Showing posts with label Bitcoin. Show all posts
Showing posts with label Bitcoin. Show all posts

How To Use Bitcoin Giga Savings tech to Make a Home downpayment

   Many people are trying really hard to save for a house downpayment so they can own their own home but unfortunately house prices keep going up keeping their savings below the 5% - 10% requirement from the banks. Often time these individuals are saving the money on a bank account yielding 0.1% interest rate, that's only $10 a year on $10,000 of saving. Meanwhile house prices are going up 10% a year on average. So a bank saving account clearly doesn't work. But what about other investment? 


   Well some people will go swim in the stock market for some stocks of which they don't fullly understand what the company really does or not knowing how to evaluate these companies that are more often zombie companies destroyimg capitals in virtue signaling projects that cannot be profitable without government money printing or handouts. Everytime you invest into a stock that you don't understand you're doing yourself a disfavor because you're more likely to sell that stock in the wrong time and some time you will sell at lost, which is not going to help you achieving your downpayment savings goal. What else left to try other than bank saving accounts and stocks?


    While this might sound a bit *stupid and risky but still, it could be your best fighting chance on reaching your goal of owning a home one day or even more than a home. You see, we didn't make the world this way we found it like that but that doesn't mean we need to always be a victim renter whose savings are depleting away due to the expansion of the money supply from the banks and central banks, it's a silent theft that most people aren't being aware of even the home owners themselves. They think their home is more valuable because they saw the price went up but no the real value of the house is going down because the house is getting older. Bitcoin is a real way to measure the true value of something, houses and everything else have being crashing against Bitcoin since its inception there is a reason for that. That's because it's the scarcest thing in our known universe a 21 Million hard cap limit that no one can create more of and it's anchored into our real world through physics and energy(mining).

  

   What does all that have to do with your home downpayment? Well one of the most important thing to know when you're saving for a home is its real rate of inflation if your saving isn't growing faster than the rate the house price you're still under water, that's why you need the fastest horse in the race (something like Bitcoin) that can drive your saving up passing the required amount. Obviously it takes time for Bitcoin to that for you and you first need to understand it very well before you even consider buying a single satoshi. You will find few educational articles in here on this blog or elsewhere. 


  In conclusion, don't waste your time saving your money on a bank account that will yield you nothing. If you want a solution for your house downpayment try something new like Bitcoin and be patient holding it for 5 to 10 years you could surprised what you will be able to buy with your bitcoin. Use this website to calculate the dollar cost averaging return overtime dcabtc.com there I calculated buying $10 of Bitcoin every day for 5 years starting 5 years ago would have turned $18,270 into $65,006 (+255%).


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Why Bitcoin is a better investment than real estate



     Many people buy houses as an investment strategy to protect their money against inflation or to simply benefit from their upside potencial denominated in the local currency.


   While that strategy might seem to be working in the short term it has it's own downfalls and it's own potencial damages to society. The problem starts with the money losing value overtime due to its abundance or the degree it is being printed out of nothing. This causes people to monetize everything else that was not money, spacially things that are relatively scarce and hard to make more of rapidly. 


   This explains why more people are considering things like houses as a mean to save regardless of how inefficient it is as a saving vehicle. Houses are physical therefore they are subject to decay and damages overtime that often cost a lot of money for repair in order to make them livable. That's why houses cannot be more valueble overtime in real term but, only appear to be going up in the failling currencies they are denominated into.


    Not only your money in your secomd property is not going up fast enough to keep up with the real inflation rate in your local currency but it's also affecting your community in negative ways you couldn't imagine. There is a limited amount of homes in a city/town and when multiple people are accumulating multiple houses as investment vehicles fewer people can afford to buy a house to call their own therefore less pride of ownership in the city, you end-up in a feudalistic system of land-lords or a society of renters. Ofcourse the house owners are not wrong they deserve to own their properties and the all profits coming from them, the problem is the "money" that's being devalued due to it's expension by the banks and central bank.


   Bitcoin is a fix to that specific problem of infinite money printing and it gives you back your property right to save in a money that does not steal from you. If you fix the money then you will fix the world, at least that's the promess of Bitcoin. If you denominate your second house into Bitcoin you will find out that it's crashing in value against bitcoin in an alarming rate, that's because Bitcoin is real money, it has a limited supply of 21 million and expensive to be mined. Here are some facts: Bitcoin's 10-year return on investment (ROI) is 2,546.8% ¹. Here are some key points to know about Bitcoin's ROI in different timeframes:

- 10 years: 2,546.8% ROI ¹

- Five years: 294.1% ROI ¹

- Three years: 160.6% ROI ¹

- One year: 29.54% ROI ¹

- Bitcoin's average annual return from 2010 to 2022 was 1,576% 


   In conclusion, Bitcoin is just better for you if you have any significant amount of money that you want to preserve for the long term. Houses are subject to rent control, taxes, seizure or asset forfeiture, expensive repairs or maintenace, meanwhile Bitcoin is maintenance-free you just set it and forget it for five to 20 years and never have to worry about your insurance company not willing to pay for damages done on your property. Owning Bitcoin is like owning the insurance itself without having to take another loan to do renovations that would enslave you even more to the bankers.


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How The Banks Enslave The World Under Massive Fake Debts

    We live in a fake world enslaved under the bankers fiat debt that is the cancer rotting all our societies across the world today. Fiat Money(Government issued money by force) isn't based on anything real but only falsehood of trust, credits and debts spread across the banking systems and the central banks. Most central banks and banks are insolvent that's why they need to print(or debassing) more of their currency to keep their system from collapsing or keep the ponzy going.


  The digital numbers on your bank account screen isn't real money and it is not yours neither you only have a limited access to it if you follow the rules, pay the high fees and manage to never say the wrong things, so you basically have right to text it to someone else in a very limited amount if the bank let you, and there is nothing real backing those digits equally to your hard work spent to obtain them.


   Those numbers on your bank account are not real money but just debt taken by your government that ended up replicated by your bank through more debt and credits or in other words they priduce fiction fractional reserve numbers. The banks can create their own fake digital money from nothing for doing nothing and give it to someone who is working as a form of chequing account, credit card debt(22% interest) or a car loan(20% interest) or a mortgage you spend your whole life serving. So you go to work giving your valueble time and energy to pay the bank 22% interest for a money they get to counterfeit for free out of nothing, and simultaneously debasing the wealth and wages of everyone else who is using that currency to receive income or savings to make them poorer.

 

    The banks don't even have enough paper money in their ATMs to pay back everyone their money, it's a fiction called (IOU) based on fractional reserve banking which basically the bank leveraging their very little reserve 100 to 1 or even more, there is no reserve requirement anymore. If there is a run on the bank today, people who get their money out of the ATM first get to eat and everyone else starves to death, but it doesn't really work that way since the money isn't real the government will be the fairy tale saviour who will print so much more money like a mad man to save the bank to keep the illusion of stability so the scam can keep on going. Because the big banks become so big they are no longer allowed to fail no matter rekless they with your money. The gov will print to save the banks because they own the gov and the regulators. Make sens right, since they have a monpoly on printing unlimited amount of money for themselves why not buy the gov and the central bank, thus these things solely work for the big banks, that's why they are not allowed to fail.


    Moreover the government is also issueing more fiat money(through gov. donds: promess to never pay back in the future) by taking on more debts, since the economy is not strong enough to produce enough revenue to cover their expenses on wars and other pet projects, the gov is forced to print more money to increase broad money supply and use it. But as you might have guess this is making everyone who is using that money for wage earning poorer since there are now too much of that money circulating in the economy thus "inflation". 


  We talked about the banks enslaving the people with debt but what about the neocoloniolism of the big central banks on the smaller countries? Well they found a way to enslave smaller countries without a physical chain but with debt chains. I will give you that billion dollar loan I printed out of nothing on the highest interest rate I can find, I will force you to do as I say such as: keep your people impoverished by printing your local currency to pay me interest, do not export your local products but import what you need from this specific country that I already have a deal with, elect this person who agrees with my rules of control, this was the central bank of the central banks talking(the IMF). That's the way the world works for decades now.


 What's the fix? 

  Very good question but before we start talking about the solution we needed to first understand the nature and the gravity of the problem. The bank was supposed to be a neutral institution that provides a simple service to their customers "holding gold money reserves" since gold couldn't scale enough to facilitate money transfers and global trade. But the banks abuse their power of holding other people money such that they become oppressive and arrogant to a point where they are limiting you on your own money you let them hold for you. But the worse of it all they are so over leveraged the entire economy becomes super fragile and dependent of the debt to keep on growing. That's while "deflation" is almost impossible, which would be the normal state of the economy where prices come down over time as technology makes things cheaper. So the more things would be cheaper for and me the more they printing money to keep prices the same or higher. And if the prices go down the entire ponzy collapse thus they won't let it happen, until we have a better system "Bitcoin" in my homble opinion Bitcoin is our best shot to put an end to this ponzy scheme.


  Bitcoin is digital hard money so you need to spend a lot of time and energy to receive it. It's impossible to create bitcoins for free. Its issuance is set in time and it difficulty increase overtime as demande increase. Since Bitcoin is digital it can be subdivide in infinite small fraction(Sats) to accommodate everyone in the economy and it does not require counterparty risk like a big bank to hold it for you but you simply need to secure 12 words. You can send it at the speed of light to the other side of the world so no need for the fed wire transfer that takes days to clear.


  The way Bitcoin fixes this is by allowing everyone the oportunity to save in a money they can hold themselves that does not lose value overtime through government and banks obsessive money printing, bu Bitcoin put an end to the money theft by having only 21Million bitcoin to ever exist till the end of times.



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How Bitcoin changes our time preference for a brighter future.

  bitcoincandor.com

 Being in Bitcoin not only increases your wealth exponentially over time but it also makes you become wiser to a degree you think deeper and farther into time instead of living by the day like most people in the fiat matrix do. 

  You either have a high time preference( short termist) or you have a low time preference(long termist), I know it's counterintuitive but let's explore both.

  


   Bitcoin lowers your time prefernce simultaneously as it grows your wealth, because now you have more money therefore more time to plan your life long term. The reason why most people don't get this idea yet is because they don't have the patience required, but also  they are stuck in their fiat thinking so they cannot envision a system that does not steal from them. 

  Bitcoin alows you to think about your actions, your health so what you eat matters because you need to live long enough to enjoy your bitcoin savings. Just not having to constently worry about money in the future frees a lot of mental hurdles in your mind. So you can dream big. You can start a business that will last 100 years. You can start a family with many kids, your last name will be around for many centuries.

   A society built on hard money principales like Bitcoin must have better outcomes because the incentives are aligned for a better world. But in contrast to that we have fiat or money by decree that destroys it all.


  Fiat money highers our time preference because it deprives us all from our time and our money. That's why you see most people are always in a rush to do anything and everything even if they shouldn't do it or the wrong way to do it. They don't want to think about the unintended consequences of their actions today but prefer someone else deal with the negative externalities tomorrow. 

  In a fiat world people are hopeless and they feel powerless so no reason for them to think deep in the future. As an example to this, governments today are printing money for all sorts of superficial reasons because most of those leaders are so old they think "it's okay because they won't be alive when the problems will have to be dealt with" so our kids will handle it as they say. No wonder why the younger generation feel so hopeless these days. It's because they are sacrificing their future for some invented "climate fixing goals" and invented "War dictator fighting wars". They are willing to print print prin to destroy the planet and kill everyone in it incloluding themselves just to achieve those fake goals they set for themselves.


   Bitcoin is a great way to isolate yourself and your family from fiat short termism to make them think long term and hopefully protect them from fiat negative externalities.


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How to accept bitcoin payments in your business


   It's a great idea to accept bitcoin payments in your business as it is the fastest growing economy online and set to be the future of money as we know it. When you accept bitcoin for payments not only you save on transaction fees(2% visa charges) but you're safe from charge backs, and most importantly the value of your money is not debasing over time, so you can focus more on your business not worrying about getting stolen from through inflation or other types of confiscation. Accepting bitcoin helps you attract a whole new set of customers that wouldn't be possible otherwise "bitcoiners", these people are really enthusiastic about Bitcoin and they will fly from miles away to come spend their Sats in your business just to support you. Enough of rambling lets go learn how to receive some Sats money.

  There are three ways you can go with this: 

  1. The first way is for Physical location businesses, if you want to receive bitcoin you can simply use any bitcoin wallet like: blink walletWalletofSatoshi or the Phoenix Wallet just put up your sign "bitcoin accepted here" and start stacking Sats for your business

  2. Second one is for online businesses, there are few services online that help you plugin Bitcoin payments on your website first one is BTCpay server which is basically a free and open source software that you can use. It's a little bit more technical but with a bit of help and some time put into it you will get it all setup, find their API here for ecommerce integrations.

  3. Other option for online businesses, if you're okay paying  $25/month for a white gloves service that handle the complexity for you then go to Zaprite they will take care of you.

In conclusion, there are a lot to gain when you integrate Bitcoin for payment in your business, since Bitcoin is both a payment network and a monetary network built for the digital age. There will ever be only 21Million bitcoins in existence and it takes time, proof of work and energy to get them out of the mathematical ground, in contrast to fiat currencies that are easy to create and almost impossible to know how much of these things are out there, so if you value your business and you want to stay in business for long then adopting a Bitcoin strategy like payment is not a bad idea. 

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Top Secret Ways To Stack Sats and Bitcoins With No Money In The Bank And No Cash in Your Pocket


    No money? No problem, I will show you how to stack your first Sats like a psychopath.  You might have heard that saying around the Bitcoin circles "Sack Sats Stay Humble", but how are you supposed to buy bitcoin if you're struggling to buy gas in this expensive world?  Well you're 100% right about that, and this is why we are not going to play big here, no we are not getting a hole bitcoin right now but we are simply going after a few Sats, and if Bitcoin is really absolute scarcity we might have a slim chance to make our dream come true and be able to afford much more than just fuel.  Back in the days when bitcoin was in the 10cents a coin there used to be sites called "Bitcoin Faucet" where you could go to and do some puzzle logins to receive some bitcoins, of course this was from the early adopters who wanted to spread Bitcoin adoption amongst more people, but now those bitcoin are worth multiple thousands of dollars heading to millions in the future at least that's what others think. But now Sats are the new bitcoins, it's no longer given away but you don't have to be a genius to get them easily.  Side note, "Sats" or "satoshis" are small units of bitcoin, one bitcoin is equal 100,000,000 Sats, just like 1 dollar is worth 100 Cents.  So one Million Sats is worth 0.01 times the current value of one bitcoin in USD term.  Now, let's go put our hands on some Sats.

   One of the easiest way to stack Sats is on stacker.news, just like the name says, it's like a news platform where you can report pretty much anything that might be import to someone else and if people find value in your post then you know your first Sats are guaranteed.  You can also publish your own ideas, Bitcoin questions or your documentations on a domain you really know about, the more profound and interesting it is the more Sats you will get. I myself @piecover have stacked over 81,000 Sats since I started using it in Nov 2023, that's 0.00081 bitcoin and it's only that much because I am not using it extensively, I also donate back a lot of that online to support a lot of other Bitcoiner content creators and Bitcoin merchants.  But stacker.news is not the only place to stack sats.

   Head on to Nostr, Nostr stands for Notes and Other Stuff Over Relays, but that's not what this post is about today, we want to put our hands on some Sats.  First you're going to create a Nostr account using any Nostr app like: Amethyst or Primal or Damus or Iris or any other Nostr client out there, it doesn't matter which one you pick because you will be able to move around with your Public and Private Key taking all your posts with you.  When you get on Nostr, start doing the same thing you would do on Twitter(X) or facebook but better and you will start getting rewarded in Sats for your valuable posts and insightful ideas.

   Once you start getting your feet wet on stacking Sats using those kinds of ways then you may want to acquire bigger amount on exchanges or just by selling things you don't need for Sats, working extra hours is also a great way and by doing some side hustle like lawn mowing, handy work, or some online gigs, this is by the way the case for a lot of Bitcoiners I know, you will get a lot more Sats working an extra hour at your job than most strategies that's just the fact as of today. But look, Bitcoin is proof of work, if you do enough work either by being online or in person it doesn't matter as long as you put it in Bitcoin it will always be a wise decision over the long term, just because the sats will only go up in value. I will explain more into that in deferent post. But for now just remember,  in order to hold on to your Sats for the long run you also need to keep working or providing value to the society otherwise you will keep spending them.
 
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Bitcoin Breaks The "Milkshake Theory" Final Straw and Stops The Border Crisis Across The World

Most people approach a problem by looking at its effect and yell at it hoping it fixes itself, while others look for the causes and fix it. We are going to look at the causes of the border crisis in the US and hopefully offer a real practical solution. 

  People across the world are hopeless and desperate, they look at countries like USA as the "promised land" and they will do whatever it takes to get there. For them it doesn't matter if you call them illegals they just want to live and they are tired of watching others stealing everything from them after working for years to have what they had. The 1% in the US who controls the money printer deprives their countries from everything through the "milkshake theory" process, hence gangs and the gov of their country deprive them from their wealth and everything else they had.

   When US central bank and its banks print money it doesn't just impoverish people in the US who use the USD but most importantly it kills people across the world, the poorest get hit the hardest, bc USD is the world reserve currency.

    Thank God for Bitcoin that fixes this massive issue by breaking the final straw of The "Milkshake Theory". Everyday Bitcoin exist and keep operating as a proof of work money it's cutting that evil pipe that's sucking the life blood of all humans across the world(Americans included) to satisfy the money printers in the US, some slowly some faster the evidence is in the border.

If the world has a reserve currency that nobody can print then it levels its playing field, and opportunities can be found anywhere. Bitcoin is money without a printer but hard working people who love to work for what they earn.



How To Save On Bitcoin Transaction Fees


     Many things can cause Bitcoin network fees to skyrocket but today I am going to help mitigate that. Let's say you bought bitcoin from an exchange and now you want to withdraw it to hold your own keys to your money, so basically you want to take the bitcoin to your own wallet but you worry that transaction fees may be too high to move them again today or in the future so here are few things to consider:

   1. Transaction consolidation, this process is as simple as the name says it, you are sending all your bitcoins all at once to one address so that you already pay for all the individual data input for all your previous chonks of transactions. You can do that by waiting for fees to come down or you can try this second option

   2. Liquid, liquid is a Bitcoin sidechain(cheaper) you can use to store those small individual chonks of transactions staight from your exchange for a lower fee. You can use something called "sideswap" on the sideswap.io app to automatically receive and swap your BTC to L-BTC for about 0.1% conversion fee, ofcourse you may want to first calculate if this better to use this service that requires some trust instead of using the Bitcoin timechain, it's a tradeoff you are making, but can also send L-BTC to a more trusted bitcoin wallet like Green. Now when you feel like your liquid stack is big enough and you want to peg-out to base L1 BTC you can simply sideswap it out on the sideswap app. You can also move those liquide bitcoin faster and cheaper using the following technology as well.

   3. The Boltz exchance(boltz.exchange), this exchange will help you move your bitcoin from liquid to your lightning wallet visversa and from lightning to base layer BTC

  I really hope this helps you in some ways, if you found some value feel free to show some value back, thank you! Pie

How To Give The Christmas Gift That Will Never Stop Giving

  Money that loses value overtime like fiat currencies cannot possibly make you happy but money that gains value overtime could probably make your friends or family happy. This Christmas season we are going to think outside the bank to give them the gift that will never stop making them smiling, Sats aka bitcoin.

  Basically, Sat is like the penny(¢ cent) of bitcoin a fraction of it, like 100millionth of a bitcoin, but its value still goes up overtime alongside bitcoin. So now we want to give a Christmas gift to a friend who want it to maintain or even increase in value overtime. Here is how we can do that

  First of all we are going to use this website called lightsats.com click on create your first gift, it will ask you to login you can use your email or your bitcoin-lightning wallet for that like walletofsatoshi. Assuming you're already logged-in let's go to "create first gift". Simply chose the amount and then go down to "advanced options", leave it at the "standard option" and then click on "generate passphrase" this will make you 3 secret words that the recipient will need to redeem the money. And that should be it, congratulations! Now you just gave the gift that will never stop giving.

  The redeeming process is as simple, they just need to download a lightning wallet I suggest WalletOfSatoshi because of less friction and very easy to use.

Video For Visual Learners

I Hope you found value into this, thank you for reading!


Mornings! Good Bitcoin Morning

Bitcoin Sun / Profitable Bitcoin Mining In 2019 Solar Powered Mining

  Good morning everyone! I usually talk about Bitcoin(the money) on this blog[piecover.com] but today is an unusual day where my work called me and ask me to stay home due to bad weather and job cancellations so I decided to bring a deferent vibe today. So I decided to talk about "mornings' today. Some mornings are beautiful on an observers perspectives like me because they are a reset on the brain and the beginning of a brand-new day, that's why we often say Good morning to everyone we interact with in the morning, this is an automatic way to salute but also serves as a positive vibe spreader. In Haiti there is a saying "Pi bonè se granm maten" translated to "The earliest you have to do something is in the morning", I often think about this when I want to get something done specially in todays fiat world we live in where everything is moving so fast to insure the rich get richer and the poor get poorer, I talked more about this in A world full of crazy rats working for fiat overlords, I am surprised I am still writing this and it's not already time to go to bed and get ready for work tomorrow. But thanks to Bitcoin I can now take my time to appreciate and degustate the beauty of the mornings, because Bitcoin allows me to lower my time preference in level that's low enough so I can see beyond the darkness of this world of wars, viruses, propagandas funded by fiat money printing. Speaking of darkness(Night) the thing that precedes Mornings, it's important to appreciate that too because even if we want to characterize it as the hard/bad times but there is lessons to be learned there for example there is another Haitian saying "Lè li fè pi nwa se lè sa li pral kòmanse fè jou" meaning "When it's the darkest that's when the morning will starts appearing". Now I would like to illustrate the current fiat world of deep darkness to the beautiful Bitcoin morning arising, it feels like midnight now, we are still far away from the Bitcoin morning lights but it keeps shining in places where it is(El Salvador) with full of energy, brightness, warmth, joy, excitements, etc. You are welcome to come to Bitcoin now where it shines the most by simply converting some of your time, savings and energy to it, bring your family and your friends with you and have a

Good Bitcoin Morning!

Pie

Need to support my work? Sure, If you found value in this please feel free to support me by lightning tip few sats to: piecover@getalby.com or go to bitcoin-lightning tip me few Sats



THE VALUE SAVING TECHNOLOGY - BITCOIN #TOXICTALK

 



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Easiest way to buy bitcoin freely as it's nobody else business - To protect your privacy

 


RoboSats is an easy way to privately exchange Bitcoin for national currencies using Tor browser. It simplifies the peer-to-peer experience and uses lightning hold invoices to minimize custody and trust requirements. Bitcoin Tips:

My Alby lightning Invoice

If you find value in this post please come back lightning tip me a few sats using this lovely pink button below
Muun wallet won't work, but Phoenix wallet or other wallets should work, I appreciate it!

To start using RoboSats you only need a Lightning Wallet and a TOR enabled browser.

Ready? Let's Go

                                                  

  1.  Get a Lightning Wallet: Muun wallet or Phoenix wallet or Bleu wallet or Breez or else
  2.  Install Tor Browser: https://www.torproject.org/download/
  3. Access RoboSats: Just search for robosats on tor or use this referral link: http://robosats6tkf3eva7x2voqso3a5wcorsnw34jveyxfqi2fu7oyheasid.onion/ref/CWz8Xkwzenc


The process is pretty straightforward, but I will still suggest to start with a very small amount you can afford to lose.

This document has two complete walkthroughs: 

1) as a buyer that takes an order and; 

2) as a seller that makes an order

RoboSats help users preserve their privacy by using newly generated avatars in every trade. Avatars are super easy and very cool to generate!

The robot is deterministically generated based on the token you see below it. This token is all you need to recover the avatar in the future, so make sure to back it up safely! It is best to write it down in paper… but that’s a lot of work!! Most often it is good enough to simply copy it to clipboard and save it somewhere else. If your browser crashes, your phone battery dies, or you lose connection during trading, you will need the token to log in again and continue with the trade!

Recovering a robotPermalink To recover a backed-up token, simply replace the token in the textbox and tap “Generate Robot”. The site will greet you with “We found your Robot avatar. Welcome back!”

TradePermalink In RoboSats you can make new orders or take orders made by others. To be an order maker simply click on “Create Order” in the homepage. To take an order, click on “View Book” so you can explore the orders created by other robots.

Exploring the Order BookPermalink We click on “View book” and have a look at the orders in the book page.

On a desktop browser, you can see at a glance all of the relevant information about the orders so you can decide which one to take. By default, the book will show “ANY” type of order (buy and sell) and “ANY” currency. Use the drop down menus at the top to select your preferences.

On a smartphone, however, not all of the columns fit on the screen. The nicknames, the type of order, the payment method and the exchange rate are hidden by default. You can tap on any column and tap “Show columns” to select what columns to make visible.

Every order has an expiration counter. By default, in RoboSats v0.1.0 new orders will stay public in the book for 24 hours.

Walkthrough-1: Taking an order as a buyerPermalink When you are decided for an order to take simply tap the “Take Order” button. You will see the contract box. Follow the contract box indications until you complete the trade! :)

First thing is to lock a small fidelity bond (just 3% of the trade amount by default), so the seller knows you can be trusted. The satoshis in this bond will just freeze in your wallet. If you try to cheat or cancel unilaterally, you will lose the satoshis locked in the bond.

Scan or copy the invoice into your lightning wallet. It might show as a payment that is on transit, freeze or even seemingly break your wallet. You should always check on the RoboSats website whether the bond has been locked (your wallet will probably not tell you! Check wallet compatibility list)

As soon as our bond is locked, RoboSats will ask you to provide a lightning invoice to send you the satoshis. Generate an invoice with the exact amount in your lightning wallet and submit it.

While you are submitting your payout invoice, the seller is asked to lock the trade escrow hold invoice. If you are faster than him, you would have to wait. Otherwise, you would already be able to chat with him.

There is a time limit of 3 hours to submit the invoice (buyer) and lock the trade escrow (seller). If the time runs out, the order will expire and the robot who did not follow with the contract obligations will lose the bond. This is a mechanism that helps prevent fake order spamming, wasting time of counterparts and DDOSing the order book.

As soon as the seller locks the satoshis, it is safe to send the fiat currency! As a buyer, you will have to ask the seller for the details to send fiat. Only share the strictly needed information about yourself to not compromise your privacy. Remember, in RoboSats v0.1.0 this chat is memoryless, so the conversation will be lost if you refresh the browser.

There is a time limit of 24 hours to complete the fiat exchange. If the time runs out, the order will expire and a dispute will be opened automatically. To avoid order expiration, use always instant fiat payment methods. For example, sending cash by ordinary mail is slow and will always trigger a dispute in v0.1.0. In the future longer expiry times will be possible.

As soon as you have sent the fiat, you should tap on “Confirm fiat sent” button. After that, the seller will have to confirm the fiat was received. As soon as he confirms the trade is finished and you will be paid out to your lightning wallet. You might see that it is “sending satoshis to buyer” but usually it is so fast you will simply see this screen. Enjoy your sats!

Rating the platform and leaving tips for improvement in our Telegram group or Github Issues is super appreciated!

Walkthrough-2: Making an order as a sellerPermalink It might happen that there are no active orders for the positioning and currency you want. In this case, there is no orders to SELL bitcoin for GBP.

We can create the order exactly has we want it. But mind that you need to publish an order that others want to take too!

In the maker page you are only required to enter the currency, order type (buy/sell) and amount. However, it is best practice to specify the payment methods you allow. It might be also helpful to set a premium/discount for your order to be taken faster. Remember that as a seller you can incentivze buyers to take your order by lowering the premium. If there are too many buyers, however, you can increase the premium to have a trading profit. Alternatively, you can set a fixed amount of Satoshis.

Limits: in Robosats v0.1.0 an order cannot be smaller than 20,000 Satoshis. It cannot be larger than 4,000,000 Satoshis in order to avoid lightning routing failures. This limit will be increased in the future.

You have to copy or scan the invoice with your lightning wallet in order to lock your fidelity maker bond (just 1% of the trade amount)). By locking this bond, the takers know you can be trusted and are committed to follow with this trade. In your wallet it might show as a payment that is on transit, freeze or even seemingly break your wallet. You should always check on the RoboSats website whether the bond has been locked (your wallet will probably not tell you! Check wallet compatibility list)

Your order will be public for 24 hours. You can check the time left to expiration by checking the “Order” tab. It can be canceled at any time without penalty before it is taken by another robot. Keep the contract tab open to be notified with this sound. It might be best to do this on a desktop computer and turn on the volume, so you do not miss when your order is taken. It might take long! Maybe you even forget! You can also enable telegram notifications by pressing “Enable Telegram Notification” and then pressing “Start” in the chat. You will receive a welcome message as confirmation of the enabled notifications. Another message will be sent once a taker for your order is found.

Note: If you forget your order and a robot takes it and locks his fidelity bond, you risk losing your own fidelity bond by not fulfilling the next contract steps.

In the contract tab you can also see how many other orders are public for the same currency. You can also see how well does your premium ranks among all other orders for the same currency.

Hurray, someone took the order! They have 4 minutes to lock a taker fidelity bond, if they do not proceed, your order will be made public again automatically.

As soon as the taker locks the bond, you will have to lock the trade escrow. This is a lightning hold invoice and will also freeze in your wallet. It will be released only when you confirm you received the fiat payment or if there is a dispute between you and the taker.

Once you lock the trade escrow and the buyer submit the payout invoice it is safe to send fiat! Share with the buyer the minimal information needed to send you fiat. Remember, in RoboSats v0.1.0 this chat is memoryless, so the conversation will be lost if you refresh the browser.

The buyer has just confirmed he did his part! Now check until the fiat is in your account.

By confirming that you received the fiat, the escrow will be charged and sent to the buyer. So only do this once you are 100% sure the fiat is with you!

All done!! :D

Collaborative cancellationPermalink After the trade escrow has been posted and before the buyer confirms he sent the fiat it is possible to cancel the order. It might just happen that you both do not have a common way to send and receive fiat after all. You can agree to tap on the “Collaborative cancel” button. After the “Fiat sent” button is pressed by the buyer, the only way to cancel an order is by opening a dispute and involving the staff.

This is totally not recommended, one of the two traders would lose his fidelity bond except in exceptional cases (up to the discretion of the staff)

In Conclusion, Robosats is an amazing platform to stack sats KYC free and it is a good step away from financial surveillance. This was a good detailed explanation in written but I to watch a couple video tutorials as well. Thank you!

A world full of crazy rats working for fiat overlords

      


      It's Friday after a long week of hard work, I fall on this old video song by Madonna - called "Ray Of Light". I have no idea what she is saying in the song but the images remind me of something that I have been thinking of for years now, something that I could never explain to a five-year-old at a straight face. 

     The video starts with the beautiful sun rising in the sky while she has to rush on getting ready for work, you see everybody running like crazy ants to get on the cars, trains, busses, airplanes, taxies to go do some sorts of activity to generate income which is a must if you want to survive in this world, meanwhile I saw two dogs sit back relaxing, They must be thinking the same thing as I am "These people are really crazy, working for fiat fake money".  She showed the time clock running so fast people are running out of time to even take their time to sit and eat properly, the rat has to keep on running with no ending sight with fake hope of getting out one day, the cycle repeats over and over again, and the tragedy of it all is that no one is noticing that this is a fake set-up made up by a small group of overlords controlling the supply of the money.                                            

   But what is the solution? Or what is a real way to skip this trap? Well the solution may never be in the same fiat "fake money" setup everyone is running for, but in a money that is outside the system "Bitcoin". Bitcoin is the only money they cannot print more of no matter how are hard they try. The Bitcoin supply is maxed at 21 Million till the end of times, you need a lot of work and energy to mine it in thime which makes it absolute scarcity. Bitcoin is as scarce as our limited time on earth. If you plan on spending a lifetime rate racing at least convert some of that income into something as scarce as your life time "bitcoin".

   But should you stop working and just move everything to Bitcoin and call it a day? No, in my opinion you should keep on providing good value to society, keep doing what you do but even better now since you are working to convert your saving in perfect money, and you should upgrade your skills if you can to stack more Sats(bitcoins). The more you accumulate Sats(bitcoin) the closer you are to your freedom, because Bitcoin is the freedom money.

If you find value in this post please feel free to show me some value back by supporting me using lightning to tip me few sats at: piecover@getalby.com or go to bitcoin-lightning tip me few Sats

    In conclusion, I could be completely misinterpreting the song and I am sorry if I do but I was glad to find a visual way to explain my observation of this tragedy that we are all experiencing. But fortunately enough to every problem there is a solution thus "Thank you Satoshi for Bitcoin!"


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