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Bitcoin-Explain to me how to buy these things (1 Viewer)
- Thread starter Sheriff Bart
- Start date
fantasycurse42
Footballguy Jr.
A universal currency, backed by absolutely nothing, mainly used for black market dealings - pretty amazing the run this thing is having.
Maybe I'll buy one bitcoin just to hold in case of Armageddon, but outside of that, way too much risk in this one for me.
Maybe I'll buy one bitcoin just to hold in case of Armageddon, but outside of that, way too much risk in this one for me.
ILUVBEER99
Footballguy
I bought a couple coins at around $900. Gonna just hold them and see what happens over next 3-5 years.Ren Ho3k said:Bitcoin trading around $1,476. Up from $950 just a month or so ago.
I don't know what any of this means
ren hoek
Footballguy
Guys, the Washington Post said RIP Bitcoin. I've already looked into this technology and ran the progressions, and there is nothing to see here. Move along.
ren hoek
Footballguy
I figured if ever there was a good time to buy it was right when it was tanking over the blockchain argument. Glad I got what little I could but DAYUM
Rick James
Footballguy
Someone help me out here. I'm having trouble understanding why anyone would use bitcoin for actual day-to-day transactions. Say BTC is $1,700. A tank of gas is $40. So you use roughly 1/16 BTC to buy a tank of gas. I'm good so far. But 6 months goes by and now BTC is up to $2500, so your 1/16 BTC gas purchase is really $58.
Aren't you risking a lot by using it? I see guys on forums lamenting about using 5 or 10 BTC to buy pizza. If they had just kept them they'd have $10k.
Aren't you risking a lot by using it? I see guys on forums lamenting about using 5 or 10 BTC to buy pizza. If they had just kept them they'd have $10k.
ren hoek
Footballguy
It's not a bad problem to have. You hedge a lot of the fallout by investing continuously in it, as long as you think it'll be worth something long term (and it most certainly will vs USD). Bitcoins are capped at 21 million units, USD is capped at ∞.
The opposite problem is holding $100 in 1969 ($686.87 in today's dollars) and having $100 bucks today.
Niles Standish
Footballguy
Just because Bitcoins have gone up in the past doesn't mean they will continue to do so. It's just speculation. If you think Bitcoins will continue their rapid upward progression then spend a lot of money and buy some as an investment. Bitcoins could go up, could go down or could stay about the same compared to the dollar just like any other currency. And the capped number of units is definitely built into the price by this point. It's kind of like buying amazon stock. They seem like a great company most of us probably buy a lot of things through them. But all of that stuff is already built into the price.
That $2500 bitcoin might be worth $1500 a year from now too. It could be worth $5000.
Niles Standish
Footballguy
Gold and Silver are capped too. I mean there is more out there of course that hasn't been found. But there is a realistic cap built in because there is only so much gold and silver on the planet. That doesn't mean that long-term they will be great investments. They are probably better than dollars. But long-term have done worse than the stock market I believe. I'm talking 50-60 years not 10-15 where they have (I believe) performed very well.
ILUVBEER99
Footballguy
Was bitcoin originally intended to be a store of wealth or used for transactions?
The transaction times are starting to take a very long time and fees are rising to send them.
Don't really understand the scaling issue that well, but if they want to be used for transaction they better find a solution to speed up transaction times. It took 24 hours for my last payment to go through. A few months ago it took mere minutes using the same fee.
The transaction times are starting to take a very long time and fees are rising to send them.
Don't really understand the scaling issue that well, but if they want to be used for transaction they better find a solution to speed up transaction times. It took 24 hours for my last payment to go through. A few months ago it took mere minutes using the same fee.
ren hoek
Footballguy
I view the stock market as more of a risk/reward game than store of value. I've always been the frugal/savings type. I know digital currencies are literally just 1's and 0's but as a store of value and means of transfer it's pretty much the future. It doesn't have the same physical value as hard metal but value's kind of a subjective thing anyway.
ren hoek
Footballguy
I've been staying put with 2.7btc for that reason. Ethereum is built to scale much better. Plus it's not had the exposure bitcoin has. I don't know how all the blockchain stuff works but people who do seem to think it will be a solid altcurrency going forward.
ren hoek
Footballguy
Long Ball Larry
Footballguy
NotSmart
Footballguy
Long Ball Larry
Footballguy
i was interested getting into the bitcoin investment in a very small way last year simply for fun and because it seems like a thing that could have a huge payoff if it goes right, not that it necessarily will.
probably should have, but still could not understand exactly how the investment was stored or how best to buy it in the first place. and there was a whole story about how a huge blockchain store got raided or disappeared or something? i don't know.
cool story.
probably should have, but still could not understand exactly how the investment was stored or how best to buy it in the first place. and there was a whole story about how a huge blockchain store got raided or disappeared or something? i don't know.
cool story.
ren hoek
Footballguy
Not that I have an unreal amount or anything, but most of my bitcoin are in a Ledger wallet. I chose it over some other hardware wallets because of price, design and the fact it holds both btc and ethereum (which is all I put money into anymore).
Like longball was saying, it's to protect myself from an MtGox type situation. If your bitcoin/ethereum is in an online bank technically you don't own any of it.
ren hoek
Footballguy
Coinbase makes it easy and is light on the transaction fees (1.5%). Nice interface and market tracking. Deals in bitcoin, ethereum and litecoin as well. Sell and transfer USD to a bank account anytime. Pretty good
AhrnCityPahnder
Yinz-o-riffic
bitcoin at ~$2200 today. I'm taking my Aug2015 $116 investment and cashing out.
BigSteelThrill
Footballguy
ILUVBEER99
Footballguy
nice. i have a few bought around $1,000. gonna just hold for a few years though so don't really care about short term moves.
Can't blame anyone for cashing out now though.
ILUVBEER99
Footballguy
Why cash it out into metals when they have so little upside? Might as well just let it ride.
chet
Footballguy
On one hand, you're right but on the other, I lost 20+ bitcoins and ~$20K to the Mt Gox disaster.
Dan Lambskin
Footballguy
Oof. I was reading about that yesterday. Had pretty much forgot about it. That type of stuff is what would give me pause about trusting it as a long term investment
ragincajun
Footballguy
Are you guys watching Ethereum?
andyjayhawker
Footballguy
ren hoek
Footballguy
chet
Footballguy
What do you use for an Eth wallet? Where do you trade? I used btc-e years ago but don't necessarily feel they are the safest or most secure.
Also, can you explain Ethereum? Thx
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Dan Lambskin
Footballguy
Oh and I've used coinbase for buying Bitcoin. They offer ether as well
chet
Footballguy
Dan Lambskin
Footballguy
USA
Base rate of 4% for all transactions**
Payment Method for Purchase
Effective Rate of Conversion Fee (after waiver)
U.S. Bank Account
1.49%, with a $0.15 minimum
Coinbase USD Wallet
1.49%
Credit/Debit Card
3.99%
Payout Method for Sale
Effective Rate of Conversion Fee (after waiver)
U.S. Bank Account
1.49%, with a $0.15 minimum
Coinbase USD Wallet
1.49%
PayPal
3.99%
USD Deposit Method
Fee
ACH Transfer
Free
Wire Transfer
$10 ($25 outgoing)
* Note - In some cases your bank may charge additional fees for transfers between your bank account and your Coinbase account.
** The base rate for all Purchase and Sale transactions in the U.S. is 4%. Coinbase waives a portion of the Conversion Fee depending on the payment method you use. The effective rate of the Conversion Fee disclosed here is calculated as the base rate, net of fee waivers. The base rate does not apply to U.S. Dollar deposits and withdrawals.
chet
Footballguy
Do you know if it's possible to buy ETH with BTC on Coinbase? I've been digging around their FAQs and it appears I'd need to sell BTC for USD and then use USD to buy ETH. That'd be very expensive from a transaction standpoint.
Dan Lambskin
Footballguy
Doesn't look like it. Looks like your have to go the route you mentioned. Could try reddit to see if this can be done on other exchanges
I've really only used BTC to fund sportsbooks and not as an investment but it's interesting to me so I've followed along (and kick myself every day for not investing
)
chet
Footballguy
You can cross BTC and ETH and many others on btc-e. It's Russian though and there's no regulation or protection for account holders as far as I can tell. On the other hand, it's been going for years.Doesn't look like it. Looks like your have to go the route you mentioned. Could try reddit to see if this can be done on other exchanges
I've really only used BTC to fund sportsbooks and not as an investment but it's interesting to me so I've followed along (and kick myself every day for not investing
What sports books do you use BTC in?
regularguy
Footballguy
I was just looking into this also. This looks to be the non-Coinbase solution for conversion. https://shapeshift.io
Dan Lambskin
Footballguy
I think they all take it now but i've used it at Bovada and Sportsbook.ag. Usually can get a nice deposit bonus too, but SB takes 5% on withdrawal (but if you got a 20% bonus not as big a deal)
Can't direct fund from Coinbase either so need to move from Coinbase to a 3rd party wallet like blockchain then to book
