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I believe you identify what company it is. Then you get their app on your phone. Then set up an account. The cash goes into the bitcoin ATM, they take a hefty 10% 20% Then the fiat cash is converted into bitcoin. Then it’s held on an exchange/ the app you downloaded and set up. After that, you need to get a cold wallet like Trezor or Jade. Only buy directly from their website and not a resold one like off amazon or ebay. Wait! I’m not done! Then you set up your cold wallet. You CAREFULLY record your 12 or 24 word seed phrase. This is VITAL to correctly record it. If your little cold storage device is broken or stolen or lost, the seed phrase is how you get back to your stored bitcoin. You could memorize your seed phrase but what if you had a head injury or a stroke? Some are stamping it on a titanium or stainless steel sheet of metal. That would be more sturdy and a better form of preserving it than paper. Do NOT take a picture of your seed phrase as someone could hack you & get that. Watch out saying it out loud where someone could hack your microphone & be listening. Do NOT engage with anyone privately messaging you in reddit. Check out bitcoin university, British hodl, Michael Saylor, simply bitcoin, (to name a few that I like) lectures on youtube. Hope my information was accurate and helpful as possible. Anyone reading, please correct me if I wrote anything incorrrect.
There is no way we get greater adoption with this kind of message. We all know to put our BTC in cold storage , but this ( and talk of wallets/ seed phrases) just puts our VITAL newbies off. So what if it takes them ( like me .. ) 2 years before understanding cold storage. The whole concept is alien to older ( more affluent) investors , let them trust an exchange and perhaps advise on the safest ones until they are comfortable.
Your seed is VITAL. If that ledger breaks, your funds will be gone. Make a phone wallet (Blockstream Green single sig), transfer all funds, factory reset your ledger and get a new seed. Consider that paper seed backup as your wallet. Keeping it secure is 99% of bitcoin security. The ledger is just there to pass your public key and sign transactions.
It wasn't a personal attack it was a genuine offer of help. Being willfully obtuse and disingenuous doesn't help your argument either, hence why we are going in circles. >To maintain impartiality, it is VITAL that regulators are not in a position to personally benefit from the regulations they write. So you're telling me that the people writing the legislation that regulates the stock market don't own any stock? We already agreed about trying to avoid conflict of interests but it's funny you keep coming back to that. It seems you're ignorant of where most regulations come from. President Franklin Delano Roosevelt supposedly said he appointed Kennedy to the SEC because it takes a thief to catch a thief. Indeed, the arch-liberal Kennedy clan's wealth has some pretty dubious origins: Joseph Kennedy multiplied his fortune through stock speculation; he was a master of the stock pool, a then-legal arrangement in which a few traders conspired to inflate a stock's price, selling just before the bubble burst. Some attribute these market manipulations as being in part responsible for the Stock Market Crash of 1929 which triggered the Great Depression. Ironically, a short time later he was appointed the first chairman of the Securities and Exchange Commission, where he oversaw the banning of these practices.
> Can you name a crypto expert that isn't an investor? Nicholas Weaver at UC Berkeley > Why be an expert on something like the stock market but not invest? To maintain impartiality, it is VITAL that regulators are not in a position to personally benefit from the regulations they write. And in the case of cryptocurrencies, because they realize it's a ponzi scheme.
If anyone seriously thinks this is the future, I question your judgement. Easy on and off ramps to native blockchain **stable coins** are going to be VITAL for cryptocurrency to ever reach mass adoption.
People need to remember that high inflation = high interest rates = less money people will lend = less risky investments. Risky investments are the first things to get on the chopping block. That's why startups and similar young companies are entering lay-offs and hiring freezes. These companies are growing through investor money, and so it is VITAL for them to be able to raise more money the next rounds. Well, for the past month(s) investors have told them that we're about to enter tough times, so don't rely on us giving you any more money. Same goes for other alternative investments and financial instruments. The various funds are now entering a phase where it is MUCH more important to deliver safe and consistent results, rather than risky but high results. Savvy investors that truly believe in the (crypto) market will obviously keep buying as the price goes down - but I'd be surprised if they have those mandates OK, if/when whole sectors around crypto comes crashing down. Same goes for individual investors and the "dumb money". When your mortgage rate has doubled, food in the stores jumped up by xx points, and everything just sucks - having exotic and risky assets just sitting there, barely generating anything at all - well, you know what's going to be sold off first.
What I dont get about the privacy token evangelism is that those people often seem to think that - #1 privacy and decentralization is the same and/or one relies upon the other, they dont, its that simple. #2 that Satoshi made the mistake of not including their privacy solution in Bitcoins protocol, he didnt, it wasnt a mistake, he made Bitcoin open and transparent on purpose and by design. Openness and transparency, the ability for anyone to audit, criticize and verify every transaction is VITAL to a decentralized monetary system - and THAT is why I dont believe in privacy coins as a feasible solution. Theres two sides to every coin, nuclear power can be used to generate electricity or to create a Hiroshima, electricity can be used to keep your hear running but also to stop it, cryptocurrency and transparency is a tool, just because it can be used wrong by the people in power doesnt make it wrong or a bad tool, because it can also be used right. Just because you are afraid of something (Social scoring) doesnt mean that it will happen or that the tools used such as a transparent cryptocurrency is something you should fear. Transparency and openness in transactions also enables the people to hold leaders responsible ans accountible, it could be used for social scoring, sure, but its easier and better for a government to use a centralized solution for social scoring - but if we use a transparent, decentralized solution - we the people have the ability to discover this and hold them accountible, if we use a hidden, private solution this really only serves the people in power long term as then they have a system where the people cant hold them accountible anymore.
"Inflation is vital for the economy." I'd like to take a look at your thesis, please! No doubt you work for the Wizard of Oz, as you trust the Wizard will always grow the money supply Just Right! FYI: Monetary inflation that exceeds economic output (labor, etc.) IS. NEITHER. VITAL. NOR. GOOD. FOR. ANYONE.... (Except the Wizard, of course!)
I need you to THINK man. 1.) Tax Codes: Lobbyists influence legislation so that the tax codes can give FAT deductions and loopholes for the rich every fiscal year. The moment you reach the higher upper class, it is very hard to lose a significant portion of your profits, and extremely easy to compound your money. Even if you calculated for the difference in significant figures, the rate at which they can multiple their money with paying little or no tax is reflected by the tax codes that favor them. 2.) Social Stratification: Vertical mobility is the ability of someone being able to move from one social hierarchy to another. While it’s obvious that it’s extremely hard for any class to move closer to the highest. The point in which it’s corrupt is that when the lower classes start having a small pool of individuals attain the same methods of mobility that the upper class had, but now it’s “illegal” or it’s a heavily taxed method. When everything is taxed for you it’s like growing up in a marginalized neighborhood. Your lack of resources and opportunity is what’s keeping you there. There are rare occasions where one might escape, but they are still at significant odds bc their prior status is used against them. If YOU just barley became a millionaire, you didn’t. You lost 30-40% from tax abuse and stipulations. But someone who is an a oligarchs family who just achieved a millionaire status would keep their million or would only pay less than 10% by loop holes. 3.) Contemporary Capitalism You’re trying to become wealthy, but you’re abused by taxes and you’re at a significant disadvantage of attaining upward vertical mobility because you can’t get away with small things like a safety code, minuscule health violation, water outage, etc… if you did, you’d lose VITAL income. Where as big business who violate your privacy in class action lawsuits pay out less than .001% of their income. That’s especially hard if you have taxes to pay and easy for them cause they don’t AND they get away with accidental and purposeful violations of good business practice. 4.) So you’re telling me a decentralized currency that’s supposed to be devoid of government intervention, is going to tax all of us trying to move upward extra, but a oligarch can fund themselves a loophole for it and pay little to nothing? And that’s okay? YEA IGHT