The Bitcoin Thread

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jman said:
WTF. Deposited R1000 into cex.io , now they tell me that minimum order is 0.01BTC :mad:
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Their homepage lists smaller amounts to buy.

buy.png

Why aren't you just buying locally?
 
Yeah look Luno's fees are a bit high, but it's not hard to buy BTC at all.
 
Toxxyc said:
Yeah look Luno's fees are a bit high, but it's not hard to buy BTC at all.
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Just don't ever use instant buy/sell from the homepage. I know people being charged 2% fees instead of 1% when going that route. 2% is huge now. That's essentially buying/selling at over R6k more/less than the current price.
 
SaiyanZ said:
Just don't ever use instant buy/sell from the homepage. I know people being charged 2% fees instead of 1% when going that route. 2% is huge now. That's essentially buying/selling at over R6k more/less than the current price.
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Yeah and that is where I feel most of the new people myself included lost some bucks in beginning with that bloody instant buy sell...
 
SaiyanZ said:
Just don't ever use instant buy/sell from the homepage. I know people being charged 2% fees instead of 1% when going that route. 2% is huge now. That's essentially buying/selling at over R6k more/less than the current price.
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Exactly. People need to read this here thread for tips and advice.
 
SaiyanZ said:
Just don't ever use instant buy/sell from the homepage. I know people being charged 2% fees instead of 1% when going that route. 2% is huge now. That's essentially buying/selling at over R6k more/less than the current price.
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I've used that instant buy twice now. Both times they charged me a R31 fee (get R969 worth of BTC for a R1,000 purchase). It's high, but it works fine. That R31 has been made up in minutes with the way BTC is rising right now.
 
Toxxyc said:
I've used that instant buy twice now. Both times they charged me a R31 fee (get R969 worth of BTC for a R1,000 purchase). It's high, but it works fine. That R31 has been made up in minutes with the way BTC is rising right now.
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This is true but at the same time your order would have been filled just as fast through the exchange and then you would have just given away money to luno for something you can easily do yourself. Maybe that is just my thoughts.
 
randomwalsh said:
This is true but at the same time your order would have been filled just as fast through the exchange and then you would have just given away money to luno for something you can easily do yourself. Maybe that is just my thoughts.
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I've not always found it possible to immediately buy through Luno on buy orders though. Sometimes you have to wait, and specially if it's during a time BTC is climbing fast (like over the weekend), there aren't many people who are selling, so it can mean you lose out on the rise. It's a gamble, I know, and only one you should take if you realize that you have the chance of losing money.
 
saor said:
Their homepage lists smaller amounts to buy.

View attachment 486094

Why aren't you just buying locally?
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So you can 'instant buy' for smaller amounts, but orders need to be over 0.01btc. There isn't this limit on their other coins though. Wanted to buy some DGB. It worked out slightly cheaper to go through Cex as opposed to btc through Luno
 
L10Yn said:
Still deciding between using a software wallet or buying a hardware wallet, may I ask why you choose Electrum? Isn't it less secure than a hardware wallet.
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This choice was made in 2014 when there weren't a lot of hardware wallets around and they where expensive compared to the amount of bitcoin I owned. I haven't since re-evaluated the need. To answer your question about security, it can be as secure as a hardware wallet, it all comes down to management of the private keys. In a hardware wallet, the keys are kept in a secure module, and should theoretically not ever be "extractable". If you go the software wallet route, and want equivalent security, you need to basically keep your private keys off any computer/device connected to the internet on an "air-gapped" computer. You can set up the software on a computer that is uncompromised (clean install) and never connect to the internet. Then generate your wallet on the machine. Keep the recovery phrases secure on paper.
Now you should be able to send BTC to the wallet and sign transactions off-line from the air-gapped computer. Its a bit of a hassle, but completely secure.
Electrum also provides an option for multi signature wallets so more than one signatory must sign a transaction before funds are transferred. Useful if you have shared holdings with someone for example.
 
fiaskow said:
To answer your question about security, it can be as secure as a hardware wallet, it all comes down to management of the private keys. In a hardware wallet, the keys are kept in a secure module, and should theoretically not ever be "extractable". If you go the software wallet route, and want equivalent security, you need to basically keep your private keys off any computer/device connected to the internet on an "air-gapped" computer.
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Although, the added security with a hardware wallet is that even if your PC is totally compromised with keyloggers, rootkits, etc it is still not possible to steal your crypto from the wallet as the hardware wallets require a physical confirmation on the device before they will process a transaction. I suppose you could keep an air gapped pc around, but it's cheaper, more portable, and less of a hassle to have a hardware wallet.
 
fiaskow said:
This choice was made in 2014 when there weren't a lot of hardware wallets around and they where expensive compared to the amount of bitcoin I owned. I haven't since re-evaluated the need. To answer your question about security, it can be as secure as a hardware wallet, it all comes down to management of the private keys. In a hardware wallet, the keys are kept in a secure module, and should theoretically not ever be "extractable". If you go the software wallet route, and want equivalent security, you need to basically keep your private keys off any computer/device connected to the internet on an "air-gapped" computer. You can set up the software on a computer that is uncompromised (clean install) and never connect to the internet. Then generate your wallet on the machine. Keep the recovery phrases secure on paper.
Now you should be able to send BTC to the wallet and sign transactions off-line from the air-gapped computer. Its a bit of a hassle, but completely secure.
Electrum also provides an option for multi signature wallets so more than one signatory must sign a transaction before funds are transferred. Useful if you have shared holdings with someone for example.
Click to expand...

Thanks for the detailed explanation, could you explain to me what you mean by "sign transactions off-line" there. How would you send crypto from this wallet without going online?
 
Also anyone order the ledger nano s from CryptoVault? They seem to be the cheapest
 
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