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Finally Figured out Bitcoin

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jenh22

Honorable member
Joined
May 31, 2011
Posts
312
I have a coinbase account that I left $18 in about 5 years ago and forgot about, it's now over $1k. What kills me is that almost 10 years ago, I would get Bitcoin to make a purchase, there'd usually be a few dollars left over, and I just forget about it because it was only a few dollars. I don't know what wallet I was using or I had a key written down and lost it. Now I know a "just a few dollars" from 2010-2012 is likely worth quite a bit. 😬
 

Sleepless325

Honorable member
Joined
Jun 27, 2014
Posts
234
I just invested (not a lot - it was a penny stock) in a company called Humbl that's claiming to have an app that will revolutionize money xfer globally and ensure that the "settlement" happens quickly if not instantly AND to reduce the crazy fees associated with Bitcoin. The CEO is a cryptocurrency/blockchain expert. Realllly hoping it will resolve all of these issues - and not require a degree in rocket surgery to figure out!
 

Ellyn

Distinguished member
Joined
May 8, 2016
Posts
835
At some point I will probably need to learn how to use it. I just think the idea of this artificially constructed money, not backed by anything other than itself, seems so shaky to me. But I will probably need to figure out how to set up an account - a wallet? - and use it. I've been told that people use it now to buy everything there is, with the exception of real estate, and that's probably next.
 

Name taken

Distinguished member
Joined
Feb 8, 2021
Posts
654
I think more and more sellers are transitioning towards bitcoin. Yes there is a bit of a learning curve at first, but I have found it to be much easier than other methods of payment. Some places even offer a discount if you pay with bitcoin or cryptocurrency.

The drawbacks of it are, for me, the volatility. The price fluctuations can result in significant differences. Also the fees charged are a drawback, but most every method of payment that is taken these days does have some sort of fee attached.
 

otherone

Senior member
Joined
Oct 11, 2015
Posts
157
Who knows what will happen to bitcoin once risk assets get repriced later this year next after covid. The fees are ridiculous.
 

equinox

Honorable member
Joined
Feb 15, 2017
Posts
263
If anything makes me feel old - it's not knowing how to make the transition to bitcoin. I'd get frustrated when my mum would tell me that the internet is just too confusing to have installed, but now I feel like this but with bitcoin.

This year I set myself the goal of learning how to make a bitcoin transaction. But here we are, three months in to 2021, and this post is the closest I've got to achieving that goal.

Time to head to YouTube and get some easy instruction. Part of me knows that when I get this sorted, I'll be so glad I did so.
 

Grindselector

Senior member
Joined
Nov 22, 2014
Posts
161
One benefit is after taking a year hiatus the revenant BTC I have is worth more than when I last checked
 

calgal99

Eminent member
Joined
Aug 22, 2015
Posts
1,610
I "lost" over $1K (worth who knows what today, if it were ever to be located, lol) in coin, when a wallet company owner died without sharing his keys (so "they" say) and I have been unenthusiastic about playing in that casino ever since - I mean, I have a 401(k)/some stocks and I know that's a "casino" and the USD is "only" backed up by the "full faith and credit" of the US government, but those are risks I understand, can manage to some extent myself, and while the stock market and $ exchange rates relative to other currency values fluctuate, they don't typically go up/down to the same extent as crypto. And I do not believe that BC is truly as stealthy as some people think, especially if you aren't also running a suitably stealthy operating system as well, and frankly I just don't have the time to manage that. If a vendor ever were to find a way to guarantee delivery, I might be persuaded to change my mind, but at this point, nah.
 

justlurking

Lapsed Senior Member
Joined
May 19, 2011
Posts
252
Love that sellers requiring me to use Bitcoin forced me to invest it it and now I have a healthy return, basically affording me free product, for now.
That is pretty awesome. I wish some external force had prompted me to get into BTC years ago.

Of course, as someone else pointed out, the $200 worth of BTC used to pay for a product a few years ago is now worth much much more. So that might add some indigestion to in retrospect.
 

Queens

Lapsed Senior Member
Joined
Jun 11, 2016
Posts
171
Love that sellers requiring me to use Bitcoin forced me to invest it it and now I have a healthy return, basically affording me free product, for now.
That is pretty awesome. I wish some external force had prompted me to get into BTC years ago.

Of course, as someone else pointed out, the $200 worth of BTC used to pay for a product a few years ago is now worth much much more. So that might add some indigestion to in retrospect.
A similar thing happened to me, I had an old bitcoin wallet from the early days when some US to US vendors were giving a small bitcoin discount. I remember being grumpy about the transactions fees. But then I popped into my wallet 4 years later and BOOM! So much money was in there! lol
 

jlifeson

Senior member
Joined
Sep 6, 2011
Posts
173
Just an update, my $40 is now up to $168 as of today. My old vendor used BTC but I dont use them any more so Ive been letting it ride. Still thinking about trying to pull out all that extra coin before it dives.
 

Hi~Tide

Lapsed Senior Member
Joined
Apr 2, 2021
Posts
280
I’m just jumping into the bc game also, and this is the first time I have heard about the crazy fees. Exactly what are they charging you for? I’m used to something like 3-5%, unless it’s a MG purchase, which most places have cut out anyway.
The only vendor I use switched to a Payoneer account, that is pretty cheap with only a 3% charge. Unfortunately they don’t carry some meds I would like to get so the only other vendor I currently know about is strictly bc. As bad as I hate the prospect of getting into the bc game I think it’s inevitable. I thought I knew the basics of how it works but unfortunately apparently I don’t know jack!
 

Torr

Distinguished member
Joined
Jun 27, 2011
Posts
683
I see that most online sources use some form of bitcoin now or offer some huge discount for paying so. I am assuming this is even more so the case over in the senior section. Is there some sort of guide to setting up a bitcoin account? How exactly does it work sending it to these sources. Forgive me I am completely ignorant lol
 

Hi~Tide

Lapsed Senior Member
Joined
Apr 2, 2021
Posts
280
I see that most online sources use some form of bitcoin now or offer some huge discount for paying so. I am assuming this is even more so the case over in the senior section. Is there some sort of guide to setting up a bitcoin account? How exactly does it work sending it to these sources. Forgive me I am completely ignorant lol
It is not that tough to set up the account, but it’s not something that I care for myself. The worst part is the volatility, the bc itself has went from 10k to 65k the past year and is about 58k atm. It’s gained 5 grand today and swings up and down like crazy.

The first thing I noticed was most people that were on the Coinbase Facebook page were there complaining. I will be switching to Binance shortly for trading. The other real bad thing is the fees you have to pay when you send a payment, that’s when you get the mining fees. The other costs are for transaction fees, $2–$4 for a purchase depending on the program you have. I found that some wallets allow you to purchase, other ones are just storage. I’m not buying enough to worry about getting a hardware type of storage, but leaving it on the exchange can be dangerous too. I don’t think it’s common but people have had their account hacked, so it’s best just to get what you need for a purchase and pull it out into the wallet and send it for payment. But I spent $180 and the mining fee was $23 alone.
 
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