Is Bitcoin the Next Big Thing?

[ian]

Ok, can I cut Gdax out of the loop, and upload funds to CoinBase, buy Bitcoin there and then transfer those coins to Binance?

Yes, you can transfer out from coinbase no problem at all. On the accounts tab, use the 'send' option.

If you haven't yet bought the currency, and your intention was to buy BTC, to then transfer to Binance, to then 'exchange' it for another currency (i.e. an alt coin), you'd be much better off buying ETH (Ethereum) and transferring that, as it is cheaper and faster; or even better, buying LTC (Litecoin) which is fractions of the cost and even quicker, but has the additional step of then needing to exchange that to ETH or BTC at the Binance end to buy the alt coin you want.

 

[Systreg]

Ok, thanks, no, I haven't bought anything yet, I only mentioned buying Bitcoin as I thought that would be easier to convert at the other end.

Where you say Ethereum and Litecoin are cheaper, I'm not sure how you mean, because I'd be putting €1K in to CoinBase and buying €1K worth of whatever coin, so I'm not seeing where different expense comes from, as it'll be €1K worth of either of the three coins.

I find all these multiple steps really fecking annoying, this blockchain thing is supposed to be about speeding things up, yet there's more hoops to jump through, why isn't there a site that you can register on, upload funds and choose from every coin available to buy, how is it that difficult?

Any other site I go on, like Tesco, you register, buy goods and pay, why is coins stuff so time consuming and a pain in the arse.

 

[Sound]

does anyone have any Ethereum they wish to sell?

 

[ian]

Where you say Ethereum and Litecoin are cheaper, I'm not sure how you mean, because I'd be putting €1K in to CoinBase and buying €1K worth of whatever coin, so I'm not seeing where different expense comes from, as it'll be €1K worth of either of the three coins.

I find all these multiple steps really fecking annoying, this blockchain thing is supposed to be about speeding things up, yet there's more hoops to jump through, why isn't there a site that you can register on, upload funds and choose from every coin available to buy, how is it that difficult?

I mean in terms of transfer fees out of Coinbase. You mentioned using Gdax which I assume was because you wanted to reduce your transfer fees. If you are going through Coinbase, then buying Ethereum or Litecoin would allow for transfer to Binance much cheaper. In fact, as a currency, both options should/may/might yield better returns than BTC. In any case, that is the approach I would take. This also covers an important step I'd always recommend to anyone new; sending a test amount to ensure you understand the process; if you did this with Bitcoin, you'd get hammered on fees.

The processes involved are annoying as hell, but that is the nature of this new tech, and part of the reason why there hasn't been mass adoption yet, because it confuses most to the point of not caring. What you have to consider however is say you wanted to transfer from one business to another, i.e. Coinbase (USA as an example) to Binance (China as another), just think how long it would take and how much it would cost. With crypto (more so Litecoin in this example) is instant (or within a few minutes usually) and cost maybe a dollar or two.

 

[dee]

@martin-s

Thats a good article you posted. I think it's right in that most people dont actually realise wht XRP is even used for. This just happened though which is cool. Money gram are currently fifth largest transfer company in world I think

http://ir.moneygram.com/releasedetail.cfm?ReleaseID=1054088

 

[Lovekraft]

@martin-s

Thats a good article you posted. I think it's right in that most people dont actually realise wht XRP is even used for. This just happened though which is cool. Money gram are currently fifth largest transfer company in world I think

http://ir.moneygram.com/releasedetail.cfm?ReleaseID=1054088

I've been holding XRP since the middle of last year and actually just bought some more 5 mins before the Moneygram announcement was made which was pretty good timing!

 

[ian]

@martin-s

Thats a good article you posted. I think it's right in that most people dont actually realise wht XRP is even used for. This just happened though which is cool. Money gram are currently fifth largest transfer company in world I think

http://ir.moneygram.com/releasedetail.cfm?ReleaseID=1054088

Yep, was going to mention this announcement today. However, as pointed out in the article, xRapid is the vehicle used (a Ripple product, but not what you invest in), but at last XRP will be the currency used on that platform.

 

[Edwin]

Fascinating to see how much verification and ID documentation is required by exchanges trading cryptocurrencies, many of which boast anonymity as a key attribute. Hardly anonymous when someone has copied of your passport, driving license, photo, bills, bank docs etc. potentially sitting in front of them...

 

[Paullas]

Is anyone into mining alt coins? I have just started as this is something that interests me as a hobby.

 

[dee]

Is anyone into mining alt coins? I have just started as this is something that interests me as a hobby.

Just got into cloudmining at hashflare which is working well but sticking to bitcoin

 

[Paullas]

i was looking at hashflare which i will most probably also do but setting up my own rig to see what can be achieved. I know it wont make me a millionaire but the fun factor or setting it all up is good.

 

[Paullas]

Are you mining SHA-256 or Scrypt? and ideas which will give the best investment.

 

[dee]

Are you mining SHA-256 or Scrypt? and ideas which will give the best investment.

ill pm you details

 

[ian]

As it stands SHA-256 mining is still more profitable, but the cost of entry if you want your own hardware is very high, as it requires intensive CPU power, compared to alt coins that mostly use GPU power (readily available gaming cards). Cloud mining offers the bes option for Bitcoin though the difficulty has once again gone up, making it less profitable again. Alt coin mining is an option, there are various sites that are handy for telling you which coins are more profitable at the moment based upon your PC spec, however, many of the coins are just 'miner' coins, i.e. have very little value beyond just that. I'd personally stick with SHA-256 for mining Bitcoin (via a cloud miner), or look at mining Ethereum on GPU power...the gains on Ethereum aren't great, but if you consider its value might continue to increase, then it does just about make it viable. A GPU miner would set you back about £700-£900...you'd get returns of around £1200 in the first year, so the ROI is quite a long time in this game!

 

[Admin]

does anyone have any Ethereum they wish to sell?

I could sell you some but only if you want a bunch of them..

 

[scottmccloud]

Interesting take this in the Guardian, it really does seem that there is a bit of "collective insanity" going on.

"...a collective insanity has sprouted around the new field of “cryptocurrencies”, causing an irrational gold rush worldwide. It has gotten to the point where a large number of financial stories – and questions in my inbox – ask whether or not to “invest” in BitCoin.

Let’s start with the answer: No. You should not invest in Bitcoin.

https://www.theguardian.com/technology/2018/jan/15/should-i-invest-bitcoin-dont-mr-money-moustache

 

[Admin]

Interesting take this in the Guardian, it really does seem that there is a bit of "collective insanity" going on.

"...a collective insanity has sprouted around the new field of “cryptocurrencies”, causing an irrational gold rush worldwide. It has gotten to the point where a large number of financial stories – and questions in my inbox – ask whether or not to “invest” in BitCoin.

Let’s start with the answer: No. You should not invest in Bitcoin.

https://www.theguardian.com/technology/2018/jan/15/should-i-invest-bitcoin-dont-mr-money-moustache

I just scan read it, i think many parts of that article are REALLY bad and self contradicting...

 

[websaway]

11 thousand dollars and lower bottoms. For anyone going in at 20 thousand requires bitcoin to rise almost 100% to break even. I wonder if the guy who sold his house for Bitcoin was a genuine story, I know some estate agents have now banned such transactions. The mind really does boggle.

 

[Admin]

11 thousand dollars and lower bottoms. For anyone going in at 20 thousand requires bitcoin to rise almost 100% to break even. I wonder if the guy who sold his house for Bitcoin was a genuine story, I know some estate agents have now banned such transactions. The mind really does boggle.

Sheesh...like the sky is falling, these comments make me laugh. .. Right, pull up a 1 year chart of btc. Its currently 11,800 area. It had NEVER reached 11000 until last month. It was an all time high. The guy who sold his house is well and truly quids in. As is everyone else who bought more than just a month ago. No drama!

 

[RobM]

And the people who bought in at 20,000? Are they still 'quids in'...? What about the people who bought in at 15k? or 14k? Just because 'you' did well doesn't mean that people buying in now or higher will do well.