Crypto currency
Is anyone here big into crypto currency and have some?
Voting Results
55% Normal
Based on 11 votes
(6 yes)
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Comments ( 24
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JellyBeanBandit
Yeah, I got into crypto just recently, it was a bit of a learning curve alright but not too difficult. There's a lot of theory that sounds really complicated and can scare you off, but once you start using it then it's easy enough to actually use. I recommend checking out the 99Bitcoins YouTube channel to learn it, and then to just dive right in and download a crypto wallet app and buy some coins. On the other hand, if you don't actually want to own cryptocurrency yourself, but just trade with it, you can just use an app like Robinhood or eToro or something (I don't know how to do that though).
Personally, I downloaded the Coinomi wallet app onto my phone (which is pretty user-friendly), and then used a Bitcoin ATM machine to buy Bitcoin. The ATMs do charge a hefty conversion fee though, much more than an exchange, but then on the plus side they are very quick/easy to use and are also completely anonymous (unlike when you buy crypto using your credit card on an exchange website like Binance, where you have to provide identifying info about yourself). I also then used the Binance website to convert some of that bitcoin to other cryptocurrencies like Ethereum, Monero, Cardano, etc. Whatever you do anyway, I'd start with a very small amount of money, so that if you do mess up somehow and lose it, it wouldn't be too big a deal (I doubt you would mess up though once you know the basics, but just to be safe).
If you have any questions I'll be happy to answer (as best I can) :)
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Anonymous Post Author
Oh thats nice so I can get a wallet that does not have any of my personal info and use a bitcoin machine to send anonymous coins to?
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JellyBeanBandit
Yeah that's right. Bitcoin itself isn't completely anonymous though, it can be traced. So once you start receiving and spending it then it would theoretically be possible for some government agency to figure out a wallet's owner by analysing all incoming/outgoing money, and the wallets it's transacting with. Realistically, you wouldn't be in any danger of that (unless you're some high profile target), but still I like the idea of privacy for the principle of it (I mean, it's not like they wouldn't track everyone individually like that if they could). There is an anonymous cryptocurrency however called Monero, that can't be traced. So one easy way of becoming totally anonymous then is to just convert your Bitcoin to Monero.
This is one reason why I love the idea of cryptocurrency. The days of paying with physical cash is coming to an end, but then our only option of paying (debit/credit cards) will be one where the banks have full view of every single purchase we ever make in our entire lives. And once we have no other option of paying, what's to stop them from changing the terms and conditions, and selling that data to corporations? Or if the government goes totalitarian, what's to stop them from spying on that information to give themselves more power over us? Cryptocurrency can give us back the power over our own money.
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Anonymous Post Author
You think like me when it comes to this. For me thats the whole purpose of crypto so the government cant trace everything you do or just take your money. I am thinking about making an offline wallet and put lots of money on a flash drive. Im quite a prepper Im the type that has a years worth of food and a generator at my house just in case. With a flashdrive wallet I could literally take the flash drive with me if I had to flee the country to some tax haven and then transfer the money from that flash drive into one of those banks and not have the US government know about it or pay their ridiculous taxes. But then again McAfee tried something similar and it didnt work for him. LOL still an offline wallet would be nice just incase..
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JellyBeanBandit
Yeah, those are called hardware wallets (that YouTube channel 99Bitcoins did a good video on them). Hardware wallets are definitely recommended for storing large amounts of money alright, for the reason that they're offline, so they can't be hacked.
I guess we do think alike. I'm planning on buying a hardware wallet, with a few thousand euros worth of bitcoin and monero on it, and hiding it somewhere for an emergency (along with about €1000 cash and a fake id). I've also been thinking about doing a little prepping too.
Yeah, you could probably do something like that alright. I'm pretty sure you can do even better than that, you don't actually need to take the physical hardware wallet with you. As long as you know the seed phrase for the wallet, you can then just use any wallet to recover your crypto later. So it would be possible to just memorise your wallet's seed phrase, destroy the hardware wallet, and then there'd be absolutely no physical evidence you even own any crypto (even if you own billions' worth). You could then just buy a cheap phone at your destination to recover your money later. So in effect, you can carry billions of dollars with you stored securely and invisibly in your own head. I'm not too sure about all this yet though, I'd have to look more into it to confirm if this is true, but I think it is.
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SwickDinging
I have it, but I didn't but it for investment purposes. I was just trying to order some decent weed online. This was years ago and now the leftover BTC has massively increased in value. It was only a small amount though so it hasn't exactly been life changing, but it feels like I've got something for nothing which is nice.
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Anonymous Post Author
A highschool kid I know use to order weed on this site called the silk road in around 2010 when bitcoin just came out and he lost his account because he thought bitcoin was never gonna do much. He had about only about 30 dollars worth of BTC in it back then but that 30 dollars now would probably make him a millionaire. He tried for years to figure out his log in info or whatever. I forget the whole story but its a crazy one. This happened to ALOT of ppl. They just left money and forgot their accounts when bitcoin was only 5 cents. Nobody could have anticipated it go to 65,000
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SwickDinging
Yeah, that's what I'm talking about. I was gutted when Silk Road died.
I'm still pissed that I spent all that BTC on weed instead of keeping it. But hey, at least I remembered the password so I could salvage my pennies.
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Anonymous Post Author
Minors would order it and sell it to other adults because around here if you get caught by police doing something bad like that as a minor its such a slap on the wrist. You might get a week in juvi. But after you turn 18 you'd get 20 years for mailing drugs.
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Somenormie
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DarkMatter
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olderdude-xx
Just remember the golden rule of investing in Crypto. Don't invest any more money than you can afford to burn in the backyard today roasting marshmallows.
Cyrpto itself has no underlying actual value. It's only worth what other people think its worth.
If the governments decide that its a problem the vast majority of the current value could collapse very fast, and perhaps it becomes almost worthless.
Recently China has been questioning it... and Bitcoin has dropped over $20,000 in several months.
Another thing is that withing the USA Crypto is considered an investment so you need to have good records of your buy's and sell's and pay income taxes on your profits. I personally would not bother with a minor amount of crypto as I figure the additional cost of doing the taxes would far exceed any value of the transactions I would do with it.
I wish you well with your crypto adventurers... just don't get hurt.
Have a great life,
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hauntedbysandwiches
I tried but I gave up after watching a 20 minute video because I thought they were speaking an alien language and I couldn't make out a single word of it
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bigbudchonger
I've got some monero and I used to have bitcoin back when it was like 300 quid.
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Anonymous Post Author
Most of them have millions of dollars too its alot easier to make money off of millions of dollars than someone that has a humble income. If you have that much money you can just buy realistate or put it in a safe index fund and make bank. Just to give you a idea of crypto if you invested $1,500 dollars in 2018 that would have been $65,000 a month ago. So if you invested 10,000 dollars then youd have half a million dollars.
If you had invested $30,000 in 2009 you'd have over 4 billion today. Crypto is going to go through the roof the only thing that could prevent that is if the US government bans it or sabatoges it. Crypto is going to be as big as the internet boom.
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jethro
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Meowypowers
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Anonymous Post Author
Thank you for bringing her to my attention I have not heard to much about her but from what I'm seeing she knows her shit. She is very smart for loading up on crypto right now. This may be the last time to get crypto at such a low price. Im going in on ETH weekly rn
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Meowypowers
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