Ohio Chatter

Bitcoin

Serious Business
justincredible Honorable Admin
37,969 posts 250 reps Joined Nov 2009
Thu, Apr 15, 2021 10:53 AM

The cryptocurrency thread was started back in 2017 and a lot has changed since then. I've poured myself into the space over the last year or so and have learned a lot along the way.

Ultimately, there is Bitcoin and there is noise. And no, it's not too late to buy in. It will never be too late, even when it hits $1m+ per.

If you're looking to get into crypto, the simple strategy is to buy bitcoin and hold it. That's it. The easiest way to do this is through dollar cost averaging (DCA) by buying a little bit every day/week/month, not just trying to time the dips. If you're feeling frisky, you then buy more outside of your DCA on the dips.

I'm more than happy to talk with anyone curious to learn more. There is a lot of FUD (fear/uncertainty/doubt) out there and it can be hard for newcomers to wade through everything. If you have a genuine curiosity I am more than happy to answer questions. I have a list of books I can recommend as well for deeper dives into the technology and economics of it.

I am not interested in wasting my time trying to change your mind if you're adamant it's a bubble/ponzi/whatever. Feel free to disagree with everything I've said above and call me crazy, but I'm not likely to engage with you seriously in the thread. I understand I may be talking to myself in this thread, and that's fine as well.

iclfan2 Reppin' the 330/216/843
9,465 posts 100 reps Joined Nov 2009
Thu, Apr 15, 2021 10:57 AM

I’m interested in starting to invest in it (way late to the party). The one thing I’ve heard is that it’s extremely hard to get large amounts out at a time. I have plenty of liquid investments, but if you ever needed all of your money out, is it that hard to do? What do you use for your Bitcoin wallet (whatever that means)?
justincredible Honorable Admin
37,969 posts 250 reps Joined Nov 2009
Thu, Apr 15, 2021 11:08 AM

Most of mine is still in the exchanges but I do have a little in a wallet (Exodus) on a laptop. I wouldn't recommend it as it's not open-source.

If you want easy access, keep it in an exchange which will allow you to sell for USD quickly. It's risky, long-term, because you don't control your own keys (a key is essentially a script that allows you to control your coins) so you technically don't own your bitcoin ("Not your keys, not your coins" as the saying goes).

Wallet is kind of a misnomer, as your coins are actually stored in them. They are more like keychains, in that they hold your keys that allow you to move your coins from address to address.

For me, I'm holding for the long term and have no interest in selling, so I need to get my coins off the exchanges and into cold storage.

FYI, you're not way late. We're still VERY early.

This helpful? I can dive deeper if needed.
justincredible Honorable Admin
37,969 posts 250 reps Joined Nov 2009
Thu, Apr 15, 2021 11:10 AM

I also use an "exchange" to DCA my bitcoin that doesn't allow you to sell. My only option is to withdrawal to my own address. I highly recommend this option as it adds friction to selling, and ultimately I think people will regret selling unless they absolutely need to. Buy, hold for at least 4 years, and continue to buy along the way. 
iclfan2 Reppin' the 330/216/843
9,465 posts 100 reps Joined Nov 2009
Thu, Apr 15, 2021 11:18 AM

So say I want to buy Bitcoin tomorrow, to hold. I go on an exchange (which one) to buy it. Then you move it out of the exchange to somewhere to actually store the “physical” Bitcoin. Then what do you do in 4 years if you want to sell?
justincredible Honorable Admin
37,969 posts 250 reps Joined Nov 2009
Thu, Apr 15, 2021 11:32 AM
posted by iclfan2

So say I want to buy Bitcoin tomorrow, to hold. I go on an exchange (which one) to buy it. Then you move it out of the exchange to somewhere to actually store the “physical” Bitcoin. Then what do you do in 4 years if you want to sell?

Good question.

I use Swan Bitcoin for my DCA and instant buys, but have used Gemini (traditional exchange) in the past. Kraken is another big one that seems fine. Don't use Coinbase.

There is no "physical" bitcoin, just keys that control UTXOs (unspent transaction outputs) that you can trace back on the blockchain to the block in which they were created. You really don't have to fully understand all of this to use bitcoin, but it can be helpful.

For example, a block was created and 12.5 new bitcoins were "minted" and given to the miner that created the block. The miner could decide to sell some, say 1 btc, to pay for energy costs, so they would use their key to unlock and "spend" the coins by transferring them to someone else. That creates a UTXO for 1 btc that is now controlled by the buyers key and a UTXO for 11.5 btc that the original miner still controls with the original key. If the buyer decides they now want to sell half of their newly purchased coin, they would use their key to unlock it and it would create two new UTXOs with .5 btc, one controlled by their key, and one controlled by the new buyers key.

So, say you've bought, and sat on it for 4 years. If you've kept it in the exchanges, you can just sell it when you're comfortable with the price. If you've moved it to cold storage or your own wallet, you'll need to transfer it back to an exchange to then sell. You transfer by sending it to an address given to you by the exchange, using your key to unlock it, and then sell it on the exchange once the transfer has been confirmed on the blockchain.
justincredible Honorable Admin
37,969 posts 250 reps Joined Nov 2009
Thu, Apr 15, 2021 11:34 AM

You could also sell to someone directly without going through an exchange. Say I wanted to buy your coins. I could give you an address that I control, you transfer to me using your keys, and then I pay you in USD once it's confirmed on the blockchain.
justincredible Honorable Admin
37,969 posts 250 reps Joined Nov 2009
Thu, Apr 15, 2021 11:36 AM

Very nice.
geeblock Member
1,123 posts 0 reps Joined May 2018
Thu, Apr 15, 2021 4:14 PM

Looks like no pack for me today 😡
iclfan2 Reppin' the 330/216/843
9,465 posts 100 reps Joined Nov 2009
Thu, Apr 15, 2021 4:20 PM
posted by geeblock

Looks like no pack for me today 😡

I think I’ve gotten 3 packs total. Last pack was junk. I sell them all immediately. For my $10, my current balance is $250. I was in place like 230k today. 
geeblock Member
1,123 posts 0 reps Joined May 2018
Thu, Apr 15, 2021 4:23 PM
posted by iclfan2

I think I’ve gotten 3 packs total. Last pack was junk. I sell them all immediately. For my $10, my current balance is $250. I was in place like 230k today. 


I started at 183k
geeblock Member
1,123 posts 0 reps Joined May 2018
Thu, Apr 15, 2021 4:24 PM
posted by iclfan2

I think I’ve gotten 3 packs total. Last pack was junk. I sell them all immediately. For my $10, my current balance is $250. I was in place like 230k today. 


I need another pack to be eligible to buy the legendary packs 
iclfan2 Reppin' the 330/216/843
9,465 posts 100 reps Joined Nov 2009
Thu, Apr 15, 2021 4:29 PM
posted by geeblock

I need another pack to be eligible to buy the legendary packs 


Is that the one that just went for $1k the other day? I saw you had to be eligible to even be allowed to buy and knew that I wasn't. The base packs usually suck  but I got the last cool cat one and sold one for $80 (and now selling for like $25, which is why I just try to flip them, not certain they'll ever appreciate much).
iclfan2 Reppin' the 330/216/843
9,465 posts 100 reps Joined Nov 2009
Thu, Apr 15, 2021 4:30 PM
posted by justincredible

Good question.

Don't use Coinbase.

Why don't you like Coinbase? My buddies who have some use this, so just wondering.
geeblock Member
1,123 posts 0 reps Joined May 2018
Thu, Apr 15, 2021 4:31 PM
posted by iclfan2

Is that the one that just went for $1k the other day? I saw you had to be eligible to even be allowed to buy and knew that I wasn't. The base packs usually suck  but I got the last cool cat one and sold one for $80 (and now selling for like $25, which is why I just try to flip them, not certain they'll ever appreciate much).

Yea that was the 1000$ one. 
justincredible Honorable Admin
37,969 posts 250 reps Joined Nov 2009
Thu, Apr 15, 2021 4:35 PM

Post the top shot stuff in the other thread. This is Bitcoin only. 
geeblock Member
1,123 posts 0 reps Joined May 2018
Thu, Apr 15, 2021 4:42 PM
posted by justincredible

Post the top shot stuff in the other thread. This is Bitcoin only. 
geeblock Member
1,123 posts 0 reps Joined May 2018
Thu, Apr 15, 2021 4:44 PM

I buy my bitcoin on PayPal even tho it has the same high fees as coin base 
justincredible Honorable Admin
37,969 posts 250 reps Joined Nov 2009
Thu, Apr 15, 2021 7:22 PM
posted by iclfan2
Why don't you like Coinbase? My buddies who have some use this, so just wondering.

I was autobanned when attempting to sign up in 2017 and never heard a thing from customer service to help me figure out the issue. Signed up at Gemini the next day and had no issues. I'm sure it's fine, but most of the Bitcoin maximalist community shies away from Coinbase.
justincredible Honorable Admin
37,969 posts 250 reps Joined Nov 2009
Thu, Apr 15, 2021 7:25 PM
posted by geeblock

I buy my bitcoin on PayPal even tho it has the same high fees as coin base 

Be careful.

https://boingboing.net/2020/11/12/beware-of-buying-cryptocurrency-on-paypal.html

I'd use CashApp as a dead simple option for buying bitcoin.
geeblock Member
1,123 posts 0 reps Joined May 2018
Thu, Apr 15, 2021 10:14 PM
posted by justincredible

Be careful.

https://boingboing.net/2020/11/12/beware-of-buying-cryptocurrency-on-paypal.html

I'd use CashApp as a dead simple option for buying bitcoin.

Just switched it thank you 

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