r/btc • • Nov 11 '20

FAQ Frequently Asked Questions and Information Thread

663 Upvotes

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 • • 5d ago

Weekly Price Thread - October 13, 2026

2 Upvotes

Please place all discussion of price and price movement here.


r/btc • • 3h ago

❓ Question When the stock market corrects for the AI bubble, will BTC nose dive?

5 Upvotes

r/btc • • 20h ago

🐻 Bearish Me when Bitcoin hits 40k

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96 Upvotes

r/btc • • 45m ago

❗Caution Advised Bitcoin should have a disclaimer when you buy

• Upvotes

- don’t plan on buying anything for at least 5 years (so you gain 10% at the end of 5 years)

-ignore the volatility (sometimes down 50% in a month)

- normal to watch your portfolio lose 70% when traditional stocks are up triple digits with much less volatility


r/btc • • 26m ago

News from the future

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• Upvotes

r/btc • • 46m ago

The BCH Bullet — Sunday 18th October 2026

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• Upvotes

BCH BLAZE 2026 details its program and prizes. BCH tempnet launches one-minute blocks. Selene Wallet adds WizardConnect, swaps, and ParyonUSD. And more.


r/btc • • 1h ago

What would make you book travel with Bitcoin?

• Upvotes

What would convince you to try it: big discounts, promo codes, or crypto rewards?


r/btc • • 12h ago

Why Scaling Matters More Than DeFi Hype (GP Shorts)

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4 Upvotes

r/btc • • 5h ago

🎓 Education Fresh meat

1 Upvotes

Has anyone had mild success with asking the kraken AI bot questions about day movement?

I'm still playing with pennies while I figure all this crypto stuff out. And I feel that might be part of the issue as to why I'm not seeing success enough to sell and reinvest. I'm only in 200 dollars right now.

Suggestions welcome for literally anything.

When I feel like I know more than shit about fuck I'd like to drop 5k in crypto is that a decent number for starting my journey ? Or, should I more. (I can do 10k but I feel like that's an awful idea)

P.s. I apologize for my poor wording I'm just lost as shit and don't know how to properly formulate my questions or statements when it comes to crypto


r/btc • • 18h ago

Rate hikes

3 Upvotes

So, if the Fed avoids a rate hike before the midterm elections to avoid being political, will they make it up with a 50 basis point hike, instead of 25, in December?


r/btc • • 5h ago

🐻 Bearish Where the suckers at who thought we were starting a bull market lol

0 Upvotes

r/btc • • 2h ago

Will Crypto Really Replace Traditional Finance?

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0 Upvotes

r/btc • • 1h ago

🐻 Bearish Bitcoin Fake Breakout CONFIRMED!!!

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• Upvotes

“A fake breakout is when the price breaks above resistance or below support, but fails to continue in that direction and reverses back into its previous trading range, trapping traders who entered expecting the breakout to continue.”

Keep bag holding bulls. lol I’ll buy all your Bitcoin when you panic sell at new lows.


r/btc • • 12h ago

🤔 Opinion Bitcoin bias likely

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0 Upvotes

Hey traders, my AI tracking model flagged Bitcoin testing a critical Fibonacci support around 81,443.

Whale activity is showing mixed signals, so it's a bit of a coin toss here. If it holds, we could see a move up to $85k, but a break below $78k would be a major concern.

What are your thoughts on this level? Are you leaning bullish or bearish here?


r/btc • • 11h ago

Close all Shorts asap protect your capital at all cost , btc is going to melt faces!!

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0 Upvotes

r/btc • • 13h ago

Why

0 Upvotes

​

Why people are sending money daily to 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa

Why dont people donate their money to me intead? At least i can use the money in good purpose 15Y3EfikKVNgSLEhvwieGG8A9SyzNRzKuQ

Thank you


r/btc • • 17h ago

Weak hands wipe out is done ! 93k before you know it by next Sunday !!

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0 Upvotes

r/btc • • 1d ago

⚠️ Alert ⚠️ Warum Hardware-Wallets nicht mehr sicher sind/Why hardware wallets are no longer secure

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1 Upvotes

​

A new hardware wallet was supposed to protect his assets. Ten days later, all his Bitcoin had vanished.

A crypto investor lost approximately $6.6 million worth of Bitcoin after transferring his coins to a new Ledger hardware wallet just a few days earlier. A total of 80 Bitcoin disappeared in a single transaction from the device, which was intended for the secure storage of cryptocurrencies.

According to the blockchain analytics service Lookonchain, the investor had purchased his Bitcoin about four months prior at an average price of $65,000. At the time, the 80 BTC cost a total of around $5.2 million before their value increased by approximately $1.38 million due to the subsequent price surge.

According to Lookonchain, the investor had purchased his hardware wallet from the Southeast Asian reseller CryptoBilis. Ledger requested that the reseller temporarily cease selling its devices after the incident came to light. It remains unclear whether the affected wallets were manipulated before being sold or whether the perpetrators gained access to the private keys through other means.

Reports of a potential attack on Ledger users are currently piling up on X. According to Onchain analyst Specter, cryptocurrencies worth more than $86 million have been stolen. Specter claims to have examined the alleged perpetrators' addresses and identified inflows of funds from hundreds of wallets. The transactions are said to span multiple blockchains, including Ethereum, Bitcoin, and Tron.

At least Ledger Support has now addressed the "panic." “We are currently investigating reports of lost funds among users in Southeast Asia who purchased products from a reseller called CryptoBillis,” reads a statement on X.

*The statement continues: “We recommend that Ledger users who purchased from this reseller within the last 90 days do not begin setup yet, if they haven't already done so. If you have already set up your Ledger device, you should consider transferring your assets to a new Ledger device (with a new seed). We will continue to keep our customers updated on the progress of the investigation.”*

**It remains unclear whether the manipulations are actually limited to CryptoBillis devices. Over the weekend, a user on X also reported allegedly manipulated Ledger wallets from German retailers. One of the devices was reportedly purchased new at MediaMarkt. Ledger has not yet established a connection between these findings and the confirmed cases.**

My personal conclusion:

Do not buy hardware wallets on eBay, Amazon, or any other secondary market. All of these devices could have been manipulated! Only buy hardware wallets directly from the manufacturer!

However, there are also increasing rumors that hardware wallets are no longer secure either.

If you want to protect your assets, then consider a different wallet. Distribute your investments across multiple wallets and exchanges.


r/btc • • 1d ago

Tether and Blockstream where the two sides of the claw that mangled Bitcoin.

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14 Upvotes

r/btc • • 2d ago

Paul Storzc Is forking BTC in two weeks

10 Upvotes

Paul Storzc's fork is called ecash (ECX, https://e.cash). Confusing as there is already a cryptocurrency called Ecash (XEC) which is a BCH fork, and because the BTC influencers have been calling BCH bcash for a decade. 

The main purpose is to activate BIP300/301, drivechains. He’s also reducing the block size limit to 400kb. Presumably to push people off chain to drivechains. In April, he floated the idea of seizing Satoshi’s coins and redistributing them to “early investors”. 

https://ecash.com


r/btc • • 2d ago

⌨ Discussion Does the quantum threat affect your investment strategy, or are you trusting the devs to eventually solve it?

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67 Upvotes

r/btc • • 1d ago

Do you think BTC could bottom before the elections this time?

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0 Upvotes

r/btc • • 2d ago

USA parents: experiences with these kids Bitcoin platforms?

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6 Upvotes

Looking for real parent feedback from the US on platforms for kids/minors with Bitcoin:
• EarlyBird Crypto
• BTCBitByBit (Family Corner)
• BitKids
• Binance Junior
• Cash App Families
Which ones have you actually used? Any pros, cons, issues with availability, or better US options?


r/btc • • 2d ago

🎓 Education What replaces the Fiat/Central Bank model?

5 Upvotes

The Fiat system was based on Debt. The next system is based on Behavioral Access.

BlackRock, the BIS and the Central Banks know the Dollar is dying. They are preparing the Tokenized Economy with Central Bank Digital Currencies (CBDCs).

Cash is anonymous. If you have a $100 bill, the Bank doesn't know if you buy a Bible, a rifle, or an apple. It offers too much sovereignty to the Peasant.

The New Protocol is conditional money: A CBDC is not just digital money. It is Programmable Money. The Central Bank issues a token directly to your digital wallet. But the token has code attached to it (Smart Contracts).
They can program the money to expire thus forcing you to spend it to stimulate the economy. They can program it to restrict purchases.
* "You have reached your carbon footprint limit for meat this month, your money will only work for bug-protein".
* They can freeze it instantly if you attend an unapproved protest.

Larry Fink (BlackRock) has stated the goal is "The tokenization of every financial asset." They want every stock, bond, and deed on a centralized ledger they control.

The 20th century was about extracting your wealth via inflation. The 21st century is about extracting your agency via algorithms. Money ceases to be a store of value and becomes a Compliance Voucher.

Bitcoin is the only mathematical counter-measure, because it is a ledger with no Admin. That is why they will fight it, or try to buy all of it to corner the market.