(Topic ID: 200502)

Somebody explain Bitcoin to me

By Pinballlew

2 years ago

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  • 1,720 posts
  • 164 Pinsiders participating
  • Latest reply 4 days ago by schwarz
  • Topic is favorited by 32 Pinsiders


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    #1 2 years ago

    Ok I am not all to hip on Bitcoin. Can someone explain it to me in layman's terms? Is Bitcoin a good investment? How does the government feel about Bitcoin? Is it legal?

    #113 2 years ago

    I've been on the sidelines reading everything posted. Thanks for all the great information so far!

    #115 2 years ago

    So let's say you want to invest in Bitcoin...How do you go about buying and selling? Should you just buy the Bitcoin stocks or purchase the actual Bitcoins? I am not interested in mining for them.

    #123 2 years ago
    Quoted from Spyderturbo007:

    I make my purchases through Coinbase. It's US based as opposed to some of the international ones. You link a bank account / debit card and buy what you want. It's very easy to buy / sell. The confusing part can be "I've bought some, now where do I keep them".
    You can go through an online exchange, like Gdax, and it's cheaper, but a little more confusing.
    If you're seriously interested in buying, let me know and I'll spend the time writing something out about various wallets / public / private keys.

    I'm hoping this isn't directed towards my responses, as I haven't added any insult to any of my posts, just facts.

    I'm trying to detail that for you, but I don't seem to be effectively communicating.
    I'm really still trying to wrap my head around what makes bitcoin more nefarious than cash. You keep saying that it's toxic and each coin is "covered in blood", yet no where do you make any valid argument as to how you reached that conclusion, let alone how it's more toxic than cash?

    Can you explain this? According to Herold's Financial Dictionary, "Currency standards are the typical means for fixing a currency at a set rate nowadays. A Currency Standard means that the value of a currency is pegged to a stronger, more internationally recognized currency, like the Euro or the Dollar."
    Did you happen to notice that every time you see bitcoin, you see the bitcoin price in USD or Euros? Sounds like it fits the definition to me?

    I am getting serious about buying, just want to educate myself first before I do.

    #176 2 years ago

    I like speculating.

    #185 2 years ago
    Quoted from guyincognito:

    Thanks for your post and good for you. You seem cautiously excited about the future of the technology. Mostly what I hear about when Bitcoin is brought up is "don't be left out on our trip to the moon!" and it reminds me of junk bonds, dotcom stocks, and the real estate get-rich-quick schemes. Oh and Beanie Babies.

    All of those things you could have made a lot of money on...my sister in law made a fortune on beanie babies.

    #186 2 years ago
    Quoted from ExtremePinball:

    It doesn't have to be Bitcoin. That just happens to be the topic of this thread. It could be Ethereum, Litecoin, or any other crypto. When I was able to trade on Bitfinex, I was buying about a dozen different cryptos. Since they have abandoned the U.S. market, I'm down to Bit, Ether, & Lite on the Gdax platform. But I actively day/swing trade these.

    What are the fees when day trading these?

    #192 2 years ago
    Quoted from guyincognito:

    I've got a hookup on a few rummage sales that are selling them 4 for $1 if your sister is still interested?

    Oh no she is way out now...my point is she made a fortune and knew when to cash out and walk away...this was years ago.

    Same can be said for a lot of investments. The point is you can make a lot when it's hot and know when to get out. Don't get caught with the hot potatoe.

    #223 2 years ago
    Quoted from vicjw66:

    And just because it costs $1000 in electricity doesn't mean it's worth $1000. My turd this morning cost 1 $7 chicken sandwich I ate yesterday. Are you willing to pay me for it?

    I sit here wondering why you kept your turd from this morning.

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