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(NOT IN THE USA! - KEEP THAT IN MIND!) What would happen if it was the military dealing with protesters instead of police using LIVE ammunition against them?

I WILL REITERATE, THIS POST IS NOT ABOUT THE USA OT ANY EVENTS OR PROTESTS TAKING PLACE THERE, INSTEAD I AM MAJNLY DISCUSSING COUNTRIES LIKE NORTH KOREA FOR EXAMPLE. (SO NO COMMENTS ABOUT THE USA, ONLY TALKING ABOUT ABROAD.)

You’re stuck in a country akin to 1984 but terrible as North Korea, protesting against the regime certainly means death, since the leader has given new orders to the military to use live ammunition towards protesters but they will also track down their families and assassinate them on top of that.

It is impossible to leave the country in all forms as all of the borders are sealed off (through maritime, aerial or territorial means) you cannot call the police on the government themselves, so the challenge is to now protest on overthrowing the regime but in doing so will get all of you killed and tortured, all internet access and social media is blocked, even with VPNs it won’t work, you cannot even send money or bitcoin at all as they’ve blocked that off too.

Any foreign intrusion by outsiders and smugglers will be considered an declaration of war, so you can’t seek help from the outside as their countries will be invaded by intervening, you can report the leader as a wanted fugitive but arresting them is hard as it also means war followed by a nuclear explosion. Setting up encampments for protesters is not possible like at all in this situation as you’ll be met with stiff resistance by the regime still in power.

I guess the only thing you can do is remain patient as the leader ages then passes away but they have a successor to take their place enforcing the same rules as their predecessor, it won’t be guaranteed if they will overwrite the harsh ideology as they are brainwashed since they were kids.

An alternative to UBI: Universal computing

Something that often comes up in AI contexts and the singularity is Universal Basic Income. When everything is automated and no one can get a job, how will people live?

Sam Altman, the head of OpenAI, recently posted a thought on Twitter/X that universal computing power may well be an alternative to traditional basic income in fiat currencies.

The clip was very short, but it got my thoughts spinning tremendously. I revised a bit of what he said (that everyone gets a piece of a specific company's AI, to instead be represented by computing power in purely general terms).

Basic premise: Computerized computing power is a clearly productive industrial commodity.
With the right hardware, you can transform electricity into a very broad range of logical functions, which is then generalized as computing power. Many industries use it, service companies use it, education and digital entertainment use it, and it is tremendously important for well-organized global communication and logistics.

But above all, AI software can also use it for an ever-widening range of applications. Each year since ChatGPT arrived has been characterized by quite fierce advances, as investment in AI development has taken off at a furious pace. Materials technology, biotechnology, education, my goodness how fast it's going if you've been paying attention to what's being released left and right. It feels like living in science fiction. Five years ago I could hardly have imagined that I would be sticking my nose in my phone gaping in amazement at new AI models being released. But it is broadly a technology that will change the world tremendously. And computing power is central to making that technology work.

Computing power is also a logistics dream. It weighs nothing (well, electrons have weight, but come on now). The hardware obviously weighs something, but the information itself to be computed, as well as the result, is in relative terms extremely easy to transport to the other side of the earth. It takes up extremely little space compared to physical commodities and their refined products, and since it is completely digital, there are no losses over large distances as with raw electricity.

Generalization: We can set aside all biases about global fiat currencies now. Because this is not a fiat currency, nor is it a cryptocurrency. Instead, it is an abstraction of computing power. The credit is written in stone, and directly correlated to a given amount of computing power according to a standardized measure, which is fully possible since information technology is built on logical and precisely quantifiable processes.

We call the new currency computation credits, to generalize the concept. The credit represents a standardized amount of computing power. I sometimes call it C (credits) in the rest of the text. The currency is directly exchangeable for generalizable computing power with certain requirements/expectations of what it should be capable of. Merchants can easily present exchange rates, data centers produce the currency by committing to provide the specified amount of computing power.

C then becomes a clearly standardized commodity, which directly corresponds to digital production capability.
Almost like precious metal coins, but tied directly to productive capacity rather than the relative value of the precious metal. The exact value against other currencies will of course fluctuate due to speculation and market trends, and the value of C may experience continuous (perhaps even high) inflation as computing power becomes cheaper.

C would also not be quite like bitcoin. In relative terms, bitcoin is a bit more of a receipt that someone has burned electricity to produce heat.
Admittedly a very legitimate receipt in terms of information. But Bitcoin itself is an extremely speculative currency, as its value is primarily based on its scarcity. Perhaps something akin to a combination of cryptonetworks and Folding@Home can be used to decentralize the currency and directly connect the market to the means of production, but there may be more efficient solutions.

Advantages: The computation credit itself is of course not useful in a purely physical sense. You can't eat it as it is. You don't get warm from it as it is (unless you're sitting on top of the computer). You don't get healthy or live longer from it as it is. But the same already applies in principle to virtually all other traditional existing currencies as well.
Sure, rice, blankets, antibiotics and exercise bikes can be counted as trading instruments to meet the above points. But it is extremely clumsy, and simply extremely inefficient if everyone is going to go around swapping bags of rice for other products.

But as long as existing infrastructure (with electricity and internet intact) exists, C still corresponds to means of production that are closely linked to broader value.

The most obvious advantages to me are the following:

• The credit is easy to exchange for virtually anything else that money can buy, as long as the seller accepts it as payment. Since the credit corresponds to an exact productive value, the incentives are high to accept the currency, as it does not risk losing absolute productive value to the same extent as other currencies.

• The currency gives, within certain limits, a guaranteed right to the computing power. If the credits are not exchanged for other services or products, they can be used to process one's own digital production or entertainment.
  An obvious use is AI, but the credits can also be used more efficiently if used for older and more optimized processes. E.g. cloud gaming, graphic rendering, data processing and the like. But AI as a holistic concept broadens the scope of computing power. Some fees and latencies may occur, but I'm pretty convinced that serious players don't want to be known as low-quality usurers.
  Those who absolutely have no idea how it works can sell, invest or save their credits. They can exchange it for beer and candy if they want. Or donate to research where credits can be used very efficiently.
  Those who have any degree of technical ability can use the credits directly productively by exchanging them directly for computing power, or using them for further education where free resources fall short.

• Private individuals can invest in the means of production themselves and connect directly to a digital market in a highly automated way.
  Not all processes can of course be parallelized in a way that can be efficiently processed by many weak computers. But you can specify what capacity (in terms of e.g. RAM and VRAM, or processors with specific instruction sets) is available, and if you have any additional fees (which are also paid with C). In some cases, you can take on a lot of small computations with a single graphics card. In some cases, you simply need a more hefty rig.
  Traditional procurement and direct customers at data centers can of course remain in parallel with this. In those cases, you can pay with regular currencies, or with C.

• Overproduction of electricity can be used very efficiently. At certain times of the day, electricity has a negative price, and at these times, in theory, the price of computations can be lower than what the credit is standardized for.
  So let's say that electricity during a given hour has a negative price. Customers with hourly metering of their electricity, who own computing hardware, can e.g. significantly lower the price of their computations in order to increase the chance of having customers during these hours. Even there, automatic price allocation can be done where the lowest acceptable interval is specified by the hardware owner, and customers who are not in a hurry with their computations (e.g. hobbyists in blender who want to render some giant scene for a low price).

Financing and incentives for implementation At the national level, the state can give tax breaks to data centers.
The tax relief then corresponds to computation credits equivalent to a very small portion of the data center's capacity (at least initially). Presumably by requiring larger data centers to give priority to computing power paid for with credits, but where only a portion of the data center's total power is allocated to such activities. If the data center wants to, they are allowed to dynamically allocate that capacity to other activities in the event that no requests are made with credits.
The data center is bound to prioritizing credit customers and may not charge any extra fee within the scope of the tied portion of its business. A credit should correspond to a very exact amount of logical computations.

The data center then gets a portion of its operations guaranteed profitable, due to the tax breaks, and the state/society gets a guaranteed access to computing power.
The entire society gets an equal access to the productive capacity that they can dispose of as they please. Some of the credits can be allocated to e.g. research institutes and government agencies, but presumably primarily to citizens to stimulate the economy and distribute resources in an equitable way.
In the event that no requests are made within the framework of the credit system, the suppliers are allowed to do what they want with the free capacity, and are thus not forced to have unproductive hardware if it becomes freed up. The data centers may charge extra fees if they provide capacity in excess of the statutory partial capacity for credit processing. But then of course they compete with other players on the market in the ordinary way.

In theory, one could allow an upper limit on that concept of allowing data centers to be completely tax-free if they committed to give 100% priority to the country's credit users, but with total freedom to dynamically allocate capacity to other purposes when demand falls short of capacity.

Application: Having a single credit would simplify some things very much. At least for the technically uninitiated. Here is a new penny, it is worth about so many dollars. A little more knowledgeable can use it more efficiently. Done. But on other levels it could be considered clumsy.

Therefore, the credit system can be refined by introducing credit classes according to which instruction sets they should correspond to. Class 1 can be the simplest. Type what an ARM or even simpler processors can handle fits there.
Class 2 includes all of C1, plus more instructions. For the sake of example, e.g. everything a modern graphics processor can handle, e.g. an RTX 4090. Class 3 has full coverage of all industrially available instruction sets.

Obviously, this is also a very simplified model. I am little aware of exactly which instruction sets exist and in what turnover they are relevant. Maybe it would be better with ten, or even a hundred.
But such credit classes allow for higher granularity within the system. In addition, it is flexible, since it is possible to render exchange rates between the credit classes based on how available the different instruction sets are. It is also theoretically possible to create separate credit classes.

A, B, C etc. can refer to memory/storage speed. The highest class would then correspond to e.g. multi-channel RAM disk, while the lowest class is at the level of e.g. magnetic tape. Or HDD maybe is a better low level. Then one or more digits can indicate available instruction sets within the class standardization. Or IEEE has even better knowledge than me on how such things are specified.

Final words: Personally, I believe that such a system would be far superior to fiat currencies and precious metals. Even if you compare it with previous solutions where the dollar was backed by gold. Yes, it requires a functioning electricity infrastructure. But if the power grid fails to such a mild degree that something like this wouldn't work anywhere in the country, then I don't have much faith that we'll fare much better with gold or bills in our pockets either. Because then it has really collapsed badly, and there is some doubt that you can get what you need even if you offer actual gold.

Furthermore, the main purpose would not be to act as a currency with universal usability. But it would give citizens a very streamlined and fairer access to one of modern society's most important industries.

The sum that each citizen receives would also be extremely flexible and directly adapted to the country's digital industrial capacity, which is generally a globally coveted resource. Yes, everyone should get an equal number of credits. Initially a very low sum. Maybe even so low that some may scratch their heads over what it's actually supposed to be good for.

Yes, it may feel silly that the rich who already have so much should get this too. But they are maybe more capable of managing the resource effectively. Yes, it may feel silly that the poor and uneducated who have neither contributed to society nor understand how to use the resource efficiently should get a share of it. But they need it the most.

Regardless of who you include, it can be considered controversial. But excluding someone based on social class will likely lead to even more administration and headaches than it might seem worth.

Therefore, it is best that each person gets exactly the same amount during each distribution. Even newborn children.

Instead of turning computing power into money, opening for corruption and bad management, and then distributing the remainder, it is better if the computing power IS the money and goes directly from the means of production to the people.

Because it is the most widely usable and most fit commodity ever to do like that with.

And now the technology exists to implement it.

https://preview.redd.it/2kvsepaccszc1.png?width=1917&format=png&auto=webp&s=cf7be06c3d5fbb79d503822e94bf058dfd14b6bb

Bloodbath in Crypto Market: Bitcoin and Ethereum Tank, Liquidations Hit $150 Million.

Introduction

The cryptocurrency market is known for its volatility, and the recent plunge in the prices of Bitcoin and Ethereum serves as a stark reminder of this fact. In a matter of hours, the two leading cryptocurrencies experienced a significant drop, causing a ripple effect across the entire crypto market. This event not only highlights the inherent risks associated with investing in digital assets but also raises questions about the underlying factors driving these market movements.

The Crypto Landscape: A Volatile Playground

The cryptocurrency market has always been a volatile arena, with prices fluctuating rapidly in response to various factors. From regulatory changes and market sentiment to technological advancements and global events, the crypto world is highly sensitive to external influences. This volatility has been both a blessing and a curse, attracting risk-takers seeking lucrative opportunities while simultaneously deterring more risk-averse investors.

The Plunge: Bitcoin and Ethereum Take a Nosedive

On May 10th, 2024, the crypto market witnessed a dramatic downturn, with Bitcoin and Ethereum leading the charge. Within an hour, Bitcoin plummeted by more than $2,000, falling from a price above $63,000 to a daily low of $60,890, according to CoinGecko data. Ethereum followed suit, dropping from $3,027 to a low of $2,927, mirroring Bitcoin's decline.

While the reasons behind this sudden plunge are not immediately clear, the impact was widespread. Numerous other cryptocurrencies, including Solana, experienced significant losses, with some falling back below key price levels they had recently reclaimed.

Liquidations: A Domino Effect

One of the most significant consequences of the crypto market's downturn was the wave of liquidations that ensued. As prices plummeted, traders who had taken long positions (bets that the price of a cryptocurrency would increase) found themselves on the wrong side of the market. This led to a cascade of liquidations, with over $62 million worth of long positions being wiped out within a single hour.

Over the course of the day, the total value of long and short liquidations exceeded $150 million across all major cryptocurrencies, according to data from CoinGlass. Liquidations occur when a trader's position is forcibly closed by the exchange due to insufficient funds to cover potential losses.

The Aftermath: Resilience and Recovery

Despite the initial shock, the crypto market has demonstrated its resilience in the face of adversity. Both Bitcoin and Ethereum have since rebounded slightly, with Bitcoin trading at around $61,130 and Ethereum hovering around $2,940 at the time of writing.

While the recovery process is ongoing, this episode serves as a reminder of the inherent risks associated with investing in the highly volatile crypto market. It underscores the importance of exercising caution, conducting thorough research, and implementing sound risk management strategies.

Factors Influencing Crypto Market Movements

Understanding the factors that influence crypto market movements is crucial for investors and traders alike. Some of the key drivers include:

Regulatory Changes

Governments and regulatory bodies around the world have been grappling with the challenge of regulating the crypto industry. Any changes in regulations, whether tightening or loosening, can significantly impact market sentiment and prices.

Institutional Adoption

The increasing involvement of institutional investors, such as hedge funds and investment banks, in the crypto market has the potential to influence prices and liquidity. Positive news regarding institutional adoption can boost confidence and drive prices upward, while negative sentiment can have the opposite effect.

Technological Advancements

The crypto industry is driven by technological innovation, and any significant developments or breakthroughs can have a ripple effect on the market. For example, advancements in blockchain technology, scalability solutions, or the emergence of new use cases can impact the demand and adoption of various cryptocurrencies.

Global Events and Market Sentiment

The crypto market is not immune to global events and shifts in market sentiment. Factors such as geopolitical tensions, economic instability, and investor confidence can all play a role in shaping the market's trajectory.

Market Manipulation and Speculation

Like any financial market, the crypto space is susceptible to manipulation and speculative activities. Allegations of market manipulation, pump-and-dump schemes, or coordinated efforts to influence prices can contribute to increased volatility and uncertainty.

Risk Management: Navigating the Crypto Landscape

Given the inherent volatility of the crypto market, implementing effective risk management strategies is crucial for investors and traders. Here are some key considerations:

Diversification

Diversifying one's portfolio across different asset classes, including cryptocurrencies, traditional assets, and other alternative investments, can help mitigate risk and reduce the impact of market fluctuations.

Stop-Loss Orders

Setting stop-loss orders, which automatically close a position when the price reaches a predetermined level, can help limit potential losses in the event of a market downturn.

Position Sizing

Proper position sizing involves allocating an appropriate portion of one's portfolio to each investment, ensuring that no single position represents an excessive risk to the overall portfolio.

Emotional Control

Emotions can often cloud judgment and lead to impulsive decisions in the volatile crypto market. Maintaining emotional control and adhering to a well-defined investment strategy is crucial for long-term success.

Continuous Education and Research

The crypto industry is rapidly evolving, and staying informed about the latest developments, trends, and market dynamics is essential for making informed investment decisions.

Conclusion

The recent plunge in the prices of Bitcoin and Ethereum, along with the subsequent wave of liquidations, serves as a stark reminder of the volatility inherent in the cryptocurrency market. While the reasons behind this specific downturn may not be immediately apparent, it highlights the importance of understanding the various factors that can influence market movements.

As the crypto industry continues to evolve and gain mainstream acceptance, investors and traders must remain vigilant and implement effective risk management strategies to navigate the ever-changing landscape. By diversifying portfolios, utilizing risk mitigation tools, and staying informed about market developments, participants can better position themselves to weather the storms and capitalize on the opportunities presented by this exciting and dynamic asset class.

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Bitcoin $BTC FAQ for Beginners

What is Bitcoin?

Bitcoin is scarce, decentralized, and global digital money that cannot be censored.

• Transactions once confirmed generally cannot be reversed
• Less than 21 million Bitcoin will exist
• Bitcoin is highly divisible to allow for micro-transactions (up to 13 decimal places in a payment channel)
• Bitcoin is an open, collaborative project that no company or government controls belonging to the people
• Bitcoin is more than just money, but a secure timestamping ledger, payment rail, and smart contract platform

Please read the Whitepaper for an general overview of bitcoin as designed

https://bitcoin.org/bitcoin.pdf

Quick Advice

• Do not invest in Bitcoin until you do basic research, paid off all high interest debt, and have a emergency savings account of a stable fiat currency.
• If investing do not expect to get rich quickly. You should expect to wait at least 1-2 years before taking profits. Bitcoin is currently very volatile. In the interim spend and replace Bitcoin because it's a useful currency.
• Beginners should avoid all mining and day trading until at least very familiar with Bitcoin. Mining is very professional (You cannot efficiently mine with your computer and need to buy special ASIC machines) and most people lose money day trading.
• Never store your Bitcoins on an exchange or web wallet. Buy your bitcoins and withdraw it to your personal wallet where you actually own them instead of IOUs. Services like webull, and Revoult should be avoided because you cannot withdraw or use Bitcoin.
• Make sure you make a backup of your wallet (software holding keys to your BTC) and preferably keep it offline and physical and private. Typically 12 to 24 words you write down on paper or metal. This onetime backup will restore all your keys, addresses, and Bitcoins on a new wallet if you lose your old wallet.
• Beginners should avoid altcoins, tokens, and ICOs at least initially until they learn about Bitcoin. Most of these are scams and you should be familiar with the basics first. Bitcoin is referred to as BTC or XBT.

Common Questions

What happens when all the Bitcoin are mined; how will miners be paid?

This will happen when we all are dead near the year 2140.

Total block reward = Inflation (coinbase reward) + transaction fees

Where there is a slow transition as inflation drops in a controlled supply where more and more of the total reward is made up of transaction fees

https://en.bitcoin.it/wiki/Controlled_supply

After 2140 all of the reward for miners to secure the network will be transaction fees but sending bitcoin will still be inexpensive because most transactions will occur on other layers like lightning and in aggregate settle onchain .

Also keep in mind that if hashrate drops too low we can simply wait for more confirmations onchain to increase the level of security and this doesn't effect the end user much because if they use a lightning wallet once its setup they still get instant confirmations.

Some foundational Principles of security

If you don't own much value in Bitcoin these principles are not for you. There is no one solution and most people have different risk profiles and make multiple trade offs in a risk vs convenience spectrum.

1. Never store your bitcoins in a web wallet or exchange . You own 0 bitcoins if you do not control your private keys.
2. Do not trust strangers on the Internet to help you setup your personal wallet. This is someone you must do yourself or have a personal friend or family member help you with in real life where they cannot see your backup seed.
3. Buy your hardware wallet directly from the producer or amazon site under the producers name. Verify the integrity of the hardware wallet if you are extra paranoid :

http://doc.satoshilabs.com/trezor-faq/threats.html#reflashing-the-trezor-with-evil-firmware

https://digitalbitbox.com/faq

https://coldcard.com/docs/ultra-quick

https://help.blockstream.com/hc/en-us/articles/5712308134809-What-are-the-best-practices-when-setting-up-Jade-

First update the firmware of your HW wallet before using

4) Never brag about your wealth to others

5) Never invest in any investment scheme or get greedy thinking you can quickly increase the amount of Bitcoin you have with daytrading

6) Consider more secure means of backing up your 12 or 24 BIP39 backups in case of floods or fire -
https://jlopp.github.io/metal-bitcoin-storage-reviews/

7) Setup your hardware wallet , transfer a small amount of btc to it, wipe it clean , and restore it to give you confidence that the backup was done right and give you experience in the recovery process.

8) Keep your Mnemonic 12 or 24 word seed secret and private and show to no one. Never use premade 12-24 word backups , you create new keys and backups upon setup.

9) The most secure , "active" wallet would be a hardware wallet integrated with a full node. HW wallet + electrum personal server and electrum is the popular way to do this

10) Use a passphrase with the hardware wallet (most the security concerns with HW wallets are solved with a passphrase.) keep the passphrase written down a separate from your seed words

https://wiki.trezor.io/Passphrase

https://help.blockstream.com/hc/en-us/articles/5131416184601-What-is-a-passphrase

https://coldcardwallet.com/docs/passphrase

https://shiftcrypto.support/help/en-us/21-optional-passphrase

Make sure the passphrase is also written down somewhere private so you do not forget it! Do not keep the passphrase in the same location as your 12-24 seed backup words. Passphrases should include random words and not words found in lyrics or literature or personal details related to your life.

Here is a good strategy for most people with hardware wallets -

Location 1 12 to 24 seed words preferably on metal

https://jlopp.github.io/metal-bitcoin-storage-reviews/

Location 2 same 12 to 24 seed words preferably offsite

Location 3 5-7 word passphrase unlocking your real wallet preferably offsite

Location your head pin for HW wallet and passphrase. If you don't use your passphrase at least once a month than its better to have 2 written copies stored on paper or metal as backups and kept separate than each other and seed words

Thus you have both the passphrase and seed word backup in 2 locations and can lose either one and if someone finds your seed words or passphrase alone they can only see your decoy wallet at most and under duress(torture) you can hand over one of your seed word backups or enter in your pin instead of passphrase and give the attacker your decoy wallet alone.

Every 6 months check to see if your backup seed words or passphrase written on paper or metal is disturbed or removed.(these need to be stored separately!) It is best to hide them in such a manner if you can tell if someone has tampered with them or found them so you are aware if either your seed words or passphrase becomes compromised.

Recommended Wallets

Best wallets for securing small amounts of BTC

Blue wallet Android and IOS and OSX

https://bluewallet.io/

https://www.youtube.com/watch?v=R9mq1a8bLbQ

electrum For Windows, OSX, Linux and Android

https://electrum.org/

https://www.youtube.com/watch?v=E4EhZg5QslI

Blockstream Green For Windows, OSX, Linux, IOS and Android

https://blockstream.com/green/

https://www.youtube.com/watch?v=DesN85bWmGA

Best wallets for securing small amounts of BTC and sending lightning transactions

Breez LN wallet for Android and IOS

https://breez.technology

https://www.youtube.com/watch?v=t_4b-y4T8bY

Or Green

https://www.youtube.com/watch?v=QtMXsJxx1X0

Other Lightning wallets - http://lightningnetworkstores.com/wallets

Lightning wallets are not intended for long term storage where you never open them for many months. They are intended for spending wallets that you regularly use.

Securing Larger amounts of Bitcoin

Trezor Safe 3 = ~79 USD https://trezor.io/trezor-safe-3

https://www.youtube.com/watch?v=qWRI4VTHiuI

Trezor Model T = ~219 USD https://trezor.io/trezor-model-t

https://www.youtube.com/watch?v=i3BIo5Ac_n4

Blockstream Jade = $65 https://blockstream.com/jade/

https://www.youtube.com/watch?v=cLFmd98mKNw

https://www.youtube.com/watch?v=d_9Dtcc1nlY

https://www.youtube.com/watch?v=z2VsgoFh78o

Cold Card Hardware wallet = $148 mk4 https://store.coinkite.com/store/coldcard

https://www.youtube.com/watch?v=kocEpndQcsg

https://www.youtube.com/watch?v=f8dBNrlwJ0k

Digital Bitbox 02 = 124 USD https://shiftcrypto.ch/bitbox02/

https://www.youtube.com/watch?v=tdP_7LgZw7s

https://www.youtube.com/watch?v=z7nRq2OEhiw

https://www.youtube.com/watch?v=6D4FgJo3j64

Seedsigner ~80 dollars per-assembled

https://seedsigner.com/

https://www.youtube.com/watch?v=AZqlIkJf0mA

https://www.youtube.com/watch?v=1c5SR8v8l1M

Best Advanced Bitcoin Wallet= Sparrow

Pros= Great privacy and security

Cons= UX is for more experienced users, takes ~week to sync and requires ~7GB minimum disk space if pruned. Only available in desktop so typically should be used with a hardware wallet

https://sparrowwallet.com/

https://www.youtube.com/watch?v=HLi8p9aTlBQ

https://www.youtube.com/watch?v=GSHyKTigNQY

Further Resources

https://www.lopp.net/bitcoin-information.html

https://www.lopp.net/lightning-information.html

https://10hoursofbitcoin.com/

https://bitcoin-resources.com

https://www.bitcoin101.club

https://21lessons.com

https://bitcoiner.guide

Common types of Scams to avoid

"Helping" Hand A thief will contact you privately by DM or email, or get listed in a directory as a "Professional Blockchain Expert" and help you setup a Bitcoin wallet , an exchange account, and buy Bitcoin but will end up stealing it later. One of their favorite wallets to use is Blockchain.com online web wallet(You should avoid using this wallet regardless for other reasons) where they can remotely help you. They will either ask for your 12 backup seed words or when you are logged in create another backdoor recovery to take over your wallet without you knowing. When setting up a wallet it is important that you do this yourself and never reveal any passwords , pins , passphrases, of backup seed words to anyone. Do not allow some stranger to remotely help you setup your wallet or account. If you need help in person and trust a family member or friend this is fine but have them walk away/turn their head when you create a password , and write down your backup seed words and never reveal this information to others. Use your own personal computer or cellphone and not theirs to create your account. After you have verified the backup words with the wallet software they can than help you further. Never allow them to see or copy your exchange or email passwords or backup authy/authenticator key as well. Do not keep your passwords in plaintext digital spreadsheets or word/text documents. Use a password manager like keepass/lastpass or at minimum keep a book of your passwords that is secure and privately written down outside the computer. This scam can also manifest itself after you have had your BTC stolen by a friendly "hacker" claiming they can recover your BTC for a modest fee, which is practically never the case.

Unfortunate Events Professional Beggars will create many posts or hundreds of DMs under various fake (shill) identities to solicit sympathy and ask for a Bitcoin donations because they were scammed or had some unfortunate crisis.

Advanced Fee Fraud- This is one of the most common forms of fraud, and is popular even outside the cryptocurrency ecosystem. With cryptocurrency it often takes to form of these variations:

a) The con artist will claim they have a large amount of Bitcoin "stuck" in an exchange because of legal reasons or some other excuse and need your assistance to withdraw the Bitcoin. They offer you their username and password to log into their account and claim that you can even keep a large reward and than send them the difference of Bitcoins to their personal wallet. When you login to withdraw the Bitcoin you will notice a high withdraw fee or deposit that needs to be made for verification before you are allowed to withdraw the Bitcoin that cannot be subtracted from the balance. Since the fee is much less than your expected reward and the exchange looks legitimate despite being one you are unfamiliar with you pay the fee and than realize that the exchange is a fake one that will never allow you to withdraw the Bitcoin.

b) You are trying to sell something online and someone offers you a pre-payment in fiat with a payment service, a cashiers check, or a regular check and than "accidentally" overpays and asks for a refund to be sent to them in Bitcoin or by other methods. You are confident you receive the money because you deposit the check and it appears to clear and shows up in your bank account or digitally shows in your paypal account or other platform and so you are happy to send them the difference in over payment. One key aspect is international money transfers, gift card payments, or Bitcoin are typically non-reversible while most other payments are reversible and this can occur at almost anytime in the future. The check or payment can be involved in fraud or be fake and the payment platform or bank will reverse the deposit(possibly leaving you with a negative balance) and you will be legally liable to reimburse the bank. You will than be left with having to reimburse the bank and be out of Bitcoin and the product you sold the scammer.

c) A company offers you an investment or mining opportunity and to gain your trust is even willing to send you some Bitcoin up front to gain your confidence. Problem is the Bitcoin is frozen in their platform , a watch only wallet, represented in a fake blockchain explorer, or you did not wait for a confirmation to insure that you can use it and you invest in them not knowing that the Bitcoin they sent you is unusable. Common scam here is saying that you can connect your blockchain.com wallet to their "mining server" to mine for free and than require you to pay a fee to withdraw BTC that is watch only because they setup your account for you.

d) A contest or free giveaway usually promoted by a celebrity(typically a fake account on twitter) offers you free Bitcoin or cryptocurrency if you make a small bitcoin deposit up front to enter. The grifter will take your BTC and run.

e) A company solicits to hire you for assistance in buying Bitcoin for them at various ATMs or with your account and offers a salary for this service. They will never pay you or send checks that will eventually bounce as fiat currency lacks transaction finality that bitcoin has.

f) Someone offers you a large amount of Bitcoin as a gift or to pay for a good or service by giving you words to import or a private key to import into a wallet instead of sending Bitcoin to an address you provided them from a wallet you setup independent of them. You open up the wallet and they claim that in order to unlock the full amount you need to buy more bitcoin and add it to the wallet or send to them when in reality the amount of bitcoin you imported is a small amount or unspendable.

Investment Opportunity- These take the form of a company that allows you to make an investment and has promised guaranteed returns due to them trading cryptocurrency, mining cryptocurrency, fx or binary option trading, or any other investment enterprise such as real estate. Some will simply take your Bitcoin and run and others are ponzi schemes which will slowly payout rewards to their platform that you can never withdraw or make payouts but these never add up to your total investment.

Two quickest warning signs that an investment scheme is extremely likely to be a scam is they promise guaranteed returns , and their promised returns exceed 10% per year.

Altcoins, ICOs, Security tokens 99% of these are pointless projects or scams which make dishonest marketing claims that most people don't have the technical ability to evaluate. Even projects that have the best of intentions fail because the incentives are all misaligned for an exit when you give 100% funding upfront without regulation, contract with preconditions, and invested from unqualified credulous investors. Sticking to projects that are 100% proof of work with no premine or instamine from the start is a way to filter through most of these projects but in the end you should do your due diligence and learn about the project before investing. This applies to Bitcoin as well. People should be free to invest in whatever project they wish but one should do so with an understanding in what they are investing in.