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. It all started with the release of the release of Satoshi Nakamoto's whitepaper however that will probably go over the head of most readers so we recommend the following videos for a good starting point for understanding how bitcoin works and a little about its long term potential:
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. The halving countdown can be found here.
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. You can even run a node on a Raspberry Pi.
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 scaling - On chain transaction fees depend on network demand and how much priority you wish to assign to the transaction. Most wallets calculate on chain fees automatically but you can view current fees here and mempool activity here. On chain fees may rise occasionally due to network demand, however instant micropayments that do not require confirmations are happening via the Lightning Network, a second layer scaling solution currently rolling out on the Bitcoin mainnet.
Borderless - No country can stop it from going in/out, even in areas currently unserved by traditional banking as the ledger is globally distributed.
Portable - Bitcoins are digital so they are easier to move than cash or gold. They can even be transported by simply memorizing a string of words for wallet recovery (while cool this method is generally not recommended due to potential for insecure key generation by inexperienced users. Hardware wallets are the preferred method for new users due to ease of use and additional security).
Bitcoin.org and BuyBitcoinWorldwide.com are helpful sites for beginners. You can buy or sell any amount of bitcoin (even just a few dollars worth) 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.
Here is a listing of local ATMs. If you would like your paycheck automatically converted to bitcoin use 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, then you will need to create your own wallet and keep it secure. If you want easy and secure storage without having to learn computer security best practices, then a hardware wallet such as the Trezor, Ledger or ColdCard is recommended. Alternatively there are many software wallet options to choose from here depending on your use case.
If you prefer to let third party "Bitcoin banks" manage your coins, try Gemini 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 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.
As mentioned above, Bitcoin is decentralized, which by definition means there is no official website or Twitter handle or spokesperson or CEO. However, all money attracts thieves. This combination unfortunately results in scammers running official sounding names or pretending to be an authority on YouTube or social media. Many scammers throughout the years have claimed to be the inventor of Bitcoin. Websites like bitcoin(dot)com and the btc subreddit are active scams. Almost all altcoins (shitcoins) are marketed heavily with big promises but are really just designed to separate you from your bitcoin. So be careful: any resource, including all linked in this document, may in the future turn evil. Don't trust, verify. Also as they say in our community "Not your keys, not your coins".
Where can I spend bitcoins?
Check out spendabit or bitcoin directory for millions of merchant options. Also you can spend bitcoin anywhere visa is accepted with bitcoin debit cards such as the CashApp card. Some other useful site are listed below.
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 /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. If you would prefer to keep it simple there are several good options. You can view the global node distribution here.
Just like any other form of money, you can also earn bitcoins by being paid to do a job.
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.
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.
One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. The most common subunits are listed below:
one bitcoin is equal to 100 million satoshis
1,000 per bitcoin
used as default unit in recent Electrum wallet releases
1,000,000 per bitcoin
colloquial "slang" term for microbitcoin (μBTC)
100,000,000 per bitcoin
smallest unit in bitcoin, named after the inventor
For example, assuming an arbitrary exchange rate of $10000 for one Bitcoin, a $10 meal would equal:
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 /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. 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!
How many of the 25 steps in the bitcoin rabbit hole have you mastered? Be honest. Count how many and divide your score by 2.5. Your Score: <5: learner / weak hands 5-7: hodler 8-9: mature 10: orange pilled Post your result below. The Bitcoin Journey: 1. That (log) price chart! 🧐 2. Digital scarce? 🤔 3. Satochi 4. Blockchain 5. Alts 6. Mining, halvings, diff adjustment 7. How do I get it? 8. Wallets, keys, seeds, exchanges 9. Crypto Twitter 10. Fees, hashrate, mempool, txs 11. Money, inflation, central banks 12. Stocks, S&P500, 13. Charts, TA, RSI, MA’s, triangles, patterns 🤓 14. Keynes, Austrian economics 15. Bull/bear market, trading, win/lose 16. Network effects & adoption 17. Gold, Silver, real estate 18. Full node, electrum pvt server 19. Evangelize / orange pilled 💊 20. All-in / auto-dca 21. Immaculate conception 22. NGU, game theory 23. Cosmic renaissance 24. Opsec, multisig 25. Maximalism Let me know your score & what’s missing from your journey. Also accepting suggestions for better results categories/ descriptions.
10-07 17:06 - 'There's no need for the hassle of peer to peer unless you need anonymity. It's actually pretty easy, I found buying Bitcoin easier (not to mention far more profitable) than contributing to the Roth IRA I set up. / **Bitcoin...' by /u/paperraincoat removed from /r/Bitcoin within 0-7min
''' There's no need for the hassle of peer to peer unless you need anonymity. It's actually pretty easy, I found buying Bitcoin easier (not to mention far more profitable) than contributing to the Roth IRA I set up. Bitcoin 101 Show the wife a chart of Bitcoin versus the S&P500 over the past ten years. Buy small amounts of Bitcoin off of a reputable exchange, and transfer them to a hardware wallet ([Trezor]1 , [Ledger]2 , [Coldcard]3 ) that you (and you alone) have the seed for. Wait for each amount to clear to your wallet before buying again. Wait years, at least a halving cycle, which has historically seen 10-20x returns. Ignore the drama, 60% price crashes, exchanges hacked, China outlawing it, wanna-be shitcoin forks, 'we're the next Bitcoin' altcoins claiming they're a worldwide blockchain learning computer or whatever and governments telling you it isn't safe, or too volatile and that you should totally switch back to the fiat we printed $5 trillion of this year alone, no, inflation shouldn't be a problem because (hand waving Keynesian technobabble) etc. To sell, transfer small amounts back to the exchange, and again, make sure they clear in your bank account before transferring again. Pay your taxes. Pay off your house, travel, take up golfing, i.e. retire in comfort. ''' Context Link Go1dfish undelete link unreddit undelete link Author: paperraincoat 1: w*llet**re*or*io/#/ 2: s*op.*e*ge**com/p*o*ucts/ledg*r-na*o*s 3: cold*ardwal*e*.co** Unknown links are censored to prevent spreading illicit content.
Syscoin Platform’s Great Reddit Scaling Bake-off Proposal
https://preview.redd.it/rqt2dldyg8e51.jpg?width=1044&format=pjpg&auto=webp&s=777ae9d4fbbb54c3540682b72700fc4ba3de0a44 We are excited to participate and present Syscoin Platform's ideal characteristics and capabilities towards a well-rounded Reddit Community Points solution! Our scaling solution for Reddit Community Points involves 2-way peg interoperability with Ethereum. This will provide a scalable token layer built specifically for speed and high volumes of simple value transfers at a very low cost, while providing sovereign ownership and onchain finality. Token transfers scale by taking advantage of a globally sorting mempool that provides for probabilistically secure assumptions of “as good as settled”. The opportunity here for token receivers is to have an app-layer interactivity on the speed/security tradeoff (99.9999% assurance within 10 seconds). We call this Z-DAG, and it achieves high-throughput across a mesh network topology presently composed of about 2,000 geographically dispersed full-nodes. Similar to Bitcoin, however, these nodes are incentivized to run full-nodes for the benefit of network security, through a bonded validator scheme. These nodes do not participate in the consensus of transactions or block validation any differently than other nodes and therefore do not degrade the security model of Bitcoin’s validate first then trust, across every node. Each token transfer settles on-chain. The protocol follows Bitcoin core policies so it has adequate code coverage and protocol hardening to be qualified as production quality software. It shares a significant portion of Bitcoin’s own hashpower through merged-mining. This platform as a whole can serve token microtransactions, larger settlements, and store-of-value in an ideal fashion, providing probabilistic scalability whilst remaining decentralized according to Bitcoin design. It is accessible to ERC-20 via a permissionless and trust-minimized bridge that works in both directions. The bridge and token platform are currently available on the Syscoin mainnet. This has been gaining recent attention for use by loyalty point programs and stablecoins such as Binance USD.
Syscoin Foundation identified a few paths for Reddit to leverage this infrastructure, each with trade-offs. The first provides the most cost-savings and scaling benefits at some sacrifice of token autonomy. The second offers more preservation of autonomy with a more narrow scope of cost savings than the first option, but savings even so. The third introduces more complexity than the previous two yet provides the most overall benefits. We consider the third as most viable as it enables Reddit to benefit even while retaining existing smart contract functionality. We will focus on the third option, and include the first two for good measure.
Distribution, burns and user-to-user transfers of Reddit Points are entirely carried out on the Syscoin network. This full-on approach to utilizing the Syscoin network provides the most scalability and transaction cost benefits of these scenarios. The tradeoff here is distribution and subscription handling likely migrating away from smart contracts into the application layer.
The Reddit Community Points ecosystem can continue to use existing smart contracts as they are used today on the Ethereum mainchain. Users migrate a portion of their tokens to Syscoin, the scaling network, to gain much lower fees, scalability, and a proven base layer, without sacrificing sovereign ownership. They would use Syscoin for user-to-user transfers. Tips redeemable in ten seconds or less, a high-throughput relay network, and onchain settlement at a block target of 60 seconds.
Integration between Matic Network and Syscoin Platform - similar to Syscoin’s current integration with Ethereum - will provide Reddit Community Points with EVM scalability (including the Memberships ERC777 operator) on the Matic side, and performant simple value transfers, robust decentralized security, and sovereign store-of-value on the Syscoin side. It’s “the best of both worlds”. The trade-off is more complex interoperability.
Syscoin + Matic Integration
Matic and Blockchain Foundry Inc, the public company formed by the founders of Syscoin, recently entered a partnership for joint research and business development initiatives. This is ideal for all parties as Matic Network and Syscoin Platform provide complementary utility. Syscoin offers characteristics for sovereign ownership and security based on Bitcoin’s time-tested model, and shares a significant portion of Bitcoin’s own hashpower. Syscoin’s focus is on secure and scalable simple value transfers, trust-minimized interoperability, and opt-in regulatory compliance for tokenized assets rather than scalability for smart contract execution. On the other hand, Matic Network can provide scalable EVM for smart contract execution. Reddit Community Points can benefit from both. Syscoin + Matic integration is actively being explored by both teams, as it is helpful to Reddit, Ethereum, and the industry as a whole.
Total cost for these 100k transactions: $0.63 USD See the live fee comparison for savings estimation between transactions on Ethereum and Syscoin. Below is a snapshot at time of writing: ETH price: $318.55 ETH gas price: 55.00 Gwei ($0.37) Syscoin price: $0.11 Snapshot of live fee comparison chart Z-DAG provides a more efficient fee-market. A typical Z-DAG transaction costs 0.0000582 SYS. Tokens can be safely redeemed/re-spent within seconds or allowed to settle on-chain beforehand. The costs should remain about this low for microtransactions. Syscoin will achieve further reduction of fees and even greater scalability with offchain payment channels for assets, with Z-DAG as a resilience fallback. New payment channel technology is one of the topics under research by the Syscoin development team with our academic partners at TU Delft. In line with the calculation in the Lightning Networks white paper, payment channels using assets with Syscoin Core will bring theoretical capacity for each person on Earth (7.8 billion) to have five on-chain transactions per year, per person, without requiring anyone to enter a fee market (aka “wait for a block”). This exceeds the minimum LN expectation of two transactions per person, per year; one to exist on-chain and one to settle aggregated value.
Tools to simplify using Syscoin Bridge as a service with dapps and wallets will be released some time after implementation of Syscoin Core 4.2. These will be based upon the same processes which are automated in the current live Sysethereum Dapp that is functioning with the Syscoin mainnet.
The Syscoin Ethereum Bridge is secured by Agent nodes participating in a decentralized and incentivized model that involves roles of Superblock challengers and submitters. This model is open to participation. The benefits here are trust-minimization, permissionless-ness, and potentially less legal/regulatory red-tape than interop mechanisms that involve liquidity providers and/or trading mechanisms. The trade-off is that due to the decentralized nature there are cross-chain settlement times of one hour to cross from Ethereum to Syscoin, and three hours to cross from Syscoin to Ethereum. We are exploring ways to reduce this time while maintaining decentralization via zkp. Even so, an “instant bridge” experience could be provided by means of a third-party liquidity mechanism. That option exists but is not required for bridge functionality today. Typically bridges are used with batch value, not with high frequencies of smaller values, and generally it is advantageous to keep some value on both chains for maximum availability of utility. Even so, the cross-chain settlement time is good to mention here.
Ethereum -> Syscoin: Matic or Ethereum transaction fee for bridge contract interaction, negligible Syscoin transaction fee for minting tokens Syscoin -> Ethereum: Negligible Syscoin transaction fee for burning tokens, 0.01% transaction fee paid to Bridge Agent in the form of the ERC-20, Matic or Ethereum transaction fee for contract interaction.
Zero-Confirmation Directed Acyclic Graph is an instant settlement protocol that is used as a complementary system to proof-of-work (PoW) in the confirmation of Syscoin service transactions. In essence, a Z-DAG is simply a directed acyclic graph (DAG) where validating nodes verify the sequential ordering of transactions that are received in their memory pools. Z-DAG is used by the validating nodes across the network to ensure that there is absolute consensus on the ordering of transactions and no balances are overflowed (no double-spends).
Unique fee-market that is more efficient for microtransaction redemption and settlement
Uses decentralized means to enable tokens with value transfer scalability that is comparable or exceeds that of credit card networks
Provides high throughput and secure fulfillment even if blocks are full
Probabilistic and interactive
99.9999% security assurance within 10 seconds
Can serve payment channels as a resilience fallback that is faster and lower-cost than falling-back directly to a blockchain
Each Z-DAG transaction also settles onchain through Syscoin Core at 60-second block target using SHA-256 Proof of Work consensus
Z-DAG enables the ideal speed/security tradeoff to be determined per use-case in the application layer. It minimizes the sacrifice required to accept and redeem fast transfers/payments while providing more-than-ample security for microtransactions. This is supported on the premise that a Reddit user receiving points does need security yet generally doesn’t want nor need to wait for the same level of security as a nation-state settling an international trade debt. In any case, each Z-DAG transaction settles onchain at a block target of 60 seconds.
Syscoin 3.0 White Paper (4.0 white paper is pending. For improved scalability and less blockchain bloat, some features of v3 no longer exist in current v4: Specifically Marketplace Offers, Aliases, Escrow, Certificates, Pruning, Encrypted Messaging)
16MB block bandwidth per minute assuming segwit witness carrying transactions, and transactions ~200 bytes on average
SHA256 merge mined with Bitcoin
UTXO asset layer, with base Syscoin layer sharing identical security policies as Bitcoin Core
Z-DAG on asset layer, bridge to Ethereum on asset layer
On-chain scaling with prospect of enabling enterprise grade reliable trustless payment processing with on/offchain hybrid solution
Focus only on Simple Value Transfers. MVP of blockchain consensus footprint is balances and ownership of them. Everything else can reduce data availability in exchange for scale (Ethereum 2.0 model). We leave that to other designs, we focus on transfers.
Future integrations of MAST/Taproot to get more complex value transfers without trading off trustlessness or decentralization.
Zero-knowledge Proofs are a cryptographic new frontier. We are dabbling here to generalize the concept of bridging and also verify the state of a chain efficiently. We also apply it in our Digital Identity projects at Blockchain Foundry (a publicly traded company which develops Syscoin softwares for clients). We are also looking to integrate privacy preserving payment channels for off-chain payments through zkSNARK hub & spoke design which does not suffer from the HTLC attack vectors evident on LN. Much of the issues plaguing Lightning Network can be resolved using a zkSNARK design whilst also providing the ability to do a multi-asset payment channel system. Currently we found a showstopper attack (American Call Option) on LN if we were to use multiple-assets. This would not exist in a system such as this.
Web3 and mobile wallets are under active development by Blockchain Foundry Inc as WebAssembly applications and expected for release not long after mainnet deployment of Syscoin Core 4.2. Both of these will be multi-coin wallets that support Syscoin, SPTs, Ethereum, and ERC-20 tokens. The Web3 wallet will provide functionality similar to Metamask. Syscoin Platform and tokens are already integrated with Blockbook. Custom hardware wallet support currently exists via ElectrumSys. First-class HW wallet integration through apps such as Ledger Live will exist after 4.2. Current supported wallets Syscoin Spark Desktop Syscoin-Qt
Online Degree™ in Cryptocurrency & Trading (Blockchain Council)
Crypto colleagues, this Online Degree™ in Cryptocurrency & Trading is an online program with the provision of concise and effective comprehension of Cryptocurrency & trading. Cryptocurrency is a global phenomenon that has been proved as a revolutionary headway in the journey of currency evolution. Skill-based training modules include: Introduction to Blockchain (private vs public), 2) Introduction to Bitcoin (units, purchasing, regulations, mining, block explorer, forks, variations, trading, vocabulary, peer to peer network), 3) Introduction to Cryptocurrency (anatomy, famous cryptocurrencies, pricing, mine cryptocurrencies, ICOs, trading, psychology, tools & platforms, chart analysis, Candlestick charts, market predictions), 4) How to Trade (exchanges, secure wallets, ERC20 tokens, risk & rewards, trend analysis), 5) Online Degree and Trading Exam (100 question exam, 60% score needed to pass, 3 attempts, manual assistance available). Enroll today at: https://fxo.co/9mPx Much career success, Lawrence E. Wilson - Cryptocurrency. Blockchain and FinTech Academy (CBF)
Is it common to have discrepancies with the exchange rate when bitcoins are purchased?
Noob bitcoin user here. I started with blockchain wallet and purchased some coins recently. When I did it the exchange rate was at around $15,050. When I check the confirmation details it shows the exchange rate from 2 days earlier which was close to $15,500. To further confirm I used the date and time of my purchase from confirmation details and then line that up with google price chart for bitcoin. Is this a normal occurrence. I'm ok with the fees and can expect a bit of variance in the exchange rate as the market is always live. But damn they give me the exchange rate from 48 hours prior?
09-28 23:05 - 'Online Degree™ in Cryptocurrency & Trading (Blockchain Council)' (self.Bitcoin) by /u/lwilson747 removed from /r/Bitcoin within 0-7min
''' Crypto colleagues, this Online Degree™ in Cryptocurrency & Trading is an online program with the provision of concise and effective comprehension of Cryptocurrency & trading. Cryptocurrency is a global phenomenon that has been proved as a revolutionary headway in the journey of currency evolution. Skill-based training modules include: Introduction to Blockchain (private vs public), 2) Introduction to Bitcoin (units, purchasing, regulations, mining, block explorer, forks, variations, trading, vocabulary, peer to peer network), 3) Introduction to Cryptocurrency (anatomy, famous cryptocurrencies, pricing, mine cryptocurrencies, ICOs, trading, psychology, tools & platforms, chart analysis, Candlestick charts, market predictions), 4) How to Trade (exchanges, secure wallets, ERC20 tokens, risk & rewards, trend analysis), 5) Online Degree and Trading Exam (100 question exam, 60% score needed to pass, 3 attempts, manual assistance available). Enroll today at: [link]1 Much career success, Lawrence E. Wilson - Cryptocurrency. Blockchain and FinTech Academy (CBF) ''' Online Degree™ in Cryptocurrency & Trading (Blockchain Council) Go1dfish undelete link unreddit undelete link Author: lwilson747 1: fxo*c**9mPx Unknown links are censored to prevent spreading illicit content.
I am ready to get downvoted to hell, and maybe for this post to be removed. Why nano is in my opinion The best coin out there.
Obviously I was being sarcastic. So let's test the integrity of this sub moderators, in this post, I'm going to explain why I believe NANO is a shitcoin and why I believe there are paid shills trying to convince you to buy-in it. And I'm a bit scared moderators will remove this post, but let's see. Why it has no value: - As the white paper sais it does not use blockchain, it uses block-lattice (?) - To transfer the coins between wallets it uses a very basic and common technology, called UDP. What is UDP? UDP, os User Data Protocol, is a communication protocol commonly used across the internet. You play multiplayer games online? you transfer data using UDP, you call someone using WhatsApp? UDP, you stream videos online? UDP In fact, UDP is used on all those communications on the internet that need fast communications at the price of reliability, basically, it does not care if it misses a bit or two, it just wants to send the information to you. That is why sometimes you see artifacts when streaming a video. - Its network costs 0 to run, this means there are no "economies" around this coin, no investments possibly going on apart from buying and holding hoping for a miracle. - You can not build anything on top of it What does this mean for nano? Let's see how nano works. Basically the nano ledger is only the aggregation of all accounts, where every account has its own transaction chain. This means that when you send a transaction, only yours and the receiver "blockchain" are updated, in fact, nano chain is an asynchronous chain. This is how you get free transactions. So do you remember our friend UDP? When you send nano you are basically sending a UDP packet, the receiver will then send back another UDP packet, telling your wallet it has received the transaction. This is it, it basically uses a simple commonly used, free, internet protocol and the communication is instant because there is no update in the block-lattice (lol) until a later time. Nano value has only been going down in Bitcoin terms Not much to say here, have a look at the chart, it is a blood bath. It was one of the worst-performing coins during the bear market, it is still one of the worst-performing coins even now during this newborn bull market. Basically holding nano you lost the most during the bear market, and you are making the least during this alt season. Nice, lol. If I add to those rap songs, post underlining the amazing tech behind this coin, incredible upvotes for all those praising it and downvotes for all those that criticize it, I start to believe that it is a true shitcoin with people paid to promote it.
AMM + Limit Order, Will OneSwap Replace Traditional Exchange?
When a thing is denied, something new starts at a higher level. The update and iteration of the currency circle takes only a few days. On August 13, Yam, the token of a popular DeFi project, plummeted by 98%, while YFI, another DeFi cryptocurrency, outran the digital currency Bitcoin Gold by value under capital operation. According to their familiarity with DeFi, blockchain investors in 2020 can be divided into two categories. The "New" investors are active in DEXs such as UniSwap and Balancer, striving for hundredfold returns on investment amid fake projects, while the "old" investors stick to mainstream cryptocurrencies and advocate value investment in the three major CEXs. Despite its long history, DEX did not prosper until recently. It has processed transactions of over US$520 million in the past 24 hours, and the trading volume for the past week has exceeded the figure across 2019. But still, many people are stranger to DEX. I.Will DEX shuffle the existing trading market? Upon discovering something new, you can describe it, but never evaluate it superficially. UniSwap occupies 55% of the entire DEX market. Celebrities in the circle enjoy discussing the changes brought by UniSwap on social media and how it will change the existing trading landscape. On August 5, Jay, CEO of OKEX Exchange, publicly stated that "UniSwap can hardly replace the current mainstream exchanges." on Weibo. He also listed two reasons:
With insufficient transaction depth, UniSwap cannot support large transactions;
UniSwap cannot set prices independently, but has to follow the prices set by other exchanges.
The fee schedule below provides the applicable rate based on the account's 30-Day Volume and if the order is a maker or taker. Bittrex Global Fee30 Day Volume (USD)MakerTaker$0k - $50k0.2%0.2%$50k - $1M0.12%0.18%$1M - $10M0.05%0.15%$10M - $60M0.02%0.1%$60M+0%0.08%>$100MContact TAM representative Trading expenses are incurred when an order is prepared by means of the Bittrex worldwide matching engine. While an order is being executed, the purchaser and the vendor are charged a rate primarily based on the order’s amount. The fee charged by Bittrex exchange is calculated by the formula amount * buy rate * fee. There aren't any charges for placing an order which is not being executed so far. Any portion of an unfinished order will be refunded completely upon order cancelation. Prices vary depending on the currency pair, monthly trade volume, and whether the order is a maker or taker. Bittrex reserves the right to alternate fee quotes at any time, including offering various discounts and incentive packages.
Your buying and selling volume affects the fee you pay for every order. Our expenses are built to encourage customers who ensure liquidity in the Bittrex crypto exchange markets. Your buying and selling charges are reduced according to your trade volume for the last 30 years in dollars. Bittrex calculates the 30-day value every day, updating every account's volume calculation and buying and selling charge between of 12:30 AM UTC and 01:30 AM UTC every day. You can check your monthly trade volume by logging in and opening Account > My Activity. https://preview.redd.it/n1djh2ob4zh51.jpg?width=974&format=pjpg&auto=webp&s=2eebb9c9ac63de207c4dd2e49bc45aeb53a8dec8
6. Withdrawing Funds
Withdrawing any type of funds is likewise simple. You can profit by buying and selling Bitcoin, Ether, or any other cryptocurrency. You determine the crypto address—to which the amount will be credited—and the transaction amount. The withdrawal fee will be automatically calculated and shown right away. After confirming the transaction, the finances will be sent to the specified addresses and all that you need to do is to wait for the community to confirm the transaction. If the 2FA is enabled, then the user receives a special code (via SMS or application) to confirm the withdrawal.
7. How to Trade on Bittrex Global
Currency selling and buying transactions are performed using the Sell and Buy buttons, accordingly. To begin with, the dealer selects a currency pair and sees a graph of the rate dynamics and different values for the pair. Below the chart, there is a section with orders where the user can buy or sell a virtual asset. To create an order, you just need to specify the order type, price, and quantity. And do not forget about the 0.25% trade fee whatever the quantity. For optimum profit, stay with liquid assets as they can be quickly sold at a near-market rate effective at the time of the transaction. Bittrex offers no referral program; so buying and selling crypto is the easiest way to earn. https://preview.redd.it/hopm6fih4zh51.jpg?width=1302&format=pjpg&auto=webp&s=68c0aaae86f64c3e6b9d351c3df2a9c331f94038
Bittrex helps you alternate Limit and Stop-Limit orders. A limit order or a simple limit order is performed when the asset fee reaches—or even exceeds—the price the trader seeks. To execute such an order, it is required that there's a counter market order on the platform that has the identical fee as the limit order.
Differences between Limit Order and Stop Limit Order
A stop limit order is a mixture of a stop limit order and a limit order. In such an application, charges are indicated—a stop charge and the limit.
Let’s discuss how you could trade conveniently with our service. The key features include a user-friendly interface and precise currency pair statistics (timeframe graphs, network data, trade volumes, and so forth). The platform’s top-notch advantage is handy, easy-to-analyze, customizable charts. There is also a column for quick switching between currency pairs and an order panel beneath the fee chart. Such an all-encompassing visual solution helps compare orders efficiently and in one place. You can use the terminal in a day or night mode; when in the night mode, the icon in the upper-right corner changes and notice the Bittrex trading terminal in night mode is displayed. The main menu consists of 4 sections: Markets, Orders, Wallets, Settings. Markets are the trade section. Bittrex allows handling over 270 currency pairs. Orders. To see all open orders, go to Orders → Open. To see completed orders, go to Orders → Completed. Wallets. The Wallets tab displays many wallets for all cryptocurrencies supported by the exchange and the current balance of each of them. After refilling the balance or creating a buy or sale order, you will see all actions in the section. Bittrex allows creating a separate wallet for every coin. Additionally, you can see how the coin price has changed, in terms of percentage, throughout the day. Here’s what you can also do with your wallets:
Hide zero balances: hide currencies with zero balance
Green and red arrows: replenish balance/withdraw funds
Find: search for a cryptocurrency
The Settings section helps manage your account, verification, 2FA, password modification, API connection, and many more.
How to Sell
The process of selling crypto assets follows the same algorithm. The only difference is that after choosing the exchange direction, you need to initiate a Sell order. All the rest is similar: you select the order type, specify the quantity and price, and click Sell *Currency Name* (Sell Bitcoin in our case). If you scroll the screen, the entire history of trades and orders will be displayed below.
LONG and SHORT
You can make a long deal or a short deal. Your choice depends on whether you expect an asset to fall or rise in price. Long positions are a classic trading method. It concerns purchasing an asset to profit when its value increases. Long positions are carried out through any brokers and do not require a margin account. In this case, the trader’s account must have enough funds to cover the transaction. Losses in a long position are considered to be limited; no matter when the trade starts, the price will not fall below zero with all possible errors. Short positions, in contrast, are used to profit from a falling market. A trader buys a financial instrument from a broker and sells it. After the price reaches the target level, the trader buys back the assets or buys them to pay off the initial debt to the broker. A short position yields profit if the price falls, and it is considered unprofitable the price matches the asset value. Performing a short order requires a margin account as a trader borrows valuable assets from a broker to complete a transaction. Long transactions help gain from market growth; short from a market decline.
Trade via API
Bittrex also supports algorithmic trading through extensive APIs (application programming interface), which allows you to automate the trading process using third-party services. To create an API key, the user must enable the two-factor authentication 2FA, verify their account, and log in to the site within 3 minutes. If all the requirements of the system are fulfilled, you can proceed to generate the API key. Log in to your Bittrex account, click Settings. Find API Keys. Click Add new key (Create a new key). Toggle on / off settings for READ INFO, TRADE, or WITHDRAW, depending on what functionality you want to use for our API key. Click Save and enter the 2FA code from the authenticator → Confirm. The secret key will be displayed only once and will disappear after the page is refreshed. Make sure you saved it! To delete an API key, click X in the right corner for the key that you want to delete, then click Save, enter the 2FA code from the authenticator and click Confirm.
Bittrex Bot, a Trader’s Assistant
Robotized programs that appeared sometimes after the appearance of cryptocurrency exchanges save users from monotonous work and allow automating the trading process. Bots for trading digital money work like all the other bots: they perform mechanical trading according to the preset parameters. Currently, one of Bittrex’s most popular trading bots is Bittrex Flash Crash Buyer Bot that helps traders profit from altcoin volatility without missing the right moment. The program monitors all the market changes in the market every second; also, it even can place an order in advance. The Bittrex bot can handle a stop loss—to sell a certain amount of currency when the rate changes in a favorable direction and reaches a certain level.
8. Secure Platform
Bittrex Global employs the most reliable and effective security technologies available. There are many cases of theft, fraud. It is no coincidence that the currency is compared to the Wild West, especially if we compare the 1800s when cowboys rushed to the West Coast of America to earn and start something new in a place that had no rules. Cryptocurrency is still wild. One can earn and lose money fast. But Bittrex has a substantial security policy thanks to the team’s huge experience in security and development for companies such as Microsoft, Amazon, Qualys, and Blackberry. The system employs an elastic, multi-stage holding strategy to ensure that the majority of funds are kept in cold storage for extra safety. Bittrex Global also enables the two-factor authentication for all users and provides a host of additional security features to provide multiple layers of protection. Bittrex cold wallet: https://bitinfocharts.com/en/bitcoin/address/385cR5DM96n1HvBDMzLHPYcw89fZAXULJP
Bittrex Global is a reliable and advanced platform for trading digital assets with a respected reputation, long history, and active market presence and development nowadays. The exchange is eligible to be used globally, including the US and its territories. The legal component of Bittrex Global is one of the most legitimate among numerous crypto-asset exchanges. The Bittrex team has had great ambitions and managed to deliver promises and more. The exchange staff comprises forward-thinking and exceptional individuals whose success is recognized in the traditional business and blockchain sector. Bittrex's purpose is to be the driving force in the blockchain revolution, expanding the application, importance, and accessibility of this game-changing technology worldwide. The exchange fosters new and innovative blockchain and related projects that could potentially change the way money and assets are managed globally. Alongside innovation, safety will always be the main priority of the company. The platform utilizes the most reliable and effective practices and available technologies to protect user accounts. Bittrex customers have always primarily been those who appreciate the highest degree of security. Because of the way the Bittrex trading platform is designed, it can easily scale to always provide instant order execution for any number of new customers. Bittrex supports algorithmic trading and empowers its customers with extensive APIs for more automated and profitable trading. One of the common features which is not available on the exchange is margin trading. No leverage used however adds up to the exchange's stability and prevents fast money seekers and risky traders from entering the exchange. Bittrex is a force of the blockchain revolution and an important entity of the emerging sector. The full version First part Second part
100 Days later. From noob to moons. I wrote this “guide” based on my journey into crypto.
It’s already been 100 days. What a ride it’s been. I created this account and joined this sub not long after I bought my very first ETH. That’s right, I skipped Bitcoin and my first foray into crypto was Ethereum. I was never sold on BTC and even when it was booming back in the day I didn’t feel like I missed out on anything. I just don’t believe in it if I’m being honest. I respect everything about Bitcoin and Satoshi (whoever you are) sounds like a genius and a revolutionary but I don’t see the use case potential with it. I consider Bitcoin like the Metallica of crypto, a little analogy for myself. I’m a big fan of bands like Tool and The Deftones and I give credit where it’s due to Metallica for paving the way for them to be able to make new music. Bitcoin started the movement but I was sold on the progressive thinkers that followed it. Ethereum is my main commitment and always will be. Vitalik is a very weird person and that is what drew me to it initially. I saw a Vice documentary when I was first looking into crypto to understand and they also included a bonus bit with him. Those were enough to spark my interest and it sort of sent me into a wormhole of research. That was back in March. I like to think I’ve come a long way. Since I was unemployed I decided to spend my spare time studying crypto. I started with exchanges. Being from Canada my options definitely seemed limited, as a noob at least. Google helped most of the way by putting in things like “Ethereum explained” and “How to store crypto” which brought up a lot of useful information. Overwhelming to say the least. But I didn’t stop at the basics. No, no, no. It made me fascinated with blockchain as a technology beyond cryptocurrency. I read the Ethereum Whitepaper after the Bitcoin whitepaper because everyone should read that one. Satoshi started this, if you don’t understand why he(or she or however they identify) created Bitcoin then you will never understand cryptocurrency fully. Then it came time to buy some. I initially tried eToro and was immediately hit with the “service not available in Canada” issue. So I searched exchanges in Canada and found Coinberry, Shakepay and the already defunct Quadriga. Thankfully the quadriga news was easy to search so it didn’t take long for me to become paranoid about my investments. Coinsquare was also an option that turned out to also be a scam. After eToro I tried Coinberry and I submitted my KYC info and all then crickets they ghosted me. I’d been in contact with customer service prior to submitting and they seemed fine until then. I persevered. Shakepay was next. Fingers were crossed going into this one. I chatted with Shakepay customer service for the better part of an hour on my first day. I asked all of the technical questions and also the stupid ones. I wanted transparency and got it from them. So I bought 1 whole ETH. Next I had to figure out a wallet. This was difficult. I didn’t need a hardware wallet for 1 ETH, that was overkill. I learned early that the exchange isn’t safe “not your keys not your coins” is a common expression. So I found that middle ground in Atomic Wallet. I did a lot of searching before settling on them. Metamask was the other thought but when I had taken a solidity crash course I struggled with it and didn’t try again. The other wallet options I considered were Exodus Wallet and Guarda. I don’t want to break this down to a full wallet review but I will say that I use both Atomic and Exodus and they are great. I’ve never had an issue and the customer service communication has always been great. They’re transparent and helpful as long as you don’t try to attack them and blame them when you have issues. What I liked about Atomic when I first looked into it was the very helpful knowledge base they’ve created. The embedded links are to the wallets respective educational resources. If you asked me I’d say people don’t spend enough time reading at least the FAQ of a wallet, exchange or app that they use. Personally, I have read just about every article on both Exodus and Atomic (aside from the ones that repeat the same thing) so that I don’t have to ask everything. If you do take some time, and not that much, you will see they state “We will never ask you to enter your seed for any reason” and that would prevent so many phishing scams, which is what happens when people think they’re hacked. I think it’s important that everyone takes a moment to read about how to avoid being phished. Also check this one about things like pump and dumps and ICO scams. Now about the community. This place is awesome and I’m glad that I found this sub. It is certainly one of the best subs I’ve joined. I’m also subscribed to just about every single other crypto sub you can find, I like to know what’s going on in every project. I have my favourites and there are a few I’m certainly opposed to but I try to remain as unbiased as possible. I don’t let my investments influence my arguments because that makes it too emotionally driven. I argue with what I’ve read and learned about and am always willing to be told I’m wrong. The moons were such an important factor to that. When I first started into crypto I thought that moons would impact ETH price because I though “reddit is huge, everyone will want ETH after” but I was stupidly wrong. I would never think that again but I wanted to admit so everyone knows that we all start without basic knowledge in this. I wanted moons but my new account wasn’t allowed to post. I had to wait 50 days. What did I do? Engaged in other communities. I learned from other projects. Knowledge is power and it’s by learning and by gaining that knowledge before I could post it only took me 4 weeks to earn 35,000(nearest makes no difference) moons. During my pre-posting time I read multiple whitepapers for projects like NEO, Ripple(to which I am known to be opposed to but bias aside I’ve listed), Stellar, Komodo, Vechain, [Cardano(not really a whitepaper more of a “why” paper)](https://[cardano.org/why/) and so many more. I just wanted to link some so that people can read some varying whitepaper to get the differences in ideas. It’s tedious but these are the best ways to understand what’s going on and what the potential of blockchain is. I also got comfortable with reading charts because it’s important for learning trends. I don’t know all the technical terms and buzzwords for patterns but I recognize rhythm and patterns in things and combine that with my own best guess to figure out what to move for. I like statistics so it isn’t boring to me to read them. I mostly use Coingecko for tracking coins and the news section is great. I have made a list of favourites(my own top 40) and I check them daily. Multiple times daily to be honest. I also use Cointelegraph for news, I like their artwork. I also use decrypt because they tend to have more Ethereum and Altcoin news. Anyway, this has gotten beyond long enough. I hope it is helpful to some. I kind of wish I had found a resource with everything I needed to know to get started in one easy place. There isn’t. But this is a good way to get started. Thank you for reading. Everything I say is open to constructive criticism but let’s keep it sensible and respectful.
What mistakes should be avoided in the bull crypto market?
What mistakes should be avoided in the bull crypto market? In the investing world, the terms “bull” and “bear” are often used to describe market conditions. These terms describe the way things are in stock markets in general, that is, whether they rise or decline. For you as an investor, market direction is the main force that has a huge impact on your portfolio. Therefore, it is important to understand how each of these market conditions can affect your cryptocurrency investment. What are bull and bear markets? Bull markets are defined by aggressive market growth over a period of time. As the market starts to grow, people in the stock market become greedier. You can see more and more of them thinking, “Oh yes, let's invest in the market because it is growing.” The definition of a bear market is the exact opposite of a bull market. It is a market that, quarter after quarter, goes down by about 20 percent. This signals a bear market, and when this happens, people become afraid to invest in the stock market. What are the advantages of a bear market? It is important to remember that a bull market is characterized by a general sense of optimism and positive growth, which tends to stimulate greed. A bear market is associated with a general sense of decline, which tends to strike fear into the hearts of shareholders. [ Life Hack ] When it comes to bull and bear markets, savvy investors often act differently from the investing public and capitalize on their emotions by finding quality stocks at low prices during bear markets and selling these stocks in bull markets after their value has recovered. Cryptocurrency traders and investors gradually shift from fearing a market crash to hoping for the fast growth of bitcoin and other coins. The bull trend, in other words, a rapid rise in the price of an asset, is the best time to make money in the blockchain industry. However, mistakes are possible even during a bull run. What mistakes do investors make in the bull crypto market? 1. Belief in the hype. Due to the hype in the media, an investment bubble often appears, which makes cryptocurrency jump in price. As a result, long-term investors sell to make huge profits, leaving other investors with stocks that will not be profitable. 2. Using the wrong exchange. It is a simple one. However, many investors choose an exchange without learning more about its fees or practices. High fees mean lower profit margins. As an investor, you want to look for safe exchanges with low fees to make your portfolio more profitable. 3. Security. A recurring problem is that investors trust “exchange wallets” and simply store their assets on exchanges. While reputable exchanges have a long history of protecting investor funds, online systems are never this air-tight. They can still be used, and hackers are always eager. 4. Short buys and sells. The cryptocurrency market attracts many amateur investors. This means that many people sell very quickly because they are nervous about price fluctuations. 5. Don’t read cryptocurrency charts. Understand the market you are trading in — learn as much as you can from the start, and then increase your knowledge as you go. In the world of cryptocurrencies, the expression “knowledge is power” is more relevant than ever. How to avoid these mistakes Taylor Monahan, the co-founder of MyCryptoWallet and MyEtherWallet, tweeted some helpful tips from her previous bull run in 2017. We have created this list for you based on her advice: · Don’t chase every new “promising” coin. Choose coins for investing deliberately, conduct market analysis. Don't invest only by following the advice of others. · Don’t seek to make money only by selling coins at their short-term peak. Moreover, it is worth transferring 90-95% of your capital to cold storage for a long time. You will only be successful when you learn to generate a stable return on investment. · Transfer your cryptocurrency funds to your secure hardware wallet and only connect it when you need to complete a transaction. These relatively inexpensive security measures allow you to invest with confidence and without worry. · Invest in cryptocurrencies only the money you are mentally ready to lose. That is, you should not take a loan or spend all savings on investments. In the long term, this strategy will only lead to losses and debt. · Good exchanges will focus on ease of investing, using clear charts, and tracking trading prices as close to real time as possible. They will also work to keep fees fair and as low as possible while maintaining the integrity of their platform's security. Summary The first priority for traders and investors is to preserve their equity. Don’t play with margin trading if you are not familiar with its basic principles. Determine for yourself a strategy in which even dozens of unprofitable trades will not make you bankrupt. The key to success in the cryptocurrency market is the ability to cope with your emotions. It is the emotions that get in the way of getting rid of assets at the peak of their rates and force people to buy coins after they have overcome their maximum. In any situation, it is worth thinking twice. What is more, all contemplation should be supported by your own research.
Below are notable difficulty adjustments when hash rate fell and block times become slower for Bitcoin.
26 Mar 2020 [difficulty adjustment -15.95%, avg block time 11min 54secs]. On the 28th price crashed from $6674 to $6138 ( -8%).
8 Nov 2019 [difficulty adjustment -7.1%, avg block time 10min 46secs]. On the same day price crashed from $9234 to $8783 ( -4.88%).
The next big adjustment was around Nov to Dec 2018 and there were 3 big adjustments with high block times.
19 Dec 2018 [-9.56%, avg block time 11min 3secs]
3 Dec 2018 [-15.13%, avg block time 11min 47secs]
17 Nov 2018 [-7.39%, avg block time 10min 48secs]
There was huge drop off starting on 14th Nov all the way to a bottom on 14-15th Dec ($6351 to $3288 around -48%).
Current situation: We are 1 day 10 hours from the next difficulty adjustment. Projected difficulty adjustment is -5.61% (https://fork.lol/pow/retarget), which could indicate a small dip. However, take note that the date of last adjustment was the 5th and the 3rd halving was on the 11th, between the 5th to the 11th there was increased hashrate from miners trying to mine the final week of 12.5btc that offset the really slow block times after the halving. Therefore it will be the next difficulty adjustment after the one on the 20th that will completely reflect the slower block times after the halving. Currently the median block time taken on the 17th was around 14min (-28.5% difficulty adjustment). For people who do not understand blockchain, basically with the Bitcoin 3rd halving, mining profitability fell for a lot of miners and they probably turned off their miners therefore the blockchain mining time became considerably slower which is reflected with slow transaction speed and higher fees as seen currently. Bitcoin sellers moving their BTC from wallet to an exchange are faced with slow transaction speed and therefore the sell pressure of BTC fell considerably which will attribute to the current price increase. There is a correlation between sell pressure and blockchain congestion (the size of the correlation is undetermined). There is going to be a race. A race between BTC price hiking high enough to attract more miners to reduce avg block times versus the closing window of roughly 2 weeks before the next difficulty adjustment. If the price does not jump high enough, the next difficulty adjustment in the first week of June could signal a huge dip. I am not an expert. I just did some research on the above and wanted to share with fellow Bitcoin compatriots so that we can tread with caution and not lose our shirts. I do not plan to short BTC but I will exit my BTC positions if I expect double digit negative difficulty adjustment in early June. Please visit the original post here https://www.reddit.com/Bitcoin/comments/gm23pe/warning_blockchain_difficulty_adjustment/ There are pictures in the original post as well as 2nd halving evidence with pics. I could not post pics here. If possible please upvote the original post, a lot of people downvote it. Not sure why people downvote it, maybe veterans attempting to hide information from newcomers to fleece them of their shirt. Update 1:>! As of writing, I have opened a small short position on Bitcoin. Stop loss around 10k, estimated take profit around 8500. The reason is because the difficulty adjustment in the next 20 hours, even though is just -5% roughly is still significant. I direct you to look into all the difficulty adjustments in the last 2 years and you will know how rare it is. The ones I caught were all listed at the very top of the post. Since it is my first time shorting BTC, I take this as a learning opportunity so that I will have some experience to face the bigger difficulty adjustment in the first week of June. Analysis into execution, even in failure I am happy.!< Update 2: The difficulty adjustment (DA) happened roughly 6 hours ago and the sell pressure from -6% DA did not seem to be affecting the market much. However, please take a look now at the estimation for the next DA. On https://bitcoin.clarkmoody.com/dashboard/ it is estimated to be -25%. On https://fork.lol/pow/retarget estimated to be -18%. On https://www.blockchain.com/charts/median-confirmation-time the median block time for the last day was 16.8min. My original proposition that the true DA of the halving can only be realized in the next DA stands and that it will be considerable. The increased sell pressure from that DA will be highly significant. That is why there is a race by current miners to get the BTC price up high enough to attract more miners to not have the DA drop too much. Update 3: Current BTC price at $9100 ( ~39 hours after DA). Then again BTC could have dropped from all sorts of reason. However the coincidence with the DA and with all the past DA is just too high to simply shrug off as irrelevant. Anyways past result cannot predict future ones, stay safe with the trading. Will no longer check on this post. References: Difficulty adjustment dates taken from https://btc.com/stats/diff Bitcoin graph history for price movement taken from coinmarketcap. Median confirmation time (block time) taken from https://www.blockchain.com/charts/median-confirmation-time Credits to people who assisted the analysis: kairepaire for pointing out faster block times between 5th-11th. babies_eater for https://fork.lol/pow/retarget moes_tavern_wifi for https://bitcoin.clarkmoody.com/dashboard/ Pantamis for https://diff.cryptothis.com/
An In-Depth Guide to: How do I Fix my Ledger Nano’s Stuck Ethereum Transaction?!?!?! (It’s Been Stuck for Weeks and NOTHING Traditional has Worked!!!!) As Well as: How Do I Choose My Nonce??? I’ve Tried MetaMask, MEW/MyEtherWallet, and Others, but Nothing is Working Correctly!!! I’m Dying by Stress!
So, if you were like me 1-2 months ago, you’ve probably already gone through 2,or 3, ...or 40 articles and guides that probably say something like: “YeP, eVeRy EtHeReUm UsEr WiLl EvEnTuAlLy HaVe ThE LoW-gAs ExPeRiEnCe, YoU’rE nOt AlOnE! DoN’t FrEaK OuT tHoUgH; ThErE iS a WaY tO fIx It!” Chances are, every time you read another useless article, you want to kill the nearest inanimate object, even though it was never alive in the first place. Nonetheless, you’re gonna kill it as much as it can be killed, holding nothing back; or, you’re just plotting to and slowly getting closer to executing the plan (and the object) every time you are insulted once again. However, if you have the ability to download software (MyCryptoWallet) on a PC, it should be safe to relax now. I think you’ve finally found some good news, because I am 99.99...% sure this will work for the issue that so many people are having at this time, around the end of the month of May, year 2020. More and more people are likely to be having this issue soon, since Ethereum's gas prices have been insanely high lately as well as having 300% price changes in a matter of minutes; Etherscan’s Gas tracker is nearly uselessly-inaccurate at this time. I've heard that there's a congestion attack; that was said a week ago, and it appears to be ongoing... (I can't think of any other suspect besides Justin Sun to blame it on... it must be incredibly expensive to overload the blockchain for this long... I may be wrong though...)
Let’s begin For myself, I was trying to send an ERC20 token when this dreadful issue attacked. Specifically, the token was either BSOV or GRT; I sent them 1 after the other and the first succeeded, and the second one took over a week. (They’re both great tokens in my opinion and deserve much more attention than they’ve been getting. BSOV is nearing its 1 year anniversary as I write this, and GRT is still in its 90 day community-development progress test, so of course I'm gonna take this opportunity to "shill" them; they are great tokens with great communities). I was able to finally fix it, after a week of mental agony (also the txn finally processed 1-2 hours before I found the solution, robbing me of the gratitude of fixing it myself... (╯‵□′)╯︵┻━┻ ...but now I guess I can hopefully save some of you the headaches that I endured... ) I’m providing the ability to do the same, in a step by step guide. Why did I go through all of this trouble? I'd fault the fact that I have ADHD and autism, which in my case can multiply each other’s intensity and cause me to “hyper-focus” on things, much much more than most with the same qualities, intentionally or not. Adderall is supposed to give me a bit of control over it, but except for in a very-generalized way, it’s still 90% up to chance and my default-capabilities to allow me control over my attention with self-willpower. But also Karma and Moons pls... ʘ‿ʘ
In MyCrypto, (I'm using the Windows 10 app, version 1.7.10) you will open to a screen that says "How would you like to access your wallet?". Choose Ledger, of course. (Unless your here for some non-ledger issue? Idk why you would be but ok.)
On the next screen (having your nano already plugged in, unlocked, and opened into the Ethereum app) click "Connect to Ledger Wallet"
A screen overlay should appear, titled: "Select an Address". Here is where it may get confusing for some users. Refer to "AAA" below to know how to find your account. (Geez, sorry lol that was a huge amount of info for a reddit reply; I might've over-elaborated a little bit too much. but hey it's valuable information nonetheless!)
After escaping the "AAA" section, you'll have accessed your account with MyCrypto. Awesome! To find your ERC20 tokens, (slight evil-laughter is heard from an unidentifiable origin somewhere in the back of your mind) go to "AAB".
(You may have decided to find the token(s) on your own, rather than daring to submit to my help again; if so, you may pity those who chose the other path... ~~(￣▽￣)~~) Now, once you've added your token, you should revert your attention to the account's transfer fill-out form!
I'll combine the steps you probably understood on your own, already. Put in the address that your stuck transaction is still trying to send currency to. If an ERC20 token is involved, use the drop-down menu to change "ETH" to the token in trouble. Input your amount into the box labeled... wait for it... "Amount". Click on "+Advanced".
Refer to Etherscan.com for the data you will need. Find the page for your "transaction(txn) hash/address" from the transaction history on the wallet/Ethereum-manager you used to send from. If that is unavailable, put your public address that your txn was sent from into the search tool and go to its info page; you should be able to find the pending txn there. Look to open the "more details" option to find the transaction's "Nonce" number.
Put the nonce in the "Nonce" box on MyCrypto; you will contest the pending txn with a new txn that offers larger gas fees, by using the same nonce. If (but most likely "When") the new transaction is processed first, for being more miner-beneficial, the nonce will then be completed, and the old transaction will be dropped because it requests an invalid, now-outdated nonce. Your account will soon be usable!
Go to the Gas Tracker, and it may or may not provide an informative reading. Choose whatever amount you think is best, but choose wisely; if you're too stingy it may get stuck again, and you'd need to pay another txn's gas to attempt another txn-fix.
At the time I write this, I'd recommend 50-100 gwei; to repeat myself, gas requirements are insane right now. To be safe, make the gas limit a little higher than MCW's automatic calculation, you may need to undo the check-mark for "Automatically Calculate Gas Limit".
Press "Send Transaction"!!!
You will need to validate the action through your nano. It will have you validate three different things if you are moving an ERC20 Token. It's a good idea to verify accuracy, as always.
Well, I hope this worked for you! If not, you can let me know in a reply and I'll try to figure it out with you. I like making these in-depth educational posts, so if you appreciate it please let me know; I'll probably make more posts like this in the future! ( Surely this is at least far better than Ledger's "Support" article where they basically just tell you "Yeah, we haven't bothered to make a way to manually select nonces. I guess we might try to make that available for Bitcoin accounts at some point in the future; who knows? lol"... that's not infuriating at all, right?)
AAA: Before I tell you how to find your address, I will first make it clear, within the italicized text, exactly which address you are looking for, if you are not already sure: You may also skip the text written in italics if your issue does not include an ERC20 token, if you wish. Ledger Live can confuse some users with its interface. On LL, to manage an ERC20 token, you first must go to your Ethereum account and add the token. When you then click on the added token under "Tokens" below the graph chart for your account's ETH amount over time, the screen will then open a new screen, that looks just the same, except focused on the specific ERC20 token. To confuse users further, there is then an option to "Star account", which then add the ETH icon with the ERC20 token's first letter or symbol overlapping, onto the easy access sidebar, as if it was another account of similar independency to the ETH account it was added to. This improperly displays the two "accounts" relation to each other. Your ERC20 holdings (at least for any and all ERC20 that I know of) are "held" in the exact-same address as the Ethereum address it was added to, which also "holds" any Ether you've added to it. You send both Ether (ETH) and any ERC20 Tokens to and from only Ethereum addresses of equivalent capabilities, in both qualities and quantities. In all basic terms and uses, they are the same. So, to know what the problematic account's address is, find the address of the Ethereum account it was added to in Ledger Live. Now, to find your address on MyCrypto, the most reliable way to find it, that I am aware of, is this: Open Ledger Live. Go to the screen of your Ethereum address (again, this is the one that you added your ERC20 token, if applicable. If you're not dealing with an ERC20 token, you may ignore everything I've put in Italics). Click on "Edit account"; this is the icon next to the star that may look like a hex-wrench tool. On the new screen-overlay, you will see "> ADVANCED LOGS". Click on the ">" and it will point down while revealing a drop-down with some data that you may or may not recognize/understand. Likely to be found indented and in the middle-ish area, you will see this line, or something hopefully similar: "freshAddressPath": "44'/60'/X'/0/0", The "X" will probably be the only thing that changes, and the actual data will have a number in its place; it will not be a letter. Let's now put that line to use in MyCrypto: Take the 44'/60'/X'/0/0 , and make sure you DO NOT copy the quotation marks, or that comma at the end either. You can do this before or after copying and/or pasting, but drop the second "/0" at the end; it was not necessary in my case, I expect that you won't need it either, and will probably just make MyCrypto see it as an invalid input. Okay, now go back to the "Select an Address" screen-overlay in MyCrypto. Next to "Addresses", click on the box on the right, and you should be shown a list of options to select from in a drop-down menu. Scroll all the way down, and you should find the "Custom" option at the very bottom. Select it. A new box will appear; probably directly to the right of the now-shortened box that now displays the "Custom" option that you just selected. This box will offer an interface for typed input. ...yep... once again, believe it or not, you should click it. Type " m/ ", no spaces before or after. Type in or paste the data we retrieved from ledger live. The box should now hold this: m/44'/60'/X'/0 Again, X should be a number. In fact, that number is probably equal to the number of Ethereum (not including any ERC20 wannabe) accounts that you've made on Ledger Live before making the one we're working on right now! (1st Eth. Acc. would have: X = 0, 2nd: X = 1, 3rd: X = 2, ...) Make sure you've included every apostrophe ( ' ), and solidus ( / ); there is NO APOSTROPHE for the "m" at the start and the "/0" at the end! If you press the enter key or click on the check-mark to the right of where you typed, the appropriate addresses will be generated, and the address you created through Ledger Live should be the first one on the list! Select your address and press "Unlock", and you are now accessing your account through the MyCrypto app's interface!
AAB: In order to access your ERC20 token, you will need to add them first. You may have to scroll down, but on the right-side of your unlocked account screen, you'll see a box with "Token Balances" as its header. Click "Scan for tokens". This may take a short bit of time, and when it's done it may or may not display your ERC20 token. If it worked, you can head on back to the main part. If you got the result I did, it won't display your token, or, if our result was exactly the same, it won't display any at all. However, you should now have the "Add Custom Token" option available, so see where that takes you. You should discover four boxes, specified in order (Address/ Decimals / Token_Symbol / Balance). You may only need to fill in the "Address" box, but if you need to fill others, you'll find those with the token's address; here's 2 ways to find it, if you don't already know. Method I: Since you've probably already been managing your token with Ledger Live, you can go to the LL screen of your "account" for that token; Right next to the account's icon, and directly above the name, you'll see: Contract: 0x??????...???????? Yes, go on; click it. You'll find the token's page on Etherscan; this was just a shortcut to the same place that both of the two previously referenced methods lead to. Skip to method... III? Method II: Go toEtherscan.com, or a similar Ethereum-blockchain-monitoring website, if you have a different preference. Search for the name of your token, and you should be able to see it as a search result. Activate your search manually of by selecting search option. Continue on with Method III. Method III (I&II; what makes you think there was a third method? I said 2!): At this point, you should find the "contract address" somewhere on the screen. This is the identity of the creature that breathes life into the token, allowing it to exist within the world of Ethereum. Steal it, and tell MyCrypto that you've left some of "your" tokens in the address of your ledger's Ethereum account. MyCrypto will trust and believe you without any concern or doubt, just by putting "your" contract address in the box for "Address"; it's almost too easy! Well whaddya know, this one isn't actually too long! Don't tell anyone who may have taken a little longer whilst finding out how to do it themselves, though. There's value in trying to do something on your own, at least at first, so I'll let them think they made the right choice (¬‿¬). But take this star for humbling yourself enough to seek further help when you need it, since that is a very important life skill as well! (o゜▽゜)o☆ Now, back to the useful stuff at the top...
EDIT: A comment below made me realize that this info should be added too. Here is my reply to the comment saying I could just use MetaMask. I said in the title that this guide is for questions where MEW and MetaMask aren’t working, but I guess it’s easy to miss. I used my u/caddark account to respond: (Using this account because u/caddarkcrypto doesn’t meet the karma/age standards to comment; the post had to be manually approved.) I guess I didn’t make it entirely clear; sorry: The target audience for this guide is anyone with a stuck Ethereum transaction that was initiated through Ledger Live AND are experiencing the same difficulties I had encountered while trying to fix this issue for myself. This wasn’t any regular stuck Ethereum transaction. Apparently before, there was an issue that made a Ledger Nano nearly impossible to connect to MetaMask (which is also Brave Browser’s integrated “crypto wallet” for the desktop version) and/or MEW (also perhaps any other browser wallets made for chrome and/or brave) that I heard was supposed to be fixed in a recent update. It might’ve been mostly patched, idk, but during my experience, (in which I was using the latest version of Ledger Live that is available right now,) that issue still remained. The really weird part was that it successfully connected to the browser wallets again after I fixed the stuck transaction. At first I thought that somehow the txn was what was bugging the connection. However, later, during no txn issues, I was again unable to connect. Seeing the same connection error again later, I opened up the MCW app I downloaded the day before, and was going to just use that. While in the process of operating MCW, I suddenly had another idea to try for the browser wallet so I went back to that just to quickly test it. The browser wallet worked perfectly... I don’t know how, but I think that somehow, something in MCW’s software, makes the browser wallets work. They don’t work for me without having MCW opened in the background first. EDIT 2: Markdown decided to stop working after I did the first edit... I might fix it tomorrow... how did that happen though??? What did I do? EDIT 3: nvm, I'm just fixing it now; I won't get much sleep tonight I guess.
https://preview.redd.it/mnxeb74hk4j51.jpg?width=990&format=pjpg&auto=webp&s=32d152a7495971c10e1af12185abe5e77b61fd14 How popular is DeFi? Link, known as the leader of the oracle machine, has increased by 305.19% for the past three months, with an investment return of 17,052%, climbing to the fifth spot in the cryptocurrency ranking list by market value in the short term; Since its issuance, YFI, which has soared 350 times all the way, has attracted 630 million US dollars of investment in 5 days, and was even dubbed the next Bitcoin in this circle; From Comp for lending, KNC and BAL, governance tokens for decentralized exchanges, to SNX which is a stable currency payment network, various governance tokens of the DeFi ecosystem have emerged in an endless stream, stirring the blood in the market. Such a boom is not only reflected in the currency price, but also pushes the brand new DEX based on the AMM (automated market making) model an overnight hit. UniSwap, known as the next-generation casino, has surpassed the world's first-tier centralized exchanges such as Binance, OKex, and Huobi in user activity, daily trading volume, and daily turnover. With the rapid rise of UniSwap, the DEX threat theory has once again triggered heated discussions among the media and communities in the blockchain industry. DEX on the Rise The success of UniSwap is by no means something accidental. As early as 2018 when centralized exchanges suffered the hacker theft one after another, Vitalik Buterin, founder of Ethereum, predicted that the future lay in decentralized exchanges and that Ethereum, by developing a "better" decentralized platform, could empower the cryptocurrency community to regain the dominance from the centralized cryptocurrency exchange. To realize the decentralized concept of returning to users their asset ownership, geeks in the blockchain industry have made many attempts. Kyber Network, Bancor, Balancer, 0X, Curvefi, etc. are all DEXs based on Ethereum blocks. For a long time, affected by the performance of Ethereum and cross-chain issues, these DEXs were once stagnant. With the lessons learned from Ethereum DEX, newcomers to the DEX have focused on high performance, high TPS, and rich assets as the ultimate goal for product development. Amid the DEX threat theory, major exchanges have deployed their own public chain DEX products in a response to their respective development strategies: Binance launched Binance DEX on its Binance Chain, and Bittrex Exchange unveiled Ethfinex on the Ethereum and EOSfinex on the EOS blockchain, two platforms where users can exchange for fiat currencies; last year, CoinEx officially launched CoinEx Chain, a public chain dedicated to decentralized transactions, followed by CoinEx DEX. Since the birth of the DEX in the blockchain world, this field has never run out of competition. By independent development or other’s advantage? From 2017 when it was established to 2019 as it stabilized, DEX has witnessed its annual trading volume skyrocketing from less than US$5 million to over US$2.5 billion. As DeFi gains fame and grows rapidly, DEX has grown into the most popular source of money, attracting a flood of speculators. In the past month, the trading volume of the global cryptocurrency market DEX has exceeded US$ 4 billion, more than twice the figure across 2019. In the past two years, despite the increasingly in-depth exploration in the DEX, the cross-chain issue remains a stumbling block in its development path. DEX will not outperform CEX in the trading experience until a cross-chain solution is worked out. The concept of DeFi went viral in 2019. With the continuous improvement of the DeFi ecosystem, the current Ethereum blockchain has developed into a complete decentralized financial system, covering mortgage lending, interest from deposit, leveraged trading, token exchange, identity authentication, and other infrastructure essential to traditional financial systems. In addition to the mouth-watering profit, the DeFi ecosystem has also brought along explosive growth in both the type and quantity of digital assets, making DEX a market favorite. Compared with the DEX dedicated to public chains, the Ethereum-based DEX has been equipped with more possible functions and thus become more attractive thanks to the comprehensive supplementary infrastructure on Ethereum. This also presents DEX pioneers with new opportunities. Dubbed “Swap’s summer”, the summer of 2020 has seen a market rush in Swap development after UniSwap became a hit. Miniswap, Justswap, and btswap are no more innovative than UniSwap according to their product structures and white papers. By comparison, OneSwap has injected unique essence into its product design and governance model based on UniSwap's automated market making. Upgraded UniSwap OneSwap, which has a double mining model + order book, has received an investment of tens of millions from CoinEx even before the product is launched. It is known that OneSwap is jointly developed by a group of technology geeks who have engaged in the cryptocurrency community for many years. The project was initiated by a member of the team in an attempt to upgrade UniSwap after he experienced the convenient AMM enabled by UniSwap. Without limit orders, users have to trade in the price set by the platform, which, however, compromised their experience. In addition, the lack of liquidity mining and transaction mining rewards cannot reduce the losses of liquidity providers caused by unilateral market conditions. "DEX still has much room for perfection, and could even surpass CEX in trading experience" The OneSwap development team always believes that UniSwap still has a long way to go before it becomes the strongest DEX in the DeFi ecosystem. They have endeavored to, relying on their abundant experience in exchange product development and digital currency trading, create the most powerful DEX product in the DeFi ecosystem based on smart contracts. OneSwap is called the “upgraded UniSwap” in the community. By the combination of the Constant Product Market Maker (CPMM) model in the Uniswap project and the on-chain order book, it reduces restrictions on users’ trading, and, through its OneSwap Wallet, improves user interaction methods and further enhances their experience in trading and product usage. OneSwap boasts one-click token issuance and listing essential to DEX. Unlike the listing review mechanism on Binance DEX, the setting of OneSwap is more consistent with the concept of decentralization. Anyone can put his or her good projects and ideas, if any, into practice through OneSwap without permission. In terms of product design, OneSwap will add to its function menu the Candlestick chart, order form, and depth chart according to user habits, apart from limit orders. These functions will offer OneSwap users an experience as smooth, easy-to-use, and convenient as in the CEX. A new source of money?A two-prongedplatform withtransaction mining + liquidity mining To support on-chain governance, OneSwap will issue a ERC20 governance token called ONES. The total number of ONES remains constant at 100 million, 50% of which will be used as community funds to support the construction of the OneSwap ecosystem and 50% will be owned by the OneSwap team. Community funds can be applied for through on-chain governance. 5% of the part held by the team will be unlocked initially, and the rest will be unlocked at a rate of 5% every six months until all is unlocked after four and a half years. After the OneSwap product was launched, the OneSwap team will take part of the initially unlocked tokens as airdrop rewards for the open beta. Then OneSwap will officially start liquidity mining and transaction mining, and the governance token ONES will also be simultaneously launched on centralized trading platforms across the world. The first round of mining activities will last for one month, and mining rewards are yet to be made public. Liquidity mining is a popular way of obtaining governance tokens in the DeFi ecosystem. Well-known DeFi projects including COMP, Cure, and Banner have all enabled liquid mining. Transaction mining could date back to 2018 when Fcoin grew popular. The transaction mining model initiated by Fcoin in 2018 once set off a bull market that year, pushing many investors into financial freedom in the rush of transaction mining. In addition, transaction mining based on the DeFi ecosystem is still a blue ocean, which is not common in the current market. The success of OneSwap's double mining model, if possible, would surely start a craze in the cryptocurrency market. The OneSwap team has not yet announced specific mining rules, but disclosed that it has developed the smart contract code. To ensure the product security, OneSwap will invite three well-known security agencies in the blockchain industry to audit the code and announce the auditing results in early September at the soonest. Conclusion DeFi did not rise to fame without reason in 2020. Such overnight popularity is an inevitable result of Ethereum's efforts to build a decentralized consensus mechanism and improve infrastructure in the past few years. Ethereum has almost become the only public chain in the DeFi circle and the only construction base for well-known DEX. If OneSwap succeeds, it means a huge breakthrough for both DeFi and Ethereum, and decentralization in its true sense is around the corner.
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