questions about bitcoin

[BananaBandit]

I sometimes see gold coin pictures that accompany articles on bitcoin. To clarify, there is no actual physical bitcoin, correct?

 

Where do you buy a bitcoin?

 

Do you need to prove your identity?

 

When you buy a bitcoin, you get a password, correct?             Is that password the only way to access your bitcoin?

 

If I don't have the desire or resources to buy a full bitcoin, can I buy (and later sell) 10 percent of a bitcoin?   How about 1 percent of a bitcoin?

 

Do I sell it at the same place I bought it?   

 

If I want to sell it, does it pretty much sell by itself and sell immediately?

 

I thought I saw a picture of a bitcoin ATM.  Does such a thing really exist?    Considering the skyrocketing value, kinda seems like it would attract a lot of violent robberies and aggressive panhandling. 

 

Do you expect bitcoin to suddenly go crashing down to worthlessness someday?

 

About one year ago, I was told that if you talk about bitcoin when another farang approaches you, then the other farang will soon leave and never bother you again.  Does this method still work?

[Surelynot]

9 minutes ago, BananaBandit said:

I sometimes see gold coin pictures that accompany articles on bitcoin. To clarify, there is no actual physical bitcoin, correct?

Correct

 

Where do you buy a bitcoin?

I use Coinbase

Do you need to prove your identity?

Yes...it's a nightmare

When you buy a bitcoin, you get a password, correct?             Is that password the only way to access your bitcoin?

Yes...I keep mine on a Nano-Ledger.....much safer

 

If I don't have the desire or resources to buy a full bitcoin, can I buy (and later sell) 10 percent of a bitcoin?   How about 1 percent of a bitcoin?

Buy as little or as much as you want

 

Do I sell it at the same place I bought it?   

Easier to do so

If I want to sell it, does it pretty much sell by itself and sell immediately?

Yes

I thought I saw a picture of a bitcoin ATM.  Does such a thing really exist?    Considering the skyrocketing value, kinda seems like it would attract a lot of violent robberies and aggressive panhandling. 

No idea

Do you expect bitcoin to suddenly go crashing down to worthlessness someday?

No one has a clue what will happen for sure.

About one year ago, I was told that if you talk about bitcoin when another farang approaches you, then the other farang will soon leave and never bother you again.  Does this method still work?

Not necessarily......try telling them you are a Tory or a fan of Trump.

 

[Sametboy2019]

If you have these many questions them I would advise you to stay away from crypto

[Heng]

There's a good general overview at weusecoins  (.org)

Google that.

[Heng]

13 hours ago, BananaBandit said:

About one year ago, I was told that if you talk about bitcoin when another farang approaches you, then the other farang will soon leave and never bother you again.  Does this method still work?

In all likelihood, that falang is just heading off to the nearest Internet cafe to post something about tulips.   It's not necessarily a guaranty that you won't see them again.  

[DaLa]

Whilst you're researching bit coin , you should also look at high odds gambling . For example there are stables that produce 3 legged racing horses and nearer to home there are daily updates on something called Covid-19 and 'opening up of tourism'.  Both of these offer the same and possibly more gains than bit coin in my opinion and if I can get enough people along for the ride I'll wait until an opportune time to pull the rug and retire with a vast fortune. This has been repeated many times in history and the old adage of 'it being too good to be true' is strangely ignored on each occasion.

[BananaBandit]

I'm in Thailand and thinking about giving my Thai wife 2,000 baht to get started with bitcoin.  

What is the best website for her to go to?      Does Coinbase work for this?    Is Robinhood okay?    I heard there was something called "Kraken" specifically for Thailand...

On a separate note, I'm just curious about the following scenario:    Say someone buys a hardware device to store all their bitcoins. They got like 500 million USD worth of bitcoins.     But if the device stops working or gets thrown out accidentally or gets stolen...you lose all that money?   Or is it backed up somewhere on the internet?

[Surelynot]

1 minute ago, BananaBandit said:

I'm in Thailand and thinking about giving my Thai wife 2,000 baht to get started with bitcoin.  

What is the best website for her to go to?      Does Coinbase work for this?    Is Robinhood okay?    I heard there was something called "Kraken" specifically for Thailand...

On a separate note, I'm just curious about the following scenario:    Say someone buys a hardware device to store all their bitcoins. They got like 500 million USD worth of bitcoins.     But if the device stops working or gets thrown out accidentally or gets stolen...you lose all that money?   Or is it backed up somewhere on the internet?

There is (with my device) a list of 24 word passwords (to be chosen at random) .......if things go pear shaped I believe I can use that.......just need to find the ßloody list of 24 words.

[Heng]

Just write it down.   It's what is known as a paper wallet.   Don't keep all 24 words in one place as anyone can simply plug those into a new wallet and have access to your funds.   

[BananaBandit]

On 3/11/2021 at 10:01 PM, Heng said:

There's a good general overview at weusecoins  (.org)

Thanks. I tried reading a lot of it. Makes me feel like I have an IQ of 75. 

From what I can tell, most platforms do not allow people currently inside Thailand to make purchases. 

However, the website you provided led me to something called Coins.co.th   ....Appears this should work. I'll let the wifey try. 

If the venture proves profitable, you will be remembered fondly.

[TigerandDog]

On 3/13/2021 at 10:48 PM, BananaBandit said:

Thanks. I tried reading a lot of it. Makes me feel like I have an IQ of 75. 

From what I can tell, most platforms do not allow people currently inside Thailand to make purchases. 

However, the website you provided led me to something called Coins.co.th   ....Appears this should work. I'll let the wifey try. 

If the venture proves profitable, you will be remembered fondly.

you could also look Satangcorp.com

[Sametboy2019]

On 3/13/2021 at 12:14 PM, BananaBandit said:

I'm in Thailand and thinking about giving my Thai wife 2,000 baht to get started with bitcoin.  

What is the best website for her to go to?      Does Coinbase work for this?    Is Robinhood okay?    I heard there was something called "Kraken" specifically for Thailand...

On a separate note, I'm just curious about the following scenario:    Say someone buys a hardware device to store all their bitcoins. They got like 500 million USD worth of bitcoins.     But if the device stops working or gets thrown out accidentally or gets stolen...you lose all that money?   Or is it backed up somewhere on the internet?

2000 baht on Bitcoin. Waste of time. Spending 2000 baht on a coin that is worth over 50,000 dollars for one coin can give you profits but not very exciting. Go for a cheap coin and hope it goes up. Lots out there around 50 cents.

[KannikaP]

On 3/13/2021 at 10:48 PM, BananaBandit said:

Thanks. I tried reading a lot of it. Makes me feel like I have an IQ of 75. 

From what I can tell, most platforms do not allow people currently inside Thailand to make purchases. 

However, the website you provided led me to something called Coins.co.th   ....Appears this should work. I'll let the wifey try. 

If the venture proves profitable, you will be remembered fondly.

Coins.co.th works fine for me. 40k into BTC six months ago. I have taken 40k OUT, and still have 44k as of today.

[Nanaplaza666]

10 minutes ago, Sametboy2019 said:

2000 baht on Bitcoin. Waste of time. Spending 2000 baht on a coin that is worth over 50,000 dollars for one coin can give you profits but not very exciting. Go for a cheap coin and hope it goes up. Lots out there around 50 cents.

You do know that after that first 2000baht purchase you can purchase more right ?? 

[Crazy Noobie]

On 3/11/2021 at 5:09 AM, BananaBandit said:

Where do you buy a bitcoin?

You make your buy or sale through a Crypto "Exchange". 

On 3/11/2021 at 5:09 AM, BananaBandit said:

Do you need to prove your identity?

Only when you deal with a "Exchange", yes you have to prove your identity for them to do business with you. If you belong to a Exchange that is USA based then when you sell your Bitcoin, they will report the information to the IRS. If you belong to an Exchange outside the USA, they will not.

On 3/11/2021 at 5:09 AM, BananaBandit said:

When you buy a bitcoin, you get a password, correct?             Is that password the only way to access your bitcoin?

When you buy a Bitcoin, since you can't physically hold it in your hand, it is in what I call, computer language, a series of numbers/letters. You store it in what is called a Wallet. There are several different level of security Wallets. The Exchange you deal with, might have a Wallet, or you can download a Wallet to be stored in your computer or use what is called a Hard Wallet, which is the best secured and that is a USB Wallet (which is what I use). To learn more, just google it.

On 3/11/2021 at 5:09 AM, BananaBandit said:

Do I sell it at the same place I bought it?

Most people do it that way. I do. However, you can buy and sell at any Exchange.

On 3/11/2021 at 5:09 AM, BananaBandit said:

If I don't have the desire or resources to buy a full bitcoin, can I buy (and later sell) 10 percent of a bitcoin?   How about 1 percent of a bitcoin?

Yes, you can buy a percent of. I believe 90% plus of the people that buy Bitcoin, never buys a full coin. Most of the people a fraction of the coin. I have been purchasing Bitcoin every month for over three years now and I never have purchased a full coin.

I hope some of my answers help you out a little. Buying & selling cryptocurrencies, is almost like buying & selling stocks. It's just in a different arena with some different rules. Most people know how the stock market works, as they are dealing with a company.  Whereas, dealing with cryptocurrency is harder for some people to gasp because it is 100% on the Internet. It's not a physical company, it like a radio wave, it is there but you can"t see it.

When Bitcoin first came out in 2009, my son was a gamer and he use to tell me all about it. Back then I thought it was all fake. But over the years I have changes my mind. I believe it is a good, solid investment. I was a Stock Broker in my younger years and I play the stock market all of the time. More now that I am retired and living in Thailand. It gives me something to do. Any other questions, please feel free to message me. Before I go, you need to learn all you can about cryptocurrency before you start investing. Never invest blindly without knowing the rules of the game. Knowledge is king. Good luck...

[fdsa]

> To clarify, there is no actual physical bitcoin, correct?

there is, google "casascius" or "lealana"

 

> Where do you buy a bitcoin?

on online exchange, there are

- large exchanges where you trade with other people's coins;

- small exchanges who buy coins directly to sell them later to other customers, like a "currency exchange" kiosk;

- peer-to-peer exchanges where you trade directly with other person;

or "offline" - personal meeting with someone.

 

> Do you need to prove your identity?

"offline" - no, "online" - the largest exchanges want to know every single bit of information about you, and small or peer-to-peer exchanges are less b*tchy. I personally recommend peer-to-peer exchanges like localbitcoins.com or localcryptos.com

 

> When you buy a bitcoin, you get a password, correct?             Is that password the only way to access your bitcoin?

you "get" a password BEFORE buying coins - you must create a wallet prior to sending coins to it. google "what is bitcoin address"

 

> If I don't have the desire or resources to buy a full bitcoin, can I buy (and later sell) 10 percent of a bitcoin?   How about 1 percent of a bitcoin?

you could buy down to 0.00000546 BTC

 

> Do I sell it at the same place I bought it?   

you could sell anywhere you want. Many people profit from buying coins on large exchanges and reselling them to other people on peer-to-peer exchanges with 3-10% higher rate.

 

> If I want to sell it, does it pretty much sell by itself and sell immediately?

it could take up to 24 hours because Bitcoin is slow as f&%*$#k.

 

> I thought I saw a picture of a bitcoin ATM.  Does such a thing really exist?    Considering the skyrocketing value, kinda seems like it would attract a lot of violent robberies and aggressive panhandling. 

yes, they do exist in first world countries.

 

> Do you expect bitcoin to suddenly go crashing down to worthlessness someday?

yes, when people realize that Bitcoin is controlled by China they would switch to the more distributed coins.

 

> About one year ago, I was told that if you talk about bitcoin when another farang approaches you, then the other farang will soon leave and never bother you again.  Does this method still work?

It was like that but now it works very opposite - if someone talks to me about cryptocurrency in about 1-3 minutes I realize that the person talks bu&&$hit and doesn't understand even what he says, so I leave and never bother that farang again.

[spidermike007]

3 hours ago, KannikaP said:

Coins.co.th works fine for me. 40k into BTC six months ago. I have taken 40k OUT, and still have 44k as of today.

Smart move. I thought of buying $7,000 worth, back in 2015, when it was at $230. Oh well. Needless to say, I would be comfortably retired now. 

[Freddy42OZ]

On 3/13/2021 at 12:14 PM, BananaBandit said:

I'm in Thailand and thinking about giving my Thai wife 2,000 baht to get started with bitcoin.  

What is the best website for her to go to?      Does Coinbase work for this?    Is Robinhood okay?    I heard there was something called "Kraken" specifically for Thailand...

On a separate note, I'm just curious about the following scenario:    Say someone buys a hardware device to store all their bitcoins. They got like 500 million USD worth of bitcoins.     But if the device stops working or gets thrown out accidentally or gets stolen...you lose all that money?   Or is it backed up somewhere on the internet?

Set up an account at bitkub.com 

If they aren't allowing new accounts try https://th.upbit.com/home  

Your wallet is backed up as long as you keep the backup codes safe.  I use a wallet that can be viewed on my phone or my computer. 

Don't forget 'wallet' is just a name to make it easy to understand, your actual coins are stored on the blockchain and the 'wallet' is merely software for viewing the amount of coins that are marked on the blockchain as belonging to you and sending messages to the blockchain to move them from one part of the ledger to another (from one person to another in other words).

 

Where do you buy a bitcoin?   At one of the exchanges listed above (assuming your are in Thailand)

 

Do you need to prove your identity?  Yes.  Its called KYC (Know your customer) and is a requirement by governments to try and stop money laundering and other financial crimes.  But I doubt you'll appear on their radar so don't worry about it.

 

When you buy a bitcoin, you get a password, correct?            You have a username and password to access your exchange account, you will also need to use 2FA (Two Factor Authentication) using an app (usually on your phone).   

Is that password the only way to access your bitcoin?   Yes it is the only way to access them if you leave them on the exchange.  However, unless you are actively trading you should not leave them on the exchange.   You should transfer them to a wallet.  You will have log in details for this wallet and also recovery codes.  These are the most important thing you need to keep safe.

 

If I don't have the desire or resources to buy a full bitcoin, can I buy (and later sell) 10 percent of a bitcoin?   How about 1 percent of a bitcoin?

At Bitkub I just checked - you could spend 100 THB and buy at a price of 1,814,000 THB which would get you 0.00005512 of a Bitcoin
There is a transaction fee on each purchase of 0.25% of the amount you are spending (in this case 0.25 THB)   
Note however that to transfer Bitcoin to your own wallet there is a minimum withdrawal of 0.001 BTC and a transaction fee of 0.0005 BTC per withdrawal.

 

Do I sell it at the same place I bought it?      You can or you can send it to another exchange where you have an account.  For example you might have an account in Thailand at bitkub where you buy it, and an account in for example the US where you can send it, sell it there and transfer the proceeds into your US bank.   This is a very cheap way to move money quickly around the world assuming you have banking facilities in multiple countries.

If I want to sell it, does it pretty much sell by itself and sell immediately?   In my experience yes, never an issue

 

I thought I saw a picture of a bitcoin ATM.  Does such a thing really exist?    Considering the skyrocketing value, kinda seems like it would attract a lot of violent robberies and aggressive panhandling.    Yes there are some in Bangkok and they are very popular around the world.   They are no different to a regular ATM, they dispense cash when you basically sell them some of your bitcoin.   No reason why they'd attract violent robberies or panhandlers (where do you live where that is ever an issue anyway!)

 

Do you expect bitcoin to suddenly go crashing down to worthlessness someday?   I wish it would crash down to a lower price so I could buy more.   I guess there is some risk, but I'm not worried by that.

Any other questions?
 

[allanos]

For anyone considering putting some funds into Bitcoin, it is not a gamble but rather a speculative investment, a calculated risk where the upside potential far outweighs the downside. The ratio of reward to risk which any astute investor should be aware of.

It is a bet on the future, if you will, by being early into the digital age. To be crude, it is the Face Book of money, a financial network.

Unknowledgeable persons will call it a Ponzi scheme.  If they have even the remotest idea about how such schemes work, and how Bitcoin in particular works, their position is laughable.

Any investment, property, stocks, precious metals, anything short of government bonds, carry risk. However, treasury yields are pretty much negative currently, so where does one go for yield?

Gold is termed an inflation hedge and a so-called "long-term store of value".  There's no risk in gold, surely? Well, gold traded at $ 2075.00 in early August and is trading at  $ 1750.00 today. You decide!

Bitcoin is extremely volatile, which is why it is better to hold for the longer term by riding out the peaks and troughs. Those who have done this since its creation have enjoyed, on average, 200% annualised returns. If you had bought-in, in 2009/10 during its infancy, you would be incredibly wealthy today.

With Bitcoin's widespread adoption today, there is very little chance that it will fall to zero, as the doomsayers like to argue. 

For those who feel they may have missed the boat, huge gains are still going to be made in the future, if you have sufficient nous to take a position now.

This will require some research and investigation. Never go into anything "blind". It is worth employing the time to do so.  It is those who have not done so, however, who sit on the sidelines and carp about Bitcoin, without having the foggiest notion about its merits, properties or potential. They are also envious of the millions of Bitcoin investors who have multiplied their initial investments.

Like other investments, a general caveat is to only play with what you can afford to lose.

 

 

Edited March 18, 2021 by allanos
typo

[Nemises]

On 3/12/2021 at 10:20 AM, DaLa said:

Whilst you're researching bit coin , you should also look at high odds gambling . For example there are stables that produce 3 legged racing horses and nearer to home there are daily updates on something called Covid-19 and 'opening up of tourism'.  Both of these offer the same and possibly more gains than bit coin in my opinion and if I can get enough people along for the ride I'll wait until an opportune time to pull the rug and retire with a vast fortune. This has been repeated many times in history and the old adage of 'it being too good to be true' is strangely ignored on each occasion.

 

Shows performance of Bitcoin over the past 12 months (in Australian dollars):  

 

 

 

 

[BTB1977]

Bought mine back in 2013-14. Kind of a novelty.  Have it in what they call an E wallet or something like that.  Waiting for a rainy day to sell. Hoping to double my money if I'm lucky. 

[fdsa]

49 minutes ago, BTB1977 said:

Bought mine back in 2013-14. Kind of a novelty.  Have it in what they call an E wallet or something like that.  Waiting for a rainy day to sell. Hoping to double my money if I'm lucky. 

electrum? be very careful - the old versions before 3.0.something do not work anymore, and other versions before 3.x.something have a severe vulnerability. You will have to install the latest version from the official website when you would want to sell your coins.

 

[BananaBandit]

11 hours ago, Nanaplaza666 said:

You do know that after that first 2000baht purchase you can purchase more right ?? 

I just wanted to start somewhere small. I'm trying to instill my wife with a sense of a financial responsibility. 

If she can keep the money inside the bitcoin wallet, then I might add an extra 1,000 baht or so somewhere down the line.

[BananaBandit]

11 hours ago, Crazy Noobie said:

Yes, you can buy a percent of. I believe 90% plus of the people that buy Bitcoin, never buys a full coin. Most of the people a fraction of the coin. I have been purchasing Bitcoin every month for over three years now and I never have purchased a full coin.

That was part of the problem. Until last week, I thought you had to buy at least a full bitcoin in order to join the club. 

I suspect my misunderstanding is shared by many others who have yet to join.

[BananaBandit]

11 hours ago, KannikaP said:

Coins.co.th works fine for me. 40k into BTC six months ago. I have taken 40k OUT, and still have 44k as of today.

Good call. The wifey got started on Coins.co.th a few days back.

[BananaBandit]

11 hours ago, Sametboy2019 said:

2000 baht on Bitcoin. Waste of time. Spending 2000 baht on a coin that is worth over 50,000 dollars for one coin can give you profits but not very exciting.

The wife seems excited enough. She keeps sending me screenshots each time the .00000014 percent of her bitcoin rises in value. She gained like 60 baht this morning.

Celebrated with a special coffee, which basically kills the profit. But I'm still glad I took the initiative.

[BananaBandit]

22 hours ago, Freddy42OZ said:

Any other questions?

Is "bitcoin mining" something naughty?

I've read the Wiki. I even tried "Simple English" Wiki.  I can't figure it out. 

[Surelynot]

5 minutes ago, BananaBandit said:

Is "bitcoin mining" something naughty?

I've read the Wiki. I even tried "Simple English" Wiki.  I can't figure it out. 

You could say bitcoin mining is bitcoin.......the computerized ledgers that maintain all the transactions require huge amounts of computing power......without the mining there would be no bitcoin........you earn bitcoins by providing that mining capacity.

[fdsa]

17 minutes ago, Surelynot said:

the computerized ledgers that maintain all the transactions require huge amounts of computing power

true only for the outdated software with suboptimal algorithms, such as Bitcoin or Ethereum. I am mining "another" cryptocurrency on 6 watt Intel Atom CPU, and there are many better alternatives. DYOR, YMMV 

[Surelynot]

Just now, fdsa said:

true only for the outdated software with suboptimal algorithms, such as Bitcoin or Ethereum. I am mining "another" cryptocurrency on 6 watt Intel Atom CPU, and there are many better alternatives. DYOR, YMMV 

If I even had the vaguest notion of what I was talking about I would respond......."better to keep quiet and have people............. "you know the rest.