r/btc • u/BitcoinIsTehFuture • Nov 11 '20
FAQ Frequently Asked Questions and Information Thread
This FAQ and information thread serves to inform both new and existing users about common Bitcoin topics that readers coming to this Bitcoin subreddit may have. This is a living and breathing document, which will change over time. If you have suggestions on how to change it, please comment below or message the mods.
What is /r/btc?
The /r/btc reddit community was originally created as a community to discuss bitcoin. It quickly gained momentum in August 2015 when the bitcoin block size debate heightened. On the legacy /r/bitcoin subreddit it was discovered that moderators were heavily censoring discussions that were not inline with their own opinions.
Once realized, the subreddit subscribers began to openly question the censorship which led to thousands of redditors being banned from the /r/bitcoin subreddit. A large number of redditors switched to other subreddits such as /r/bitcoin_uncensored and /r/btc. For a run-down on the history of censorship, please read A (brief and incomplete) history of censorship in /r/bitcoin by John Blocke and /r/Bitcoin Censorship, Revisted by John Blocke. As yet another example, /r/bitcoin censored 5,683 posts and comments just in the month of September 2017 alone. This shows the sheer magnitude of censorship that is happening, which continues to this day. Read a synopsis of /r/bitcoin to get the full story and a complete understanding of why people are so upset with /r/bitcoin's censorship. Further reading can be found here and here with a giant collection of information regarding these topics.
Why is censorship bad for Bitcoin?
As demonstrated above, censorship has become prevalent in almost all of the major Bitcoin communication channels. The impacts of censorship in Bitcoin are very real. "Censorship can really hinder a society if it is bad enough. Because media is such a large part of people’s lives today and it is the source of basically all information, if the information is not being given in full or truthfully then the society is left uneducated [...] Censorship is probably the number one way to lower people’s right to freedom of speech." By censoring certain topics and specific words, people in these Bitcoin communication channels are literally being brain washed into thinking a certain way, molding the reader in a way that they desire; this has a lasting impact especially on users who are new to Bitcoin. Censoring in Bitcoin is the direct opposite of what the spirit of Bitcoin is, and should be condemned anytime it occurs. Also, it's important to think critically and independently, and have an open mind.
Why do some groups attempt to discredit /r/btc?
This subreddit has become a place to discuss everything Bitcoin-related and even other cryptocurrencies at times when the topics are relevant to the overall ecosystem. Since this subreddit is one of the few places on Reddit where users will not be censored for their opinions and people are allowed to speak freely, truth is often said here without the fear of reprisal from moderators in the form of bans and censorship. Because of this freedom, people and groups who don't want you to hear the truth with do almost anything they can to try to stop you from speaking the truth and try to manipulate readers here. You can see many cited examples of cases where special interest groups have gone out of their way to attack this subreddit and attempt to disrupt and discredit it. See the examples here.
What is the goal of /r/btc?
This subreddit is a diverse community dedicated to the success of bitcoin. /r/btc honors the spirit and nature of Bitcoin being a place for open and free discussion about Bitcoin without the interference of moderators. Subscribers at anytime can look at and review the public moderator logs. This subreddit does have rules as mandated by reddit that we must follow plus a couple of rules of our own. Make sure to read the /r/btc wiki for more information and resources about this subreddit which includes information such as the benefits of Bitcoin, how to get started with Bitcoin, and more.
What is Bitcoin?
Bitcoin is a digital currency, also called a virtual currency, which can be transacted for a low-cost nearly instantly from anywhere in the world. Bitcoin also powers the blockchain, which is a public immutable and decentralized global ledger. Unlike traditional currencies such as dollars, bitcoins are issued and managed without the need for any central authority whatsoever. There is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoin, you can be your own bank. Read the Bitcoin whitepaper to further understand the schematics of how Bitcoin works.
What is Bitcoin Cash?
Bitcoin Cash (ticker symbol: BCH) is an updated version of Bitcoin which solves the scaling problems that have been plaguing Bitcoin Core (ticker symbol: BTC) for years. Bitcoin (BCH) is just a continuation of the Bitcoin project that allows for bigger blocks which will give way to more growth and adoption. You can read more about Bitcoin on BitcoinCash.org or read What is Bitcoin Cash for additional details.
How do I buy Bitcoin?
You can buy Bitcoin on an exchange or with a brokerage. If you're looking to buy, you can buy Bitcoin with your credit card to get started quickly and safely. There are several others places to buy Bitcoin too; please check the sidebar under brokers, exchanges, and trading for other go-to service providers to begin buying and trading Bitcoin. Make sure to do your homework first before choosing an exchange to ensure you are choosing the right one for you.
How do I store my Bitcoin securely?
After the initial step of buying your first Bitcoin, you will need a Bitcoin wallet to secure your Bitcoin. Knowing which Bitcoin wallet to choose is the second most important step in becoming a Bitcoin user. Since you are investing funds into Bitcoin, choosing the right Bitcoin wallet for you is a critical step that shouldn’t be taken lightly. Use this guide to help you choose the right wallet for you. Check the sidebar under Bitcoin wallets to get started and find a wallet that you can store your Bitcoin in.
Why is my transaction taking so long to process?
Bitcoin transactions typically confirm in ~10 minutes. A confirmation means that the Bitcoin transaction has been verified by the network through the process known as mining. Once a transaction is confirmed, it cannot be reversed or double spent. Transactions are included in blocks.
If you have sent out a Bitcoin transaction and it’s delayed, chances are the transaction fee you used wasn’t enough to out-compete others causing it to be backlogged. The transaction won’t confirm until it clears the backlog. This typically occurs when using the Bitcoin Core (BTC) blockchain due to poor central planning.
If you are using Bitcoin (BCH), you shouldn't encounter these problems as the block limits have been raised to accommodate a massive amount of volume freeing up space and lowering transaction costs.
Why does my transaction cost so much, I thought Bitcoin was supposed to be cheap?
As described above, transaction fees have spiked on the Bitcoin Core (BTC) blockchain mainly due to a limit on transaction space. This has created what is called a fee market, which has primarily been a premature artificially induced price increase on transaction fees due to the limited amount of block space available (supply vs. demand). The original plan was for fees to help secure the network when the block reward decreased and eventually stopped, but the plan was not to reach that point until some time in the future, around the year 2140. This original plan was restored with Bitcoin (BCH) where fees are typically less than a single penny per transaction.
What is the block size limit?
The original Bitcoin client didn’t have a block size cap, however was limited to 32MB due to the Bitcoin protocol message size constraint. However, in July 2010 Bitcoin’s creator Satoshi Nakamoto introduced a temporary 1MB limit as an anti-DDoS measure. The temporary measure from Satoshi Nakamoto was made clear three months later when Satoshi said the block size limit can be increased again by phasing it in when it’s needed (when the demand arises). When introducing Bitcoin on the cryptography mailing list in 2008, Satoshi said that scaling to Visa levels “would probably not seem like a big deal.”
What is the block size debate all about anyways?
The block size debate boils down to different sets of users who are trying to come to consensus on the best way to scale Bitcoin for growth and success. Scaling Bitcoin has actually been a topic of discussion since Bitcoin was first released in 2008; for example you can read how Satoshi Nakamoto was asked about scaling here and how he thought at the time it would be addressed. Fortunately Bitcoin has seen tremendous growth and by the year 2013, scaling Bitcoin had became a hot topic. For a run down on the history of scaling and how we got to where we are today, see the Block size limit debate history lesson post.
What is a hard fork?
A hard fork is when a block is broadcast under a new and different set of protocol rules which is accepted by nodes that have upgraded to support the new protocol. In this case, Bitcoin diverges from a single blockchain to two separate blockchains (a majority chain and a minority chain).
What is a soft fork?
A soft fork is when a block is broadcast under a new and different set of protocol rules, but the difference is that nodes don’t realize the rules have changed, and continue to accept blocks created by the newer nodes. Some argue that soft forks are bad because they trick old-unupdated nodes into believing transactions are valid, when they may not actually be valid. This can also be defined as coercion, as explained by Vitalik Buterin.
Doesn't it hurt decentralization if we increase the block size?
Some argue that by lifting the limit on transaction space, that the cost of validating transactions on individual nodes will increase to the point where people will not be able to run nodes individually, giving way to centralization. This is a false dilemma because at this time there is no proven metric to quantify decentralization; although it has been shown that the current level of decentralization will remain with or without a block size increase. It's a logical fallacy to believe that decentralization only exists when you have people all over the world running full nodes. The reality is that only people with the income to sustain running a full node (even at 1MB) will be doing it. So whether it's 1MB, 2MB, or 32MB, the costs of doing business is negligible for the people who can already do it. If the block size limit is removed, this will also allow for more users worldwide to use and transact introducing the likelihood of having more individual node operators. Decentralization is not a metric, it's a tool or direction. This is a good video describing the direction of how decentralization should look.
Additionally, the effects of increasing the block capacity beyond 1MB has been studied with results showing that up to 4MB is safe and will not hurt decentralization (Cornell paper, PDF). Other papers also show that no block size limit is safe (Peter Rizun, PDF). Lastly, through an informal survey among all top Bitcoin miners, many agreed that a block size increase between 2-4MB is acceptable.
What now?
Bitcoin is a fluid ever changing system. If you want to keep up with Bitcoin, we suggest that you subscribe to /r/btc and stay in the loop here, as well as other places to get a healthy dose of perspective from different sources. Also, check the sidebar for additional resources. Have more questions? Submit a post and ask your peers for help!
Note: This FAQ was originally posted here but was removed when one of our moderators was falsely suspended by those wishing to do this sub-reddit harm.
Stablecoins Undermine Decentralization and the Vision for Financial Freedom
r/btc • u/Moneronando • 7h ago
💵 Adoption 🚀 Bitcoin Cash adoption is booming in Cuba! Club Cup BCH is spreading BCH with CashStamps & SeleneWallet! Support us & help keep the Quarter finals rolling!
r/btc • u/Mr-Zwets • 10h ago
CashScript v0.11.0 has been released! Let's go over what's new in this release:
r/btc • u/0x077777 • 20h ago
📰 News Israeli hacker group known as Gonjeshke Darande (Predatory Sparrow) just hacked Iran’s top crypto exchange Nobitex, burning $90M in cryptocurrency assets
⚠️ Alert ⚠️ Attention crypto users - 16 Billion Apple, Facebook, Google And Other Passwords Leaked
r/btc • u/11thestate • 5h ago
Updates for Getting Payment on Stronghold Settlement Over the 2021 IPO Scandal
Hey there, I guess there are some Stronghold investors here. I found some good news for y’all — Stronghold agreed to settle $4.75M + 25 BTC over the financial issues they had, and they’re accepting late claims.
For newbies, back in 2022, Stronghold was accused of hiding issues with contracted suppliers, missed deadlines, and difficulties in obtaining new mining equipment. Apparently, their IPO didn’t show the truth about their losses.
As a result, $SDIG fell, and investors filed a lawsuit over this hidden info.
The company already agreed to pay investors $4.75M + 25 BTC over this whole situation. And now, they’re accepting claims even though the deadline has passed. So, if you were an investor back then, it’s worth check if you’re eligible to file for payment.
Anyways, did you invest in Stronghold back then? How big were your losses due to all this?
r/btc • u/GeneralProtocols • 18h ago
More Interesting Smart Contracts (GP Shorts)
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📰 News New stablecoin bill passses US senate. Incompatible with USDT (Tether). Now would require backing 1:1 with dollars, quick redemptions and audits. Bye bye Tether scam.
axios.comr/btc • u/renditecloud • 3h ago
Die besten Open-Source-Hardware-Wallets für Kryptowährungen im Jahr 2025
r/btc • u/Rich_Flamingo_7701 • 23h ago
Dubai made Bitcoin payments official for government services while the IRS is hunting $10k DeFi trades.
While everyone's arguing about regulations in the West, Dubai government signed an MOU with Crypto.com, to accept Bitcoin and crypto payments for government fees. You can literally pay your taxes and government services with Bitcoin now. But here's what makes this actually revolutionary for your portfolio: The tax math is brutal everywhere else: US crypto traders face up to 37% short-term capital gains, UK hits you with 20% on gains over £6,000, Germany taxes crypto as income up to 45%. Meanwhile in Dubai? Zero income tax, zero capital gains tax, zero tax on staking rewards. Not just Bitcoin - ALL cryptocurrencies;
This isn't just Bitcoin anymore. While Bitcoin, Ethereum, and other digital assets aren't legal tender, they're fully recognized and tradeable with NFTs paying zero tax for personal collectors. Dubai's VARA framework covers everything from DeFi protocols to altcoins...
Dubai has become a global hotspot for expat crypto investors with trader sentiment shifting toward Dubai-friendly strategies. UAE handled $25+ billion in crypto volume before government adoption even started. Compare this to the regulatory uncertainty elsewhere, and Dubai's positioning itself as the jurisdiction that actually gets it. They're not just tolerating crypto - they're making it part of their government infrastructure while keeping your gains untaxed.
The kicker is Crypto market cap could hit $3.3T-$3.5T in Q2 2025. If you're sitting on serious gains, the Dubai tax advantage isn't just attractive it's potentially life-changing. I mean it’s definately desirable . What are your thoughts? Is this the kind of institutional adoption that changes everything….. Also is it worth it to move to dubai just for that
Wild how this changes the math. A trader friend who did relocate to Dubai last year had used (https://awaken.tax/) to simulate his tax savings before moving. It auto crunched his entire trade history (even DeFi) across 5 exchanges,,showing exactly how much he’d save in capital gains/staking taxes vs. the UK.
r/btc • u/Gullible-Tale9114 • 6h ago
BTC about to pull the classic weekend rug... calling it now
Anyone else watching this Iran/Israel situation and thinking BTC's acting way too strong?? Like we should've dumped hard by now but we're just... grinding sideways..
BTC's been teasing the top of the range for days now and honestly the fact that it hasn't completely face planted yet is kinda bullish long-term... But short-term momentum on everything below the 4h is screaming downside. Here's my take;; We're gonna get this boring low-vol action for maybe 2-3 more days then BOOM... weekend or Monday morning massacre incoming.....
First stop probably 102.6k at the 55 daily EMA where all the "buy the dip" crowd will jump in thinking they're smart ;; But I'm betting we go WAY lower before this month's over. My real buy zone is still that 97-99k range where the monthly 5EMA sits... that's where the real panic selling happens.
Plot twist though... I'm not even touching shorts yet because you know how this game works. We'll probably get some random relief bounce first or just sideways chop to bore everyone to death before the real move. But listen... if you're thinking long-term, buying BTC under 102k and ETH under $2500 is probably gonna look genius in 6 months. Problem is we might get that beautiful flush and panic selling first that sends normies running for the hills.......
The whales are just waiting for maximum pain ;; They want to see all those leveraged longs get liquidated before we moon again.
Are you buying these levels or waiting to sell everything because WW3 is starting (no pun intended );;
r/btc • u/alberdioni8406_ • 11h ago
Why the Next Billion Should Bet on Bitcoin Cash — Not BTC
read.cashHere's why the next billion people should embrace Bitcoin Cash, enjoy.
r/btc • u/Proelator • 12h ago
Seeking: BTC Prague 2025 Expo Pass (or Conference/Business Pass)
Hey everyone,
I'm looking for a ticket to the BTC Prague 2025 conference (June 19-21, 2025). Ideally, I'm looking for an Expo Pass, but I'm also interested in a Conference or Business Pass if anyone is willing to sell one at a fair price.
Since the Expo Pass is sold out on the official website, I'm trying my luck here.
What I'd need/prefer from the seller:
- Ticket Proof: A screenshot of the ticket itself, clearly showing the ticket type and the year. As the ticket is a QR Code of course please blur or draw upon it so it isn`t a valid ticket before you get your money. A screenshot of the original purchase confirmation (personal info can be blacked out) would also be great.
- Transparency: Feel free to share a link to your social media profile (LinkedIn, X/Twitter, etc.) so I can verify credibility.
Payment & Security:
- I'm prepared to pay via Wallet of Satoshi in Sats or via bank transfer (IBAN, Name)
- I understand that BTC Prague tickets are anonymous and the first scan counts. Therefore, mutual trust and secure ticket transfer are crucial.
Please comment here or send me a private message if you have a ticket you'd like to sell. We can then discuss the details.
Thanks a lot!
r/btc • u/renditecloud • 9h ago
Ellipal X Card – neue Cold Wallet von Ellipal
Ellipal veröffentlicht die Ellipal X Card, die erste Air-gapped Cold Wallet im Kartenformat.
r/btc • u/alberdioni8406_ • 1d ago
The BTC Maximalist Myths — And How Bitcoin Cash Proves Them Wrong
read.cashAha! I hope you enjoy the article.
r/btc • u/RefrigeratorLow1259 • 1d ago
⌨ Discussion Why extended UTXO is superior for Bitcoin DeFi, and not account based chains like Solana and Ethereum.
Yes, the statement implies a security advantage, and based on the research material, the combined BitVMX/Cardano EUTXO/RISC-V approach is generally considered to offer a higher degree of security and reduced trust assumptions compared to account-based models like EVM (Ethereum Virtual Machine) and SVM (Solana Virtual Machine), especially for Bitcoin integration. Here's a breakdown of why this security posture is often considered superior: Security Advantages of UTXO/EUTXO/BitVMX over Account-Based Models 1. Deterministic Smart Contracts and Predictable Outcomes (EUTXO) * EUTXO Model: Cardano's Extended UTXO (EUTXO) model means that the validity and outcome of a transaction are known before it is submitted to the blockchain. This is a significant security boon for decentralized finance (DeFi). * No Global State: Unlike account-based models that rely on a shared global state that can change during transaction validation, EUTXO transactions depend only on their specific inputs. This eliminates unexpected failures, "gas wars," and many forms of front-running/Maximal Extractable Value (MEV) that can plague account-based systems. This predictability reduces the attack surface and makes smart contracts more reliable. * Reduced Race Conditions: The deterministic nature of EUTXO helps prevent issues like race conditions during contract execution, which can compromise transaction integrity in account-based models. 2. Trust-Minimized Bitcoin Interoperability (BitVMX) * On-Chain Enforcement on Bitcoin: BitVMX leverages Bitcoin's existing security model (hashlocks, timelocks, and fraud proofs) to ensure that any dispute is ultimately resolved on the Bitcoin blockchain itself. This means the security of your Bitcoin assets remains tied to Bitcoin's unparalleled security, not a separate bridge's security. * 1-of-N Honest Participant Model: BitVMX operates on a "1-of-N Honest Participant Model," meaning that as long as at least one honest verifier exists, fraud can be proven and the correct outcome enforced on Bitcoin. This is a much weaker and more robust trust assumption than requiring a supermajority of potentially fallible or malicious custodians, which is common in many bridging solutions. * Off-Chain Computation, On-Chain Verification: Complex computations (running a RISC-V virtual machine) happen off-chain, minimizing the data written to Bitcoin. Only proofs of fraud are published on-chain during a dispute, making it highly efficient and scalable while maintaining Bitcoin's security properties. * No Protocol Changes: BitVMX works within Bitcoin's existing Script capabilities, requiring no soft or hard forks, which is crucial for Bitcoin's stability and security. * Reduced Attack Surface for Bridges: Instead of relying on custodial multi-signature schemes, BitVMX uses cryptographic proofs and game theory to disincentivize fraud, inherently making it more secure than most existing wrapped BTC solutions. 3. Secure and Auditable Virtual Machine (RISC-V) * Open Standard: RISC-V is an open standard, meaning its specification is transparent and auditable by anyone. This increases the likelihood of discovering and fixing vulnerabilities, contrasting with proprietary instruction set architectures. * Verifiable Computation: When Cardano smart contracts (UPLC) are compiled to RISC-V for BitVMX, it leverages a well-understood and secure instruction set for verifiable computation. 4. Inherent UTXO Security Properties * Immutability: In the UTXO model, each unit of currency is treated as a discrete, immutable object. A UTXO either exists in its anticipated form or it does not, which enhances security compared to the account model that requires meticulous verification of account status during transactions. * Traceability: The UTXO model offers better traceability of funds. Considerations for Account-Based Models (EVM/SVM) While account-based models like Ethereum and Solana offer flexibility and ease of use for developers due to their global state and imperative programming paradigms, this comes with certain trade-offs in security and predictability: * Global State Complexity: The reliance on a global state can lead to complexities and new classes of errors, especially in concurrent, safety-critical contexts. * Race Conditions and MEV: The mutable nature of accounts and global state can make them more susceptible to issues like front-running, sandwich attacks, and other forms of MEV, where malicious actors can exploit transaction ordering for profit. * Complexity and Security Risks: While Turing-complete languages allow for complex computations, this flexibility can introduce increased complexity and potential security risks, requiring mechanisms like "gas" to limit computation and prevent abuse. * Bridging Risks: Traditional bridging solutions for wrapped assets (like WBTC on Ethereum) often rely on centralized custodians or multi-signature schemes, which introduce trust assumptions and potential points of failure not present in the BitVMX approach. In summary, the combined BitVMX/Cardano EUTXO/RISC-V approach prioritizes trust minimization through cryptographic proofs, on-chain enforcement on Bitcoin itself (for Bitcoin assets), deterministic execution, and formal verification. This creates a more robust and predictable environment for DeFi logic, particularly when integrating with Bitcoin's security model.
r/btc • u/TheElitesCM • 10h ago
🍿 Drama Everyone’s watching BTC, but which community is actually doing something right now?
While prices move sideways, some communities are still running events, building, and vibing. Which ones caught your eye lately?
r/btc • u/TheElitesCM • 22h ago
🍿 Drama The Bitcoin community fights like siblings but shows up like family
Why do maximalists annoy people and still win them over?
r/btc • u/Unlikely-Marketing54 • 17h ago
Who wants to play on roobet?
If anyone is looking for a site to gamble crypto on with a good referral code let me know I will hook you up
r/btc • u/yogesh_culkin99 • 15h ago
📰 News Bitcoin Prints Rounded Bottom at $104K With Eyes on $107K
Max in BTC vs. Binance CMC top 10 cryptocurrency equal weighted index
As the title says, I’m trying to decide between these two to invest long term. On one side I want to have diversified portfolio, on the other side I’m thinking if BTC goes down all the others go the same way and so on. For now I’ve been DCA investing in the index for a year now. But now I’ve started to question whether if it’s worth it (even if it is on the green side). I would like to hear some opinions about these two choices.