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Bitcoin is still so dang confusing to me...

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Bigrig

Honorable member
Joined
Oct 31, 2012
Posts
275
Anyone recommend a few up-to-date Youtube videos to watch? Been a few years and I am sure things have changed quite a bit. But given recent events I may need to get back into buying oversees again. Sigh.
 

ShellB333

Member
Joined
May 9, 2022
Posts
10
I just posted and asked a question about Bitcoin I don't understand it either LOL it is so foreign to me so glad that we have this forum so we can do research and educate ourselves ;)
 

chuckers

Senior member
Joined
Jul 13, 2011
Posts
179
Anyone recommend a few up-to-date Youtube videos to watch?
I may need to get back into buying oversees again
If I were you, I would probably search Reddit. I'm sure there are some good youtube videos out there, but the problem is that since Bitcoin and it's mode of trade.. is shall we say.. precarious.... that by the time someone makes the youtube video the information on how to buy it or who to buy it from has already changed. They may be scammers, or they were hit by scammers or they are currently being questioned due to scamming. It is a lot more stable than it was back when I first purchased them and more widespread, but I would at the very least look up the information give to you by a Youtube video on sites like reddit. There are so many scammers that make it onto youtube and reddit, but youtube has a worse mechanism for filtering out the scams than Reddit does due to the Reddit voting system.

If I do use Bitcoin again soon, I will make sure to come back and say who I used and link to the method I end up using
Good luck!
 

Gullible

Exalted member
Joined
May 15, 2011
Posts
2,803
I'm about to make my move, I think btc is at or near its low point and will go back up. So I'm buying more tomorrow. I already sent the funds, not sure how long it will take to clear
 

Torr

Distinguished member
Joined
Jun 27, 2011
Posts
687
My biggest gripe about using BTC is the fact that if you purchase it solely for a med purchase to a pharmacy, it is best to use it right away.

If you keep it in your wallet it has the chance to lose value in a matter of minutes. I always make sure to buy more BTC than I need to account for any transfer fees or changes in sell price. I have also made the mistake of not paying attention to minimum transfer amounts on certain wallets.

Certain wallets have a set minumum amount of BTC or US dollar for transactions. So if you are doing a small purchase of 30 bucks, be sure you can transfer it out.

I left BTC in a wallet for a purchase two days later and had to buy another 20 bucks worth becausethe value went down so much.
 

PinkieToes

Honorable member
Joined
Apr 9, 2014
Posts
374
I really don't like the Bitcoin. I have had good luck with Remitly lately. But who knows how long that will last.
 

Sunnysky444555

Senior member
Joined
May 14, 2014
Posts
85
I still don’t understand the whole Bitcoin payment thing. First of all, once you do figure out how to buy then trading to another portfolio so you can use those funds online is dang near impossible sometimes to try and figure out and all the coin bases, bitpays, etc. all seem to be the same. Also, not to mention the extra “fees” on top of trading or adding cash all the discounts stores will give for using that form of payment seem to be eaten all up so then it’s just one big waste of time for the same outcome. Maybe I’m not doing it right but even watching YouTube videos on it don’t seem to help….
 

theshahofiran

dis-Honorable Membr
Joined
Apr 25, 2011
Posts
247
Have you folks who need a simple btc method checked out CashApp?
I haven't used it and imagine the rate is a bit worse than spot, but designed to be pretty low hassle.
 

Gullible

Exalted member
Joined
May 15, 2011
Posts
2,803
I think btc will go back to its former heights and even higher. Look at its history, its been laughed at since the beginning but each time it hit a high point and then crashed, it later went back up and even higher. This has happened at least 4 or 5 times already. Nothing is a sure thing but its nearly a sure thing that if you buy coin at todays prices and can hold for a year, you will be richly rewarded. I plan to buy more this coming week.
 

heavymetalviolet

Senior member
Joined
Aug 15, 2021
Posts
187
I still don’t understand the whole Bitcoin payment thing. First of all, once you do figure out how to buy then trading to another portfolio so you can use those funds online is dang near impossible sometimes to try and figure out and all the coin bases, bitpays, etc. all seem to be the same. Also, not to mention the extra “fees” on top of trading or adding cash all the discounts stores will give for using that form of payment seem to be eaten all up so then it’s just one big waste of time for the same outcome. Maybe I’m not doing it right but even watching YouTube videos on it don’t seem to help….
You are me! I have been trying to figure this out for about forever and I haven't the foggiest. It's like this amount doesn't equal this amount really, it's actually this amount, which means you would have to spend this much more money to buy that amount of BTC to use for your purchase...I feel like I'm trying to buy foreign currency or something and the guidelines are written in another language. I have tried. I found a good Reddit thread that went step by step but it didn't help. I was still confused. Tried YouTube and still no luck. I basically gave up on it because my sources would accept other options, but...yeah. I just don't know.
 

Soundsoul

Senior member
Joined
Apr 20, 2022
Posts
83
@Gullible Buying since $18k and have bought every dip or pullback. Might not be next year, 2024-25 would probably see the price in 6 digits.
 
Last edited:

Juju62861

Senior member
Joined
Feb 24, 2015
Posts
190
I think btc will go back to its former heights and even higher. Look at its history, its been laughed at since the beginning but each time it hit a high point and then crashed, it later went back up and even higher. This has happened at least 4 or 5 times already. Nothing is a sure thing but its nearly a sure thing that if you buy coin at todays prices and can hold for a year, you will be richly rewarded. I plan to buy more this coming week.
I don't think it'll ever go back after the US government has regulated it so much to essentially ensure they get their 'fair share'... :(
 

heavymetalviolet

Senior member
Joined
Aug 15, 2021
Posts
187
I think btc will go back to its former heights and even higher. Look at its history, its been laughed at since the beginning but each time it hit a high point and then crashed, it later went back up and even higher. This has happened at least 4 or 5 times already. Nothing is a sure thing but its nearly a sure thing that if you buy coin at todays prices and can hold for a year, you will be richly rewarded. I plan to buy more this coming week.
I don't think it'll ever go back after the US government has regulated it so much to essentially ensure they get their 'fair share'... :(
I wonder also about the tax implications of this stuff too. With the government now regulating stuff like PayPal and Venmo, (and you can buy BTC on on Paypal), those transactions may now come to the surface with the government wondering about why you're paying ISellStuff $600 in BTC and wanting a piece of the action if you can provide a legit explanation for why you are sending that person $600 to begin with.
 

fundus

Distinguished member
Joined
May 31, 2015
Posts
572
I had been using CB until all the new regulations started kicking in this past year or so. Now, in order for me to purchase BTC they want me to send them a picture of my driver's license, the problem is I don't want to.

Do all the exchanges require a photo ID now? Is there any way around this nuisance of a requirement?
 

coconutvamp

Senior member
Joined
Aug 13, 2018
Posts
150
I remember posting on this threat at one point about how difficult bitcoin is for me. It still is lol I swear I cannot figure this out.
 

tvo14

Senior member
Joined
Apr 30, 2011
Posts
177
My fun story about Bitcoin is about 3-4 years ago I bought $136 worth of Bitcoin. I couldnt figure out how to use it and left it in coinbase forgotten
Fast Forward to last year? When Bitcoin was at all time high. I cashed out for $4500.
My $136 had grown into $4500. I sold it and never looked back!
 
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