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

Bitcoin Cold Storage Secrets (How Not To Mess It Up)

 


You may also like: 

How To Connect Your Hardware Wallet To Your Own Bitcoin Node/Server

How To Connect Your Ledger Wallet To Your Own Bitcoin Node/Server Via Sparrow Wallet


How To Create A Safe Multi-Signature Wallet - Step by Step Bitcoin Guide





By

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!

By

Why Bitcoin is absolute Scarcity? Simply Explained

 



Please feel free to support Piecover by lightning tip few sats to: piecover@getalby.com or simply go to Support Piecover.


You may also like: 

How To Connect Your Ledger Wallet To Your Own Bitcoin Node/Server Via Sparrow Wallet


How To Create A Safe Multi-Signature Wallet - Step by Step Bitcoin Guide








By

How To Take Your #Bitcoin Off Exchanges? Step by Step Tutorial

How To Take Your #Bitcoin Off Exchanges? Step by Step Tutorial



Please feel free to support Piecover by lightning tip few sats to: piecover@getalby.com or simply go to Support Piecover.


You may also like: 

How To Connect Your Ledger Wallet To Your Own Bitcoin Node/Server Via Sparrow Wallet


How To Create A Safe Multi-Signature Wallet - Step by Step Bitcoin Guide


By

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!

By

How to get rekt investing unsafely in Cryptocurrencies

  New to Bitcoin/Crypto? As a Newbie, when I first got into Bitcoin I thought it was about outsmarting the market and getting rich quick on ''promising'' crypto projects. After properly get rekt I quickly learned my lesson and realized that this was never the way to go and that Bitcoin is the only thing that matters. Unfortunately I am not the only one who is going to get stuck with this interesting story to tell, so I am writing this article to minimize the pain for future newcomers who want to avoid these expensive mistakes and learn from them. At the end of this article I plan on revealing the most effective strategy to accumulate bitcoin. So it’s probably a good idea to read till the end. 

First we are going to look at the fantastic ways you can get rekt


   1. Investing in crypto projects known as altcoins
to get more Bitcoin

   Bitcoin is the only time chain technology worth paying attention to out there because it is the only one
that solved the fundamental “double spend” problem, Bitcoin did that by
using proof of work, which removes the need for trust over your money
and this cannot be done twice, so anything else out there that dress like
Bitcoin or pretend to be better than Bitcoin will require trust over your
money therefore they are the same scams as the current banking system.
   Furthermore, have you seen those crypto traders/ crypto influencers on
youtube? I am sure you have, and some of those people are perfect
examples of how fiat excrement looks like. I am sorry for the term
but these people are causing too much damage to newbies, I had to say it.
They will sell their innocent subscribers' souls to evil crypto exchanges that
are selling them highly leveraged trades in which they are guaranteed to
get liquidated.  And these same influencers will take massive amounts of
money from crypto projects leaders to come up on their show and sell their
scams to innocent retailers who have limited knowledge on how these
scams blockchain projects work. 
   The bottom line is, these crypto projects will get hyped up by paid crypto
influencers and or VC funds with way more influence and money than any
small retailer who will get dumped on after buying the top. What is the
probability that you win? The probability is zero because you won’t know
when it will happen and also these things get hacked very frequently.


    2. Get more yield on your bitcoin or borrow against itso you don’t have to sell.

This is another donkey thinking way to give away your keys. Bitcoin is not
a debt based system, any debt based business model built on top will
collapse fantastically and if you refuse to learn this then you are up for a
big surprise-Ask Celsians. But still, these crypto platforms will keep offering
you more yield on your bitcoin and they will never truly tell you where the
yield comes from, but I am here to tell you that you are probably the yield
they are giving away because in other for that thing to work they always
need new depositors to pay for the yield of the old depositors therefore once
the music stop the system will collapse, and you will be so glad you were out.  
   And also, borrowing against your bitcoin is a good way to have sleepless
nights in an extremely volatile market so yeah, perfect way to get rekt.
 

     3. Running automating trading bots

 
     When most cryptocurrency investors first begin trading bitcoin, they typically
do so by manually placing buy/sell orders on one of the myriad bitcoin trading
platforms available. By doing this, traders are able to feel out the market,
identifying trading opportunities by looking at various trading indicators and
market metrics. However, this type of activity comes with its own risk
potentials such as: flash crashes in a black swan event, exchanges get hacked
and you lose all your funds, and also nothing says if those bots are honest
bots they may be built to your disadvantage as a user. 

Now, let's see how to invest in bitcoin safely to avoid
getting rekt

Have you ever heard the term "Stack sats stay humble" before? That's right,
Bitcoin will eventually humble you and the cure to that will be DCA.
DCA means accumulate satoshis with an average amount of fiat money in a
set period of time, for example: buying bitcoin for $10 a day, or buy $100 of
bitcoin every week. This investment strategy aims to reduce the stress of
market volatility and market turbulence. There is a specific website called
dcabtc.com exclusively built to help you model things like, how much sats you
would own by purchasing $10 of bitcoin every week?
  Because Bitcoin is so volatile it is extremely difficult to know when bitcoin is
cheap or expensive. This is why building your Bitcoin education for more
confidence to gradually stack sats is a safer alternative and a way more
satisfactory strategy. 
 But most importantly, while you DCA it is important to remember to take out
your coins out of exchanges otherwise you are playing with fire.
 

   Conclusion

I understand how humans love learning from their own mistakes, but some
mistakes are so expensive it worthwhile learning them from somebody else
and avoid making them. Bitcoin is a hard concept to understand. It requires
a lot of time and motivations but it is obtainable with the right mindset.
I hope I made a good case for the best strategy which is DCA, the simplest
and provably the most successful one. But you may find a strategy that works
best for you, in that case you should keep using it and tell us about it in the
comment section below. But no matter what strategy you are using make sure
you have control over your keys.
By

Not Your Keys, Not Your Coins - It's Your Bitcoin Truly Own It

 Not Your Keys Not Your Coin - It's Your Bitcoin so Truly Own It

You've probably heard this saying before ''Not your keys, not your coins'' that's right, when you leave your bitcoin on exchanges you basically give them the permission to freeze it or spend it at anytime without your permission. If the exchange get hack(which usually do happen) you will  lose all your funds period. You don't believe me? Ask the victims of the Mt. Gox exchange hack in 2014 where 700,000 bitcoins were lost forever and also the nearly 120,000 bitcoins that were stolen from the Bitfinex exchange in 2016. And from time to time you hear a random hack of an exchange from which a lot of people lose their money. 
Not only that, but what if the exchange does not have the amount of bitcoin they say they have? This is called insolvency where the exchange is basically bankrupt and it can't give its customers the bitcoin it sold them. What do you do at this point? 

Since you never holed your bitcoin in your own custody there will be nobody to call to get your bitcoin back, because the hacker will not reverse the stolen coins to the exchange. And the exchange can simply sign up for bankruptcy and call it a day, and you will feel sorry for yourself. There are so many other ways you can lose your coins forever when you don't hold them properly in your own custody. So it is your responsibility to learn taking custody of your own bitcoin.

Bitcoin is a big deal! It gives you the opportunity to become your own bank not just a bank account where you can simply call someone to reverse a transaction, but you are in control. So as you would expect, this comes with responsibility. If you find value in this post please take a minute to

In Bitcoin, those days of outsourcing the task of holding your money to someone else are over and if you refuse to learn this now then you are up for a big surprise. 
Self-custody means you simply withdraw your bitcoin from exchanges to a cold storage wallet that you yourself control. 

Here are some wallet companies that you can buy your hardware wallet directly from:
Trezor: https://trezor.io/
Ledger: https://www.ledger.com/
Coldcard(Airgap, never go online): https://coldcard.com/ 

Please avoid buying hardware wallets from Amazon or other stores that are not the exact wallet company itself, because chances are someone already bought it and set it up therefore he/she may know the secret seed words so when you send your coins on it they will steal it, so be careful!

In conclusion, it's your bitcoin, learn how to truly own it, if you need to login or ask permission from somebody else to access your bitcoin then it's not yours.

Please feel free to support Piecover by lightning tip few sats to: piecover@getalby.com or simply go to Support Piecover.


You may also like: 

How To Connect Your Ledger Wallet To Your Own Bitcoin Node/Server Via Sparrow Wallet


How To Create A Safe Multi-Signature Wallet - Step by Step Bitcoin Guide


By
Subscribe to: Posts (Atom)

Translate

Popular Posts

Contact Form

Name

Email *

Message *