bitcoin

Man, i really wanted to try buying/trading cryptocurrency in my down time. I tried to watch some youtube videos but i feel like i need to find someone local to hold my hand.
Did you just give it a go, or have you figured out what to do and when?

 

Just give it a go. Go on Coinbase and start an account. Its pretty easy after that.

 

Hell, that was 47 years ago!!. Who in the Hell would still think that? Just sayin...I do have a bunch of uncirculated silver certificate US bills that are worth quite a bit although not backed by silver anymore and only worthwhile from numismatic standpoint. Everything I hear is that bitcoin is ripe to burst. Silver and gold is real. You can hold it in your hand. Precious metals are less finite than the bitcoin...which on cyberspace sounds like good thing until an EMP from some wacko country takes the internet down along with everything else that lives and breathes on electric energy.

 

So you deposit money into coinbase and purchase it from there? what payment method do you use?
When i was researching everything, i setup an account with something (cant remember if it was coinbase or something else), but didn't do anything with it.

 

Silver and gold is real as in yes you can touch it but what is the reality of a shiny rock. It is only as valuable as the people make it. What is the REAL value in gold, what can you really do with it that makes it so valuable? Kinda the same way cryptocurrency is.
It is only as strong as the people make it.

 

Gold, "the shiny rock" has been a "real" commodity for ages when hard times hit. Not an imaginary internet coin. Lots of people got to this country (and others) because when hard times hit the fan...they had something of real proven value to trade. Gold has had "real" value since time immemorial. Quite frankly I'd rather invest my money in pork belly futures. Almost everyone loves bacon. Trade gold for bacon.... or trade bitcoin for bacon. Kids need to eat. H2O value is another topic. Bitcoins for that matter are truly only as valuable as the "people" make it. Just sayin...

 

I have no idea why I am so fascinated with this? Just fun to watch and think “what if”

 

I try not to think about it anymore because it just makes me sad. I had a few complete coins back when Bitcoin first started and was less than a penny each. I completely forgot about them shortly after that and I don't have my old computer that had the coins stored on it.

 

Ouch... that's gotta hurt... Sorry

You can console yourself by having one of the coolest Tundra's in existence though?

 

Damn, i have a buddy that had like 40 coins in 2010 and used them for online poker now they are gone. that would be like $751,600 at current price...wish in one hand and shit in the other.

 

Ripple (XRP) is one that you can still get into, not saying it will ever be near bitcoin prices, but it’s under a dollar. So if you want to get in small and play around, look for something under a dollar.

 

Saw this today, haha...

 

Finally getting it. Coinbase to Binance and bought some goodies including Tron/TRX, Ripple/XRP, and a couple of others. Its worth the risk.

 

I lost a couple complete coins in a similar situation, but also held on to some others I obtained after. I sold those when BTC was around $7000. Now I have some fractional BTC and a lot of ETC. ETC doubled in price over the past couple weeks. =D

 

what payment method do you guys use to load into coinbase (just a visa?). I'm thinking of throwing a couple hunskies into the pot.
Maybe one of you pro's can pm me.

 

I would not advise visa but they all have their pluses and minuses.
Visa adds around a 5% transaction fee. If you buy a 13,000 it has to go to 13650 before you break even but you get your coins now.
Bank draft adds 2.5% transaction fee. buy at 13,000 it has to go to 13325 before you break even. You get to lock in your price but you don't get your coins for about 7 days while the transfer happens so you cant sell them until you get them.
The best is through GDAX. GDAX is the professional version of coin base. only a.25% transaction fee so $13032.5 to break even. You have to transfer the money into the account before you can buy so you have a good 5 to 7 day wait until you can buy.

Do you have a coinbase account? If you don't can you use this link to sign up? https://www.coinbase.com/join/591f41b5a4c41503ade619b1

I get $10 for helping you all out if you sign up with my link.

 

interested to know this as well. Link a card or link your bank account? I may play around a bit today.

 

see my comment above. Feel free to pm me if you have any other questions

 

Or ask them here. That way everyone learns.

 

for GDAX, is it safe to give them all this info? They even want a copy of your drivers license or ID

 

Its like opening a bank account. They have to prove who you are. GDAX is FDIC insured. Most exchanges are not.

Did you use my link to sign up?

 

Unfortunately I couldn't since I already had a coinbase account, just have not done anything with it since I have been kinda sketched at the thought of giving them my credit card info etc.

 

I got asked some questions via DM. They where good one so im going to post them and the answers here for everyone

Are you buying into the less expensive ones hoping that they will become the next big currency?

When buying coins you need to take market share into account. One of the things new people do is see a coin for $1 and think"oh that must be better because bitcoin is $15,000 so this can go to $15,000 and i will be rich." xrp is an example of that. The thing is there is a max supply of 21,000,000 bitcoins. XRP on the other hand has a max supply of 99,993,093,880 so if xrp was to go to $15,000 a coin the market cap would be $1,499,896,408,200,000. Thats not going to happen. BTC's current market cap is $201,245,960,758.

Day trading them? Are you mostly buying/selling at a daily rate, or just sitting on them waiting to cash out big?
I both swing trade and hold my coins. Very few i day trade and the ones i do im usually in and out. An example is john mcafee is doing a thing on twitter now that he post the coins that he likes, one a day. Today he posted burst coin. When he posted it i bought 0.01256337BTC worth and put a sell order right after for 10% more. I sold it 30 seconds later for 0.01376341BTC. I was betting that him posting that people would FOMO (Fear of missing out) the coin and drive the price up. I could have set my sell higher but that might not have worked because a lot of times they rise fast and fall fast if you are dealing with a "this is the best thing" posted by a celebrity.

Lets say you want to cash out on them. How does that work?
To cash them out it works the opposite of buying. You would sell to USD and then initiate a transfer to your bank account.

Do you get taxed on any earnings?
Crypto is taxes like a stock so you have capital gains tax.

 

One more thing for all you new people creating accounts with coin base. Make sure you turn on 2 factor authentication for all your exchange accounts. This makes it alot harder for someone to hack your account and steal your crypto. here is a video on how to do this. The video is not made by me but has good info.

https://www.youtube.com/watch?v=EAnM3hOiZCg

Make sure you back up your key on paper not your computer. If you loose the key you will not be able to get into your account.


Use https://www.coinbase.com/join/591f41b5a4c41503ade619b1 to join coinbase if you have not signed up yet. I get $10 from them for helping you out.

 

Thanks Smooosh!

 

TRON up 170%

 

I love Tron

 

Few of those little guys are going ballistic. Tron, Ripple, Lumen. If Ripple hits Coinbase... See ya later.

 

The odd thing about this is the owner of Bitcoin just sold the company for "real money". Now why would you do that if your companys currency is worth more than the actual dollar????? Hmmmm. Because its not real money.