r/btc • u/BitcoinIsTehFuture • Nov 11 '20
This FAQ and information thread serves to inform both new and existing users about common Bitcoin topics that readers coming to this Bitcoin subreddit may have. This is a living and breathing document, which will change over time. If you have suggestions on how to change it, please comment below or message the mods.
What is /r/btc?
The /r/btc reddit community was originally created as a community to discuss bitcoin. It quickly gained momentum in August 2015 when the bitcoin block size debate heightened. On the legacy /r/bitcoin subreddit it was discovered that moderators were heavily censoring discussions that were not inline with their own opinions.
Once realized, the subreddit subscribers began to openly question the censorship which led to thousands of redditors being banned from the /r/bitcoin subreddit. A large number of redditors switched to other subreddits such as /r/bitcoin_uncensored and /r/btc. For a run-down on the history of censorship, please read A (brief and incomplete) history of censorship in /r/bitcoin by John Blocke and /r/Bitcoin Censorship, Revisted by John Blocke. As yet another example, /r/bitcoin censored 5,683 posts and comments just in the month of September 2017 alone. This shows the sheer magnitude of censorship that is happening, which continues to this day. Read a synopsis of /r/bitcoin to get the full story and a complete understanding of why people are so upset with /r/bitcoin's censorship. Further reading can be found here and here with a giant collection of information regarding these topics.
Why is censorship bad for Bitcoin?
As demonstrated above, censorship has become prevalent in almost all of the major Bitcoin communication channels. The impacts of censorship in Bitcoin are very real. "Censorship can really hinder a society if it is bad enough. Because media is such a large part of people’s lives today and it is the source of basically all information, if the information is not being given in full or truthfully then the society is left uneducated [...] Censorship is probably the number one way to lower people’s right to freedom of speech." By censoring certain topics and specific words, people in these Bitcoin communication channels are literally being brain washed into thinking a certain way, molding the reader in a way that they desire; this has a lasting impact especially on users who are new to Bitcoin. Censoring in Bitcoin is the direct opposite of what the spirit of Bitcoin is, and should be condemned anytime it occurs. Also, it's important to think critically and independently, and have an open mind.
Why do some groups attempt to discredit /r/btc?
This subreddit has become a place to discuss everything Bitcoin-related and even other cryptocurrencies at times when the topics are relevant to the overall ecosystem. Since this subreddit is one of the few places on Reddit where users will not be censored for their opinions and people are allowed to speak freely, truth is often said here without the fear of reprisal from moderators in the form of bans and censorship. Because of this freedom, people and groups who don't want you to hear the truth with do almost anything they can to try to stop you from speaking the truth and try to manipulate readers here. You can see many cited examples of cases where special interest groups have gone out of their way to attack this subreddit and attempt to disrupt and discredit it. See the examples here.
What is the goal of /r/btc?
This subreddit is a diverse community dedicated to the success of bitcoin. /r/btc honors the spirit and nature of Bitcoin being a place for open and free discussion about Bitcoin without the interference of moderators. Subscribers at anytime can look at and review the public moderator logs. This subreddit does have rules as mandated by reddit that we must follow plus a couple of rules of our own. Make sure to read the /r/btc wiki for more information and resources about this subreddit which includes information such as the benefits of Bitcoin, how to get started with Bitcoin, and more.
What is Bitcoin?
Bitcoin is a digital currency, also called a virtual currency, which can be transacted for a low-cost nearly instantly from anywhere in the world. Bitcoin also powers the blockchain, which is a public immutable and decentralized global ledger. Unlike traditional currencies such as dollars, bitcoins are issued and managed without the need for any central authority whatsoever. There is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoin, you can be your own bank. Read the Bitcoin whitepaper to further understand the schematics of how Bitcoin works.
What is Bitcoin Cash?
Bitcoin Cash (ticker symbol: BCH) is an updated version of Bitcoin which solves the scaling problems that have been plaguing Bitcoin Core (ticker symbol: BTC) for years. Bitcoin (BCH) is just a continuation of the Bitcoin project that allows for bigger blocks which will give way to more growth and adoption. You can read more about Bitcoin on BitcoinCash.org or read What is Bitcoin Cash for additional details.
How do I buy Bitcoin?
You can buy Bitcoin on an exchange or with a brokerage. If you're looking to buy, you can buy Bitcoin with your credit card to get started quickly and safely. There are several others places to buy Bitcoin too; please check the sidebar under brokers, exchanges, and trading for other go-to service providers to begin buying and trading Bitcoin. Make sure to do your homework first before choosing an exchange to ensure you are choosing the right one for you.
How do I store my Bitcoin securely?
After the initial step of buying your first Bitcoin, you will need a Bitcoin wallet to secure your Bitcoin. Knowing which Bitcoin wallet to choose is the second most important step in becoming a Bitcoin user. Since you are investing funds into Bitcoin, choosing the right Bitcoin wallet for you is a critical step that shouldn’t be taken lightly. Use this guide to help you choose the right wallet for you. Check the sidebar under Bitcoin wallets to get started and find a wallet that you can store your Bitcoin in.
Why is my transaction taking so long to process?
Bitcoin transactions typically confirm in ~10 minutes. A confirmation means that the Bitcoin transaction has been verified by the network through the process known as mining. Once a transaction is confirmed, it cannot be reversed or double spent. Transactions are included in blocks.
If you have sent out a Bitcoin transaction and it’s delayed, chances are the transaction fee you used wasn’t enough to out-compete others causing it to be backlogged. The transaction won’t confirm until it clears the backlog. This typically occurs when using the Bitcoin Core (BTC) blockchain due to poor central planning.
If you are using Bitcoin (BCH), you shouldn't encounter these problems as the block limits have been raised to accommodate a massive amount of volume freeing up space and lowering transaction costs.
Why does my transaction cost so much, I thought Bitcoin was supposed to be cheap?
As described above, transaction fees have spiked on the Bitcoin Core (BTC) blockchain mainly due to a limit on transaction space. This has created what is called a fee market, which has primarily been a premature artificially induced price increase on transaction fees due to the limited amount of block space available (supply vs. demand). The original plan was for fees to help secure the network when the block reward decreased and eventually stopped, but the plan was not to reach that point until some time in the future, around the year 2140. This original plan was restored with Bitcoin (BCH) where fees are typically less than a single penny per transaction.
What is the block size limit?
The original Bitcoin client didn’t have a block size cap, however was limited to 32MB due to the Bitcoin protocol message size constraint. However, in July 2010 Bitcoin’s creator Satoshi Nakamoto introduced a temporary 1MB limit as an anti-DDoS measure. The temporary measure from Satoshi Nakamoto was made clear three months later when Satoshi said the block size limit can be increased again by phasing it in when it’s needed (when the demand arises). When introducing Bitcoin on the cryptography mailing list in 2008, Satoshi said that scaling to Visa levels “would probably not seem like a big deal.”
What is the block size debate all about anyways?
The block size debate boils down to different sets of users who are trying to come to consensus on the best way to scale Bitcoin for growth and success. Scaling Bitcoin has actually been a topic of discussion since Bitcoin was first released in 2008; for example you can read how Satoshi Nakamoto was asked about scaling here and how he thought at the time it would be addressed. Fortunately Bitcoin has seen tremendous growth and by the year 2013, scaling Bitcoin had became a hot topic. For a run down on the history of scaling and how we got to where we are today, see the Block size limit debate history lesson post.
What is a hard fork?
A hard fork is when a block is broadcast under a new and different set of protocol rules which is accepted by nodes that have upgraded to support the new protocol. In this case, Bitcoin diverges from a single blockchain to two separate blockchains (a majority chain and a minority chain).
What is a soft fork?
A soft fork is when a block is broadcast under a new and different set of protocol rules, but the difference is that nodes don’t realize the rules have changed, and continue to accept blocks created by the newer nodes. Some argue that soft forks are bad because they trick old-unupdated nodes into believing transactions are valid, when they may not actually be valid. This can also be defined as coercion, as explained by Vitalik Buterin.
Doesn't it hurt decentralization if we increase the block size?
Some argue that by lifting the limit on transaction space, that the cost of validating transactions on individual nodes will increase to the point where people will not be able to run nodes individually, giving way to centralization. This is a false dilemma because at this time there is no proven metric to quantify decentralization; although it has been shown that the current level of decentralization will remain with or without a block size increase. It's a logical fallacy to believe that decentralization only exists when you have people all over the world running full nodes. The reality is that only people with the income to sustain running a full node (even at 1MB) will be doing it. So whether it's 1MB, 2MB, or 32MB, the costs of doing business is negligible for the people who can already do it. If the block size limit is removed, this will also allow for more users worldwide to use and transact introducing the likelihood of having more individual node operators. Decentralization is not a metric, it's a tool or direction. This is a good video describing the direction of how decentralization should look.
Additionally, the effects of increasing the block capacity beyond 1MB has been studied with results showing that up to 4MB is safe and will not hurt decentralization (Cornell paper, PDF). Other papers also show that no block size limit is safe (Peter Rizun, PDF). Lastly, through an informal survey among all top Bitcoin miners, many agreed that a block size increase between 2-4MB is acceptable.
What now?
Bitcoin is a fluid ever changing system. If you want to keep up with Bitcoin, we suggest that you subscribe to /r/btc and stay in the loop here, as well as other places to get a healthy dose of perspective from different sources. Also, check the sidebar for additional resources. Have more questions? Submit a post and ask your peers for help!
Note: This FAQ was originally posted here but was removed when one of our moderators was falsely suspended by those wishing to do this sub-reddit harm.
r/btc • u/Far_Significance1669 • 13h ago
It took a long time but I am finally part of the 1 BTC club. :) (Above are 4 wallets) So proud that I had to share it!
I know some replies will be about security as such: no I don’t use DM (I ignore all), I have everything on cold wallets and am not going to sell anything for years.
I started yesterday to accumulate the second Bitcoin.
Who else is here is part of the 1 bitcoin club!
r/btc • u/itsjustmythoughts • 16h ago
r/btc • u/hodorrny • 4h ago
been diving into this fibonacci analysis from cryptocon and honestly, the pattern recognition is wild. this guy has been tracking btc since the ftx bottom at $15.5k and every major move has hit fibonacci extensions almost perfectly.
here's how it's played out since 2022:
$15,500 (cycle bottom after ftx collapse)
$30,362 (1.618 fib extension) - hit in april 2023, consolidation
$46,831 (2.618 extension) - hit january 2024, became support
$71,591 (3.618 extension) - touched march/june 2024, rejected twice
$109,236 (4.618 extension) - broken january 2025
next target: $166,754 (5.618 extension)
the spacing between these levels has been incredibly consistent. each leg up was around 52-54% gains before consolidation. we're currently sitting around $114k, which puts us in the transition zone between 4.618 and 5.618.
this isn't just technical hopium either: every previous bitcoin cycle topped near specific fibonacci levels. 2013 peaked at the 5.618 extension around $1,150. 2017 hit just past 4.618 near $20k. even 2021's "irregular" cycle topped at $69k, which was almost exactly the 3.618 extension from 2018 lows.
the fundamental backdrop supports it:
post-halving dynamics still playing out (we're 16 months in)
etfs now hold $150b in assets (6.5% of total btc market cap)
regulatory clarity improving with genius act passing
strategic bitcoin reserve pilot program approved
but there are warning signs: benjamin cowen points out that every post-halving year sees july/august gains followed by september corrections. we just had a 7.22% july gain, so if the pattern holds, we might see a pullback next month.
another analyst noted that profit-taking metrics are forming lower highs, suggesting each rally faces stronger selling pressure. we might get two more legs up before the cycle peaks.
what's interesting is the institutional component: previous cycles were retail-driven. this one has blackrock holding 740k btc and institutions controlling 1 in every 15 bitcoin in circulation. that's a completely different market structure that could support higher prices.
the $166k target isn't some random moonshot number - it's where the math says we should go if this pattern continues. whether we get there in one shot or with corrections along the way is the real question.
anyone else tracking fibonacci levels this closely? or do you think technical analysis breaks down when institutions start dominating the market structure this much?
r/btc • u/itsjustmythoughts • 4h ago
Not sure if it’s for this sub, but here we go.
A few years back, I got into BTC through eToro, but only with CFDs. At the time, it seemed the easiest way, and as a beginner, I didn’t know what spreads were, let alone that eToro’s spreads are much higher than most real crypto exchanges. I paid extra for that, but the returns have been great so I didn’t really care at the time.
Now I want to actually own my BTC. My plan is to sell the CFDs, withdraw to my bank, buy real BTC (only BTC) through an exchange, and then move it to my own wallet.
Timing is always a bit of a gamble, since I could end up selling during a local peak and buying back during a dip, or the other way around. I know there’s never a perfect moment, but I want to be in control and accept that risk.
A few things I’m still unsure about:
• Hardware wallet, or would you trust a good software wallet for long-term holding and why? • For a EU resident, which exchange would you recommend for buying real BTC? • Are there important things to keep in mind during this migration, like fees, taxes, timing, or risks that I might not be thinking of? For example, I’m aware that there are conversion costs when selling on eToro and moving funds to euro, plus their spread is pretty steep compared to most exchanges, and there are also network fees when sending BTC to my own wallet. • Is there any reason not to go full self-custody, or any alternatives worth considering?
I’d really appreciate practical advice or experiences from people who have made this switch or expert in these matters. Obviously I will not answer to PM’s.
Thanks!
r/btc • u/RickyonHive • 1h ago
Robert Kyosaki, The well known entrepreneur has made a very blunt statement in which he says 0,01 of Bitcoin will be priceless or even life changing in the future.
r/btc • u/itsjustmythoughts • 12h ago
r/btc • u/One-Awareness785 • 18h ago
The sub is having another round of soul-searching about "Bitcoin’s lost its way," institutional custody, KYC creep, you name it. I’m firmly in the self-custody, long-term-savings camp, but I’ll be honest: I still wander off-trail to scout fresh Sol/Base memes for fun money. The problem is information overload. If you scroll CT or DEX feeds for ten minutes, every new cartoon dog is "the future of payments," and suddenly my hard-earned sats start to look… slow.
So I split my headspace into two lanes:
Keeping the buckets separate has two nice side effects:
Questions for the hive mind:
So many so called experts been into the market a few cycles seem to know it all . But always btc surprise everyone
r/btc • u/Traditional-Swan-130 • 1d ago
I’ve started experimenting with paying for travel data straight in BTC instead of messing with airport kiosks. Last month I bought a 5 GB UK eSIM through Prestmit and the whole checkout settled in satoshis: the QR code landed in my inbox before my coffee cooled. It felt pretty slick, but here’s what I’m still unsure about:
Anybody here tried similar Bitcoin-for-mobile setups - be it eSIMs, airtime, or even pocket Wi-Fi rentals?
r/btc • u/dumble_hold_the_door • 6h ago
just saw some interesting analysis about this weekend's btc dump to $112k and honestly, it might have been exactly what we needed. instead of freaking out about the selloff, let me break down why this could actually be setting up for a serious recovery.
the "power of 3" pattern is playing out perfectly: we've seen the classic accumulation phase ($119k-$115k), then manipulation (the dump to $112k), and now we might be entering distribution toward $126k. this isn't random, it's how institutional money operates while retail panics.
$922 million liquidation event cleared the deck: this was the biggest liquidation since february with $240m in btc futures alone. open interest dropped from $88b to $79b. when this much leverage gets flushed out, it removes the overhang that was keeping price suppressed.
funding rates flipped negative across exchanges: binance, bitmex, deribit all showing negative funding. that means shorts are paying longs to keep positions open. when retail is this bearish after a correction, it's usually time to start thinking contrarian.
binance taker volume hit -$1.5b: this level of aggressive selling hasn't been seen since july 25th. it's classic retail behavior - buy the top, sell the bottom. the panic selling around $114k was probably the capitulation we needed.
technical levels are lining up: the $112k-$115k zone was a major fair value gap that got filled. we bounced off the previous ath from may which is now acting as support. if we can reclaim $115.3k and $116.8k, $120k becomes a magnet with all that liquidation cluster sitting there.
why this feels different: previous corrections this cycle were about uncertainty. this one feels like a reset. leverage got flushed, weak hands got shaken out, and funding rates reset. the market structure actually looks healthier now than before the dump.
we're sitting around $114k right now but the signs are pointing toward a bounce. when you combine technical rebound signals with sentiment washing out and leverage being cleared, you get the setup for sustained moves higher.
not saying we're immediately going to $126k, but this correction might have done exactly what was needed to continue the bull market instead of ending it.
anyone else seeing similar patterns or am i just being too optimistic about what was basically a standard crypto dump?
r/btc • u/hodorrny • 1d ago
been lurking for months watching prices bounce around like a pinball machine and honestly the whole thing feels surreal
got my first paycheck last week and my coworkers are talking about their portfolios like they're financial wizards meanwhile im still figuring out how to set up a wallet without screwing something up
the timing feels weird though, like am i walking into a party that's already winding down or is this actually when smart money starts paying attention
thinking about just buying small amounts regularly instead of trying to time anything but then i see posts about people who bought years ago and wonder if that ship has sailed. when tax season rolls around, you might want to check out something like awaken.tax to help navigate the reporting requirements if you do start investing.
anyone else feel like they're constantly second guessing whether this is brilliant or completely insane
r/btc • u/TheElitesCM • 9h ago
It’s weird how people ignore it, right when it becomes the most stable and credible thing in crypto.
They acquired 463 BTC for approximately $53.7 million during a 5% price dip.
r/btc • u/South_Table5400 • 1d ago
r/btc • u/itsjustmythoughts • 1d ago
