Bitcoin Thread

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L-Dog said:
And the Sunday Times, journalism not in a great place
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How did an american "astrologist" end up in a South African news paper. lmao.

I just looked her up, total nut job and probably got an only fans page to go with her general vibe.
 
I have an extremely noob question.

If I buy 5 Bitcoin @ R100 and then next month I decide to buy another 5 Bitcoin @R200 (price went up) how does the crypto platform calculate the earning gains?

Does it remember the coins I bought @ R100 and work out the growth on those from that value separately and the ones I bought at R200 and work out the growth for those from that value separately or does it add them together and apply an average and work out growth as if it bought at R150?

I want to buy into a crypto again but I bought at a very low price and I'm unsure if I buy again now, with the price higher, that it will hamper the growth of my initial purchase.

Thanks
 
PDF_27 said:
I have an extremely noob question.

If I buy 5 Bitcoin @ R100 and then next month I decide to buy another 5 Bitcoin @R200 (price went up) how does the crypto platform calculate the earning gains?

Does it remember the coins I bought @ R100 and work out the growth on those from that value separately and the ones I bought at R200 and work out the growth for those from that value separately or does it add them together and apply an average and work out growth as if it bought at R150?
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It doesn't calculate anything.

At the end of those two months you have 10 bitcoin that you're able to sell at a certain price. There's no sense in compartmentalizing your purchases into:

The 5 bitcoin I bought in Jan
The 5 bitcoin I bought in Feb

Because when March rolls around and you decide to sell 5 bitcoin, you can't sell ''the 5 bitcoin you bought in Jan''. You just sell 5 bitcoin. Profit is something you calculate yourself because you know you got 5 of those bitcoin for really cheap at some point.
 
Binance "under maintenance"
I'm almost expecting a hack announcement.
 
The_Hobbit said:
Binance "under maintenance"
I'm almost expecting a hack announcement.
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Binance has completed temporary system maintenance and will resume all trading activity at 2021/02/11 05:00 AM (UTC)

Should be back up very shortly.
 
Randux said:
I'll be surprised if Bitcoin doesn't start to dip after touching $50K. That's where I'd look to sell if I was holding.
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So close to hitting it now, just a few more %....
 
flytek said:
I mined a little bitcoin once upon a time which is sitting at slushpool.
I would like to sell it for a currency, possibly rand or dollars or whatever, withdraw some to my SA bank account if necessary but otherwise begin buying and selling.
Can someone please assist as I have no experience in this.
It sounds like LUNO may not be the best place to send the coins.
Do I need a wallet and which exchange should I buy and sell on initially?
I do have a ledger nano S hardware wallet that I can update and use if they are worth using.
Thanks for helping a noob.
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If you want to actively trade ZAR/BTC, create an account at a local exchange (VALR or Luno). If you want to trade USDT/BTC or BTC/ALTCOINS then might be better on an international exchange like Binance.

Local exchange will be easier for direct ZAR withdrawal to your bank account. I typically trade on Binance and send to VALR to cash out to ZAR.

You can use the Nano S to store any BTC you intend on holding.
 
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