The Bitcoin (crypto) Beginner's Guide

Discussion of all things crypto and blockchain.
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ttitle
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Re: The Bitcoin (crypto) Beginner's Guide

Postby ttitle » Tue Dec 26, 2017

I'm sure it is going to get better, but it has a long way to go before the public starts using it (instead of just investing in it). Right now it doesn't seem very secure (everyone is saying don't leave on an exchange or a wallet), it's slow (unless you want to pay extra), expensive to move around (unless you use an accelerator or understand some strange looking bar-graph chart for the correct miner's fees), and overall super-complicated.

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Re: The Bitcoin (crypto) Beginner's Guide

Postby SilverDoge » Tue Dec 26, 2017

ttitle wrote:I'm sure it is going to get better, but it has a long way to go before the public starts using it (instead of just investing in it). Right now it doesn't seem very secure (everyone is saying don't leave on an exchange or a wallet), it's slow (unless you want to pay extra), expensive to move around (unless you use an accelerator or understand some strange looking bar-graph chart for the correct miner's fees), and overall super-complicated.


These sort of issues are similar to complaining that you couldn't watch a streaming movie on the internet..... in 1996.

Secure: The purpose of crypto was to free us all from third party centralization and corruption, and to allow the common man to take control and responsibility for his own money and wealth. So what is the first thing we do - put our wealth on a centralized third party's servers (exchanges). You can blame crypto for this if you want, but it is like blaming a pencil for writing mean words. Centralized exchanges have their place and purpose, but don't store the vast majority of your crypto on them. Decentralized exchanges will likely be the future of crypto once they improve the UI/UX and have increased liquidity.

Slow & expensive: Compared to what? My international bank wire transfers take days and cost $45. A bitcoin transaction takes 30 minutes and costs $15. Or I can use LTC, Dash, QRL, HYP, and pay almost no fee and the transaction is instant.

Complicated: So was the internet in the early 90's. The only people using it were geeks, programmers, coders, and those on the cutting edge. The UI/UX will become better with time, money, and innovation. As you correctly stated, it will be some time before the public jumps in with mass adoption, and therefore it is the early adopters who are rewarded for overcoming these obstacles that have the ability to make the most gains in the crypto space.

There was a famous trader who said something to the effect of.... I want everyone to agree with my position, but only after I've made it.
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Re: The Bitcoin (crypto) Beginner's Guide

Postby Shippeevt » Tue Dec 26, 2017

How long should a transfer from gdax to bittrex of btc take? It does say that there transfers on of btc are slow right now. I'm goin on about half an hour.
Thanks
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Re: The Bitcoin (crypto) Beginner's Guide

Postby SilverDoge » Tue Dec 26, 2017

Shippeevt wrote:How long should a transfer from gdax to bittrex of btc take? It does say that there transfers on of btc are slow right now. I'm goin on about half an hour.
Thanks


GDAX is usually pretty good. 30-60 minutes. It is the receiving exchange that can set the confirmations times at a high number, as they have greater risk, and Bittrex is a violator in this regard. It could take 2-6 hours total with Bittrex when using BTC. Usually under 2 hours with ETH though.
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Re: The Bitcoin (crypto) Beginner's Guide

Postby Brick's » Tue Dec 26, 2017

It's that time of the year: Resolved, will read this guide from start to end.
“Rationality belongs to the cool observer, but because of the stupidity of the average man, he follows not reason, but faith, and the naive faith requires necessary illusion and emotionally potent oversimplifications which are provided by the myth-maker to keep ordinary person on course.”

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Re: The Bitcoin (crypto) Beginner's Guide

Postby SilverDoge » Tue Dec 26, 2017

Brick's wrote:It's that time of the year: Resolved, will read this guide from start to end.


Only 5 pages so far. A real resolution would be the Bitcoin Fad or Trend thread. Only 146 pages. ;)
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Re: The Bitcoin (crypto) Beginner's Guide

Postby Shippeevt » Tue Dec 26, 2017

SilverDoge wrote:
Shippeevt wrote:How long should a transfer from gdax to bittrex of btc take? It does say that there transfers on of btc are slow right now. I'm goin on about half an hour.
Thanks


GDAX is usually pretty good. 30-60 minutes. It is the receiving exchange that can set the confirmations times at a high number, as they have greater risk, and Bittrex is a violator in this regard. It could take 2-6 hours total with Bittrex when using BTC. Usually under 2 hours with ETH though.

Thanks! Yea I sent ltc and eth at the same time and those went real quick. When it takes awhile I worry I sent my money into the black hole...
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Re: The Bitcoin (crypto) Beginner's Guide

Postby texmex66 » Tue Dec 26, 2017

Shippeevt wrote:
SilverDoge wrote:
Shippeevt wrote:How long should a transfer from gdax to bittrex of btc take? It does say that there transfers on of btc are slow right now. I'm goin on about half an hour.
Thanks


GDAX is usually pretty good. 30-60 minutes. It is the receiving exchange that can set the confirmations times at a high number, as they have greater risk, and Bittrex is a violator in this regard. It could take 2-6 hours total with Bittrex when using BTC. Usually under 2 hours with ETH though.

Thanks! Yea I sent ltc and eth at the same time and those went real quick. When it takes awhile I worry I sent my money into the black hole...


As long as its confirmed on the blockchain you are good. Dont worry be happy. :D

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Re: The Bitcoin (crypto) Beginner's Guide

Postby Brick's » Tue Dec 26, 2017

SilverDoge wrote:
Brick's wrote:It's that time of the year: Resolved, will read this guide from start to end.


Only 5 pages so far. A real resolution would be the Bitcoin Fad or Trend thread. Only 146 pages. ;)


One step at a time and start at the beginning . . . Guide. Then the elephant, one byte at a time. Or is that one bit at a time?
“Rationality belongs to the cool observer, but because of the stupidity of the average man, he follows not reason, but faith, and the naive faith requires necessary illusion and emotionally potent oversimplifications which are provided by the myth-maker to keep ordinary person on course.”

― Reinhold Niebuhr, Moral Man and Immoral Society: Study in Ethics and Politics

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Re: The Bitcoin (crypto) Beginner's Guide

Postby christostock » Sun Dec 31, 2017

OK OK UNCLE!!!!

so maybe my answer is already here but I cannot find it?

trying to load my license to coinbase and cannot.
tried with PC
tried with cellphone - no can do - any advise?

#2 - you guys with trezors and other hard wallets - What is the difference between something like those with fancy names and a simple USB flash drive or an external harddrive.
Why spend extra money and what do you get for that extra money?

Thanks in advance
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Re: The Bitcoin (crypto) Beginner's Guide

Postby SilverDoge » Sun Dec 31, 2017

christostock wrote:OK OK UNCLE!!!!

so maybe my answer is already here but I cannot find it?

trying to load my license to coinbase and cannot.
tried with PC
tried with cellphone - no can do - any advise?

#2 - you guys with trezors and other hard wallets - What is the difference between something like those with fancy names and a simple USB flash drive or an external harddrive.
Why spend extra money and what do you get for that extra money?

Thanks in advance


Chris I can't speak to the Coinbase issue, but as far as Trezor v Nano Ledger v USB - the main issues are security, and ease of use. The most secure option is a paper wallet generated offline. Second most is a hardware wallet like a Trezor or nano ledger. These devices are not subject to viruses on your computer or even a keylogger because of the software they utilize. They generate 12-24 seed passwords where even if you lost the hardware wallet, as long as you had your seed words you can recover your crypto by buying a new trezor or nano ledger. Not the case with a USB (unless you had a second USB). These hardware wallets are under $100 so they are a good value for what they secure. And then you don't have to worry about what files to save on a USB (the wallet.dat file, the private key for every UTXO, etc) as the hardware wallet does all that for you. Security & ease of use are well worth the cost of the hardware wallet.
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Re: The Bitcoin (crypto) Beginner's Guide

Postby MaxGravy » Sun Dec 31, 2017

christostock wrote:OK OK UNCLE!!!!

so maybe my answer is already here but I cannot find it?

trying to load my license to coinbase and cannot.
tried with PC
tried with cellphone - no can do - any advise?

#2 - you guys with trezors and other hard wallets - What is the difference between something like those with fancy names and a simple USB flash drive or an external harddrive.
Why spend extra money and what do you get for that extra money?

Thanks in advance


1) Keep trying. It took me over a week. Keep trying. Getting to gdax took me another week or two.

2) Group buy?
I'm clearly not very bright.

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Re: The Bitcoin (crypto) Beginner's Guide

Postby MaxGravy » Sun Dec 31, 2017

Also, coinbase is expensive while gdax is cheap. Move funds from bank to coinbase free. Wait 1 week. Move to gdax instantly. At gdax you can set limit and stop orders. That's as far as I've made it.
I'm clearly not very bright.

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Re: The Bitcoin (crypto) Beginner's Guide

Postby joefro » Sun Dec 31, 2017

MaxGravy wrote:Also, coinbase is expensive while gdax is cheap. Move funds from bank to coinbase free. Wait 1 week. Move to gdax instantly. At gdax you can set limit and stop orders. That's as far as I've made it.


You can also send from GDAX over to Bittrex, which is the exchange where you can change BTC and ETH into all of the different alt coins, for free. There are relatively small fees at Bittrex for exchanging one coin type into another, but getting your BTC/ETH over to Bittrex is free at least.

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Re: The Bitcoin (crypto) Beginner's Guide

Postby Bucketeer » Sun Dec 31, 2017

Why is CB rejecting your photo id Chris?

My option is that you consider a hardware wallet called KeepKey. As long as you have a copy of your 12 work pass-phrase, you will always be able to recover your coins.

Some people use a cheap smartphone for storage(remove the battery).
Gentlemen prefer Engelhard.

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Re: The Bitcoin (crypto) Beginner's Guide

Postby LittleAbner » Sun Dec 31, 2017

apparently Bittrex is not accepting any new members at this moment.

"Dear new users:

We have received an enormous number of new account registrations over the past few weeks. We are excited to have so many new users who want to join the Bittrex community. Unfortunately, we have to make a few upgrades to our support and backend systems to handle the increased traffic and load. As such, we have halted new user registrations for the time being. If you already have an account on Bittrex, you will not be affected by this change. Please continue to the log in as you normally do.

To our new users, we will keep you posted on when we open up registration. We apologize for the inconvenience!

The Bittrex Team"

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Re: The Bitcoin (crypto) Beginner's Guide

Postby Diggin4copper » Sun Dec 31, 2017

I had a lot of problems getting my license to photograph...took me 2 days...
Outstanding!

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LittleAbner
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Re: The Bitcoin (crypto) Beginner's Guide

Postby LittleAbner » Sun Dec 31, 2017

Since I was unable to register on Bittrex I opened an account at Binance instead. The process was easy and I moved some LTC from Gdax to Binance with no problems.

I'm still getting acquainted with Binance. :)

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Re: The Bitcoin (crypto) Beginner's Guide

Postby christostock » Sun Dec 31, 2017

Bucketeer wrote:Why is CB rejecting your photo id Chris?

My option is that you consider a hardware wallet called KeepKey. As long as you have a copy of your 12 work pass-phrase, you will always be able to recover your coins.

Some people use a cheap smartphone for storage(remove the battery).

I want to trade so i need an account somewhere with some live ammo.
I dont know if i can accept anything without having my friggin license pictured and in their system?
I was able to make the account and i was able to create an address. But this is where i am stopped.
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Re: The Bitcoin (crypto) Beginner's Guide

Postby Silversaving » Sun Dec 31, 2017

Chris: I'm getting into this conversation late, but if you just want some crypto and the ability to trade, I'd say just open an account on binance.com. Binance is the #1 crypto exchange by volume and trades a huge variety of crypto using BTC trading pairs. Now you'll obviously need some btc/crypto to start with, but we can easily cover that here on the crypto buy/sell/trade thread. If not, send me a PM and I can cover it to get you started.
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