pupu
Active member
- Mar 9, 2016
- 1,431
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Bitcoin FAQ
- Thread starter pupu
- Start date
Nutpuncher
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- Apr 13, 2016
- 1,370
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Bitcoins is super easy once you get hands on. Just because you rode on the small yellow bus doesn't make you a dummy (just kidding my friend
). This is how I set up and use bitcoins (BTC).
(1) Open an account at coinbase.com. I can send you an invite and once you purchase $100, we both get $10.
(2) Attach your bank account
(3) Purchase how ever many bitcoins but at least $100 so we both can get $10 lol. Coinbase will withdraw funds from your bank and will take 5 business days to reach your coinbase account. So start the process before you need to purchase so your funds will be instantly ready.
(4) Keep you BTC on coinbase. You can consider it as your BTC bank. Sure coinbase has your personal info, but your not purchasing from coinbase (see next step)
(5) Once your ready to make a purchase, transfer BTC to an anonymous BTC wallet. It takes up to 10 mins for transaction to be completed, but usually only couple mins. The wallet I use is Mycelium. Its an app on my iphone. Mycelium doesn't require any of my personal info. So if shit hits the fan, I won't have anything to worry about.
(6) Transfer your BTC from Mycelium to source.
(7) done
If needed, I can make screen shots of every step. Please keep in mind BTC is volatile....especially with halving coming up. I always keep few hundreds in my coinbase account in case a source has a sale that is too good to pass.
Please let me know if you have any questions. I am not BTC expert, but its similar concept as stock trading which I used to be a day trader until muthafucking Washington Mutual crashed...bye bye $10K in a matter of minutes. But that was my fault because it was more like gambling then stock trading.
Nutpuncher
Veteran
- Apr 13, 2016
- 1,370
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Anytime my friend. Please do not hesitate to ask more questions. I am simply giving back as a member helped me get my Bitcoin accounts started.
I like my personal bank account to coinbase because it's just a place to keep my BTCs. But never make purchases directly from coinbase....use an annonomus BTC wallet.
ketsugo
Active member
- Mar 28, 2016
- 1,439
- 11
Many of the internet companies europe are using
Tuffy87
Veteran
- Mar 8, 2016
- 101
- 0
Bitcoins is super easy once you get hands on. Just because you rode on the small yellow bus doesn't make you a dummy (just kidding my friend
This is how I set up and use bitcoins (BTC).
(1) Open an account at coinbase.com. I can send you an invite and once you purchase $100, we both get $10.
(2) Attach your bank account
(3) Purchase how ever many bitcoins but at least $100 so we both can get $10 lol. Coinbase will withdraw funds from your bank and will take 5 business days to reach your coinbase account. So start the process before you need to purchase so your funds will be instantly ready.
(4) Keep you BTC on coinbase. You can consider it as your BTC bank. Sure coinbase has your personal info, but your not purchasing from coinbase (see next step)
(5) Once your ready to make a purchase, transfer BTC to an anonymous BTC wallet. It takes up to 10 mins for transaction to be completed, but usually only couple mins. The wallet I use is Mycelium. Its an app on my iphone. Mycelium doesn't require any of my personal info. So if shit hits the fan, I won't have anything to worry about.
(6) Transfer your BTC from Mycelium to source.
(7) done
If needed, I can make screen shots of every step. Please keep in mind BTC is volatile....especially with halving coming up. I always keep few hundreds in my coinbase account in case a source has a sale that is too good to pass.
Please let me know if you have any questions. I am not BTC expert, but its similar concept as stock trading which I used to be a day trader until muthafucking Washington Mutual crashed...bye bye $10K in a matter of minutes. But that was my fault because it was more like gambling then stock trading.
once again thanks bro!!!
Nutpuncher
Veteran
- Apr 13, 2016
- 1,370
- 20
Your welcome. [B]Please Note: I am slowly moving all my BTC from coinbase into my new account at circlepay[/B]. The reason is because circlepay doesn't delay your BTC purchases..you get funds within seconds and able spend. Also circlepay doesn't charges fees for purchasing or sending BTC. Only charges fees when you withdraw. Circlepay is supposed to be anonymous as long as the person you are sending to is doesn't have a circlepay account, BUT I'D STILL USE Mycelium as it doesn't require any personal info to open account.
Nutpuncher
Veteran
- Apr 13, 2016
- 1,370
- 20
Circlepay is awesome. I wished I started with them instead of coinbase. One of the many nice features of circlepay is that if you leave your currency in USD, then you'll won't be effected by bitcoins volitility.
Gman13
Veteran
- Mar 6, 2016
- 764
- 2
Now that I like.. So it doesn't change market value if left in USD?
Nutpuncher
Veteran
- Apr 13, 2016
- 1,370
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For example:
If you're converting between USD and BTC, you have the ability to make money. If your balance is in BTC, the value of that BTC in USD will rise and fall. For example, you have .5 BTC in your account, worth $300. Next week, that same .5 BTC is now worth $350. Since it's worth more, you convert to USD because you're satisfied with the $50 gain and you don't want to risk the price falling back to $300. If you make a certain amount of money doing this, you would have to report it for taxes as a gain. I'm not sure what that exact number is, but I recommend contacting a tax advisor for this type of inquiry.
If you leave the currency in USD value, then your value does not change. If you add $200 into the account it will remain $200 no matter what. If you have .5 BTC in the account worth $300, it has the ability to increase or decrease in USD value like in the example above. If your account is in USD, it will stay that amount regardless of BTC's volatility.
There are benefits to each currency (USD or BTC) is based on your risk tolerance. I assume some people like to keep their account in USD because it doesn't change (just like your bank account), but I assume some people don't because it does change and kinda boring. If your account is in USD and if you receive bitcoin into the account, it will automatically convert to USD, and will not fluctuate. If they forget it's there, it's still the same value. Where as if it was in bitcoin it could change without them even realizing it.
So any sources that doesn't accept BTC because they are afraid of BTC's volatility, then selecting USD as currency is the way to go......hint hint [MENTION=80]Omega Labs[/MENTION]
Nutpuncher
Veteran
- Apr 13, 2016
- 1,370
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Thank you for helping us with options to purchase BTC. For me, I had difficulties obtaining BTC when circlepay no longer allowed BTC buys.
mycelium is my favorite even though I've never used any other ones lol. To those who may open mycelium wallet, don't lose your back up/recovery pass phrase (12 words I think).
rocco-x
Veteran
- Oct 2, 2016
- 231
- 1
BTC seems to be on the rise as far as payment to sources goes...does the transaction have to be in even amounts, i.e. $200, or any amount?
I was just reading a thread someone started on another board last year and continually added to, and the price seems to fluctuate rather moderately, from $1k to $800 and up and down. If the price actually drops considerably does it affect how or the amount you're paying? Say you have $3-4k in btc and want to spend $500 and the price of your btc is $1k. The price of the btc drops to $800 overnight, does that affect the said price?
I'm lost as a homo in a girls camp when it comes to techno witchery lol!
I was just reading a thread someone started on another board last year and continually added to, and the price seems to fluctuate rather moderately, from $1k to $800 and up and down. If the price actually drops considerably does it affect how or the amount you're paying? Say you have $3-4k in btc and want to spend $500 and the price of your btc is $1k. The price of the btc drops to $800 overnight, does that affect the said price?
I'm lost as a homo in a girls camp when it comes to techno witchery lol!
Hevi-head
Veteran/trusted Member
- Mar 10, 2016
- 1,114
- 4
You can send any dollar amount you want.
I'm not fully understanding the second part but yes the money in your Bitcoin "wallet" fluctuates with the price of Bitcoin.
I've actually made more then I've lost by far.
