Starting Cryptocurrency Thread

This might be helpful for new folks getting involved.

Someone in one of the other big two bitcoin, litecoin threads mentioned that this should be started so the harder to understand info that the older guys who have been doing this for longer can keep active. I agree.

So any questions you guys have or want to throw out there, i'm sure some of us getting into it might be able to help or we can recruit some of the seasoned players to give us some insight.

So cryptocurrency from my understanding is an electronic value attached to a secure number that is housed in a type of data center. (I might be wrong) and you purchase it or sell it on several hosting sites.

You need your bank account info when signing up. Depending on which site you use, you will need your license, a credit/debit card number, official mail or bills for that address (although not all the sites require this) to prove that you are who you say you are.

There are hundreds (I think like 900+) crytpo currencies on the market. They are started by pretty much anyone who can build a "Blockchain" mining operation on a computer bank. These computers handle the id number, security, ownership etc.

These are generally sold at less than a dollar or more likely .000023 cents. From my limited understanding these things are all over the place and are considered the "Penny Stocks" of the digital currency world. They are sold or hosted on lesser known trader sites which may or may not have issues security wise but I haven't moved into that territory.

Older guys should chime in with basic info or mistakes you made or anecdotes that might help us newer guys. The more people you help get into this the more helpful it will be for you guys by increasing the userbase.

So if any of the seasoned guys can post which exchanges you use and why?

Whats the easiest to set up? Most secure? Most options for buying?

RJJH - 

"You need your bank account info when signing up. Depending on which site you use, you will need your license, a credit/debit card number, official mail or bills for that address (although not all the sites require this) to prove that you are who you say you are."

 

providing all this info is why I havent gone in on crypto yet.


Yes I felt the exact same way. I also bought in on my credit card.... which I imagine is the most dangerous thing someone can do if they aren't ok with that concept. I am meticulous with my credit card and had the money available to pay it back in from my checking account.

However, the only way to buy and sell these things is to be in on a site. I'm on coinbase and they seem to be reputable so far.

Bought Litecoin at $253.00 yesterday, its currently at $367.00.

camicom - 

Bought Litecoin at $253.00 yesterday, its currently at $367.00.


Have you bought before?

Where did you buy it?

Do you own other types and how long?

TheHouse -
camicom - 

Bought Litecoin at $253.00 yesterday, its currently at $367.00.


Have you bought before?

Where did you buy it?

Do you own other types and how long?

I bought Bitcoin about 2 years ago to fund an online sportsbook. It was around $300 per coin. Unfortunatly it was just a transactional puchase to fund the sportsbook, and not a hold. I use coinbase.com. Its like paypal, add your funding type then make the transaction. They do Bitcoin, Litecoin, and Ethereum.

RJJH -

"You need your bank account info when signing up. Depending on which site you use, you will need your license, a credit/debit card number, official mail or bills for that address (although not all the sites require this) to prove that you are who you say you are."

 

providing all this info is why I havent gone in on crypto yet.

Then don't. 

Go to localbitcoins.com & buy BTC from a reputable seller with decent feedback. Some means of purchase like cash is more expensive than bank transfers as it involves more risk for the seller. This required so I.D or verification.

Once you have BTC send it over to somewhere like Bitfinex or Bittrex if you want to buy alt coins. Both of these require no verification either as long as you are depositing & withdrawing crypto. On Bitfinex you will need a VPN if you are from the U.S (this goes for alot of crypto as U.S government is too much of a pain in the ass to work with)/ On bitfinex you can also trade for USD in times of uncertainty.

I laugh now. I was the first post in the bitcoin thread in 2012 and it makes me wonder if I had bought a $1000 worth of it on that same day instead of joking about it how much would it be worth 5 years later?

Juxtaposition - 
RJJH -

"You need your bank account info when signing up. Depending on which site you use, you will need your license, a credit/debit card number, official mail or bills for that address (although not all the sites require this) to prove that you are who you say you are."

 

providing all this info is why I havent gone in on crypto yet.

Then don't. 

Go to localbitcoins.com & buy BTC from a reputable seller with decent feedback. Some means of purchase like cash is more expensive than bank transfers as it involves more risk for the seller. This required so I.D or verification.

Once you have BTC send it over to somewhere like Bitfinex or Bittrex if you want to buy alt coins. Both of these require no verification either as long as you are depositing & withdrawing crypto. On Bitfinex you will need a VPN if you are from the U.S (this goes for alot of crypto as U.S government is too much of a pain in the ass to work with)/ On bitfinex you can also trade for USD in times of uncertainty.


This is REALLY good info for us new guys. Anyone that might have bought in on a whim (like I did on friday) is probably now wondering what the hell to do.

Between those two mentioned, Bitfinex or Bittrex, which would you use or why these ones compared to other ones?

LiveWire - 

I laugh now. I was the first post in the bitcoin thread in 2012 and it makes me wonder if I had bought a $1000 worth of it on that same day instead of joking about it how much would it be worth 5 years later?


You're not dead yet. This could go on for a while. So pick one of the other bigger ones in the top ten and see how long they've been in and what their swings have been like.

I’m in on 6 crypto’s.

They are all turning profit right now.i don’t want to be the guy that says he got out to early, after everything skyrockets. I also don’t want to be the guy that gets out to late. 

Its a tough one. Decisions , decisions. 

TheHouse - So if any of the seasoned guys can post which exchanges you use and why?

Whats the easiest to set up? Most secure? Most options for buying?

To start you will need to get USD or any fiat & convert it into crypto. 

Cost/time/trust are important factors in determining which route to take.

The most reputable is Coinbase/Gdax with the biggest following. This has the drawback of waiting times to be verified. They are adding hundreds of thousands of new users a week which is slowing down onboarding / support. If you do go with them you will have to wait & then you will have deposit limits as well. Most people do go through them & if you do make sure you use their exchange Gdax rather than the Coinbase side of things. It is free to buy if you place limit orders.

Gemini is the second most reputable exchange which has faster onboarding but still requires verfication.. Their liquidity is dogshit so anyone moving size should avoid them.

Bitstamp is my perfered choice if you are going the verified route. They are faster than the above with higher deposit limits & have OK liquidity. 

Kraken you need to avoid as their trade engine is made of shit. 

That covers the verified exchanges which hold USD. If you don't want to verifiy or wait to get into crypto then go through localbitcoins. You can pay via bank transfer with no verification or cash. Cash is more of a premium due to the risks for the seller. 

Now the best exchange out of everything is by far Bitfinex. Unfortunately the US government is a pain in the ass & makes it incredibly costly for exchanges to work with U.S citizens. Bitfinex have completely given up on U.S retail investors so you won't be able to use them. However this does not mean you can't. Most U.S traders use a VPN to deposit & withdraw crypto from them. They have no verification if you use crypto as your withdrawal & deposit method. This means you can still trade for USD but you cannot take it out from their exchange. Make sure to set up your VPN to have a killswitch for Bitfinex & you are all set. 

Once you have chosen your exchange or method please for the love of god make sure your security is up to scratch. This means no bullshit easy passwords that you use all the time. It also means having two factor authentication on all your accounts. Use Google Authenticator on everyhting including your email. This is incredibly important & don't be the pleb that loses their crypto because of it.

If you are buying alot then it is wise to get a hardware wallet like a trezor or a ledger. Without it you are exposing yourself to a lot of counter party risk holding large sums on exchanges. If you are going to hold alot on exchanges register with multiple & keep your money split up. If you have an understanding of futures trading you can use Bitmex to hold a portion of your account on there & hedge using leverage to keep your counter party risk to a minimum.

Welcome to the wild west.

TheHouse -
Juxtaposition - 
RJJH -

"You need your bank account info when signing up. Depending on which site you use, you will need your license, a credit/debit card number, official mail or bills for that address (although not all the sites require this) to prove that you are who you say you are."

 

providing all this info is why I havent gone in on crypto yet.

Then don't. 

Go to localbitcoins.com & buy BTC from a reputable seller with decent feedback. Some means of purchase like cash is more expensive than bank transfers as it involves more risk for the seller. This required so I.D or verification.

Once you have BTC send it over to somewhere like Bitfinex or Bittrex if you want to buy alt coins. Both of these require no verification either as long as you are depositing & withdrawing crypto. On Bitfinex you will need a VPN if you are from the U.S (this goes for alot of crypto as U.S government is too much of a pain in the ass to work with)/ On bitfinex you can also trade for USD in times of uncertainty.


This is REALLY good info for us new guys. Anyone that might have bought in on a whim (like I did on friday) is probably now wondering what the hell to do.

Between those two mentioned, Bitfinex or Bittrex, which would you use or why these ones compared to other ones?

I use Bitfinex as the liquidity is far superior & the trade engine is the best in crypto. I am not much of an alt trader & it has the coins I want access to. 

Thoughts on ripple?

I'm seeing local pawn shops promoting that they are bitcoin traders or have machines in their stores now.

Anybody run into this and what are your options as customer? Sign up for an account, buy and sell?

Pilgor the goat - Thoughts on ripple?

I have some. Bought at .23

last I checked it was at .27

been hovering around the same prices for a couple weeks. 

in