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How to get into Bitcoin and how does it work?
Old 01-13-2018, 06:54 AM   #1
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How to get into Bitcoin and how does it work?

Just curious .....
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Old 01-13-2018, 07:07 AM   #2
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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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Old 01-13-2018, 08:35 AM   #3
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LOL sounds awesome
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Old 01-13-2018, 09:00 AM   #4
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5. Hope Coinbase doesn't disappear into thin air like some others.
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Old 01-13-2018, 05:31 PM   #5
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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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Old 01-13-2018, 05:54 PM   #6
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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.
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Old 01-13-2018, 05:57 PM   #7
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Oh, another way to get into bitcoin. Buy some from the US Government:

https://finance.yahoo.com/news/us-go...164933673.html

Minimum purchase: 100 BTC
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Old 01-13-2018, 05:58 PM   #8
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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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Old 01-13-2018, 08:11 PM   #9
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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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Old 01-13-2018, 08:31 PM   #10
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8. Hodl
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Old 01-13-2018, 09:00 PM   #11
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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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Old 01-14-2018, 03:07 AM   #12
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Read this first:https://en.m.wikipedia.org/wiki/Greater_fool_theory
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Old 01-14-2018, 04:49 AM   #13
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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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Old 01-14-2018, 05:26 AM   #14
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Quote:
Originally Posted by Maenad View Post
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.
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.
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Old 01-14-2018, 05:30 AM   #15
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Quote:
Originally Posted by MichaelB View Post
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.
You might have missed a step there:

2.5 Kiss your money goodbye

-BB
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Old 01-14-2018, 07:30 AM   #16
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Quote:
Originally Posted by flintnational View Post
I disagree. The soon to be released "flintnational crypto coin" will be very valuable.
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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Old 01-14-2018, 09:01 AM   #17
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The number of cryptocurrencies available over the internet as of 7 January 2018 is over 1384 and growing.
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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Old 01-14-2018, 09:25 AM   #18
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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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Old 01-14-2018, 09:41 AM   #19
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Old 01-14-2018, 11:36 AM   #20
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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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