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Parrothead

Not really computers, but you need them to secure it!

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Parrothead

So, after the Bitcoin explosion, where Bitcoin skyrocketed up to almost $8,000 USD recently, I decided to give it a try and put a few bucks into a test account ($50 USD). So, I bought some bitcoin, then used that to buy another currency that is very cheap at the moment, but has potential to go high. 

 

I figure I will keep it in for at least a few years, unless it goes crazy off the charts, anyway. 

 

So, anyone else into buying cryptocurrencies? Tons of them out there, for sure, to buy. 

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mollydooker

Interested to know how you actually purchased them ?? ....can you elaborate please ....

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mollydooker

Bitcoin recovers value after huge loss

 

 

Published: 10:03 am, Tuesday, 14 November 2017

 

Bitcoin's value has surged, recovering after losing almost a third of its value in less than four days.

Bitcoin's value has surged, recovering more than $US1000 ($A1,400) after losing almost a third of its value in less than four days as traders bought back into the volatile cryptocurrency.

Bitcoin tumbled in the second half of last week, falling as low as $US5,555 on the Luxembourg-based Bitstamp exchange on Sunday, a slide of almost 30 per cent from a record high just shy of $US7900 on Wednesday..

It rebounded on Monday, trading up more than 14 per cent on the day at $US6,718, though that was still more than $US1000 less than last week's record high.

Market-watchers said the fall had been driven by a decision on Wednesday to abandon a planned software upgrade that could have split the cryptocurrency in a so-called "fork" - a move that had initially had a positive impact on the digital coin, sending it to a record high of $US7888 on the view that this marked a resolution of a long-term dispute.

But some were disappointed that "Segwit2x" fork had been abandoned. It would have increased the capacity of the "blocks" transactions are processed in, thereby reducing competition to get payments processed and lowering transaction fees.

Consequently, analysts said, some of those who see low fees as important to the future of bitcoin were selling it for a clone called Bitcoin Cash that spun off from the original in August. Its block sizes are larger, and therefore transaction fees are lower.

Bitcoin Cash tripled in value at the end of the week as bitcoin slid, reaching an all-time high just below $US2000 on Sunday and briefly overtaking Ethereum as the world's second-biggest cryptocurrency.

But traders bought back into the original bitcoin on Monday, sending Bitcoin Cash plummeting. It was trading down over 30 per cent on the day at around $US1097, according to industry website Coinmarketcap.

"Bitcoin and Bitcoin Cash will co-exist and serve different use cases, just like Bitcoin and Ethereum. It's not a zero sum game," bitcoin and security expert Andreas Antopolous said in a post on Twitter.

Bitcoin is up more than 500 per cent so far this year.

Reuters

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Parrothead

I bought heavy into a coin I hope will go up. People are predicting it to, anyway. NLC2 (NoLimitCoin). Next month, I will look at another one to buy into. 

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Parrothead

Interested to know how you actually purchased them ?? ....can you elaborate please ....

 

Well, it was a bit of a learning curve for me. First, I had to register on a exchange. Actually, I registered on a number of them.

 

1. Determine HOW you will make payment to buy your Bitcoin. 

 

The exchange I currently use, is LocalBitcoins.

 

2. Find a seller who accepts the form of payment you wish to buy. There are LOADS of options, on the Quick Buy page. Adjust the settings accordingly, and submit your search. 

 

Then, I purchased Bitcoin from a seller I found on that site. Two, actually, now. I completed my second trade today, with a different seller.

 

3. Determine which exchange you need to transfer your Bitcoin to, in order to make your purchase. (It goes without saying, to have a account set up with that exchange before hand.) 

 

I then transferred my Bitcoin to another site, called YoBit. On Yobit, I use my Bitcoin to purchase other coins. In this case, my purchase was NoLimitCoin (NLC2). 

 

4. Once your transfer has completed, you will have your bitcoin in your wallet on the 2nd exchange. This is where you will purchase the other coin - or, if it is bitcoin you wish to hold on to, simply transfer that to your off-line wallet for Bitcoin. 

 

NOTE: You cannot mix different coins, to my knowledge. You must have a different wallet for each cryptocurrency, as far as I know. (I do not have one on my computer for Bitcoin, because I don't hold on to it. I use it, right away, to buy whatever I am in the market for at the time.)

 

NOTE: I have been told to never leave my coins on an exchange site unless buying / selling them. 

 

Since I purchased NLC2. I went to their site. From the NoLimitCoin site, I downloaded their WALLET (formats offered for different operating systems) to keep my coins offline. This provides the absolute best security for you.

 

Then, from the second exchange (YoBit), I transferred my NLC2 coin to the offline wallet located on my computer.

 

NOTE: Keep current backups of your wallet. I keep backups for mine in three separate locations, an encrypted folder on one hard drive and two encrypted flash drives. (Not sure it is really necessary to keep them in encrypted folders.)

 

VERY IMPORTANT INFORMATION: 

 

1. As previously stated, DO NOT leave your coin on ANY exchange if not buying / selling them.

2. NEVER leave your wallet unlocked if not using it. 

3. NEVER lose your "passphrase" or "key" associated with your wallet. If you do, your coins are gone forever. 

 

Here is an example of a passphrase: bees never rate theme future require indicate observe stomach return home tomorrow

 

A passphrase like that, along with a 26 digit password, will keep someone interested in stealing your coin, quite busy for a very, very long time. :D

 

If you have any questions, I will gladly help you with what I have learned, thus far. 

Edited by Paul
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Parrothead

Newbie Mistake #1: Transferred my Bitcoin to an exchange I didn't check first. Always know WHICH exchanges the coin you are interested in purchasing, is traded on. I learned, pretty fast, all coins are NOT traded on ALL exchanges. It cost me dearly for that mistake. I had to pay to transfer my Bitcoin to another exchange, AFTER I verified that NLC2 was traded on it. 

 

My Advice: Double check fees charged by an exchange, prior to using it.

Edited by Paul

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Oz Jon

Paul said ......

"NOTE: Keep current backups of your wallet. I keep backups for mine in three separate locations, an encrypted folder on one hard drive and two encrypted flash drives. (Not sure it is really necessary to keep them in encrypted folders.)"

............................

 

And don't forget the plain old "printed on paper" secure storage solution! - very reliable! (no batteries and EMP-proof)

 

If you are concerned about anyone seeing/copying it, encrypt it with a memorable key-phrase before printing, using one of the many available free encryption programmes.

 

Cheers

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Parrothead
And don't forget the plain old "printed on paper" secure storage solution! - very reliable! (no batteries and EMP-proof)

 

I don't own a printer. But, I keep my wallets encrypted, and keep encrypted backups on at least 3 separate storage drives, as well as on my computers. 

 

It's not too difficult to enclose a flash drive in an EMP proof container, I imagine. Not sure if they would be of much use after an EMP blast though.

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andy

It may have been good in the start, but now I would be sceptical of huge price gains. Micro Finance seems to be the thing over here. If you think it is ethically right to do so. 

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Parrothead

It may have been good in the start, but now I would be sceptical of huge price gains. Micro Finance seems to be the thing over here. If you think it is ethically right to do so. 

 

No way in hell would I charge these farmers 30%+, to make a loan. I have to sleep at night.

 

There are a number of cryptocurrencies that are performing well.

 

https://www.coinexchange.io/markets

Edited by Paul

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