Bitcoin Blog a1

Monday, June 29, 2015

Am I a Real Author Now?

I have good news! I am now officially a published Author on Coinbuzz!
Here are my first two published posts. The first is on the tax implications of bitcoin and the second is on what will happen to the price of bitcoin if Ron Paul's downfall of the US dollar ideas are true. Enjoy!

This good news, also has some bad news too. And that is I probably will be posting on here less often. We will see!




Monday, June 22, 2015

New about page

A Redditor recommended I create an about page, so here it is!

Also Doge is trading at $0.00020000  each, which is the highest I have seen in a while! Such Moon!

Thursday, June 18, 2015

RocketShips

The price of Doge has gone to the moon! 
Image result for moon

At Least for me! Recently I bought more Doge with bitcoin at 50 satoshi a dogecoin. It’s now around 80! This didn’t happen overnight though; the price dropped all the way down to 38 satashi a one point. The moral is good things happen to those who wait. In fact, if I had more Bitcoin, the best course of action would be to buy even more Doge at the 38 Satoshi Price. Emotion might give me the opposite response. From an emotional standpoint I might be tempted to sell my Doge to get out of it.


Now I have said my Doge has made me money, but that is not entirely true as I have not realized the earnings from it. And to be honest, I’m not sure how. In theory I could use an exchange to turn my Doge into USD to spend. But that would require lots of ID and a lot of personal information that I do not want to give. Another option is to buy things directly with Dogecoin, but I am not sure what I want right now. A third option is that I can trade my Doge for bitcoin and trade that for what I want to buy.


I wanted to emphasis my key point here: Trading, and life frankly, can be risky. But even if things don't look good, don't give up. Sometimes it takes time for a market to turn around.  Sometimes it may look like you have made a terrible mistake. And perhaps you have! But, if you have patience, you will be rewarded. Best of luck!

Tuesday, June 9, 2015

How to: Export & Import Private Keys

Possibly one of the more difficult cryptocurrency related tasks is importing a wallet with a private key. This video will show you how! Enjoy!





Thursday, June 4, 2015

Feeless to some, the shortcoming of bitcoin for small transactions

Bitcoin is praised for having low transaction fees. But what if I told you that isn't always true? Well that is in fact the case; bitcoin can have quite large transaction fees!

I learned this much to my dismay when I sent BTC to my first exchange. I sent 4 dollars of BTC, from many faucet payouts, to the exchange. I incurred nearly 40 cents of fees!!

For example, most of my BTC comes from faucets, each  payment increases the number of inputs when I send my bitcoins. In two satoshi, my most read article, I said:


Just for fun I think this is how transaction fees work :
148*I + 34*O + 10
This answer is in bytes. “I” is the number of inputs and “O” is the number of outputs. There is also a one byte variation for addresses that start with 0x80


The transaction fee is for each KByte of the transaction, and 0.0001 BTC per KByte is the fee. Naturally the transaction size is rounded up to the next Kbyte.

Let's try the math! In my wallet I have about 70 inputs that make up about $3.96. 148*70+10+34*1= 10404 Bytes, which rounds to 11kb. 0.0001 btc *11kb =.0011 or about $.25
This calculation was done with current exchange rates so it is off a little bit. Also, since there is some change ( that is, the amount I sent doesn't add up perfectly to the amount I have received) I am also an input on the transaction

But fear not! Because, BTC can also have fee-less transactions! The transaction must consist of at least .01 BTC and can have no more that 50 inputs. Currently, there is not a program that will send you bitcoins in the most efficient way possible. I think this is a major flaw, not in the coin itself, but in the the infrastructure surrounding it.

Dogecoin on the other hand does not have this issue currently. A dogecoin transaction will generally cost 1 doge. The coins' coding to calculate the cost is the same. This being said, all of the transactions in doge I have personally dealt with have had a one doge transaction fee. So, for small transactions, doge has worked much better for me.