- 1. Educate
- 2. Use Bitcoin
- 3. Run a Full Node
- 4. Keeping Up w/ Technology
- 5. Code
- 6. Mine
- 7. Discuss
- 8. Meet-ups & Conferences
- 9. Other
Bitcoin is a new and radical disruptive technology. It is redefining money and has us questioning; what is money and how does it work?
First, you want to make sure your knowledge on Bitcoin and the ecosystem is on par with current times because it is always evolving. Bitcoin is in the early stages of development and adoption and it constantly offers new innovations – so try to keep up! You need to educate yourself before you can begin educating others and answering basic questions.
When you are confident in your own knowledge start educating advocates, the curious, the skeptics, the neutral and the critical about the benefits and strengths of Bitcoin. Let them know what makes Bitcoin special, how it is special, what differentiates it from anything else that exists and what differentiates Bitcoin from other cryptocurrencies.
Here are some great learning resources.
Not good at explaining? Not a coder? No sweat – you can help Bitcoin by just simply using it. Store some wealth in bitcoin long term and spend a little bit once in a while.
Downloading, installing and running a Bitcoin full node is easy but you need to open a port (8333) on your firewall to aide the network in connections and bandwidth to other Bitcoin nodes around the globe. Running a node ensures you are independently validating your transactions, running the set of Bitcoin rules you agree with and securing the network by further decentralizing the network and relaying valid blocks to other nodes.
-How to setup a Bitcoin full node on desktop (Instructions)
-How to setup a *pruned* Bitcoin full node on desktop (Instructions)
-Bitcoin Q&A: What is the role of nodes?
-What is a Bitcoin Full Node? Why would I want one? (Video)
-Bitcoin Q&A: Why running a node is important
-Benefits of a Full Node
-What is the use of a full node?
This section is directed towards everyone.
Please do your due diligence and follow the trends and technological advancements in the Bitcoin space. We are all in this together and we all need to do our part in optimizing the network.
Segregated Witness (SegWit) was introduced not too long ago to help securely scale Bitcoin, reduce transaction fees, enable more innovation and fix a long standing malleability bug among other things.
You use SegWit by sending and receiving from a SegWit Bitcoin address. You can tell if an address is SegWit by checking if the address begins with a “3” (P2SH) or a “bc1” (Bech-32).
For example: 35JZ72myPm2HUNLHq2ozA6Z2dvbmSCFV3W is a SegWit address and 1FnN243Tu3oNaZazwTNpgvvh6Hi8jpjK2U is not a SegWit address.
There is not much that everyday users need to do. Just transfer your bitcoin to a SegWit address – in other words, use a service or wallet that utilizes SegWit Bitcoin addresses to send and receive.
If you are a company that utilizes Bitcoin – you need to integrate Native SegWit (bech32 addresses – addresses starting with “bc1”) or at least P2SH-wrapped SegWit (addresses starting with a “3”) into your system. All Bitcoin transactions on your website should be a SegWit Bitcoin address. Hire a developer to get SegWit setup.
-Bitcoin Q&A: What is Segregated Witness? (Video)
-SegWit Resources (Articles)
-The Number Of Bitcoin Transactions Using SegWit Doubled In 2 Days, Here’s Why That Matters (Article)
Transaction batching became more relevant when the Bitcoin mempool began getting bloated, raising the transaction fees during the 2017 bull run.
Some exchanges and companies that had high transaction traffic were unintentionally spamming the network with thousands and thousands of legitimate transactions in a very inefficient manner.
Transaction batching increases efficiency by combining many transactions into a single transaction to pay out multiple users thus greatly reducing the transaction efficiency of Bitcoin companies. Batching optimizes the network, reduces the transaction fess for everyone and significantly reduces the accumulated transaction fees of large companies.
Here’s an example: An exchange needs to pay out 7 users that want to withdraw their bitcoin. Instead of creating 7 separate transactions with 1 output each, the exchange creates 1 transaction with 7 outputs for the 7 users needing to be paid out.
Companies need to hire a developer to setup transaction batching.
-What is Transaction Batching? (Video)
-Saving up to 80% on Bitcoin transaction fees by batching payments (Article)
-An analysis of batching in Bitcoin (Article)
-Johoe’s Bitcoin Mempool Statistics (Statistics)
Lightning network is a second layer technology built on-top of the Bitcoin protocol to help scale Bitcoin for micro-transactions and every day purchases like coffee purchases while anchoring to Bitcoin’s world class security. Lightning has been planned and developed for many years and a workable version was released not too long ago. It is a hot new area in the Bitcoin ecosystem attracting a lot of excitement, developers and tons of innovative ideas. It’s in the early stages but the lightning network has great potential and can scale to millions of transactions per second – far beyond that of all payment systems in the world combined.
Users should start dabbling with lightning clients and learning how to use it. Do not put large sums of money into the lightning network yet.
Companies should be at the forefront – they should be hiring a lightning developer to prepare for the integration of lightning into their service. They should also be providing funds to lightning network development in general. Some have already integrated lightning into their services!
-Bitcoin, Lightning, and Streaming Money (Video)
-SF Bitcoin Devs Seminar: Scaling Bitcoin to Billions of Transactions Per Day (Video)
-Bitcoin Q&A: Lightning Network scaling (Video)
-Bitcoin Q&A: Lightning Network game theory (Video)
-Bitcoin Adoption Is Getting A Massive Lightning Network Boost (Article)
There can never be enough competent developers in this space – in fact, the space could use a lot more! Get employed with a Bitcoin company, volunteer code for projects and protocols built around or on-top of Bitcoin or contribute code to protocol level development.
Bitcoin development is the Mount Everest of the entire “crypto” ecosystem. It is the most challenging but the most rewarding. Bitcoin attracts the best developers from all over the globe.
Miners process transactions and add security to the blockchain. In addition, you will help further decentralize the mining network increasing security of the network more.
Join forums and social media platforms to discuss Bitcoin. Join many others in their daunting task of educating the masses of misguided and uneducated users online with the ease of your computer or phone from the comfort of your home.
Twitter – follow these people listed
Meet people face to face to discuss Bitcoin and at the same time you can make connections and some new friends!
The lightning layer 2 protocol is a rapidly growing ecosystem. Fast, secure and instant payments that can scale to millions of transactions per second while anchoring to Bitcoin’s secure layer 1 protocol. There are MANY guides out there, eventually no guide will be required but this is the early stages of the lightning network. Appropriate guides will be listed as they are found:
-Node Launcher by Pierre Rochard
Financial privacy is extremly important. Did you know that normal Bitcoin transactions are trackable without proper privacy practices? A relatively new wallet called “wasabi wallet” is the first wallet to integrate easy, convenient and secure bitcoin mixing for financial privacy peace of mind. More coin mixing increases the fungibility of the Bitcoin network. More wallets will be added as they are found.
Use Bitcoin via satellite anywhere in the world without an internet connection and without consuming internet bandwidth.
-Blockstream Satellite Info Page
-Build Your Own Bitcoin Satellite Node Guide
-Completely Offline Bitcoin Transactions
Did you know that your ISP can track everything you do online? Other users online can collect information about you as well, such as your location. With a VPN you are able to view content in other countries that block your country from viewing it and keep your web browsing and financial activity private. Below are some VPN services that you can purchase with bitcoin:
“I’m a big fan of Bitcoin… Regulation of money supply needs to be depoliticized.”