@@televolna sorry, memory is a no. Easy to forget and $5 wrench attack will get you. I'm thinking to encrypt the seedphrase and store the decryption process on the cloud.
@@carlpoppa1788 true, however a thief having your seedphrase and your cloud access and navigation path/breadcrumb to passphrase may be less risk and a memorised passphrase.
I have two things that I don't understand and would love it if you could clarify? 1. Except for some Zimbabweans, I have never seen any poor people that own bitcoin. Especially now with a major breakdown at hand, how will mass adoption ever happen, especially with reference to the poor who simply cannot afford to buy anything except food? 2. I'm in South Africa and, even in the good times, our national electricity grid has been at risk of failure. Now, with a depression looming, I'm not confident that my country can maintain the grid. If it goes down completely it will be many months before there can be any hope of it being restored, maybe even years. What good would bitcoin be if there is zero Internet as a result of zero electricity?
I’m reading this a year later…knowing what is happening still in South Africa a year later. No point in trying to address the question…but I feel deep sympathy for doonit, who posted this. When the rain comes down HARD…what hope is there even in pristine money…? Hope you’re still well doonit. Wish you the best mate.
Multisig is too complex for individual. The simplest : 24 mnemonic bip39 with passphrase given to 2 or 3 trusted people (written on paper without the passphrase) with instruction to give to your child at their adulthood and the passphrase (aka 25th word, or extension, or salt) you make sure your children remember... (with instruction to do not talk about it with anybody). And for daily usage no problem to import it in a ledger or trezor.
The primary need and challenge is permanence, particularly bequeathal -- marginalized to the final minute of the presentation. The cold storage advice doesn't seem to address this challenge. No one has cracked this nut without an authorized agent. "Most people don't need that". Is there anyway to defend this with any confidence? I have 2% of my wealth in BTC. When it grows to 10%, will I need it then? I suspect once a major investor loses billions, institutions will resume trusting central authority, particularly the insurance industry, to protect their crypto.
Why? Less space in block? More transactions to process? These are the factors that determines how long you have to wait for your transaction to process and this determines fee you will have to pay. I will keep transaction fee as low as how long I can wait for my transaction to process. Halving changes nothing. As long as number of transactions stays the same, fee for processing in reasonable time stays the same.
halving changes everything. Because the rewards half for miners from 12btc to 6.5btc. Miners will slowly charge 12k plus because it will then take 6-12k usd to mine 1 bitcoin.
@@mrhandles3 Miners don't set the fee. They can't charge more, because they don't charge you anything. It's you who pay them to have higher priority over other transactions. But if there is space left in a block and all transaction can fit into next block, you can pay 1 satoshi per byte and still your transaction will be processed in next block.
If hash rate drops and blocks slow down, fees may get bid up to a higher level. But difficulty will drop again and blocks will to back to 10 min. Only if the demand for transactions overwhelms the available supply do the fees go up.
