and lowering rates until jobs are back and inflation is under control. If we print until the sun is blotted out, we'll print in the shade.

BTC is not gold

Gold is a good asset for doomsday-preppers. If society crashes, gold will still have value.
How do we know that?
Gold has held value throughout multiple historic catastrophes over thousands of years. It had value before and after the Bronze Age Collapse, the Fall of the Western Roman Empire and Gengis Khan being Gengis Khan.
Even if you erased humanity and started over, the new humans would still find gold to be economically valuable. When Europeans d̶i̶s̶c̶o̶v̶e̶r̶e̶d̶ c̶o̶n̶q̶u̶e̶r̶e̶d̶ g̶e̶n̶o̶c̶i̶d̶e̶d̶ went to America, they found gold to be an important item over there too. This is about equivalent to finding humans on Alpha-Centauri and learning that they think gold is a good store of value as well.
Some people are puzzled at this: we don't even use gold for much! But it has great properties:
First, gold is hard to fake and impossible to manufacture. This makes it good to ascertain payment.
Second, gold doesnt react to oxygen, so it doesn't rust or tarnish. So it keeps value over time unlike most other materials.
Last, gold is pretty. This might sound frivolous, and you may not like it, but jewelry has actual value to humans.
It's no coincidence if you look at a list of the wealthiest families, a large number of them trade in luxury goods.
To paraphrase Veblen humans have a profound desire to signal social status, for the same reason peacocks have unwieldy tails. Gold is a great way to achieve that.
On the other hand, BTC lacks all these attributes. Its value is largely based on common perception of value. There are a few fundamental drivers of demand:
Apart from these, it's hard to argue that BTC will retain value throughout some sort of economic catastrophe.

BTC is really risky

One last statement from Michael Saylor I take offense to is this:
“We feel pretty confident that Bitcoin is less risky than holding cash, less risky than holding gold,” MicroStrategy CEO said in an interview
"BTC is less risky than holding cash or gold long term" is nonsense. We saw before that BTC is more volatile on face value, and that as long as the Fed isn't run by spider monkeys stacked in a trench coat, the inflation is likely to be within reasonable bounds.
But on top of this, BTC has Abrupt downside risks that normal currencies don't. Let's imagine a few:

Blockchain solutions are fundamentally inefficient

Blockchain was a genius idea. I still marvel at the initial white paper which is a great mix of economics and computer science.
That said, blockchain solutions make large tradeoffs in design because they assume almost no trust between parties. This leads to intentionally wasteful designs on a massive scale.
The main problem is that all transactions have to be validated by expensive computational operations and double checked by multiple parties. This means waste:
Many design problems can be mitigated by various improvements over BTC, but it remains that a simple database always works better than a blockchain if you can trust the parties to the transaction.
submitted by VodkaHaze to badeconomics [link] [comments]

A Detailed Summary of Every Single Reason Why I am Bullish on Ethereum

The following will be a list of the many reasons why I hold and am extremely bullish on ETH.

This is an extremely long post. If you just want the hopium without the detail, read the TL;DR at the bottom.

ETH 2.0

As we all know, ETH 2.0 phase 0 is right around the corner. This will lock up ETH and stakers will earn interest on their ETH in return for securing the network. Next comes phase 1 where the ETH 2 shards are introduced, shards are essentially parallel blockchains which are each responsible for a different part of Ethereum’s workload, think of it like a multi-core processor vs a single core processor. During phase 1, these shards will only act as data availability layers and won’t actually process transactions yet. However, their data can be utilised by the L2 scaling solution, rollups, increasing Ethereum’s throughput in transactions per second up to 100,000 TPS.
After phase 1 comes phase 1.5 which will move the ETH 1.0 chain into an ETH 2 shard and Ethereum will be fully secured by proof of stake. This means that ETH issuance will drop from around 5% per year to less than 1% and with EIP-1559, ETH might become a deflationary asset, but more on that later.
Finally, with ETH 2.0 phase two, each shard will be fully functional chains. With 64 of them, we can expect the base layer of Ethereum to scale around 64x, not including the massive scaling which comes from layer 2 scaling solutions like rollups as previously mentioned.
While the scaling benefits and ETH issuance reduction which comes with ETH 2.0 will be massive, they aren’t the only benefits. We also get benefits such as increased security from PoS compared to PoW, a huge energy efficiency improvement due to the removal of PoW and also the addition of eWASM which will allow contracts to be programmed in a wide range of programming languages, opening the floodgates for millions of web devs who want to be involved in Ethereum but don’t know Ethereum’s programming language, Solidity.

EIP-1559 and ETH scarcity

As I covered in a previous post of mine, ETH doesn’t have a supply cap like Bitcoin. Instead, it has a monetary policy of “minimum viable issuance”, not only is this is a good thing for network security, but with the addition of EIP-1559, it leaves the door open to the possibility of ETH issuance going negative. In short, EIP-1559 changes the fee market to make transaction prices more efficient (helping to alleviate high gas fees!) by burning a variable base fee which changes based on network usage demand rather than using a highest bidder market where miners simply include who pays them the most. This will result in most of the ETH being paid in transaction fees being burned. As of late, the amount which would be burned if EIP-1559 was in Ethereum right now would make ETH a deflationary asset!

Layer 2 Scaling

In the mean time while we are waiting for ETH 2.0, layer 2 scaling is here. Right now, projects such as Deversifi or Loopring utilise rollups to scale to thousands of tx/s on their decentralised exchange platforms or HoneySwap which uses xDai to offer a more scalable alternative to UniSwap. Speaking of which, big DeFi players like UniSwap and Synthetix are actively looking into using optimistic rollups to scale while maintaining composability between DeFi platforms. The most bullish thing about L2 scaling is all of the variety of options. Here’s a non exhaustive list of Ethereum L2 scaling solutions: - Aztec protocol (L2 scaling + privacy!) - ZKSync - Loopring - Raiden - Arbitrum Rollups - xDai - OMGNetwork - Matic - FuelLabs - Starkware - Optimism - Celer Network - + Many more

DeFi and Composability

If you’re reading this, I am sure you are aware of the phenomena which is Decentralised Finance (DeFi or more accurately, open finance). Ethereum is the first platform to offer permissionless and immutable financial services which when interacting with each other, lead to unprecedented composability and innovation in financial applications. A whole new world of possibilities are opening up thanks to this composability as it allows anyone to take existing pieces of open source code from other DeFi projects, put them together like lego pieces (hence the term money legos) and create something the world has never seen before. None of this was possible before Ethereum because typically financial services are heavily regulated and FinTech is usually proprietary software, so you don’t have any open source lego bricks to build off and you have to build everything you need from scratch. That is if what you want to do is even legal for a centralised institution!
Oh, and if you think that DeFi was just a fad and the bubble has popped, guess again! Total value locked in DeFi is currently at an all time high. Don’t believe me? Find out for yourself on the DeFi Pulse website.

NFTs and tokeniation

NFTs or “Non-Fungible Tokens” - despite the name which may confuse a layman - are a basic concept. They are unique tokens with their own unique attributes. This allows you to create digital art, human readable names for your ETH address (see ENS names and unstoppable domains), breedable virtual collectible creatures like crypto kitties, ownable in game assets like Gods Unchained cards or best of all in my opinion, tokenised ownership of real world assets which can even be split into pieces (this doesn’t necessarily require an NFT. Fungible tokens can be/are used for some of the following use cases). This could be tokenised ownership of real estate (see RealT), tokenised ownership of stocks, bonds and other financial assets (which by the way makes them tradable 24/7 and divisible unlike through the traditional system) or even tokenised ownership of the future income of a celebrity or athlete (see when NBA player Spencer Dinwiddie tokenized his own NBA contract.)

Institutional Adoption

Ethereum is by far the most widely adopted blockchain by enterprises. Ethereum’s Enterprise Ethereum Alliance (EEA) is the largest blockchain-enterprise partnership program and Ethereum is by far the most frequently leveraged blockchain for proof of concepts and innovation in the blockchain space by enterprises. Meanwhile, there are protocols like the Baseline protocol which is a shared framework which allows enterprises to use Ethereum as a common frame of reference and a base settlement layer without having to give up privacy when settling on the public Ethereum mainnet. This framework makes adopting Ethereum much easier for other enterprises.

Institutional Investment

One of Bitcoin’s biggest things it has going for it right now is the growing institutional investment. In case you were wondering, Ethereum has this too! Grayscale offers investment in the cryptocurrency space for financial institutions and their Ethereum fund has already locked up more than 2% of the total supply of ETH. Not only this, but as businesses transact on Ethereum and better understand it, not only will they buy up ETH to pay for their transactions, but they will also realise that much like Bitcoin, Ethereum is a scarce asset. Better yet, a scarce asset which offers yield. As a result, I expect to see companies having ETH holdings become the norm just like how Bitcoin is becoming more widespread on companies’ balance sheets.

The state of global markets

With asset prices in almost every asset class at or near all-time highs and interest rates lower than ever and even negative in some cases, there really aren’t many good opportunities in the traditional financial system right now. Enter crypto - clearly the next evolution of financial services (as I explained in the section on DeFi earlier in this post), with scarce assets built in at the protocol layer, buying BTC or ETH is a lot like buying shares in TCP/IP in 1990 (that is if the underlying protocols of the internet could be invested in which they couldn’t). Best of all, major cryptos are down from their all-time highs anywhere between 35% for BTC or 70% for ETH and much more for many altcoins. This means that they can significantly appreciate in value before entering uncharted, speculative bubble territory.
While of course we could fall dramatically at any moment in the current macro financial conditions, as a longer term play, crypto is very alluring. The existing financial system has shown that it is in dire need of replacing and the potential replacement has started rearing its head in the form of crypto and DeFi.

Improvements in user onboarding and abstracting away complexity

Ethereum has started making huge leaps forward in terms of usability for the end user. We now have ENS names and unstoppable domains which allow you to send ETH to yournamehere.ETH or TrickyTroll.crypto (I don’t actually have that domain, that’s just an example). No longer do you have to check every character of your ugly hexadecimal 0x43AB96D… ETH address to ensure you’re sending your ETH to the right person. We also have smart contract wallets like Argent wallet or the Gnosis safe. These allow for users to access their wallets and interact with DeFi self-custodially from an app on their phone without having to record a private key or recovery phrase. Instead, they offer social recovery and their UI is straight forward enough for anyone who uses a smart phone to understand. Finally, for the more experienced users, DApps like Uniswap have pretty, super easy to use graphical user interfaces and can be used by anyone who knows how to run and use a browser extension like Metamask.

The lack of an obvious #1 ETH killer

One of Ethereum’s biggest threats is for it to be overthrown by a so-called “Ethereum killer” blockchain which claims to do everything Ethereum can do and sometimes more. While there are competitors which are each formidable to a certain extent such as Polkadot, Cardano and EOS, each have their own weaknesses. For example, Polkadot and Cardano are not fully operational yet and EOS is much more centralised than Ethereum. As a result, none of these competitors have any significant network effects just yet relative to the behemoth which is Ethereum. This doesn’t mean that these projects aren’t a threat. In fact, I am sure that projects like Polkadot (which is more focused on complimenting Ethereum than killing it) will take a slice out of Ethereum’s pie. However, I am still very confident that Ethereum will remain on top due to the lack of a clear number 2 smart contract platform. Since none of these ETH killers stands out as the second place smart contract platform, it makes it much harder for one project to create a network effect which even begins to threaten Ethereum’s dominance. This leads me onto my next reason - network effects.

Network effects

This is another topic which I made a previous post on. The network effect is why Bitcoin is still the number one cryptocurrency and by such a long way. Bitcoin is not the most technologically advanced cryptocurrency. However, it has the most widespread name recognition and the most adoption in most metrics (ETH beats in in some metrics these days). The network effect is also why most people use Zoom and Facebook messengeWhatsApp despite the existence of free, private, end to end encrypted alternatives which have all the same features (Jitsi for the zoom alternative and Signal for the private messenger app. I highly recommend both. Let’s get their network effects going!). It is the same for Bitcoin. People don’t want to have to learn about or set up a wallet for alternative options. People like what is familiar and what other people use. Nobody wants to be “that guy” who makes you download yet another app and account you have to remember the password/private key for. In the same way, Enterprises don’t want to have to create a bridge between their existing systems and a dozen different blockchains. Developers don’t want to have to create DeFi money legos from scratch on a new chain if they can just plug in to existing services like Uniswap. Likewise, users don’t want to have to download another browser extension to use DApps on another chain if they already use Ethereum. I know personally I have refrained from investing in altcoins because I would have to install another app on my hardware wallet or remember another recovery phrase.
Overthrowing Ethereum’s network effect is one hell of a big task these days. Time is running out for the ETH killers.

Ethereum is the most decentralised and provably neutral smart contract platform

Ethereum is also arguably the most decentralised and provably neutral smart contract platform (except for maybe Ethereum Classic on the neutrality part). Unlike some smart contract platforms, you can’t round up everyone at the Ethereum Foundation or any select group of people and expect to be able to stop the network. Not only this, but the Ethereum foundation doesn’t have the ability to print more ETH or push through changes as they wish like some people would lead you on to believe. The community would reject detrimental EIPs and hard fork. Ever since the DAO hack, the Ethereum community has made it clear that it will not accept EIPs which attempt to roll back the chain even to recover hacked funds (see EIP-999).
Even if governments around the world wanted to censor the Ethereum blockchain, under ETH 2.0’s proof of stake, it would be incredibly costly and would require a double digit percentage of the total ETH supply, much of which would be slashed (meaning they would lose it) as punishment for running dishonest validator nodes. This means that unlike with proof of work where a 51% attacker can keep attacking the network, under proof of stake, an attacker can only perform the attack a couple of times before they lose all of their ETH. This makes attacks much less financially viable than it is on proof of work chains. Network security is much more than what I laid out above and I am far from an expert but the improved resistance to 51% attacks which PoS provides is significant.
Finally, with the US dollar looking like it will lose its reserve currency status and the existing wire transfer system being outdated, superpowers like China won’t want to use US systems and the US won’t want to use a Chinese system. Enter Ethereum, the provably neutral settlement layer where the USA and China don’t have to trust each other or each other’s banks because they can trust Ethereum. While it may sound like a long shot, it does make sense if Ethereum hits a multi-trillion dollar market cap that it is the most secure and neutral way to transfer value between these adversaries. Not to mention if much of the world’s commerce were to be settled in the same place - on Ethereum - then it would make sense for governments to settle on the same platform.

ETH distribution is decentralised

Thanks to over 5 years of proof of work - a system where miners have to sell newly minted ETH to pay for electricity costs - newly mined ETH has found its way into the hands of everyday people who buy ETH off miners selling on exchnages. As pointed out by u/AdamSC1 in his analysis of the top 10K ETH addresses (I highly recommend reading this if you haven’t already), the distribution of ETH is actually slightly more decentralised than Bitcoin with the top 10,000 ETH wallets holding 56.70% of ETH supply compared to the top 10,000 Bitcoin wallets which hold 57.44% of the Bitcoin supply. This decentralised distribution means that the introduction of staking won’t centralise ETH in the hands of a few wallets who could then control the network. This is an advantage for ETH which many proof of stake ETH killers will never have as they never used PoW to distribute funds widely throughout the community and these ETH killers often did funding rounds giving large numbers of tokens to VC investors.

The community

Finally, while I may be biased, I think that Ethereum has the friendliest community. Anecdotally, I find that the Ethereum developer community is full of forward thinking people who want to make the world a better place and build a better future, many of whom are altruistic and don’t always act in their best interests. Compare this to the much more conservative, “at least we’re safe while the world burns” attitude which many Bitcoiners have. I don’t want to generalise too much here as the Bitcoin community is great too and there are some wonderful people there. But the difference is clear if you compare the daily discussion of Bitcoin to the incredibly helpful and welcoming daily discussion of EthFinance who will happily answer your noob questions without calling you an idiot and telling you to do you own research (there are plenty more examples in any of the daily threads). Or the very helpful folks over at EthStaker who will go out of their way to help you set up an ETH 2.0 staking node on the testnets (Shoutout to u/superphiz who does a lot of work over in that sub!). Don’t believe me? Head over to those subs and see for yourself.
Please don’t hate on me if you disagree about which project has the best community, it is just my very biased personal opinion and I respect your opinion if you disagree! :)

TL;DR:

submitted by Tricky_Troll to CryptoCurrency [link] [comments]

[Serious] How to deal with Crypto Tax 2020?

First of all, please upvote for visibility + more opinions - this concerns all of us. Also, if you're stupid enough to think you'll get away with avoiding tax's despite KYC'ing to Coinbase & Binance don't bother commenting. News flash! you're gonna end up paying that tax in the long run + huge fines eating into your gains (or even putting you into debt).

Anyways... I started investing in 2017. As a noob I did what most people did, chased multiple shitcoins, bought and sold various different pumps getting wrecked along the way. Then towards the end of the year, my portfolio increased significantly... but I DIDN'T sell - so I didn't "crystalise" any gainz. (I sold a couple hundred here and there during hard financial times, but I'm guessing nothing close to the free capital gains allowance).
Fast forward just over 2 years, since then I've been buying BTC/ETH/XMR on a consistent basis. It's getting to the point where if I were to sell enough of my stack, I'd owe tax as it'd be over the "allowed" CGT threshold.
That leads me to my question... how the fuck are you supposed to calculate capital gains tax when it comes to crypto? For the past 3 years I've traded in and out of alt-coins on multiple exchanges (some of which don't even exist anymore). It would be easy if it was just FIAT IN vs FIAT OUT, but the fact that CRYPTO to CRYPTO is considered taxable just makes it a nightmare! On top of that I did some freelance work (paid in BTC) which adds to the complexity.
Take another example of what confuses me: Say I bought 1BTC on Coinbase in 2017, then 1BTC on Kraken in 2018, then 0.5BTC on Coinbase again in 2019, and hold them all in the same wallet. Then if I were to sell 0.5BTC in 2020, what Bitcoin was actually sold? Half of the 1 BTC bought in 2017? Is it FIFO?
I genuinely don't know where to start and need help. I don't want to be in a shitty situation (for example some massive 2017-esque bull run happens just before the end of the tax year and I decide to cash out and have 3 days to sort shit out). I want to be prepared.

I've come across services such as https://www.cointracker.io/ /https://bitcoin.tax/ etc but feel really hesitant to give quasi-unknown companies full read access to my wallet addresses, portfolio amount, personal email address etc. Privacy is key in the crypto space and I don't want another attack vector especially after seeing much more established companies such as Ledger fucking up (idiots) and losing my personal data.
What do I do? I've even thought of selling EVERYTHING to FIAT and immediately buying it all back and taking whatever fine comes my way on the chin just so I can clearly track crypto transactions and not have to stress about it.
If anyone has experience with crypto tax's please share any information that may be valuable to me/all the many others that are in the same situation as me.

TL;DR: Bought loads of Bitcoin and Shitcoins throughout the past 3 years, finally starting to total up to an amount that'd be taxable if I sold a chunk - dafuq do I do regarding Taxes?
submitted by finbar93 to Bitcoin [link] [comments]

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