CRYPTOCURRENCY 101: Beginners Guide to Buying, Selling & Storing Bitcoin, Ethereum Etc...

[Chinobey]

Why i don't do bitcoin.
You think you have "control" over it but one site can just F*ck over the access to your money when they feel like it.

No thank you.

Use your own wallet? Leaving money on an exchange is a very risky idea.

 

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[Sequential]

Why i don't do bitcoin.
You think you have "control" over it but one site can just F*ck over the access to your money when they feel like it.

No thank you.

You can use a hardware wallet for this btw, such as Ledger Nano S - but if it breaks, you are screwed!

 

[qaerst]

More of them are also "pump and dumps"
ICO scams , just like ANS , SNT , BANCOR and many more failed "projects "

You can use a hardware wallet for this btw, such as Ledger Nano S - but if it breaks, you are screwed!

ah yes let me put my whole income , career and work into a piece of plastic

 

[Sequential]

I am quite big into ripple i have a few thousand xrp and it took me like 30 minutes to buy it all when it was around 6 cents i don't know what the price of ripple is now as i don't check it is an investment that requires no time sure it is high risk but the rewards are huge. As for scammers always buy/sell on big exchanges where you can see the profile of the user you are selling to/buying from as you can easily tell if its a scam or not. At the end of the day most cryptos are high risk / high reward investments and don't put money you can't afford to lose into it.

I mined all of it, spent $0, but come sale time, I chose the biggest and "most safe" and he happened to exit scam at the same time, no way of avoiding it. Like I said, I got burned, sadly. The worst part of it was the emotional effect. But fiat money...there is a lot of it out there, like it says in the book, $3 trillion traded per day... it is time we lack and worrying about being scammed is a bad use of it!

 

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[ZTiago]

More of them are also "pump and dumps"
ICO scams , just like ANS , SNT , BANCOR and many more failed "projects "


ah yes let me put my whole income , career and work into a piece of plastic

ANS SCAM? LOL you have to check the sources bro

 

[Chinobey]

Unreliable.
Your money can spike or you can lose a lot instantly.
The only reason why i don't do crypto/bitcoin anymore is because i want to learn from MY mistakes and not be looking at graphs and try to "predict" profits.
But hey , if that's what you want to do more power to you!

I mined all of it, spent $0, but come sale time, I chose the biggest and "most safe" and he happened to exit scam at the same time, no way of avoiding it. Like I said, I got burned, sadly. The worst part of it was the emotional effect. But fiat money...there is a lot of it out there, like it says in the book, $3 trillion traded per day... it is time we lack and worrying about being scammed is a bad use of it!

You sold mass amounts of crypto to one person at one time? Sure you lose a bit on fee's and such but i usually split it up when selling or buying i would buy it from say 3 different people rather than place all my money into the trust of one person.

 

[Chinobey]

More of them are also "pump and dumps"
ICO scams , just like ANS , SNT , BANCOR and many more failed "projects "


ah yes let me put my whole income , career and work into a piece of plastic

Get a wallet on your computer place all your crypto into it erase from your computer make several copies of the wallet code and store them in safe places e.g your house a trusted family member etc.

 

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[Sequential]

I sold a few at first, it went through fine, so I pushed all of them through at once, like I said I got caught up in the scam.

I don't really trust governments when it comes to BTC either. Look at that australian guy... he came out, said he was Satoshi, the next day the Australian police arrested him (for nothing) and raided his house... why? He was not a criminal. My best guess is they were there to steal the BTC...why else would they raid someone based on a rumor?

Reported bitcoin 'founder' Craig Wright's home raided by Australian police

Huge coincedence?

 

[ZTiago]

Yes. FBI seized a lot of cryptos also last week. Millions in USD

 

[huntiii]

I hate poloniex quite alot of times it has stopped me from purchasing or selling at very crucial times and a lot of the time the site is down all together.

Kind of a universal problem with crypto exchanges. None of them are prepared to handle the increased traffic.

 

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[huntiii]

I jumped into cryptos for fun and as an experiment last month with 1K€, I was aware of Bitcoin when it's value was $4 and when ETH value was something like less than $1. Missed that trains but hell that times this BTC looked like some sort of a very complex scam, those who invested in it now are rich without any effort.

For what I saw like JScott said it is nothing more than gambling and speculation for now.

A lot of people see it like a new gold rush and are putting their life savings into shitcoins following random advice from forums, losing everything in days trying to not to lose the next "ETH" train, but I think that with patience and using your head you can make a decent sum of money, sometimes from these guys who are putting stupidly their life savings and kids who are trying to being able to buy a lambo in one week.

I don't know where I'm going to end with this gambling, if lose this 1K€ it will be not such a big deal for me, it is just for fun like I said. But I'm seeing a lot of opportunities to "sell shovels" in this gold rush, maybe it is not worth to gamble in coins (I cannot say right now) but maybe it is looking into it with the "selling shovels" mindset if you're into technology and coding. Projects related to cryptocurrency are appearing like mushrooms right now.

Looks like you did ok so far. Make sure to claim your bitcoin cash.....

 

[huntiii]

Hearing LOTS of conflated bubble talk about Bitcoin lately. I wrote this quick article to really think about bitcoin being a bubble and what that means (a tech stock bubble or a tulip bubble) or is it not even a bubble....could be something much nicer?

Is Bitcoin a Bubble or is it the Pin that Pops the Bubble?

 

[NewManRising]

Is there a reason not to just use coinbase exclusively? Why use Poloniex?

 

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[huntiii]

Is there a reason not to just use coinbase exclusively? Why use Poloniex?

YOu use poloniex if you want to buy other cryptocurrencies besides the big three on Coinbase (BTC, ETH, LTC)

 

[NewManRising]

Got it. Thanks

 

[huntiii]

YOu use poloniex if you want to buy other cryptocurrencies besides the big three on Coinbase (BTC, ETH, LTC)

Some of my favorite other cryptocurrencies (alt coins) besides the big three are:

OMG
GAS
ZENCASH
EOS
FACTOM

 

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[NewManRising]

I am still in the process of getting my funds transferred over. I am going to get a little ethereum and maybe play with some of the smaller coins.

 

[mguerra]

Some of my favorite other cryptocurrencies (alt coins) besides the big three are:

OMG
GAS
ZENCASH
EOS
FACTOM

Interesting read. What's your predictions on those?

 

[scott wisniewsk]

Do your own research on your alt coin choices . Dont go looking for investment advise on Fastlane forum.

 

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[NewManRising]

This is getting frustrating. Is there an exchange that allows you to buy other coins (without having to own any bitcoin) that doesn't make you jump through a bunch of hoops? I have some ETH on coinbase. But I want to buy some of the other coins. I signed up for Poloniex and Binance and it's a runaround and hassle.

 

[NewManRising]

Nevermind

 

[huntiii]

Do your own research on your alt coin choices . Dont go looking for investment advise on Fastlane forum.

Of course. Always do your own research. But those alt pics aren't just from someone off the fastlane forum

 

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[huntiii]

This is getting frustrating. Is there an exchange that allows you to buy other coins (without having to own any bitcoin) that doesn't make you jump through a bunch of hoops? I have some ETH on coinbase. But I want to buy some of the other coins. I signed up for Poloniex and Binance and it's a runaround and hassle.

You can try SHAPESHIFT.IO

But you need a wallet that will store the specific coin you acquire

 

[ernesto50]

So the whole exchange mess will stay for a while, but look at it from that perspective: As long as this is so difficult to properly do, the potential of the market growth is still huge. As long as you can't buy altcoins with something like coinbase in terms of user experience, there will be a huge hurdle for people to enter cryptos.

My general advice:

• register everywhere you can, and get verified while the news stories die down
• you will need BTC or ETH to buy your altcoins, how and with what you can check on coinmarketcap, when you go to the market tab, there you will see the pairings.
• the fastest and probably cheapest way is to buy litecoin on bitstamp (EU) or GDAX (US, this is coinbase's backend with less fees) with USD or EUR and then transfering them away to the the altcoin exchanges such as Binance, Bittrex or Kucoin
• please, please, please do proper research before spending your hard earned money on this stuff. Don't forget: in normal cases you shouldn't invest 1-5% of your portfolio into cryptos and you should always invest money you're prepared to lose (that applies for Bitcoin and altcoins)
• never leave cryptos on the exchanges. The hacks are real and people lose a lot of money like this. Do your research about something a like a ledger nano S (going to post a video tonight, EDIT here ya go) and proper wallets and transfer your coins in a safe wallet. You are in charge of your money now, so treat it with the respect and security it deserves, you wouldn't expect anything else from a bank

 

[Elif]

Love it Hunter. Thanks for the step by step. Made a couple of first purchases on Coinbase in the past few weeks, and wasn't too sure the direction to take from there.

 

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[Elif]

Ok, and if you're new to Blockchain & Crypto - time for selfish plug, MJ pls delete if you don't wish to have this here - grab my report on understanding this in layman terms. I wrote this around 9 months ago, and identified Bitcoin, Ethereum and one more currency to look out for.