Cryptocurrency Master Thread

[ben ji]

Hey guyz, ben ji here. Remember when I made fun of everyone for crypto? Sorry about that, now i'm hoping you super stud crypto guyz can help me out.

I have a couple of hundred dollars in my bovada account and the only free way to withdraw it is with bitcoin($100 fee for check or wire transfer).

Can someone ELI5 how to setup a wallet and how I would then transfer the money to an actual bank account after its in the wallet? I might just leave it in bitcoin and YOLO with you cool buds but want to cover all my bases.

Do you have CashApp?

No

Ok well based on your specific scenario this will make it the easiest.  Assuming you want to cash it out.  If you want to keep it in Bitcoin we can go another route.

I have venmo if that works

No that doesn’t work. Cash App allows you to buy/sell bitcoin, Venmo doesn’t. So you either need to download it or sign up on an exchange.

What is the best/most trusted exchange to get set up on? I just need to transfer a couple hundred from my Bovada account to a "wallet". Once its there I will leave about half in Bitcoin and withdraw the rest.

Thanks!

[DaBigTrain]

https://twitter.com/100trillionusd/status/1229828709097594881

[DaBigTrain]

Hey guyz, ben ji here. Remember when I made fun of everyone for crypto? Sorry about that, now i'm hoping you super stud crypto guyz can help me out.

I have a couple of hundred dollars in my bovada account and the only free way to withdraw it is with bitcoin($100 fee for check or wire transfer).

Can someone ELI5 how to setup a wallet and how I would then transfer the money to an actual bank account after its in the wallet? I might just leave it in bitcoin and YOLO with you cool buds but want to cover all my bases.

Do you have CashApp?

No

Ok well based on your specific scenario this will make it the easiest.  Assuming you want to cash it out.  If you want to keep it in Bitcoin we can go another route.

I have venmo if that works

No that doesn’t work. Cash App allows you to buy/sell bitcoin, Venmo doesn’t. So you either need to download it or sign up on an exchange.

What is the best/most trusted exchange to get set up on? I just need to transfer a couple hundred from my Bovada account to a "wallet". Once its there I will leave about half in Bitcoin and withdraw the rest.

Thanks!

The easiest would be either using Cash App or CoinBase. I don’t recommend ever leaving your BTC on the exchange longer than a few days max, but for simplicity sake you could. Either Cash App or CoinBase you will have to do some KYC like any bank but they make it easy to buy/sell and transfer funds to and from your bank account.

['taterblast]

@DaBigTrain explain the drama here

https://twitter.com/justinsuntron/status/1236382829325377536

[DaBigTrain]

@DaBigTrain explain the drama here

https://twitter.com/justinsuntron/status/1236382829325377536

I don’t follow Justin much because he is a scam artist and even admitted TRON is a shitcoin. However I think the whole issue here is that the community was tricked into implementing a hard fork instead of a soft fork. The change was made by a central governance to basically allow them to freeze certain assets. I know extremely little about STEEM but doesn’t look good for people who aren’t a part of the central governance.

This is why Bitcoin is different than all these other projects. It’s completely decentralized and you can’t have a central governance body that can freeze your assets. Yeah you can make money in these shitcoins and scammy projects but you can also get royally mumped. Which is what seems like is happening here.

['taterblast]

so you're saying my USD$50 TRX purchase in december 2017 at its peak was not a good investment

[DaBigTrain]

This is why Bitcoin was created. It’s been over 11 years since we were in a similar financial situation. If this move fails the fed has nothing left in the chamber. Bitcoin, 2 months before the halving is primed and the stage is set. This is what it was designed to hedge against.


https://twitter.com/alistairmilne/status/1239296370097479682

[Spracne]

This is why Bitcoin was created. It’s been over 11 years since we were in a similar financial situation. If this move fails the fed has nothing left in the chamber. Bitcoin, 2 months before the halving is primed and the stage is set. This is what it was designed to hedge against.


https://twitter.com/alistairmilne/status/1239296370097479682

Then why is Bitcoin essentially tracking the major indexes?

[DaBigTrain]

This is why Bitcoin was created. It’s been over 11 years since we were in a similar financial situation. If this move fails the fed has nothing left in the chamber. Bitcoin, 2 months before the halving is primed and the stage is set. This is what it was designed to hedge against.


https://twitter.com/alistairmilne/status/1239296370097479682

Then why is Bitcoin essentially tracking the major indexes?

I already said it in the investing thread but more than likely it because investors are selling to cover their losses. If you go back and look at the 2008 financial crisis gold went down as well. It eventually went back up but it’s viewed as this safe haven asset and even then it followed the markets. Bitcoin could be behaving in the same way, which is why it’s been called digital gold.

Look, this is the biggest financial social experiment ever with Bitcoin. It was created for the exact financial landscape we are getting into now tho. When the fed injects money through quantitative easing Bitcoin has gone up in the past. We are 2 months away from a major deflationary event for Bitcoin, and we just injected a massive amount of new money into the system. We have a history of massive price increases after the halvings. Simple economics of supply and demand come into play, regardless of anything else.

It’s going to be an interesting ride.

[Spracne]

We shall see. I'm holding a decent amount, based largely on this thread. I'm going to hold you personally responsible if you're wrong.

[CHONGS]

What made you choose Bitcoin over gold, if I may ask?

[Spracne]

What made you choose Bitcoin over gold, if I may ask?

I used my fun money in the off chance it goes gangbusters like some dorks predict. I'm far enough away from retirement that I'm riding this bucking bull/bear regardless.

[DaBigTrain]

https://twitter.com/hodlonaut/status/1240657538053484544

[DaBigTrain]

Each one of these mini dips I have been stacking sats like crazy, guys!

[DaBigTrain]

https://twitter.com/100trillionusd/status/1247107765530755073

[DaBigTrain]

3 weeks to go!

https://www.bitcoinblockhalf.com

[DaBigTrain]

Is bitcoin used as currency or more like gold now?

Even with things like the lightning network making it easier to use as currency it’s real use right now is a store of value.  So it’s more like gold.

[DaBigTrain]

3 weeks to go!

https://www.bitcoinblockhalf.com

2 weeks! 

[DaBigTrain]

 

[DaBigTrain]

$9000

[DaBigTrain]

A month and a half ago we got below $4000 for a very small time. I bought.

We were up and down above and below $7000 for a month. I bought.

Less than 2 weeks to the next halving. eff yeah.

Again though, like I’ve been saying the past year and a half, the past 2 halvings the highest price came on average a year and a half AFTER the halving.

[DaBigTrain]

I’m also pretty rough ridin' good at knowing when to buy. Like, think of me as the SD from the CC thread.

[DQ12]

We're gonna be so rich.

[DaBigTrain]

We're gonna be so rich.

[Spracne]

Your withdrawal of 0.0002385 Bitcoin is confirmed on the blockchain.