BitCoin
Quote: mcallister3200I do not understand the appeal of a currency that guarantees that a government can theoretically track every cent you have and how you spend it.
assuming a person is not intending on evading taxes:
why would the Government care if you bought a car with your Bitcoin profits?
why would you care if the Government knows you bought a car?
as long as you don't use it to buy large amounts of heroin on the web - or tech and ship it to Iran
who cares?
if the Government is tracking this stuff - other than for tax purposes - they're going to have records of trillions of purchases
trivial info
unless a person believes the Government is evil and has some evil scheme to use this info in some strange way there is no reason to care
I just bought a TV - if I bought it with Bitcoin should I care if the Government knows this....?
I've made some large profits on a couple of Crypto purchases - not so big as to write a newspaper story about - but very big in percentage terms - not all that big in dollar amounts
it feels really weird
I just bought the stuff just in case it went way up which it did
I didn't really have any knowledge of what I was doing and I didn't really do any work
nothing like the stock market where I consider things very carefully and do work before I buy or sell
it feels like I don't deserve these profits - like it's not really real - again, it's a weird feeling
I like to feel like I've earned the money I make. I don't feel like I earned this.
kinna funny: WOV's spellchecker says I spelled "Bitcoin" wrong. it doesn't know it's a word
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I'll be happy to get rid of that guilt for you.Quote: lilredrooster........................
I've made some large profits on a couple of Crypto purchases - not so big as to write a newspaper story about - but very big in percentage terms - not all that big in dollar amounts
it feels really weird
I just bought the stuff just in case it went way up which it did
I didn't really have any knowledge of what I was doing and I didn't really do any work
nothing like the stock market where I consider things very carefully and do work before I buy or sell
it feels like I don't deserve these profits - like it's not really real - again, it's a weird feeling
I like to feel like I've earned the money I make. I don't feel like I earned this.
kinna funny: WOV's spellchecker says I spelled "Bitcoin" wrong. it doesn't know it's a word
*
https://www.coinbase.com/learn/tips-and-tutorials/how-to-set-up-a-crypto-wallet
The next time you're going on one of your third world country expeditions, I'm spreading a rumor that you keep all your crypto in your brain wallet.Quote: PokerGrinderTrezor offline wallet
Seconded: Trezor Wallet at about $60.Quote: PokerGrinderTrezor offline wallet
But there's a software wallet called Electrum, which is free, has a good reputation and serves well for one set of keys.
The Trezor can maintain 10 simultaneous and separate accounts.
Keeping
Keeping transaction notes is easier with Electrum.
With both these types of wallets, your secret 24 word phrase is your ultimate backup. With that written down and stored safely, your wallet can be restored even if you lose it completely. You can save the 24 words once and even if you do lots of transactions and then lose your trezor, all transactions get restored, from the blockchain.
I would not advocate keeping BTC on an exchange or exchange hosted wallet. In those instances they effectively take your coins and just give you a website where you can ask for them back. Some Exchanges purport to pay interest, but that's not for me either.
if you don't want to make any more buys of Crypto and you don't want to buy anything with your Crypto -
then what's the easiest way to sell and get it back into your bank account which funded the purchase in the first place?
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Quote: lilredrooster........................
if you don't want to make any more buys of Crypto and you don't want to buy anything with your Crypto -
then what's the easiest way to sell and get it back into your bank account which funded the purchase in the first place?
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First I would visit your branch and ask to speak to the manager. Ask if getting a transfer will trigger anything. Then you can go to an exchange and cash out. Or PayPal is letting you exchange, that should be totally clean to your bank.
Quote: AZDuffmanManagement, is putting ways to get free crypto in this thread with a link allowed?
Quote: The rule isNo free advertising. If you want to advertise on this site then expect to pay. Members in good standing may plug their own product or service, with prior permission. However, "good standing" must be earned. Definitely don't post an ad in your very first message!
Since the link AZD is proposing might well be a referral link, then it's my interpretation that established members might reasonably post such a referral link in this thread. It's only my interpretation, though. Wizard might rule differently. If it's not a referral link, then I can't see an issue as yet.
Quote: OnceDearSince the link AZD is proposing might well be a referral link, then it's my interpretation that established members might reasonably post such a referral link in this thread. It's only my interpretation, though. Wizard might rule differently. If it's not a referral link, then I can't see an issue as yet.
It is a referral link, might make me a few cents and is related to the subject of the thread. As much for fun as anything.
Quote: AZDuffmanIt is a referral link, might make me a few cents and is related to the subject of the thread. As much for fun as anything.
As long as we can post a referral link for where to get vaccinated :)
Quote: darkozAs long as we can post a referral link for where to get vaccinated :)
Fine by me.
Bitcoin is facing negative pushback because of this - from the article :
"But depending on which study you read, the annual carbon emissions from the electricity required to mine Bitcoin and process its transactions are equal to the amount emitted by all of New Zealand. Or Argentina."
Note - this is not a political post - it is not expressing an opinion one way or another about climate change
whatever you believe about it - it is a huge issue - and may affect chances for the widespread appeal of bitcoin
https://www.nytimes.com/2021/03/09/business/dealbook/bitcoin-climate-change.html
Quote: lilredrooster...............................
"But depending on which study you read, the annual carbon emissions from the electricity required to mine Bitcoin and process its transactions are equal to the amount emitted by all of New Zealand. Or Argentina."
[snipped&<]
https://www.nytimes.com/2021/03/09/business/dealbook/bitcoin-climate-change.html
This is the one aspect that troubles me about Bitcoin: So much about its design is pure genius, but I loathe that it is such a resource hungry 'thing'. At some time, it will surely need to be re-engineered to not use all that computing power and energy.
Does anyone know whether other crypto is similarly wasteful?
Quote: OnceDear
Does anyone know whether other crypto is similarly wasteful?
according to this article the answer is yes - although not as much as bitcoin because they're not as popular
from the article:
"Other cryptocurrencies that are structured similarly to bitcoin use energy for mining, too. Bitcoin is the most popular and best known cryptocurrency, but it is not unique in its energy needs."
https://cacm.acm.org/magazines/2018/7/229045-why-cryptocurrencies-use-so-much-energy/fulltext
https://getyarn.io/yarn-clip/a0e39722-de1d-4007-b1f2-e3e4b3e220df
Back to 56K
Quote: MDawg
Back to 56K
ON TO $70K!
What do you think?
I wanted to make a small Bitcoin transaction, in this case $1, and look at the fee.
If you can't see the image, the fee is $6.43. In case you're wondering, had I chosen priority, the fee would have been $11.10. Also note the estimated time is 1+ hour.
I thought cryptocurrency was supposed to be instant and nearly free. For a small transaction, Paypal would have been cheaper. I have had previous Bitcoin transactions take over a day to clear.
Eventually, somebody is going to find a way to improve upon Bitcoin that is fast and cost pennies. I know I've been predicting this for years, but when somebody does figure out how to do Cryptocurrency fast and cheap, Bitcoin will fall in value by 99%+. It will be to the 2020's what Beanie Babies were to the 1990's.
Quote: MichaelBluejayI wrote an article to try to explain Bitcoin to the uninitiated: https://michaelbluejay.com/finance/bitcoin.html
What do you think?
Great article! I would be proud of it. I can't think of a single thing I have a substantive disagreement with you on.
Quote: ChumpChangeSo how much does a $1,000 transaction cost, or even a $25,000 transaction?
Probably the same amount.
You pay per transaction, not the amount of the transaction. The amount of the transaction doesn't matter.Quote: ChumpChangeSo how much does a $1,000 transaction cost, or even a $25,000 transaction?
Thank you for the kind words.Quote: WizardGreat article! I would be proud of it. I can't think of a single thing I have a substantive disagreement with you on.
I just expanded the legal section, commenting on what's legal and what's not, and at a reader request, added a bit about how much energy Bitcoin uses.
Hi Michael,Quote: MichaelBluejayI wrote an article to try to explain Bitcoin to the uninitiated: https://michaelbluejay.com/finance/bitcoin.html
What do you think?
I only speed read the article, which seems excellent. Thanks.
A few observations:-
The issue of Anti Money Laundering and 'Know Your Customer' regs, which I'd express something like...
"The act of converting Bitcoin into fiat currency is typically met with stringent identity checks when executed on a regulated exchange. Because bitcoins can exist on a wallet without anything tying them to a personal identity, then you should expect to explain how and where you acquired them as you attempt to sell or spend them. The exchanges like Coinbase will want you to demonstrate your ID with passport photos etc and they WILL notify tax authorities of transactions exceeding a few thousand dollars. Authorities might deem holding a few bitcoin anonymously as similar to suddenly trying to spend a suitcase full of dollar bills.
also, about hosted wallets -
"If you keep your blockchain keys on a hardware wallet or even just as a paper record, then you totally control your Bitcoin. But if you transfer your coins to a hosted wallet, then the exchange WILL shuffle your coins in with their own. You then no longer have any control of the coins except that which the exchange deems to grant you. Your account at the exchange is effectively a receipt and IOU promising to return the same value to you in the future."
Incidentally, as I have proven to myself, your 24 word pass phrase is enough to replicate or even duplicate an entire hardware wallet. It's the mother of all secrets to access your BTC, like the account number and password to a Swiss bank account. Keep it safe and never record it on any internet connected device or pass it through any messaging service.
and about anonymity -
A complex subject in as much that the blockchain is a free to read ledger of every transaction ever made. Any authority or organisation can trace the route of any Bitcoin funds. Where a transaction passes through any exchange, or point where your identity is collected (eg a mail order purchase), then it can be feasible to effectively audit every transaction you have ever made. So, if, for example you bought Bitcoin at Coinbase and then bought illegal drugs with them, and the drug dealer then sent some Bitcoin to an innocent party, then every party to that transaction might one day be identified and associated with crime. Law enforcement and Tax authorities are developing such research tools.
5 seconds later I heard the words Chump Change on a rerun of Miami Vice. Don King is in this episode.
OK EVENBOB. He said that years ago... in the meantime.... TO THE MOON.... Next stop= Mars.Quote: WizardIt will be to the 2020's what Beanie Babies were to the 1990's.
From my limited understanding there is somthing called the lighting network allready. From my understanding many people are using BTC as a stored value and not nessasarally as a way to do trasactions.
Quote: WizardI have a gripe.
I wanted to make a small Bitcoin transaction, in this case $1, and look at the fee.
If you can't see the image, the fee is $6.43. In case you're wondering, had I chosen priority, the fee would have been $11.10. Also note the estimated time is 1+ hour.
I thought cryptocurrency was supposed to be instant and nearly free. For a small transaction, Paypal would have been cheaper. I have had previous Bitcoin transactions take over a day to clear.
Eventually, somebody is going to find a way to improve upon Bitcoin that is fast and cost pennies. I know I've been predicting this for years, but when somebody does figure out how to do Cryptocurrency fast and cheap, Bitcoin will fall in value by 99%+. It will be to the 2020's what Beanie Babies were to the 1990's.
Wizard, you may be interested in Stellar Lumens.
It's aiming to do what you suggested. And it's currently mad cheap. A Lumen (equivalent to a coin) is only 39 cents or so.
It was 9 cents a few months ago
My son nudged me into buying some crypto and I chose stellar lumens.
Here is an article about it from just today
https://www.google.com/amp/s/investorplace.com/2021/03/its-onwards-and-upwards-for-stellar-lumens-at-this-point/amp/
I have been buying and selling stellar since it was 6 cents. A few of my freinds who are anti crypto and pro silver(I bough some silver at ($17-$19 as well) were laughing at me when I told them if they wanted to make some quick money they should buy it(XLM) and then sell it. I wish i didnt sell so much of it and just held it all. I have been mostly holding my BTC, but I have sold off some chunks multiple times, far more than I have invested, so im free rolling evrything now. Unfortunaly, that sounds alot like the guys who claim they are playing with house money.Quote: darkozQuote: WizardI have a gripe.
I wanted to make a small Bitcoin transaction, in this case $1, and look at the fee.
If you can't see the image, the fee is $6.43. In case you're wondering, had I chosen priority, the fee would have been $11.10. Also note the estimated time is 1+ hour.
I thought cryptocurrency was supposed to be instant and nearly free. For a small transaction, Paypal would have been cheaper. I have had previous Bitcoin transactions take over a day to clear.
Eventually, somebody is going to find a way to improve upon Bitcoin that is fast and cost pennies. I know I've been predicting this for years, but when somebody does figure out how to do Cryptocurrency fast and cheap, Bitcoin will fall in value by 99%+. It will be to the 2020's what Beanie Babies were to the 1990's.
Wizard, you may be interested in Stellar Lumens.
It's aiming to do what you suggested. And it's currently mad cheap. A Lumen (equivalent to a coin) is only 39 cents or so.
It was 9 cents a few months ago
My son nudged me into buying some crypto and I chose stellar lumens.
Here is an article about it from just today
https://www.google.com/amp/s/investorplace.com/2021/03/its-onwards-and-upwards-for-stellar-lumens-at-this-point/amp/
Quote: darkoz
Wizard, you may be interested in Stellar Lumens.
It's aiming to do what you suggested. And it's currently mad cheap. A Lumen (equivalent to a coin) is only 39 cents or so.
It was 9 cents a few months ago
You beat me to this one. I wish I had been loading up last year but am dollar cost averaging in to them. Some people say they will get to $50 but I see more $5-10. That is still a killer return.
Bitcoin is indeed no good for small transactions. But we may see there being a "Bitcoin Standard" to succeed the gold standard. Other cryptos backed by it. Currently the big boys are piling into it.
I also just heard if you have 1 BTC or more you are a BTC 1%er!
Listen you %&$&, I was buying BTC before you had your first wet dream.Quote: PokerGrinderSome of us have 💎 🙌 senior Wolf and some of us take profits and free roll like weak children... 😅
Quote: darkozWizard, you may be interested in Stellar Lumens.
It's aiming to do what you suggested. And it's currently mad cheap. A Lumen (equivalent to a coin) is only 39 cents or so.
...
https://www.google.com/amp/s/investorplace.com/2021/03/its-onwards-and-upwards-for-stellar-lumens-at-this-point/amp/
Q: Would the fees for a transaction be lower with Lumans? Or does it depend on the 'exchange' (e.g., Coinbase)?
Google the lightning network.Quote: IndyJeffreyQ: Would the fees for a transaction be lower with Lumans? Or does it depend on the 'transactor' (e.g., Coinbase)?
Quote: IndyJeffreyQ: Would the fees for a transaction be lower with Lumans? Or does it depend on the 'transactor' (e.g., Coinbase)?
It should be. There is a video on Lumens at CoinBase which gives you some free if you watch it. At least it used to, they may have given away their allotment. Bitcoin tends to clog when it goes on a run, same thing happened in 2017.
Quote: AxelWolfListen you %&$&, I was buying BTC before you had your first wet dream.
Then sold like a bitch 😂😅
Glad you liked the article!Quote: OnceDear
I only speed read the article, which seems excellent. Thanks.
A few observations:-
[1] The issue of Anti Money Laundering and 'Know Your Customer' regs...
[2] also, about hosted wallets...
[3] and about anonymity...
I already had some bits in the article about (1) and (2), but based on your suggestion, I just expanded them, and I added a new section on anonymity.
I also added a section in interest-bearing crypto savings accounts, and the energy use of the mining operations (requested by another reader; I don't think that part was in yet when I first posted the article link on this forum).
Quote: MichaelBluejayI wrote an article to try to explain Bitcoin to the uninitiated: https://michaelbluejay.com/finance/bitcoin.html
What do you think?
Fantastic article. Thank you. I instantly shared it with my son.
One thoughts while reading: What are risks of each of the types wallets?
Thanks again.
Glad you liked the article!Quote: IndyJeffreyFantastic article. Thank you. I instantly shared it with my son.
One thoughts while reading: What are risks of each of the types wallets?
The article does have a whole section on Risks, identifying different risks for different kinds of wallets. I don't know any more about that than what I included in the article. If you come across info on wallet risks that I don't cover, I'll see about adding it.
1 Bitcoin equals
60,396.20 United States Dollar
Quote: AxelWolfMeanwhile...
1 Bitcoin equals
60,396.20 United States Dollar
Imagine if you hadn’t sold so much... 😂
