Help me understand this bit coin please.

[Dante]

you dont need to invest in it but using it as a tool/service if you are playing offshore, is a must.

Agree .. super great to have and easy to use.. but some people just dont want to learn it and maybe that's a good thing to keep it from being overused and spoiled

 

[Doug]

I don't like the volatility involved, it's like it can go up or down 20% in 24 hours !

And it seems so arbritary and unbacked

Why Bitcoin, why not Dougcoins ?7

 

[Dante]

I don't like the volatility involved, it's like it can go up or down 20% in 24 hours !

And it seems so arbritary and unbacked

Why Bitcoin, why not Dougcoins ?7

Your over thinking it Doug.. Bitcoin has value because millions and millions of people all over the world say it does. It has value because many online business except it for payment yes it goes up and down .. so does paper stock . dougcoin wouldnt have millions behind it. .. it isn't going anywhere it's easy to use just put your mind to it you are smart. It's just another form of electronic currency

 

[Doug]

Your over thinking it Doug.. Bitcoin has value because millions and millions of people all over the world say it does. It has value because many online business except it for payment yes it goes up and down .. so does paper stock . dougcoin wouldnt have millions behind it. .. it isn't going anywhere it's easy to use just put your mind to it you are smart. It's just another form of electronic currency

Valid points , Dante, but I just can't bring myself to try it

 

[raiders72]

Valid points , Dante, but I just can't bring myself to try it

Jump in. It's the easiest way to transfer money. It seems very complicated at first. After some use it's very simple and just a few clicks to transfer money.

 

[Dante]

Jump in. It's the easiest way to transfer money. It seems very complicated at first. After some use it's very simple and just a few clicks to transfer money.

Exactly.. once u learn it it's like riding a bike.. super easy ..

 

[Heatwave]

Thinking of jumping into this.

So, buy bitcoin on exchange - Coinbase or other?
Move bitcoin from Coinbase to wallet - blockchain.com or other?
Move bitcoin from wallet to book.

So, let's say you start with $1K of USD, after fees, how much will you have in the book?

Also, at what point in this process do you have exposure to bitcoin pricing? It seems like you have it at all points, even though not directly at your book, but when you go to withdraw, you may have lost or gained value, because you have to get USD back into bitcoin, which could have moved.

 

[Recon792]

any good bitcoin exchanges to use for transfers - not including coinbase

 

[MattyMatt]

It seems to go up lately when the stock market is going down.

Maybe checkout the bitcoin etf stock too then, GBTC, as it's been rather nice for me this year. Up 60% the last 3 months...

Killing it again this morning too, up another 9%...

 

[raiders72]

any good bitcoin exchanges to use for transfers - not including coinbase

Gemini and Cash App.

 

[Dante]

Gemini and Cash App.

Also myceleium is great wallet

 

[raiders72]

and Bitpay cards come in handy.

 

[Recon792]

thanks guys

 

[SunDodger]

Had no problems setting up an account with Coinbase. Then sending to Blockchain wallet. Then depositing into my 5D account.

Once funds cleared at Coinbase, the process took about 20 minutes.



I wanted to set up an account with Gemini, because of the lower fees. But, my Credit Union will not allow me to set up a transfer with them.

Has anyone else had this problem?

 

[Dante]

If u are worried about taxes ...When Does Coinbase Send a 1099-K?
Coinbase only sends a 1099-K if you have a Pro, Prime, or Merchant account and meet transaction thresholds. If you have a basic account, you won’t get a 1099-K no matter how much you trade.
The threshold for receiving a 1099-K is typically if you had at least 200 transactions totaling to $20,000 or more. You need to be over both numbers, not just one.


https://founderscpa.com/coinbase-1099/

 

[5teamparlay]

price

$47,179.67

 

[Mr_Mark]

It was up to 58k last week

 

[NorthernStar]

Yeah it was at $24,000 on Christmas too.

 

[5teamparlay]

[FONT=&quot]29,884.50[/FONT][FONT=&quot] [/FONT][FONT=&quot]United States Dollar[/FONT]

 

[cybersharp]

Funny money. Backed by NOTHING, no one, nobody, nada.

Not gold, nor platinum or silver, nor tree bark used as money in primitive societies.

Just millions of speculators, badly in need of an economics class.

Risky as hell. Prove me wrong.