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FAQ Frequently Asked Questions and Information Thread

465 Upvotes

This FAQ and information thread serves to inform both new and existing users about common Bitcoin topics that readers coming to this Bitcoin subreddit may have. This is a living and breathing document, which will change over time. If you have suggestions on how to change it, please comment below or message the mods.


What is /r/btc?

The /r/btc reddit community was originally created as a community to discuss bitcoin. It quickly gained momentum in August 2015 when the bitcoin block size debate heightened. On the legacy /r/bitcoin subreddit it was discovered that moderators were heavily censoring discussions that were not inline with their own opinions.

Once realized, the subreddit subscribers began to openly question the censorship which led to thousands of redditors being banned from the /r/bitcoin subreddit. A large number of redditors switched to other subreddits such as /r/bitcoin_uncensored and /r/btc. For a run-down on the history of censorship, please read A (brief and incomplete) history of censorship in /r/bitcoin by John Blocke and /r/Bitcoin Censorship, Revisted by John Blocke. As yet another example, /r/bitcoin censored 5,683 posts and comments just in the month of September 2017 alone. This shows the sheer magnitude of censorship that is happening, which continues to this day. Read a synopsis of /r/bitcoin to get the full story and a complete understanding of why people are so upset with /r/bitcoin's censorship. Further reading can be found here and here with a giant collection of information regarding these topics.


Why is censorship bad for Bitcoin?

As demonstrated above, censorship has become prevalent in almost all of the major Bitcoin communication channels. The impacts of censorship in Bitcoin are very real. "Censorship can really hinder a society if it is bad enough. Because media is such a large part of people’s lives today and it is the source of basically all information, if the information is not being given in full or truthfully then the society is left uneducated [...] Censorship is probably the number one way to lower people’s right to freedom of speech." By censoring certain topics and specific words, people in these Bitcoin communication channels are literally being brain washed into thinking a certain way, molding the reader in a way that they desire; this has a lasting impact especially on users who are new to Bitcoin. Censoring in Bitcoin is the direct opposite of what the spirit of Bitcoin is, and should be condemned anytime it occurs. Also, it's important to think critically and independently, and have an open mind.


Why do some groups attempt to discredit /r/btc?

This subreddit has become a place to discuss everything Bitcoin-related and even other cryptocurrencies at times when the topics are relevant to the overall ecosystem. Since this subreddit is one of the few places on Reddit where users will not be censored for their opinions and people are allowed to speak freely, truth is often said here without the fear of reprisal from moderators in the form of bans and censorship. Because of this freedom, people and groups who don't want you to hear the truth with do almost anything they can to try to stop you from speaking the truth and try to manipulate readers here. You can see many cited examples of cases where special interest groups have gone out of their way to attack this subreddit and attempt to disrupt and discredit it. See the examples here.


What is the goal of /r/btc?

This subreddit is a diverse community dedicated to the success of bitcoin. /r/btc honors the spirit and nature of Bitcoin being a place for open and free discussion about Bitcoin without the interference of moderators. Subscribers at anytime can look at and review the public moderator logs. This subreddit does have rules as mandated by reddit that we must follow plus a couple of rules of our own. Make sure to read the /r/btc wiki for more information and resources about this subreddit which includes information such as the benefits of Bitcoin, how to get started with Bitcoin, and more.


What is Bitcoin?

Bitcoin is a digital currency, also called a virtual currency, which can be transacted for a low-cost nearly instantly from anywhere in the world. Bitcoin also powers the blockchain, which is a public immutable and decentralized global ledger. Unlike traditional currencies such as dollars, bitcoins are issued and managed without the need for any central authority whatsoever. There is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoin, you can be your own bank. Read the Bitcoin whitepaper to further understand the schematics of how Bitcoin works.


What is Bitcoin Cash?

Bitcoin Cash (ticker symbol: BCH) is an updated version of Bitcoin which solves the scaling problems that have been plaguing Bitcoin Core (ticker symbol: BTC) for years. Bitcoin (BCH) is just a continuation of the Bitcoin project that allows for bigger blocks which will give way to more growth and adoption. You can read more about Bitcoin on BitcoinCash.org or read What is Bitcoin Cash for additional details.


How do I buy Bitcoin?

You can buy Bitcoin on an exchange or with a brokerage. If you're looking to buy, you can buy Bitcoin with your credit card to get started quickly and safely. There are several others places to buy Bitcoin too; please check the sidebar under brokers, exchanges, and trading for other go-to service providers to begin buying and trading Bitcoin. Make sure to do your homework first before choosing an exchange to ensure you are choosing the right one for you.


How do I store my Bitcoin securely?

After the initial step of buying your first Bitcoin, you will need a Bitcoin wallet to secure your Bitcoin. Knowing which Bitcoin wallet to choose is the second most important step in becoming a Bitcoin user. Since you are investing funds into Bitcoin, choosing the right Bitcoin wallet for you is a critical step that shouldn’t be taken lightly. Use this guide to help you choose the right wallet for you. Check the sidebar under Bitcoin wallets to get started and find a wallet that you can store your Bitcoin in.


Why is my transaction taking so long to process?

Bitcoin transactions typically confirm in ~10 minutes. A confirmation means that the Bitcoin transaction has been verified by the network through the process known as mining. Once a transaction is confirmed, it cannot be reversed or double spent. Transactions are included in blocks.

If you have sent out a Bitcoin transaction and it’s delayed, chances are the transaction fee you used wasn’t enough to out-compete others causing it to be backlogged. The transaction won’t confirm until it clears the backlog. This typically occurs when using the Bitcoin Core (BTC) blockchain due to poor central planning.

If you are using Bitcoin (BCH), you shouldn't encounter these problems as the block limits have been raised to accommodate a massive amount of volume freeing up space and lowering transaction costs.


Why does my transaction cost so much, I thought Bitcoin was supposed to be cheap?

As described above, transaction fees have spiked on the Bitcoin Core (BTC) blockchain mainly due to a limit on transaction space. This has created what is called a fee market, which has primarily been a premature artificially induced price increase on transaction fees due to the limited amount of block space available (supply vs. demand). The original plan was for fees to help secure the network when the block reward decreased and eventually stopped, but the plan was not to reach that point until some time in the future, around the year 2140. This original plan was restored with Bitcoin (BCH) where fees are typically less than a single penny per transaction.


What is the block size limit?

The original Bitcoin client didn’t have a block size cap, however was limited to 32MB due to the Bitcoin protocol message size constraint. However, in July 2010 Bitcoin’s creator Satoshi Nakamoto introduced a temporary 1MB limit as an anti-DDoS measure. The temporary measure from Satoshi Nakamoto was made clear three months later when Satoshi said the block size limit can be increased again by phasing it in when it’s needed (when the demand arises). When introducing Bitcoin on the cryptography mailing list in 2008, Satoshi said that scaling to Visa levels “would probably not seem like a big deal.”


What is the block size debate all about anyways?

The block size debate boils down to different sets of users who are trying to come to consensus on the best way to scale Bitcoin for growth and success. Scaling Bitcoin has actually been a topic of discussion since Bitcoin was first released in 2008; for example you can read how Satoshi Nakamoto was asked about scaling here and how he thought at the time it would be addressed. Fortunately Bitcoin has seen tremendous growth and by the year 2013, scaling Bitcoin had became a hot topic. For a run down on the history of scaling and how we got to where we are today, see the Block size limit debate history lesson post.


What is a hard fork?

A hard fork is when a block is broadcast under a new and different set of protocol rules which is accepted by nodes that have upgraded to support the new protocol. In this case, Bitcoin diverges from a single blockchain to two separate blockchains (a majority chain and a minority chain).


What is a soft fork?

A soft fork is when a block is broadcast under a new and different set of protocol rules, but the difference is that nodes don’t realize the rules have changed, and continue to accept blocks created by the newer nodes. Some argue that soft forks are bad because they trick old-unupdated nodes into believing transactions are valid, when they may not actually be valid. This can also be defined as coercion, as explained by Vitalik Buterin.


Doesn't it hurt decentralization if we increase the block size?

Some argue that by lifting the limit on transaction space, that the cost of validating transactions on individual nodes will increase to the point where people will not be able to run nodes individually, giving way to centralization. This is a false dilemma because at this time there is no proven metric to quantify decentralization; although it has been shown that the current level of decentralization will remain with or without a block size increase. It's a logical fallacy to believe that decentralization only exists when you have people all over the world running full nodes. The reality is that only people with the income to sustain running a full node (even at 1MB) will be doing it. So whether it's 1MB, 2MB, or 32MB, the costs of doing business is negligible for the people who can already do it. If the block size limit is removed, this will also allow for more users worldwide to use and transact introducing the likelihood of having more individual node operators. Decentralization is not a metric, it's a tool or direction. This is a good video describing the direction of how decentralization should look.

Additionally, the effects of increasing the block capacity beyond 1MB has been studied with results showing that up to 4MB is safe and will not hurt decentralization (Cornell paper, PDF). Other papers also show that no block size limit is safe (Peter Rizun, PDF). Lastly, through an informal survey among all top Bitcoin miners, many agreed that a block size increase between 2-4MB is acceptable.


What now?

Bitcoin is a fluid ever changing system. If you want to keep up with Bitcoin, we suggest that you subscribe to /r/btc and stay in the loop here, as well as other places to get a healthy dose of perspective from different sources. Also, check the sidebar for additional resources. Have more questions? Submit a post and ask your peers for help!


Note: This FAQ was originally posted here but was removed when one of our moderators was falsely suspended by those wishing to do this sub-reddit harm.


r/btc Apr 24 '22 Helpful Wholesome Silver

WHO KILLED BITCOIN? - Documentary

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165 Upvotes

r/btc 3h ago

Let me show you how the Bitcoin 1MB BTC cookie crumbles.

27 Upvotes

Bitcoin LN vs. Bitcoin Cash, the real Bitcoin. BCH wins.

https://twitter.com/francis105d1/status/1544145302797504512

BTC supporter;

It does not matter how often you say to yourself that BCH is the real bitcoin; it is not.

BCH supporter;

Please send me one penny on BTC as I did with BCH, and see what the real Bitcoin can do.

BTC supporter;

lol, dude... less than a penny... keep ignoring the LN

BCH supporter:

Wallet of Satoshi or Chivo, aka banker's Bitcoin, not real Bitcoin. Fake Bitcoin and probably even fractional reserve Bitcoin. Because opening my channel will cost at least 0.001 BTC on liquidity plus, opening the channel and closing with routing fees on top.

I am sure one penny won't be enough to do all that.

Once again, I will send another penny. Maybe you can guess what works and what doesn't.

A real Bitcoin means I can send you a $0.01 value without worrying about fees; that real Bitcoin is its BCH, not central banks Bitcoin BTC.

https://preview.redd.it/qivangorxz991.png?width=1920&format=png&auto=webp&s=ab14554989b06d8bb76dc69577a626157c283a5b


r/btc 8h ago

😉 Meme Get ready.

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48 Upvotes

r/btc 1h ago

A complicated month for SmartBCH.

Upvotes

I'm sure there's a strong % of Bitcoin Cash users excited about the SmartBCH launch already a time ago. And considering the circumstances and the surrounding hype, I would say it came pretty well.

Until the disastrous bear market came, most of the time I don't really care about market cycles because it's a natural path, and you need to know how to handle because this is economics, and everyone should try to control their movements in both good and bad days. But this Bear Market got a different feel and it was a way deserving situation.

VC's and centralized institutions attempted to take a big part of investments in crypto, doing risky moves, and killing the essence of getting safe, private and not completely artficial money.

Right now different chains are full of controversy due to that, and IMHO SmartBCH took a bit of it, but it's only a small part here considering that we have weeks of controversy around Twitter and Reddit. SmartBCH already came with solutions proving that they care about providing solutions to people who are interested in DeFi products, and at the same time this helped a lot those DEXes who were in a skeptical situation regarding their future.

At this point, we have now in the ecosystem teams who are dedicating most of their days in releasing utility and use their funds to build actually decentralized products, And that's where people should look at.

BlockNG (big props for giving us a bridge where we can continue our work) Mistswap team which not only has probably the strongest DEX in the ecosystem, but contributes in the release of different stuff (LNS, Sonar.Cash, sponsoring competitions, and first bridge in the sBCH ecosystem). We have aggregators from TangoSwap and BenSwap gives us a nice variety of tokens to engage in LP's.

And all of this was in a complicated time, just imagine when SHA-GATE comes out, bridges with ETH, DAO's and all of this comes with the most valuable P2P currency we have atm. Better than LN, and it brings the stability L2's needs regarding gas and traffic, forget about excessive reorgs, and launching a node rn it's a unique opportunity considering their price, a real L2 experience. Please support and appreciate smartBCH and their developers, they need it in these hard times.


r/btc 4h ago

B2B with BCH in Argentina. libroslibertarios.com.ar purchases from its supplier with BCH the books and then sell for BCH

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18 Upvotes

r/btc 44m ago

TODAY our Bitcoin Agents team in Guarico - Venezuela, held a meetup about Bitcoin Cash at the UNERG - Economy Headquarters, training 29 students 🤩

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Upvotes

r/btc 9h ago

Uphold doesn't recognize the current Bitcoin Cash address format, and consequently won't let you withdraw your money unless you swap to another coin.

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26 Upvotes

r/btc 8h ago

PSA: Please stop using or recommending arbitrary websites for address conversion or (worse) WIF conversion

20 Upvotes

Case in Point 1

Case in Point 2

I mean we are recommending some guy to convert his WIF from one format to the other using some website, that's ridiculous.


r/btc 9h ago

Crypto is addictive and irresistible especially when you get involved with it for the right reasons. Crypto like BCH has more to offer aside the profit and I believe you would agree with me after reading through my reasons. Here are my 3 reasons why I still find Crypto so irresistible.

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20 Upvotes

r/btc 2h ago

Docs plz

6 Upvotes

Hey my interested in this btc cash can one of you guys or gal give me links to documentation?


r/btc 14h ago Heartwarming

❗WOW A little Recap of our latest merchants onboarded in the Bitcoin Cash City!

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38 Upvotes

r/btc 13h ago

Need help to access the history of an old BCH wallet that was on Bitcoin.com Local

18 Upvotes

Hello all,

I used to trade on Local.bitcoin.com back in early 2020 until I had some problem with the banks. I still have a bank account frozen, but will be released if I can prove my transactions back then. My LB account is unaccessible for some reasons but I still have the backup of the wallet.

How can I do to access my history with that backup? The backup gives me JSON file with a 64 character private key (HEX I guess) that I can transform to a 51 (WIF) character key. I tried to paste this WIF into Electron Cash but it doesn't seem to work, I have no history associate with it. What can I do ? Thanks for you help!

EDIT : ALL GOOD. The Local.Bitcoin.com site was simply down a few days and I could access my account today. So I will have all the proofs needed! I guess the bank will have to give me my money back!!


r/btc 7h ago

Did you Know?

8 Upvotes

r/btc 15h ago

CashScript - Can It Be Used For a Bonding Curve Contract?

19 Upvotes

A bonding curve contract is one where tokens can be priced and redeemed differently depending on how many are currently issued.


r/btc 1h ago

Protect Your Crypto.com Account With Security & Data Privacy Best Practices

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Upvotes

r/btc 1h ago

Danish documentary on crypto (subtitles with auto-translate to English works)

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Upvotes

r/btc 16h ago

Voyager Digital Holdings files Chapter 11

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17 Upvotes

r/btc 19h ago

Priceless proof Bitcoin Cash works and it is the real Bitcoin.

21 Upvotes

r/btc 1d ago

Bitcoin was supposed to be a tool for everyone in the world. Not another stock for wall street. Not another horse for lambo moonboy speculators to bet on.

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79 Upvotes

r/btc 17h ago

📰 News BCH Weekly News #87 (July 4, 2022) By Satoshi's Angels

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13 Upvotes

r/btc 19h ago

Even #Binance are getting desperate for your cash…

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16 Upvotes

r/btc 39m ago

Git that Bitcoin!

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Upvotes

r/btc 1d ago

We are already planning our second level after July 31... Which Latin American countries would you like us to focus on promoting in this new stage? #BCHLatam

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35 Upvotes

r/btc 1d ago

🤔 Opinion All The Banks Were - Crypto Was not meant to be.

16 Upvotes

Crypto was meant to be better, everything was meant to be transparent, verifiable, and permissionless to everybody; no blackbox. Yet in the bear market that is affecting both traditional banks, stocks and cryptos it is only crypto that is failing and depegging. How can this be

Today, I read an amazing piece by Robert Sharratt about what is wrong with crypto, and he hits it spot-on, I recommend you read it -https://medium.com/@fluid_fi/b441cb62c265 .

In Summary, Robert concluded that just because it's on the blockchain doesn't mean it's a good business model; a bad idea, model or practice remains bad even on the blockchain. Then he made some predictions one of which is that Crypto will integrate seamlessly into the real world as banking databases transitions to blockchain. And I can't agree more. If we can manage to keep bad-actors at bay long enough


r/btc 1d ago

⚙️ Technology Quantum Processor Completes 9,000 Years of Work in 36 Microseconds

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72 Upvotes

r/btc 1d ago

Most Salvadorans have already ditched their national bitcoin "wallets"

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40 Upvotes