Jun 20, 2017 $200/week limit if using credit card, but it's instant 3-5 day waiting period if linking your bank account ...i've done both (bank account is pending), mostly because i wanted to quickly get some money in before things continue to spike. that said, i'm always weary about inputting my bank info to sites, so i opened a secondary checking account and put limited funds in there. and that's the one i've linked to coinbase. ...on the offchance that s--- gets compromised, i should only risk losing the amount in that secondary checking account then. i'm pretty sure i'm being paranoid on this though (and any theft should be insured/covered by your bank anyways). paypal is also instant (i think?), but also has limited fund transfers into cb
Jun 20, 2017 Are you day trading these? Or do the fees make it cost prohibitive? Also, it seems that buying with a credit card carries a much higher fee than if you purchase using your checking account.
Jun 20, 2017 Yeh the fees are quite lower when dealing with bank acct. ...I'll let ya know how expensive it is to day trade come this weekend when my bank acct clears.
Jun 20, 2017 Learning about wtf is going on with this has been fun but I don't think I really care too much about the technical side of it. Of course you have to know the basics to trust it, but that was easily established. How is there any difference between each coin? Simply how much it is used? Value is based simply on popularity? I'm reading there may be different applications for certain coins, but it seems this is strictly based on who is using what. Also, is anyone using this as currency? For what? I plan to use it for online gambling, but am interested in day trading it as well. If I can purchase goods, I certainly would be curious about that as well.
Jun 20, 2017 Went to the Asian girls thread and now my homepage is plastered with "Meet Single Asian Women in Your Area" ads lol
Jun 20, 2017 I'm a little vague on WHY the applications (ex: Sia) are generating their own currencies (ex: Siacoin) to go along with their apps, rather than utilizing the "established" ones right now (ex: Bitcoin, Ethereum). But I think the hope is that the value of their coin rises, and therefore their application as a whole will as well. And yeah... it's basically the equivalent of all these startup stocks and the market is deciding their potential valuation via popularity, outlook, etc. Bitcoin is gaining traction and being used as currency outside of blackmarket s--- right now (ex: overstock, expedia, new egg, xbox, windows store, etc..). I suspect Ethereum will be the next to be seen. I've also seen retail shops accept it as payment...def seen the bitcoin logo in windows of shops around the city.
Jul 11, 2017 @Slyk So I'm not sitting on some Bitcoin and I'm watching videos telling me to never keep them on the exchanges. It was an exchange that was hacked, not Bitcoin. My money is sitting on Coinbase in a BTC Wallet. Is it safe? If I decide to take half and buy Ethereum, is there a transaction cost? I believe there is an it's very minimum, correct?
Jul 11, 2017 exchanges have been hacked in the past (recently, just a week ago, bitthumb was hacked), so the general consensus right now is to not store your s--- on exchanges, minus things that you plan to play with and trade in/out of the currencies on a regular basis. the second best thing to do is to store your currencies on something called a "cold storage". i've been pointed to myetherwallet.com as being a good one to use. it basically allows you to store everything you own on your laptop. the danger of this is that if your machine were ever to s--- the bed, or there was a fire or some s---, then you would lose everything you own and there's no recovering it. to help mitigate this, you should create backups on encrypted usbs and store them somewhere safe (ex: a safety deposit box, or a friends house you trust, etc.). and on top of that, you'd have something called a "paper wallet", which is basically your private key printed out on a piece of paper. the purpose of this is in case you somehow lost your backups and/or forgot your password to your cold storage, you could recover it with your private key. you'd want to lock that thing up securely, because whoever has your private key, has control of your funds. the best thing to do is everything in the above, and then to also get a hardware wallet to be used in conjunction with it. the best 2 are: nano ledger s & trezo. peep some youtube videos on how those work. ...all of that said, i have not yet setup my cold storage wallet yet. partially because i'm an idiot, but mostly because i'm just getting started and have been researching all this s---. my understanding is that coinbase is open to attack, just like all of the exchanges themselves. your private key is owned/controlled by coinbase, so if someone were to hack their s---, then it wouldn't matter how difficult your password was and/or if you were using 2fa (ALWAYS use 2fa) -- it would be gone. as far as exchanging between btc and eth via coinbase i'm actually not sure how to do that... i think that you'd have to sell your btc and then use it to buy your eth, rather than doing a single transaction on coinbase. coinbase's fees are pretty astronomical in comparison to gemini (which i'm just now moving to myself).
Jul 11, 2017 nice, i knew nothing about bitcoins before i read this thread. @Slyk how do you even purchase these tho?
Jul 11, 2017 you exchange your real world monies for bitcoin or ethereum via coinbase.com or gemini.com. from there, you could just hold onto your btc or eth if that's all you wanted. else, if you want to invest in altcoins, then you need to transfer your crypto monies from coinbase/gemini to a proper exchange (ex: bittrex.com) where you can purchase the altcoins with your bitcoin or ether.
Jul 14, 2017 When in bittrex, do I first purchase BTC and then buy altcoins? It has to go from my bank account > coinbase > bittrex, correct? I can't go from my bank straight into bittrex?
Jul 15, 2017 Yep. No way to go directly from bank->bittrex. An extra step is needed (coinbase). That said, I'm currently working to migrate from coinbase to Gemini.com, as the fees are much lower there in comparison. You might want to check them out as an alternative to coinbase. Same concept is true though (bank->Gemini->bittrex->investment)
