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How many times would you double check the address before hitting send? I would think to minimize risk, would slice this up into a few transactions...
Probably just twice. Bitcoin addresses are check summed so it's nearly impossible to fat finger a mistake.
https://decrypt.co/31956/an-ethereum-user-lost-5-2-million-i... And if you fat-fingered the transaction, you could have transferred $0.48 for $1B in fees with no way to reverse that.
There's a 1 in 4 billion chance of fat fingering it. https://learnmeabitcoin.com/guide/checksum The thing to be really aware about is insidious malware that detects valid bitcoin addresses being copied and modifies them in place, sometimes even to the point of including the same first/last alphanumerics to a certain degree. You'd hopefully be using a bootable linux distro and multisig for transferring such amounts.
For all of the talk about how Bitcoin is not truly anonymous, this wallet demonstrates otherwise, with the apparent 'anonymity proviso' being that you don't do too much with it, and just let the coins sit.
We're having a discussion on HN about a specific person moving a specific amount of money around. That by itself is basically the opposite of privacy.
I get what you mean, the transaction is public, but that's the point of bitcoin / cryptocurrencies.
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Where are you that has a transaction tax on account transfers? Not the US certainly, and not anywhere in the EU.
There's a proposal (not implemented yet) for a 0.1% "Tobin tax" in the EU: https://www.europarl.europa.eu/legislative-train/theme-deepe...
I don't want to sound like a narc, but it seems like a really good idea to have some degree of oversight and safeguards on financial transactions of that magnitude.
But, bitcoin is free of oversight or centralized control, which was the exact point of the system.
If we both join the bitcoin network, we can exchange $1B for $0.48. If we both join set up accounts at a regular bank like RBC, we can exchange $1B for free. The point I'm making is that fees are not bitcoin's strong point. Any financial network can undercut it. What is unique about bitcoin is that not everyone can get an account at RBC, but anyone can join the more expensive bitcoin network.
Are you trying to argue that a financial transaction - a service provided by a bank where THEY take all the risk and responsibility of said transfer - should be free of charge? I mean if I transferred a billion and my bank made a mistake, I would not lose any money. Make a typo in your bitcoin transaction, and you're screwed.
If we both join the bitcoin network, we can exchange $1B for $0.48. If we both join set up accounts at a regular bank like RBC, we can exchange $1B for free. The point I'm making is that fees are not bitcoin's strong point. Any financial network can undercut it. What is unique about bitcoin is that not everyone can get an account at RBC, but anyone can join the more expensive bitcoin network.
Are you trying to argue that a financial transaction - a service provided by a bank where THEY take all the risk and responsibility of said transfer - should be free of charge? I mean if I transferred a billion and my bank made a mistake, I would not lose any money. Make a typo in your bitcoin transaction, and you're screwed.
Not really, bitcoin addresses have checksums.
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No. We have a rough idea of which coins belong to Satoshi, based on when and how they were mined. Satoshi's coins are continuously monitored and have never moved.
I always imagined that Satoshi probably lost the private keys to those early wallets.
I'm sure it's one of those tasks that'll cost a lot more than all the available energy in the universe kinda scale though.
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Nor can you reverse a transaction when someone steals your Bitcoins. The traditional financial system is far more suitable to people’s needs than Bitcoin is.
>Nor can you reverse a transaction when someone steals your Bitcoins. You're not always able to do that with the traditional banking system. Scammers were able to steal millions from corporations using wire transfers, and they weren't able to reverse them.