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Bitcoin-Explain to me how to buy these things (6 Viewers)
- Thread starter Sheriff Bart
- Start date
![[icon]](/data/avatars/m/5/5167.jpg?1660313464){kind=avatar}
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Insoxicated
Thanks, GB. Binance pretty trustworthy?
Easy to move coins to other wallet, or smart to keep there?
AhrnCityPahnder
Yinz-o-riffic
I'm still relatively new there, but the cryptonerds that I trust all use it. Holla at me if you're gonna sign up -- I'll give you my referral link.
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Insoxicated
Jefferson the Caregiver
Rebel Without A Pause
All these coins flooding the market cannot be a good thing.
PinkydaPimp
Footballguy
Jobber
Footballguy
ren hoek
Footballguy
ren hoek
Footballguy
Not to sound like a broken record, but I like Uphold a lot as an exchange. Lower fees, tons more currencies to choose from (BCH, Dash, BAT, many different fiats), ability to swap from crypto to metal, faster verification (for me anyway), much less 'known' -> less susceptible to going offline during heavy traffic, pretty balloon emblem.
hagmania
Footballguy
Politician Spock
Footballguy
A
Go Coin Go!
E Street Brat
Footballguy
Do you even bitcoin? brahDan Lambskin said:
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ILUVBEER99
Footballguy
Most of the alt coins are scams. Best to stick with the main ones like BTC/LTC/ETH. I'm sure some of the others are legit, but i stick to the ones that coinbase sells as i assume they vet them pretty well before adding them to their exchange.
The_Great_Dane
Footballguy
Was debating about going cold storage because of losing fork coins and security and this sealed the deal.
https://www.coindesk.com/uncle-sams-surprise-tax-reform-impact-crypto-investors/
Coindesk is a must daily read if you are in the space.
https://www.coindesk.com/uncle-sams-surprise-tax-reform-impact-crypto-investors/
Coindesk is a must daily read if you are in the space.
The_Great_Dane
Footballguy
I used Gatehub until I went cold storage on the Nano S today. Had no problems with my ripple there. I got 1000 Iota stuck on binance and can't get them off. I like binance but going on 3 weeks that my stuff is stuck there. I could move it by exchange for other crypto but I want my IOTA to be IOTA.
Nathan R. Jessep
Footballguy
SameSongNDance
Footballguy
I've only been paying attention to this #### for 3 or 4 months but it seems to me people just move money between different coins, pumping them up before they dip but not before establishing new floors/support levels. Today it's XRP's turn. But that sounds too simple so please correct me if I'm wrong.
The_Great_Dane
Footballguy
Meaning when I go to send my iota to my wallet it has suspended where the withdrawal button is.
Peyton Marino
Footballguy
The_Great_Dane
Footballguy
Yes. From reddit, I think binance is waiting on IOTA to release a new wallet. There is also no IOTA cold storage plus node traffic overloaded. So all of that is going on.
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Insoxicated
sjslacker
Footballguy
A bit late to this thread not sure if anyone else has mentioned it but if anyone is looking to educate themselves on what Bitcoin is and how transformational it is for money and the banking system I highly recommend Andreas Antonopoulos. He's got a ton of very good videos on youtube and he does a great job of explaining the technology and impact so the average person can understand.
https://www.youtube.com/user/aantonop
I suggest starting with this "Intro to Bitcoin" video.
https://www.youtube.com/watch?v=l1si5ZWLgy0
I also have a number of folks I follow on Twitter that give out very good info as well if anyone's interested. There's a lot of shilling and misinformation out there so it was hard initially to figure out who the shills were vs the legit voices in crypto.
https://www.youtube.com/user/aantonop
I suggest starting with this "Intro to Bitcoin" video.
https://www.youtube.com/watch?v=l1si5ZWLgy0
I also have a number of folks I follow on Twitter that give out very good info as well if anyone's interested. There's a lot of shilling and misinformation out there so it was hard initially to figure out who the shills were vs the legit voices in crypto.
sjslacker
Footballguy
I'm not a fan of Ver at all. He has an agenda he's pushing. He wants people to believe Bitcoin Cash is the real Bitcoin and purposely tries to confuse people on this. He gets offended anytime someone refers to Bitcoin Cash as Bcash. No sane person would take such offense to this (see 1 minute video below) but it's basically because he wants to co-opt the Bitcoin brand. He also goes out of his way to call it "Bitcoin Core" when in reality it's just Bitcoin.Peyton Marino said:
If he wants to fork Bitcoin and try to make a better coin more power to him, but he's pushing his agenda and trying to confuse people instead. Also there were great exaggerations or outright lies in his CNBC interview. It was basically a commercial for Bitcoin Cash.
- BTC transactions do not take days or weeks
- BTC transactions do not cost $50-100 regularly (especially if SegWit is used, C'MON Coinbase get Segwit implemented!)
- He said Core openly says they want bitcoin to have a bad user experience which is an outright lie. Why would any devs openly say this? Bitcoin Core Developers are working on off chain scaling solutions like Lightning Network.
1 minute video of Ver flipping out because of the name Bcash.
https://www.youtube.com/watch?v=mB0mG7wMvM8
Full Intervew here
https://www.youtube.com/watch?v=OJT2CbfHTpo
Peyton Marino
Footballguy
lol holy #### @ that interview. I did hear yesterday he likened calling it 'bcash' to using an ethnic slur.
this is basically the same stuff I've been hearing about him. isn't it also true that BCH's speed and low transaction fees would be tested if they took on the huge volumes that BTC is withstanding right now? seems a bit obtuse not to acknowledge that.
hagmania
Footballguy
Otis
Footballguy
I work with these young 30 year olds who got into this stuff months or years ago, and either have hundreds of thousands in this stuff or more. One guy sitting on about 2 million bucks; never put in a penny, started off mining/trading the stuff years ago.
I don't know what I'd do if I had 2 mill in there right now. Though I guess I understand the logic of "letting it ride," if you're a young guy and don't need the money right now. You may well see another 5x or 10x over a few years and then cash out with real serious retirement money.
Crazy. I feel like a total schlub working for an hourly wage.
I don't know what I'd do if I had 2 mill in there right now. Though I guess I understand the logic of "letting it ride," if you're a young guy and don't need the money right now. You may well see another 5x or 10x over a few years and then cash out with real serious retirement money.
Crazy. I feel like a total schlub working for an hourly wage.
Peyton Marino
Footballguy
sjslacker
Footballguy
If you do not control your private keys then you don't control your coins. If you leave coins on Coinbase then they control your coins.
JerseyToughGuys
Tough Guy
I got paid out 7 BTC after the Kentucky Derby. I sold it all off little by little over summer / fall.I bought a bunch of BTC and ETH and LTC back in the Spring for $15k. Sat on it and then things dipped a little, and I needed the cash, so sold for break-even after the fees etc. Fine.
Except I'd be sitting on like $60k right now if I'd not done that.
Cry me a river
TripItUp
Footballguy
will likely buy in once there is a dip
commentary on CNBC is still skeptical, I trust those guys know what they're talking about
As somebody who is an expert in the field of cybersecurity, I don't trust the security...which is why I've never been an adopter...but I'm a relatively conservative investor.
commentary on CNBC is still skeptical, I trust those guys know what they're talking about
As somebody who is an expert in the field of cybersecurity, I don't trust the security...which is why I've never been an adopter...but I'm a relatively conservative investor.
sjslacker
Footballguy
ILUVBEER99
Footballguy
4 letters. HODL. learn it, love it, live it.I bought a bunch of BTC and ETH and LTC back in the Spring for $15k. Sat on it and then things dipped a little, and I needed the cash, so sold for break-even after the fees etc. Fine.
Except I'd be sitting on like $60k right now if I'd not done that.
Rhythmdoctor
Footballguy
Can anyone detail step-by-step how to store couns offline for maximum security? I have about 10 ETH coins on coinbase and not sure how best to securely store them.
TripItUp
Footballguy
For starters, there have been several bitcoin environment breaches...the last major breach resulted in a significant dip in bitcoin prices...and rightfully so.
Billions of dollars in cyberspace, regardless of technology, is a bad fundamental concept IMHO. Organized crime and various rogue states will continue to, find ways to steal bitcoins and their derivatives.
Block chain security and private key fundamentals are hackable, because every type of security mechanism in the history of security mechanisms has proven to be hackable. There is a saying among cybersecurity "experts", it's not "if" you will be hacked, it's "when."
This may be considered a conservative view, but playing with my money is like playing with my emotions" a great man once said.
The_Great_Dane
Footballguy
Nano S
https://www.amazon.com/gp/aw/d/B01J66NF46/ref=sxts_1?ie=UTF8&qid=1513208670&sr=1&pi=AC_SX236_SY340_FMwebp_QL65
Buy it, open it up. Follow simple directions. 15 minutes later yours crypto is in cold storage and safe.
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TripItUp
Footballguy
It's all about air gapping your key. Store the key on a secured/encrypted USB-like device(I'll post a link in a second) and put it in a safety deposit box if the value of your coins warrants it. Personally, anything over 20K would warrant a safety desposit box/secured media solution IMHO...depends on how much risk you are willing to take.
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TripItUp
Footballguy
Rhythmdoctor
Footballguy
That nano S has some concerning reviews. You guys sure that’s the best way to go?
TripItUp
Footballguy
This is the "type of device" you would use...it's not the brand I'm personally endorsing. Some of these brands could have security vulnerabilities if they have not been properly vetted by security experts.
We evaluate products all the time and more often than not they have flaws/vulnerabilities.
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Rhythmdoctor
Footballguy
I’m assuming the instructions tell u how to get your couns from coinbase?
Rhythmdoctor
Footballguy
Damn fat fingers on an iPhone!! Coins, couns. Same difference.
sjslacker
Footballguy
When you get your wallet (either cold storage, hot wallet or paper) you will have an address to the wallet (similiar to an email address) where you would send coins from your Coinbase account to your wallet address.
As others have said safest way is a cold storage wallet (I have Trezor, i've heard good things about Nano). Paper wallets are super simple to use but it's like cash, if you lose the paper wallet or someone steals it then they basically have control of your coins.
Good article on the differences between wallets.
https://www.cryptocompare.com/wallets/guides/how-to-store-bitcoins/
TripItUp
Footballguy
As a reminder, my major concern isn't invidual security of coins, it's mass breaches that have resulted in significant theft and resulting bitcoin price cashes.
This is the biggest threat to bitcoin as an investment. Trust me when I say organized crime is funding these breaches. It's not a dude in his mom's basement.
This is the biggest threat to bitcoin as an investment. Trust me when I say organized crime is funding these breaches. It's not a dude in his mom's basement.
