Understanding BITCOINS

King-kong · Jan 29, 2017

The mere idea of putting hard earned money into a form of cryptocurrency where we can fall victim to hackers can be very frightening.
Bitcoin is not the only form of digital currency. There are others like ethereum, lite coin, dogecoin,dash, and others. Right now bitcoin seems to be the one most are familiar with.

Bitcoin trades right now at around $920 USD to one bitcoin. It was 200 a while back and over 1100 just a month ago. What causes the fluctuations is more than scary. To me it makes no sense. This is not a stock price based on a company. In my opinion it should be based on the dollar of a chosen country or an average of several. For this reason I will only use bitcoin as needed and for transaction use only. If your virtual wallet was ever hacked. Good luck getting that money back. It has happened and a quick Google of Mt. Gox and hacker will show how 460 million was stolen from one account.

The basics. You first need a wallet to store your bitcoin. Choosing a wallet can be confusing. Maybe one of the members can recommend a good one. But keep in mind you can buy bitcoins cheaply. Or buy anonymous but you can't have both.
Wallets with higher fees etc are anonymous.

There are three wallet types. First is a software based. (You download a program on your phone or computer). Second is cloud based (a third party has your info and you can log on as needed). Last is hardware based. (Same as you need a key to use your car - you will have a tangible item to plug in your computer.

The last is most secure and can be bought on amazon for 20 to 100 dollars.
Trevor, ledger nano, bitcoin card are just a few.

The easiest to use are software and cloud based. Each has a tutorial of how they work. Some of the most popular are Coinbase, jaxx, breadwallet, blockchain, copay, bitpay, and coinspace.

I'd prefer members say which ones they like as I'm new to this as well.

One last thing- don't get confused with bitcoin mining. That is a whole other thing that we don't need to concern ourselves with.

ThinkTank · Jan 30, 2017

I use BREAD. It is easy, and I can use Bitcoin ATM's (yes they exist).

Flex500 · Jan 30, 2017

I have my MBA, manage the operations of a $100 million dollar business and am the lead on our electronic platform rollout and I still don't fucking get how to use bitcoin or if I should to get my gear.

I've been ready to place a good size order with a sponsor but I've been staring at the bc instructions for a month thinking "uhhhhhh I don't understand" and "is this safe".

But I want the 10% discount lol

MightyJohn · Jan 30, 2017

I'm with You Flex...how the value can go down, or chance to get hacked to Me makes the"discount"many sponsors offer not worth the trouble

johnnyboy · Jan 30, 2017

Much easier than having to go to WU or MoneyGram for me, I perfer Bitcoin over wire transfers.

Allday · Jan 30, 2017

Bitcoin is easy. Mining them is where it gets confusing. I'm all for the switch personally. Anything to get away from the archaic WU and MG methods is fine by me.

G.I.Bro · Jan 30, 2017

My roommate from law school works for the startup Coinbase in SanFran. They picked him up from Goldman. He does the fraud and compliance bs. He keeps hoping PayPal or Google will buy them because he makes shit. Coinbase is squeaky fucking clean though. They are more heavily monitored than cc and old school money transfers. Believe that.

The more you know about bitcoin the more you realize that feds/le are actually watching it and tracking it MUCH easier than the low tech WU transfers that are basically providing anonymity through obscurity. Your activity is essentially lost in the shuffle and sheer volume and its harder to monitor.

I fear a lot of you using major sites like coinbase to purchase the bc and then make purchases with other wallet sites think you're being totally untraceable. This is far from the case. There are a small amount of users doing all the technical steps and correct procedures to make a truly untraceable and anonymous transaction - and it's a real pain and rather technical. I agree bc is more convenient but I actually fell MG is less likely to be audited or flagged for activity. The remainder of you don't know what you're doing and would actually be safer with WU or MG.

http://www.theverge.com/2015/1/14/7546669/silk-road-trial-bitcoin-tracking

http://www.coindesk.com/bitcoin-cops-criminals/

Bc = le's best friend. Sometimes low tech is better. Most of of meatheads are in deep water and can't swim with this shit. If you don't use a VPN or know how to clean coins or purchase them anonymously, you should stick to low tech. I have an IT background from undergrad, plus got really into hacking and misc shit like that as a kid/student. I know enough to know most people have a false sense of security with this shit and don't really know what their doing. Buying coins from a major exchange is like a neon fucking sign to your identity.

fit2grow · Jan 30, 2017

G.I.Bro said:
My roommate from law school works for the startup Coinbase in SanFran. They picked him up from Goldman. He does the fraud and compliance bs. He keeps hoping PayPal or Google will buy them because he makes shit. Coinbase is squeaky fucking clean though. They are more heavily monitored than cc and old school money transfers. Believe that.

The more you know about bitcoin the more you realize that feds/le are actually watching it and tracking it MUCH easier than the low tech WU transfers that are basically providing anonymity through obscurity. Your activity is essentially lost in the shuffle and sheer volume and its harder to monitor.

I fear a lot of you using major sites like coinbase to purchase the bc and then make purchases with other wallet sites think you're being totally untraceable. This is far from the case. There are a small amount of users doing all the technical steps and correct procedures to make a truly untraceable and anonymous transaction - and it's a real pain and rather technical. I agree bc is more convenient but I actually fell MG is less likely to be audited or flagged for activity. The remainder of you don't know what you're doing and would actually be safer with WU or MG.

I agree with your friend. Accept money gram just got bought out recently...So who knows the rules and regulations that may or may not change with a new ceo

get it in ya · Jan 30, 2017

G.I.Bro said:
My roommate from law school works for the startup Coinbase in SanFran. They picked him up from Goldman. He does the fraud and compliance bs. He keeps hoping PayPal or Google will buy them because he makes shit. Coinbase is squeaky fucking clean though. They are more heavily monitored than cc and old school money transfers. Believe that.

The more you know about bitcoin the more you realize that feds/le are actually watching it and tracking it MUCH easier than the low tech WU transfers that are basically providing anonymity through obscurity. Your activity is essentially lost in the shuffle and sheer volume and its harder to monitor.

I fear a lot of you using major sites like coinbase to purchase the bc and then make purchases with other wallet sites think you're being totally untraceable. This is far from the case. There are a small amount of users doing all the technical steps and correct procedures to make a truly untraceable and anonymous transaction - and it's a real pain and rather technical. I agree bc is more convenient but I actually fell MG is less likely to be audited or flagged for activity. The remainder of you don't know what you're doing and would actually be safer with WU or MG.

http://www.theverge.com/2015/1/14/7546669/silk-road-trial-bitcoin-tracking

Why Bitcoin is Better for Crime Fighters Than Criminals - CoinDesk

Bc = le's best friend. Sometimes low tech is better. Most of of meatheads are in deep water and can't swim with this shit. If you don't use a VPN or know how to clean coins or purchase them anonymously, you should stick to low tech. I have an IT background from undergrad, plus got really into hacking and misc shit like that as a kid/student. I know enough to know most people have a false sense of security with this shit and don't really know what their doing. Buying coins from a major exchange is like a neon fucking sign to your identity.

I agree. They are all over bitcoin and they are smart at what they do, very smart. Honestly the fluctiation in value is enough to keep me away. The truth is maybe i am a idiot because i just dont understand it, drives me nuts. I also do not trust it. Someone like myself has no business using something i have no clue about. I have read articles already that irs is watching bitcoin for tax purposes and clearly we all know the feds are all over it. The only wallet i trust is the one in my pocket lol

get it in ya · Jan 30, 2017

fit2grow said:
I agree with your friend. Accept money gram just got bought out recently...So who knows the rules and regulations that may or may not change with a new ceo

Yes alibaba bought MG. hopefully things change. I doubt it though

King-kong · Jan 30, 2017

Anonymity is very expensive with bitcoin. Unfortunately data is easier to gather with bitcoin. The govt prob loves the idea of bitcoin. Easier to track.

To have a currency drop or rise 30% in a few days is pretty scary to me. The old days of bitcoin and the dark web are long gone. Nothing but scammers.

JuiceRoad.com · Jan 30, 2017

BitCoin is here to stay. BTC transfers are public over the network and fully traceable unless you use a good vpn.

Flex500 · Jan 30, 2017

G.I.Bro said:
My roommate from law school works for the startup Coinbase in SanFran. They picked him up from Goldman. He does the fraud and compliance bs. He keeps hoping PayPal or Google will buy them because he makes shit. Coinbase is squeaky fucking clean though. They are more heavily monitored than cc and old school money transfers. Believe that.

The more you know about bitcoin the more you realize that feds/le are actually watching it and tracking it MUCH easier than the low tech WU transfers that are basically providing anonymity through obscurity. Your activity is essentially lost in the shuffle and sheer volume and its harder to monitor.

I fear a lot of you using major sites like coinbase to purchase the bc and then make purchases with other wallet sites think you're being totally untraceable. This is far from the case. There are a small amount of users doing all the technical steps and correct procedures to make a truly untraceable and anonymous transaction - and it's a real pain and rather technical. I agree bc is more convenient but I actually fell MG is less likely to be audited or flagged for activity. The remainder of you don't know what you're doing and would actually be safer with WU or MG.

http://www.theverge.com/2015/1/14/7546669/silk-road-trial-bitcoin-tracking

Why Bitcoin is Better for Crime Fighters Than Criminals - CoinDesk

Bc = le's best friend. Sometimes low tech is better. Most of of meatheads are in deep water and can't swim with this shit. If you don't use a VPN or know how to clean coins or purchase them anonymously, you should stick to low tech. I have an IT background from undergrad, plus got really into hacking and misc shit like that as a kid/student. I know enough to know most people have a false sense of security with this shit and don't really know what their doing. Buying coins from a major exchange is like a neon fucking sign to your identity.

Very good points. WU and such are so archaic it almost feels more private. I've always thought bc seems easier to trace even with coinmixers and such.

x1xjcramair1x1 · Jan 30, 2017

I don't think Bitcoin is going anywhere anytime soon. When I first looked into it it seemed overwhelming, but after a few tutorials on YouTube it was really easy. I only use it for simple transactions and have no interest investing in it for the long-haul until it's value is determined by the average of several currencies or something similar.

As for gear purposes it makes things a ton easier, but I would still have no issues with MG or WU. Bitify is my go to site for steep discounts using BTC. Great thread and write-up from the OP.

G.I.Bro · Jan 30, 2017

Flex500 said:
Very good points. WU and such are so archaic it almost feels more private. I've always thought bc seems easier to trace even with coinmixers and such.

Ya, don't take my word for it, read the articles. My buddy at coinbase says the same thing. That's all he does all day is audit activity and oversee that department.

BC has its place. It's very convenient. I've used it for small orders. Neither BC, WU or MG is totally anonymous and if LE wants you and invests the resources, it won't matter much what was used. If you're just a small fish, small order, personal use person, it's not a major concern. The sources collecting it probably have their end done right so they're protected(which helps obfuscate what the purchase is). But most people using it, and buying btc currency, aren't being anonymous. I just wanted to make the point that Bitcoin isn't inherently safer, quite the opposite for uneducated users. Many don't realize that. When not done right, it's worse than just using MG in my opinion.

King-kong · Jan 30, 2017

I went with Coinbase- loaded on my iPhone. Was very easy.
The only issue I have is price volatility. Vast fluctuations in bitcoin price. I'd pay 10-15% more to not use bitcoin. Just my opinion.

qbkilla · Jan 9, 2020

Does anyone have a link, tutorial, video, to show how guys who have not used this can get started? is there like a main site to get your wallet from? What site to buy the bitcoins? Once you have them, and the wallet, can you then buy something?

jakane916 · Jan 18, 2020

Is there anyway to get bitcoins back when you send them to someone?

pesty4077 · Jan 18, 2020

jakane916 said:
Is there anyway to get bitcoins back when you send them to someone?

Nope, not if they go through the blockchain to their address. The only way is asking for them back form whom you sent them too.

pesty4077 · Jan 18, 2020

qbkilla said:
Does anyone have a link, tutorial, video, to show how guys who have not used this can get started? is there like a main site to get your wallet from? What site to buy the bitcoins? Once you have them, and the wallet, can you then buy something?

Anasci Board has a whole section on it. Read the stickies, if you have any questions just ask and I will see if I can help you.