The window is still up on my desktop. And each time I look at it, my thought in the first few seconds is that it would be cool. And then seven seconds into it my brain says "oh yeah, you gotta figure this all out first. Looks like hours. Set it aside for another day."
Maybe somebody knows all about bitcoin and can advise me on a simple path?
I think they made the technology easy to use.
Ryan Barrett wrote:Correct Bitcoin is not a bank thing.
However in the bitcoin world Coinbase is analogous to paypal.
So you might find some bitcoin stuff that has nothing to do with banks. And that stuff might be a little less rock-solid than coinbase - not because of the bank thing, but just because that's the way things ended up.
Right now, coinbase is the most rock solid bitcoin thing and they happen to be a bit bank friendly.
Sound about right?
https://support.coinbase.com/customer/portal/articles/585625-what-is-coinbase-and-how-much-does-it-cost-to-use- (complete with pictures. )
https://support.coinbase.com/ has their most FAQs.
For me and many others, because its a currency system that screams liberty, and that is something that is dwindling in America and not an attribute of the existing currency paradigm.
I looked at the balance page about an hour ago and one of the bits said "pending" I refreshed for a while and it seems like it took about an hour until it was complete.
I always thought that bitcoin stuff was really instant. Kinda like paypal stuff. ??
Sean, I think yours is probably this most recent one. 0.0141 BTC. Oh yeah - I found a note attached to it! Cool! Nice note! Thanks!
The other two are 0.00005055 BTC and 0.05682 BTC. The bigger one has a note from Michael (thanks Michael). The smaller one says nothing - I don't even know who it is from.
I'm not sure what the point is. Other than to learn a bit about it. I think the biggest point is to say that american money is based purely in our faith in the people that print that money. And bitcoin is sorta playing that same game. Only one bitcoin is currently worth about $400. So, I suppose there are some lessons about trust and money. Another way of looking at it is a bit like a stock: people who bought $1000 worth of bitcoin four years ago would now have 2 million bucks.
There is software being worked on for permies to tie some features into paypal. But some people hate paypal, or cannot use paypal in their area. Plus, some people love bitcoin. So, maybe it would be helpful to offer bitcoin too.
So, now I have some bitcoin. I'm not sure what I will do with it.
If my above explanation is amiss someone, please correct me.
Paul. you should have some more bits in your wallet to play with now!
I just signed up for bit coin also, using coinbase.
However, I don't see any way to exchange any currency into bit coin or vice versa.
Also, when I click on the tab on the left which says Buy/Sell, The page is grayed out and says
"Buy / Sell Not Available
We're sorry, this feature is not available in Germany yet."
So….do I need a different bit coin wallet?
My wallet address is 1LGctK2pyjqfqHd9sn27PG6pGmB1RxMBvo if anyone wants to send me a test donation, I'm still trying to wrap my head around it all.
Adrien Lapointe wrote:So, my understanding is that as soon as someone has you chainblock, they can see all the transactions you have done. That is not really cool, how is one's privacy protected?
Bitcoin is psuedo-anonymous in that you can use as many different addresses as you want and you can create addresses without there being any identification tied to you. Then you can spend from those addresses anonymously. You do have to be careful to ensure that any money sent to the addresses you want to keep anonymous isn't also tied to you somehow.
But it really is simple. You can use an address generator (search for "bitcoin address generator" or "bitcoin paper wallet"), print out the address, find a bitcoin ATM (search for "bitcoin ATM) [I prefer ATMs produced by my friends at Lamassu, which don't require any ID], scan your address, insert currency, receive bitcoins. Now you have anonymous bitcoins that you can spend. [You do need to load them from the paper wallet into a digital wallet before you can spend them.]
So here it is, getting close to the end of the year and for the first time ever I am thinking "I should take that bitcoin and spend it. If I don't spend it on business expenses, then I will have to pay taxes on it."
So, yesterday, I was going to move it to my bank account - cuz that's free. Rather than routing numbers and stuff, they seem to want my login information to my bank account. No way I'm doing that.
Payment to paypal .... a 2.5% fee ... That's kinda heavy, but okay .... they insist on a copy of my drivers license. That's twisted. I'm not comfortable with that either. I have never had any online payment stuff ask for something like that before.
So then I thought that I will check with some people that I will be sending money to in the next couple of months to see if they happen to have a bitcoin account ... one person was open to experimenting with the idea. So I was gonna send him one penny in bitcoin. Apparently there is a $16 charge. So I probably shouldn't send anybody any bitcoin unless I am sending a very large amount.
So earlier this year I was sent $500 in bitcoin. If I don't take it out, I will have to pay about $2000 in taxes on that.
I'm tempted to put on my tinfoil hat and suggest that this is a scam put on by the irs.
Look at it this way: You were given $500 and it has magically grown to much more than that. As long as the cost to convert it to dollars is far less than the amount it has grown then you are way ahead.
I did a transaction yesterday where I sent $900 and it cost me $13 to do it. But the $900 is only about a third of the original amount that cost me $50 at the time. So I've gained at least $2650 ($2700-$50) so paying a tiny portion of the profit just to cash out is no big deal.
But if you can find a way to make a deal without needing to convert to dollars then that is better. Otherwise, try to do only large transactions.
[I could go into much greater detail as well as throw in my opinions on all this, but most of y'all won't care.]
I think for tax purposes that Bitcoin is treated like a stock... You don't pay taxes on the increase/decrease in a stock price until you sell the stock and take cash.
I like using https://localbitcoins.com/
Seems safer to me than dealing with exchanges that are constantly getting hacked.
paul wheaton wrote:For the money I need to send out before the end of the year, so far this is nobody with a bitcoin account.
What is with the paypal thing needing my drivers license? What is the thing about getting my password for my bank account?
Where is your bitcoin? That is, what wallet or service are you using? It sounds like you are using a service like Coinbase.
- X 2
paul wheaton wrote:Yup - coinbase.
OK then, what I can tell you is that due to government tomfoolery (i.e. KYC/AML) they want to make sure your tax info is all correct. Coinbase just got hit with a search because only a tiny handful of accounts there reported their income for tax purposes.
Services like Coinbase make things a lot easier, but they also have downsides like snitching.
The short version is that yes you will likely have to give up the info they seek to withdraw your money.
[FYI, a customer support person for Coinbase lives about 200 feet from me, and she is building a tiny house!]
That computer will use 5 kwh of power and your electric heater will use 5kwh less power. The computer mines for coin. So, it uses $0 worth of power in the winter (assuming the electric heat thing) and might provide $100 per month in crypto coin.
I have never done anything with these types of currency. Did you have to setup a wallet for the currency before hand? What site did you use?
With this site you can install a mining program onto your computer and they also have an app for smart phones. I found that on the same device I was getting double the H/S rate using MinerGate than I got using the browser based one. The other advantage of using MinerGate is that it has a wallet built in to it. All in all this makes it really easy to quickly get started. Currently I'm running MinerGate on 4 devices - my current laptop, an old tablet, my current smartphone, and my old smartphone. I'm going to watch it and see how much I make by morning. All the devices feed into the same account and on the minergate site there is a dashboard that lets you see your total and link to an exchange site to exchange the currency to bitcoin or some other cryptocurrency.
I also setup an account on CoinBase and linked it to my PayPal account. Looks fairly easy to transfer any cryptocurrency I do get to USD through that site.
Thanks again for sharing Paul - anyone else doing this? Paul - if you try minergate would you mind sharing if your H/S rate went up compared to the other site?
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