How to get into Bitcoin and how does it work?
- Thread starter albireo13
- Start date
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.
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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6. Download your "wallet" file and take it offline so you don't need to depend on Coinbase being secure and remaining in business.
flintnational
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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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Oh, another way to get into bitcoin. Buy some from the US Government:
https://finance.yahoo.com/news/us-government-auction-off-54-164933673.html
Minimum purchase: 100 BTC
https://finance.yahoo.com/news/us-government-auction-off-54-164933673.html
Minimum purchase: 100 BTC
RunningBum
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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A year ago would've been nice. Now, not so sure. I have no desire to roll the dice.
Onward
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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.
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.
NYEXPAT
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8. Hodl
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.
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.
OldShooter
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Read this first:https://en.m.wikipedia.org/wiki/Greater_fool_theory
Maenad
Recycles dryer sheets
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-jamie-dimon-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.
What is Bitcoin actually worth? - The Unassuming Banker
https://blog.chain.com/a-letter-to-jamie-dimon-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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flintnational
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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.
Bryan Barnfellow
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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!
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"
Mr._Graybeard
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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
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
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.
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.
flintnational
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Dear_____________
Thank you for your interest in ________ (insert anything with "crypto" in it). However, currently we are oversubscribed. We will keep your contact information and let you know about our next offering. We anticipate that the new offering will be even more profitable than bitcoin or tulips! Get your cash ready! (Although, your cash will soon be worthless.)
Very truly yours,
flintnational, Crypto Billionaire
flintnational
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Is it just me or is everyone else down 50% in their Crypto currency holdings? Its a good thing I diversified with tulips, 2000 era dot.com companies, and beanie babies! I am sure my overall return is much better.
Current allocation
Crypto currency $27,500
Dot.com companies $ 135
Beanie Babies $ 4
Tulips (cheap at walmart) $ 10
I think my greatest chance of upside is with tulips. They have been under performing for several hundred years.
Current allocation
Crypto currency $27,500
Dot.com companies $ 135
Beanie Babies $ 4
Tulips (cheap at walmart) $ 10
I think my greatest chance of upside is with tulips. They have been under performing for several hundred years.
copyright1997reloaded
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[Disclaimer: I hold a fractional share of a bitcoin, which I purchased a couple/few years ago ($100 worth at the time) to play with. I promptly forgot about it until this past summer. I've sold off $500 of it when bitcoin first hit 17K or so to "guarantee" a 5x return on my original "investment". As of this post, my holdings in bitcoin and the spin-off bitcoin cash are valued at approximately $4000 (down from 8k or so at the peak). ]
Finally, an interesting answer. What is the "value" of a dollar bill? It's value is in trust, that it can be redeemed for goods and services, and represents a store of wealth.
There is a lot of distrust of governments who issue fiat currencies. Not only in the United States but across the world. Thus the hunger for some place where wealth can be stored without as much government interference.
Look, I have no idea of the future of bit coin or any other crypto currency. What I do know is if there were some way of 'locking in' my wealth in terms of buying power for real goods and services, I would jump on it in a nanosecond. Unfortunately no such beast exists, and I am doubtful that anything could exist.
flintnational
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Agreed. Nothing is 100% protected. IMO a diversified portfolio of stocks comes pretty close. If the currency changes, you still own companies that produce goods and services. Your wealth is protected. If crypto currency is the future then your stocks will be valued in it and the dividends will be paid in it. If we have changing inflation, the prices of the goods and services of your companies will keep pace over time.
Total economic collapse, all out war, or political change (State confiscation) are the only real long term threats to a stock portfolio. In the case of these events, as they say, guns may be the only safe asset. I don't know that crypto currencies solve any of these issues either. And, if the companies don't survive to produce goods and services, does it really matter if I have USDs, gold or Crypto currency.
Congrats on the profits.
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