Bits.ca – Bitcoin & Crypto Currency News & Resources

BUY BITCOIN IN CANADA
CLICK HERE!

  • Bitcoin crossed 42K twice within two days
    by /u/wagalaoye on August 1, 2021 at 3:38 am

    We know 42k is a major support. We know once it crosses and holds, we are game. We know once BTC goes back up in August, we are game. Here's to you - make moneyyyy! I want everyone to profit in this cycle! Boom baby! submitted by /u/wagalaoye [link] [comments]

  • The law of wrong numbers
    by /u/SakeBomberman on August 1, 2021 at 3:37 am

    The law of wrong numbers states that you are always going to be "wrong". If the price of your crypto crashes then you are going to be mad that you own too much of it If the price sky rockets then you're going to wish that you had bought more. You're never going to be 100% satisfied so enjoy the ride! submitted by /u/SakeBomberman [link] [comments]

  • What should I do?
    by /u/Accomplished-Design7 on August 1, 2021 at 3:23 am

    I have only been in the crypto space since the all-time highs. Ever since then I’ve been dollar cost average. Now the price is moving up and I’m confused. Should I wait for a dip to buy some more or continue to dollar cost average as it goes up? Back then after the all-time highs, dollar cost average was a very no-brainer for me. However now I am honestly very conflicted and confused if I should just hold onto my crypto‘s I continue to dollar cost average. I would really appreciate some advice from your veterans here. Thank you in advance 🙂 Edit: I am honestly so confused why this post is getting downvoted. I am here just asking for some advice. Is there something I am doing wrong? submitted by /u/Accomplished-Design7 [link] [comments]

  • My layman explanation of Kusama/Polkadot and why they are so innovative
    by /u/dolmaface on August 1, 2021 at 1:53 am

    I've noticed on this sub very few people are discussing Kusama & Polkadot, so I thought I'd take a stab at explaining in layman terms how they work and their significance. Before getting started, I'd like to clear up that Kusama is the canary network to Polkadot. Unlike what many people in this sub believe, Kusama is not a test-network for Polkadot -- the test network is called Rococo. Kusama is a fully functional and live network with real value where all new-tech is run prior to being released on the main Polkadot network. Kusama is fast-paced, innovative, and experimental while Polkadot is slower, less chaotic, and more reliable. So what technology does Polkadot provide? Right now in crypto if one blockchain wants to communicate with another, it has to using bridges. Bridges are slow, expensive, and not practical for scalability. Polkadot provides a fast, inexpensive, and standardized way for blockchains to communicate with each other. Why is this important? What is the significance of this? In the Polkadot ecosystem many blockchains can deploy and each specialize in certain technologies (e.g. DEX, file storage, privacy, fast transactions, smart contracts, etc...), and then leverage each others features. By leveraging different features of different blockchains, developers can effectively create decentralized applications that are otherwise not possible. The chains sorta provide an SDK for devs to build off, and create practical applications from (websites, streaming services, social media, cloud storage, etc...). For instance, a DEX chain can leverage the privacy chain to allow for confidential swapping. Or a dev can leverage from a smart contract platform and a file storage platform to create a music streaming dapp. Polkadot will be the connective tissue for the future decentralized web. I am surprised this isn't talked about more in this subreddit. Just think about the scalabiltiy. The tech from current chains(ADA, Tezos, ETH, NANO, etc...) can each exist in the Polkadot ecosystem and leverage each others features. Cardano's smart contract platform will be just one of the many smart contract options for devs to use in polkadot, and whatever the next big hit crypto tech the future holds can easily be deployed into the ecosystem for devs to leverage. At the moment Kusama already has deployed 5 chains and demonstrated cross-network functionality. The 5 chains on Kusama right now are Karura(DEX), Moonriver(Ethereum Smart Contracts), Shiden(Web Assembly Smart Contracts), Khala(Privacy), and Bifrost(Finance). These chains are operating and in the midst of deploying their applications. In a month or so these chains will be fully functional and things will start to get really exciting! I hope this post helped you understand Polkadot/Kusama, feel free to correct me if I was wrong about anything TLDR: Kusama is a faster/innovative version of Polkadot where tech is deployed prior to release on Polkadot. Polkadot provides an efficient means for blockchains to communicate and leverage each others features thus laying the foundation of the future decentralized web. submitted by /u/dolmaface [link] [comments]

  • CPA - Tax Professional 12+ years here [USA]. Happy to answer any questions regarding tax on Crypto Gains & Losses, current reporting guidelines, laws and current increasing IRS efforts.
    by /u/idkwat2dowithmyhands on August 1, 2021 at 1:46 am

    The IRS added a new checkbox this year on Form 1040 p. 1 ‘Did you trade virtual currency?’. They’ve subpoenaed Coinbase and are forming entire divisions devoted to finding those not paying tax on crypto gains. That being said, there are still ways to properly report while also mitigating your liabilities. Luckily COVID has set them back quite a bit with regards to work in general - that being said, pandemic cost the US a lot and they’ll be coming after any easy targets for tax (usually billionaires-crypto traders will be at the top of the list in next couple years imho) submitted by /u/idkwat2dowithmyhands [link] [comments]

  • Shark Tank’s Kevin O'Leary Won't Invest in Dogecoin, Says 'I Don’t Understand Why Anybody Would'
    by /u/redditsgarbageman on August 1, 2021 at 1:02 am

    submitted by /u/redditsgarbageman [link] [comments]

  • Ethereum2.0 will Handle x7 Times more Transactions Per Second than Visa
    by /u/Loose-Imagination781 on August 1, 2021 at 12:03 am

    Ethereum 2.0 will outperform Visa by a factor of 7 when it comes to transactions per second. Ethereum 2.0 will handle around 100,000 transactions per second according to Vitalik Buterin, while Visa claims to handle around 15,000 transactions per second. But in practice Visa only handles around 1,700 transactions per second. This would make Ethereum outperform Visa by a factor of around x59 times more transactions per second than Visa. submitted by /u/Loose-Imagination781 [link] [comments]

  • Daily Discussion - August 1, 2021 (GMT+0)
    by /u/AutoModerator on August 1, 2021 at 12:00 am

    Welcome to the Daily Discussion. Please read the disclaimer, guidelines, and rules before participating. Disclaimer: Consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could be an attempt to manipulate new readers by known "pump and dump (PnD) groups" for their own profit. BEWARE of such practices and exercise utmost caution before acting on any trade tip mentioned here. Please be careful about what information you share and the actions you take. Do not share the amounts of your portfolios (why not just share percentage?). Do not share your private keys or wallet seed. Use strong, non-SMS 2FA if possible. Beware of scammers and be smart. Do not invest more than you can afford to lose, and do not fall for pyramid schemes, promises of unrealistic returns (get-rich-quick schemes), and other common scams. Rules: All sub rules apply in this thread. The prior exemption for karma and age requirements is no longer in effect. Discussion topics must be related to cryptocurrency. Behave with civility and politeness. Do not use offensive, racist or homophobic language. Comments will be sorted by newest first. Useful Links: Beginner Resources Intro to r/Cryptocurrency MOONs 🌔 MOONs Wiki Page r/CryptoCurrency Discord r/CryptoCurrencyMemes Prior Daily Discussions r/CryptoCurrencyMeta - Join in on all meta discussions regarding r/CryptoCurrency whether it be moon distributions or governance. submitted by /u/AutoModerator [link] [comments]

  • [When The Goverment Rugpulls] Why crypto is really important
    by /u/tteeoo13 on July 31, 2021 at 11:15 pm

    Real story, affected some of my family members. Wanted to share and show the importance of crypto after talking to my uncle about those times. For context, the year is 2001 in Argentina, after almost 10 years of equal parity between pesos and dollar (1 argentine peso = 1 US dollar) something is about to change. The huge budget deficit and unsustainable debt cause the goverment to take un unthinkable decition: convert all people's deposits from dollars into pesos and devaluate (make your currency lose value). ​ https://preview.redd.it/x2smndpynme71.png?width=769&format=png&auto=webp&s=f8b9a00eba213cf4b154ca376be856d897e1fad9 Overnight everyone's savings in dollars were converted at a ratio of 1 dollar = 1 peso, then the exchange rate skyrocketed from 1 to around 4 pesos per dollar before stabilizating at about 3 after some weeks. This means that basically all those who had savings in dollars deposited in the banks lost between 65 to 75% of their savings. Most people "bought high" due to fear of further devaluations . This was one of the biggest rugpulls that a goverment has done to it's own people. And this is why crypto is really important, you have your own cold wallet and you know you have X amount of BTC, ETH or whatever, but no one can take it from you without consent, even if it loses value in terms of dollars. Additional comments, first, those that had huge money and had contacts (bank managers, multimillionaires etc) were unofficially notified by "rumors" and most of them took their savings in dollars out of the banks, so they were unaffected. Moreover those that had money in the stock market eventually recovered after like 4-5 years, they were not the average "Juan" (spanish for Joe) but rather already wealthy people, so this affected mainly those with the least income (poverty skyrocketed from 24% to 54%). For those that wonder how it ended: the last 20 years cumulative inflation has been over 9000%, this year alone over 50% and the deficit and the unsustainable debt problems were never really fully resolved. Argentina keeps begging for sane economic policies and a balanced budget, which may never arrive. So fuck corrupt, inefficient goverments, fuck banks and fuck corrupt millionaires (not those that make honest money by hard working but those that use insider info). Here are some images of how everything went down the next days for context. If you are interested you can look it up on the internet, there's a ton of info related to this. ​ Riots at the capital ​ Supermarkets were looted ​ Banks closed and people gathered around them to protest for their money - nothing could be made ​ Due to the economic failure/caos there were 5 presidents in 2 week, one of them had to abandon the goverments' house in a helicopter submitted by /u/tteeoo13 [link] [comments]

  • Shitcoin Shiba Inu is Down 80% from All Time High as eToro enables it for Trading
    by /u/Loose-Imagination781 on July 31, 2021 at 11:02 pm

    submitted by /u/Loose-Imagination781 [link] [comments]


BUY BITCOIN IN CANADA
CLICK HERE!