Bitcoin Questions?

Y

yennus

Well-Known Member
Silver Stacker
A couple of questions for those familiar with Bitcoin.

Ease of use?
1a) How easy is it to transact Bitcoins between people/businesses? Is it as easy as PayPal?
1b) How easy is Mt.Gox to use for daily transactions?
1c) Is it easy to sell Bitcoins? E.g. $10.74USD weighted average. Does that mean I should be able to sell 3 Bitcoins within a few hours at that price?

Mining?
2a) How much would a low-cost FPGA mining rig cost?
2b) Any standard mining rigs available for purchase?
2c) At the present mining difficulty, how much energy (Kw) would be required to mine 1Bitcoin from that FPGA mining rig?
2d) Is the mining software easy to configure and start running?
2e) Which mining pools are recommended for newbies?
2f) Will I need to hire a software-engineer/mathematician to maximize my mining rigs potential?

Bitcoin
3a) How many Bitcoins have been mined so far? How many are left?

Security
4a) Any one had the experience of having their Bitcoins stolen?

Many thanks.
 
Sites like Silk Road apparently use Bitcoin. Presumably it won't be long until the governments acts label anyone who has a bitcoin a criminal or terrorist by association.

The Silk Road website - an eBay for drugs where encryption software allows vendors to be anonymously rated - is giving authorities a particular headache.
:
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To protect its illegal trade, the site uses complex masking software and money exchanges.

Users have to download an encryption network, and the only money allowed is Bitcoin - an online currency that also hides purchasers' identities.
Click to expand...

http://www.abc.net.au/news/2012-12-05/dark-internet-linked-to-drug-seizure-spike/4410872

See also other Bitcoin thread http://forums.silverstackers.com/message-387958.html#p387958
 
4a) I've had my real funds stolen after buying and selling bitcoins on www.cryptoxchange.com . They went bust taking all funds (fiat and bitcoin). The company owner has gone AWOL and only promises return of funds 'in 6 weeks'. So I will never see my money again.

A high risk nerd experiment on my part, but a $1600+ lesson.

don't kid yourself, bitcoin will never become accepted as a payment method, and will only ever be a fringe currency for use with silk road and the like. There are countless scams with bitcoin, and at the end of the day you cant hold it.
 
Papina said:
4a) I've had my real funds stolen after buying and selling bitcoins on www.cryptoxchange.com . They went bust taking all funds (fiat and bitcoin). The company owner has gone AWOL and only promises return of funds 'in 6 weeks'. So I will never see my money again.

A high risk nerd experiment on my part, but a $1600+ lesson.

don't kid yourself, bitcoin will never become accepted as a payment method, and will only ever be a fringe currency for use with silk road and the like. There are countless scams with bitcoin, and at the end of the day you cant hold it.
Click to expand...

Does that make fiat a scam too?

Maybe that's a redundant question.

In other news, yay, my bitcoins have gone up about 10% in the last month or so.
 
RE: Mining, you can get a decent mining rig for around $1k ... given the reward for mining bitcoin has just halved its a great time to be thinking about it, as it was un-economical before so its almost certainly not worth it now given bitcoin under $40 ... so making a decesion is far easier now than when it may have been marginal a few months back.

I noticed since i first got into it the computer centre on George Street near china town is now stocking a heap of ideal spec'ed comps with ATI radeon dedicated 2gb GPUS... saw one for $800 ... a laptop which looked decent.

A couple of heads up, very NOISY and your power bill will increase (far more than the value of the bitcoin generator).

The halving of the shares could do 2 things, implode the market as miners give up and supply dwindles (i think money needs to be plentiful.. especailly in the introductory phase).. i get we need it to be limited which could be a reason why the price doubles in-line with the halving of share rewards.

Is it easier than paypal.. YES its very easy.. BUT every time you open your wallet you need to sync in with the bitcoin system, this can sometimes take HOURS, so its not always a convenience... this is a vital aspect of bitcoin as its the bitcoin accounting p2p system for checks and balances that ensure everything is legit.

I rate bitcoin and am happy that wordpress has now taken it up to legitimise it a little more, i will be keeping my bitcoin for now and keep mining throgh bitcoin but i realise its losing me money (HEAPS if you consider think about the 1.5K i dropped on the comp!)

Its really good to just get a wallet.. d/l GUI miner and run it to see how it functions.. chances are similar ideas will come along so its great to increase your knowledge.

Im always happy to buy bitcoin at market rate.. i notice people sell easily over the quoted rates.. I will gladly accept bitcoin for silver!

1for1
 
Luckily, I didn't have an experience of stolen Bitcoin, but I think that security is very important to prevent any thefts. You should store your coins in a separate wallet, not in the one on the exchange. Moreover, choose trustworthy exchanges that use 2FA and have good customer support to help you with anything. So far, I found GetEx to be a promising project. I'll try to trade once they open, I think. I am currently reading a book on trading, but there is almost nothing serious on crypto trading. I would appreciate some advice!
 
Hater always be haters also they have zero knowledge about them
3 ways to make money
1. Buy&sell bitcoin or related equity ( I trade related stock for swings & be out whenever I want very easy trans action off your bank with 6-10$ fees)
2. Mining ⛏ my brother only had ethereum 2 rig and his friend buddy had full operation with 55-70 rigs .(power for ethereum was about 150-200$ per rig make sure outlet can handle that with out blowing breaker off but it’s not cheap&cost you money to get new upgraded card every 2years ) we know less transaction made now days, means you earn lot less than because that’s how it works (Personally I wouldn’t recommend it )
3. Masternode, most guys new to crypto doesn’t know much about this but you simply get paid out dividend on your coins7-50% per year divided into daily-2hour payouts no power cost you just cannot you that amount but it’s in your own wallet ( they are requirements of 100.000-5.000 coin for some cases and not all coin do this top masternode coin at moment is DASH but you can look this up your self)
 
Bromista said:
Luckily, I didn't have an experience of stolen Bitcoin, but I think that security is very important to prevent any thefts. You should store your coins in a separate wallet, not in the one on the exchange. Moreover, choose trustworthy exchanges that use 2FA and have good customer support to help you with anything. So far, I found GetEx to be a promising project. I'll try to trade once they open, I think. I am currently reading a book on trading, but there is almost nothing serious on crypto trading. I would appreciate some advice!
Click to expand...

Dont use an exchange if it is registered in country you wouldn't open a bank account from.....

PS: this questions were asked 7 years ago....
 
Feel free to ask me questions I have many guys jump the gun so be careful what you choose before you spend hard earned money .
Most widely used coin is
-bitcoin
-bitcoin cash
But you can swap/convert within crypto like Forex so this shouldn’t matter too much, like mine ethereum or other coin&swap it whenever you want to like if you’re coin jump so high why not swap that to Bitcoin.

Tax& spending
I think at this moment you probably getaway if you spend your coins instead cashing out to (fiat most likely capital gains)
You can look up your self but -bullion dealer been excepting Bitcoin & bitcoin cash for some times now (up to 250.000$ worth ) that’s a lot but they do accept them - it show right on a pages
 
Very bad idea if you keep your coin in 3rd party , safest way is holding in your own private wallets and don’t give out nobody about your crypto information. All hacks is happened at 3rd party exchange platform ( only use them to swap coin then you must put back into your personal wallet)
 
I hope that helped you , I’m a technical stock trader so I don’t hold coin it self but I do trade the trend.
Do lots a DD & ask me questions if I confused you .
My English isn’t the best :p
 
Unfortunately, I cannot answer to all your questions as I am also pretty new to Bitcoin, but already know that it's very important to take some time to learn more about crypto currencies and trading before investing any money, trading need some knowledge, otherwise I risk losing my hard earned money. I use this resource cryptolinks.com as a navigator in the crypto world.
 
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