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May 10, 2017

Litening: Lightning on Litecoin mainnet


Litening: Lightning on Litecoin mainnet
https://www.youtube.com/watch?v=baHHMNA8yf4

Submitted May 11, 2017 at 05:55AM by cdecker
via reddit http://bit.ly/2plOnsE

Citadel Securities, XTX Markets Join Blockchain FX Venture Cobalt by REUTERS


By REUTERS

Electronic trading houses Citadel Securities and XTX have joined top global banks in signing up to blockchain currency settlement venture Cobalt, they said on Thursday, in what could be one of the first large-scale financial market uses of the tec…

Published: May 11, 2017 at 07:06AM

from NYT Business Day http://nyti.ms/2q72mQa
via IFTTT

We just hosted the largest bitcoin meetup, ever, and it was epic!


We just hosted the largest bitcoin meetup, ever, and it was epic!
http://bit.ly/2q3Lc89

Submitted May 11, 2017 at 12:46AM by Unocoin
via reddit http://bit.ly/2q6FKzy

All right Jihan, time to shit or get off the pot.


All right Jihan, time to shit or get off the pot.

Over the last few days there has been a massive jump in global hashrate and it looks like a signifigant portion of it went to BU signalling pools. Because of this BU is now signalling on over 50% of the blocks mined.

After a years long stalemate between the major scaling solutions put forward Jihan finally has the hashrate backing him to pull off a hard fork. So I say do it; put your money where your mouth is, fork the chain, switch to larger blocks, sell your BTC for BTU and see if the world backs you.

You have spent a lot of money to buy all the mining equipment you just bought, now is the time to put it to the test. For years you have backed bigger blocks and fought any attempt to scale the network that didn't involve direct, onchain scaling. Now we will find out if your support was genuine, or merely a ruse.

The ball is in your court, and the world is watching to see what you do. Make your choice.

Submitted May 10, 2017 at 10:16PM by andrewbuck40
via reddit http://bit.ly/2r2csC1

Japanese Internet Giant GMO is Launching a Bitcoin Exchange


Japanese Internet Giant GMO is Launching a Bitcoin Exchange
http://bit.ly/2qTX9hJ

Submitted May 11, 2017 at 12:21AM by finalhedge
via reddit http://bit.ly/2pxUDIZ

First SegWit Transaction on Litecoin


First SegWit Transaction on Litecoin
https://twitter.com/SatoshiLite/status/862345830082138113

Submitted May 11, 2017 at 01:34AM by terradyn
via reddit http://bit.ly/2pl77Zj

We just hosted the largest bitcoin meetup, ever, and it was epic!


We just hosted the largest bitcoin meetup, ever, and it was epic!
http://bit.ly/2q3Lc89

Submitted May 11, 2017 at 12:46AM by Unocoin
via reddit http://bit.ly/2q6FKzy

SegWit activated!!!


SegWit activated!!!
http://bit.ly/2pkC2VS

Submitted May 11, 2017 at 12:05AM by Pink_pez
via reddit http://bit.ly/2r0nc35

/r/Bitcoin FAQ – Newcomers please read


/r/Bitcoin FAQ – Newcomers please read

Welcome to the /r/Bitcoin Sticky FAQ

You've probably been hearing a lot about Bitcoin recently and are wondering what's the big deal? Most of your questions should be answered by the resources below but if you have additional questions feel free to ask them in the comments.

The following videos are a good starting point for understanding how bitcoin works and a little about its long term potential:

For lots of additional video resources check out the videos wiki page or /r/BitcoinTV.

Key properties of bitcoin

  • Limited Supply – There will only ever be 21,000,000 bitcoins created and they are issued in a predictable fashion, you can view the inflation schedule here. Once they are all issued Bitcoin will be truly deflationary.
  • Open source – Bitcoin code is fully auditable. You can read the source code yourself here.
  • Accountable – The public ledger is transparent, all transactions are seen by everyone.
  • Decentralized – Bitcoin is globally distributed across thousands of nodes with no single point of failure and as such can't be shut down similar to how Bittorrent works.
  • Censorship resistant – No one can prevent you from interacting with the bitcoin network and no one can censor, alter or block transactions that they disagree with, see Operation Chokepoint.
  • Push system – There are no chargebacks in bitcoin because only the person who owns the address where the bitcoins reside has the authority to move them.
  • Low fee – Transactions cost a few cents, most wallets calculate this automatically but you can view current fees here.
  • Borderless – No country can stop it from going in/out, even in areas currently unserved by traditional banking as the ledger is globally distributed.
  • Trustless – Bitcoin solved the Byzantine's Generals Problem which means nobody needs to trust anybody for it to work.
  • Pseudonymous – No need to expose personal information when purchasing with cash or transacting.
  • Secure – Encrypted cryptographically and can’t be confiscated with proper key management such as hardware wallets.
  • Nearly instant – From a few seconds to a few minutes depending on need for confirmations.
  • Peer-to-peer – No intermediaries with a cut, no need for trusted third parties.
  • Portable – Bitcoins are digital so they are easier to move than cash or gold. They can even be transported by simply remembering a string of words for wallet recovery.
  • Scalable – Each bitcoin is divisible down to 8 decimals allowing it to grow in value while still accommodating micro-transactions.
  • Designed Money – Bitcoin was created to fit all the fundamental properties of money better than gold or fiat

Some excellent writing on Bitcoin's value proposition and future can be found here. Bitcoin statistics can be found here and here. Developer resources can be found here and here. Peer-reviewed research papers can be found here. The number of times Bitcoin was declared dead by the media can be found here. Scaling resources here, and of course the whitepaper that started it all.

Where can I buy bitcoins?

BuyBitcoinWorldwide.com is a very helpful site for beginners. You can buy or sell any amount of bitcoin and there are several easy methods to purchase bitcoin with cash, credit card or bank transfer. Some of the more popular resources are below, also, check out the bitcoinity exchange resources for a larger list of options for purchases.

Bank Transfer / Credit card Cash
Coinbase LocalBitcoins
Gemini LibertyX
GDAX Mycelium LocalTrader
Poloniex BitQuick
Bitstamp WallofCoins
Kraken BitcoinOTC
Xapo
SnapCard
Cex.io
itBit
Bitit
Bitsquare

Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use Cashila or Bitwage.

Note: Bitcoins are valued at whatever market price people are willing to pay for them in balancing act of supply vs demand. Unlike traditional markets, bitcoin markets operate 24 hours per day, 365 days per year. Preev is a useful site that that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just Google "1 bitcoin in (your local currency)".

Securing your bitcoins

With bitcoin you can "Be your own bank" and personally secure your bitcoins OR you can use third party companies aka "Bitcoin banks" which will hold the bitcoins for you.

  • If you prefer to "Be your own bank" and have direct control over your coins without having to use a trusted third party, there are many software wallet options here. If you want easy and secure storage without having to learn computer security best practices, then a hardware wallet such as the Trezor or Ledger is recommended. A more advanced option is to secure them yourself using paper wallets generated offline. Some popular mobile and desktop options are listed below and most are cross platform.
Android iOs Desktop
Mycelium BreadWallet Electrum
CoPay AirBitz Armory
  • If you prefer to let third party "Bitcoin banks" manage your coins, try Coinbase or Xapo but be aware you may not be in control of your private keys in which case you would have to ask permission to access your funds and be exposed to third party risk.

Note: For increased security, use Two Factor Authentication (2FA) everywhere it is offered, including email!

2FA requires a second confirmation code to access your account, usually from a text message or app, making it much harder for thieves to gain access. Google Authenticator and Authy are the two most popular 2FA services, download links are below. Make sure you create backups of your 2FA codes.

Google Auth Authy
Android Android
iOS iOS

Where can I spend bitcoins?

A more comprehensive list can be found at the Trade FAQ but some more commons ones are below.

Store Product
Gyft Gift cards for hundreds of retailers including Amazon, Target, Walmart, Starbucks, Whole Foods, CVS, Lowes, Home Depot, iTunes, Best Buy, Sears, Kohls, eBay, GameStop, etc.
Steam, HumbleBundle, GreenmanGaming, and Coinplay.io For when you need to get your game on
Microsoft Xbox games, phone apps and software
Spendabit, The Bitcoin Shop, Overstock, Rakuten, DuoSearch, The Bitcoin Directory and BazaarBay Retail shopping with millions of results
ShakePay Generate one time use Visa cards in seconds
NewEgg, TigerDirect and Dell For all your electronics needs
Cashila, Bitwa.la, Coinbills, Piixpay, Bitbill.eu, Bylls, Coins.ph, Bitrefill, Pey.de, LivingRoomofSatoshi, Hyphen.to, Coinsfer, GetPaidinBitcoin, Coins.co.th, More #1, #2 Bill payment
Foodler, Takeaway, Thuisbezorgd NL, Pizza For Coins Takeout delivered to your door!
Expedia, Cheapair, Lot, Destinia, BTCTrip, Abitsky, SkyTours, Fluege the Travel category on Gyft and 9flats For when you need to get away
BoltVM, BitHost VPS service
Cryptostorm, Mullvad, and PIA VPN services
Namecheap For new domain name registration
Stampnik and GetUSPS Discounted USPS Priority, Express, First-Class mail postage
Reddit Gold Premium membership which can be gifted to others

Coinmap, 99Bitcoins and AirBitz are helpful to find local businesses accepting bitcoins. A good resource for UK residents is at wheretospendbitcoins.co.uk.

There are also lots of charities which accept bitcoin donations, such as Wikipedia, Red Cross, Amnesty International, United Way, ACLU and the EFF. You can find a longer list here.

Merchant Resources

There are several benefits to accepting bitcoin as a payment option if you are a merchant;

  • 1-3% savings over credit cards or PayPal.
  • No chargebacks (final settlement in 10 minutes as opposed to 3+ months).
  • Accept business from a global customer base.
  • Increased privacy.
  • Convert 100% of the sale to the currency of your choice for deposit to your account, or choose to keep a percentage of the sale in bitcoin if you wish to begin accumulating it.

If you are interested in accepting bitcoin as a payment method, there are several options available;

Can I mine bitcoin?

Mining bitcoins can be a fun learning experience, but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The crew at /r/BitcoinMining would be happy to help you out.

If you want to contribute to the bitcoin network by hosting the blockchain and propagating transactions you can run a full node using this setup guide. You can view the global node distribution here.

Earning bitcoins

Just like any other form of money, you can also earn bitcoins by being paid to do a job.

Site Description
Bitwage, XBTfreelancer, Cryptogrind, Bitlancerr, Coinality, Bitgigs, /r/Jobs4Bitcoins, Rein Project Freelancing
OpenBazaar, Purse.io, Bitify, /r/Bitmarket, 21 Market Marketplaces
Watchmybit, Streamium.io, OTika.tv, XOtika.tv NSFW, /r/GirlsGoneBitcoin NSFW Video Streaming
Bitasker, BitforTip, WillPayCoin Tasks
Supload.com, SatoshiBox, JoyStream, File Army File/Image Sharing
CoinAd, A-ads, Coinzilla.io Advertising

You can also earn bitcoins by participating as a market maker on JoinMarket by allowing users to perform CoinJoin transactions with your bitcoins for a small fee (requires you to already have some bitcoins)

Bitcoin Projects

The following is a short list of ongoing projects that might be worth taking a look at if you are interested in current development in the bitcoin space.

Project Description
Lightning Network, Amiko Pay, and Strawpay Payment channels for network scaling
Blockstream and Drivechain Sidechains
21, Inc. Open source library for the machine payable web
ShapeShift.io Trade between bitcoins and altcoins easily
Open Transactions, Counterparty, Omni, Open Assets, Symbiont and Chain Financial asset platforms
Hivemind and Augur Prediction markets
Mirror Smart contracts
Mediachain Decentralized media library
Tierion and Factom Records & Titles on the blockchain
BitMarkets, DropZone, Beaver and Open Bazaar Decentralized markets
Samourai and Dark Wallet – abandoned Privacy-enhancing wallets
JoinMarket CoinJoin implementation (Increase privacy and/or Earn interest on bitcoin holdings)
Coinffeine and Bitsquare Decentralized bitcoin exchanges
Keybase and Bitrated Identity & Reputation management
Bitmesh and Telehash Mesh networking
JoyStream BitTorrent client with paid seeding
MORPHiS Decentralized, encrypted internet
Storj and Sia Decentralized file storage
Streamium and Faradam Pay in real time for on-demand services
Abra Global P2P money transmitter network
bitSIM PIN secure hardware token between SIM & Phone
Identifi Decentralized address book w/ ratings system
Coinometrics Institutional-level Bitcoin Data & Research
Blocktrail and BitGo Multisig bitcoin API
Bitcore Open source Bitcoin javascript library
Insight Open source blockchain API
Leet Kill your friends and take their money 😉

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:

Unit Symbol Value Info
millibitcoin mBTC 1,000 per bitcoin SI unit for milli i.e. millilitre (mL) or millimetre (mm)
microbitcoin μBTC 1,000,000 per bitcoin SI unit for micro i.e microlitre (μL) or micrometre (μm)
bit bit 1,000,000 per bitcoin Colloquial "slang" term for microbitcoin
satoshi sat 100,000,000 per bitcoin Smallest unit in bitcoin, named after the inventor

For example, assuming an arbitrary exchange rate of $500 for one Bitcoin, a $10 meal would equal:

  • 0.02 BTC
  • 20 mBTC
  • 20,000 bits

For more information check out the Bitcoin units wiki.


Still have questions? Feel free to ask in the comments below or stick around for our weekly Mentor Monday thread. If you decide to post a question in /r/Bitcoin, please use the search bar to see if it has been answered before, and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit. A complete list of bitcoin related subreddits can be found here

Note: This is a community created FAQ. If you notice anything missing from the FAQ or that requires clarification you can edit it here and it will be included in the next revision pending approval.

Welcome to the Bitcoin community and the new decentralized economy!

Submitted March 27, 2017 at 09:41PM by BinaryResult
via reddit http://bit.ly/2n9VYFC

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