The Bitcoin Thread

[luka138]

Congrats! Im VERY new to this cryptocurrency stuff.. infct only own like .029BTC.. been buying in with some savings over the last few days.. not all.. but some..

Im just stuck between buying XRP, LTC AND ETH..

Please tell me more about the XRP wallet.. do i need 1? I Was actually considering buying a hardware wallet like that ledger nano.. think i need it or my stuff is safe on LUNO and altcointrader?

A hardware wallet is a much better idea. Better for security. Exchanges are just for trading, but if you truly want to own your money then a hardware wallet is a better idea since you own the private keys. In other words, hardware wallets are a good idea if you just plan to hold on to your money. I'm not sure which wallet is good for Ripple since I've just started out with it.


Don't worry you own more BTC than I do . I would have had a more, but I panic sold way too many times. They were silly mistakes, but it's no use remaining in the past . I've also used some savings, but not too much. Well there's also the fact that I'm a student, but I think that's even more reason to get involved. Hoping to push it further next year.

 

[Zulfi]

A hardware wallet is a much better idea. Better for security. Exchanges are just for trading, but if you truly want to own your money then a hardware wallet is a better idea since you own the private keys. In other words, hardware wallets are a good idea if you just plan to hold on to your money. I'm not sure which wallet is good for Ripple since I've just started out with it.


Don't worry you own more BTC than I do . I would have had a more, but I panic sold way too many times. They were silly mistakes, but it's no use remaining in the past . I've also used some savings, but not too much. Well there's also the fact that I'm a student, but I think that's even more reason to get involved. Hoping to push it further next year.

great! kinda felt like a amlly hearing how the rest of these guys in the forum buying WHOLE BTC lol.. we all start somewhere i guess.

do you have a hardware wallet?
any idea how to transfer Crypto without incurring fees? i see there is an email option and sms option, but im not familiar how that would work

 

[luka138]

great! kinda felt like a amlly hearing how the rest of these guys in the forum buying WHOLE BTC lol.. we all start somewhere i guess.

do you have a hardware wallet?
any idea how to transfer Crypto without incurring fees? i see there is an email option and sms option, but im not familiar how that would work

I don't have a hardware wallet. Have you looked at any? I currently use Coinomi on Android. I think you could also paper wallets and other methods to keep your money safer. You can't really transfer without fees. It's why I only tend to move alt coins around. BTC transaction fees are simply too high. Everything else is so much cheaper, like only a few cents. Luno doesn't allow you to set transaction fees, but wallets like Coinomi do. However, lower fees usually mean slower transactions.

 

[Zulfi]

I don't have a hardware wallet. Have you looked at any? I currently use Coinomi on Android. I think you could also paper wallets and other methods to keep your money safer. You can't really transfer without fees. It's why I only tend to move alt coins around. BTC transaction fees are simply too high. Everything else is so much cheaper, like only a few cents. Luno doesn't allow you to set transaction fees, but wallets like Coinomi do. However, lower fees usually mean slower transactions.

ok so help me here.. i have that coinomi app.. from altcointrader, do i just click on withdraw XRP(for example, or ETH) and put in the wallet address?
i dont really get the "Private key" thing.. but nevertheless

 

[Zulfi]

and coinomi dont support XRP?

 

[luka138]

and coinomi dont support XRP?

Unfortunately not. It supports tons of other coins though.

 

[Zulfi]

Unfortunately not. It supports tons of other coins though.

so i currently have money on Altcointrader, if i buy ETH and transfer it to Luno, would that be a good idea? or just keep it on altcoin?

 

[jman]

so i currently have money on Altcointrader, if i buy ETH and transfer it to Luno, would that be a good idea? or just keep it on altcoin?

What's the point, they're both exchanges. Unless there's a big arbitrage opportunity

 

[Zulfi]

What's the point, they're both exchanges. Unless there's a big arbitrage opportunity

True.. thanks

 

[Weasley]

Don't forget to diversify
Dash seems quite promising and I hope you've procured some Ethereum. Ripple will also be a good idea since it's a decentralised ledger.

ripple is not decentralised.

 

[Zulfi]

ripple is not decentralised.

What does this mean? Good or bad?

 

[luka138]

ripple is not decentralised.

Sorry. I meant distributed *

 

[Zulfi]

So on altcointrader.. i get charged a fee even i place a buy order.. that sucks!

 

[Weasley]

What does this mean? Good or bad?

I see it as bad. if the company goes bust then no one can transfer any coin. as they the only one's maintaining the ledger.

 

[Zulfi]

I see it as bad. if the company goes bust then no one can transfer any coin. as they the only one's maintaining the ledger.

whats the likelihood of that happening tho?

 

[Voicy]

whats the likelihood of that happening tho?

About the same likelihood as a bank going belly up and then all your money is gone.

Banks can get gov reserve bank bailouts, but still lose value each time JZ opens his mouth or we get a new finance minister. Whereas Bitcoin isn't dependent on one country's currency stability...but the exchange dealing in it doesn't have the reserve bank to back it up.

If you're not actively trading, it's probably better to get an offline wallet. But then again bitcoin (despite what my gf thinks) isn't an actual coin, so you can leave bits of it on the exchange for practice-trading and keep the rest safe until 2025 when you want to retire. ... or who knows, by then it could have crashed and you might just have enough money to buy a beer to drown your sorrows.


But relax dude, this up-down-up-down is just a drop in the ocean. I bought at R55k, panic sold at R37k when the bottom fell out, rebought at R47k an hour or 2 later, held til R80k, then it fell off again to R70k in 2hrs, sold. Bought back at R88k...then R95k...then R100k...then R110k...

So as you can see its all over the place if you watch it like a hawk, but if you chill, keep your cool and HODL, then month to month that line is going up and up. Until it doesnt. But then it does again. Until the next time. :crylaugh:

 

[kab123]

Am I the only one that feels really sad when selling BTC?

The app on the phone is useless. You can't go there anymore.

 

[Zulfi]

About the same likelihood as a bank going belly up and then all your money is gone.

Banks can get gov reserve bank bailouts, but still lose value each time JZ opens his mouth or we get a new finance minister. Whereas Bitcoin isn't dependent on one country's currency stability...but the exchange dealing in it doesn't have the reserve bank to back it up.

If you're not actively trading, it's probably better to get an offline wallet. But then again bitcoin (despite what my gf thinks) isn't an actual coin, so you can leave bits of it on the exchange for practice-trading and keep the rest safe until 2025 when you want to retire. ... or who knows, by then it could have crashed and you might just have enough money to buy a beer to drown your sorrows.


But relax dude, this up-down-up-down is just a drop in the ocean. I bought at R55k, panic sold at R37k when the bottom fell out, rebought at R47k an hour or 2 later, held til R80k, then it fell off again to R70k in 2hrs, sold. Bought back at R88k...then R95k...then R100k...then R110k...

So as you can see its all over the place if you watch it like a hawk, but if you chill, keep your cool and HODL, then month to month that line is going up and up. Until it doesnt. But then it does again. Until the next time. :crylaugh:

Voicy you d main guy!! Thank you! When you say 0ffline wallet... Shoul i look for and buy the ledger nano? Or you mean like that paper wallet thing?

And if i do either.. how do i transfer it back to the exchanges for when i do decide to trade or sell? Do you have a hardware wallet? How dp you move crypto to and fro?

 

[kab123]

Voicy you d main guy!! Thank you! When you say 0ffline wallet... Shoul i look for and buy the ledger nano? Or you mean like that paper wallet thing?

And if i do either.. how do i transfer it back to the exchanges for when i do decide to trade or sell? Do you have a hardware wallet? How dp you move crypto to and fro?

I'm not quite sure how it works. My recommendation would be to take R50 in btc. Put it in a hardware wallet, and then try to get it back on the internet just to "practice" a bit and get a feel for how it works.

 

[Zulfi]

I'm not quite sure how it works. My recommendation would be to take R50 in btc. Put it in a hardware wallet, and then try to get it back on the internet just to "practice" a bit and get a feel for how it works.

This stuff is so obvious to me .. after someone else mentions it lol...

Im finding it hard to spend 2k on the hardware wallet when i can INVEST that 2k in BTC.. lol.. stupid i know