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How to get into Bitcoin and how does it work?
01-13-2018, 06:54 AM
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#1
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Full time employment: Posting here.
Join Date: Sep 2017
Posts: 816
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How to get into Bitcoin and how does it work?
Just curious .....
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01-13-2018, 07:07 AM
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#2
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,518
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1. Open account at Coinbase
2. Transfer real money from bank to coinbase account.
3. Buy bitcoin
4. Scratch your head and hope for the best.
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01-13-2018, 08:35 AM
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#3
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Full time employment: Posting here.
Join Date: Sep 2017
Posts: 816
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LOL sounds awesome
__________________
“Earth is the insane asylum of the universe.”
― Albert Einstein
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01-13-2018, 09:00 AM
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#4
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Posts: 3,046
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5. Hope Coinbase doesn't disappear into thin air like some others.
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01-13-2018, 05:31 PM
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#5
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Moderator
Join Date: Oct 2010
Posts: 10,622
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6. Download your "wallet" file and take it offline so you don't need to depend on Coinbase being secure and remaining in business.
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01-13-2018, 05:54 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Mar 2008
Location: Atlanta Suburb
Posts: 1,499
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7. Hope you don't lose your wallet. NPR had an expert that estimated about 10% of bitcoins have been lost, forever.
__________________
"Oh, twice as much ain't twice as good
And can't sustain like one half could
It's wanting more that's gonna send me to my knees" - John Mayer
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01-13-2018, 05:58 PM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2007
Posts: 13,184
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A year ago would've been nice. Now, not so sure. I have no desire to roll the dice.
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01-13-2018, 08:11 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Posts: 1,934
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As an educational exercise I've been trying to buy a small fraction of a bitcoin for the past four days.
It's bizarre, and almost comical, how difficult it is to get a few overpriced bits assigned to me.
I've tried two exchanges (Coinbase and Coinmama) and some other thing that's not exactly an exchange (SIMPLEX). I still have nothing to show for it.
Some highlights along the way:
Coinbase decided I was not in a trusted country, and blocked all purchases until I could prove I lived in the U.S.
SIMPLEX cancelled my order at the last minute because, they said, the price of bitcoin had changed too much in the time it took them to verify my identity.
Coinmama made me submit a photo of myself holding my driver's license alongside a piece of paper with certain things written on it.
And still ... no bitcoin.
It's amazing to me that anybody has ever gotten through this process.
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And if I claim to be a wise man, it surely means that I don't know.
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01-13-2018, 08:31 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Jul 2009
Location: Miraflores,Peru
Posts: 1,992
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8. Hodl
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01-13-2018, 09:00 PM
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#11
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Recycles dryer sheets
Join Date: Jan 2018
Posts: 186
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To give a serious reply to the original question,
Crypto Currency requires highly specialized electronics so I go with the semiconductor index SOXX & QQQ
Years ago I heard most gold prospectors in wild west went bust. But the vendor who sold the equipment i.e. shovels, dynamite, etc made big bucks. That is why I go with the above indices.
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3 ish years to FIRE, mentally ready now!
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01-14-2018, 03:07 AM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2017
Location: City
Posts: 10,308
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01-14-2018, 04:49 AM
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#13
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Recycles dryer sheets
Join Date: Oct 2012
Location: Minneapolis 'burbs
Posts: 382
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Don't speculate on cryptos with anything you're not prepared to lose.
What is Bitcoin actually worth? - The Unassuming Banker
https://blog.chain.com/a-letter-to-j...n-de89d417cb80
ETA: Sorry, the first link talks about how cryptos aren't worth anything, and why. The second is more dispassionate, and talks about how cryptos are released, what they're used for, and between the lines, exactly how they are or will be abused, leaving most of the speculators with a big fat goose egg.
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01-14-2018, 05:26 AM
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#14
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Thinks s/he gets paid by the post
Join Date: Mar 2008
Location: Atlanta Suburb
Posts: 1,499
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Quote:
Originally Posted by Maenad
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I disagree. The soon to be released "flintnational crypto coin" will be very valuable. Why is it valuable you ask?..........because, well it just is. And it is in limited supply. So that makes it more valuable. And it will replace traditional currency. There that about sums it up. Any takers? Did I mention, it uses block chain. That makes it even more valuable.
Edit to add: P.S. I really enjoy the bitcoin threads.
__________________
"Oh, twice as much ain't twice as good
And can't sustain like one half could
It's wanting more that's gonna send me to my knees" - John Mayer
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01-14-2018, 05:30 AM
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#15
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Thinks s/he gets paid by the post
Join Date: Feb 2004
Location: Switzerland
Posts: 1,045
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Quote:
Originally Posted by MichaelB
1. Open account at Coinbase
2. Transfer real money from bank to coinbase account.
3. Buy bitcoin
4. Scratch your head and hope for the best.
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You might have missed a step there:
2.5 Kiss your money goodbye
-BB
__________________
FIREd, April 1, 2015. My Retirement Benefits Package includes: 6 months vacation, twice a year.
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01-14-2018, 07:30 AM
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#16
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Thinks s/he gets paid by the post
Join Date: Jan 2017
Posts: 2,628
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Quote:
Originally Posted by flintnational
I disagree. The soon to be released "flintnational crypto coin" will be very valuable.
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Ooo! Ooo! I want in!
I've liquidated all my assets and will bring over a wheelbarrow full of money, just tell me where to drop it off. I have put a small amount into Beanie Babies and tulip bulbs, just to maintain some diversity, but I want to sink all the rest into flintnational crypto coins.
How big a truck will I need to cart all the coins back?
I'm so glad I'm the only one who knows about this new investment opportunity. Thanks for letting me get in on the ground floor!
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01-14-2018, 09:01 AM
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#17
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Full time employment: Posting here.
Join Date: Dec 2009
Posts: 526
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Quote:
The number of cryptocurrencies available over the internet as of 7 January 2018 is over 1384 and growing.
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https://en.wikipedia.org/wiki/List_of_cryptocurrencies
BTW, I'm ramping up an exciting and new cryptocurrency. I'm toying with the name " EnronBlockchain"
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01-14-2018, 09:25 AM
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#18
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Posts: 3,046
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Years ago when it was $13 I wanted to buy $1,000 of it but I couldn't figure out a way to buy it and gave up on it. That would have been worth about 1 million now. Grrrr.
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01-14-2018, 09:41 AM
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#19
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Thinks s/he gets paid by the post
Join Date: Apr 2011
Posts: 2,962
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Men let your wallets flop out,
And women open your purses,
Cause a man or a woman without a big eyed bean from Venus
Is suffering with the worstest of curses.
-- Captain Beefheart
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01-14-2018, 11:36 AM
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#20
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Recycles dryer sheets
Join Date: Jan 2018
Posts: 186
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A currency or any other financial instrument is only as reliable as the issuing entity be that a government or corporation.
Bonds, stock, etc all have their own nuances.
Crypto Currency is viewed as more stable than the local government variety in some developing or maybe better said unstable countries. Of course it is remarkable these areas have somewhat usable cellular internet but poor government stability.
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3 ish years to FIRE, mentally ready now!
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