The Bitcoin Thread

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handyman007 said:
yes?
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I'm new to bitcoin.. so sorry, I just wanted to ask if I buy now, what's a decent amount to invest in? Im trying to gather some money to start buying and I know you'll are all so clued up so I guess I'm in the right place for advice
 
Depends on how much you have... Start small and add over time (dollar cost averaging).
Depends on your attitude towards risk amongst other things.

If you buy through Luno, make sure to be a market maker to avoid the 1% fees.
 
Mr.Ree said:
I'm new to bitcoin.. so sorry, I just wanted to ask if I buy now, what's a decent amount to invest in? Im trying to gather some money to start buying and I know you'll are all so clued up so I guess I'm in the right place for advice
Click to expand...
Depends on how much you have... Start small and add over time (dollar cost averaging).
Depends on your attitude towards risk amongst other things.

If you buy through Luno, make sure to be a market maker to avoid the 1% fees.
 
Noock said:
Depends on how much you have... Start small and add over time (dollar cost averaging).
Depends on your attitude towards risk amongst other things.

If you buy through Luno, make sure to be a market maker to avoid the 1% fees.
Click to expand...

I know you'll probably discussed this already but what do you mean by be a market maker to avoid 1% fees?

Also, Luno seems to have a different amount for bitcoin compared to google.. if I google bitcoin to rand it will show R55400 for example.. but Luno will show as R61000.. am I missing something?

I really appreciate the time you'll take to help and explain..
 
Mr.Ree said:
I know you'll probably discussed this already but what do you mean by be a market maker to avoid 1% fees?

Also, Luno seems to have a different amount for bitcoin compared to google.. if I google bitcoin to rand it will show R55400 for example.. but Luno will show as R61000.. am I missing something?

I really appreciate the time you'll take to help and explain..
Click to expand...

Replied to a similar query a few pages back :)
https://mybroadband.co.za/vb/showth...-way-to-buy-Crypto-SA?p=20293109#post20293109

Our blog also has a good run down on the price differences https://www.luno.com/blog/en/post/bitcoin-price-different-different-countries

In short, supply and demand differs per exchange.
 
Quick question, can Bitcoin developers and miners one day decide to increase the total number of Bitcoins that can ever be mined from 21 million to a higher number? Assuming all miners and developers (and whoever is involved) agree?
 
Sly21C said:
Quick question, can Bitcoin developers and miners one day decide to increase the total number of Bitcoins that can ever be mined from 21 million to a higher number? Assuming all miners and developers (and whoever is involved) agree?
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Absolutely NO

But one can theorise that a blockchain split increases the number of Bitcoins - but then, the "winning" chain will be bitcoin. Again with only 21mil. The "losing" chain will lose value and die out.
 
saor said:
@Lunomoney: Any chance you're considering adding credit card buy options to luno? EFT works great during the week, but would be nice to have other buy options over the weekend when no EFT's go through. Snapscan perhaps?
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Hi :)

Sorry I missed this post.

It has been considered on our end, we even ran a beta at some point for select countries. Snapscan sounds like an interesting prospect, would you guys be interested in BTC integration for payments or more as a deposit option to buy BTC?

On cards quickly, the risk of a charge back is fairly high and we'd have to have fees accordingly. This isn't just us, other exchanges that offer purchases via credit cards will generally charge higher rates to cover any chargebacks/ fraud.

Either way I'll pass on the suggestion to our Product team.

Out of interest, why not deposit smaller amounts or have a set amount of Rand in your ZAR wallet on standby?
 
^ Thanks for the reply :).

Lunomoney said:
Snapscan sounds like an interesting prospect, would you guys be interested in BTC integration for payments or more as a deposit option to buy BTC?
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As a ZAR deposit option to buy BTC. The transaction fees for snapscan are 3% per transaction with no additional fees.

Out of interest, why not deposit smaller amounts or have a set amount of Rand in your ZAR wallet on standby?
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Because the set amount is never the amount you need :p. I'm also more likely to spend that ZAR on a whim rather than think about it first if I have to top up my account. And I just prefer my fiat in a bank where I'm paying them to secure and insure my money.
 
balrog said:
Absolutely NO

But one can theorise that a blockchain split increases the number of Bitcoins - but then, the "winning" chain will be bitcoin. Again with only 21mil. The "losing" chain will lose value and die out.
Click to expand...
Thanks for the reply, seems as if the price of Bitcoin has nowhere to go but up.

I wonder if there are people who've put their pension funds into Bitcoins, and saved them in a cold wallet. That's exactly what I'm gonna do, but not now because I'm expecting a correction larger than the one we experienced because of the China FUD.
 
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