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Bitcoin-Explain to me how to buy these things (6 Viewers)

Apparently Coinbase users will get their BCC eventually.  

Coinbase says it will support Bitcoin Cash after all -- but it isn't committed to trading yet - TechCrunch
https://apple.news/A1OVVhGKyQTGlP8Lh0141cg

Anyway everything is way up right now.  ? Btc at 3141, eth at 245, ltc 45.  If you were holding anything you're probably doin bretty good

 
Is this the stuff people buy good Euro "E", Roids, Boner pills and the sort with? Seems shady. And complicated as hell.

 
The official word from Coinbase:

We wanted to give our customers an update on the recent Bitcoin hard fork. You can read more about what a digital currency fork is here:

https://blog.coinbase.com/what-is-a-bitcoin-fork-cba07fe73ef1

Forks enable innovation and improvements to digital currency and we believe that we will see an increasing number of forks in the future. We expect this to be a vibrant and innovative community.

When a digital currency forks, it creates a new digital asset. Adding new digital assets to Coinbase must be approached with caution. Not every asset is immediately safe to add to Coinbase from a technical stability, security, or compliance point of view. 

Our top priority is the safety of customer funds and we spend extensive time designing, building, testing and auditing our systems to ensure that the digital asset we support remains safe and secure. We may not always be first in adding an asset, but if we do, you can be sure that we’ve invested significant time and care into supporting it securely. We believe this is the best approach for us to maintain customer trust.

In the case of bitcoin cash, we made clear to our customers that we did not feel we could safely support it on the day it was launched. For customers who wanted immediate access to their bitcoin cash, we advised them to withdraw their bitcoin from the Coinbase platform. However, there are several points we want to make clear for our customers:

Both bitcoin and bitcoin cash remain safely stored on Coinbase.

Customers with balances of bitcoin at the time of the fork now have an equal quantity of bitcoin cash stored by Coinbase.

We operate by the general principle that our customers should benefit to the greatest extent possible from hard forks or other unexpected events.

Over the last several days, we’ve examined all of the relevant issues and have decided to work on adding support for bitcoin cash for Coinbase customers. We made this decision based on factors such as the security of the network, customer demand, trading volumes, and regulatory considerations.

We are planning to have support for bitcoin cash by January 1, 2018, assuming no additional risks emerge during that time.

Once supported, customers will be able to withdraw bitcoin cash. We'll make a determination at a later date about adding trading support. In the meantime, customer bitcoin cash will remain safely stored on Coinbase.

Thank you,

Coinbase Team
Click to expand...

 
ILUVBEER99 said:
3,548.   This train just won't stop.
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Incredible really.  That's not even counting the BCC remainder on top of that.  I regret cashing out at 2620 pretty badly.  I think I cost myself a solid 3.5-4k by doing that.  But I'm glad I put some back in around 2700 after the fork.  

 
ren hoek said:
Incredible really.  That's not even counting the BCC remainder on top of that.  I regret cashing out at 2620 pretty badly.  I think I cost myself a solid 3.5-4k by doing that.  But I'm glad I put some back in around 2700 after the fork.  
Click to expand...
I missed out on the BCC because I left it in coinbase.

:shrug:

Just wish I could put in a stop loss order (though I've been skimming profit here and there)

 
JerseyToughGuys said:
What do you mean?
Click to expand...
Well, let's say I invest $1000 of my cash into bitcoin. After 6 months or so I decide I want to remove my cash from bitcoin for good old American cash.

Who cashes out the bitcoin? Who sends me the check?

Just trying to learn the process in a easy to follow way.

 
So what's a good wallet for bitcoin now? Complete n00b to Btc, but mainly interested in it just to make some online bets...although, the investing aspect is intriguing, though I feel like I'd be buying high.

 
Charlie Harper said:
So what's a good wallet for bitcoin now? Complete n00b to Btc, but mainly interested in it just to make some online bets...although, the investing aspect is intriguing, though I feel like I'd be buying high.
Click to expand...
Most of us use Coinbase (can use credit card or checking to get in there), then transfer to Blockchain, and use Blockchain to send/receive from books.

 
Dove in headfirst and probably about 2 years too late as I remember all the bitcoin shtick around here.  What coulda been...

Being a noob I put a small stake in bitcoin but have really been trying to find that "next BTC" cause I don't have enough education to know how much higher BTC can go above $4k

I use coinbase to hold my BTC, ETH and LTC.   

I use Bittrex to hold my NEO and OMG.   I'm gonna stick with those 5 and hope something positive happens over the next 12 months while not having some hacker steal all these coins.  Even the wallet process outside of coinbase for these alternative coins seems sketchy to download and install 

 
harryhood said:
Dove in headfirst and probably about 2 years too late as I remember all the bitcoin shtick around here.  What coulda been...

Being a noob I put a small stake in bitcoin but have really been trying to find that "next BTC" cause I don't have enough education to know how much higher BTC can go above $4k

I use coinbase to hold my BTC, ETH and LTC.   

I use Bittrex to hold my NEO and OMG.   I'm gonna stick with those 5 and hope something positive happens over the next 12 months while not having some hacker steal all these coins.  Even the wallet process outside of coinbase for these alternative coins seems sketchy to download and install 
Click to expand...
From what I've read much much higher... like 6 figure potential 

 
Bitcoin is basically the same thing as the 2000 tech bubble. It could be part of the future, but it is so far out in front of itself right now, the crash will be spectacular. 

 
harryhood said:
Dove in headfirst and probably about 2 years too late as I remember all the bitcoin shtick around here.  What coulda been...

Being a noob I put a small stake in bitcoin but have really been trying to find that "next BTC" cause I don't have enough education to know how much higher BTC can go above $4k

I use coinbase to hold my BTC, ETH and LTC.   

I use Bittrex to hold my NEO and OMG.   I'm gonna stick with those 5 and hope something positive happens over the next 12 months while not having some hacker steal all these coins.  Even the wallet process outside of coinbase for these alternative coins seems sketchy to download and install 
Click to expand...
You might consider getting a hardware wallet like Ledger.  My coinbase/bittrex balances generally stay at zero.  I can't imagine losing everything in a Mt. Gox type situation.  

 
fantasycurse42 said:
Just lead to a bigger crash, imo.
Click to expand...
The increasing difficulty level of mining prevents it from ever getting ahead of itself, its always cost more for the hardware and electricity to mine a bitcoin than it has to purchase one, but only slightly.  It would take long term miner holdout across a global scale to crash BTC right now.

 
Dan Lambskin said:
Yeah thats what I use as well, although I think there may be better options 
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Actually I think this is still the best option.  Every other market point has higher exchange costs and larger spreads.  Transfer to a non bank linked personal wallet, and then transfer from there to end destination.

 
hooter311 said:
The increasing difficulty level of mining prevents it from ever getting ahead of itself, its always cost more for the hardware and electricity to mine a bitcoin than it has to purchase one, but only slightly.  It would take long term miner holdout across a global scale to crash BTC right now.
Click to expand...
Until I can walk into the Panera downstairs and pay with Bitcoin, it isn't worth anything to me. I fully understand the technology and all about it, so I'm not shooting from the hip and dismissing. I'm just of the opinion that it is currency mainly used by those doing illegal activities as of now. 

It is unregulated and backed by nothing. Right now it is all hype, and there will be a monster crash. Maybe it runs to $8k or $10k, but at some point, you'll see a tech bubble crash in the thing, just my take. 

 
fantasycurse42 said:
Until I can walk into the Panera downstairs and pay with Bitcoin, it isn't worth anything to me. I fully understand the technology and all about it, so I'm not shooting from the hip and dismissing. I'm just of the opinion that it is currency mainly used by those doing illegal activities as of now. 

It is unregulated and backed by nothing. Right now it is all hype, and there will be a monster crash. Maybe it runs to $8k or $10k, but at some point, you'll see a tech bubble crash in the thing, just my take. 




2
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I'm not trying to be a jerk, but highly doubt you fully understand the tech behind Bitcoin.  There are maybe a handful of people in the world who fully understand it.

 
fantasycurse42 said:
Until I can walk into the Panera downstairs and pay with Bitcoin, it isn't worth anything to me. I fully understand the technology and all about it, so I'm not shooting from the hip and dismissing. I'm just of the opinion that it is currency mainly used by those doing illegal activities as of now. 

It is unregulated and backed by nothing. Right now it is all hype, and there will be a monster crash. Maybe it runs to $8k or $10k, but at some point, you'll see a tech bubble crash in the thing, just my take. 
Click to expand...
When foreign governments start locking up your international bank accounts, seizing assets, and bombing cash supplies.......you now turn to blockchain to survive.

Contraband has always controlled the world economy, why would the inception of bitcoin change that?

 
I don't need to use BTC to buy a sandwich, I have a debit card for that.

If I wanted to make a $25k transaction.  Its the first thing I would turn to.

 
hooter311 said:
When foreign governments start locking up your international bank accounts, seizing assets, and bombing cash supplies.......you now turn to blockchain to survive.

Contraband has always controlled the world economy, why would the inception of bitcoin change that?
Click to expand...
I live in the United States, I don't think I'll ever have an international bank account, possibly Switzerland, but #### would have to be going real good for that to happen. 

All it takes is one tweet from Trump and this #### is worth 10 cents, it just is way too volatile, unregulated, & backed by nothing - the only going for it is sentiment... If that disappears, it has nothing. 

Maybe it succeeds in the long run, I'm just of the opinion that right now it is so far out in front of itself and compare it to tech bubble 99-2000.

 
fantasycurse42 said:
I live in the United States, I don't think I'll ever have an international bank account, possibly Switzerland, but #### would have to be going real good for that to happen. 

All it takes is one tweet from Trump and this #### is worth 10 cents, it just is way too volatile, unregulated, & backed by nothing - the only going for it is sentiment... If that disappears, it has nothing. 

Maybe it succeeds in the long run, I'm just of the opinion that right now it is so far out in front of itself and compare it to tech bubble 99-2000.
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Its backed by the blockchain.  It's regulated with equations.  

It feels like arguing science and religion to me.

I have no doubt that you have a much more intelligent financial mind than myself.  But this isn't a tech bubble, this is the new, new.  I don't mess with any of the hundreds of other cryptocurrencies and there will be plenty of bubbles, breakdowns, and implosions among them.  Bitcoins are real and blockchain is the truth.  You can't touch them, you can't see them, but they're real.

 
fantasycurse42 said:
I'm a lot more comfortable using Citibank for a transaction of that magnitude. 
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Difference in thinking.  I'm not arguing that. There just is another world out there that you seem to be failing to acknowledge.

The fastest way for you to send me $25k and for me to confirm I have it is blockchain, it would take 3-5 minutes total transaction time.  You send me 25k from Citibank and I could wake up to a -25k balance tomorrow.

 
fantasycurse42 said:
I live in the United States, I don't think I'll ever have an international bank account, possibly Switzerland, but #### would have to be going real good for that to happen. 

All it takes is one tweet from Trump and this #### is worth 10 cents, it just is way too volatile, unregulated, & backed by nothing - the only going for it is sentiment... If that disappears, it has nothing. 

Maybe it succeeds in the long run, I'm just of the opinion that right now it is so far out in front of itself and compare it to tech bubble 99-2000.
Click to expand...
Ok, now leave your good/evil filter off and pretend your North Korea or the Mexican Cartel and this is a global economy.  

 
So as a total noob - is there a "guide"

Sign up for an exchange (Coinbase)

Deposit funds

Buy ecurrency

Store in a wallet?  Online offline?

Cash out?

 
belljr said:
So as a total noob - is there a "guide"

Sign up for an exchange (Coinbase)

Deposit funds

Buy ecurrency

Store in a wallet?  Online offline?

Cash out?
Click to expand...
That's pretty much all there is to it, Coinbase will walk you through it.  You don't even need to deposit funds, you can purchase BTC directly from bank account or credit card.  Coinbase will store your coins for free as well.  For your security, I wouldn't share wallet address openly that coins are stored in.  If you wish to cover your tracks spending BTC for whatever reason, create a wallet at blockchain.info and send to there first.  There are also "tumbling" services available deeper on the web as well, but are unnecessary for most users.

Coinbase is an exchange so you can sell cryptocurrency and convert to cash at any time.  Cash can stay at coinbase as well or go back to your back account.

 
I'm also aware that every great bubble is preceded by guys yelling from their rooftops "There can't be a bubble!!!"

So take what I say with a grain of salt...

 
I'm not looking to earn millions and millions of dollars.   I have a couple hundred bucks I'm willing to drop in.

A couple guys at work just started and doing the same but we're all noobs.  So I can just signup in coin base to get started?   Use the APP?

 
I like to think I'm a pretty smart fella.

I understand the idea behind this.

I still don't for the life of me understand how to get the thing I want to buy.

I load into coinabse but I need to transfer to changelly to buy what I want and then open up a wallet elswhere to transfer what I bought?

:confused:

 
belljr said:
I like to think I'm a pretty smart fella.

I understand the idea behind this.

I still don't for the life of me understand how to get the thing I want to buy.

I load into coinabse but I need to transfer to changelly to buy what I want and then open up a wallet elswhere to transfer what I bought?

:confused:
Click to expand...
Have you gone through the identity proofing stuff?

 
hooter311 said:
Have you gone through the identity proofing stuff?
Click to expand...
not yet.

But what I want to get is not on Coinbase.  So I read an FAQ that basically goes like this

Open Coinbase account  - Setup authentication with Authy app

Then I need to either opne a wallet for XRP on gatehub, biitrex

Open account at Changelly

Buy BTC on coinbase

open my ripple wallet

Open Changelly

Give that my Ripple Wallet address

Go to coinbase hit send

seems like a lot can go wrong

 
Last edited by a moderator:
Once you get some btc/eth loaded into your coinbase, you can go through changelly to exchange it for for the currency you want.  

If it's an ethereum-based currency (like OmiseGo or BAT), you can use an ethereum address to receive it.  You don't want to send it your coinbase ethereum address, since they only deal in bitcoin/ethereum/litecoin and won't display it in your wallet.  

With BAT for example, I exchanged btc through changelly (sent btc with coinbase, ledger eth address for recipient), first with a small transaction to verify it worked, then with the real amount, and sent it to my ledger ethereum address.  You can't see that it's there on coinbase and Ledger yet, because as of right now they don't display tokens (the subcurrency based on the ethereum blockchain), but they should be there.  I definitely would not use coinbase as the recipient unless it's for a currency you know they deal in.

Anyway, with the BAT sent to my ledger address, I connected it to myetherwallet.com and looked at them there, or you can see it on etherscan.io.  I haven't exchanged or traded any tokens yet so I wouldn't know how to do that.  

Hope this helps @belljr

 
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