The Bitcoin Thread

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C4Cat said:
Depends how widely used bitcoin becomes. Tech people might switch or use multiple currencies but for the average person it's not only about cost, it's about convenience, legality and usefulness. If bitcoin becomes widely accepted in retail and all the way along the retail chain, both online and in stores then you're not going to switch to something less widely accepted, even if it is slightly cheaper. At best you'll use others in addition to the bitcoin. Some crypto-currencies will become standard ways of receiving and spending money, maybe only one crypto-currency, the others will be fringe and used more for investment and trading. Bitcoin may not end up being the standard but it appears to be on track to becoming mainstream.

And even if people switch, if you have a rig to process bitcoin transactions you can use it to process transactions for other crypto-currencies too.
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So far mastercard wins
 
Archer said:
Cloud mining is a scam 99.9% of the time, because while bitcoin is great for staying anonymous, its also great for staying anonymous ;) At best you'll make less BTC than if you went for it by yourself at the same upfront investment, at worst you flush money down the drain.
Don't confuse this with pool mining however
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Misconception.

Bitcoin does not provide any animosity at all.

It's transparent.

Monero is what you are thinking about transactions are untraceable.

I buy them, Monero, dash, ethereum and bitcoin.
 
I'm new to this, I created a Luno account, what now?
Do I simply EFT money in to my Luno account then buy BTC?
What about a bitcoin wallet, what about the private key, keeping it safe etc?
 
bigboy529 said:
I'm new to this, I created a Luno account, what now?
Do I simply EFT money in to my Luno account then buy BTC?
What about a bitcoin wallet, what about the private key, keeping it safe etc?
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Yup. I'm just using the built-in Luno wallet right now. I'd suggest using that and later on looking around at other wallet options if you really feel the need.
 
Guess who got some dip this morning? Guess who got some dip today!? :D

And in other news Bic Camera, a major electronics retailer has started accepting bitcoin at two of its outlets in Tokyo.

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It's also been formally recognised as an asset class by the Japanese Financial Services agency, subject to tax etc.
 
saor said:
Yup. I'm just using the built-in Luno wallet right now. I'd suggest using that and later on looking around at other wallet options if you really feel the need.
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So it's safe just like that on their system, don't I have to store any keys on my computer or offline on a piece of paper?
 
bigboy529 said:
So it's safe just like that on their system, don't I have to store any keys on my computer or offline on a piece of paper?
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You can enable 2FA (two-factor authentication) for added security. You'll need to get a wallet elsewhere if you don't want to use the luno wallet - buy BTC with luno then transfer from your luno wallet to your own wallet of choice. I haven't really bothered, but maybe as my account grows I'll consider other wallets.
 
Thor187 said:
Misconception.

Bitcoin does not provide any [-]animosity[/-] anonymity at all.

It's transparent.

Monero is what you are thinking about transactions are untraceable.

I buy them, Monero, dash, ethereum and bitcoin.
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FTFY
Bitcoin does provide anonymity though. There is nothing to tie a specific bitcoin address to a specific person.
If I ask you to please donate bitcoins to 17qcceJf1p5StSVQ5pinNU41fsx3CgZeup you still have no idea who you're donating money to and looking at the ledger won't help you with that
 
saor said:
You can enable 2FA (two-factor authentication) for added security. You'll need to get a wallet elsewhere if you don't want to use the luno wallet. I haven't really bothered, but maybe as my account grows I'll consider other wallets.
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The Luno wallet looks straight forward so think I'll also stick with that for now.
 
Curious if anyone has an opinion on Authy vs. Google Authenticator for 2FA?
 
Where can I follow the btc price and reasons for it going lower and higher? For example I see on the Luno website that the price took quite a dip in the last 10 days or so of March before starting to rise again. Why was this, what happened, are there upwards and downwards trends?
 
bigboy529 said:
Where can I follow the btc price and reasons for it going lower and higher? For example I see on the Luno website that the price took quite a dip in the last 10 days or so of March before starting to rise again. Why was this, what happened, are there upwards and downwards trends?
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Jitters ahead of the proposed fork.
 
saor said:
You can enable 2FA (two-factor authentication) for added security. You'll need to get a wallet elsewhere if you don't want to use the luno wallet - buy BTC with luno then transfer from your luno wallet to your own wallet of choice. I haven't really bothered, but maybe as my account grows I'll consider other wallets.
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I presume the 2FA is for the website, not the wallet?
 
C4Cat said:
FTFY
Bitcoin does provide anonymity though. There is nothing to tie a specific bitcoin address to a specific person.
If I ask you to please donate bitcoins to 17qcceJf1p5StSVQ5pinNU41fsx3CgZeup you still have no idea who you're donating money to and looking at the ledger won't help you with that
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You can trace all transactions from and too that account
 
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