Bitcoin is still so dang confusing to me...

[halohippe]

@calgal99 there are so many choices of what crypto to buy. But for us, all we need to worry about is buying bitcoin and then using it to buy our sweets and then that's it right? Does your wallet charge you if there is nothing in there most of the time?

Most wallets are free I believe. Electrum definitely is. You pay a fee when using it, (moving it in and out) but that’s all.

This is correct, I use Electrum for bitcoin. You pay a small fee for transferring out of Electrum.

If you are moving bitcoin to Electrum the fee will be from the site you are using to transfer from.

 

[halohippe]

I know we are talking bitcoin here and I haven't read through all this thread but people should start to learn/use Monero. Some places I know only use monero now and it's advantages are less volitility and it's supposed to be very difficult to trace compared to bitcoin.

 

[Eyriz]

Revolut? Anyone heard of this?

 

[Zerogravity247]

Coinbase was easy for me for bitcoin but bitcoin is so volatile these days 8% down then 10% up ? That's crazy fluctuations .

If I had too much digital currency I wouldn't have saved it as bitcoin..it can come down so fast its scary and worry inducing

 

[Zerogravity247]

BTW my bitcoin was stolen once from blockchain wallet and I was not using 2 factor authentication...I don't know how he did it but I always use 2 factor authentication after that

There're also some wallets who takes crazy amount of transaction fees and you may realize it later

 

[halohippe]

BTW my bitcoin was stolen once from blockchain wallet and I was not using 2 factor authentication...I don't know how he did it but I always use 2 factor authentication after that

There're also some wallets who takes crazy amount of transaction fees and you may realize it later

Sorry for your loss on your wallet.

I use 2 factor authentication on any website that offers it nowadays. Not only with digital currency and banking but all sorts of sites from Amazon, Google and Medical Records I have with the NHS here in the UK.

Regarding the amount some wallets charge on transactions fees. There is normally an option on the wallet which affects how much you pay relative to the transaction speed so you can pay a smaller amount but the transaction through the blockchain will take longer.

 

[ned]

I found Bitcoin to be net loss. I lost a few hundred dollars from Local Bitcoin when they went under. My account just vanished and Local Bitcoin was no more. No one to complain to, just gone. What really tics me off is that I still receive promotional emails from Local Bitcoin as if they are still conducting business and/or using the name. Only my account vanished. Without uniformity bitcoin and all other alternative markets are stay away, hands-off.

 

[Drantanborg]

I can understand how confusing Bitcoin and other cryptocurrencies can be, especially when you're starting.To answer your first question, some ways to buy BTC instantly include using a debit card or purchasing through a peer-to-peer marketplace like Localbitcoins.Regarding your second question, it can be tricky to know how much to send to cover the fees. You can check the current fee rate on a website like https://fbs.com/analytics/tips/easy-scalping-strategies-26412 and factor that into the amount you're sending. It's also a good idea to double-check the amount you're sending and the fee before sending the transaction.

 

[Eyriz]

What about if you have no ID? I don't have an in date passport, drivers license or anything.
I've heard that most places won't let you buy BTC without ID, and some that will allow you to buy will not let you pay with it without ID and that really bothers me, because the people who have reported this did not have a clue and now they have BTC stuck in some wallet.

 

[cajunbulldog]

What about if you have no ID? I don't have an in date passport, drivers license or anything.
I've heard that most places won't let you buy BTC without ID, and some that will allow you to buy will not let you pay with it without ID and that really bothers me, because the people who have reported this did not have a clue and now they have BTC stuck in some wallet.

Sorry to say I know of no way of completing a bitcoin transaction without some form of government id.

 

[Eyriz]

@cajunbulldog that's cool. There was a 'leave your passport at home" propaganda bs in 2017 and in the UK we can get 'Citizen cards'. It says they are valid for transport, proof of age, and general ID and are endorsed by the dead Queen, the police and some other nobhead. They are 1/4 of the price of a passport but I'm wary. To be honest, I don't trust my own government anymore, anymore, anymore, so I'm wary of buying one incase it's not valid for BTC. Yet I can not find out if it is or not.

 

[Kenjamin]

Once you get a Wallet set up, bitcoin is pretty simple. I use Coinbase and it is probably the simplest part of any transaction. I even screwed up a bitcoin address. I was sending money to one time, and was able to reverse the transaction somehow the inadvertent address was not a legitimate address, so the money was return to my account.

 

[navnaf]

I'm very curious if anyone has used bitcoin through Paypal? Looks like this has recently been added to Paypal according to link below. I know a lot of people have issues with paypal in general, but if you're ok with paypal this seems like it may be easier than the traditional bitcoin process?

BitKan - Buy Bitcoin, Ethereum and Altcoins With Ease

Trusted since 2012, BitKan cryptocurrency broker exchange provides you a better way to buy, trade and track the cheapest Bitcoin, Ethereum and more.

bitkan.com

 

[Santa's little helper]

Paypal is hemorrhaging

 

[jaders]

I'm very curious if anyone has used bitcoin through Paypal? Looks like this has recently been added to Paypal according to link below. I know a lot of people have issues with paypal in general, but if you're ok with paypal this seems like it may be easier than the traditional bitcoin process?

BitKan - Buy Bitcoin, Ethereum and Altcoins With Ease

Trusted since 2012, BitKan cryptocurrency broker exchange provides you a better way to buy, trade and track the cheapest Bitcoin, Ethereum and more.

bitkan.com

It would probably be ok to use them to purchase the coin, but I would definitely move it to a private wallet before sending it to a vendor...

 

[Taizen1992]

I haven't had to use bitcoin in a while, but stocking concerns with usual vendors mean I should start getting used to it. I've dealt with bitcoin in the past so it's not a huge deal at least.

 

[Musing]

@calgal99

I would set up an account at coinbase as they make it easy. I needed to show id with my camera on my device. As I read more and more about coinbase, and that you shouldn't buy from coinbase and send from them, I opened blockchain which for some reason I had troubles with (can't remember what), but then opened a Cash App account, liked it, and have stayed there. When I have some free time I will open another wallet, or go back to blockchain, (as I still have my account there and a tiny bit of btc), and send the btc from cashapp to blockchain and then send to vendor. The more you move it around the better for safety. But you have to go at your own pace. But once you are set up with coinbase, find somewhere else to use to send money to vendors.

Or you can skip the coinbase step and just start with cash app or another place. I had read coinbase was easy for beginners, and I didn't have anyone to help me, so that is how I did it.

Don't be shy to ask questions here!

 

[calgal99]

So, now that we're into March, I have a question for you - did anyone receive a 1099-MISC (or similar) tax form, when you "sold" your bitcoin? [As I understand it, the IRS considers any transfer to be a "sale", too.] So what paperwork do you get, and what identifying information does it have within it?

(Man, the govt is bound and determined not to let anyone do anything with crypto, aren't they??)

 

[Musing]

So, now that we're into March, I have a question for you - did anyone receive a 1099-MISC (or similar) tax form, when you "sold" your bitcoin? [As I understand it, the IRS considers any transfer to be a "sale", too.] So what paperwork do you get, and what identifying information does it have within it?

(Man, the govt is bound and determined not to let anyone do anything with crypto, aren't they??)

mmmm I thought only selling it counted - sending was not counted! yikes. I have not received a tax form yet, but my wallet has an app that does it for you. BUT it appears they send it directly to the IRS. I would prefer to look at it first. hmmmm.

This makes me nervous.

 

[Chris10]

I use Kraken and it’s the only one I understand that when I’m sent my bitcoin address, i paste it and send it to my merchant. That’s all I know how to do bitcoin. Everything else that’s involved, I don’t have a clue. As long as my funds make it to my vendor I’m happy. So far everything has worked well but with other bitcoin sites, they are just crazy. I get what your saying.