Experienced bitcoin folks, I'm planning on getting in. Advice, please.

[phill4paul]

OK. Every time I look at bitcoin since its phenomenal rise I've made excuses not to get in. Starting in the New Year I'm gonna take a modest plunge. I will invest $200 to kick it off and then another $200 a month.

So, if you can help me, how do I get started? I know there are several different companies that deal in it and these are called "wallets." Correct.

Which one should I buy through?
Are there fees?
Do I make my purchases through a debit card?
Is my "wallet" a website I trade through on my laptop (I don't use a smartphone) and I surmise it is protected by a pass-code.
If I wish to sell, how do I go about that? Would transfers be directed in $US to a bank account?

[RonPaulIsGreat]

Sign up to coinbase, then gdax (their trading site), verify your account, enter your bank info, do a transfer of your cash. Set a limit order on gdax(no fees). Once you get a few thousand dollars worth of bitcoin, buy a trezor or ledger hardware wallet. Withdrawal to that, make sure you keep a back up of your 24 word recovery seed in a very safe place offline. (never, ever, ever, enter your recovery seed into a computer unless you absolutely have no choice). As long as that seed is never exposed to a computer you are as safe as anyone else on the planet can be.

Buying on gdax is much cheaper feewise than coinbase.

That is the way you do it if you aren't going to try to avoid the IRS. Coinbase reports to the IRS, so be aware of that. IF you want to go rogue, your options are buy off localbitcoins with cash, or mine bitcoin.

[TheTexan]

Go big or go home

[Brian4Liberty]

That's a coincidence. Someone I know who doesn't do any investing wanted to know about how to invest in bitcoin.

What is it they say about a market, stock or commodity when everyone starts talking about it and wants to get in?

[RonPaulIsGreat]

That's a coincidence. Someone I know who doesn't do any investing wanted to know about how to invest in bitcoin.

What is it they say about a market, stock or commodity when everyone starts talking about it and wants to get in?

We aren't anywhere near saturation. We are at the point where a large percentage are "aware", not actually invested. The shoe shine boy isn't giving alt coin tips yet.

Coinbase which is probably the largest "legit" exchange has a mere 15,000,000 accounts WORLDWIDE, and a large portion of those are likely just from curious people, or fake people trying to exploit the referral program. My guess is a few million "real" accounts with more than a trivial amount.

Naw, we are maybe at the beginning of a potential frenzy.

[devil21]

That's a coincidence. Someone I know who doesn't do any investing wanted to know about how to invest in bitcoin.

What is it they say about a market, stock or commodity when everyone starts talking about it and wants to get in?

Ding ding ding. Those that don't know history are doomed to repeat it. Those that do know history are doomed to watch everyone else repeat it. Hopefully there won't be a mass suicide of RPF members when the flash crashes start.

[dannno]

Ding ding ding. Those that don't know history are doomed to repeat it. Those that do know history are doomed to watch everyone else repeat it. Hopefully there won't be a mass suicide of RPF members when the flash crashes start.

You think it's going to go back below $500? And you think that is going to really upset anybody if they lose it? Pretty sure almost everybody here bought in under $500 DCA and have already monetized their initial investment costs in one way or another..

[ClaytonB]

OK. Every time I look at bitcoin since its phenomenal rise I've made excuses not to get in. Starting in the New Year I'm gonna take a modest plunge. I will invest $200 to kick it off and then another $200 a month.

Good plan. But first, read. Read only reputable sources. I'll point you in the direction of reputable sources and feel free to ask for explanation/clarification on this:

- [START HERE] https://bitcoin.org/en/ ... Don't frequent bitcoin.com, it's associated with a scamcoin called "Bitcoin Cash" that really has nothing to do with Bitcoin beyond plagiarizing the name
- https://en.bitcoin.it/wiki/Help:FAQ ... This is the Bitcoin wiki; prefer information that you can verify here
- https://bitcoin.org/en/developer-guide ... This is the Bitcoin developer guide (it's for anyone who is engineering software to conform with the Bitcoin protocol). It is the gold-standard reference for any technical question regarding Bitcoin. Do not settle for 2nd-hand, 3rd-hand, scammy, phishy explanations - check what people say and when you find that they are making claims that disagree with the developer guide, ignore them.

After you've watched some videos and read some articles, then buy some Bitcoin. Buy a small amount ($200 is a good starting value). Use it to actually purchase something (try purse.io, Open Bazaar or spendbitcoins.com). You're going to make mistakes along the way, such as paying too little for a transaction fee, or paying too much, or losing track of a wallet key for the change from a transaction, or whatever. By starting small and actually using Bitcoin, though, you're going to minimize your losses from such mistakes.

Here are some generally useful Bitcoin links:

- https://cointelegraph.com/
- https://themerkle.com/
- https://blockexplorer.com/
- https://coinmarketcap.com/
- https://www.btcsatoshi.com/
- https://www.reddit.com/r/Bitcoin/

So, if you can help me, how do I get started? I know there are several different companies that deal in it and these are called "wallets." Correct.

Which one should I buy through?
Are there fees?
Do I make my purchases through a debit card?
Is my "wallet" a website I trade through on my laptop (I don't use a smartphone) and I surmise it is protected by a pass-code.
If I wish to sell, how do I go about that? Would transfers be directed in $US to a bank account?

Wallet: Software that helps you manage your Bitcoins. Bitcoins stored in a wallet are like cash, this is why it is called a wallet and not an account. Lose the wallet, the Bitcoins are gone and no one can recover them for you. Lose the key to the wallet, the Bitcoins are gone, no one can recover them for you. And so on.

Exchange: An online website that exchanges BTC:USD (and other currencies). You should not store your Bitcoins with an online exchange - 100's of millions of dollars of assets have been lost and/or embezzled in this way.

One way to obtain Bitcoins is:

- Choose and install a wallet (Electrum is a solid choice)
- Create a Bitcoin address with the wallet software (details omitted)
- Place an online order for Bitcoins with a reputable exchange, providing the Bitcoin address you created as the destination for the funds
- When your order clears, you should see Bitcoins in your wallet software (the amount you purchased, minus fees)
- You now control these coins unconditionally - the exchange cannot take them back

You can purchase Bitcoins face-to-face through local sellers.

Watch out for scams. Check the https in your web-browser wherever you go (green lock to the left of the web address). Cross-check any unclear information with the golden references I gave you above. Bitcoins are like cash, treat them that way.

[Origanalist]

Good plan. But first, read. Read only reputable sources. I'll point you in the direction of reputable sources and feel free to ask for explanation/clarification on this:

- [START HERE] https://bitcoin.org/en/ ... Don't frequent bitcoin.com, it's associated with a scamcoin called "Bitcoin Cash" that really has nothing to do with Bitcoin beyond plagiarizing the name
- https://en.bitcoin.it/wiki/Help:FAQ ... This is the Bitcoin wiki; prefer information that you can verify here
- https://bitcoin.org/en/developer-guide ... This is the Bitcoin developer guide (it's for anyone who is engineering software to conform with the Bitcoin protocol). It is the gold-standard reference for any technical question regarding Bitcoin. Do not settle for 2nd-hand, 3rd-hand, scammy, phishy explanations - check what people say and when you find that they are making claims that disagree with the developer guide, ignore them.

After you've watched some videos and read some articles, then buy some Bitcoin. Buy a small amount ($200 is a good starting value). Use it to actually purchase something (try purse.io, Open Bazaar or spendbitcoins.com). You're going to make mistakes along the way, such as paying too little for a transaction fee, or paying too much, or losing track of a wallet key for the change from a transaction, or whatever. By starting small and actually using Bitcoin, though, you're going to minimize your losses from such mistakes.

Here are some generally useful Bitcoin links:

- https://cointelegraph.com/
- https://themerkle.com/
- https://blockexplorer.com/
- https://coinmarketcap.com/
- https://www.btcsatoshi.com/
- https://www.reddit.com/r/Bitcoin/



Wallet: Software that helps you manage your Bitcoins. Bitcoins stored in a wallet are like cash, this is why it is called a wallet and not an account. Lose the wallet, the Bitcoins are gone and no one can recover them for you. Lose the key to the wallet, the Bitcoins are gone, no one can recover them for you. And so on.

Exchange: An online website that exchanges BTC:USD (and other currencies). You should not store your Bitcoins with an online exchange - 100's of millions of dollars of assets have been lost and/or embezzled in this way.

One way to obtain Bitcoins is:

- Choose and install a wallet (Electrum is a solid choice)
- Create a Bitcoin address with the wallet software (details omitted)
- Place an online order for Bitcoins with a reputable exchange, providing the Bitcoin address you created as the destination for the funds
- When your order clears, you should see Bitcoins in your wallet software (the amount you purchased, minus fees)
- You now control these coins unconditionally - the exchange cannot take them back

You can purchase Bitcoins face-to-face through local sellers.

Watch out for scams. Check the https in your web-browser wherever you go (green lock to the left of the web address). Cross-check any unclear information with the golden references I gave you above. Bitcoins are like cash, treat them that way.

If you buy them from 'local sellers' does the IRS have access to that information?

[ClaytonB]

If you buy them from 'local sellers' does the IRS have access to that information?

I would assume that there are three-letter critters out and about buying/selling Bitcoin. But I think that Bitcoin is probably the wrong route to go if you're looking to avoid taxes. The trouble is that the blockchain is 100% public and you (generic) almost certainly are not running a secure endpoint, so it's quite possible for a three-letter agency to connect your Bitcoin address with your IP/MAC address/HDD serial #, etc. There are ways to make this difficult or impossible but 99.999+% of users do not have the requisite skills.

[Origanalist]

I would assume that there are three-letter critters out and about buying/selling Bitcoin. But I think that Bitcoin is probably the wrong route to go if you're looking to avoid taxes. The trouble is that the blockchain is 100% public and you (generic) almost certainly are not running a secure endpoint, so it's quite possible for a three-letter agency to connect your Bitcoin address with your IP/MAC address/HDD serial #, etc. There are ways to make this difficult or impossible but 99.999+% of users do not have the requisite skills.

Thanks.

[Brian4Liberty]

I would assume that there are three-letter critters out and about buying/selling Bitcoin. But I think that Bitcoin is probably the wrong route to go if you're looking to avoid taxes. The trouble is that the blockchain is 100% public and you (generic) almost certainly are not running a secure endpoint, so it's quite possible for a three-letter agency to connect your Bitcoin address with your IP/MAC address/HDD serial #, etc. There are ways to make this difficult or impossible but 99.999+% of users do not have the requisite skills.

And what would they be able to see and do when they connect your Bitcoin address and IP address? If they can do it, can any hacker also do it?

[dannno]

And what would they be able to see and do when they connect your Bitcoin address and IP address? If they can do it, can any hacker also do it?

They can see that you transacted bitcoin in some form.

[FSP-Rebel]

I think there's more short term potential for newcomers to get started w/ litecoin and then convert it into more bitcoin when the ltc/btc price catches up to the .02 rather than the .009 where we're at right now. 1week chart - https://bitcoinwisdom.com/markets/bitfinex/ltcbtc
To keep storage simple and safe, get a coinbase account & buy your coinage there, turn on 2 Factor Authorization to send an SMS code to your cellphone for login purposes. Don't login from public wifis and you should be fine w/o the extra technical stuff that complicates the maiden voyage experience. That said, I wouldn't be at all surprised if we're about to get a moderate BTC/USD$ price correction in the relative near term, where the altcoins/tokens tend to go green as BTC profits are diversified into smaller liquidity pools for larger gains. Any longtime crypto holder can tell you that weathering the short bear market breaks takes patience and nerves. If you can't stomach volatility then stay modest.

[timosman]

That's a coincidence. Someone I know who doesn't do any investing wanted to know about how to invest in bitcoin.

What is it they say about a market, stock or commodity when everyone starts talking about it and wants to get in?

Pump and dump?

[TheTexan]

I think there's more short term potential for newcomers to get started w/ litecoin and then convert it into more bitcoin when the ltc/btc price catches up to the .02 rather than the .009 where we're at right now. 1week chart - https://bitcoinwisdom.com/markets/bitfinex/ltcbtc
To keep storage simple and safe, get a coinbase account & buy your coinage there, turn on 2 Factor Authorization to send an SMS code to your cellphone for login purposes. Don't login from public wifis and you should be fine w/o the extra technical stuff that complicates the maiden voyage experience. That said, I wouldn't be at all surprised if we're about to get a moderate BTC/USD$ price correction in the relative near term, where the altcoins/tokens tend to go green as BTC profits are diversified into smaller liquidity pools for larger gains. Any longtime crypto holder can tell you that weathering the short bear market breaks takes patience and nerves. If you can't stomach volatility then stay modest.

What is LTC's value proposition compared to say, Ethereum?

[jllundqu]

What is LTC's value proposition compared to say, Ethereum?

LTC has better tech and faster transaction speeds. Ethereum is about to come up against some serious technical roadblocks because of the lack of foresight in the tech front. LTC has lots of room to grow and is a favorite of mine.

[FSP-Rebel]

What is LTC's value proposition compared to say, Ethereum?

Jllundqa said most of it. Ethereum is centralized and basically a platform of smart contracts where utility tokens can upend legacy business models. They aren't meant be used as money but almost like stock tokens w/ performance features in upcoming businesses. LTC (decentralized) is already segwitted for faster transactions plus confidential trans and atomic swaps are coming down the pike. I'm of the mindset that LTC will be competing/pricing w/ DASH between now and spring time.

[Zippyjuan]

That's a coincidence. Someone I know who doesn't do any investing wanted to know about how to invest in bitcoin.

What is it they say about a market, stock or commodity when everyone starts talking about it and wants to get in?

Good signs of a bubble when speculators who don't know anything about it want to get in on the action. People buying it because they think they can make easy money on it.

[FSP-Rebel]

Good signs of a bubble when speculators who don't know anything about it want to get in on the action. People buying it because they think they can make easy money on it.

Out of 100 people, how many do you think have heard about bitcoin vs how many of them actually own any of it? What about the obscure cryptos like litecoin, dash, monero, ethereum, fantasyfootballcoin? What about the ethereum utility tokens like populous, pillar, paypie, veritaseum, omisego, sand, etc. which are widely known in some crytpo circles but are completely unknown to the average person. What bubble you talkin bout, Willis? We're entering the early adopter phase over the next 4 months, having just about exited the innovator phase of new fintech. Bubble talk tells me your level of understanding about the new world you'll be living in before you know it. The legacy currencies and their banker and business counterparts are aging and the new wave of honesty and efficiency are growing the legs to put them out to pasture as we're in the greatest wealth transfer of all time: multi-generational wealth. Heads up to all.

[Brian4Liberty]

Fox Business just did a market summary, and they mentioned that Bitcoin and two other cryptocurrencies (Ethereum, Litecoin) are all up over 60% in the past month.

[Working Poor]

You can listen to the Dr. Virtual subliminal on getting more bitcoin:

[ClaytonB]

And what would they be able to see and do when they connect your Bitcoin address and IP address? If they can do it, can any hacker also do it?

It is possible. This is why we need digital device manufacturers to implement truly secure designs. Backdoors can be used - and are used - by crooks as well as the cops.

If you [generic] are moving large amounts of assets through Bitcoin in order to avoid having them taxed, you should assume that the authorities are maximally interested in your activities. This means that the old canard, "I'm a nobody, they don't care what I do with my computer" doesn't apply. It never applied anyway but now you can be certain that it doesn't apply. For the vast majority of people, compromising their end-point security is as easy as the click of a button for the three-letter agencies (we know this thanks to Snowden). Once they connect your bitcoin addresses to your physical hardware, they can seize the physical hardware and arrest you. They will probably slap you with presumptive charges like "money laundering" "tax evasion" and so on and put you in jail. Unless you know what you're doing, this will allow them to at least hold your assets hostage. Worse, it will also allow them to craft up a plea deal that goes along the lines, "Plead guilty and turn over all the keys and you'll only serve a year in prison. Don't, and we'll let the judge decide how long your sentence will be... up to 20 years per count, one count for every Bitcoin address on your computer." You'll turn over all the keys.

[Zippyjuan]

And what would they be able to see and do when they connect your Bitcoin address and IP address? If they can do it, can any hacker also do it?

https://www.forbes.com/sites/thomasb.../#1079c62341a4

All That's Needed To Hack Gmail And Rob Bitcoin: A Name And A Phone Number

Hackers have proven just how urgently a gaping flaw in the global telecoms network, affecting what's known as Signalling System No. 7 (SS7), needs to be fixed. In a video demonstration, shown to Forbes ahead of publication today, benevolent hackers from Positive Technologies were able to take control of a Coinbase bitcoin wallet and start pilfering funds via the SS7 flaws.

SS7 weaknesses, despite fixes being available for years, remain open. They allow anyone with access to that part of the telecoms backbone to send and receive messages to and from cellphones, with various attacks allowing silent interception of SMS texts, calls and location data. (Typically, the SS7 network is used by telecoms companies to talk with one another, normally for shifting customers between operators when roaming).

In their attack, the Positive researchers first went to Gmail, using Google's service to find an email account with just a phone number. Once the email account was identified, the hackers initiated a password reset process, asking one-time authorization codes to be sent to the victim's phone. By exploiting SS7 weaknesses they were able to intercept text messages containing those codes, allowing them to choose a new password and take control of the Gmail account. They could then simply head to the Coinbase website and do another password reset using the email they'd compromised.

[devil21]

Fox Business just did a market summary, and they mentioned that Bitcoin and two other cryptocurrencies (Ethereum, Litecoin) are all up over 60% in the past month.

This is how banker desired monetary changes (and behavioral changes in general) are introduced to the sheep. Manipulate the desired change (blockchain, in this case) enough to be incorporated into the banker owned media's reports. The seed of blockchain is planted. Globalist papers confirm that blockchain is where they want to push people so there needed to be a reason to talk about blockchain. Bitcoin was the chosen vehicle.

[dannno]

https://www.forbes.com/sites/thomasb.../#1079c62341a4

Couldn't they use that same exploit to hack somebody's bank acccount?

[Zippyjuan]

Couldn't they use that same exploit to hack somebody's bank acccount?

Yes.

[TheTexan]

This is how banker desired monetary changes (and behavioral changes in general) are introduced to the sheep. Manipulate the desired change (blockchain, in this case) enough to be incorporated into the banker owned media's reports. The seed of blockchain is planted. Globalist papers confirm that blockchain is where they want to push people so there needed to be a reason to talk about blockchain. Bitcoin was the chosen vehicle.

Yes, it is the bankers are pushing this idea of decentralized banking, trading, and investing.

They totally want to see that happen, so they don't have to even come into work anymore

[NorthCarolinaLiberty]

Good signs of a bubble when speculators who don't know anything about it want to get in on the action.

Brian for Liberty mentioned one person. That's singular, not your plural "speculators."

[devil21]

Yes, it is the bankers are pushing this idea of decentralized banking, trading, and investing.

They totally want to see that happen, so they don't have to even come into work anymore

When I use the term "bankers", I'm actually referring to the CFR, the UN and their bosses, not the guy behind the counter at the local branch or even the stock desk guy on Wall St. Those that seek to turn the people into literal slaves laboring for something that only exists in their imagination, exercise complete control of all commerce and institute global communism. Blockchain certainly fits that bill, don't you think?