What's new
Fantasy Football - Footballguys Forums

Welcome to Our Forums. Once you've registered and logged in, you're primed to talk football, among other topics, with the sharpest and most experienced fantasy players on the internet.

Bitcoin-Explain to me how to buy these things (1 Viewer)

cubd8 said:
Since mid November, I have added about $1500 to get started with bitcoin. It's been doing very well. I'm still much more dedicated to stocks, but am seeing the upside since I've been in.

  • Why is Bitcoin going up so dramatically in the last 24-48 hours?
  • I see predictions of hitting 30K, but even that was not this soon. Any worries about a pullback, even significant coming?
  • How much does the current US/global economy play into the performance we are seeing for bitcoin?
  • Where do you see bitcoin being on December 31, 2021?
From an investing standpoint, like I said, I'm new to this, and slightly late, but plan to keep adding (modestly), but happy I am giving this a shot, and thing longer-term. Any advice on how to proceed with investing?
Click to expand...
I suspect much of the last 24 hours action has been stimulus money maybe?

 
cubd8 said:
Since mid November, I have added about $1500 to get started with bitcoin. It's been doing very well. I'm still much more dedicated to stocks, but am seeing the upside since I've been in.

  • Why is Bitcoin going up so dramatically in the last 24-48 hours?
  • I see predictions of hitting 30K, but even that was not this soon. Any worries about a pullback, even significant coming?
  • How much does the current US/global economy play into the performance we are seeing for bitcoin?
  • Where do you see bitcoin being on December 31, 2021?
From an investing standpoint, like I said, I'm new to this, and slightly late, but plan to keep adding (modestly), but happy I am giving this a shot, and thing longer-term. Any advice on how to proceed with investing?
Click to expand...


The answers always seem to be:

1) because fiat money is a scam, bitcoin is the future. people are opting out of fiat money and into bitcoin 

2) bitcoin only goes up

3) the economy is a scam, bitcoin is the future. people are opting out of the fake economy and into bitcoins because the blockchain 

4) somewhere between 100,000 and 1,000,000

 
Anyone else in HEX?

Took a big dip after BIG PAYDAY on 11-19 but a nice triple of so since.

781K HEX Staked.

Gambled $3000 current value $9350, $14,110 after interest.  duration 2.77 years

Unfortunately, had a friend of a friend help me get in, and it was kinda a complicated process. 

 
cubd8 said:
Since mid November, I have added about $1500 to get started with bitcoin. It's been doing very well. I'm still much more dedicated to stocks, but am seeing the upside since I've been in.

  • Why is Bitcoin going up so dramatically in the last 24-48 hours?
  • I see predictions of hitting 30K, but even that was not this soon. Any worries about a pullback, even significant coming?
  • How much does the current US/global economy play into the performance we are seeing for bitcoin?
  • Where do you see bitcoin being on December 31, 2021?
From an investing standpoint, like I said, I'm new to this, and slightly late, but plan to keep adding (modestly), but happy I am giving this a shot, and thing longer-term. Any advice on how to proceed with investing?
Click to expand...
I’ll give you my POV.  When BTC crossed the $20K rubicon, it entered price discovery mode.  Realize that this happened less than 3 weeks ago.  But you’ve seen some serious institutional and macroeconomic investor commentary come in over the last 6 months and even more recently (Guggenheim, Paul Tudor Jones, Mike Novogratz) which have low-mid six figure price projections (although most won’t put a timeframe on it).

BTC hit $34K earlier this AM.  So a 30% pullback takes you back to right before XMas, which in the grand scheme, is a drop in the time bucket.  Quite frankly, a dip back down to $24K would be a pretty welcome development.  The other crypto blue chip, Ethereum (ETH) is up 20%+ in the last 24 hours.

There is a lot of debate as to whether BTC represents a digital store of value.  It’s narrative though as digital gold though has developed traction in the investor community and if you consider how much the money supply has increased in 2020 with additional stimulus likely...BTC’s maximum 21M supply is resonating from a native digital economy foundational principle in the face of ‘unlimited stimulus’ as The Fed has suggested is available.

2021 is setting up as a game changing year for BTC and crypto in general.  One resource I’d highly recommend in learning about the crypto industry and macroeconomics in genera, is Real Vision Finance which just opened a crypto channel within the last couple of months.

 
Last edited by a moderator:
Rhythmdoctor said:
Different products have different offerings. I use the Ledger Nano S which allows you to store up to 4 different crypto currencies.  This device is $60.  The Ledger Nano X is $120 and can store many more than 4 different crypto currencies.  There is also the Trezor product which is similar to Ledger in reputation, quality and security.  I think either a Ledger or Trezor is your best bet.  Those two brands have the most reviews, most trust etc... Since I hold just 2 cryptos (BTC & ETH), I use the Ledger Nano S. There is no limit on how much of an individual coin you can store.
Click to expand...
Last week I added Casa to my Green Wallet + Trezor setup.

2 of 3 multisig

will upgrade to 3 of 5 (with estate planning lol) once we surpass 100K. Totally worth it.

 
SFBayDuck said:
I don’t really understand this. It seems analogous to holding physical stock certificates instead of just trusting Fidelity or Etrade or whatever to hold your shares. Seems way higher risk to me. 
 

For context I “bought” my first little bit of Bitcoin on PayPal the other day. Seems like a good way to dip my toe in the crypto water, a place to put some cash instead of a savings account, understanding it’s much higher risk. Am I wrong?
 
Click to expand...
First and foremost your BTC deposits aren’t FDIC insured (yet).

 
brun said:
Just finished reading

Bitcoin: Hard Money You Can't ##### With: Why bitcoin will be the next global reserve currency
Jason A Williams

Contains current information and is understandable (not too technical and easy writing style). Not a "how to" book, more of a "why to" book. Thought it was well worth the time to read. However, if you don't have the time. Takeaways; you're not too late, buy bitcoin, hold.
Click to expand...
Jason Williams has a really cool backstory. Essentially made his millions franchising urgimed places.

 
brun said:
Well, part of my plan was to sell my paypal btc Dec 31st and consolidate from other accounts into BlockFi. Also, moved any other crypto to just btc for now.
FYI - I have less than 1 btc. It was just broken up into different accounts

  • Did the paypal sale & transfer. Funds on hold. Of course, I sold in mid $29k range and last I checked it's at ~$33k
  • Will DCA buy over the next couple of months.
  • After that. Hold and reassess at the end of 2021.
Click to expand...
Hit $38k this morning. May rethink the dca strategy.

 
I'm still relatively new to all of this, and I'm sure its been covered...but you need a cold storage wallet like the Trezor or Nano right?  

My question that I can't seem to find anywhere is, if I move all my BTC to the wallet is there anywhere I can check it online?  Say I move it from Coinbase to the Trezor,  its no longer going to show up on coinbase correct? 

Does a wallet have an app where you can easily check it, and keep it safely secure? Or do you have to dig this thing out of a safe and plus it in the computer to check the value?   I would like to see it, instead of just knowing I have X amount stashed away.  

10 years+ years from now when I might be ready to spend it how does that work?  Do I get the wallet back out and send the BTC back to coinbase?

I went from dabbling in this to moving an uncomfortable amount of money in (with my wifes blessing) pretty quickly.  

 
jb1020 said:
I'm still relatively new to all of this, and I'm sure its been covered...but you need a cold storage wallet like the Trezor or Nano right?  

My question that I can't seem to find anywhere is, if I move all my BTC to the wallet is there anywhere I can check it online?  Say I move it from Coinbase to the Trezor,  its no longer going to show up on coinbase correct? 

Does a wallet have an app where you can easily check it, and keep it safely secure? Or do you have to dig this thing out of a safe and plus it in the computer to check the value?   I would like to see it, instead of just knowing I have X amount stashed away.  

10 years+ years from now when I might be ready to spend it how does that work?  Do I get the wallet back out and send the BTC back to coinbase?

I went from dabbling in this to moving an uncomfortable amount of money in (with my wifes blessing) pretty quickly.  
Click to expand...
I don't own cold storage but my understanding is that it's completely off the grid at that point. You'll need the wallet and a computer to access use the bitcoin.

 
My buddy was talking about wanting to short Bitcoin. Is that possible?

Is there some 3x Triple Bear Bitcoin leveraged ETF or something out there?

 
Exit 1 said:
My buddy was talking about wanting to short Bitcoin. Is that possible?

Is there some 3x Triple Bear Bitcoin leveraged ETF or something out there?
Click to expand...
I don't think so. However he could short a company like Microstrategy whose value is closely tied to btc.

 
jb1020 said:
I'm still relatively new to all of this, and I'm sure its been covered...but you need a cold storage wallet like the Trezor or Nano right?  

My question that I can't seem to find anywhere is, if I move all my BTC to the wallet is there anywhere I can check it online?  Say I move it from Coinbase to the Trezor,  its no longer going to show up on coinbase correct? 

Does a wallet have an app where you can easily check it, and keep it safely secure? Or do you have to dig this thing out of a safe and plus it in the computer to check the value?   I would like to see it, instead of just knowing I have X amount stashed away.  

10 years+ years from now when I might be ready to spend it how does that work?  Do I get the wallet back out and send the BTC back to coinbase?

I went from dabbling in this to moving an uncomfortable amount of money in (with my wifes blessing) pretty quickly.  
Click to expand...
You’ll use Trezor.io as the means by which to ‘see’ your inventory.  You’ll create your account there.  The Trezor then is an external hardware piece you plug into your computer.  Once plugged in...you use the screen on the Trezor and it will self guide you.  That said, the Trezor itself provides little information on the screen... nothing other than confirmations of transfers.

Trezor does not have an app I believe.  There is an app tZero, but don’t think that’s affiliated.  There are other wallets like Exodus, Atomic where there is an app and you can see your balances from your phone.  But that means your crypto is technically online.  To the extent that the risk is real or more than miniscule that someone could hack into it, certainly cold storage like Trezor gives you more security.  But those wallets still seem fairly safe.

I might recommend yield producing vehicles for your BTC.  BlockFi is what I’m currently using and it gives you 6% on your first 2.5BTC (3% greater than that).  Also, there are other projects that are in the business of putting your crypto to work like Celsius Network.

All in all, I’m fairly new too.  But I’m in the rabbit hole like I haven’t been in a rabbit hole before...

 
Exit 1 said:
My buddy was talking about wanting to short Bitcoin. Is that possible?

Is there some 3x Triple Bear Bitcoin leveraged ETF or something out there?
Click to expand...
Bitcoin ETF Back In Play As The Crypto Continues To Surge

Up until now, the SEC has rejected all comers on this front.  But that could change in the next 12 months as a more crypto friendly administration could potentially think differently,  Remember that the last bull run in 2017 was still under the Trump administration.

 
TheDirtyWord said:
Bitcoin ETF Back In Play As The Crypto Continues To Surge

Up until now, the SEC has rejected all comers on this front.  But that could change in the next 12 months as a more crypto friendly administration could potentially think differently,  Remember that the last bull run in 2017 was still under the Trump administration.
Click to expand...
This morning CNBC was asking the question whether Yellen would by crypto friendly.  Many believe that federal regulation is the largest threat to crypto prices.

 
Last edited by a moderator:
TripItUp said:
This morning CNBC was asking the question whether Yellen would by crypto friendly.  Many believe that federal regulation is the largest threat to crypto prices.
Click to expand...
Ultimately, if it’s really going to become a macro category asset, federal regulation will be necessary.  If US Regulation is punitive, that could most definitely slow BTC’s roll.  But I also think the US and it’s QE bottomless pit is going to need to start thinking outside the box when it comes to its mountain of debt since we’re now amongst a dwindling group of buyers.

 
I'm in HEX the hard way, but is there anything wrong with just using Robinhood for Bitcoin?

 
KGB said:
I'm in HEX the hard way, but is there anything wrong with just using Robinhood for Bitcoin?
Click to expand...
You don’t actually own the coin itself but rather more of an IOU from the exchange to honor it.  It’s not FDIC insured.  Some risk but not inherently had to use it for minimal trading, it’s where I got my mom to invest a little into it.  RH does advertise no fees but in their crypto agreement the fee they have to pay to secure the cryptocurrency is factored into the price of the coin on their exchange so you are paying a fee in that sense.  The ease of using Coinbase Pro to purchase really makes it a no brainer.  Plus it gives you ownership of your coins and the ability to send them either offline or into somewhere like blockfi where you can earn free interest on them.

I jumped into it via RH about 3 months ago, have since sold all out of it and moved to coin pro.

 
  • Thanks
Reactions: KGB
One of the wild things about BTC is how quickly $1000 moves in it’s price point have become fairly inconsequential.  3 months ago, it was at $11K.  A $1K move meant a 9% move...now it’s less than 2.5%.

It essentially dropped $1K in the last 5 minutes.  If it had dropped that much 3 months ago, that would have brought forth a panic.  Now...ho-hum.  Even it’s 10% dip yesterday before recovering and blowing back to ATH’s didn’t merit much concern.

Certainly it’s parabolic ascent has given investors an infusion of bravado and confidence, but like Ferris said, life moves at you fast...

 
CowboyFan4822 said:
You don’t actually own the coin itself but rather more of an IOU from the exchange to honor it.  It’s not FDIC insured.  Some risk but not inherently had to use it for minimal trading, it’s where I got my mom to invest a little into it.  RH does advertise no fees but in their crypto agreement the fee they have to pay to secure the cryptocurrency is factored into the price of the coin on their exchange so you are paying a fee in that sense.  The ease of using Coinbase Pro to purchase really makes it a no brainer.  Plus it gives you ownership of your coins and the ability to send them either offline or into somewhere like blockfi where you can earn free interest on them.

I jumped into it via RH about 3 months ago, have since sold all out of it and moved to coin pro.
Click to expand...
So this comes from a noob who has been just diving in the knowledge side of things and trying to learn about the environment more. What's the difference between coinbase and coinbase pro? Is it entirely separate entity?

 
Last edited by a moderator:
madshot31 said:
So this comes from a noob who has been just diving in the knowledge side of things and trying to learn about the environment more. What's the difference between coinbase and coinbase pro? Is it entirely separate entity?
Click to expand...


“The main difference is that Coinbase appears to be very simple, while Coinbase Pro can appear fairly intimidating. But all trades take place on the Coinbase Pro engine, with Coinbase offering significantly higher fees for that simplistic interface.”

I left RH and went to Coinbase until a friend told me I should be on pro for the lower fees which has definitely been true.  Same login and entity.  Pro even lets you transfer right over from Coinbase.

 
CowboyFan4822 said:
“The main difference is that Coinbase appears to be very simple, while Coinbase Pro can appear fairly intimidating. But all trades take place on the Coinbase Pro engine, with Coinbase offering significantly higher fees for that simplistic interface.”

I left RH and went to Coinbase until a friend told me I should be on pro for the lower fees which has definitely been true.  Same login and entity.  Pro even lets you transfer right over from Coinbase.
Click to expand...
this is bizarre.  so I should transfer everything from coinbase to coinbase pro to save on fees and there is not cost to doing so other than the interface different?  I feel like there is some kind of catch I'm missing...

 
Bill Brasky said:
this is bizarre.  so I should transfer everything from coinbase to coinbase pro to save on fees and there is not cost to doing so other than the interface different?  I feel like there is some kind of catch I'm missing...
Click to expand...
If you’re buying or selling the fees are less on Coinbase pro.  The interface is definitely a lot more bare bones but I transferred mine over to it since I’m back continuing to buy.  I think for a $200 buy it was like $2.99 on Coinbase and $1.00 fee on pro.  If not selling for a while no harm in holding on Coinbase.  

 
I had a bunch of the freebies from Coinbase, lets call it $47. Converted it all to Bitcoin this morning. That was pretty easy.

For those of you tracking at home, that momentary dip was me, went from $51 to $50.56 immediately  :D

 
CowboyFan4822 said:
If you’re buying or selling the fees are less on Coinbase pro.  The interface is definitely a lot more bare bones but I transferred mine over to it since I’m back continuing to buy.  I think for a $200 buy it was like $2.99 on Coinbase and $1.00 fee on pro.  If not selling for a while no harm in holding on Coinbase.  
Click to expand...
Is there a fee to have coinbase pro?  like a subscription or anything?  

 
jb1020 said:
Is there a fee to have coinbase pro?  like a subscription or anything?  
Click to expand...
Nope, none.  I do recommend though if going to keep your funds online to transfer them to blockfi after you have them in Coinbase pro.  6% interest on first 2 bitcoins or something like that.  Another poster or two mentioned it earlier.  If not going to have cold storage it’s literally free money.

 
CowboyFan4822 said:
Nope, none.  I do recommend though if going to keep your funds online to transfer them to blockfi after you have them in Coinbase pro.  6% interest on first 2 bitcoins or something like that.  Another poster or two mentioned it earlier.  If not going to have cold storage it’s literally free money.
Click to expand...
blockfi is a separate exchange? so you set up a wallet on bf, then transfer from CB Pro to blockfi?

 
Nathan R. Jessep said:
blockfi is a separate exchange? so you set up a wallet on bf, then transfer from CB Pro to blockfi?
Click to expand...
Being new also I’m googling what exactly the term would be but BlockFi isn’t an exchange.  Coinbase/pro would be the exchange.  But yeah you’d set up an account on BF then transfer from Pro to there if that’s what you want to do with your coins.

”BlockFi is a digital platform that provides crypto savings accounts and crypto-backed loans in addition to supporting live cyrpto trading. Pros. High yield on your cryptocurrency deposits. Ability to borrow against your crypto assets. No minimums or monthly fees.”

”Money deposited with BlockFi is not as safe as being on deposit at a bank. BlockFi, or rather its custodian, Gemini, is not insured by the FDIC or SIPC. Gemini does, however take measures to protect your funds. These measures include keeping the majority of funds in cold storage (i.e., offline).”

Once you purchase on Pro you can leave it on their exchange, move it to blockfi, or take it off the exchange onto a cold storage wallet.  

 
You must log in or register to reply here.

Similar threads

snogger
Anyone gone through Haglund's deformity?
Replies
26
Views
665
snogger
snogger
Joe Bryant
"Difficult" situation?
2 3
Replies
134
Views
2K
Terminalxylem
Terminalxylem
nirad3
Talk to me about Disney's California Adventure
Replies
9
Views
390
nirad3
nirad3

Users who are viewing this thread

Total: 2 (members: 0, guests: 2)
Top