Bitcoin and Crypto Talk (Merged)(includes NFT) (2 Viewers)

[WhoDatPhan78]

I had less than 5 dollars left over in my bit coin wallet from like February. I hadn't thought about it.


I just checked and now I have just over 80$ in my bitcoin wallet.


Surely this is about to crash. It's approaching $16,000 per bitcoin.

 

[mc4saints]

I am clueless on Bitcoin. Can somebody answer one question for me please? If I had Bitcoin, what is the process to convert to money I can easily use everyday to say pay my mortgage or buy a loaf of bread at Krogers?

 

[Brennan77]

I am clueless on Bitcoin. Can somebody answer one question for me please? If I had Bitcoin, what is the process to convert to money I can easily use everyday to say pay my mortgage or buy a loaf of bread at Krogers?

You can sell it the same market that you purchased it. I use Coinbase. Your gains are subject to tax though I believe.

 

[mc4saints]

You can sell it the same market that you purchased it. I use Coinbase. Your gains are subject to tax though I believe.

So sell it to Coinbase and they direct deposit money to bank of your choice? I assume there is some type of exchange rate?

 

[St. Greatness]

I am clueless on Bitcoin. Can somebody answer one question for me please? If I had Bitcoin, what is the process to convert to money I can easily use everyday to say pay my mortgage or buy a loaf of bread at Krogers?

I'd like to know that answer as well. It's about the only thing that has stopped me from investing in crypto.

 

[coldseat]

Do people still mine for Bitcoin? Or do they just trade for it now?

I don't understand crypto currency either. How did solving complex mathematical equations (what I understand bitcoin to originate from) equate to currency?

 

[Brennan77]

So sell it to Coinbase and they direct deposit money to bank of your choice? I assume there is some type of exchange rate?

I haven't sold yet. I've only purchased. But yes, you attach a checking account. The exchange rate is 1.49% if I'm understanding correctly.

Sent from my Pixel 2 using Tapatalk

 

[RazorSaint]

I am clueless on Bitcoin. Can somebody answer one question for me please? If I had Bitcoin, what is the process to convert to money I can easily use everyday to say pay my mortgage or buy a loaf of bread at Krogers?

It's still in its infancy. When fully adopted you could have crypto cards just like you have a debit or credit card today. Currently though it's only good to transfer money online from peer to peer. If, say, Amazon accepted it, you could simply purchase goods on their site and transfer money from your BTC wallet to theirs as easily as you enter your credit card info today.

It has potential, but it's not very practical at the moment because of lack of adoption, price volatility, high fees, and high transaction confirmation time.

 

[WhoDatPhan78]

It has potential, but it's not very practical at the moment because of lack of adoption, price volatility, high fees, and high transaction confirmation time.

Something is driving this ridiculous price though. It has went up 40% Just today.


I wonder how much of it's value is in that it can be used to buy things that are illegal, or that terrorists and North Korea can use it without being tracked...


https://www.bloomberg.com/news/arti...-step-up-bitcoin-attacks-amid-rising-tensions

North Korea appears to be stepping up efforts to secure bitcoin and other cryptocurrencies, which could be used to avoid trade restrictions including new <meta content="true" itemprop="active"><meta content="StoryLink" itemprop="type"><meta content="OW52LE6JTSJH" itemprop="suid">sanctions approved by the United Nations Security Council.

 

[RazorSaint]

Something is driving this ridiculous price though. It has went up 40% Just today.


I wonder how much of it's value is in that it can be used to buy things that are illegal, or that terrorists and North Korea can use it without being tracked...


https://www.bloomberg.com/news/arti...-step-up-bitcoin-attacks-amid-rising-tensions

It's an investment that currently has incredible returns. People are dumping in money hoping to get rich quick. Also some large financial firms announced that they'll begin offering bitcoin futures this month which has legitimized it in some people's eyes.

 

[WhoDatPhan78]

It's an investment that currently has incredible returns. People are dumping in money hoping to get rich quick. Also some large financial firms announced that they'll begin offering bitcoin futures this month which has legitimized it in some people's eyes.

Well if George Soros starts shorting bitcoin futures, I'd suggest cashing out.

 

[Saints318]

Do people still mine for Bitcoin? Or do they just trade for it now?

I don't understand crypto currency either. How did solving complex mathematical equations (what I understand bitcoin to originate from) equate to currency?

The way I understand it is the complexity of the algorithm validates the bitcoins authenticity and value.

Bitcoin's value and authenticity is backed by how it is impossibly difficult and infeasible to counterfeit. It's backed by science like how the dollar used to be backed by gold and is now backed by.....

Bueller? Bueller? Anyone?

 

[Brennan77]

The way I understand it is the complexity of the algorithm validates the bitcoins authenticity and value.

Bitcoin's value and authenticity is backed by how it is impossibly difficult and infeasible to counterfeit. It's backed by science like how the dollar used to be backed by gold and is now backed by.....

Bueller? Bueller? Anyone?

Correct. In theory, it is not able to be manipulated by governments or central agents. It's collectively stored and the number of possible bitcoins found is very finite. So it's value cannot be diluted through the creation of more coins, for example. It's a way of circumventing centralized authorities and establishing legitimate market value. The use of the currency for illegal activity is, in fact, proof of concept and is not a detractor in my opinion.

 

[rsmith2783]

The information might be personal, but can anyone share their success of buying into Bitcoin?

 

[RazorSaint]

The information might be personal, but can anyone share their success of buying into Bitcoin?

I've been dabbling since July, but finally decided to jump in with both feet and invested several thousand about a month ago with BTC at ~$6500. It's currently over $17000. In 2 months, it could be worth $35000, or $3500. It's kind of stressful but fun...like gambling really. The trick is to know when to walk away. I've set a price limit at which point I'll remove my investment and a little extra cash and still leave 5 figures in the market. Fingers crossed that it hits my mark and doesn't wipe out my investment.

Some believe it will ultimately be worth upwards of $200K per coin. John McAfee (started McAfee software and who is crazy, but smart) is on record saying it will reach $500k per coin by 2020. I think he even recently increased his estimate to 1 million by 2020. I don't believe that but I would have never believed it would go from $700 to $17k in 2017 either.