I wonder how the network will incentivize miners after the year 2140 when there are no more blocks to mine? Granted it’s kinda far out problem 
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Maybe by that year, the mining reward will be only the transaction fees, generation of new blocks will always exist, but generation on new bitcoin per block will disappear off course, leaving only the transaction fees as mining reward, at least from my understanding and IF we do not change the bitcoin protocol (what if in year 2100, there were an BIP [bitcoin improvement proposal] that change the rules to mine those bitcoin lost in years before?)… just letting my imagination goes wild 
Carlos Z
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I love everything about BITCOIN 
, The Money of 21st Century 
Give it 5 to 10 years 
I think Bitcoin needs to be less volatile to be truly accepted as money. Something that is interesting is how Bitcoin does not allow fractional banking. It does have all the criteria of money. I like how the expectations of the hoarders make it a store of value.
I finally got around to reading Satoshi’s original white paper:
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Perfect money yet Hubris’s unintended consequences beware!
Lassegronsbrg you say better than gold, I will say both have benefits but also disadvantages. My gold in a safe is way more secure than bitcoin on the internet. I keep reading expert advising to take your btc off the internet by writing down the key (if you can even get it) but I think if it was already on the internet how is it safe to just write it down? It could still be hacked from the internet. You say transferable but way too complicated for average person. Unless you have a tech or computer degree. There is too much risk for avg. Person to lose their btc by messing up a transfer so that is a huge disadvantage for bitcoin is the high risk involved
Hey @koabear63
My gold in a safe is way more secure than bitcoin on the internet.
I keep reading expert advising to take your btc off the internet by writing down the key (if you can even get it) but I think if it was already on the internet how is it safe to just write it down? It could still be hacked from the internet.
Technically it is not.
If you manage Bitcoin correctly (by using an hardware wallet) and if you safely store your seed, the probability that your BTC will be stolen is basically 0.
By using a 24 words seed your private key (you can see it as your password) will be 256 bits long.
2^256 = 1E77
The biggest risk for our BTC to get stolen is ourselves (if we get scammed or if we mismanage our mnemonics).
Happy learning 
Dani
Bitcoin as money would remove most of the governments control and it would replace the existing old fashioned financial system. With Bitcoin you don’t need to trust and use third party or middleman. The control over your wealth is all in your hands, which brings a significant value. Also Bitcoin has all features of a currency.
Thanks Dani for the reply.
I totally agree "The biggest risk for our BTC to get stolen is ourselves "
My biggest issue with getting started with crypto is grasping the understanding of being safe with my crypto to keep it safe. There are youtube videos that show how to do things easily such as buy and store BTC but then I see all other precautions recommended to keep it safe.
I want to use uniswap for example but it requires to connect to my wallet. Is that safe?
I see recommends to never connect wallet while on the internet but all the crypto is on the internet. Just doesn’t make sense yet to me.
Ivan talks always of risk management. There is risk to store on exchanges but right now I feel higher risk of losing it myself than risk of it being stolen online!
Hey @koabear63
Regarding the security of your keys, I highly suggest this video from Andreas: https://youtu.be/2eZ5DP2P5As
I love his way to explain concepts that might seem difficult to grasp.
I want to use uniswap for example but it requires to connect to my wallet. Is that safe?
I see recommends to never connect wallet while on the internet but all the crypto is on the internet. Just doesn’t make sense yet to me.
Uniswap is considered safe (always keep in mind that we are talking about code, and code is safe until a bug is found).
Also if you use Uniswap make sure to search a coin by its contract address (to be sure that you are buying the right coin and not a clone/scam).
For example if you want to buy chainlink, go to coin gecko, copy the contract address and use it on uniswap
On Uniswap:
Paste the address:
This is a safe way to find a token.
You can connect the hardware wallet to your computer when internet is on, make sure you are the only one that use that pc (no internet points or anything similar).
Keep you pc safe, run antivirus / anti spyware and just do never give your seed to anyone. This is the most important thing.
If something seems a scam, ignore it. If you are not sure of what you are doing, don’t do it and ask for help.
If you want to play with Uniswap, install metamask and send a little sum of money to that wallet.
You can find metamask by searching for metamask.io
Ivan talks always of risk management. There is risk to store on exchanges but right now I feel higher risk of losing it myself than risk of it being stolen online!
A good idea could be to split your coins, lets assume you have 1 BTC:
- 0.25 btc on coinbase
- 0.25 btc on binance
- 0.25 btc in your hardware wallet
- 0.25 btc somewhere else.
This is just an idea of course
If you need help just let us know,
Dani
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Thanks again! I have been studying as much as I can for a few more days.
I had seen the video you mentioned, and also Andreas just posted a similar video today about the safety of the seed phrase. I really do like his simple but in depth explanations.
I fully understand the key and seed phrase are safe from anyone guessing it but I also watched a video of his from 2 weeks ago “Crpto in the couch cushions”.
It is about gathering up any “loose change” of crypto you may have forgotten about in various locations.
He says though don’t connect the wallet to an exchange as this will expose the key to potential hackers.
But others say it is OK to connect ( I think that is what you meant that uniswap is safe?)
From what I get from all of this is that connecting it is safe if done correctly but I’m afraid I don’t understand for sure how to do it correctly or how I might mess up and do it wrong.
I have heard Ivan say to use uniswap so is there a way to use it without connecting my wallet? I can’t seem to clarify the contradiction that a hardware wallet stores it safely but then connecting it to the internet makes it vulnerable to hacks doesn’t it?
Hi @koabear63
You can send some ether to your Metamask if you don’t feel link connect your hardware wallet to Metamask itself.
Because the most important thing is to remain safe, if you don’ feel like using Uniswap just don’t do it, or send some ether from an exchange to Metamask so that you don’t need to connect your hardware wallet at all.
Regards,
Dani
Yes thanks I see what you mean to just connect the metamask.
I didn’t mention that I have already done as you suggested of having my coins on 4 separate exchanges. So as to hopefully not lose everything at one time if one gets hacked.
Still haven’t used my hardware wallet yet. Just still need to have enough confidence to plug it into my computer safely.on the internet. Just can’t seem to grasp the idea that it can’t be compromised once it has been online.
I have this fear that I put crypto in hardware wallet and later find it is all gone. I understand it is safer there but how can I see it? There is a good feeling to log in to an exchange and be able to see my balance.
I think I understand that there are not actual coins of course in the wallet but just information. But read a story of someone who had their hardware wallet hacked and then continued to add more to it many times and the hacker just kept taking it out but he didn’t know it til much later.
Thanks very much for all the help.!
Money can in basic terms be described as having the following 3 attributes: Good Storage of Value, Good Medium of Exchange and Good Unit of Account. These 3 in turn of sub-attributes as discussed in the lectures : Storage of Value includes durability, Value Dense, Maintenance of Purchasing Power and Liquidity. Bitcoin gets good marks in the sub-attributes of Storage of Value except for (short term) Maintenance of Purchasing Power and Liquidity - certainly it has these 2 sub-attributes characteristics but its price volatility is a detractor as it also is in one of the Sub-attributes of Medium of Exchange, Relatively Stable. Overall, Bitcoin appears to be a good long term store of value, a growing but still limited use as a medium of exchange (though this is fast becoming a improving attribute with adoption from institutions like Pay Pal) and BTC is also a good unit of account (it’s coins are readily exchangeable and are uniform over the history of a given block chain).
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The biggest issues with Bitcoin functioning as money are stability and the speed of the network and through put (the network can’t process a sufficient quantity of transactions at one time).
Solutions are being developed that will hopefully see Bitcoin obtain the one characteristic of money that has to be bestowed by man, the condition of currency.
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Koabear63: You bring up some good arguments that require ‘personal accountabiity’ to mitigate the risk. Will mistakes happen and BTC be ‘lost’? Absolutely, but we can ‘protect from loss’ by being educated (why we are all in Ivan’s academy) and following BTC best practices (e.g. protecting your keys, verifying URL’s and addresses, cold wallets, etc.)
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Thank you Capt for the reply. I have learned a lot since that post!
I feel a lot more comfortable sending crypto since then.
I really expect though that the general acceptance of BTC as money will only become extremely widespread for the masses of people when they don’t have to directly control their own keys.
Many people will simply prefer to use Paypal or other companies like that.
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Enjoyed this course. It helped me understand Bitcoin and money.
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Bitcoin has all the characteristics of gold, but manages to fulfill everything gold cannot.
Current market cap of Gold - $11.3 Trillion
Current market cap of BTC - $1.06 Trillion
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