Who's stacking Bitcoin (Satoshis)? And a very short How To

[guncollector]

I did a search and was very surprised to find not much mention of Bitcoin.

First, let's get something straight, there's Bitcoin (BTC) and there's everything else (often referred disparagingly as 'sh*tcoins'). Bitcoin runs on Proof of Work and is limited to 21 million. Each whole BTC is divisible by 100,000,000. 1/100,000,000th of a BTC is called a Satoshi.

A) Who's stacking Bitcoin?

B) The easiest way I've found is to open a Coinbase, Strike, or Phoenix account. These are called "Custodial" exchanges. Link your bank account, and purchase what BTC amount you're comfortable with.

Then, I transfer the purchased BTC from the Custodial Exchange to my Cold Wallet* (usually a thumbdrive type device with a 24-word [unbreakable SHA 256 encrypted] password)--often referred to as "The Keys". Remember, Not Your Keys, Not Your Coins! Don't worry, as long as you know have The Keys, even if your thumbdrive is destroyed you can reconstitute your BTC!

Anyway, this thread isn't really meant to debate the merits of BTC or not, but to see how widely Preppers here have diversified into BTC, and how they go about it.

*-if there's interest, I can post a How To transfer to the Cold Wallet

[borderguy]

Bitcoin is not a tangible asset.

In any type of disaster or event who would trade bitcoin for food, water, ammo or a tangible, useful asset?

If the internet goes down during a SHTF event, how does one access their Bitcoin?

What barter value will Bitcoin have in a long term SHTF event?

Bitcoin is not part of my preps as it has no tangible value for SHTF.

[guncollector]

If SHTF is your only preparation, then Bitcoin is not suited to your purpose.

That said, even if 1 computer survives anywhere on the planet, the entire Bitcoin blockchain can and will be reconstituted.

IMO, prepping is about more than SHTF. And we recover from many/most SHTF events. Prepping also means protecting your heard earned money from debasement of currency and confiscation. Bitcoin does that...

P.s. I'm not advocating everyone put everything into BTC. I keep plenty of beans, bullets, and bullion on hand, too.

[200Apples]

A) Who's stacking Bitcoin?

lol - who can afford to *stack* bitcoin? when it's +/- $34,000 a pop...


I know, I know... *stack* being a figure of speech, like small arms amunition:

Buy it cheap, stack it deep. I get it. But, again, at $34,000...

Come at me, bro.

[200Apples]

Then, I transfer the purchased BTC from the Custodial Exchange to my Cold Wallet* (usually a thumbdrive type device with a 24-word [unbreakable SHA 256 encrypted] password)--often referred to as "The Keys". Remember, Not Your Keys, Not Your Coins! Don't worry, as long as you know have The Keys, even if your thumbdrive is destroyed you can reconstitute your BTC!

The sequence of words is known as a seed phrase, passphrase, or, pass*key*. Not *keys*.

Some cold wallet devices also have a password/number combination just to open them, but without access to any btc (where one needs the seed phrase/passphrase).

Don't ask me how I know this.

[guncollector]

The sequence of words is known as a seed phrase, passphrase, or, pass*key*. Not *keys*.

Some cold wallet devices also have a password/number combination just to open them, but without access to any btc (where one needs the seed phrase/passphrase).

Don't ask me how I know this.

The 24 word seed phrase or passphrase, whatever you wish to call them, constitute of your Private Key (vs. Public Key) in your wallet’s encryption software. Another way to think of it is the passphrase is the unencrypted version of your Private Key. Hence the motto: Not Your Keys, Not Your Coins referring to the downside of trusting a Custodial Broker (e.g. Coinbase, Strike, PayPal, etc.) to store your Bitcoin (as they keep the passphrase/keys).

[guncollector]

lol - who can afford to *stack* bitcoin? when it's +/- $34,000 a pop...


I know, I know... *stack* being a figure of speech, like small arms amunition:

Buy it cheap, stack it deep. I get it. But, again, at $34,000...

Come at me, bro.

You can buy any amount of Bitcoin down to a 1/1,000,000th unit. That smallest unit is known as a Satoshi.

The average holder of Bitcoin (per Glassnode) has 0.28 BTC. But that is skewed a by the huge holding of the top 10%. Remove that top 10% from the average, and the average figure drops to 0.08 BTC.

You can buy as little or as much as you want in terms of actual USD$.

I (and many, many, very smarter-than-me people) believe if you hold long enough (5-10 yr horizon), the price of a AR-15 & 1,000 rounds of ammo in BTC will pay off huge dividends for you and your children.

There?s 8 Billion people on Earth. There will only ever be 21M BTC. 19.5M BTC have already been mined. Estimates are 4-5M BTC have been permanently lost.

[guncollector]

https://m.youtube.com/watch?v=wdJFeSY8UVk&pp=ygUsbWljaGFlbCBzYXlsb3IgdHVja2VyIGNhcmxzb24gZnVsbCBpbnRlcnZpZXc%3D

I can’t explain Bitcoin any better than Michael Saylor (CEO Microstrategies) can here to Tucker Carlson. Highly recommended anyone interested in educating themselves on the topic to watch.

[200Apples]

I was being sarcastic, but in fun.

If you had asked, "Who's stacking Satoshis?", then, I might not have posted that reply.


Either way, I've been following the cryptocurrency saga since 2020 when I one morning reading a fiat dollar financial blog had an epiphany regarding blockchain software...

That said, and for something a little different, I ran across this interesting article just now. It shuts down the folks who labor under the illusion that bitcoin is used by bad actors. Maybe in the past, but it didn't work for Hamas:

Unlike paper money or computer files, the bitcoin blockchain is permanent, transparent and immutable. This means that each network transaction, whether it?s worth a few cents or millions of dollars, becomes fossilized on the blockchain like a prehistoric bug in digital amber.

These fossilized transactions include every donation to Hamas ever made through this medium. All law enforcement has to do is connect a transaction with a wallet and a wallet with an identity ?a task which, in practice, it has had little difficulty doing.

It is for that reason that illicit activity makes up such a small fraction of transactions in the cryptocurrency space ? about one quarter of one percent, according to a study by analytics firm Chainalysis. That is an especially small amount when compared to the 2 to 5 percent of fiat currency transactions attributed to money laundering and the like, according to United Nations data.

In other words, if you don?t like what certain people do with bitcoin, you are going to hate the U.S. dollar.

No new news there for me. It only reinforces the value of blockchain.


Rest of the story here.

[ugimports]

I was being sarcastic, but in fun.

If you had asked, "Who's stacking Satoshis?", then, I might not have posted that reply.


Either way, I've been following the cryptocurrency saga since 2020 when I one morning reading a fiat dollar financial blog had an epiphany regarding blockchain software...

That said, and for something a little different, I ran across this interesting article just now. It shuts down the folks who labor under the illusion that bitcoin is used by bad actors. Maybe in the past, but it didn't work for Hamas:




No new news there for me. It only reinforces the value of blockchain.


Rest of the story here.

I thought one of the value props of crypto is the anonymity which looks like its gone.. What stops the US government in 5-10 years back tracking all transaction to US taxpayers and taxing all your crypto as income? I'd guess they (or some entity they are paying) are using AI to do just that...

[guncollector]

Bitcoin is an Open, Permissionless Ledger. All transactions are tracked in a Open Public ledger.

Anonymity only comes in the form of the hardware (cold storage) wallets. While where the original BTC transferred IN to a wallet can be traced, who has possession of the cold wallet after that is another story.

That said, Bitcoin has been repeatedly by SEC, Treasury, and CTFC considered a Commodity--not a Security. Like other commodity assets such as Real Estate, Diamonds, Gold, etc. you only pay taxes after you SELL it and pay a Capital Gains (if there is a profit).

I thought one of the value props of crypto is the anonymity which looks like its gone.. What stops the US government in 5-10 years back tracking all transaction to US taxpayers and taxing all your crypto as income? I'd guess they (or some entity they are paying) are using AI to do just that...

[Oneaudiopro]

Buying Bitcoin = Being naive and stupid

[guncollector]

Buying Bitcoin = Being naive and stupid

That's one view. And BTC, obviously, not for you.

Apparently millions of other don't agree--to include huge Wall Street firms (with Trillions under management--with a "T") now like BlackRock, Ark, WisdomTree, Fidelity, Invesco, Graysale, etc. who have all filed for BTC ETF's with the SEC. Those firms are many things, but naive and stupid is not two of them.

Don't confuse Bitcoin (classified as an Commodity) with ETH & the million other crypto-"coins" that have an Issuer and are classified as a Security (disparagingly referred to as "****coins"). If you don't understand the difference, then you should educate yourself.

Bitcoin is essentially a Bank with Property Rights that can't be corrupted, inflated, or confiscated, and the only one that has a hard limit of 21M--meaning its the only monetary system who's price is inelastic. That means even when the price goes up, NO more can be made. Period.

When one understands the benefits of such a vehicle, it becomes an obvious choice.

[Corbin Dallas]

Bitcoin is tracked by the government.

If you think otherwise, look no further than Silk Road.

[Beelzy]

Seeing how the Government is sitting on a huge chunk of it....I'm out.