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Thinking About Getting Bitcoin...Advice Please?

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posted on Dec, 7 2017 @ 01:07 PM
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a reply to: JinMI

Personally, I see it as mostly a good thing. Including the new that the IRS is looking to tax gains.

Its all speculation, but I think the biggest enemy of cryptocurrency are governments. If they decide to "shut 'er down," it'll throw the entire market black. If they are looking to do things like tax gains though, I see that possibility as significantly less likely.

That doesn't mean I like the particular development, but there might be a silver lining of sorts.




posted on Dec, 7 2017 @ 05:54 PM
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a reply to: notsure1




Can I trasnfer anything I get from coinpot and the faucet sites to my coinbase account?


You can transfer Bitcoin and Litecoin. At the moment I think that is all coinbase carries. Keep in mind that coinbase is an exchange and I would advise against keeping anything on an exchange that you are not planning on trading. Get a wallet that you can keep on your device or even a paper wallet or hardware wallet if you plan on holding your coins for awhile. I can help you with that should you need.




few of those links do not update riht to coinpot so how do I get my BC or any crypto all in one wallet?


All of the faucets I linked in that thread should deposit right into coinpot. Nothing extra. I'll look at it but I don't think I can edit it now.




I really dont know anything but I want in on the fun. Im up like 80 bucks in 3 days on my BC and I only put in a couple hundred.


If it interests you, then research. Research until your eyes bleed...so to speak. It's foolish to throw your money at anything you don't understand, thus my reasoning for putting the link in my signature space. It costs nothing.

ETA: So I checked the link. I wouldn't use "freedoge" or "instantdoge." Looks like those sites branched off. Also, when trying to transfer, look at any fees. There is no fee for doge through coinpot so you could convert your coins to doge and transfer to say an exchange. Just look out for things like that.



edit on 7-12-2017 by JinMI because: (no reason given)



posted on Dec, 7 2017 @ 05:59 PM
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a reply to: Serdgiam

IRS intervention is inevitable. If you're making gains in the states, you're breaking laws by not paying taxes on those gains. However, there are loopholes.

My opinion on the government shutting it down or anything to that end would be great for crypto. Remember the China ban on ICO's. BTC went down for a day and then boomed again. However, there would still be a big bump and yes, a black market. However, there are good things being done and lots of use cases.

For me, I'll be steering away from BTC. Since around the 13k mark, I get the feeling that there is some manipulation going on. Don't get me wrong, I'll still keep some (what very little I have) but the most will be sunk into alts. Some very awesome and forward looking tech is being done and not for exclusive reasons. Adoption and integration is a key factor.



posted on Dec, 7 2017 @ 06:58 PM
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a reply to: JinMI




Get a wallet that you can keep on your device or even a paper wallet or hardware wallet if you plan on holding your coins for awhile. I can help you with that should you need.



You see that is how green I am.. I thought coinbase was a wallet. What wallet should I get?




Research until your eyes bleed...so to speak. It's foolish to throw your money at anything you don't understand, thus my reasoning for putting the link in my signature space. It costs nothing.


There is alot to learn.. Is why I only threw a few hundred at it. I gamble that much all the time lol.

When I mine whats the difference between BC cash and BC core?



posted on Dec, 7 2017 @ 07:17 PM
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a reply to: notsure1




You see that is how green I am.. I thought coinbase was a wallet. What wallet should I get?


I guess it depends on which stance you declare a wallet...a wallet!


Coinbase is an exchange as it holds your money and converts funds. They hold your keys instead of you. When you have a software (on your device), or a hardware (a separate unconnected device), web (stored on browser) wallet, you have control of your keys. What wallet is determined upon which currency. How many currencies do you wish to have? If only bitcoin then here: bitcoin.org... There are some to choose from.




There is alot to learn.. Is why I only threw a few hundred at it. I gamble that much all the time lol.


There certainly is tons to learn. I learn daily and keep up with the stuff that I'm in to.




When I mine whats the difference between BC cash and BC core?


BCC= Bitcoin Cash. A fork of Bitcoin.
BTC= Bitcoin Core. The original Bitcoin that everyone knows.



posted on Dec, 8 2017 @ 06:10 PM
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a reply to: JinMI

I completely disagree that it would be great for these currencies! However, I'm basing my assumption off of standard and basic economics, which may not apply in quite the same fashion as standard currencies.

To be clear though, when I say "shut them down," I don't mean a simple ban. I mean an active battle waged, which would could involve everything from establishing new government agencies to underhanded tactics. We definitely haven't seen that, at least not openly or large scale.

If that happened, I would expect the currencies to completely tank. At the same time, I would expect to see the other aspects of the subject really take front and center. Honestly, I feel the only reason they haven't is because of the massive growth of the currency, BTC specifically. Its tough to justify it in the current situation, for better or worse.

So, what is it about that 13k mark that makes you suspect manipulation? From my position, I would say it was manipulated from day one, like any market with potential.

Similarly, I'd say that the actual potential stable value of BTC is significantly and substantially higher than it is now. So, I am not the least bit surprised it is hitting these values and even was talking about that specifically about five years ago.

Of course, for it to realize that *full* potential, quite a few different pieces need to fall into place. Some of which I believe are very unlikely, to say the least (like BTC becoming the single, global currency). Even if it falls short of that, there is space for it to realize six figure values with relative "ease."

If its sent entirely into the black market, I don't expect it would do much good for the currency itself though.. Not the least of which would be the likely switching over of the infrastructure itself to support the other facets of the tech, and away from supporting the currency as a focus. I'd say there is definitely value in that actually, but not so much for the currency side of things.

As it is now though, all eyes are on the currency and I'd even say many "investors" are not even aware of the potential beyond that.



posted on Dec, 8 2017 @ 06:18 PM
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a reply to: Serdgiam




To be clear though, when I say "shut them down," I don't mean a simple ban. I mean an active battle waged, which would could involve everything from establishing new government agencies to underhanded tactics. We definitely haven't seen that, at least not openly or large scale.


I would certainly concede to that point. We may not have seen it at home but we have seen it abroad. No reason to not draw parallels.




So, what is it about that 13k mark that makes you suspect manipulation? From my position, I would say it was manipulated from day one, like any market with potential.


Watching the news, then the run of BTC, all the way up to 18k then falling back to where it is now surrounding the if's, ands, and maybes coming from the futures marketeers. I don't think this is organic growth. I could be very wrong, just sharing my opinion on it.

Even today, top headlines are "Bitcoin tanks" "bubble." Even though its' clearly still up.



posted on Dec, 8 2017 @ 06:49 PM
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a reply to: JinMI

Would you mind providing some links? I'd really be interested in reading about it. I'm aware of bans, but not specific agencies being created to actively combat cryptocurrencies. I do suspect some things, like the latest exchange hack, have something to do with some underhanded tactics. Perhaps even driven by some organization like the IMF or even the Federal Reserve, but I suppose its doubtful to get actual information on such acts outside of speculation.

And hey, I'm just sharing my opinion too.
I think its tricky to compare something like this with, say, the housing bubble or the dotcom stuff. Or really any bubble at all.

If we were solely talking about a currency, I think it'd be easier to compare and predict, relatively speaking. But, given everything else involved in the subject, its kind of a mix between a currency and parts of the tech sector like Apple or Microsoft.

Its why I like Ethereum so much. But, even there, I don't think we have even begun to see the full potential of what we are talking about here. The currency aspect has boomed, so that has become a sole focus of even those educated on the matter (and certainly those that aren't!).

I suspect that the best course of action is going to be to bolster the other aspects while using the currency as the engine to drive it forward. Ethereum is the closest that I know about, but I don't think we have seen anyone take full advantage of what's on offer here.

Personally, I don't mind throwing small sums in right now (actually small, less than $50), but I'm waiting for that org or company that looks like it will leverage the entire package into a market.
edit on 8-12-2017 by Serdgiam because: Freaking symbols messin up my jive



posted on Dec, 8 2017 @ 07:12 PM
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a reply to: Serdgiam



I'm aware of bans, but not specific agencies being created to actively combat cryptocurrencies.

No, not crypto specifically. :



I mean an active battle waged, which would could involve everything from establishing new government agencies to underhanded tactics.


I responded to this and was referring to the NSA, IRS and CIA.


I absolutely agree that we have yet to see any manner of the blockchain fully realized. A year or two from now, this whole currency business may seem like tulip bulbs. OR we could be revolutionalizing how we use and view currency.

If you like Ethereum, you should have a look at Cardano if you havn't. Let me know what you think if you've the time.



posted on Dec, 9 2017 @ 01:21 PM
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a reply to: JinMI

I would lump those letter agencies in the same way. I was actually rather surprised at the news of the IRS "officially" taxing gains. In my mind at least, this strongly suggests a certain level of acceptance. While such agencies can absolutely speak out both sides of their mouth, they rarely conflict with their own interests. And, if they will be taxing crypto gains, I really do believe they wont shoot themselves in the foot when it comes to whether or not to let it be.

Of course, they could just be looking at it as a short term injection of funds, which would make inflating the market (and then crashing it) the "correct" course of action. But, unlike many private entities, government organizations are strongly driven by the Almighty Budget, which would imply the first scenario is the one that'll play out.

I'm glad you mentioned Cardano! I'd heard of it and meant to look into it, but just forgot. On a cursory glance, I like what they are doing even more than ETH. But, my problem, which seems universal at this point, is accessibility.

It might never happen, but what I'd like to see is a crypto that appeals to the largest demographic possible. Clearly, BTC shows that enough people are willing to research and learn to make things profitable. But, I believe for any of this to really take off, it will require enabling and encouraging the ones that don't or won't research/learn to buy in.

That's where fiat currency still has a stranglehold. Its so closely woven into the Cultural Story that no one really needs to look into it, they just use it. To accomplish that, it either takes time or a clever and slick system.

That said, ill throw some money at ADA simply because I like what they are doing. Like the rest of current offerings, I wont really look at it as an investment though, even if it does make money. That's just semantics I suppose, but the one to come out with an easily accessible system will likely be the one that takes over.

I love talking about this topic
Its so damn interesting and we can see it play out in real time.



posted on Dec, 10 2017 @ 07:28 AM
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a reply to: BeautyEarthComing

......quite the opposite. It will free the third world of the limits that the "banking" industry put on them.



posted on Dec, 10 2017 @ 07:30 AM
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a reply to: Jubei42
They have said they will repay my initial investment over time.... I've got $100 back in total.



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