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  #1  
Old 07-25-2018, 12:48 PM
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Bitcoin explanation

Is there someone or a couple of you guys that can take me by the hand and tell me how to begin using bitcoin?

I have looked into it briefly a couple times before I got the ".... its".

How does one fund it? What is a wallet? How does it stay anonymous if it is linked to an account? What is the easiest way to use it. And a 100 more questions.
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Old 07-25-2018, 01:19 PM
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This is a pretty good 'article'

https://www.coindesk.com/bitcoin-exp...five-year-old/
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Old 07-26-2018, 09:07 AM
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Dakota,

Im with you - kinda lost in the whole crypto currency realm.
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Old 08-07-2018, 05:36 PM
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Bitcoin is intimidating at first. Here is short explanation of bitcoin. First, remember it is volatile, but whatever amount you buy with fiat money (dollars, euros, yen, for examples), that amount is locked in, regardless of whether the bitcoin goes up or down. So, if you buy $100 of bitcoin using Coinbase, for example, they will take the money from your bank - which can take up to a week - and even though the bitcoin might increase or decrease in value - you will get $100 worth. You might ask, how long does a bitcoin transaction - by that I mean sending or receiving bitcoins, not purchasing or selling (back to the bank)? Normally, a sending or receiving transaction takes a few minutes, occasionally longer depending on how much traffic is happening in the entire bitcoin universe. It is a non-centralized system (which is why it's pretty secure), so there isno central hub like at a bank.

Coinbase lets you fund your purchase by bank transfer, and after a transaction or two, debit card (and I think credit card if you bank allows it). Once purchased, the bitcoins are stored in Coinbase in a personal "wallet". Then you send the bitcoin to someone else's wallet and he can withdraw from the wallet into his bank account. You can have many wallets, each with a unique identifier. In the same way, you can receive - someone send bitcoins to your wallet.

Now, there are kinds of wallets. Coinbase's is an online wallet, a "hot" wallet - not the most secure. There is also a "cold" wallet, which is stored offline, like on a USB stick. Much safer. And there are third party wallets, like the Mycellium app - which is a hardware wallet, almost "cold", in that the wallet exists on your phone.

If you want sell bitcoins, you have to use a bitcoin platform that supports withdrawals to a bank account. Not all do. Some are just platforms for trading and sending, like Mycellium. In order to sell from that sort of platform, you have to send your bitcoins to another platform like Coinbase, then withdraw to the bank.

You may ask why use something like Mycellium if you can't withdraw the money. Well, since bitcoin transactions are hard to trace (but far from impossible!!!!! - remember that), you could accept the bitcoins from someone on one platform, then move it through one or two others before cashing out (withdrawing). However, as I wrote above, bitcoins are volatile, so after a few transactions to move them around, you may end up with less fiat money than you anticipated.

Some bitcoin platforms are limited to buying with one currency, some are multicurrency. Bitcoins themselves do not depend on the currency you buy them with or withdraw to a bank. Bitstamp, for example, lets you buy or sell in dollars or euros. Best to do some research on a good platform that lets you also do withdrawals. Bitstamp, Coinbase, Kraken are ones I've checked out that do. Others, like Coinmama don't allow withdrawals.
Also, in choosing a platform, find one that is easy to use. Coinbase, for example is pretty easy. However, their fees aren't the lowest.

And that's another point - fees. Each platform has it's own fee schedule, so review the fee structure of the different platforms. The fees generally apply to purchasing and withdrawing bitcoins. Wallet-to-wallet transaction fees, on the other hand, are usually a small fraction of the transaction - you will barely notice those.
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Old 09-16-2018, 10:29 AM
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i would say bit coin is as much of a scam as buying gold or anything else that is marketed to us little people . as in gold if i have a lot of it i can increase its value buy making many common people buy it . but the value you see as in rise isnt the value you or i get when you try to sell . just pulling numbers out of thin air say gold is worth 3000 an ounce trading and you take your ounce down to sell it you dont get 3 they offer you 2700 or 2500 depending normal people dont have the contacts nor the amount to get better prices its a scam . bit coin is another scam if it wasnt i could buy it and spend it easy . without really doing some checking i cant say off hand where i can spend it . i know where to spend my dollars everywhere around the world . i know of only 1 website that takes bit coin . and the value of bit coin is complex made by many factors and even though you can see them say the value rises ect to have something ie money worth anything you need to know where to spend it . if it was real we would know actors would demand being paid in bit coin . there would be stores like with the now accepting ebt would be now accepting bit coin and there isnt . im sure someone will point out how dumb iam and i have no understanding of markets ect cause all the smart people say otherwise but food for though think about it if it was of a real value everyone would accept it ...i see no millionaires dumping 25 percent of their wealth into bit coin its all us goofs they try to talk in buying it .
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Old 09-17-2018, 11:30 AM
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fwiw...………

I have done a bunch of research and here is my two pennies.

A. Money is Math is what they are saying, very complex math so it is safe, blah blah blah.............downside is math is unlimited so why you see a dozen different crypto's now

B. The future, there is value in the Ledger portion of it, imho, every time the coin goes from A to B, there is a record of it....an extremely extensive record, that details what everything about the transaction was......example, say, you paid a plumber 200 bucks to fix a leak in your home, every thing about that work would be detailed and permanently attached to both the coin and the home........ie, extensive electronic record keeping, and they say due to the math it cannot be altered, it is locked


so, imho, future record keeping has value, issue against is is privacy....

I watch fairly closely as a sign of the fevor of speculative forces in the economy
last year at this time is when bitcoin took off, 6 month phenom

This year we have marijuana stocks, started about a month ago....

Speculation works like priest described
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Old 09-24-2018, 04:06 PM
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I literally cant understand how to get or use them. I don't know jack all about how wallets work.
Why is there no simple explanation, I've been to youtube, ive watched their crap, I've scanned the forums; I dont want to be pointed in the right direction, I NEED SOMEONE TO HOLD MY HAND AND GUIDE ME AND EXPLAIN IT STEP BY STEP, HANDS ON. because this is just pissing me off.
Why am i so ....ing stupid?
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