Ecoer Logo
VOTING POWER100.00%
DOWNVOTE POWER100.00%
RESOURCE CREDITS100.00%
REPUTATION PROGRESS89.91%
Net Worth
4.085USD
STEEM
0.049STEEM
SBD
0.007SBD
Own SP
70.330SP

Detailed Balance

STEEM
balance
0.049STEEM
market_balance
0.000STEEM
savings_balance
0.000STEEM
reward_steem_balance
0.000STEEM
STEEM POWER
Own SP
70.330SP
Delegated Out
0.000SP
Delegation In
0.000SP
Effective Power
70.330SP
Reward SP (pending)
0.000SP
SBD
sbd_balance
0.007SBD
sbd_conversions
0.000SBD
sbd_market_balance
0.000SBD
savings_sbd_balance
0.000SBD
reward_sbd_balance
0.000SBD
{
  "balance": "0.049 STEEM",
  "savings_balance": "0.000 STEEM",
  "reward_steem_balance": "0.000 STEEM",
  "vesting_shares": "114351.809818 VESTS",
  "delegated_vesting_shares": "0.000000 VESTS",
  "received_vesting_shares": "0.000000 VESTS",
  "sbd_balance": "0.007 SBD",
  "savings_sbd_balance": "0.000 SBD",
  "reward_sbd_balance": "0.000 SBD",
  "conversions": []
}

Account Info

namebitcoinreasons
id114023
rank24,362
reputation125862839339
created2016-11-28T19:14:30
recovery_accountsteem
proxyNone
post_count5
comment_count0
lifetime_vote_count0
witnesses_voted_for0
last_post2016-12-22T16:31:30
last_root_post2016-12-22T16:31:30
last_vote_time2016-12-22T16:31:30
proxied_vsf_votes0, 0, 0, 0
can_vote1
voting_power9,950
delayed_votes0
balance0.049 STEEM
savings_balance0.000 STEEM
sbd_balance0.007 SBD
savings_sbd_balance0.000 SBD
vesting_shares114351.809818 VESTS
delegated_vesting_shares0.000000 VESTS
received_vesting_shares0.000000 VESTS
reward_vesting_balance0.000000 VESTS
vesting_balance0.000 STEEM
vesting_withdraw_rate0.000000 VESTS
next_vesting_withdrawal1969-12-31T23:59:59
withdrawn0
to_withdraw0
withdraw_routes0
savings_withdraw_requests0
last_account_recovery1970-01-01T00:00:00
reset_accountnull
last_owner_update1970-01-01T00:00:00
last_account_update1970-01-01T00:00:00
minedNo
sbd_seconds0
sbd_last_interest_payment1970-01-01T00:00:00
savings_sbd_last_interest_payment1970-01-01T00:00:00
{
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        1
      ]
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    "weight_threshold": 1
  },
  "balance": "0.049 STEEM",
  "can_vote": true,
  "comment_count": 0,
  "created": "2016-11-28T19:14:30",
  "curation_rewards": 0,
  "delegated_vesting_shares": "0.000000 VESTS",
  "downvote_manabar": {
    "current_mana": 0,
    "last_update_time": 1480360470
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  "guest_bloggers": [],
  "id": 114023,
  "json_metadata": "",
  "last_account_recovery": "1970-01-01T00:00:00",
  "last_account_update": "1970-01-01T00:00:00",
  "last_owner_update": "1970-01-01T00:00:00",
  "last_post": "2016-12-22T16:31:30",
  "last_root_post": "2016-12-22T16:31:30",
  "last_vote_time": "2016-12-22T16:31:30",
  "lifetime_vote_count": 0,
  "market_history": [],
  "memo_key": "STM5b5pv93BD7aWm9qqiiLii1kx7qGyXdtSjG5ggvwd6HSjdwW9wM",
  "mined": false,
  "name": "bitcoinreasons",
  "next_vesting_withdrawal": "1969-12-31T23:59:59",
  "other_history": [],
  "owner": {
    "account_auths": [],
    "key_auths": [
      [
        "STM6Qq5LY6MZMdma1TViEtXsdPeFCzQc66fxDufbq8RHx4tK8okU6",
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    ],
    "weight_threshold": 1
  },
  "pending_claimed_accounts": 0,
  "post_bandwidth": 10000,
  "post_count": 5,
  "post_history": [],
  "posting": {
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    "key_auths": [
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        "STM8eCjPkLoUTRJ84ALikweTtj9A9gWXZdXfm9QAJey2g8MvsHn9U",
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    "weight_threshold": 1
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  "posting_json_metadata": "",
  "posting_rewards": 3224,
  "proxied_vsf_votes": [
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    0
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  "proxy": "",
  "received_vesting_shares": "0.000000 VESTS",
  "recovery_account": "steem",
  "reputation": "125862839339",
  "reset_account": "null",
  "reward_sbd_balance": "0.000 SBD",
  "reward_steem_balance": "0.000 STEEM",
  "reward_vesting_balance": "0.000000 VESTS",
  "reward_vesting_steem": "0.000 STEEM",
  "savings_balance": "0.000 STEEM",
  "savings_sbd_balance": "0.000 SBD",
  "savings_sbd_last_interest_payment": "1970-01-01T00:00:00",
  "savings_sbd_seconds": "0",
  "savings_sbd_seconds_last_update": "1970-01-01T00:00:00",
  "savings_withdraw_requests": 0,
  "sbd_balance": "0.007 SBD",
  "sbd_last_interest_payment": "1970-01-01T00:00:00",
  "sbd_seconds": "0",
  "sbd_seconds_last_update": "2016-12-01T18:34:21",
  "tags_usage": [],
  "to_withdraw": 0,
  "transfer_history": [],
  "vesting_balance": "0.000 STEEM",
  "vesting_shares": "114351.809818 VESTS",
  "vesting_withdraw_rate": "0.000000 VESTS",
  "vote_history": [],
  "voting_manabar": {
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    "last_update_time": 1482424290
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  "voting_power": 9950,
  "withdraw_routes": 0,
  "withdrawn": 0,
  "witness_votes": [],
  "witnesses_voted_for": 0,
  "rank": 24362
}

Withdraw Routes

IncomingOutgoing
Empty
Empty
{
  "incoming": [],
  "outgoing": []
}
From Date
To Date
2019/11/28 20:13:39
authorsteemitboard
bodyCongratulations @bitcoinreasons! You received a personal award! <table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@bitcoinreasons/birthday3.png</td><td>Happy Birthday! - You are on the Steem blockchain for 3 years!</td></tr></table> <sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@bitcoinreasons) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=bitcoinreasons)_</sub> ###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!
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parent permlinkyour-worst-case-scenario-for-buying-bitcoin-in-2016
permlinksteemitboard-notify-bitcoinreasons-20191128t201339000z
title
Transaction InfoBlock #38579142/Trx 82f45c5fd6653b2351a0ea2cff6e357cc2afb607
View Raw JSON Data
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      "author": "steemitboard",
      "body": "Congratulations @bitcoinreasons! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@bitcoinreasons/birthday3.png</td><td>Happy Birthday! - You are on the Steem blockchain for 3 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@bitcoinreasons) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=bitcoinreasons)_</sub>\n\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
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2018/11/28 22:43:06
authorsteemitboard
bodyCongratulations @bitcoinreasons! You received a personal award! <table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@bitcoinreasons/birthday2.png</td><td>2 Years on Steemit</td></tr></table> <sub>_[Click here to view your Board of Honor](https://steemitboard.com/@bitcoinreasons)_</sub> > Support [SteemitBoard's project](https://steemit.com/@steemitboard)! **[Vote for its witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1)** and **get one more award**!
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      "author": "steemitboard",
      "body": "Congratulations @bitcoinreasons! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@bitcoinreasons/birthday2.png</td><td>2 Years on Steemit</td></tr></table>\n\n<sub>_[Click here to view your Board of Honor](https://steemitboard.com/@bitcoinreasons)_</sub>\n\n\n> Support [SteemitBoard's project](https://steemit.com/@steemitboard)! **[Vote for its witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1)** and **get one more award**!",
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smitopblockchain operation: transfer from savings
2018/08/29 23:10:12
amount3.333 SBD
fromsmitop
memoHi, it looks like you're not voting for any witnesses. Witnesses help secure the Steem network. You should vote for some, at https://steemit.com/~witnesses, or by pressing 'Vote for witnesses' in the Steemit sidebar (top right corner). I'm a bot.
request id20432
tobitcoinreasons
Transaction InfoBlock #25504929/Trx b965c512a472edb0f732c73573ede92e3550f9cb
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      "amount": "3.333 SBD",
      "from": "smitop",
      "memo": "Hi, it looks like you're not voting for any witnesses. Witnesses help secure the Steem network. You should vote for some, at https://steemit.com/~witnesses, or by pressing 'Vote for witnesses' in the Steemit sidebar (top right corner). I'm a bot.",
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2017/02/12 19:52:30
authorbitcoinreasons
permlinkyour-worst-case-scenario-for-buying-bitcoin-in-2016
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2017/02/09 17:28:57
authorbitcoinreasons
permlink11-things-that-bitcoin-is-not
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2017/02/09 17:28:03
authorbitcoinreasons
permlink11-things-that-bitcoin-is-not
voterbitcoinreasons
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2016/12/23 17:39:57
authorlinkback-bot-v0
bodyThis post has been linked to from another place on Steem. - [Latest Headlines in All Things Crypto - Pro-Bitcoin Elon Musk, Appointed to Trump’s Team of Advisories](https://steemit.com/bitcoin/@dailybitcoinnews/latest-headlines-in-all-things-crypto-pro-bitcoin-elon-musk-appointed-to-trump-s-team-of-advisories) by @dailybitcoinnews Learn more about and upvote to support [**linkback bot v0.5**](https://steemit.com/steemit/@ontofractal/steem-linkback-bot-v0-5-the-reddit-awareness-release). Flag this comment if you don't want the bot to continue posting linkbacks for your posts. Built by @ontofractal
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permlinkre-bitcoinreasons-your-worst-case-scenario-for-buying-bitcoin-in-2016-linkbacks
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      "body": "This post has been linked to from another place on Steem.\n\n\n  - [Latest Headlines in All Things Crypto - Pro-Bitcoin Elon Musk, Appointed to Trump’s Team of Advisories](https://steemit.com/bitcoin/@dailybitcoinnews/latest-headlines-in-all-things-crypto-pro-bitcoin-elon-musk-appointed-to-trump-s-team-of-advisories) by @dailybitcoinnews\n\n\n\n\nLearn more about and upvote to support [**linkback bot v0.5**](https://steemit.com/steemit/@ontofractal/steem-linkback-bot-v0-5-the-reddit-awareness-release). Flag this comment if you don't want the bot to continue posting linkbacks for your posts.\n\nBuilt by @ontofractal\n",
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2016/12/22 20:44:45
authortheone11
bodyAnd now it is written ✍🏽
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2016/12/22 20:04:54
authorbitcoinreasons
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2016/12/22 17:01:48
authorbitcoinreasons
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2016/12/22 16:59:00
authorbitcoinreasons
permlinkyour-worst-case-scenario-for-buying-bitcoin-in-2016
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2016/12/22 16:52:24
authorbitcoinreasons
permlinkyour-worst-case-scenario-for-buying-bitcoin-in-2016
voterfyrstikken
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2016/12/22 16:41:15
authorrmach
bodyMessage received. Loud and Clear!
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      "body": "Message received.\nLoud and Clear!",
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2016/12/22 16:40:48
authorbitcoinreasons
permlinkyour-worst-case-scenario-for-buying-bitcoin-in-2016
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2016/12/22 16:31:30
authorbitcoinreasons
body<strong>2016 is coming to an end and we have seen the price of Bitcoin go from $433 to $800 being just around the corner but I still get people telling me that they don’t trust Bitcoin or they don’t know how to buy and save Bitcoin or they aren’t sure when to buy and when to hold. In order to show you how easy it is to “invest” in Bitcoin or to buy them, I have decided to help put those issues to rest. That being said, let’s take a look at the worst case scenario for buying Bitcoin in 2016.</strong> <h2>Buy Low, Buy High and Hold</h2> I am sure that you are familiar with the saying “Buy low and Sell high” but since there is no way to know what the price of bitcoin is going to do, you can never be sure of when the price is “low”. For the sake of this post (and easy to understand math) I am going to create an imaginary worst case scenario where you made a $100 purchase each month at the highest possible price. Here’s the highest price for each month in 2016 and the amount of BTC that you would have bought for $100 in each month according to Bitcoin Wisdom. January - $465 / $100 = 0.21505376 btc February - $451 / $100 = 0.22172949 btc March - $436 / $100 = 0.22935780 btc April - $471 / $100 = 0.21231423 btc May - $570 / $100 = 0.17543860 btc June - $789 / $100 = 0.12674271 btc July - $706 / $100 = 0.14164306 btc August - $615 / $100 = 0.16260163 btc September - $640 / $100 = 0.15625000 October - $746 / $100 = 0.13404826 btc November - $763 / $100 = 0.1310616 btc December - $795 / $100 = 0.12578616 btc <strong>Total - $1,200 spent for a total of 2.0320273 BTC = $590.54 per Bitcoin in 2016.</strong> So at today’s price of $795, your worst case Bitcoin purchasing scenario for 2016 is an approximate 34% percent increase in your purchasing power. The S&P 500 produced about 11% gains in 2016. These numbers will resound with anyone who accepts Bitcoin as payment and actually hold their bitcoins because most people tend to spend their bitcoins when the price is high; not when the price is low. So let this be a lesson to any merchants who aren’t sure if they should hold their Bitcoins or exchange them at point of sale. <h2>Buy Low, Spend High</h2> Since anyone with any business sense at all knows that it is much better to buy low and sell high, you could have made off much better gains than shown above. It is also likely that you would have purchased more coins when the price was lower which would increase your purchasing power even further. Now that you know the worst case scenario for buying Bitcoin in 2016, what will you do to build the bitcoin economy in 2017? While you’re thinking about it, have a safe and Happy New Year!
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      "body": "<strong>2016 is coming to an end and we have seen the price of Bitcoin go from $433 to $800 being just around the corner but I still get people telling me that they don’t trust Bitcoin or they don’t know how to buy and save Bitcoin or they aren’t sure when to buy and when to hold. In order to show you how easy it is to “invest” in Bitcoin or to buy them, I have decided to help put those issues to rest. That being said, let’s take a look at the worst case scenario for buying Bitcoin in 2016.</strong>\n<h2>Buy Low, Buy High and Hold</h2>\nI am sure that you are familiar with the saying “Buy low and Sell high” but since there is no way to know what the price of bitcoin is going to do, you can never be sure of when the price is “low”. For the sake of this post (and easy to understand math) I am going to create an imaginary worst case scenario where you made a $100 purchase each month at the highest possible price.\n\nHere’s the highest price for each month in 2016 and the amount of BTC that you would have bought for $100 in each month according to Bitcoin Wisdom.\n\nJanuary - $465 / $100 = 0.21505376 btc\nFebruary - $451 / $100 = 0.22172949 btc\nMarch - $436 / $100 = 0.22935780 btc\nApril - $471 / $100 = 0.21231423 btc\nMay - $570 / $100 = 0.17543860 btc\nJune - $789 / $100 = 0.12674271 btc\nJuly - $706 / $100 = 0.14164306 btc\nAugust - $615 / $100 = 0.16260163 btc\nSeptember - $640 / $100 = 0.15625000\nOctober - $746 / $100 = 0.13404826 btc\nNovember - $763 / $100 = 0.1310616 btc\nDecember - $795 / $100 = 0.12578616 btc\n\n<strong>Total - $1,200 spent for a total of 2.0320273 BTC = $590.54 per Bitcoin in 2016.</strong> So at today’s price of $795, your worst case Bitcoin purchasing scenario for 2016 is an approximate 34% percent increase in your purchasing power. The S&P 500 produced about 11% gains in 2016.\n\nThese numbers will resound with anyone who accepts Bitcoin as payment and actually hold their bitcoins because most people tend to spend their bitcoins when the price is high; not when the price is low. So let this be a lesson to any merchants who aren’t sure if they should hold their Bitcoins or exchange them at point of sale.\n\n<h2>Buy Low, Spend High</h2>\nSince anyone with any business sense at all knows that it is much better to buy low and sell high, you could have made off much better gains than shown above. It is also likely that you would have purchased more coins when the price was lower which would increase your purchasing power even further.\n\nNow that you know the worst case scenario for buying Bitcoin in 2016, what will you do to build the bitcoin economy in 2017? While you’re thinking about it, have a safe and Happy New Year!",
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2016/12/01 18:07:57
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2016/12/01 11:34:54
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2016/12/01 11:02:18
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2016/12/01 00:47:33
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2016/12/01 00:46:27
authorbitcoinreasons
bodyGreat catch. Not sure what happened there. Thanks for the edit.
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2016/12/01 00:45:30
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body@@ -4355,16 +4355,26 @@ and even + lending. %0A%0A**Bitc @@ -5785,16 +5785,107 @@ umber of + entrepreneurs from around the world who want to harness the power of this new technology. %0A%0A**Bitc
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2016/11/30 21:19:09
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2016/11/30 19:50:36
authoredb
bodyGood stuff, well said! The thing with a Ponzi scheme is that you need more and more new participants to keep the scam going, until you run out of marks. For a stable bitcoin value, on the other hand, you need only just enough new users to buy the newly mined coins minus the lost coins, which is a number that keeps decreasing. I'm afraid a bug ate the end of two paragraphs: "... obsolete like securities, bonds and even" and "This lack of control is what draws a number of".
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2016/11/30 17:24:24
authorbitcoinreasons
body**"What is Bitcoin?"** was one of the most searched terms of 2014 according to Google and reasonably so. When I first heard about it years ago, I was so confused as to what it actually was and even more confused about what it wasn't. Well, as it turns out Bitcoin is a number of things but the more I read about Bitcoin across the web I've heard a lot of people call it things that are completely wrong. So in order to help remove a bunch of the confusion, I have compiled this list of things that Bitcoin is NOT. http://www.bitcoinx.com/wp-content/uploads/2014/02/fURk1Ig.jpg **Bitcoins are NOT Physical Coins** - this took me so long to understand. When I first heard about Bitcoin back in 2009/2010, I did a bunch of reading and I was only more confused than before I started doing research. People were calling them online tokens but apparently there was also a guy in Utah that was minting something called a "Recalescence Coin” or a physical bitcoin. This made me confused when I learned that bitcoin can only be manifested online. Well how was this guy making bitcoins then? It took some more digging to figure out that bitcoins are nothing but information. That's all. But as we all know, information can be written down just about anywhere and that’s what the maker of these Recalescence Coins was doing. One of the ways that this coin minter decided to store bitcoins was laser etched into the face of gold coin and a very tamper resistant seal over the etching. It probably doesn’t help that lots of tech publications still use images of physical coins in a number of their blog posts as the featured image. **Bitcoin is NOT a Ponzi Scheme** - I get so frustrated whenever I hear this for two reasons. First because the person telling me this does not know what a Ponzi scheme is and second they don't understand what bitcoin is. So they just sound like a double idiot. Ponzi schemes are centrally controlled lies to get investors to continually buy into something and then pay the old investors with money from the new investors. Eventually the lie will collapse. There ARE however lots of Ponzi schemes masquerading as businesses in the bitcoin economy. One of the most common bitcoin related Ponzi schemes is "cloud mining". You buy a Bitcoin miner somewhere in the world and then receive daily payouts, that slowly get smaller over time as the complexity of mining increases. As new people buy into the cloud mining pools, those funds are often used to pay the older “investors” and they think that they are mining Bitcoin. It is only a matter of time before they are found out and their lie will collapse. **Bitcoin is NOT a Get Rich Quick Scheme** - Yes, it is true that a number of people have made some small fortunes by buying into Bitcoin when it was just pennies per bitcoin but those stores are mostly sensationalist hype and not the norm. Bitcoin as money is a very risky endeavor and should you should take extreme caution when you buy large quantities of it. This is especially true when you are buying larger quantities all at once. It is true that you can make some phenomenal returns on Bitcoin in very little time but if you are going to buy some it is best to buy what you can easily afford to lose. One strategy commonly used when purchasing highly volatile commodities is to use a dollar cost average approach in order to buy more when the price falls and buy less when it rises. This will ensure that you mitigate risk as the price fluctuates rapidly. **Bitcoin is NOT a Bank** - Banks are an old and centrally controlled monopoly system that are reliant on humans and heavy regulations in order to operate. There are lots of rules, regulations and policies that banks are required to abide by like collecting all sorts of personal information. With lots of those regulations comes expensive compliance which is then passed onto the banks’ customers just like you. Bitcoin on the other hand is an open-source math experiment that allows people to store and transact value without the permission of anyone else but yourself. Bitcoin is not a bank at all. In fact, it makes a number of bank functions completely obsolete like personal checking and savings accounts. As the technology behind Bitcoin progresses, it will prove to render a number of services offered by banks to also be obsolete like securities, bonds and even **Bitcoin is NOT "The New Papyal"** - A little while ago TechCrunch released an article about how "Bitcoin is the new PayPal" or something and while one of the many functions of Bitcoin is a payment network like PayPal, it is also nothing like PayPal. Bitcoin is far superior to any centrally controlled and regulated entity for sending and receiving money. You can't reverse Bitcoin transactions and you don't need permission from PayPal to send or receive money. While reversing transactions does have advantages for certain transactions this opens up opportunity for lots of online fraud as business owners (small and big) can become victims of buyers claiming that they never received the product they ordered and PayPal will freeze the funds until the dispute is settled. For this reason payment mechanisms like Bitcoin offer protection for online sellers from this sort of fraud. All that being said, Bitcoin is more like the new cash or gold; not the new PayPal. **Bitcoin is NOT controlled by any Central Authority** - Neither banks nor governments directly control Bitcoin. They can absolutely create laws around Bitcoin and black list you from conducting business with their bank if they chose but one of the beauties of Bitcoin is that it belongs to the people of the entire world and not some elite banking cartel backed by the monopoly of legal tender laws. This lack of control is what draws a number of **Bitcoin is NOT Worthless just because it's not Tangible** - To say that Bitcoin is worthless is to say that VISA and MasterCard, e.mail or the internet are worthless. Although VISA and MC only transact fiat currencies around the world, they offer tremendous value to their users because they are payment networks. They allow their users to conduct electronic transactions all over the world. Do you remember the tag line "VISA, It's everywhere you want to be."? Well there is some truth to that statement. VISA is used all over the world. I have personally used both visa and MasterCard in around 15 countries. I have also had my accounts frozen several times because I was spending money in "high risk" areas where credit card fraud is common so my accounts were suspended. Once in Spain I had my ATM card frozen just hours before I needed to fly back to the U.S. And the cab drivers only accept cash. It created a BIG problem on my end. But Visa and Other payment networks like it do have value because people use them and the bigger the network, the bigger the value of the network effect. The same is true of Bitcoin. As more and more people use Bitcoin the more valuable the network effect becomes. **Bitcoin is NOT Anonymous** - too many people think that just because your name is not directly tied any given bitcoin address that it is therefore anonymous. That could not be further from the truth. While, there is a lot of privacy with Bitcoin, it is not at all anonymous because every bitcoin transaction ever made is public to the entire world on an immutable ledger. It would be much more accurate to say that Bitcoin is radically transparent than radically anonymous. **Bitcoin is NOT Untraceable** - People who think that Bitcoin is untraceable don’t understand the radical transparency of the blockchain. Because every transaction is publicly visible on the blockchain, it is probably the most traceable form of money in the world. **Bitcoin is NOT “Fake Money”** - As Ryan X. Charles on Twitter wrote: “Money is a form of non-programable Bitcoin that people used to use before they invented computers and cryptography” and he means that in the truest of senses. Money is made by markets; not by governments or banks and that is EXACTLY what Bitcoin is. It is a medium of exchange, a unit of account and a store of vale for a certain market of tech nerds and other free thinkers and that market gets bigger every time someone new decides to use Bitcoin. If you think you paper money is real and Bitcoin is fake, then you do not understand the principles of sound money. Fiat currencies are printed from nothing at the whim of bankers and politicians while Bitcoin is created by mathematical algorithm. **Bitcoin is NOT Illegal** - Bitcoin is an open-source peer-to-peer math experiment and because it is just a math experiment it is not illegal (in most places around the world) but that does not mean that you cannot do illegal things with it. You can use it to receive an illegal payment for a ransom or to purchase illicit drugs but you can do these same things with cash, credit cards or PayPal and yet all of these mechanisms are not illegal (Cash may soon become illegal in places like India and Scandinavia). As long as bitcoin is used for legal activities, it will stay legal but if the only people who adopt bitcoin are those who seek to do things that are illegal or even immoral then it will likely become illegal in a number of jurisdictions around the world. I’m sure that I missed a number of things that Bitcoin is not but these 11 things are often the cause of lots of confusion in the Bitcoin space and I feel like they really hurt user adoption. If you would like to learn more about What Bitcoin IS and the many reasons why you should adopt and use it, then please follow @BitcoinReasons on Instagram and/or Twitter.
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      "body": "**\"What is Bitcoin?\"** was one of the most searched terms of 2014 according to Google and reasonably so. When I first heard about it years ago, I was so confused as to what it actually was and even more confused about what it wasn't. Well, as it turns out Bitcoin is a number of things but the more I read about Bitcoin across the web I've heard a lot of people call it things that are completely wrong. So in order to help remove a bunch of the confusion, I have compiled this list of things that Bitcoin is NOT.\n\nhttp://www.bitcoinx.com/wp-content/uploads/2014/02/fURk1Ig.jpg\n\n**Bitcoins are NOT Physical Coins** - this took me so long to understand. When I first heard about Bitcoin back in 2009/2010, I did a bunch of reading and I was only more confused than before I started doing research. People were calling them online tokens but apparently there was also a guy in Utah that was minting something called a \"Recalescence Coin” or a physical bitcoin. This made me confused when I learned that bitcoin can only be manifested online. Well how was this guy making bitcoins then? It took some more digging to figure out that bitcoins are nothing but information. That's all. But as we all know, information can be written down just about anywhere and that’s what the maker of these Recalescence Coins was doing. One of the ways that this coin minter decided to store bitcoins was laser etched into the face of gold coin and a very tamper resistant seal over the etching. It probably doesn’t help that lots of tech publications still use images of physical coins in a number of their blog posts as the featured image.\n\n**Bitcoin is NOT a Ponzi Scheme** - I get so frustrated whenever I hear this for two reasons. First because the person telling me this does not know what a Ponzi scheme is and second they don't understand what bitcoin is. So they just sound like a double idiot. Ponzi schemes are centrally controlled lies to get investors to continually buy into something and then pay the old investors with money from the new investors. Eventually the lie will collapse. There ARE however lots of Ponzi schemes masquerading as businesses in the bitcoin economy. One of the most common bitcoin related Ponzi schemes is \"cloud mining\". You buy a Bitcoin miner somewhere in the world and then receive daily payouts, that slowly get smaller over time as the complexity of mining increases. As new people buy into the cloud mining pools, those funds are often used to pay the older “investors” and they think that they are mining Bitcoin. It is only a matter of time before they are found out and their lie will collapse.\n\n**Bitcoin is NOT a Get Rich Quick Scheme** - Yes, it is true that a number of people have made some small fortunes by buying into Bitcoin when it was just pennies per bitcoin but those stores are mostly sensationalist hype and not the norm. Bitcoin as money is a very risky endeavor and should you should take extreme caution when you buy large quantities of it. This is especially true when you are buying larger quantities all at once. It is true that you can make some phenomenal returns on Bitcoin in very little time but if you are going to buy some it is best to buy what you can easily afford to lose. One strategy commonly used when purchasing highly volatile commodities is to use a dollar cost average approach in order to buy more when the price falls and buy less when it rises. This will ensure that you mitigate risk as the price fluctuates rapidly.\n\n**Bitcoin is NOT a Bank** - Banks are an old and centrally controlled monopoly system that are reliant on humans and heavy regulations in order to operate. There are lots of rules, regulations and policies that banks are required to abide by like collecting all sorts of personal information.  With lots of those regulations comes expensive compliance which is then passed onto the banks’ customers just like you. Bitcoin on the other hand is an open-source math experiment that allows people to store and transact value without the permission of anyone else but yourself. Bitcoin is not a bank at all. In fact, it makes a number of bank functions completely obsolete like personal checking and savings accounts. As the technology behind Bitcoin progresses, it will prove to render a number of services offered by banks to also be obsolete like securities, bonds and even\n\n**Bitcoin is NOT \"The New Papyal\"** - A little while ago TechCrunch released an article about how \"Bitcoin is the new PayPal\" or something and while one of the many functions of Bitcoin is a payment network like PayPal, it is also nothing like PayPal. Bitcoin is far superior to any centrally controlled and regulated entity for sending and receiving money. You can't reverse Bitcoin transactions and you don't need permission from PayPal to send or receive money. While reversing transactions does have advantages for certain transactions this opens up opportunity for lots of online fraud as business owners (small and big) can become victims of buyers claiming that they never received the product they ordered and PayPal will freeze the funds until the dispute is settled. For this reason payment mechanisms like Bitcoin offer protection for online sellers from this sort of fraud. All that being said, Bitcoin is more like the new cash or gold; not the new PayPal.\n\n**Bitcoin is NOT controlled by any Central Authority** - Neither banks nor governments directly control Bitcoin. They can absolutely create laws around Bitcoin and black list you from conducting business with their bank if they chose but one of the beauties of Bitcoin is that it belongs to the people of the entire world and not some elite banking cartel backed by the monopoly of legal tender laws. This lack of control is what draws a number of\n\n**Bitcoin is NOT Worthless just because it's not Tangible** - To say that Bitcoin is worthless is to say that VISA and MasterCard, e.mail or the internet are worthless. Although VISA and MC only transact fiat currencies around the world, they offer tremendous value to their users because they are payment networks. They allow their users to conduct electronic transactions all over the world. Do you remember the tag line \"VISA, It's everywhere you want to be.\"? Well there is some truth to that statement. VISA is used all over the world. I have personally used both visa and MasterCard in around 15 countries. I have also had my accounts frozen several times because I was spending money in \"high risk\" areas where credit card fraud is common so my accounts were suspended. Once in Spain I had my ATM card frozen just hours before I needed to fly back to the U.S. And the cab drivers only accept cash. It created a BIG problem on my end. But Visa and Other payment networks like it do have value because people use them and the bigger the network, the bigger the value of the network effect. The same is true of Bitcoin. As more and more people use Bitcoin the more valuable the network effect becomes.\n\n**Bitcoin is NOT Anonymous** - too many people think that just because your name is not directly tied any given bitcoin address that it is therefore anonymous. That could not be further from the truth. While, there is a lot of privacy with Bitcoin, it is not at all anonymous because every bitcoin transaction ever made is public to the entire world on an immutable ledger. It would be much more accurate to say that Bitcoin is radically transparent than radically anonymous.\n\n**Bitcoin is NOT Untraceable** - People who think that Bitcoin is untraceable don’t understand the radical transparency of the blockchain. Because every transaction is publicly visible on the blockchain, it is probably the most traceable form of money in the world.\n\n**Bitcoin is NOT “Fake Money”** - As Ryan X. Charles on Twitter wrote: “Money is a form of non-programable Bitcoin that people used to use before they invented computers and cryptography” and he means that in the truest of senses. Money is made by markets; not by governments or banks and that is EXACTLY what Bitcoin is. It is a medium of exchange, a unit of account and a store of vale for a certain market of tech nerds and other free thinkers and that market gets bigger every time someone new decides to use Bitcoin. If you think you paper money is real and Bitcoin is fake, then you do not understand the principles of sound money. Fiat currencies are printed from nothing at the whim of bankers and politicians while Bitcoin is created by mathematical algorithm.\n\n**Bitcoin is NOT Illegal** - Bitcoin is an open-source peer-to-peer math experiment and because it is just a math experiment it is not illegal (in most places around the world) but that does not mean that you cannot do illegal things with it. You can use it to receive an illegal payment for a ransom or to purchase illicit drugs but you can do these same things with cash, credit cards or PayPal and yet all of these mechanisms are not illegal (Cash may soon become illegal in places like India and Scandinavia). As long as bitcoin is used for legal activities, it will stay legal but if the only people who adopt bitcoin are those who seek to do things that are illegal or even immoral then it will likely become illegal in a number of jurisdictions around the world.\n\nI’m sure that I missed a number of things that Bitcoin is not but these 11 things are often the cause of lots of confusion in the Bitcoin space and I feel like they really hurt user adoption. If you would like to learn more about What Bitcoin IS and the many reasons why you should adopt and use it, then please follow @BitcoinReasons on Instagram and/or Twitter.",
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bodyThanks. Just trying to get the hang of the platform. I think it will take me a little while.
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bodyUV and RS for you, this is a great post.
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2016/11/28 21:30:12
authorbitcoinreasons
permlinkx-important-features-in-a-bitcoin-wallet
voterbarrydutton
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2016/11/28 21:29:00
authorbitcoinreasons
permlinkx-important-features-in-a-bitcoin-wallet
voterlonilush
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Account Metadata

POSTING JSON METADATA
None
JSON METADATA
None
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Auth Keys

Owner
Single Signature
Public Keys
STM6Qq5LY6MZMdma1TViEtXsdPeFCzQc66fxDufbq8RHx4tK8okU61/1
Active
Single Signature
Public Keys
STM8LnCNGLAED1ZCU1zRQX6DtPfPjrXU8VtXzQuz4AzYU1BYg4iyY1/1
Posting
Single Signature
Public Keys
STM8eCjPkLoUTRJ84ALikweTtj9A9gWXZdXfm9QAJey2g8MvsHn9U1/1
Memo
STM5b5pv93BD7aWm9qqiiLii1kx7qGyXdtSjG5ggvwd6HSjdwW9wM
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Witness Votes

0 / 30
No active witness votes.
[]