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Daddy

Bitcoin/Cryptocurrency

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Kreole
11 hours ago, Paul said:

https://www.coindesk.com/information/paper-wallet-tutorial/

https://bitcoinpaperwallet.com/wallet-tutorial-add-withdraw-funds/

Personally, once my coins are off the exchanges, and in their respective software wallets on my computer, I just back up the wallet.dat file from each wallet. I copy the file to each of three (3) encrypted USB flash drives. I then eject each flash drive and put them somewhere safe. Between doing that and 2fa (Two Factor Authentication), you are about as safe as you will get.

As an example:  after I create my bitcoin wallet and want to buy bitcoin.  I go to Coinbase and want to add USD to my wallet in order to buy bitcoin.  To fund the purchase of bitcoin, I must transfer $ from my bank savings account to the online (Coinbase) account.  Once the $ is confirmed in my account I should be able to buy a bitcoin.  So far, the only data that I have given to Coinbase is my public key, and my bank account number from which to extract the $.  If that is correct, then the next step is to select buy a bitcoin with the money, and my bitcoin wallet will automatically show the amount of bitcoin that I own.  I realize that it will take a short while for the transaction to be confirmed (10 min. to 1 hour +/-).

Now, my concern is that Coinbase has data for my bank savings account on record in their data base.  They also have the funding key along with the confirmation that I now own 1 bitcoin.  Does this data remain on the Coinbase site, or is it deleted once the transaction has been confirmed?

Conversely, when I want to sell my bitcoin, i go to Coinbase and enter my public key, and Coinbase then sells the bitcoin, taking a commission plus a transaction fee, after which they load my wallet back up with USD.  So, at no time am I required to enter my private key?

How do I then transfer the USD back into my bank savings account?

 

 

 

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DeedleNuts

If you want a greater degree of anonymity you can use a BTC ATM

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Goetz1965

I BE GONE ... LOL ...
Sad its just a faulty value for ATMChain ...

Bildschirmfoto 2017-12-18 um 15.53.38.jpg

Edited by Goetz1965

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Daddy
7 hours ago, Kreole said:

How do I then transfer the USD back into my bank savings account?

Go to the accounts tab; 

scroll down to $USD wallet;

There will be two tabs one to receive funds into account the other to send funds out. 

Follow the instructions for the amount and send.

Yes, they keep all you info about your bank account. They will not send money to a bank account that is not in their system that is related to your account only. 

I think it is safe but using Coinbase is very expensive. Their fees are outrageous compared to others. They charge you for transferring money into account and they charge for taking money out, they charge for buying and then another fee for selling. The fees, compared to other exchanges are very high. Their customer service is non existent. I requested an increase in the amount I could deposit when I first opened my account in March of this year, I got an email saying it had been approved......9 months later.

Right now their web site says it will take 2 to 3 days for either incoming or outgoing wire transfers. I would expect at least a week for these guys.

PS They also report all transactions to the US GOV. 

 

Edited by Daddy
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Kreole
10 minutes ago, Daddy said:

Go to the accounts tab; 

scroll down to $USD wallet;

There will be two tabs one to receive funds into account the other to send funds out. 

Follow the instructions for the amount and send.

Yes, they keep all you info about your bank account. They will not send money to a bank account that is not in their system that is related to your account only. 

I think it is safe but using Coinbase is very expensive. Their fees are outrageous compared to others. They charge you for transferring money into account and they charge for taking money out, they charge for buying and then another fee for selling. The fees, compared to other exchanges are very high. Their customer service is non existent. I requested an increase in the amount I could deposit when I first opened my account in March of this year, I got an email saying it had been approved......9 months later.

Right now their web site says it will take 2 to 3 days for either incoming or outgoing wire transfers. I would expect at least a week for these guys.

PS They also report all transactions to the US GOV. 

 

Very soon, all exchanges that operate in the US will have to report all transactions to the US government, very soon the IRS will find a way to track the investors.  Next will come the regulators, and I assume a percentage of investors will bail when these measures are instituted.  It is not a matter of if this will occur.  

The banking industry and the US government must always find a way to control the flow of money or money substitutes.  A good example is how the government (through the Fed Reserve and the Central Bank) use proxies to  controls the price of gold in order to keep it from showing the true inflation rate in the US.

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Daddy

Just checked my bank account. Coinbase wire transfer of funds from proceeds of sale of litecoin showed up in my account.......five days later, not the two or three they are posting on their site.

 

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Paul
3 hours ago, Daddy said:

Just checked my bank account. Coinbase wire transfer of funds from proceeds of sale of litecoin showed up in my account.......five days later, not the two or three they are posting on their site.

I wish I had that option.

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Paul

If you folks have an account with New Zealand dollars, you can do business with Cryptopia exchange: https://www.cryptopia.co.nz

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broden

 

Quote

 

Japanese company will pay part of workers' salaries in Bitcoin

Employees at a Japanese firm will soon be able to receive part of their salary in Bitcoin, if they're feeling brave enough. GMO Internet, which offers a range of web-related services including a Bitcoin exchange, will pay workers up to 100,000 yen (about $890) starting in February. "Employees can receive salaries by Bitcoin if they want," a company spokesperson said. "We hope to improve our own literacy of virtual currency by actually using it."

The venture is strictly voluntary, and the lower limit will be 10,000 yen, around $88. The company is also offering a 10 percent bonus for employees willing to try it, which might help make up for some of the crypto-currency's extreme volatility.

GMO plans its own initial coin offering (ICO), with a strange twist. The company's "GMO coin" will be a token that buyers can use toward buying not only Bitcoins, but next-gen mining boards or part of a cloud mining business. The company plans to develop "cutting-edge 7-nanometer process technology" that will allow high performance mining with lower power consumption than current chips.

Bitcoin is functioning less as a currency and more as an investment nowadays, as we wrote recently, having dramatically soared in value from around $800 to as high as $19,000 in a year. Employees willing to take them as pay would probably therefore sock them away rather than using the currency to buy snacks. It'll be an interesting experiment, in any event, especially in a country that has taken a forward-looking approach to the currency, and hosted one of its biggest failures.

https://www.engadget.com/2017/12/15/japanese-company-gmo-internet-paying-salaries-bitcoin/

 

 

 

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cebubird

So, if 1 'bitcoin' is worth $19000, this firm is going to pay an employee 88x$19000?

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Travis
3 minutes ago, cebubird said:

So, if 1 'bitcoin' is worth $19000, this firm is going to pay an employee 88x$19000?

No

 

Bitcoin can be broke down into smaller and smaller increments,  Think of it like data not like a dollar. One satoshi is the smallest denomination and thatis something like.0000000001. So they could pay in fractions of a penny.

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Paul
17 minutes ago, cebubird said:

So, if 1 'bitcoin' is worth $19000, this firm is going to pay an employee 88x$19000?

Currently, $88 USD is 0.00471530 BTC, Bill. That is what the company would send to the employee's wallet.

https://www.bestchange.com/converter/

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cebubird
56 minutes ago, Paul said:

Currently, $88 USD is 0.00471530 BTC, Bill. That is what the company would send to the employee's wallet.

https://www.bestchange.com/converter/

Ok, so what does it mean when I see on stock mkt report that bitcoin is trading @ 18,700 today?--See Travis' reply now and understand a "bit" better. Have to get a whole bunch of "satoshis" 1st.

Think I'll just stick w/my few stocks-can understand those.

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Paul
15 minutes ago, cebubird said:

Ok, so what does it mean when I see on stock mkt report that bitcoin is trading @ 18,700 today?--See Travis' reply now and understand a "bit" better. Have to get a whole bunch of "satoshis" 1st.

Think I'll just stick w/my few stocks-can understand those.

That means one full bitcoin (1.0) is valued at $18,700 USD. That's all. You can buy $100 US worth, or $18,700 US worth, if you choose. 

You can't buy all cryptocurrencies for USD, though. So, you buy BTC and then use it to trade for other cryptocurrencies. 

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Thomson
20 minutes ago, cebubird said:

Think I'll just stick w/my few stocks-can understand those.

Good luck with that... most stock traders have long switched to cryptocurrencies by now.

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