Adoption! A Big Venezuelan deparment store chain started accepting crypto as payment! Thanks to your donations I bought with $260 in BTC over 800+ items (school supplies and clothing) to be donated here in Venezuela to kids in need! Real Adoption and Real Help!

Adoption! A Big Venezuelan deparment store chain started accepting crypto as payment! Thanks to your donations I bought with $  260 in BTC over 800+ items (school supplies and clothing) to be donated here in Venezuela to kids in need! Real Adoption and Real Help! submitted by /u/ImViTo
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Bitcoin – The Currency of the Internet

Research Report (Chain Analysis) on Bitcoin Shows Increasing Levels of Adoption

Hey everyone,

Recently curated some data from CoinMetrics wrt the overall number of transactions on the protocol, the average fees, and other relevant details.

You can find the full link to the research study here: https://blog.zerononcense.com/2018/10/bitcoin-chain-analysis-data-science-pt-1-increasing-of-users-are-gravitating-toward-actual-use-of-bitcoin-vs-trading/

From what I've seen so far (have only compiled the first part of my research study), there has been an 80% increase in the total TX usage on the Bitcoin protocol from May to October, which is very bullish, in my opinion.

This has been a steady rate of increase as well and not something that spiked out of nowhere. This, in my opinion, seems to indicate that more and more people are actually using Bitcoin for its intended purpose rather than simply trading around exchanges 24/7.

I don't to really delve too deeply into the price here because I know that this Reddit is not for that, but I figured that this would be of distinct interest for those that are wondering about the status of Bitcoin.

I'd appreciate it if you all took the opportunity to check out the research that I curated on my blog and lend me some feedback. Feel free to show friends, others and share it wherever you please.

Other information you can find in there:

  1. The average fees have reduced exponentially on the protocol. Even the few network spikes in fees are nowhere near where they used to be in late 2017. That shows that, at least at this point, the protocol has improved in terms of the fees that it charges for its throughput. Although this is something that I imagine may be hurting miners even more.

  2. The actual protocol use is decoupled from exchange volume. Thus, exchange volume cannot simply be looked at as the only indicator of Bitcoin sentiment.

  3. The idea that Bitcoin is 'dead' or 'dying' is very unsubstantiated and may even be close to being debunked with this current chain analysis.

Again, I'm anxious to read any and all feedback on this!

Thank you in advance for taking the time to read through, whether your response is negative or positive.

submitted by /u/Randomshortdude
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Bitcoin – The Currency of the Internet

Cold wallet made out of a chain

Cold wallet made out of a chain

I used a stainless steel chain to encode my 24 words master seed. Since a 24 word seed requires 24*11 = 264 bits, the chain must have 264 links. My chain is approximately 12 feet long (3.7 meters). Each link is either pinched/twisted (binary 1) or normal (binary 0). The decoding requires going through all the links, every 11 links (11 bits) you get a word. It's a PITA to decode but it's a cold wallet, so I don't expect to do it very often. I don't even bother to remember the start link nor which type of link is a binary 1 or 0 since there are at most 4 ways to decode the chain (two directions and for each direction two different interpretation of the link).

A test recovery on a HW is mandatory before declaring the chain a proper cold wallet 🙂

The chain can be buried or hidden somewhere, it's not that big. It is waterproof, fireproof and do not oxidize.

What do you think? does it make any sense? How would you mark the links? (pinching, denting, twisting, welding the link somehow, etc…)

Here my chain wallet, yes, it's just a picture of a chain (yet to be encoded!!!)

https://i.redd.it/uyxo7n0f4kn11.png

submitted by /u/gbitg
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Bitcoin – The Currency of the Internet