Not being a dick, but I probably know more about bitcoin than you. By the way, you put your comma in the wrong place. It should have been after "dick". Also you used the word "no" when in the context of your sentence, it should have been "know". I guess I also "no" more about grammar than you.
So you don't know who Michael Saylor, Max Keiser, Ricardo Salinas, Kathy Wood, Robert Kiyosaki, and all the other middle aged or older people in bitcoin are? Or you just being a smart ass?
Bitcoin is such a “hard sell”. Bitcoin seems ridiculous when you don’t get it but is is obvious when you do. Trying to shift the paradigm in people with fixed habits is extremely difficult. Please keep up the great work!
At first I was think you understand bitcoin. But in the end of the video I change my mind. Bitcoin is a perfect money. L2 is a scaling solution. There is no second best
Hi Cryptodad, I love your videos. I was wondering….. if you have a hot wallet, are you able to move all of the crypto into a cold wallet using the private keys of the hot wallet? Or do you have to manually transfer each crypto from the hot wallet to the cold wallet?
@@rexiri1032 yes it’s much better to transfer the funds out of the hot wallet to a cold wallet rather than importing the seed phrase from your hot wallet. Basically by doing this, you’re just configuring a cold wallet with a possibly compromised seed phrase. Always best to set up your cold wallet from scratch with a properly generated seeded phrase.
I also left a link to "Mastering Bitcoin" by Andreas M. Antonopoulos in the description if you haven't read that. I'll check out The Genesis Book. Thanks for the tip!
Great video, one thing I would add, Bitcoin works fine, fees cannot and should not be negligible, because miners need to be paid to secure the network. Otherwise you go back to square one of money controlled by a very few. Mass adoption can happen on second and third layers.
Great point. I just remember back in 2016 when I was playing around with bitcoin, one of the features of using BTC was that the fees were cheaper than credit card merchant fees. People were also talking about using Bitcoin for micropayments (less than a penny). There were also a lot of Bitcoin fountains that you could sign up for. (Free bitcoin micropayments and/or payments for ad clicks. Not sure if they are still around) It seems that now the fees are too high for that kind of stuff. But even then, miners were getting BTC rewards along with the blockchain processing fees.
@@CryptoDad I am sure you know that the lightning network already exist for micropayments right? Bitcoin base layer is not practical for micropayments but the lightning network is. Would you ever pay for a coffee using swift? Same thing here. Regarding Mining you already know block size are limited and over the years Bitcoin adoption has grown a lot. Block subsidy halves every 4 years from 50 BTC per block to 3.125 BTC today, that has massive impact on decreasing mining rewards over time, longterm fees are what will sustain the security of the network. That's why tx per block has to stay limited, a block size increase can only hurt the network sustainability long term just for short term gain of cheap tx fees. And even if we were to increase the block size to jam everybody's micropayments on the base layer it would be impossible, thus why 2nd and 3rd layers.
Hi Cryptodad, quick question re ledger wallets. I have the basic Nano S. Will they stop working at some point. Should I upgrade to say the Flex now? Thanks in advance, Wayne.
Well, the older Ledger Nano S models will not stop working per se. But at some point, they will stop providing firmware updates for them since they are no longer being sold. So at some point, certain cryptos will stop functioning properly. Bitcoin will probably limp along, but I know that Ethereum changes a lot and so Without a firmware update, you may lose Ethereum functionality. I highly recommend the flex or Stax but if you simply want to replace your ledger nano S with something comparable, I would suggest the Ledger Nano S Plus. It’s very similar to the Ledger Nano S. just a newer model that his still being sold and will probably be supported for a long time. It also has more storage than the Ledger Nano S.
@@robbatayaki5505 yes I mentioned nodes briefly. But I was trying to keep the explanation as brief as possible. I have a tendency to go off on tangents sometimes. Basically a bitcoin node is anyone that’s running a bitcoin, core wallet that has downloaded the entire Blockchain to their machine. This could either be an end user that wants to have a full bitcoin node or maybe a server. Most people that are running bitcoin minors are using the bitcoin core wallet which downloads the entire Blockchain to their machine. Anyone can do this but the bitcoin Blockchain is rather large now and so you’re going to need a lot of storage and a pretty fast Internet connection. Once you have a full copy of the entire Blockchain on your machine, you’re going to want to run that wallet either continuously or make sure you login and update it once or twice a month.
Good videos. I have been holding 12,045 XRP tokens for about 3 years accumulating. In crypto about 5 years total, used to have dogecoin, XLM, shib and ETH. Now just XRP, used to keep on hot wallet exodus. But now ledger nano s plus. I only use the 24 word pass and didn't add the extra word as I scared I will lose it or stuff it up.
💡 Why Bitcoin? 💡 As inflation rises and debt cycles continue, we need a new alternative. In this video, I explore Bitcoin’s potential as a solution to the problems of our fiat-based economy. Watch, learn, and decide for yourself - is Bitcoin the future of finance? #WhyBitcoin #CryptoEducation
A $690 fee to sell BTC on CB is absolutely STUPID!! Then factor in price manipulation and more fees to buy back in...the market needs to swing at least $1500 to make a TINY profit, everything else goes to FEES!!!....we need decentralized exchanges...
Yeah I noticed Coinbase trading fees are getting ridiculous. Coinbase Pro/GDAX used to be .1 % trading fee with free withdraw fees if memory serves me correctly.
You just don’t get it. Come back in 2030 and check the price then. You will be crying.😢 If you first bought at 69k in 2021 and dollar cost averaged down to 16k and to 73k a few days ago, what do you suppose your profit would be? More than 100% in profit! Completely clueless.
@ Like I said, you just don’t get it. People like you go around saying the price of Bitcoin keeps going down. Well guess what? There is and there has been no other asset that has out performed Bitcoin in the past 15 years. In fact, Bitcoin has averaged 100+% return. Nothing comes even remotely close. What is my point? WFT are you talking about?
@@bitlong4669 yes bitcoin is volatile. I believe I mentioned that in the video probably better for you to take a long-term view of the bitcoin chart as opposed to running around like chicken little when there’s a daily pull back.
Not being a dick but didn't, no middle aged men hold Bitcoin...
Not being a dick, but I probably know more about bitcoin than you. By the way, you put your comma in the wrong place. It should have been after "dick". Also you used the word "no" when in the context of your sentence, it should have been "know". I guess I also "no" more about grammar than you.
@CryptoDad Touché Cryptodad touché 😂 👏
@@adiintel1 No hard feelings. I know I’m middle-aged 🤓
So you don't know who Michael Saylor, Max Keiser, Ricardo Salinas, Kathy Wood, Robert Kiyosaki, and all the other middle aged or older people in bitcoin are? Or you just being a smart ass?
@@thinkblue8089 I think it was just a lighthearted dig
Best rant of the year!!! 🙏
More like a *'Bitcoin lecture'.* 💯
This is why we bitcoin!
Important Video!
Thanks Rex
First time I had ever realized about where does the money come from to pay interest!
A very thoughtful and informative video.
Bitcoin is such a “hard sell”.
Bitcoin seems ridiculous when you don’t get it but is is obvious when you do.
Trying to shift the paradigm in people with fixed habits is extremely difficult.
Please keep up the great work!
Halloween will always be scary for BTC because it's the anniversary of the Bitcoin White Paper and BTC no longer aligns with it 😱
@@yogawithandy remember the internet 30 years ago was also a hard sell
@ I hear you, John. But I’m not sure if I’m gonna be here in 30 years. Kids will be happy, however.
Great job Rex. This is as good/better than a business school lecture. Easily explained and understood..
Thanks Rex, appreciate the content!
Thanks Dad, great video as usual.
At first I was think you understand bitcoin. But in the end of the video I change my mind. Bitcoin is a perfect money. L2 is a scaling solution. There is no second best
L2 is not Bitcoin. It is a layer on top of bitcoin.
Bravo sir!
The Creature from Jekyll Island is the best book I have ever read. Fed Res is evil.
Thank you very much. Greetings from Berlin, Germany. I am goin to by Bitcoin.
Great narrative CryptoDad 😉 keep going
Rex you went hard in the paint! Love it! FYI go BUCKS!
Thanks man go bitcoin
Excellent, excellent overview of monetary system and BTC...thanks!
This summs up everything that I've been wondering on about Bitcoin, taxes and inflation!
Thanks man!
Hi Cryptodad,
I love your videos. I was wondering….. if you have a hot wallet, are you able to move all of the crypto into a cold wallet using the private keys of the hot wallet?
Or do you have to manually transfer each crypto from the hot wallet to the cold wallet?
@@rexiri1032 yes it’s much better to transfer the funds out of the hot wallet to a cold wallet rather than importing the seed phrase from your hot wallet. Basically by doing this, you’re just configuring a cold wallet with a possibly compromised seed phrase. Always best to set up your cold wallet from scratch with a properly generated seeded phrase.
Wonderful! This is, by far, the most brilliant and important video you ever made. And completely without ranting. Bravo!!
Wow, thank you!
Good stuff!
Very informative, easy to understand. Much thanks!
perfect
Thanks Dad!!! Keeping it simple!
The interest on Bitcoin by Blackrock should say everything
Currently reading The Genesis Book that covers this extensively. Good summary.
I also left a link to "Mastering Bitcoin" by Andreas M. Antonopoulos in the description if you haven't read that. I'll check out The Genesis Book. Thanks for the tip!
Much appreciated :)
Excellent! ❤
Great video, one thing I would add, Bitcoin works fine, fees cannot and should not be negligible, because miners need to be paid to secure the network. Otherwise you go back to square one of money controlled by a very few.
Mass adoption can happen on second and third layers.
Great point. I just remember back in 2016 when I was playing around with bitcoin, one of the features of using BTC was that the fees were cheaper than credit card merchant fees. People were also talking about using Bitcoin for micropayments (less than a penny). There were also a lot of Bitcoin fountains that you could sign up for. (Free bitcoin micropayments and/or payments for ad clicks. Not sure if they are still around) It seems that now the fees are too high for that kind of stuff. But even then, miners were getting BTC rewards along with the blockchain processing fees.
@@CryptoDad I am sure you know that the lightning network already exist for micropayments right? Bitcoin base layer is not practical for micropayments but the lightning network is. Would you ever pay for a coffee using swift? Same thing here.
Regarding Mining you already know block size are limited and over the years Bitcoin adoption has grown a lot. Block subsidy halves every 4 years from 50 BTC per block to 3.125 BTC today, that has massive impact on decreasing mining rewards over time, longterm fees are what will sustain the security of the network. That's why tx per block has to stay limited, a block size increase can only hurt the network sustainability long term just for short term gain of cheap tx fees. And even if we were to increase the block size to jam everybody's micropayments on the base layer it would be impossible, thus why 2nd and 3rd layers.
Hi Cryptodad, quick question re ledger wallets. I have the basic Nano S. Will they stop working at some point. Should I upgrade to say the Flex now? Thanks in advance, Wayne.
Well, the older Ledger Nano S models will not stop working per se. But at some point, they will stop providing firmware updates for them since they are no longer being sold. So at some point, certain cryptos will stop functioning properly. Bitcoin will probably limp along, but I know that Ethereum changes a lot and so Without a firmware update, you may lose Ethereum functionality. I highly recommend the flex or Stax but if you simply want to replace your ledger nano S with something comparable, I would suggest the Ledger Nano S Plus. It’s very similar to the Ledger Nano S. just a newer model that his still being sold and will probably be supported for a long time. It also has more storage than the Ledger Nano S.
Much appreciated, thank you. I will upgrade to the flex at some point soon. Thank you again. 👍
👏👏👏👏👏👏
Great informative video!
Thank you!
👍👍👍
Excellent video Rex!
Glad you enjoyed it
BTC is finally getting interesting now that it has been enriched with a brain.
Thanks for video. Only BTC. DOT is a dead coin. 55 to 3.6. don't expect anymore.
You mentioned users, miners, ... but not nodes. We need to understand the role of nodes.
@@robbatayaki5505 yes I mentioned nodes briefly. But I was trying to keep the explanation as brief as possible. I have a tendency to go off on tangents sometimes. Basically a bitcoin node is anyone that’s running a bitcoin, core wallet that has downloaded the entire Blockchain to their machine. This could either be an end user that wants to have a full bitcoin node or maybe a server. Most people that are running bitcoin minors are using the bitcoin core wallet which downloads the entire Blockchain to their machine. Anyone can do this but the bitcoin Blockchain is rather large now and so you’re going to need a lot of storage and a pretty fast Internet connection. Once you have a full copy of the entire Blockchain on your machine, you’re going to want to run that wallet either continuously or make sure you login and update it once or twice a month.
Good videos. I have been holding 12,045 XRP tokens for about 3 years accumulating. In crypto about 5 years total, used to have dogecoin, XLM, shib and ETH. Now just XRP, used to keep on hot wallet exodus. But now ledger nano s plus. I only use the 24 word pass and didn't add the extra word as I scared I will lose it or stuff it up.
Running bitcoin
- Hal Finney
💡 Why Bitcoin? 💡 As inflation rises and debt cycles continue, we need a new alternative. In this video, I explore Bitcoin’s potential as a solution to the problems of our fiat-based economy. Watch, learn, and decide for yourself - is Bitcoin the future of finance? #WhyBitcoin #CryptoEducation
Halloween will always be scary for BTC because it's the anniversary of the Bitcoin White Paper and BTC no longer aligns with it 😱
A $690 fee to sell BTC on CB is absolutely STUPID!! Then factor in price manipulation and more fees to buy back in...the market needs to swing at least $1500 to make a TINY profit, everything else goes to FEES!!!....we need decentralized exchanges...
Yeah I noticed Coinbase trading fees are getting ridiculous. Coinbase Pro/GDAX used to be .1 % trading fee with free withdraw fees if memory serves me correctly.
Bitcoin goes up and down whether or not alternative to scam fiat currency which is the greatest Ponzi scheme of all is debatable.
Sure is, down she goes….tiiiiimmmmmbbbeeeeeerrrrr.
You just don’t get it. Come back in 2030 and check the price then. You will be crying.😢
If you first bought at 69k in 2021 and dollar cost averaged down to 16k and to 73k a few days ago, what do you suppose your profit would be? More than 100% in profit!
Completely clueless.
@ sure, and if you dollar averaged Coca Cola since the inception you be rich as Warren Buffet . What’s your point?
@ Like I said, you just don’t get it. People like you go around saying the price of Bitcoin keeps going down. Well guess what? There is and there has been no other asset that has out performed Bitcoin in the past 15 years. In fact, Bitcoin has averaged 100+% return. Nothing comes even remotely close.
What is my point? WFT are you talking about?
Halloween will always be scary for BTC because it's the anniversary of the Bitcoin White Paper and BTC no longer aligns with it 😱
@@bitlong4669 yes bitcoin is volatile. I believe I mentioned that in the video probably better for you to take a long-term view of the bitcoin chart as opposed to running around like chicken little when there’s a daily pull back.