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What is this transfer to Satoshi's wallet is actually an expensive way to try and create FUD.
It's certainly got the whole industry talking about it. Let's face it, if Satoshi's wallet suddenly becomes active, there will be a lot of uncertainty in the market due to the value of their holdings.
If someone were to place a $20m+ short, $1.2m to try and manipulate the market is nothing.
It's certainly got the whole industry talking about it. Let's face it, if Satoshi's wallet suddenly becomes active, there will be a lot of uncertainty in the market due to the value of their holdings.
If someone were to place a $20m+ short, $1.2m to try and manipulate the market is nothing.
It's hard to quickly find a trustworthy resource when you're first getting started. That's why we started writing some useful guides for beginners. Hopefully this isn't an infringement of the Bitcointalk rules. But here's a link to some of our guides, I hope you find them useful: https://www.coinpunkz.com/beginners-cryptocurrency-guides
You're allowed to promote your site, but discredit other resource and make your site looks good isn't good, especially when it's complete bullshit.Quote from: https://www.coinpunkz.com/how-to-buy-bitcoin
Decentralized vs. Centralized Exchanges: Cryptocurrency exchanges can be broadly categorized into decentralized and centralized platforms. Decentralized exchanges offer anonymity, often not requiring any personal details for trading. This makes them an ideal choice for certain individuals, including refugees or those in countries with limited banking or credit infrastructures. These platforms offer a pathway into the mainstream economy without the need for traditional financial intermediaries.
Popular Exchanges in the US: Centralized exchanges, especially prevalent in the US, abide by regulations and require users to provide identity verification. Some of the notable names in this category include Coinbase, Kraken, Gemini, and Binance (https'://accounts.binance.com/register?ref=NUFYZLWI). These platforms not only offer Bitcoin but also a diverse range of alternative cryptocurrencies (altcoins). If you're looking for a structured, compliant, and comprehensive trading experience, these exchanges should be on your radar.
Popular Exchanges in the US: Centralized exchanges, especially prevalent in the US, abide by regulations and require users to provide identity verification. Some of the notable names in this category include Coinbase, Kraken, Gemini, and Binance (https'://accounts.binance.com/register?ref=NUFYZLWI). These platforms not only offer Bitcoin but also a diverse range of alternative cryptocurrencies (altcoins). If you're looking for a structured, compliant, and comprehensive trading experience, these exchanges should be on your radar.
You discuss about the decentralized exchanges, but you didn't mention which is the exchange, how can someone able to use it? add bisq.network.
Then you suggest US citizens to use Binance, when official Binance site isn't accept US citizens! they have their own dedicated site for US which is binance.us
Sorry, I feel like I've missed something here. When did I discredit other sources? I just mentioned it can be hard to find.
Secondly, it's a beginners guide. I'm still evolving the content over time. If you'd like to lend a hand with adding content to the website, I'd love to talk to you as you're clearly experienced in the world of crypto.
I think one of the things you will have to contend with is members that are worrying about the possibility of downloading infected files. That issues exists regardless of what Virus Total shows.
Though I will not be downloading any of them for personal consumption, I intend to download some of the courses at random to check if they are informative or helpful. The list is very extensive and that is excellent work on your part. Hopefully the courses will bring benefit to members.
Though I will not be downloading any of them for personal consumption, I intend to download some of the courses at random to check if they are informative or helpful. The list is very extensive and that is excellent work on your part. Hopefully the courses will bring benefit to members.
But I have indeed seen some Facebook were selling thousands of courses for dirty cheap prices. But I never trusted them and I thought those were scams. Moreover, who knows if these files contain viruses?
Yes, just check with this https://www.virustotal.com/, guess I can say its all good now. I agree, I'm wary of downloading any of the files. However, if they were available directly on a website of some kind I'm sure these would be much more beneficial. Although with that comes the cost of hosting and creating etc etc. Probably not worthwhile.
Re: Newbies are not Scums.... Learning is a Process and it's progressive.
Although I disagree with much of the conversation in this thread. I do have to agree, newcomers to the Bitcoin space seem to be attacked when asking simple questions more often than not.
Instead, they should be welcomed and supported to learn the basics. It benefits everyone ultimately.
Instead, they should be welcomed and supported to learn the basics. It benefits everyone ultimately.
It's hard to quickly find a trustworthy resource when you're first getting started. That's why we started writing some useful guides for beginners. Hopefully this isn't an infringement of the Bitcointalk rules. But here's a link to some of our guides, I hope you find them useful: https://www.coinpunkz.com/beginners-cryptocurrency-guides
I've been driving about 500 miles per month, charging the car at home where the electric is much cheaper.
The one genuine fear I do have right now is that where electric cars are evolving so fast, if a provider introduces a brand new revolutionary battery which is much better than the current generation, my car's value will decrease significantly.
The one genuine fear I do have right now is that where electric cars are evolving so fast, if a provider introduces a brand new revolutionary battery which is much better than the current generation, my car's value will decrease significantly.
A lot of you are describing behaviours of a gambler who has an addiction.
As someone who has battled with addiction my whole life, these are the behaviours to be on the lookout for:
1. Borrowing money from friends/family to fund their gambling: Clearly they've lost more than they can afford to lose, tell them to STOP!
2. Selling possessions: Again, tied to the above, they're simply funding their habit, chasing losses. They won't be happy until they have nothing.
3. Mood swings
4. Lying
If you know someone, encourage them to stop, seek help and self-exclude!
Gambling addiction takes lives.
As someone who has battled with addiction my whole life, these are the behaviours to be on the lookout for:
1. Borrowing money from friends/family to fund their gambling: Clearly they've lost more than they can afford to lose, tell them to STOP!
2. Selling possessions: Again, tied to the above, they're simply funding their habit, chasing losses. They won't be happy until they have nothing.
3. Mood swings
4. Lying
If you know someone, encourage them to stop, seek help and self-exclude!
Gambling addiction takes lives.
I went to see 'Sound of Freedom' at the cinema last night. It's a great film, based on a true story, with a powerful message about child trafficking.
I would highly recommend giving it a watch. Plus, if you want to, you can see the film for free as part of their 'Pay it forward' campaign.
Here's a link if anyone wants to check it out: http://angel.com/freedom
I would highly recommend giving it a watch. Plus, if you want to, you can see the film for free as part of their 'Pay it forward' campaign.
Here's a link if anyone wants to check it out: http://angel.com/freedom
I own a 2022 Hyundai Kona, fully electric.
It's advertised as a 300 mile range, it's actually closer 260 miles.
I absolutely love the car, it only costs me roughly £50 per month to charge. Cheaper when I can get to the free electric charge points near my local area.
There's a lot of people telling me why electric cars are bad and that combustion is better. However, electric is the future for the sustainability of our planet.
Now, we've just got to solve the electricity production problems and move away from fossil fuels!
Ultimately though, now I've gone electric I'll never go back. Highly recommend!
It's advertised as a 300 mile range, it's actually closer 260 miles.
I absolutely love the car, it only costs me roughly £50 per month to charge. Cheaper when I can get to the free electric charge points near my local area.
There's a lot of people telling me why electric cars are bad and that combustion is better. However, electric is the future for the sustainability of our planet.
Now, we've just got to solve the electricity production problems and move away from fossil fuels!
Ultimately though, now I've gone electric I'll never go back. Highly recommend!
Looking to get some real-world feedback on trading bots, the pros, the cons and the most important question... do they work?
So please, only comment below if you're actively using trading bots and how successful they are.
So please, only comment below if you're actively using trading bots and how successful they are.
I visited almost all of the rooms even though it was just a peek without doing any other activity. This shows I'm still in the category of members who are still learning.
Just to back you up I also agree with you because even though I have become a senior member of this platform but I still do not aware of many rules and many boards and I still missed some of the great and interesting topics that could provide me a hell lot of knowledge. For example recently I get to know that there is a encyclopedia prepared by Ratimov which is named as compodieum or something like that I have bookmarked th topic and will start to read interesting ones soon. Point is, we all are in the state of learning new things .How could he want more value if he behaved like that?
It seems futile. OP just "answered" a 6 years old question and it sounds like generic AI chatbot output:
Hey there! Seems like you're experiencing some delay with the walletnotify feature. One possibility could be network latency or resource constraints on your server. Sometimes, the Bitcoin daemon can prioritize other tasks over notifications, especially if you're running on a low-spec machine. Also, consider checking the logs for any errors that could give more insight.
Surprising that I get this accusation, on that topic I responded to, I actually sorted the page by comments to find any article where I could stand out from the crowd by contributing. I found that post with 0 responses and responded. I then later realised how old it was and stopped, as all of the articles after with 0 comments were from 2011.
In terms of not being active on this thread. True, I haven't responded since. That doesn't mean I haven't been reading all of the useful contributions members have made. Although, a lot just seem to be responding and indirectly advertising their own businesses through signatures.
We just need regulatory clarity now for it to be adopted properly.
It's still not possible/easy to have Bitcoin accepted in eCommerce and on the highstreet.
When we can pay via POS systems and online checkouts, that's when we'll see true adoption.
Until then... we wait.
It's still not possible/easy to have Bitcoin accepted in eCommerce and on the highstreet.
When we can pay via POS systems and online checkouts, that's when we'll see true adoption.
Until then... we wait.
- What is GBTC?: GBTC is the Grayscale Bitcoin Trust, an investment vehicle that allows you to invest in Bitcoin through the stock market. It's not a stock but rather a trust that holds Bitcoin.
Where is GBTC Traded?: GBTC is publicly traded and can be bought and sold on the OTCQX, an over-the-counter market.
Retail Investors and GBTC: Yes, retail investors can trade GBTC. You don't need to go through Grayscale directly to buy it; it's available on several trading platforms.
Grayscale and Real BTC: When you buy GBTC, Grayscale uses the money to purchase actual Bitcoin, effectively backing the trust with real assets.
Confirming BTC Holdings: Grayscale is subject to periodic audits to verify their Bitcoin holdings, and they publish these reports, offering some level of transparency.
GBTC to Spot BTC ETF: Transforming GBTC into a spot BTC ETF would be significant because ETFs come with a different set of regulatory approvals and would likely attract more institutional investors. Grayscale aims to convert to better align with these market demands.
Hope this clears up any confusion you may have. Feel free to dive deeper into these topics through various educational resources available online.
Re: Scale Measuring Crypto Literacy Good for Pretest/ Posttest in Community Outreach
Very interesting, indeed. Maybe we could ask these questions to new members who want to join the forum, so they feel obliged to DYOR a little bit before posting.
Back on topic, I think that it is a good initiative that should be implemented in other parts of the country and export it to other ones too. Most people have never questioned his level of knowledge in crypto before.
Back on topic, I think that it is a good initiative that should be implemented in other parts of the country and export it to other ones too. Most people have never questioned his level of knowledge in crypto before.
I agree with this, and provide them with more information for any questions they get wrong. Could really help with educating the masses.
Hey there! Seems like you're experiencing some delay with the walletnotify feature. One possibility could be network latency or resource constraints on your server. Sometimes, the Bitcoin daemon can prioritize other tasks over notifications, especially if you're running on a low-spec machine. Also, consider checking the logs for any errors that could give more insight.
Hey everyone! I'm new here to Bitcointalk, currently looking around and learning the ropes. Hoping to add value in a crowded space.
Looking for tips on what everyone thinks is the best way to get the most value out of Bitcointalk.
Thanks!
Looking for tips on what everyone thinks is the best way to get the most value out of Bitcointalk.
Thanks!
How to buy Bitcoin BTC
Your Step-by-Step Guide to Buying Bitcoin
Dipping your toes into the vast world of Bitcoin (BTCUSD) might seem daunting at first, but in reality, it's a straightforward process. To break it down for you, we've laid out a simplified pathway to kickstart your Bitcoin investment journey.
Choose Your Trading Platform:
At the core of buying Bitcoin is a cryptocurrency exchange. This digital platform lets you purchase, sell, or trade Bitcoin. When selecting one, consider its security measures, user interface, and transaction fees.
KYC Compliance:
If you're registering with an exchange that adheres to the Know Your Client (KYC) regulations, you'll need to provide personal identification documents. This procedure ensures secure trading and helps prevent fraud.
Secure Internet Connection:
When dealing with cryptocurrency, always ensure that you're connected to a trusted and secure internet network. Refrain from making transactions on public Wi-Fi to safeguard your investments.
Pick a Payment Method:
Different exchanges offer varied payment options. Common methods include bank transfers, debit cards, and credit cards. Choose one that's most convenient for you.
Setting Up a Digital Wallet:
While exchanges are platforms to buy Bitcoin, digital wallets are where you store them. It's essential to set up a personal digital wallet outside the exchange for enhanced security. This way, even if the exchange faces security issues, your Bitcoin remains safe.
Exploring Other Bitcoin Acquisition Methods:
Apart from exchanges, you can also get Bitcoin from specialized ATMs or through peer-to-peer (P2P) platforms. These ATMs allow you to buy Bitcoin directly, while P2P platforms let you purchase from individuals selling their Bitcoin.
Embarking on your Bitcoin journey is exciting and potentially rewarding. As you navigate this cryptocurrency sphere, always prioritize safety, stay informed, and make wise investment decisions.
Key Points to Remember
- Value Proposition: Bitcoin's inherent value stems from two primary factors: its robustness as a store of value and its efficient payment system. Furthermore, its value is accentuated by its limited supply, making it a sought-after digital asset.
- Safety First: Security is paramount in the cryptocurrency world. Given the vulnerabilities associated with Bitcoin wallets or exchange platforms, it's crucial to educate oneself about secure storage solutions and actively implement them. Always prioritize your digital asset's safety.
- Where to Purchase: Numerous platforms offer Bitcoin for sale. Popular choices include Binance, Coinbase, and Robinhood. When selecting a platform, consider factors like ease of use, security, and transaction fees.
Before diving into Bitcoin
Privacy & Security: Navigating the Bitcoin landscape requires a keen understanding of privacy and security. A private key, akin to a cryptographic password, allows individuals to approve transactions within their Bitcoin blockchain account. Safeguarding this key is crucial as it grants transaction authorization.
Managing Your Public Addresses: Bitcoin holders can generate numerous public addresses, spreading their Bitcoin holdings across them. A strategic approach is to store substantial Bitcoin holdings in public addresses separate from those frequently used for transactions, ensuring better privacy.
Confidential, Not Anonymous: Although the Bitcoin blockchain showcases transaction histories, it doesn't reveal personal details. Each transaction lists only the user's public key, ensuring confidentiality. However, it's essential to understand that this does not equate to full anonymity.
Tracing Transactions: Bitcoin dealings, being public, are inherently more traceable than cash. While tracking transaction parties on Bitcoin's blockchain can be challenging, institutions like the FBI and various research groups have indicated their ability to link Bitcoin transactions to other digital footprints, such as online accounts or even specific digital wallets.
Identity & Exchanges: Using platforms like Coinbase necessitates identity verification. It's vital to note that while you can send Bitcoin from such platforms to another wallet, the transaction can often be linked back to the initial purchase, tying it to the individual's identity. Always be conscious of the digital trail you leave behind.
Step 1: Picking the Right Cryptocurrency Platform
Understanding Exchanges:
Cryptocurrency exchanges are often the go-to choice for aspiring Bitcoin investors. They offer a plethora of features and a wider variety of cryptocurrencies to choose from. Not only can users buy, sell, or hold their cryptocurrencies on these platforms, but they also facilitate transferring crypto to personal digital wallets for enhanced security.
Decentralized vs. Centralized Exchanges: Cryptocurrency exchanges can be broadly categorized into decentralized and centralized platforms. Decentralized exchanges offer anonymity, often not requiring any personal details for trading. This makes them an ideal choice for certain individuals, including refugees or those in countries with limited banking or credit infrastructures. These platforms offer a pathway into the mainstream economy without the need for traditional financial intermediaries.
Popular Exchanges in the US: Centralized exchanges, especially prevalent in the US, abide by regulations and require users to provide identity verification. Some of the notable names in this category include Coinbase, Kraken, Gemini, and Binance. These platforms not only offer Bitcoin but also a diverse range of alternative cryptocurrencies (altcoins). If you're looking for a structured, compliant, and comprehensive trading experience, these exchanges should be on your radar.
Linking Your Payment Method
Personal Verification: Upon choosing an exchange, the next step involves undergoing a verification process. This might entail providing personal identification, which in many cases includes a photo of your driver's license, Social Security card, or even details about your occupation and income sources. This verification is akin to the process encountered when establishing a standard brokerage account.
Bank and Card Linking: Most cryptocurrency exchanges give you the flexibility to link your bank account directly. Alternatively, you can also associate your debit or credit card. While credit cards offer a convenient mode of payment, one must be cautious. Due to the inherent price volatility of cryptocurrencies, combining crypto purchases with potential credit card interest charges might result in a heftier overall cost.
A Word of Caution for Bank Transfers: While Bitcoin and other cryptocurrencies are legal in the U.S., some banks might exhibit skepticism towards crypto transactions. It's not uncommon for financial institutions to scrutinize or even halt transfers linked to cryptocurrency platforms or exchanges. It's advisable to check with your bank beforehand to avoid any hiccups.
Understanding Fees: It's crucial to be aware of the fee structure of your chosen exchange. Deposits made through bank accounts, credit, or debit cards usually incur fees. Additionally, exchanges levy transaction fees which can vary. Make sure to familiarize yourself with these costs to make an informed investment decision.
Execute Your Purchase
Modern-day cryptocurrency exchanges come equipped with features that are strikingly similar to traditional stockbroker platforms. These crypto exchanges have diversified their offerings to include a variety of order placements. Commonly available order types across most exchanges include market and limit orders, with several platforms also supporting stop-loss orders.
Kraken, in particular, boasts a wide array of order types. Users can place market, limit, stop-loss, stop-limit, take-profit, and take-profit limit orders on their platform.
In addition, to make the investment journey smoother and more strategic, exchanges have introduced features for setting up regular investments. This provision allows investors to adopt the dollar-cost averaging strategy for their preferred digital assets. A notable example is Coinbase, which provides an option for its users to automate purchases daily, weekly, or even monthly.
Safe Storage
Storing your Bitcoin and other cryptocurrencies safely is paramount in the crypto world. Think of a cryptocurrency wallet as a digital vault, where your assets are protected. The essence of this protection lies in the private key—a unique cryptographic code that grants you access to your coins.
Understanding the Importance of Private Keys A private key is akin to a digital password, granting the owner access to their digital wealth. It's the cornerstone of security in the world of cryptocurrency. If you possess the private key, you have full control over the associated funds. On the contrary, if someone else obtains this key, they gain full access and can potentially pilfer your assets. Therefore, keeping your private key confidential is of the utmost importance.
Exchange Wallets vs. Personal Wallets Many cryptocurrency exchanges offer wallets for the convenience of their users. While these wallets can be useful for short-term storage or for small amounts of cryptocurrency, they come with an inherent risk. When you store your Bitcoin on an exchange, you're essentially placing trust in the exchange's security measures and infrastructure. Should the exchange face a security breach or other issues, your holdings could be at risk.
For sizable investments or long-term holdings, it's recommended to transfer your cryptocurrency to a personal wallet. With a personal wallet, you hold the private key, which provides a stronger safeguard against potential hacks or exchange insolvencies.
Types of Personal Wallets There are various types of personal wallets available, each with its own set of advantages:
Hardware Wallets: These are physical devices, such as the Ledger Nano S or Trezor, that store your private keys offline. Since they're disconnected from the internet, they provide a high level of security against online hacks.
Desktop Wallets: These are software applications downloaded to a personal computer. While they offer a good level of security, they're only as secure as the computer they're installed on.
Mobile Wallets: Apps designed for smartphones. They're handy for daily transactions but might be vulnerable if your phone gets compromised.
Paper Wallets: These are physical documents containing both your public and private keys. While they're immune to digital hacks, they can be susceptible to physical damage or loss.
Web Wallets: Accessed through web browsers, these wallets are easy to use but are exposed to the same risks as any other online platform.
In conclusion, the best storage option depends on your needs, the amount of cryptocurrency you own, and the duration of your intended holding period. Remember to always do your research and possibly combine different storage methods to ensure maximum security.
Hot Wallets vs. Cold Wallets
What They Are: Online wallets, often referred to as "hot wallets", are applications installed on internet-connected devices such as computers, smartphones, or tablets. These wallets produce the cryptographic private keys of your coins right on these devices.
Key Ownership: With a hot wallet, you aren't technically the sole proprietor of the cryptocurrency's private key. Exchange wallets, for instance, are custodial solutions provided by the platform. Should the platform suffer a security breach, your assets could be at risk. The adage "not your key, not your coin" resonates deeply within the crypto community.
Security Concerns: Those using hot wallets without stringent security measures are vulnerable. Implementing robust passwords, enabling two-factor authentication, and adhering to safe browsing practices should be standard protocol.
Usage: Hot wallets suit smaller cryptocurrency amounts or those assets undergoing frequent trading. Think of them as the checking accounts of the crypto realm.
Cold Wallets: The Fort Knox of Crypto
What They Are: Cold wallets are your off-the-grid storage solution. Unconnected to the internet, they significantly reduce the risk of unauthorized access.
Types of Cold Wallets:
Paper Wallet: Generated on specific online platforms, they provide both public and private keys printed on a piece of paper. It's common for users to encase these in laminate and secure them in bank safe deposit boxes or personal safes.
Hardware Wallet: Essentially a USB device, it safely stores private keys offline. Unaffected by computer viruses, these wallets ensure that private keys never mingle with networked computers or vulnerable software.
Security: When it comes to safeguarding substantial bitcoin amounts or other cryptocurrencies, cold wallets reign supreme. However, they do necessitate a certain level of technical acumen for appropriate setup.
The journey through the world of cryptocurrencies necessitates knowledge, caution, and the right tools. Whether you opt for hot or cold storage, understanding their features and potential risks ensures your digital assets remain both accessible and secure.
How to Buy Bitcoin with a Credit Card and Other Methods
Purchasing with a Credit Card:
What You Should Know: While the process of buying Bitcoin with credit cards parallels that of debit cards or ACH transfers, not all exchanges support credit card payments due to processing fees and potential fraudulent activities.
Additional Costs: Beyond transaction fees, buyers may shoulder processing fees, with exchanges sometimes forwarding these to the buyer. Moreover, some credit card issuers categorize Bitcoin purchases as cash advances, invoking substantial fees and interest rates. For instance, American Express restricts users to Bitcoin purchases worth $1,000 monthly and imposes its current cash advance fee.
Bitcoin Reward Cards: Think typical reward credit cards but with a twist. Cards such as the BlockFi Bitcoin Rewards offer Bitcoin as rewards.
Diverse Avenues to Acquire Bitcoin
Bitcoin ATMs:
Functionality: These machines resemble traditional ATMs but cater to Bitcoin transactions. By inserting cash, individuals can buy Bitcoin, subsequently transferred to their online wallets.
Fees: Bitcoin ATMs generally impose two types of fees: the purchase fee and a conversion charge for converting regular currency to Bitcoin. Globally, the average purchase fee at Bitcoin ATMs stands at 8.4%, with sales fees averaging 5.4%.
P2P (Peer-to-Peer) Exchanges:
Overview: Platforms like LocalBitcoins connect users directly, allowing them to post Bitcoin buying or selling offers.
Features: While not as anonymous as decentralized exchanges, P2P exchanges enable users to find the most favorable deals. They often incorporate rating systems, assisting users in determining the credibility of potential trade partners.
Mainstream Brokerages:
Robinhood Markets Inc.: Offering 0% commission on cryptocurrency trades, Robinhood has diversified its offerings to include Bitcoin, Ethereum, Litecoin, and other cryptocurrencies.
Diversifying Portfolio: Coinbase boasts a plethora of cryptocurrencies for trade. Meanwhile, as of 2022, traditional brokers, like Fidelity Investments, began integrating Bitcoin investment options for 401(k) plans.
Bitcoin's increasing integration into the financial mainstream presents various pathways for prospective investors. Whether through credit cards, ATMs, P2P exchanges, or traditional brokerages, individuals now have multiple routes to navigate the Bitcoin landscape. Always conduct thorough research and consider associated fees and terms before diving into any investment.
How to Sell Bitcoin: A Simplified Guide
Whether you've achieved your investment goals or just need some cash, here's a concise guide on how to convert your Bitcoin back into fiat currency:
Choose Your Platform: Just as there are various avenues to buy Bitcoin, there are multiple venues to sell it.
Cryptocurrency Exchanges: Platforms like Coinbase, Kraken, Binance, and Gemini allow users to sell Bitcoin. Simply login, go to your portfolio, select Bitcoin, and choose the option to sell.
P2P Platforms: Websites such as LocalBitcoins allow users to sell Bitcoin directly to buyers. Here, you can set your selling price and terms.
Determine the Selling Price: Before finalizing your sale, review the current market price for Bitcoin. This will give you a fair idea of the current market rate and help you set a competitive price.
Understand the Fees:
Transaction Fees: Cryptocurrency exchanges usually take a percentage of your sale as a fee. For instance, Coinbase may levy a charge when a user converts their crypto, with the exact fee depending on the chosen payment method.
It's always a good practice to be aware of these charges to avoid any surprises.
Withdrawal Limits:
Be mindful of daily and monthly withdrawal caps set by some exchanges. These limits dictate the amount you can take out from your account within a certain period.
However, some platforms like Coinbase impose no restrictions on the volume of cryptocurrency you can sell. That said, always ensure you're aware of any potential constraints, especially if you're planning to make a sizable sale.
Execute the Sale:
Once you've set your price and are aware of all fees and limits, go ahead and confirm the sale. Depending on the platform and the demand, your Bitcoin can be sold instantly or might take some time.
Transfer Your Funds:
After selling, you can transfer the funds to your linked bank account, credit card, or other payment methods offered by the platform. Depending on the platform and the mode of transfer, this can be instantaneous or might take a few days.
Selling Bitcoin is relatively straightforward, but always ensure you're doing it securely. Protect your data, use reputable platforms, and always be aware of the associated fees to make the most out of your sale.
Your Step-by-Step Guide to Buying Bitcoin
Dipping your toes into the vast world of Bitcoin (BTCUSD) might seem daunting at first, but in reality, it's a straightforward process. To break it down for you, we've laid out a simplified pathway to kickstart your Bitcoin investment journey.
Choose Your Trading Platform:
At the core of buying Bitcoin is a cryptocurrency exchange. This digital platform lets you purchase, sell, or trade Bitcoin. When selecting one, consider its security measures, user interface, and transaction fees.
KYC Compliance:
If you're registering with an exchange that adheres to the Know Your Client (KYC) regulations, you'll need to provide personal identification documents. This procedure ensures secure trading and helps prevent fraud.
Secure Internet Connection:
When dealing with cryptocurrency, always ensure that you're connected to a trusted and secure internet network. Refrain from making transactions on public Wi-Fi to safeguard your investments.
Pick a Payment Method:
Different exchanges offer varied payment options. Common methods include bank transfers, debit cards, and credit cards. Choose one that's most convenient for you.
Setting Up a Digital Wallet:
While exchanges are platforms to buy Bitcoin, digital wallets are where you store them. It's essential to set up a personal digital wallet outside the exchange for enhanced security. This way, even if the exchange faces security issues, your Bitcoin remains safe.
Exploring Other Bitcoin Acquisition Methods:
Apart from exchanges, you can also get Bitcoin from specialized ATMs or through peer-to-peer (P2P) platforms. These ATMs allow you to buy Bitcoin directly, while P2P platforms let you purchase from individuals selling their Bitcoin.
Embarking on your Bitcoin journey is exciting and potentially rewarding. As you navigate this cryptocurrency sphere, always prioritize safety, stay informed, and make wise investment decisions.
Key Points to Remember
- Value Proposition: Bitcoin's inherent value stems from two primary factors: its robustness as a store of value and its efficient payment system. Furthermore, its value is accentuated by its limited supply, making it a sought-after digital asset.
- Safety First: Security is paramount in the cryptocurrency world. Given the vulnerabilities associated with Bitcoin wallets or exchange platforms, it's crucial to educate oneself about secure storage solutions and actively implement them. Always prioritize your digital asset's safety.
- Where to Purchase: Numerous platforms offer Bitcoin for sale. Popular choices include Binance, Coinbase, and Robinhood. When selecting a platform, consider factors like ease of use, security, and transaction fees.
Before diving into Bitcoin
Privacy & Security: Navigating the Bitcoin landscape requires a keen understanding of privacy and security. A private key, akin to a cryptographic password, allows individuals to approve transactions within their Bitcoin blockchain account. Safeguarding this key is crucial as it grants transaction authorization.
Managing Your Public Addresses: Bitcoin holders can generate numerous public addresses, spreading their Bitcoin holdings across them. A strategic approach is to store substantial Bitcoin holdings in public addresses separate from those frequently used for transactions, ensuring better privacy.
Confidential, Not Anonymous: Although the Bitcoin blockchain showcases transaction histories, it doesn't reveal personal details. Each transaction lists only the user's public key, ensuring confidentiality. However, it's essential to understand that this does not equate to full anonymity.
Tracing Transactions: Bitcoin dealings, being public, are inherently more traceable than cash. While tracking transaction parties on Bitcoin's blockchain can be challenging, institutions like the FBI and various research groups have indicated their ability to link Bitcoin transactions to other digital footprints, such as online accounts or even specific digital wallets.
Identity & Exchanges: Using platforms like Coinbase necessitates identity verification. It's vital to note that while you can send Bitcoin from such platforms to another wallet, the transaction can often be linked back to the initial purchase, tying it to the individual's identity. Always be conscious of the digital trail you leave behind.
Step 1: Picking the Right Cryptocurrency Platform
Understanding Exchanges:
Cryptocurrency exchanges are often the go-to choice for aspiring Bitcoin investors. They offer a plethora of features and a wider variety of cryptocurrencies to choose from. Not only can users buy, sell, or hold their cryptocurrencies on these platforms, but they also facilitate transferring crypto to personal digital wallets for enhanced security.
Decentralized vs. Centralized Exchanges: Cryptocurrency exchanges can be broadly categorized into decentralized and centralized platforms. Decentralized exchanges offer anonymity, often not requiring any personal details for trading. This makes them an ideal choice for certain individuals, including refugees or those in countries with limited banking or credit infrastructures. These platforms offer a pathway into the mainstream economy without the need for traditional financial intermediaries.
Popular Exchanges in the US: Centralized exchanges, especially prevalent in the US, abide by regulations and require users to provide identity verification. Some of the notable names in this category include Coinbase, Kraken, Gemini, and Binance. These platforms not only offer Bitcoin but also a diverse range of alternative cryptocurrencies (altcoins). If you're looking for a structured, compliant, and comprehensive trading experience, these exchanges should be on your radar.
Linking Your Payment Method
Personal Verification: Upon choosing an exchange, the next step involves undergoing a verification process. This might entail providing personal identification, which in many cases includes a photo of your driver's license, Social Security card, or even details about your occupation and income sources. This verification is akin to the process encountered when establishing a standard brokerage account.
Bank and Card Linking: Most cryptocurrency exchanges give you the flexibility to link your bank account directly. Alternatively, you can also associate your debit or credit card. While credit cards offer a convenient mode of payment, one must be cautious. Due to the inherent price volatility of cryptocurrencies, combining crypto purchases with potential credit card interest charges might result in a heftier overall cost.
A Word of Caution for Bank Transfers: While Bitcoin and other cryptocurrencies are legal in the U.S., some banks might exhibit skepticism towards crypto transactions. It's not uncommon for financial institutions to scrutinize or even halt transfers linked to cryptocurrency platforms or exchanges. It's advisable to check with your bank beforehand to avoid any hiccups.
Understanding Fees: It's crucial to be aware of the fee structure of your chosen exchange. Deposits made through bank accounts, credit, or debit cards usually incur fees. Additionally, exchanges levy transaction fees which can vary. Make sure to familiarize yourself with these costs to make an informed investment decision.
Execute Your Purchase
Modern-day cryptocurrency exchanges come equipped with features that are strikingly similar to traditional stockbroker platforms. These crypto exchanges have diversified their offerings to include a variety of order placements. Commonly available order types across most exchanges include market and limit orders, with several platforms also supporting stop-loss orders.
Kraken, in particular, boasts a wide array of order types. Users can place market, limit, stop-loss, stop-limit, take-profit, and take-profit limit orders on their platform.
In addition, to make the investment journey smoother and more strategic, exchanges have introduced features for setting up regular investments. This provision allows investors to adopt the dollar-cost averaging strategy for their preferred digital assets. A notable example is Coinbase, which provides an option for its users to automate purchases daily, weekly, or even monthly.
Safe Storage
Storing your Bitcoin and other cryptocurrencies safely is paramount in the crypto world. Think of a cryptocurrency wallet as a digital vault, where your assets are protected. The essence of this protection lies in the private key—a unique cryptographic code that grants you access to your coins.
Understanding the Importance of Private Keys A private key is akin to a digital password, granting the owner access to their digital wealth. It's the cornerstone of security in the world of cryptocurrency. If you possess the private key, you have full control over the associated funds. On the contrary, if someone else obtains this key, they gain full access and can potentially pilfer your assets. Therefore, keeping your private key confidential is of the utmost importance.
Exchange Wallets vs. Personal Wallets Many cryptocurrency exchanges offer wallets for the convenience of their users. While these wallets can be useful for short-term storage or for small amounts of cryptocurrency, they come with an inherent risk. When you store your Bitcoin on an exchange, you're essentially placing trust in the exchange's security measures and infrastructure. Should the exchange face a security breach or other issues, your holdings could be at risk.
For sizable investments or long-term holdings, it's recommended to transfer your cryptocurrency to a personal wallet. With a personal wallet, you hold the private key, which provides a stronger safeguard against potential hacks or exchange insolvencies.
Types of Personal Wallets There are various types of personal wallets available, each with its own set of advantages:
Hardware Wallets: These are physical devices, such as the Ledger Nano S or Trezor, that store your private keys offline. Since they're disconnected from the internet, they provide a high level of security against online hacks.
Desktop Wallets: These are software applications downloaded to a personal computer. While they offer a good level of security, they're only as secure as the computer they're installed on.
Mobile Wallets: Apps designed for smartphones. They're handy for daily transactions but might be vulnerable if your phone gets compromised.
Paper Wallets: These are physical documents containing both your public and private keys. While they're immune to digital hacks, they can be susceptible to physical damage or loss.
Web Wallets: Accessed through web browsers, these wallets are easy to use but are exposed to the same risks as any other online platform.
In conclusion, the best storage option depends on your needs, the amount of cryptocurrency you own, and the duration of your intended holding period. Remember to always do your research and possibly combine different storage methods to ensure maximum security.
Hot Wallets vs. Cold Wallets
What They Are: Online wallets, often referred to as "hot wallets", are applications installed on internet-connected devices such as computers, smartphones, or tablets. These wallets produce the cryptographic private keys of your coins right on these devices.
Key Ownership: With a hot wallet, you aren't technically the sole proprietor of the cryptocurrency's private key. Exchange wallets, for instance, are custodial solutions provided by the platform. Should the platform suffer a security breach, your assets could be at risk. The adage "not your key, not your coin" resonates deeply within the crypto community.
Security Concerns: Those using hot wallets without stringent security measures are vulnerable. Implementing robust passwords, enabling two-factor authentication, and adhering to safe browsing practices should be standard protocol.
Usage: Hot wallets suit smaller cryptocurrency amounts or those assets undergoing frequent trading. Think of them as the checking accounts of the crypto realm.
Cold Wallets: The Fort Knox of Crypto
What They Are: Cold wallets are your off-the-grid storage solution. Unconnected to the internet, they significantly reduce the risk of unauthorized access.
Types of Cold Wallets:
Paper Wallet: Generated on specific online platforms, they provide both public and private keys printed on a piece of paper. It's common for users to encase these in laminate and secure them in bank safe deposit boxes or personal safes.
Hardware Wallet: Essentially a USB device, it safely stores private keys offline. Unaffected by computer viruses, these wallets ensure that private keys never mingle with networked computers or vulnerable software.
Security: When it comes to safeguarding substantial bitcoin amounts or other cryptocurrencies, cold wallets reign supreme. However, they do necessitate a certain level of technical acumen for appropriate setup.
The journey through the world of cryptocurrencies necessitates knowledge, caution, and the right tools. Whether you opt for hot or cold storage, understanding their features and potential risks ensures your digital assets remain both accessible and secure.
How to Buy Bitcoin with a Credit Card and Other Methods
Purchasing with a Credit Card:
What You Should Know: While the process of buying Bitcoin with credit cards parallels that of debit cards or ACH transfers, not all exchanges support credit card payments due to processing fees and potential fraudulent activities.
Additional Costs: Beyond transaction fees, buyers may shoulder processing fees, with exchanges sometimes forwarding these to the buyer. Moreover, some credit card issuers categorize Bitcoin purchases as cash advances, invoking substantial fees and interest rates. For instance, American Express restricts users to Bitcoin purchases worth $1,000 monthly and imposes its current cash advance fee.
Bitcoin Reward Cards: Think typical reward credit cards but with a twist. Cards such as the BlockFi Bitcoin Rewards offer Bitcoin as rewards.
Diverse Avenues to Acquire Bitcoin
Bitcoin ATMs:
Functionality: These machines resemble traditional ATMs but cater to Bitcoin transactions. By inserting cash, individuals can buy Bitcoin, subsequently transferred to their online wallets.
Fees: Bitcoin ATMs generally impose two types of fees: the purchase fee and a conversion charge for converting regular currency to Bitcoin. Globally, the average purchase fee at Bitcoin ATMs stands at 8.4%, with sales fees averaging 5.4%.
P2P (Peer-to-Peer) Exchanges:
Overview: Platforms like LocalBitcoins connect users directly, allowing them to post Bitcoin buying or selling offers.
Features: While not as anonymous as decentralized exchanges, P2P exchanges enable users to find the most favorable deals. They often incorporate rating systems, assisting users in determining the credibility of potential trade partners.
Mainstream Brokerages:
Robinhood Markets Inc.: Offering 0% commission on cryptocurrency trades, Robinhood has diversified its offerings to include Bitcoin, Ethereum, Litecoin, and other cryptocurrencies.
Diversifying Portfolio: Coinbase boasts a plethora of cryptocurrencies for trade. Meanwhile, as of 2022, traditional brokers, like Fidelity Investments, began integrating Bitcoin investment options for 401(k) plans.
Bitcoin's increasing integration into the financial mainstream presents various pathways for prospective investors. Whether through credit cards, ATMs, P2P exchanges, or traditional brokerages, individuals now have multiple routes to navigate the Bitcoin landscape. Always conduct thorough research and consider associated fees and terms before diving into any investment.
How to Sell Bitcoin: A Simplified Guide
Whether you've achieved your investment goals or just need some cash, here's a concise guide on how to convert your Bitcoin back into fiat currency:
Choose Your Platform: Just as there are various avenues to buy Bitcoin, there are multiple venues to sell it.
Cryptocurrency Exchanges: Platforms like Coinbase, Kraken, Binance, and Gemini allow users to sell Bitcoin. Simply login, go to your portfolio, select Bitcoin, and choose the option to sell.
P2P Platforms: Websites such as LocalBitcoins allow users to sell Bitcoin directly to buyers. Here, you can set your selling price and terms.
Determine the Selling Price: Before finalizing your sale, review the current market price for Bitcoin. This will give you a fair idea of the current market rate and help you set a competitive price.
Understand the Fees:
Transaction Fees: Cryptocurrency exchanges usually take a percentage of your sale as a fee. For instance, Coinbase may levy a charge when a user converts their crypto, with the exact fee depending on the chosen payment method.
It's always a good practice to be aware of these charges to avoid any surprises.
Withdrawal Limits:
Be mindful of daily and monthly withdrawal caps set by some exchanges. These limits dictate the amount you can take out from your account within a certain period.
However, some platforms like Coinbase impose no restrictions on the volume of cryptocurrency you can sell. That said, always ensure you're aware of any potential constraints, especially if you're planning to make a sizable sale.
Execute the Sale:
Once you've set your price and are aware of all fees and limits, go ahead and confirm the sale. Depending on the platform and the demand, your Bitcoin can be sold instantly or might take some time.
Transfer Your Funds:
After selling, you can transfer the funds to your linked bank account, credit card, or other payment methods offered by the platform. Depending on the platform and the mode of transfer, this can be instantaneous or might take a few days.
Selling Bitcoin is relatively straightforward, but always ensure you're doing it securely. Protect your data, use reputable platforms, and always be aware of the associated fees to make the most out of your sale.