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Networking in the Penumbra presented by Geoff Huston at NZNOG
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1. What Is Bitcoin ?
Bitcoin is a decentralized digital currency that can be
transferred on the peer-to-peer bitcoin network. Bitcoin
transactions are verified by network nodes through
cryptography and recorded in a public distributed ledger called
a blockchain. The cryptocurrency was invented in 2008 by an
unknown person or group of people using the name Satoshi
Nakamoto. The currency began use in 2009 when its
implementation was released as open-source software. Bitcoin
is the first and most widely recognized cryptocurrency. It
enables peer-to-peer exchange of value in the digital realm
through the use of a decentralized protocol, cryptography, and a
mechanism to achieve global consensus on the state of a
periodically updated public transaction ledger called a
'blockchain.' Practically speaking, Bitcoin is a form of digital
money that (1) exists independently of any government, state,
or financial institution, (2) can be transferred globally without
the need for a centralized intermediary, and (3) has a known
monetary policy that arguably cannot be altered. At a deeper
level, Bitcoin login can be described as a political, philosophical,
and economic system. This is thanks to the combination of the
technical features it integrates, the wide array of participants
and stakeholders it involves, and the process for making
changes to the protocol. Bitcoin can refer to the Bitcoin
software protocol as well as to the monetary unit, which goes
by the ticker symbol BTC. Launched anonymously in January
2009 to a niche group of technologists, Bitcoin is now a
globally traded financial asset with daily settled volume
measured in the tens of billions of dollars. Although its
regulatory status varies by region and continues to evolve,
Bitcoin is most commonly regulated as either a currency or a
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2. commodity, and is legal to use (with varying levels of
restrictions) in all major economies. In June 2021, El Salvador
became the first country to mandate Bitcoin as legal tender.
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What Is Bitcoin Cash
Bitcoin Cash (BCH) is a cryptocurrency that shares many of
the same characteristics as Bitcoin (BTC) yet also integrates
a number of changes and features that set it apart. It is
considered a 'fork' of Bitcoin, although proponents argue that
Bitcoin Cash more closely adheres to the original vision of
creating a peer-to-peer electronic cash system as laid out in a
2008 white paper written by the founder of the protocol, a
person or group going by the pseudonym Satoshi Nakamoto.
How do I create a Bitcoin wallet?
Creating a Bitcoin wallet is as easy as installing software on
your mobile device or laptop/desktop.
When you install the
app, your Bitcoin wallet is automatically created. You can
then receive bitcoin to your wallet immediately, store it safely,
and use it as you please.
How do I keep my crypto assets safe?
Digital assets like Bitcoin, Bitcoin Cash and Ethereum are
'peer-to-peer.' This means you can send them anywhere in the
world without asking for permission. It also means you - and
you alone - are responsible for protecting your assets.
Like a
vault protects physical assets, the Bitcoin.com Wallet
protects cryptoassets - and in both cases, you need the right
access key. However, since the Bitcoin.com Wallet is 'non-
custodial' no third party (neither Bitcoin.com, nor anyone
else) holds the key. It's just you. This means you have to be
very careful about how you store your key. If you lose your
key, you lose access to your crypto assets.
How do I buy bitcoin?
The three key points to consider when buying bitcoin are:
Payment method
Platform/venue used
Where your bitcoin
goes
Payment methods range from credit card to bank
transfer, payment app (PayPal, Apple Pay, Google Pay,
Samsung Pay, etc.), face-to-face with cash, and even barter.
Each payment method carries tradeoffs in terms of
convenience, privacy, and associated fees.
Platforms/venues
for buying bitcoin include digital wallet providers, centralized
spot exchanges, OTC desks (private 'Over-The-Counter'
exchange services used primarily by high-net-worth
individuals), peer-to-peer marketplaces, and even payment
apps like PayPal.
Of course, it's also possible to buy bitcoin
face-to-face. For example, you could give cash to your friend
in exchange for receiving an agreed amount of bitcoin.
As for
where your bitcoin goes after you buy it, the options are:
Into
a Bitcoin wallet you control (ie. a 'non-custodial' wallet like
the Bitcoin.com Wallet)
Into a Bitcoin wallet someone else
controls (eg. a centralized cryptocurrency exchange or a
payment app like PayPal).
Not your keys, not your bitcoin!
When you hold bitcoin in a wallet you control (known as a
'non-custodial' wallet), you never have to ask for permission
to use it. This means you can receive your bitcoin without
waiting for a third party like a centralized exchange to
approve the transaction. It also means you can send your
bitcoin wherever you want, whenever you want.
By contrast,
many custodial Bitcoin wallets impose severe restrictions on
what you can do with your bitcoin. For example, you may be
asked to register an address before sending bitcoin to it, and
you may be required to wait several days before being
allowed to make a withdrawal. In some cases (PayPal for
example), withdrawals of any kind are simply not permitted.
It's also not uncommon to have your account frozen
altogether. If you've been deemed a security or fraud risk, for
example, you may be locked out of your account with no
recourse to action.
The best non-custodial Bitcoin wallets
also enable you to customize the 'network fee' each time you
send. This means you can save money on transaction fees
when you're not in a rush, or pay more to send faster when
you are.
Perhaps most importantly, non-custodial wallets are
more secure. As long as you maintain key management best
practices, you'll never have to worry about getting hacked,
nor will you be exposed to counter-party risks like a
centralized exchange getting hacked or going bankrupt.
If
you don't have a bitcoin wallet yet, check the Bitcoin.com
Wallet - easy-to-use, non-custodial Bitcoin wallet trusted by
3. millions.
Read more: What's a Non-Custodial Bitcoin Wallet?
Why do I need to verify my identity to purchase bitcoin?
When you buy bitcoin with a government-issued currency
through an exchange service, you're interacting with a
regulated business. Such businesses must comply with
Know Your Customer (KYC) and Anti-Money Laundering
(AML) regulations pertaining to the transfer of money. These
regulations require the collection and storage of customer
information, including identity documents and sometimes
proof of address.
What are the fees for buying bitcoin?
Fees
for buying bitcoin depend on the payment method and
platform/venue used. For example, if you're buying directly
from a friend and settling in cash, you'll only need to
consider the 'network fee' for sending the bitcoin from your
friend's digital wallet to yours.
Learn about sending bitcoin,
including information of network fees and more.
If you're
paying with a credit card or bank transfer, you'll of course
need to factor in the fees for using those payment methods.
Beyond that, exchange services charge additional fees for
facilitating trades. These fees cover the exchanges'
operating costs plus a small margin. In general, you'll pay
lower overall fees for larger purchases, so it often makes
sense to avoid making many small buys.
Read more: How
bitcoin exchanges work.
Ways to buy bitcoin
Having gone
through the basics of buying bitcoin, let's look in more detail
at the methods and processes.
Skip ahead:
Buying bitcoin
with the Bitcoin.com Wallet
Buying bitcoin from the
Bitcoin.com website
Buying bitcoin from a centralized
cryptocurrency exchange
Buying bitcoin using a peer-to-peer
trading platform
Buying bitcoin cash using our peer-to-peer
trading platform
Buying bitcoin with the Bitcoin.com Wallet
Crypto wallets allow you to buy bitcoin conveniently from
within the wallet app, and the Bitcoin.com Wallet is no
exception. Importantly, the Bitcoin.com Wallet is fully non-
custodial. This means you're always in complete control of
your bitcoin. Here's the process for buying bitcoin using our
app:
Open the Bitcoin.com Wallet app on your device.
Select
Bitcoin (BTC) and tap the "Buy" button. Note: you can also
buy other digital assets.
Follow the on-screen instructions to
choose your preferred wallet for depositing. The Bitcoin.com
Wallet actually consists of separate wallets for each digital
asset we support (eg. BTC, BCH, etc.). Additionally, you can
make as many individual wallets as you want, a feature that
can help you to organize your funds. For example, you can
make one Bitcoin wallet called My BTC Savings and another
Bitcoin wallet called Everyday BTC Spending.
If it's your first
purchase, verify your identity. After your first purchase, which
includes identification verification, future purchases are
completed in seconds!
Once complete, your purchase will
proceed.
Of course, you can also use your Bitcoin.com Wallet
to receive, hold, and use the bitcoin you've already purchased
via a different method. Other methods for buying bitcoin
include:
Buying bitcoin from the Bitcoin.com website
You
can buy bitcoin from the Bitcoin.com website using your
credit/debit card or other payment method (Apple Pay,
Google Pay, etc.). When you buy bitcoin from our website,
you'll need to decide where to receive it. This means you'll
need to input a Bitcoin 'address' when prompted.
For
example, a Bitcoin address looks something like this:
3J57t1XpEZ73CZmQvfksriyiWrnqLhGTLy
Here's the process
for buying from our website:
Visit our Buy Bitcoin page.
Select Bitcoin (BTC). Note: you can also purchase a range of
other digital assets.
Choose whether you want to pay in USD
or another local currency, and enter the currency amount (eg.
$100).
Click the BUY button.
Enter your wallet address. Here's
where you'll decide where the bitcoin you're buying goes. For
example, you can send bitcoin straight to your Bitcoin.com
Wallet. To do so, you just need to know your Bitcoin address.
To get the right address:
Open the app
Tap the receive icon
Select Bitcoin (BTC) and choose the Bitcoin wallet you want
to receive it to (eg. My BTC Wallet)
Tap the copy button to
save the address to your clipboard. You'll need to paste that
address into the Bitcoin.com Buy website. If you're accessing
the website from your desktop or laptop, you can, for
example, email the address to yourself then paste it in the
4. Lets Change the world we all together
These cases are
perfectly simple and easy to distinguish
p , y p
wallet address field on our site.
Complete the purchase
process by creating an account and providing your payment
details.
Buying bitcoin from a centralized cryptocurrency
exchange
With this method, the bitcoin you purchase will at
first be held by the cryptocurrency exchange on your behalf.
If you'd like to take full control of your bitcoin, you'll need to
withdraw it from the exchange to a non-custodial wallet like
the Bitcoin.com Wallet. When you withdraw bitcoin from an
exchange, you'll be subject to the exchange's withdrawal
policy and fees. In some cases, you may not be able to
withdraw for days or weeks, and the withdrawal fee could be
much higher than a Bitcoin transaction fee would normally
be.
Read more: How to send bitcoin.
Here's the typical flow
for buying bitcoin from an exchange.
Visit a cryptocurrency
exchange website like Bitcoin.com Exchange. Here's a
curated list of other top crypto exchanges.
Create an account
and verify your identity as required.
Follow the website’s
instructions to buy your bitcoin (BTC) or other digital asset.
Your bitcoin will appear in your exchange account.
If you'd
like to take full control of your bitcoin, send it from the
exchange to your non-custodial wallet (like the Bitcoin.com
Wallet).
Buying bitcoin using a peer-to-peer trading platform
A variety of platforms facilitate the trading of bitcoin and
other digital assets by offering 1) a venue for buyers and
sellers to post their buy and sell orders, and 2) an escrow and
dispute resolution service.
Since these platforms principally
help people find each other, in many jurisdictions they aren't
technically classified as exchanges or 'money transmitters,'
so in some cases they don't require you to reveal your
identity in order to use them. For privacy-conscious buyers,
therefore, P2P platforms can be an effective method for
obtaining bitcoin despite being generally less convenient,
and often more costly overall (it can be hard to get the
"correct" market rate using this method due to lack of
liquidity). Note however, that as a seller, using a peer-to-peer
platform to engage in the commercial sale of bitcoin
(beyond, say, a few small transactions here and there) may
find you on the wrong side of the law in your country.
Read
more: How does Bitcoin exchange work?
Most peer-to-peer
Bitcoin exchanges integrate a reputation system, meaning
they track and display the trading history of their users. If
you're looking to buy using a P2P exchange, you'll want to
choose sellers who have a good reputation, meaning they've
completed several trades and never had a complaint.
The
process for buying bitcoin using a peer-to-peer exchange is
typically as follows:
Browse through listings by payment
type (eg. bank transfer, PayPal, etc.), amount, location of
seller, reputation, and so on.
Initiate a trade. Doing so locks
up the bitcoin in an escrow account.
Send the agreed
payment amount via the agreed payment method. Note, this
could potentially even mean meeting the seller in person and
handing over cash directly.
The seller then confirms receipt
of the payment via the website or app .This triggers the
bitcoin to be released from escrow to your Bitcoin wallet.
In
some cases, the purchased bitcoin will be released from
escrow directly to the Bitcoin wallet of your choosing. In
other cases, it will first be sent to your peer-to-peer platform
account wallet (which is typically a custodial web wallet). In
that case, you'd then want to withdraw it to a Bitcoin wallet
you control. Note that this final step often incurs a fee, which
typically constitutes the peer-to-peer platform's business
model.