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Finally Figured out Bitcoin

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10 years after

Honorable member
Joined
Mar 29, 2012
Posts
366
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.
Can you somehow redeposit it into your bank account? Forgive me for sounding so but I don't like cryptocurrency and have never been able to use it for a transaction.
 

Hi~Tide

Lapsed Senior Member
Joined
Apr 2, 2021
Posts
280
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.
Can you somehow redeposit it into your bank account? Forgive me for sounding so but I don't like cryptocurrency and have never been able to use it for a transaction.
Right now it’s not common for bank to accept crypto currency, especially in the US. The few I have heard about are Ally, Simple, Goldman Sachs and I think USAA. I’m sure there are some others, maybe smaller ones, but that is the few large American banks that currently do.

I would expect you will be able to find more in the future, if current trends continue it’s going to happen pretty soon. I’m still skeptical, I can’t see the prices holding where they are. I’m afraid that a big correction is in order, and it could have a huge impact on the economy as a whole. I’m hoping that it doesn’t happen, not in a catastrophic event that is possible currently. The first big sell-off could happen like the crash of 100 years ago. The current prices are not realistic imo, not by a lot. But I’m not an economist, just someone who sees a lot of people speculating on a phenomenon that is just not really understood by the people that are buying.
 

Evelyn Mabel Iris

Lapsed Senior Member
Joined
May 29, 2021
Posts
64
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.
Can you somehow redeposit it into your bank account? Forgive me for sounding so but I don't like cryptocurrency and have never been able to use it for a transaction.
Yes you can withdraw.
What don't you like about it? It can be very handy especially for people on this forum.
 

Torr

Distinguished member
Joined
Jun 27, 2011
Posts
687
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.
Can you somehow redeposit it into your bank account? Forgive me for sounding so but I don't like cryptocurrency and have never been able to use it for a transaction.
Yes you can withdraw.
What don't you like about it? It can be very handy especially for people on this forum.
The problem I had with BTC lately is that the minimum wallet withdrawal limit went up. So paying for meds via bitcoin is often under that limit. Say you buy 50 bucks worth of meds using BTC, but your minimum withdrawal limit from your wallet is 250 worth.. they raised the threshold to prevent the further backlog of blockchain needed from the recent crash.
 

Evelyn Mabel Iris

Lapsed Senior Member
Joined
May 29, 2021
Posts
64
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.
Can you somehow redeposit it into your bank account? Forgive me for sounding so but I don't like cryptocurrency and have never been able to use it for a transaction.
Yes you can withdraw.
What don't you like about it? It can be very handy especially for people on this forum.
The problem I had with BTC lately is that the minimum wallet withdrawal limit went up. So paying for meds via bitcoin is often under that limit. Say you buy 50 bucks worth of meds using BTC, but your minimum withdrawal limit from your wallet is 250 worth.. they raised the threshold to prevent the further backlog of blockchain needed from the recent crash.
I did not know that. I will have to read up about it. May I ask where you purchase your BTC from?
 

Torr

Distinguished member
Joined
Jun 27, 2011
Posts
687
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.
Can you somehow redeposit it into your bank account? Forgive me for sounding so but I don't like cryptocurrency and have never been able to use it for a transaction.
Yes you can withdraw.
What don't you like about it? It can be very handy especially for people on this forum.
The problem I had with BTC lately is that the minimum wallet withdrawal limit went up. So paying for meds via bitcoin is often under that limit. Say you buy 50 bucks worth of meds using BTC, but your minimum withdrawal limit from your wallet is 250 worth.. they raised the threshold to prevent the further backlog of blockchain needed from the recent crash.
I did not know that. I will have to read up about it. May I ask where you purchase your BTC from?
Beittex. Also have used cash app and coinbase. They all raised their withdrawal minimums..so I have bitcoin just stuck unless I sell it because its under their withdrawal minimum now since it was raised to prevent mass selling.
 

Evelyn Mabel Iris

Lapsed Senior Member
Joined
May 29, 2021
Posts
64
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.
Can you somehow redeposit it into your bank account? Forgive me for sounding so but I don't like cryptocurrency and have never been able to use it for a transaction.
Yes you can withdraw.
What don't you like about it? It can be very handy especially for people on this forum.
The problem I had with BTC lately is that the minimum wallet withdrawal limit went up. So paying for meds via bitcoin is often under that limit. Say you buy 50 bucks worth of meds using BTC, but your minimum withdrawal limit from your wallet is 250 worth.. they raised the threshold to prevent the further backlog of blockchain needed from the recent crash.
I did not know that. I will have to read up about it. May I ask where you purchase your BTC from?
Beittex. Also have used cash app and coinbase. They all raised their withdrawal minimums..so I have bitcoin just stuck unless I sell it because its under their withdrawal minimum now since it was raised to prevent mass selling.
Could you send it to an exchange such as Binance or Poliniex and then cash out there?
 

Torr

Distinguished member
Joined
Jun 27, 2011
Posts
687
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.
Can you somehow redeposit it into your bank account? Forgive me for sounding so but I don't like cryptocurrency and have never been able to use it for a transaction.
Yes you can withdraw.
What don't you like about it? It can be very handy especially for people on this forum.
The problem I had with BTC lately is that the minimum wallet withdrawal limit went up. So paying for meds via bitcoin is often under that limit. Say you buy 50 bucks worth of meds using BTC, but your minimum withdrawal limit from your wallet is 250 worth.. they raised the threshold to prevent the further backlog of blockchain needed from the recent crash.
I did not know that. I will have to read up about it. May I ask where you purchase your BTC from?
Beittex. Also have used cash app and coinbase. They all raised their withdrawal minimums..so I have bitcoin just stuck unless I sell it because its under their withdrawal minimum now since it was raised to prevent mass selling.
Could you send it to an exchange such as Binance or Poliniex and then cash out there?
No because the min withdrawal limit is higher than what I have. So it's stuck. Can't transfer to any other wallet if I have a balance under .0005 BTC.
 

Evelyn Mabel Iris

Lapsed Senior Member
Joined
May 29, 2021
Posts
64
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.
Can you somehow redeposit it into your bank account? Forgive me for sounding so but I don't like cryptocurrency and have never been able to use it for a transaction.
Yes you can withdraw.
What don't you like about it? It can be very handy especially for people on this forum.
The problem I had with BTC lately is that the minimum wallet withdrawal limit went up. So paying for meds via bitcoin is often under that limit. Say you buy 50 bucks worth of meds using BTC, but your minimum withdrawal limit from your wallet is 250 worth.. they raised the threshold to prevent the further backlog of blockchain needed from the recent crash.
I did not know that. I will have to read up about it. May I ask where you purchase your BTC from?
Beittex. Also have used cash app and coinbase. They all raised their withdrawal minimums..so I have bitcoin just stuck unless I sell it because its under their withdrawal minimum now since it was raised to prevent mass selling.
Could you send it to an exchange such as Binance or Poliniex and then cash out there?
No because the min withdrawal limit is higher than what I have. So it's stuck. Can't transfer to any other wallet if I have a balance under .0005 BTC.
Ok I see what you mean. That sucks. If I can find anything helpful for you I'll be back.
 

Torr

Distinguished member
Joined
Jun 27, 2011
Posts
687
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.
Can you somehow redeposit it into your bank account? Forgive me for sounding so but I don't like cryptocurrency and have never been able to use it for a transaction.
Yes you can withdraw.
What don't you like about it? It can be very handy especially for people on this forum.
The problem I had with BTC lately is that the minimum wallet withdrawal limit went up. So paying for meds via bitcoin is often under that limit. Say you buy 50 bucks worth of meds using BTC, but your minimum withdrawal limit from your wallet is 250 worth.. they raised the threshold to prevent the further backlog of blockchain needed from the recent crash.
I did not know that. I will have to read up about it. May I ask where you purchase your BTC from?
Beittex. Also have used cash app and coinbase. They all raised their withdrawal minimums..so I have bitcoin just stuck unless I sell it because its under their withdrawal minimum now since it was raised to prevent mass selling.
Could you send it to an exchange such as Binance or Poliniex and then cash out there?
No because the min withdrawal limit is higher than what I have. So it's stuck. Can't transfer to any other wallet if I have a balance under .0005 BTC.
Ok I see what you mean. That sucks. If I can find anything helpful for you I'll be back.
Thank you so much
 

Evelyn Mabel Iris

Lapsed Senior Member
Joined
May 29, 2021
Posts
64
My Minimum is 0.0006. My advice would be to invest more coin and then immediately transfer to a more reasonable wallet.
 

Chancer

Exalted member
Joined
May 25, 2012
Posts
3,504
The more I read the more confused I get with bitcoin. What is the easiest starting point just to be able to send funds to a vendor? I'm old school and prefer MG or CC and the mere mention of 'keys' makes me want to cry.
 

DBGdefector

Senior member
Joined
Jun 21, 2021
Posts
77
The more I read the more confused I get with bitcoin. What is the easiest starting point just to be able to send funds to a vendor? I'm old school and prefer MG or CC and the mere mention of 'keys' makes me want to cry.
It ain't that hard to learn, the keys are for when you setup your wallet after that you just need to figure out where to buy your coins. I like ATM's and there are more around now than there use to be so you should find one near you but they are not all the same and vary by how much their fee will be so know that first. Like in my area there must be 7 or 8 in a 5 mile radius, this way I can check fee and go to the cheapest one or the closest depending. Once you got it, it's a snap!
 

Hi~Tide

Lapsed Senior Member
Joined
Apr 2, 2021
Posts
280
@VeronicaC I honestly just went with the most popular option, figuring it would also be the most simplistic. That’s Coinbase imo. I don’t have to do anything except open the account, which also means verifying your ID, then buy what is needed and send it to the vendor.

It’s always going to cost extra of course, but it’s not easy to know how much. The purchase is always a $3 fee, at least that’s what I have always paid. But sending it also entails the mining fees. People who are more skilled know how to negotiate the timing (or whatever) for lower fees. My understanding is that the faster you want it done the more it cost. Some of the time it’s just dumb luck too, because I have paid wildly different fees and always just bought it and sent it. I add $25-$30 and it’s been enough to cover me, but that’s 10% on average for my orders. WU charges $7 on $500 if memory serves me correctly. But it’s as easy as contact, order and and get the wallet address. Copy it from the email, a wrong addy and it is just gone, so it’s on them if they give me the wrong wallet ID. Then screenshot the transaction and show the other party. Right now I have $15 or so, which means my fees were less than anticipated, otherwise it would be less. 😉
 

DBGdefector

Senior member
Joined
Jun 21, 2021
Posts
77
Most ATM's don't ask for anything more than a phone # and the address to send your coins to and you get them in about an hour or less depending on how long the trans will take on the blockchain.
 

Chancer

Exalted member
Joined
May 25, 2012
Posts
3,504
@Hi~Tide Wow, thats helpful. I'm going to have a look at coinbase tomorrow and try set something up. I've never seen any cash machines in the UK that do Bitcoin but I've not really looked for them. I'm forever losing stuff, I write down email addy's or passwords or join sites and then lose the log in details, the need to retain information is never my friend.
 

jaders

Exalted member
Joined
Feb 1, 2012
Posts
3,925
@Hi~Tide Wow, thats helpful. I'm going to have a look at coinbase tomorrow and try set something up. I've never seen any cash machines in the UK that do Bitcoin but I've not really looked for them. I'm forever losing stuff, I write down email addy's or passwords or join sites and then lose the log in details, the need to retain information is never my friend.

I keep an email account JUST for passwords and every single time I create a password to any account, I send myself a message to that email. Then ALL of my passwords are in one place and accessible from anywhere I have internet access. It's easy enough to "code" your passwords too, if that makes you feel more comfortable. Like I might put [email protected], indicating that I'm using my most common word with those symbols on either end.

Anyway, it makes a huge difference. When I have to find a password to somewhere I haven't used in over a year - there it is...

I did sign up for a wallet with Electrum several months ago and bought a small amount of bitcoin from a coin machine at my local grocery store. I did write down the "key" tho, figuring I should have it handwritten if I ever use the account for any real transactions.

Hope you get it all straight and working. I don't like the expense of bitcoin more than anything, but it's still a bit confusing to me too. Good luck!
 

ram-man

Lapsed Senior Member
Joined
May 2, 2021
Posts
247
@Hi~Tide Wow, thats helpful. I'm going to have a look at coinbase tomorrow and try set something up. I've never seen any cash machines in the UK that do Bitcoin but I've not really looked for them. I'm forever losing stuff, I write down email addy's or passwords or join sites and then lose the log in details, the need to retain information is never my friend.

I keep an email account JUST for passwords and every single time I create a password to any account, I send myself a message to that email. Then ALL of my passwords are in one place and accessible from anywhere I have internet access. It's easy enough to "code" your passwords too, if that makes you feel more comfortable. Like I might put [email protected], indicating that I'm using my most common word with those symbols on either end.

Anyway, it makes a huge difference. When I have to find a password to somewhere I haven't used in over a year - there it is...

I did sign up for a wallet with Electrum several months ago and bought a small amount of bitcoin from a coin machine at my local grocery store. I did write down the "key" tho, figuring I should have it handwritten if I ever use the account for any real transactions.

Hope you get it all straight and working. I don't like the expense of bitcoin more than anything, but it's still a bit confusing to me too. Good luck!
Passwords are a real pain. Not very secure probably but I just let Google generate and store my passwords. I just go Passwords.google.com and look for my password. About the only password I mentally remember is my Google password. I have my Electrum seed stored in my Google photo 's from a screenshot. I hardly keep anything there. I go for CB to Electrum and whatever I have left in Ectrum I just use a Max transaction back to CB then I just dump all my BTC back to my bank. I dial my fees down a bit going from Electrum to CB cuz I'm in no hurry.

Since most others methos are burned and last I.heard some CIM was getting named by the other team. So despite its high fees the tank btc has becomes my face
 

Hi~Tide

Lapsed Senior Member
Joined
Apr 2, 2021
Posts
280
@DBGdefector I couldn’t imagine trying to input a wallet address or ID on an atm, or even using my own kb at home. Too many random characters, I would be a nervous wreck.
Also I live in a pretty rural area and haven’t seen any atm advertising for BTC transactions yet but it’s coming soon I’m sure.
 

NomiTramadol

Honorable member
Joined
Jun 4, 2021
Posts
258
@Hi~Tide There will be or we have an interesting battle between bitcoins, Paypal, other solutions offered by group of banks... cause there's no space for all of them the same i think there is not space for hbo, discovery, netflix, fox, soccer, formula 1, basket, disney... and a lot of premium pay services.
 
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