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Bitcoin is still so dang confusing to me...

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halohippe

Lapsed Senior Member
Joined
Dec 29, 2011
Posts
655
@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

Lapsed Senior Member
Joined
Dec 29, 2011
Posts
655
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.
 
Joined
Nov 7, 2022
Posts
21
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
 
Joined
Nov 7, 2022
Posts
21
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

Lapsed Senior Member
Joined
Dec 29, 2011
Posts
655
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

Senior member
Joined
May 11, 2016
Posts
132
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

New member
Joined
Jan 23, 2023
Posts
1
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.
 
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Eyriz

Honorable member
Joined
Sep 9, 2022
Posts
359
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

Eminent member
Joined
Apr 25, 2011
Posts
1,909
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. :mad:
 

Eyriz

Honorable member
Joined
Sep 9, 2022
Posts
359
@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

Senior member
Joined
Feb 6, 2013
Posts
132
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.
 
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