Joff’s Blog

TX FEES –

Bitcoin Beginner BasicsPart #2 OverviewBitcoin transaction fees is one of the beginner basics series of articles offering as non-technical an explanation as possible to those new to cryptocurrency. While it isn't necessary to learn every aspect of the underlying...

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START HERE –

Bitcoin Beginner Basics Part #1 Overview There has been a lot of buzz and news around the globe to prompt the need for a bitcoin beginner basics guide. While there are several resources on this site that provide basic information, this particular guide is designed to...

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TAXES –

Bitcoin TaxesOverviewUnderstanding Bitcoin taxes and your obligations for reporting gains and losses can be a bit daunting. The important thing to realize is that the IRS takes cryptocurrency taxation seriously, and it is wise that you do so too. Reputable exchanges,...

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EXCHANGES –

Bitcoin Exchanges Overview Bitcoin exchanges are websites where users can buy, sell, or trade cryptocurrencies. While some offer the ability to exchange crypto for fiat currency, like US dollars or Euro, most only permit trading crypto-for-crypto. One should expect to...

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WALLETS –

Bitcoin Wallets Overview Bitcoin was created to permit two parties using bitcoin wallets to confidentially exchange value directly with each other, without the need to rely on an intermediary. What that means is, unlike PayPal for example, two individuals can send...

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PREDICTIONS –

Bitcoin PredictionsBitcoin Prediction:  PriceSo far, despite Bitcoin predictions, 2018 has not seen price levels as expected by many. Of course, what is to be expected when it comes to the price of Bitcoin, or altcoins?  Many entering the crypto space in late 2017...

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DECISIONS –

Buying Bitcoin in 2019? Decision Analysis As an investor in Bitcoin for some time now, making the argument for buying bitcoin is an easy one. While the price is currently well below its all-time high of $20K, bitcoin has been an incredible investment with excellent...

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TRIGGERS –

Bitcoin Bull Market in 2019?TriggersIn order for prices to rise kicking off another Bitcoin bull market, investor confidence has to rise. This begs the question, "have investors lost confidence in Bitcoin?" While this may be the case on some level, it makes more sense...

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TRENDS –

Bitcoin Trends for 20192018 RecapBefore looking at possible Bitcoin trends for a new year, let's quickly recap some of the highlights of 2018. In January 2018 the Bitcoin Lightning Network became live and software for this new payment channel layer was rolled out,...

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LIGHTNING –

Bitcoin Lightning Network News Need for Bitcoin Lightning In order to enable fast transactions and a possible solution to the scalability issues, Bitcoin Lightning Network is a second layer payment protocol that operates on top of the blockchain. This peer-to-peer...

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KYC –

Cryptocurrency KYC There is much debate regarding cryptocurrency KYC (know-your-customer) requirements among digital currency enthusiasts. The stipulations for KYC have long been an issue for those who place importance on their anonymity, but many also see KYC as a...

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TRANSFER –

Cryptocurrency Wealth Transfer There have been many articles on the subject of cryptocurrency wealth transfer, but what exactly are they talking about? Pretty much everyone is aware that in 2017 a lot of investors lost money having bought Bitcoin at $20,000 during...

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BEAR WATCH –

Cryptocurrency Bear Market A cryptocurrency bear market happens when the prices drop and lack of investor confidence causes the drop to be long-term as investors hope to avoid losses by selling off their holdings. Bitcoin hit its all-time high of $19,783 on December...

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ADOPTION –

Bitcoin Adoption Statistics Bitcoin adoption is increasing, but what are the actual figures? At the beginning of January 2017, the price of Bitcoin was $979 and by the end of the year, it had exceeded and then retraced to around $14,000 – about a 1,329% increase for...

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BUNDLING –

Buying Cryptocurrency in Bundles Never really considered buying cryptocurrency in a "product bundle" like a Microsoft Office suite or Adobe Creative Cloud software purchase but apparently, this is the latest thing from Coinbase. The biggest digital asset trading...

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TOPICS –

Bitcoin News: Millionaires Everybody loves to read Bitcoin news stories about ordinary people who made the right choices at the right time and became millionaires! It is uplifting and gratifying to feel that the same could happen to us. The link below gives details on...

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FUTURE –

Bitcoin Future Looks Bright Many people do not seem to see the Bitcoin future as being very promising...yet. Some are paranoid that Bitcoin will be banned or that it is in a bubble, has no intrinsic value, is not secure and can be hacked – the reasons are many. Others...

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DOMINANCE –

Bitcoin DominanceThe Bitcoin Dominance Index shows exactly how much the entire cryptocurrency economy is dominated by Bitcoin. Market capitalization is the total value of all digital assets in circulation at any given time – so, it is the combined value of Bitcoin,...

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REVIEW –

The Bitcoin StandardSaifedean Ammous' book, The Bitcoin Standard, has been reviewed by just about everyone in the crypto-community by now. Rightfully so, because the book has done much to raise awareness and open eyes on the subject of currency in general, and Bitcoin...

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EMOTIONS –

Crypto Trader Emotions There have been volumes written about trading psychology, and the crypto trader emotions follow a well-known cycle that most trading participants find difficult to avoid. Understanding that markets inevitably go through cycles is the first step...

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AT THE HEART –

People just learning about digital currency often ask what is at the heart of bitcoin? What gives it value? The answer to that is really just “people.” There are many who question whether bitcoin is a currency or a commodity. Many things can serve as currency. If it...

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RISKY BIZ –

Lessen Bitcoin Risks If one could lessen bitcoin risks, would involvement become more appealing? You may have heard the cryptocurrency space referred to as the "Wild West" because of the instability and risk investors face. While things are getting better as investors...

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NEXT BITCOIN –

Nothing is “the next Bitcoin”Picking the next winners in the cryptocurrency marketplace is difficult – picking “the next Bitcoin” is probably impossible. Those new to the cryptocurrency space often hear this altcoin or the other claiming to be the “next Bitcoin” all...

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BTC FOMO –

Buy Bitcoin?Everyone asks "should I buy bitcoin"? In December, Bitcoin was red hot and people were mortgaging their homes to jump onboard a rocket to the moon. Recently, cryptocurrency has cooled off and many have left the launch pad, no longer lining up to ride the...

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LONG HODL –

Bitcoin Long-term: Store of Value There are some who say that the biggest barrier to mass adoption of bitcoin long-term is price volatility because it limits use as a store of value. Does price volatility really affect bitcoin's use as a store of value? Let's look at...

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LOST BITCOIN –

Lost BitcoinThe story of James Howells of Wales is one well-known to many in the Bitcoin community when it comes to lost bitcoin lore. In June of 2013, Howells threw away a hard drive containing the private keys to 7,500 bitcoins. The price of Bitcoin at the time was...

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PRIVATE KEY –

Bitcoin Private Key Think of Bitcoin as an open messaging system secured by public key cryptography secured through digital message signatures created with a unique private key.  In contrast to systems protected by username and password logins, this single point of...

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BITCOIN INVESTMENT –

Bitcoin Investment You can ask people “what makes a Bitcoin investment a good one” and likely get different answers depending on the individual, their beliefs, goals, and age. A recent survey conducted by Blockchain Capital indicates that 30% of 18-to-34-year-olds...

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VALUE COMP –

Bitcoin Value Knowledge It is often puzzling that society has such confidence in the value of central bank fiat currencies, yet so little belief in bitcoin value. Granted, there are several factors that play into this line of thought, but a general lack of "financial...

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PRICELESS –

Bitcoin Price is top Google Search Phrase Since 2017's massive 1,900% rally it is not surprising that the top keyword phrase searched on Google is Bitcoin price. Obviously those who've invested in bitcoin watch the price, but given there are likely less than 28.5...

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MINER TALK –

Bitcoin Mining Trends for 2018 Bitcoin mining is the process that helps Bitcoin function as intended and what continues to introduce new bitcoins to digital wallets all over the world. Simply put, it is the computational process by which transactions that use bitcoin...

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BTC LOL MEMES –

Bitcoin Meme History Bitcoin meme history starts with the origin of memes themselves – an Internet phenomenon that started back in 1976 and said to be based on biologist Richard Dawkins' claim that "ideas are like organisms, able to spread and mutate", and...

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TIME PREFERENCE –

What is Bitcoin Time Preference? There are some emerging ideas and theories being discussed currently around what could be termed Bitcoin time preference in regards to Bitcoiners' mindset for investing in the cryptocurrency. To better understand, we need...

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ASK JOFF PARADISE —

Ask Joff Paradise: Bitcoin Questions Often-asked Bitcoin questions at various Joff Paradise speaking engagements: "What happens when the last Bitcoin is mined?" Joff Paradise - Bitcoin mining is finite – meaning that once miners are awarded 21 million Bitcoins for...

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