Answered Bitcoin for Dummies

[Gentlemancorpse]

So I found a strain Ive been looking for (Solfire Grimbastard OG if your curious) but its at a bank that only takes bitcoin or money order ... and with all this USPS baloney going on .... Im debating on whether or not to try buying with crypto again despite how much I hated it a few years ago.

For those of you who already use it, what's the best crypto wallet for a total noob like myself? And why do you like it? Keeping in mind that I wont be investing or anything (think I missed that boat...) just want to make some purchases

 

[GCG]

As @jaguarlax stated, I too feel like it's safe enough to leave your coins on the exchange and utilize their wallet. This is what I do. There's always a level of risk with this approach, but for me personally, the risk is minimal. I feel like for me personally, I'd be more at risk of making a mistake with a cold storage unit because the process seems too complicated for me. I don't trust myself to not make a mistake at some point during the set up, transfer, or storage. I'd rather eliminate all of those possibilities and I just leave it on the exchange. I'm also comfortable using Coinbase because they're a US exchange. If I recall, they needed to get a level of insurance for investor funds in the event of a hacking incident in order to get approved by the SEC to operate. But at the end of the day, you need to decide what's best for you and the level of risk you're willing to take.

Thats why I haven't used my Ledger. First review I read after buying was to make sure to do a small test run incase something goes wrong and you lose your coin. Scared me enough to put it in a drawer.

 

[jaguarlax]

As @jaguarlax stated, I too feel like it's safe enough to leave your coins on the exchange and utilize their wallet. This is what I do. There's always a level of risk with this approach, but for me personally, the risk is minimal. I feel like for me personally, I'd be more at risk of making a mistake with a cold storage unit because the process seems too complicated for me. I don't trust myself to not make a mistake at some point during the set up, transfer, or storage. I'd rather eliminate all of those possibilities and I just leave it on the exchange. I'm also comfortable using Coinbase because they're a US exchange. If I recall, they needed to get a level of insurance for investor funds in the event of a hacking incident in order to get approved by the SEC to operate. But at the end of the day, you need to decide what's best for you and the level of risk you're willing to take.

Im with @Phylex on this one... I try to move my coins as little as possible, to avoid human error. As smart as I like to think I am, I can really do some bone-headed shit. Just ask @spyralout about my Cash App Debacle last night LOL.

 

[stanknugzz77]

Bbbbbbbbbitcoin? More like sssssshitcoin. Say hello to the new new new new cryptocurrency that is all the the ra rra rage rage. It's RAGECOIN! Send me all of your silly worthless bitcoins and I will send you endless Ragecoin. Ragecoin is so valuable, yet so undervalued, that you will immediately ascend to the highest levels of the megarich. 1%? More like top .25% of wealth worldwide. This purchase comes with a monocle AND a top hat and also a bridge AND your very own star. Disclaimer: Ragecoin is not valid anywhere oxygen or gravity exist. All purchases are final. Positive vibes...

~nugzz

 

[Capt. C]

As @jaguarlax stated, I too feel like it's safe enough to leave your coins on the exchange and utilize their wallet. This is what I do. There's always a level of risk with this approach, but for me personally, the risk is minimal. I feel like for me personally, I'd be more at risk of making a mistake with a cold storage unit because the process seems too complicated for me. I don't trust myself to not make a mistake at some point during the set up, transfer, or storage. I'd rather eliminate all of those possibilities and I just leave it on the exchange. I'm also comfortable using Coinbase because they're a US exchange. If I recall, they needed to get a level of insurance for investor funds in the event of a hacking incident in order to get approved by the SEC to operate. But at the end of the day, you need to decide what's best for you and the level of risk you're willing to take.

While i do have money there it is more of a amusement investment. I do feel better after your explanation of the highs and lows. I do not think that it is but you can't help but think of insider trading when it completely drops off the chart almost overnight sometimes. I have tripled my investment in the last 5 to 7 years so it is certainly something to consider for a small investment that you could afford to lose. I believe bitcoin has split twice already ( bitcoin cash and bitcoin SV )which really helps with the investment.Thanks for the comeback i will just leave it there

 

[Phylex]

While i do have money there it is more of a amusement investment. I do feel better after your explanation of the highs and lows.

It's a long term investment for me as well. I set it and forget it. I don't even think about that money. If it goes away from Ctrl Alt Delete, then so be it. It's also not for everyone. But if it goes to where I think it'll go over time, I'm glad I'm playing.

I do not think that it is but you can't help but think of insider trading when it completely drops off the chart almost overnight sometimes.

There is definitely market manipulation. It's the Wild West of trading. But that's why your gains and losses can be so substantial. For the most part, that volatility is only crushing the day traders and short term investors. Long term, BTC is doing what it always does. And those market manipulators are manipulating the market for accumulation purposes. We're never going to compete with the whales. They're going to keep suppressing the price until they let it go and it runs for the new all time high. They're accumulating to make money.

I have tripled my investment in the last 5 to 7 years so it is certainly something to consider for a small investment that you could afford to lose.

I couldn't agree more. There's no sense in chasing the highs and lows. It's all about the long game. It isn't going anywhere.

 

[stanknugzz77]

As much as I hate to sound like a know it all, I do in fact KNOW IT ALL. Sabroshi Nagasaki is a dear personal friend of mine. He likes his sake and he let it slip that Y2K is coming, but it is Y2K21. Next year, all of the whales (and even some of the dolphins) are going to simultaneously dump their bitcoins in exchange for RAGECOIN ragecoin raccoons. The day of reckoning (raccooning) is upon us. Get your RAGECOIN while you still can. Anybody who is anybody and some who are nobody are already loading up on Ragecoin. Don't wait and find yourself left behind in the year 2020. Act now and secure your blissful financial future. Positive vibes..

~nugzz

 

[jaguarlax]

As much as I hate to sound like a know it all, I do in fact KNOW IT ALL. Sabroshi Nagasaki is a dear personal friend of mine. He likes his sake and he let it slip that Y2K is coming, but it is Y2K21. Next year, all of the whales (and even some of the dolphins) are going to simultaneously dump their bitcoins in exchange for RAGECOIN ragecoin raccoons. The day of reckoning (raccooning) is upon us. Get your RAGECOIN while you still can. Anybody who is anybody and some who are nobody are already loading up on Ragecoin. Don't wait and find yourself left behind in the year 2020. Act now and secure your blissful financial future. Positive vibes..

~nugzz

Damn Stank you on one today... I want whatever ur smoking on LOL

 

[stanknugzz77]

Damn Stank you on one today... I want whatever ur smoking on LOL

I guess that would be Tropicanna Cookies in these gummies haha. I just like to talk shit about Bitcoin. I have been involved in BTC since 2010-11 (We Still HODL) and back then everyone thought it was a joke. Life was much simpler when the roads were paved in silk. Positive vibes...

~nugzz

 

[Capt. C]

As much as I hate to sound like a know it all, I do in fact KNOW IT ALL. Sabroshi Nagasaki is a dear personal friend of mine. He likes his sake and he let it slip that Y2K is coming, but it is Y2K21. Next year, all of the whales (and even some of the dolphins) are going to simultaneously dump their bitcoins in exchange for RAGECOIN ragecoin raccoons. The day of reckoning (raccooning) is upon us. Get your RAGECOIN while you still can. Anybody who is anybody and some who are nobody are already loading up on Ragecoin. Don't wait and find yourself left behind in the year 2020. Act now and secure your blissful financial future. Positive vibes..

~nugzz

Damn @stanknugzz77 i would like to get in on the ground floor investing in the Ragecoin. I am a little lite on funds right now but i do own a really cool bridge just outside NYC if you would like to consider a trade.

 

[stanknugzz77]

Damn @stanknugzz77 i would like to get in on the ground floor investing in the Ragecoin. I am a little lite on funds right now but i do own a really cool bridge just outside NYC if you would like to consider a trade.

No trades daddy-o. Only cold, hard COINS. I will accept ETH, BCH, XMR etc. Maybe even a little Dogecoin, if you play your cards right. And thank you, but I already have more bridges and stars than the law allows. Thank you for your interest in RAGECOIN. Positive vibes...

~nugzz

 

[Gentlemancorpse]

So as an update ... I logged into Coinbase and realized I was verified already as mentioned... just had to link a bank account and it said I could "trade immediately"... so I set everything up and bought some bitcoin, placed my Area51 order and tried to pay them... and got a message that I cant "send" bitcoin for 7 days??? Wish I knew "sending" wasn't part of "trading" ... probably should have been patient and waited for CashApp to verify me

Anyways, messaged Area51 and am hoping they'll hold my order until I can pay them ...

 

[Gentlemancorpse]

And cash app did in fact deny me for bitcoin ... its gotta be the beard...

 

[Gentlemancorpse]

So Im gonna end up writing a walk through for idiots like me trying to use Coinbase for buying seeds because man... it has not gone well.

At the moment I was able to send my payment, but I cant find the transaction/hash ID number anywhere, and now I'm locked out of my account getting told the verification numbers THEY keep texting me arent valid... luckily Area 51 is being very patient so far

 

[jaguarlax]

if it doesnt work out man...hit me up... ill help where I can.

 

[Capt. C]

So Im gonna end up writing a walk through for idiots like me trying to use Coinbase for buying seeds because man... it has not gone well.

At the moment I was able to send my payment, but I cant find the transaction/hash ID number anywhere, and now I'm locked out of my account getting told the verification numbers THEY keep texting me arent valid... luckily Area 51 is being very patient so far

Man i am with you. I have had bitcoin for well over 5 years and still struggle every time i try to pay for something. When i do figure it out i have forgotten how to do it the next time i try My excuse is age as i have trouble remembering what i did yesterday. I was just pulling my hair out trying to figure out how to download pictures from a new camera

 

[jaguarlax]

Man i am with you. I have had bitcoin for well over 5 years and still struggle every time i try to pay for something. When i do figure it out i have forgotten how to do it the next time i try My excuse is age as i have trouble remembering what i did yesterday. I was just pulling my hair out trying to figure out how to download pictures from a new camera

No worries @Capt. C just have some of that Wedding Cake and some sort of glass smoking apparatus ready, and Ill give ya a lil crash course next month when I get down there.

 

[Gentlemancorpse]

if it doesnt work out man...hit me up... ill help where I can.

Much appreciated man! Hopefully I can get it squared away. I understand the need for security but if I'm going to need all this verification it needs to, ya know.... work haha