Bitcoin for beginners - how to buy, store and spend bitcoin

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Mon, Jan 23, 2017 - 6:09am
Blackshook
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Coinbase Issue

Thanks for input. However the issue is still not fixed...though has, as below been accepted by coinbase team...

"Robert replied:

Hello,

This is a problem our engineers are aware of and are working on.

I don’t have an ETA on when this could be fixed, but obviously the sooner the better. Sometimes fixes like this can take days, and other times it can take weeks.

I am very sorry for any inconvenience this has caused.

Regards, 
Robert 
Customer Support Agent 
Coinbase "

As no seeming progress will try App then look for another provider... other recommended ones out there ?

Thanks

Richard 

Tue, Jan 24, 2017 - 12:22pm (Reply to #22)
James Crighton
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bitstamp.net

bitstamp.net are very good and reliable. I have been using them for 4 years

jc

Wed, Jan 25, 2017 - 4:04am
Blackshook
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Progress..

Thanks James... all set up via mobile App. So have now got a small amount of bitcoin. 

'last'? question please... how do you get the paltry 'weekly' purchase limit raised please? there seems to be no instructions on site.

Regards

Richard

Fri, Feb 24, 2017 - 6:04pm
Nick Elway
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Shift BTC card connect to coinbase

Met a guy that used his Shift Visa BTC debit card to buy lunch. Happy customer, said it was a division of coinbase, graceful as could be, instant transfers to/from coinbase wallet.

https://www.shiftpayments.com/card

He also mentioned actively trading BTC/Ether on the coinbase-connected GDAX exchange. 

I'm going to look into getting a Shift card.

Fri, Mar 17, 2017 - 8:10pm
Landowner
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Help with moving Ethereums from Coinbase Please

So I've accumulated a bunch of Ethereums on Coinbase and I want to transfer them to a bitcoin wallet like I did with my bitcoin and I'm just realizing (by the name of the wallet) that maybe that security may not apply to Ethereums...

Can someone advise how I get the Ethereums to a safe place like a bitcoin wallet and what feature at Coinbase is used to actually move them?

Thanks

Mon, Mar 27, 2017 - 12:16am (Reply to #26)
BigKahuna
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Storage

Look into a Ledger Nano S or Trezor. They are the industry standard for cold storage.

Im going all in on ETH. That is the future of crypto.

Tue, Apr 25, 2017 - 12:54pm
Nick Elway
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Blockchain vs. Bullshit:

Blockchain vs. Bullshit: Thoughts on the Future of Money

Andreas Antonopoulos

Blockchain vs. Bullshit: Thoughts on the Future of Money

This keynote talk took place at the Blockchain Africa Conference on March 2nd 2017 at the Focus Rooms in Johannesburg, South Africa: https://blockchainafrica.co/speakers/a...

TOPICS:
The hype and empty promises around "blockchain" 2:30
Reconsidering info security, research in applied cryptography 4:45
Blockchains vs. databases 7:13
The essence of Bitcoin: revolutionizing trust 8:33
Open blockchains are the only ones that matter 10:24
Censorship resistance and other important characteristics 13:12
Criteria: blockchain or bullshit? 14:05
Fundamentally changing the allocation of trust 15:45
Permissioned "distributed ledgers" are boring & insecure 16:43
Hey Wall Street, Anonymous is coming for your keys 21:48
Promising opportunities, solving the unsolvable problems 23:06
The 3 elements to success in this industry 24:50
The necessary steps to mature out of infancy 27:44

Blockchain:

decentralized, borderless, neutral, open, censorship resistant, doesn't rely on anyone as a trusted intermediary, no permission required to participate or innovate

Bullshit:

Blockchain might as well be a database

Tue, May 23, 2017 - 4:12pm
Nick Elway
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AIJ's post from May 23 2017..

https://www.tfmetalsreport.com/comment/336340#comment-336340

some snips from AIJ post:

Quote:

It began when an anonymous computer programmer going by the name of Satoshi Nakamoto dropped a huge - and I mean HUUUUUUUUGE - bomb deep into the ocean of the world wide web. This bomb was so big it would eventually become a tsunami completely overthrowing the old world. This bomb was Bitcoin.

The wave started slow. But people began to see what was coming.

They saw this was the alternative to the corrupted banking system that kept mankind enslaved. They saw the potential for this new digital money issued by no centralized authority.

They understood this new protocol for transfering currency transparently on a distributed, untamperable public ledger through a decentralized network could enable billions of people in developing nations to enter a global economy - without the interference of a middleman. They saw it as a store of value immune to collapse of national economic systems, such as happened in Greece and Venezuela. They knew it was the step to ending mankind's reliance upon a coercive system run corrupted crooks, as people were now able to quickly and easily exchange value directly with one another on their own terms.

article also includes some ethereum evangelizing and nice links:

Ethereum for Everyone

What does $100 Ether mean?

A Beginner's Guide To Ethereum

Synergy In Ethereum

The Uncanny Mind That Built Ethereum

Ethereum is the Forefront of Digital Currency

Programmable Blockchains In Context: Ethereum's Future

What Is a Decentralized Application?

What Are Smart Contracts?

https://steemit.com/blockchain/@rok-sivante/what-the-f-k-is-ethereum-a-new-era-of-world-supercomputing-and-why-this-is-a-big-deal

Sun, May 28, 2017 - 12:13pm
Nick Elway
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Not a bubble, practice safe crypto

clf chimes in May 26 2017:

may 26 2017 wujo - cryptos no bubble, temporal markers
Sun, May 28, 2017 - 10:52pm
Nick Elway
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crocodile cryptos and beware of liars

May 28 2017 more from clif

Crocodile cryptos and pissin' in the woo-woo pond (sans annoying title)

Thanks AIJ!

https://www.tfmetalsreport.com/comment/336655#comment-336655

Mon, Jun 5, 2017 - 2:33pm
corwin
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Coinbase Verizon risk and authenticator may help

https://medium.com/@CodyBrown/how-to-lose-8k-worth-of-bitcoin-in-15-minutes-with-verizon-and-coinbase-com-ba75fb8d0bac

https://medium.com/@CodyBrown/how-to-lose-8k-worth-of-bitcoin-in-15-minutes-with-verizon-and-coinbase-com-ba75fb8d0bac

Coinbase seems to have responded to this by strongly suggesting google authenticator. Makes learning how to use a paper wallet a priority.

Mon, Jun 5, 2017 - 3:08pm
corwin
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Crighton's excellent post got me into a paper wallet

https://www.tfmetalsreport.com/forum/7952/bitcoin-beginners-how-buy-stor...

Once I got google authenticator working with coinbase Crighton's steps 2-5 at the top of this forum worked fine to get a paper wallet. I succeed in saving the bitaddress.org page on my machine (File-> Save As-> web page complete on my desktop) 

The page worked fine when I clicked it on my desktop AFTER I disconnected from the Internet. It was easy to save or print the bit address/private key pair. I saved it and encrypted the result with Kryptel (could have copied it into KeePass)

Transaction fee to send to the paper wallet from coinbase was .0011 BTC (almost $3 to get $10 into the paper wallet) It took about an hour or so to be spendable from the paper wallet.

I created a wallet account at blockchain.info and under Settings->Addresses found I could click on "Import Address" and move the address into my blockchain wallet.

When I used the blockchain wallet to send the value back it prompted for the from address, the private key, and the to address. I tried to send the whole amount and the interface prompted me to send the whole amount minus their recommended transaction fee. (under .0002 BTC , about 30 cents to send it) It was less than an hour to get this one.

Conclusions: 1) This stuff works 2) Coinbase transaction fees are higher than they need to be (the fee showed up in the blockchain, so it went to the miner and was not pocketed by coinbase)

Tue, Jun 6, 2017 - 11:19am
JustnCase
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Coinbase buy/sell price discrepany ramblings

First of all, thanks for starting this thread. I never thought I'd buy into crypto but I'm frustrated with the PM manipulation. 

I opened an acct with Coinbase and bought 1 ether (Ethereum) a week ago to get my feet wet. When I went to sell this morning, the price was $30 below the buy price. And, there's the flat 3% fee. That's one hell of a discrepancy buy/sell discrepancy. 

I opened a Kraken acct last Friday for their lower fees but I'm still waiting for verification. I've read from various sites, that it's taking as long as 10 days for new account verification.

I wish there were precious metal dealers who accept Ethereum but as far as I know only BC is accepted. I hope that changes soon. My understanding is that there are no to very little fees with using the crypto for purchases.

Anyway, thanks again for the thread.

Tue, Jun 6, 2017 - 6:41pm
Nick Elway
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Origins of Bitcoin

The creator of bit gold and smart contracts (and, in my opinion, Bitcoin) Nick Szabo (assisted by Tim May, Eric Hughes, John Gilmore)

https://tim.blog/2017/06/04/nick-szabo/

A 10 minute introduction, then it gets good

Quote:
We cover a lot, including:
  • What is Bitcoin, what are cryptocurrencies, and what problem do they solve?
  • What is “social scalability?”
  • What is Ethereum and what makes it unique? Strengths and weaknesses?
  • How will smart contracts actually get adopted or go mainstream?
  • What are ICOs (Initial Coin Offerings)?
  • Blockchain governance — is there any existential risk?
  • “Wet” versus “dry” code
  • Pascal’s scams
  • Quantum thought
  • What fields will you be working on in the future?

more history:

https://en.wikipedia.org/wiki/Cypherpunk

https://groups.csail.mit.edu/mac/classes/6.805/articles/crypto/cypherpun...

The goal of bitcoin is to create a "Galt's Gulch" on the Internet.

Quote:
The State will of course try to slow or halt the spread of this technology, citing national security concerns, use of the technology by drug dealers and tax evaders, and fears of societal disintegration. Many of these concerns will be valid; crypto anarchy will allow national secrets to be trade freely and will allow illicit and stolen materials to be traded. An anonymous computerized market will even make possible abhorrent markets for assassinations and extortion. Various criminal and foreign elements will be active users of CryptoNet. But this will not halt the spread of crypto anarchy.

Just as the technology of printing altered and reduced the power of medieval guilds and the social power structure, so too will cryptologic methods fundamentally alter the nature of corporations and of government interference in economic transactions. Combined with emerging information markets, crypto anarchy will create a liquid market for any and all material which can be put into words and pictures. And just as a seemingly minor invention like barbed wire made possible the fencing-off of vast ranches and farms, thus altering forever the concepts of land and property rights in the frontier West, so too will the seemingly minor discovery out of an arcane branch of mathematics come to be the wire clippers which dismantle the barbed wire around intellectual property.

Arise, you have nothing to lose but your barbed wire fences!

Fri, Jun 9, 2017 - 4:56am
Lemming
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Coinbase Issues

JC convinced me in March 2016 that I should find out what this Bitcoin thang is about.

I opened a Coinbase account, linked it to my checking account, and requested .25 BTC which was at the time $100.

No biggie, if I lose $100 so what? Never did anything further until I realized my $100 had turned into $600! Losing $600 is a horse of a different color. Someone had mentioned that something called Mt. Gox had gone belly up and that one should put any BTC they might have into cold storage.

Following JC's instructions, I created a paper wallet, went to Coinbase and requested withdrawal, checked blockchain.info and to my astonishment, it worked!

With all that said, I decided this was pretty interesting, especially since Clif High(er than a 3 legged coon) has announced that BTC will be $13,800 by Feb. 2018! So, I asked Coinbase to sell me another $1,000 worth, (my ridiculous limit), pushed all the right buttons, and nuthin! Zero, zilch, no confirmation, no email, nuthin except a sentence which said wait until friday (tomorrow).

As of today, (Thursday), I have checked my bank account and there has been no withdrawal. I emailed Coinbase about it 2 days ago, to which I got a bogus, proforma, irrelevent response. So what now? Transfer out the remaining 30 bucks I left in the Coinbase account and try a different vendor? If so, who? This is looking more like a bogus, inefficient, backwoods operation at this point. Any insight or comments are very welcome at this point.

Sat, Jun 10, 2017 - 1:27am
Lemming
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@ Guerrilla

Appreciate the moral support and reassurance. My prior buy request on Coinbase evidently disappeared into the electronic unknown. There is no evidence that the transaction ever occurred.

I just attempted an identical purchase on my Coinbase account and it went through as expected, including the email confirmation.

It appears you are correct that Coinbase is merely experiencing growth pains. I guess I feel as though I'm coming to the party late, when the evidence suggests that this whole ideology and technology is still in it's infancy.

I just made a new acquaintance tonight, a rather pleasant experience as he seemed erudite and informed. I brought up the topic of Bitcoin, to which he responded "what's that?" Fastinating! If no one is yet aware of this new revolutionary frontier, where might we go from here?

I seem to recall JC saying something about BTC at a million? I chuckled at that when BTC was a couple hundred. Now I'm beginning to wonder if JC gets the last laugh.....

Tue, Jun 13, 2017 - 4:59pm
Soaraspen.com
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what is ETH good explanation

Sun, Jun 18, 2017 - 11:47pm
2c piece
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I have a basic question.  I

I have a basic question. I have been amazed at the rate of return of the crypto. While bitcoin and etherium appear to have a turnover rate of about 3% per day, antshares seems to be selling approx. 1/3 of it's market cap a day. Does this seem crazy high to anyone else? Are people taking profit because it is increasing in price at such a fast pace? Am I not reading the market cap and daily purchases correctly. Are there many sales and purchases of the same coins each day? Are people day trading the crypto coins? All the above? What are your thoughts.

Just my 2c.
Wed, Jun 28, 2017 - 5:52pm
dangerkitty
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Kudos for every bit of information

Kudos to everyone for all the excellent info in this thread.

FWIW, a real simple way that I've explained for my friends, download Coinomi wallet for your phone from app store, set it up, take some fiat to a Bitcoin ATM, instant presto, you've got Bitcoin. 

Granted, you do want to set up an account at an exchange, secure your coins properly, but to get going in the ultimate most simple way, Coinomi wallet on your phone, handles multiple coins and has built in ShapeShift exchange too. 

Wed, Jul 12, 2017 - 11:38pm
Nick Elway
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Janet Yellen was asked why she is against audit the fed

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