Recommend: 0
Thread: Trying to understand bitcoin
-
07-14-2017, 12:56 AM #1
- Join Date
- Feb 2017
- Posts
- 555
- Rep Power
- 2147484210
Trying to understand bitcoin
Bitcoin seems to be getting bigger in a very fast way! I decided to read about it & learn what I can from their website, but that didn't help much.. so many places have this option of payment now & I've never used it.
The way they explain it, is that when making transactions, it becomes public.. definitely threw me off. It also read that you should never use the same address more than once. They flat out said it is a high risk! I'm sure I will have more questions about it once I read it again..
Please simplify how this worksIron Game liked this post
-
07-14-2017, 05:11 PM #2
-
07-14-2017, 07:55 PM #3
-
07-14-2017, 09:18 PM #4
I know very little about it myself but was told use coinbase and then transfer it to blockchain. It was a hassle at first but now that is simple to use
Big Beef thanked for this post
-
07-14-2017, 09:54 PM #5
- Join Date
- Feb 2017
- Posts
- 124
- Rep Power
- 2147483779
Yes if you get it out of the Coinbase wallet it is almost invisible. Also they really aren't looking for the end user in terms of prosecution they are looking for the supplier
If using a wallet directly it can be traced theoretically but very very unlikely other than to try to intercept stuff the end user, us, are not the targets
Sent from my iPhone using Tapatalk ProBig Beef thanked for this post
Meccagear@protonmail.com
**Full list available only upon request**
***Please email us from secure email such as ProtonMail, Tutanota, etc***
-
07-14-2017, 10:33 PM #6
- Join Date
- Feb 2017
- Posts
- 555
- Rep Power
- 2147484210
-
07-14-2017, 10:38 PM #7
- Join Date
- Feb 2017
- Posts
- 555
- Rep Power
- 2147484210
So just keep it in or transfer it to coinbase before using, to be extra safe? Sounds like one of those things that I need to just try some time to see it for myself. Guess I am more concerned about the risk than anything. I appreciate the honesty of bitcoin website, but when the site reads "it is high risk"... makes me a little paranoid at first lol
noworries301, Iron Game liked this post
-
07-14-2017, 10:49 PM #8
- Join Date
- Feb 2017
- Posts
- 124
- Rep Power
- 2147483779
Big Beef liked this post
Meccagear@protonmail.com
**Full list available only upon request**
***Please email us from secure email such as ProtonMail, Tutanota, etc***
-
07-16-2017, 11:46 AM #9
- Join Date
- Feb 2009
- Posts
- 458
- Rep Power
- 0
I set up a "wallet",(exodus), then I was going to buy bitcoins through a site called Local Bitcoins. The guy wanted me to deposit cash in his bank account and then he would send my bitcoins to my wallet. Then I would transfer the bitcoins to the person I wanted to buy something from. I decided not to use Bitcoin because it just seemed too easy to get ripped off somewhere along the line.
I think it was around 2010 that Bitcoins were selling for 6 cents. Now, the price is around $3000. I think it was way higher than that a couple of years ago. That was a real money making opportunity. Some of the "experts" are predicting that Bitcoin is not going to be around too much longer.Big Beef liked this post
-
07-16-2017, 12:02 PM #10
- Join Date
- Feb 2017
- Posts
- 555
- Rep Power
- 2147484210
-
07-16-2017, 12:40 PM #11
-
07-16-2017, 02:09 PM #12
- Join Date
- Feb 2017
- Posts
- 555
- Rep Power
- 2147484210
That's a lot of up & down action. To be a 100% honest, I have been reading how wu has tried to crack down more over time on certain purchases made using them or I would not have even looked into bitcoin. I know it's very rare for a personal user, but I still like to do all my research before I make a choice, if that is going to be my only two options of payment.
-
07-16-2017, 03:20 PM #13
- Join Date
- Mar 2012
- Posts
- 630
- Rep Power
- 1556
Bitcoin is a currency, a form of electronic currency. Each coin is basically a mathematical equation that has been solved. Each subsequent coin becomes a progressively more difficult equation. They are mined this way. Just another means of exchange. They are also traded against other currencies. Its really just another form of fiat currency. Only real money is gold/silver coins.
Big Beef, IronJulius liked this post
-
08-16-2017, 07:22 AM #14
- Join Date
- Mar 2014
- Posts
- 1,060
- Rep Power
- 2147484718
I'm also looking at bitcoin and trying to understand how it works. Despite the various explanations here, I still don't get it.
Very basically, I think I understand it's just a "currency" to transfer dollars (or whatever your local currency is, euros, whatever...) into so that it can be "traded" - used fir purchase, payment, whatever - and then exchanged by the recipient back into "real" money. I guess it's no different than paypal or an electronic transfer... but a few more steps and supposedly anonymous/untraceable.
Somebody please confirm the above for me...
Now, as for how it works: It's "open source"... WTF does that mean?
It's "decentralized", I think I read on their site... I'm not at all clear on where the bitcoins come from. "Mining" mathematical equations as explained above doesn't "explain" it to me at all. If it's "decentralized", who is "making" these bitcoins? Obviously, I still really don't get it at all.
-
08-16-2017, 07:32 AM #15
- Join Date
- Mar 2014
- Posts
- 1,060
- Rep Power
- 2147484718
More specifically, let's say you wanted to make a purchase for, say, $55. The product is offered for sale in USD.
Is it practical to exchange $55 into bitcoin; send it to the recipient; and expect the recipient to be able to exchange the bitcoins I sent back to the specific dollar amount?
If bitcoins are so volatile, what happens if I do the above routine, but by the time the recipient goes to exchange the bitcoins, they're not worth $55? Does the value move that much that quickly??
Also, nowhere on the bitcoin site did I see anything about exchange fees or anything like that... What about that aspect of it? Does the individual supplier of bitcoins determine his own fee, whoever that is?
-
08-23-2017, 11:48 AM #16
Open source means that every bitcoin transaction is made public. If you got to Blockchain.com you can actually look up your transaction during or after your bitcoins have been "bought", "sold" "transferred " between every bitcoin wallet.... I got into bitcoins and crypto currency about two months ago. The price was jumping between $2500 and $1800 roughly. I looked up last week, what they are going for now!! Fucking like $4000! Kicking myself in the ass for not jumping in 2 years ago!
Iron Game liked this post
-
08-23-2017, 01:41 PM #17
Thanks for the info.
I am interested in buying some bitcoin maybe for resale, idk. What is the best way to store, view, manage your bitcoin. I hear about some wallets that want a lot of information on buyers and sellers and want to avoid most b.s.
-
08-23-2017, 04:06 PM #18
Best way to do all the bitcoin bullshit you need, while staying anonymous is confusing for most new bitcoin users. I'll give you some pointers and tips tho! First download a bitcoin wallet app on your phone or computer. I recommend Coinbase. Use to use and keeps it simple for anyone. Use your real identity and information while creating this wallet ( I'll get to "making your bitcoins anonymous"). Coinbase let's you link your debit card, credit card, bank account and even PayPal, to buy your bitcoins. Coinbase also has some of the lowest "fee's" related to buying and moving your bitcoins. After you get your first wallet, you should "create" a second, new wallet, from a different provider, under an alias. You can use Blockchain, Bitcoin.com etc. this allows you to send your bitcoins bought under Coinbase and your name is attatched to that. After you transfer your bitcoins to your second wallet is where it might get confusing.
I recommend doing what I personally do. I created another wallet that I can use and is able to function on the "darknet" or deep web. It's referred to as an anonymous online source. People can only access the darknet over a TOR network. All websites addresses all end with a .onion. For example if this website was on the darknet, it would be musclechem.onion (not a real website btw). Another point I want to mention to you is just How important it is to do your homework, and use different tools to protect yourself over a TOR network!!! #1 priority!! Things like hiding your IP address with a VPN service is a MUST! They have free ones out there but, like the real world you get what you pay for so choose wisely! After getting a 3rd and final wallet, your going to need to "wash" or "mix" or "blend" your bitcoins. This means sending your bitcoins through a service or website that "mixes" your bitcoin transaction with others and then spits "clean" untraceable coins to whatever destination you choose. I use a mixing service between my 2nd and 3rd wallets. I'll send bitcoins through a service and it gives me clean untraceable bitcoins ready to use for whatever I need.
im kinda all over the place and don't have the patience to type a huuuge reply so... but the one thing I truly recommend is obviously doing your homework but also, useing tools and apps and websites to secure myself and cloak my IP address. This makes it harder for LE to track your spending. Also, the more movement between your bitcoin wallets the better. Anyone can look up any bitcoin transactions through blockchain.com so the more transaction the better it is for you. If you do everything that I mentioned, and take the extra time to setup and buy and move and use "fog" to mix your bitcoins the better off and move safe you are.
My end result after taking all these steps is I end up with clean untraceable bitcoins in a secure wallet that I can use over a TOR network.
One last thing I want to mention is to notify you that there are a lot of spammers, and scammers out there that do a good job at disguising websites and tricks people into either sending bitcoins to a wallet address that you think you own, but they do! Or it let's them look at what your username and passwords are. So to prevent that, make sure you double check your .onion adress. Make sure your sources and links are correct. One tool I use for this is Reddit. Good website for everything from illegal marketplaces to God. All sorts of good info and reviews on Reddit. Another one to look into for more info on this stuff is Wikileaks. It lists all the .onion mirrors and pages that are popular over the TOR network.
i hope I helped sorry for the long post but I wanted to include as much as I could! Let me know if I can help with anything else bro.
-
08-23-2017, 05:34 PM #19
-
08-23-2017, 05:40 PM #20
Just when I thought I was comfortable taking the plunge into Bitcoin - gonna need to do more homework
Iron Game liked this post
-
08-23-2017, 06:24 PM #21
Good thinking! But don't get turned off by the amount of work needed to nail it. You'll figure it out, and stay safe in the process
Iron Game liked this post
-
08-23-2017, 06:49 PM #22
-
08-23-2017, 06:52 PM #23
-
08-26-2017, 04:42 AM #24
- Join Date
- Feb 2016
- Posts
- 52
- Rep Power
- 121
People that have used it seem to love it.
-
08-26-2017, 01:28 PM #25
-
08-26-2017, 01:34 PM #26
- Join Date
- Dec 2010
- Location
- I been everywhere man
- Posts
- 8,515
- Rep Power
- 2147492176
Why doesn't a UG just make an ebay account with shit on it that is all random shit that no one would want to buy, & put a ridiculous price on it like 3000 dollars or best offer.
The process would be you email the UG,
they give you a total, you send money through paypal for an erroneous thing on ebay,
the money is instantly transferred, & it is a great cover and easily available?????
-
09-03-2017, 11:16 PM #27
-
09-04-2017, 10:05 AM #28
- Join Date
- Feb 2017
- Posts
- 555
- Rep Power
- 2147484210
From what I have been reading since I posted this, most people deeply involved with the market claim it will continue to skigh rocket in price. The crypto currency is catching on more all the time apparently. One thing I did want to point out though, is that you can buy a partial bitcoin. I'm sure some guys are like "duh", but when I first started reading on bitcoin, all I seen was the price for one. Thinking I had to spend thousands for a full bitcoin & than left confused on how to spend it without spending all of it. That was a little comforting, but still too much involved for me to feel comfortable with it.
Just the fact that you have to use your bank account or a debit/credit card, is not something I can get my head wrapped around. Piss on that! Also, brings me to my initial point... your info is still out there when making transactions! I know most guys are ok with this because they are small fish, but what if one day the law decided to crack down on the little guys?? That is just where my paranoid way of thinking takes me with all that.
Trust me... I wish I was more comfortable with it! It is a preferred payment by many & will leave a person limited to there choices of where to purchase certain "goods", but I will have to hold off for now.
-
09-14-2017, 04:27 PM #29
Buy now boys! It crashed like a mother fucker over China's bullshit again but will recover so if ur smart you'll buy now
-
09-14-2017, 11:22 PM #30
-
09-15-2017, 04:52 AM #31
-
11-25-2021, 02:22 AM #32
- Join Date
- Aug 2021
- Posts
- 20
- Rep Power
- 0
Hi guys. I am glad that I can share with you excellent information about cryptocurrency, because it is a great option for diversifying your financial portfolio. It is especially important to pay attention to the very convenient Napbots program, and I also advise everyone to read the article about amc-accept-bitcoin. I hope this information will be useful to you.
Similar Threads
-
BITCOIN DICOUNT - AUTOMATIC 10% OFF - COMBINED WITH OTHER PROMOS !!!
By Steroidify in forum MuscleChemistry DiscussionReplies: 1Last Post: 06-21-2017, 07:14 PM -
Any one use bitcoin
By Vinvina in forum General Conversation ForumReplies: 5Last Post: 11-09-2016, 08:10 PM -
How to use Bitcoin/ Sales promotion on Bitcoin-------Landmarkchem
By LMC ROIDS in forum MuscleChemistry DiscussionReplies: 0Last Post: 05-04-2016, 03:15 AM -
Bitcoin???
By Pork Chop in forum MuscleChemistry DiscussionReplies: 6Last Post: 08-09-2015, 06:58 AM