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

Understanding Bitcoin's Scarcity and the Halving Mechanism

The Bitcoin halvings implications

Bitcoin's design inherently limits its total supply to 21 million coins. This scarcity is a fundamental aspect that the world starts to acknowledge, underlining a principle that is embedded in bitcoin's source code and very well documented in its whitepaper. The halving events — the periodic reduction in the block rewards for miners — further tighten this scarcity by halving the rate at which new Bitcoins are created every 210,000 blocks (approximately four years). This mechanism served to disperse the maximum number of bitcoins in the early years of the network's existence, and facilitated an efficient price discovery process.  What's more, as issuance reduces, Bitcoin's position as a store of value par excellence increases proportionally. This year's(2024) halving will reduce Bitcoin's supply growth rate from 1.7% to 0.85%, dropping below that of Gold at 1-2% per year.

   The most fascinating thing about the Bitcoin halving is that no body is controling it and nobody can stop it from happening. Bitcoin is a self-sovereign living thing, it pays for its own existence, it pays you to own it, it can't run out of money because it is the money. Everytime the Bitcoin halving happens, Bitcoin reinforced itself as a closed system that never leak time nor energy. More people will realize its reliability in a world full of turbulance and manipulations of money.

How To Send And Receive Bitcoin With An Email Address


Instead of complicated and scary Forms of Bitcoin addresses now you can use your email address to send or receive Bitcoin from your friends and families. 
The steps are pretty quick and simple, first you need to past the receiver email address at acceptLN.com *Do not use your real personal email for this but just create a fake Gmail for now. Second enter the amount you want to send and that's it. Now to receive the bitcoin the receiver needs to login to their email account and look for the acceptLN email and go redeem the money from acceptLN using a lightning wallet like walletOfsatoshi or PhoenixWallet. The bitcoin will seat on the email until the receiver is ready to redeem it.
Thank you for reading this I hope you found value, cheers!

HOW TO UNSTUCK YOUR UNCONFIRMED BITCOIN TRANSACTION


 In case you find yourself losing sleep over your bitcoin transaction that's stuck for days in the mempool due to either a high fee rate environment or other circumstances, here are two practically easy things you can do to solve your problem


1. Replace by fee(rbf), if you are the sender, 


2. Child pay for parent(cpfp), if you are the receiv


  To use number one: replace by fee(rbf), you simply need to go on the transaction and replace it using the bomp the fee feature(in some wallets), make sure the new fee is higher this time so miners can be willing to process the transaction faster for you. but what if your wallet software does not support rbf? this is where the second solution comes in, cpfp(child pay for paren


 To use cpfp, you need to be the receiver of the tx. the step is also simple just send the unconfirmed amount that is stuck to an address you the receiver fully control with a higher fee rate that miners will be willing to confirm the first stuck transaction and then confirm the second you are about to create. reason being is miners cannot confirm the fresh(second) tx without confirming the previous one(fisrt), so if the second tx's fee is that attractive to miners they cannot resist other than process both transactions to get the sat


  I hope this saved you some spleep! feel free to zap me sats at getalby@piecover.com ! :)s.t)eror:  

Find yourself in a lost world of lies and fakeness "from a bitcoin pleb perspective"

                    

                                  

The world around me is becoming more and more unreal. Everything is fake, the money is fake which ultimately faked the food that also faked the people. 
We live a world run by fake money, advertisements, propagandas, manipulation and lies. Now I tend to believe that the root cause of all these is the fiat money but my focus today is on how to skip this world while we still live in it.
You see, the problem is because we let ourselves being used and abused by the system. Imagine not using: their fiat money, their fake schools, their fiat foods, their fiat contents, not listening to their fake news, not participating in the fiat selections"elections" and so on. I understand those are very hard things to do specially when you are already deeply indoctrinated by the system, those ideas sounds so crazy to you that you even find them unfair, but in contrast to losing our whole self I think it might worth it.

Imagine being a youtuber, there is nothing wrong in creating contents for people to enjoy but the incentives are misaligned. Youtube is not incentivized to let you be who you are but they want you to obay to a set of rules that they just made up based on what their advertisers want, for example you may not do good on their platform if you go against the narratives or what the algorithm wants. So you are still forced to push their propagandas regardless you are for or against them. This is why I used a provocative term to describe some content creators"fiat excrements".
Now imagine you as a viewer, you might think those free contents are made in good faith but in contrary, they are there to influence your behavior and make you buy on all sorts of wasteful products. That's the fiat world.

It is not surprising that I feel so lost some time it is because of these automated manipulations. So in order to find myself I will need to start cutting off myself from these consumptions, like using less algorithmic products such as contents, using less google products as much as I possibly can since they are designed to harvest everything inside my brain, use less social media like: twitter, tiktok, facebook, instagram and so on. And instead, go out in nature more, be in contact with real people in the real world. 
One of the reason why people feel the need to be constantly hookup to these social media  and government services is because we think we may get something more in ''fiat'' return, like fake likes, friends with interest, followers, status, fiat jobs, etc. But the truth is most of these things are not really necessary. 


If you find value in this please feel free to support me by lightning tip few sats to: 

piecover@getalby.com



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BITCOIN vs AI Fight Which One Will Win

 

If you find value in this please feel free to support me by lightning tip few sats to: 

piecover@getalby.com


BITCOIN BASICS FOR NEW USERS; WHITE PAPER EXPLAINED; BLOCK CHAIN SIMULATOR; BITCOIN NODES #Bitcoin

 


Bitcoin Tips:

My Alby lightning Invoice

- If you find value in this article please support my work by lightning tip me a few sats using this lovely pink button below
Muun wallet won't work, but Bleu or Phoenix wallet or other wallets should work, If you find value in this article please support my work by lightning tip me a few sats using this lovely pink button below
Muun wallet won't work, but Bleu or Phoenix wallet or other wallets should work,





























Don't Leave Your Fiat Job | #toxictalk #bitcoin #fiat, #btc #proofofwork

 


Bitcoin Tips:

My Alby lightning Invoice

- If you find value in this article please support my work by lightning tip me a few sats using this lovely pink button below
Muun wallet won't work, but Bleu or Phoenix wallet or other wallets should work, If you find value in this article please support my work by lightning tip me a few sats using this lovely pink button below
Muun wallet won't work, but Bleu or Phoenix wallet or other wallets should work,

Ledn Will Freez Your Bitcoin Too, Ignore Influencial Bitcoiners, Any Cefi/Defi Can Freez Your Bitcoin #ToxicTalk

 

Any Cefi/Defi Can Freez Your Bitcoin #ToxicTalk



If you find value in this article please support my work by lightning tip me a few sats using this lovely pink button below

Muun wallet won't work, but Bleu or Phoenix wallet or other wallets should work,

How To Setup Your Own Bitcoin Node - Plug And Play - Raspberry Pi 4 Step By Step #BTC #node

 




Article Version of How to setup your own Bitcoin Node: 
https://www.piecover.com/2022/08/how-to-run-your-own-lightning-node.html


Bitcoin Tips:

My Alby lightning Invoice

If you find value in this please support my work by 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,

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