Bitcoin Talk

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donnierisk

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Hey everyone,

So I bought a bit of bitcoin earlier the year and tried out the mining (Which I don't recommend lol), but the buy and hold is a lot safer and there are many credible international sites out there.

Do any of you have interest in Bitcoin, if you have already been involved which sites would you recommend and how do you go about this?

I used www.bitx.co.za, I'm not too sure about their credibility but a friend told me about them and I haven't had any problems thus far. I bought my bitcoin there then I transferred it to a bitcoin wallet called Xapo. I'm considering moving it to a more secure/more well known wallet but i'm not sure what the best is. Do you guys use any other wallet/exchange and which do you prefer?

Regards
 
What price did you pay when you bought them?. Has it been a good investment?.
 
Yes most of the people here use bitx and theres a huge thread regarding bitcoin etc, just do a search for it.
 
I bought in the beginning of the year when it was around R7000, it's up to around R12500 now so it's been good to me so far. I'm planning to buy and hold for a few years though.

One thing I noticed is bitx's bitcoin price is a few hundred rand higher than the actual price. So I bought again the other day, on a R5000 investment I lost about R500, is this...normal??
 
Bitx is Naspers. It's the best in terms of credibility but I'd recommend you move your coins to a legit wallet like blockchain.info and do your stuff from there.

Since bitx really is just a exchange and I won't want Naspers to know how many bitcoins I have. So I merely transfer the bitcoins I want to change into zar to bitx.
 
Thor187 said:
Bitx is Naspers. It's the best in terms of credibility but I'd recommend you move your coins to a legit wallet like blockchain.info and do your stuff from there.

Since bitx really is just a exchange and I won't want Naspers to know how many bitcoins I have. So I merely transfer the bitcoins I want to change into zar to bitx.
Click to expand...

Unless you launder the wallet, you contaminate your Blockchain.info wallet by sending the coins to BitX. You realise this, right?
 
Waylander said:
Unless you launder the wallet, you contaminate your Blockchain.info wallet by sending the coins to BitX. You realise this, right?
Click to expand...
Because blockchain is my only wallet...


I have a very strick chain if it involves bitcoins I want to exchange to zar via bitx.
 
Thor187 said:
Because blockchain is my only wallet...


I have a very strick chain if it involves bitcoins I want to exchange to zar via bitx.
Click to expand...

You realise the Blockchain holds every transaction? Chaining transfers wont matter at all, unless you use a launder.
 
I bought some bitcoins from https://localbitcoins.com just to try it out. I didn't feel like joining a proper exchange like bitx so this worked fine. If I end up buying and using and selling bitcoins more frequently then I'll probably join an exchange. I use Mycelium as my wallet. https://wallet.mycelium.com I can't remember why I chose that one exactly but it works well!
 
Waylander said:
You realise the Blockchain holds every transaction? Chaining transfers wont matter at all, unless you use a launder.
Click to expand...
I know 100% how it works and what I'm doing.

Your mis reading all of this. Advice to OP was to use blockchain as the wallet and not bitx. Why, because bitx does transactions in bulk so if you rely on realtime services that is integrated with blockchains api then your bitx transactions won't be picked up.
 
donnierisk said:
Hey everyone,

So I bought a bit of bitcoin earlier the year and tried out the mining (Which I don't recommend lol), but the buy and hold is a lot safer and there are many credible international sites out there.

Do any of you have interest in Bitcoin, if you have already been involved which sites would you recommend and how do you go about this?

I used www.bitx.co.za, I'm not too sure about their credibility but a friend told me about them and I haven't had any problems thus far. I bought my bitcoin there then I transferred it to a bitcoin wallet called Xapo. I'm considering moving it to a more secure/more well known wallet but i'm not sure what the best is. Do you guys use any other wallet/exchange and which do you prefer?

Regards
Click to expand...

I use BitX to store and trade Bitcoin, have been since 2012.
Very respected, funded and secure place.

Plus if you're looking for a good mobile app, you really can't go wrong with BitX.
 
Thor187 said:
I know 100% how it works and what I'm doing.

Your mis reading all of this. Advice to OP was to use blockchain as the wallet and not bitx. Why, because bitx does transactions in bulk so if you rely on realtime services that is integrated with blockchains api then your bitx transactions won't be picked up.
Click to expand...

What are you talking about? There is no such thing as a Bitcoin API. Why would other wallet services like BitX need an API to Blockchain.info anyway? Wallets run their own nodes/ QT instances.

The Blockchain is a public ledger, each wallet service like BitX will hold their own copy of the Blockchain. Miners confirm the transactions, not APIs.
 
IOPS said:
What are you talking about? There is no such thing as a Bitcoin API. Why would other wallet services like BitX need an API to Blockchain.info anyway? Wallets run their own nodes/ QT instances.

The Blockchain is a public ledger, each wallet service like BitX will hold their own copy of the Blockchain. Miners confirm the transactions, not APIs.
Click to expand...
Bitx works very very very different from a bitcoin wallet like blockchain.info dont take my word for it. Mail them and ask.

And regarding the API.
https://blockchain.info/api quite powerful
 
Thor187 said:
Bitx works very very very different from a bitcoin wallet like blockchain.info dont take my word for it. Mail them and ask.

And regarding the API.
https://blockchain.info/api quite powerful
Click to expand...

How is it different? It's a standard Bitcoin wallet address.
They use a receivers address (your unique wallet address) and send BTC via their senders address. Any BTC transaction is confirmed on the Blockchain (NOT Blockchain.info) and requires 3 confirmations, for receiving anyway, to be allocated to your account.

Standard stuff if you ask me.

Also, the API link you're telling me to read is an API for blockchain.info, not Bitcoin and not the Blockchain. Different things. BitX also has an API which does something similar to your link. Blockchain.info is a wallet address, their other info like block info, transaction info, blockchain search, unconfirmed transactions etc etc etc is simply them showing what activity is actually happening on the Blockchain. The same as Tradeblock.

Make sense?
 
IOPS said:
How is it different? It's a standard Bitcoin wallet address.
They use a receivers address (your unique wallet address) and send BTC via their senders address. Any BTC transaction is confirmed on the Blockchain (NOT Blockchain.info) and requires 3 confirmations, for receiving anyway, to be allocated to your account.

Standard stuff if you ask me.

Also, the API link you're telling me to read is an API for blockchain.info, not Bitcoin and not the Blockchain. Different things. BitX also has an API which does something similar to your link. Blockchain.info is a wallet address, their other info like block info, transaction info, blockchain search, unconfirmed transactions etc etc etc is simply them showing what activity is actually happening on the Blockchain. The same as Tradeblock.

Make sense?
Click to expand...
Did not say the API does the confirmation nor did I say blockchain.info is the bitcoin authority. What I said was is that bitx does not work in the conventional way.

You will not pick up your transaction because bitx does transactions in bulk.

It's easy to verify, use the blockchain api or the website or tradeblock to view your bitx transaction and tell me what it looks like.
 
Come to think about it weren't you the user to get me banned?

In which case I'll rather not discuss this further in fear of another misunderstanding.
 
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