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Old 7 December 2017, 05:38 PM   #1
yoniman
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BITCOIN: How does it work. Can someone simplify this phenomena

Hi TRFers, Bankers, accountants and BITCOINERS.

My brother-in-law-learnt I am buying another watch.
He said better to buy a Bitcoin.
Naturally, I told him to eff-off as I m still tragically waiting for a 116710 BLNR and 214270 Expy 1.

Bitcoin here in NZ cost NZD$20,100 +- or approx US $14,385.00.

Have you any TRFers personally bought a BITCOIN? Thoughts and advise on this who have actually purchased will be appreciated?

Intend to buy a minimum of at least 2 Bitcoins for the long - haul for like 7-10 years. return.

Any thoughts, comments and experience on this BITCOIN?
It's all media hyped now and I think not the right time to buy.
And who are the TRUSTED sellers?

Thank you
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Old 7 December 2017, 05:41 PM   #2
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https://finance.yahoo.com/news/how-t...180337499.html

Im not into bitcoin but this is a good read about how to do it if you want
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Old 7 December 2017, 05:56 PM   #3
chad362wiley
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I do cryptocurrency investing for my living. Bitcoin is a rather complex concept, the technology behind Bitcoin is what's really valuable. I would not be buying Bitcoin right now as it has grown a little too quickly in the past few weeks. However, if you're planning to hold for the time period you specified, then anytime is a good time to buy.
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Old 7 December 2017, 06:46 PM   #4
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Yes, buy Bitcoin, then try and buy a Rolex with your Bitcoin. Good Luck.
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Old 7 December 2017, 07:04 PM   #5
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You need an online wallet before you can buy BC.
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Old 7 December 2017, 07:10 PM   #6
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I was pestered by my best friend to buy bitcoin when it was at its lowest 3+ years ago. Naturally I ignored him....
but the truth is Iím still reticent because of its Dark Web currency associations.


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Old 7 December 2017, 07:42 PM   #7
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bitcoin is lauded as a different currency, but don't you have to buy it with traditional currency, and what if you want to withdraw it in traditional currency?

is this not currency as we know it by a different name?


I am staying well clear, just my view of course.
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Old 7 December 2017, 07:46 PM   #8
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In crypto world if you donít hold your private keys of your wallet, youíre gonna have a bad time.
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Old 7 December 2017, 09:45 PM   #9
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Quote:
Originally Posted by chad362wiley View Post
I do cryptocurrency investing for my living. Bitcoin is a rather complex concept, the technology behind Bitcoin is what's really valuable. I would not be buying Bitcoin right now as it has grown a little too quickly in the past few weeks. However, if you're planning to hold for the time period you specified, then anytime is a good time to buy.
Bitcoin is really very simple to understand

https://support.coinbase.com/custome...at-is-bitcoin-

It is blockchain that almost no one understands
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Old 7 December 2017, 09:51 PM   #10
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I'm a dinosaur. If I don't understand it, I steer clear. I'll stick with traditional currency till they stop the presses
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Old 7 December 2017, 09:52 PM   #11
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I'm a dinosaur. If I don't understand it, I steer clear. I'll stick with traditional currency till they stop the presses
Same here and then we'll switch to gold.
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Old 7 December 2017, 10:10 PM   #12
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A bubble waiting to explode, too risky IMO.
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Old 7 December 2017, 10:12 PM   #13
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Same here and then we'll switch to gold.
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Old 7 December 2017, 10:17 PM   #14
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Same here and then we'll switch to gold.
if you think about it, its all a scam. Gold, traditional currency, or bitcoin is only valuable because we decide it is. I don't buy the "tangible asset" argument of gold either. Its all based on what we collectively value it at, nothing more. If confidence falls so does the value which is why bitcoin in particular is very risky as its not as established.

Thats my 2 cents or 0.000001 bitcoin
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Old 7 December 2017, 10:38 PM   #15
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It sure has gone up and down a bunch.
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Old 7 December 2017, 10:41 PM   #16
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Quote:
Originally Posted by tyler1980 View Post
if you think about it, its all a scam. Gold, traditional currency, or bitcoin is only valuable because we decide it is. I don't buy the "tangible asset" argument of gold either. Its all based on what we collectively value it at, nothing more. If confidence falls so does the value which is why bitcoin in particular is very risky as its not as established.

Thats my 2 cents or 0.000001 bitcoin
What's your take on water?

Do you think it will fail and should I exchange my gold for it?
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Old 7 December 2017, 11:05 PM   #17
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What's your take on water?

Like it. Very good liquidity.

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Old 7 December 2017, 11:06 PM   #18
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On the other hand, it sometimes runs hot and cold...
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Old 7 December 2017, 11:54 PM   #19
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Here's a question on bitcoin I've never been able to find an answer to, though I haven't researched it too much: if I buy bitcoin, or any other crypto, I pay with US$. If the cryptocurrency increases in value am I able to sell my bitcoin (or other) for US$? Or am I stuck with bitcoin and have to find ways to spend it to enjoy my profits?

I know bitcoin futures start on the CME this weekend, so certainly that's a way to make cash on bitcoin, but it is trading futures, not actual bitcoin.
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Old 8 December 2017, 12:01 AM   #20
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The difference lies here; forget the numbers arbitrarily assigned as to its "dollar value" and realize that 1 ounce of gold will trade for exactly the same as it did one hundred years ago. Every other "currency" has been, or will be devalued.

Regarding Bitcoin, I'm not into it. However, buy low and sell high is a basic principle that can't be argued with. Though it's not for me, I wish success to everyone playing that game.
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Old 8 December 2017, 01:31 AM   #21
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Quote:
Originally Posted by Wcdhtwn View Post
Here's a question on bitcoin I've never been able to find an answer to, though I haven't researched it too much: if I buy bitcoin, or any other crypto, I pay with US$. If the cryptocurrency increases in value am I able to sell my bitcoin (or other) for US$? Or am I stuck with bitcoin and have to find ways to spend it to enjoy my profits?

I know bitcoin futures start on the CME this weekend, so certainly that's a way to make cash on bitcoin, but it is trading futures, not actual bitcoin.
https://www.coindesk.com/information/sell-bitcoin/

Yes you can buy and sell often with a commission involved. In addition there may also be delays in processing.
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Old 8 December 2017, 02:07 AM   #22
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If the cryptocurrency increases in value am I able to sell my bitcoin (or other) for US$?
Of course. The process is no different than say, buying and selling mutual funds on Vanguard.
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Old 8 December 2017, 02:55 AM   #23
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Thanks bshannon and .brian.! I figured you could sell bitcoin for currency but I've seen a lot of stories, on CNBC mostly, talking about how difficult it is to spend bitcoin on daily expenses. I think there are two places in Houston that take them, for example. It got me thinking that once you buy it you are kind of stuck with it. Still, not interested especially at these levels. I have been looking at Etherium a bit though. It's around $400/coin.
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Old 8 December 2017, 03:08 AM   #24
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A bubble waiting to explode, too risky IMO.
Itís beyond bubble itís gone full parabolic and will crash spectacularly like nothing else seen since 1637.
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Old 8 December 2017, 04:37 AM   #25
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If you really want to know I'd suggest reading the thread I made about it couple months ago. A lot of people here doubted it and I tried to explain everything with legitimate sources and as much reason as possible.
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Old 8 December 2017, 04:49 AM   #26
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Check out the podcast Invest Like the Best. Patrick O'Shaughnessy has a three-part crypto series that is a great introduction to crypto currencies. I'd suggest - at a minimum - listening to those before buying any crypto currency.
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Old 8 December 2017, 06:02 AM   #27
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Of course. The process is no different than say, buying and selling mutual funds on Vanguard.
Well, no. It is not quite that simple.
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Old 8 December 2017, 06:21 AM   #28
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Well, no. It is not quite that simple.
Selling on Coinbase is fairly easy.

Select BTC, ETH, or LTC in my account. Choose whether to send the funds to coinbase dollar wallet or to a bank account.

Coinbase wallet I believe is instant and deposit to a bank account takes about 3 days.

Selling is pretty simple, the only annoyance is waiting 3 days for a bank deposit.
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Old 8 December 2017, 06:55 AM   #29
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If you really want to know I'd suggest reading the thread I made about it couple months ago. A lot of people here doubted it and I tried to explain everything with legitimate sources and as much reason as possible.
Iíve lurked in your other thread for a while without posting. If anyone here is interested, Iím getting communities set up for news, reference material and discussions on these topics. Weíve only been up 4 weeks, and we have a few more things to tweak. I would love everyoneís input there.

No email marketing lists, weíre not spamming anyone. No donations being solicited. We do have an optional premium section planned later but not up and running right now.

https://thecryptocurrencyforums.com

Weíll have TheAltcoinForums.com and TheEthereumForums.com up in a few weeks. Just FYI.
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Old 8 December 2017, 06:57 AM   #30
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Selling on Coinbase is fairly easy.

Select BTC, ETH, or LTC in my account. Choose whether to send the funds to coinbase dollar wallet or to a bank account.

Coinbase wallet I believe is instant and deposit to a bank account takes about 3 days.

Selling is pretty simple, the only annoyance is waiting 3 days for a bank deposit.
I recommend using GDAX once youíre comfortable with the interface. Much lower fees than Coinbase. Owned by Coinbase so same licensing, FDIC, etc. I wrote this guide last week.

https://thecryptocurrencyforums.com/trading-on-gdax/
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