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I am suprised by the number of questions regarding Bitcoin here. Ask me anything

  • Last Updated:
  • Dec 22nd, 2017 10:49 pm
[OP]
Member
Jan 30, 2010
232 posts
35 upvotes
Toronto

I am suprised by the number of questions regarding Bitcoin here. Ask me anything

Ask me Anything!
187 replies
Deal Addict
Aug 18, 2006
2692 posts
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How do I start minning for them?
Last edited by Daf on Dec 7th, 2017 10:17 pm, edited 1 time in total.
[OP]
Member
Jan 30, 2010
232 posts
35 upvotes
Toronto
"running for them"? What does that mean?
Member
May 19, 2017
343 posts
191 upvotes
Where/how do I buy bitcoins? How much is the minimum investment?
Banned
Jul 18, 2016
2014 posts
781 upvotes
1300 + percent in one year? This is not something I understand. I say away from it. Bought a little a few days ago. Got my knuckles wrapped by Scotiabank who put my credit card on hold. Forget this I'm staying out.
[OP]
Member
Jan 30, 2010
232 posts
35 upvotes
Toronto
How much is the minimum investment?
There is no minimun investment in Bitcoin; you can buy for $10 or 5 million (as long as your are ok with the transaction fee; basically you want don't to buy less the transaction fee)

Where/how do I buy bitcoins?


- You can buy from your friends;
- ATM near you
- You can buy from Exchanges also (Since these exchanges after passing AML = opening account online, take picture of your ID, upload). In Canada, there are a couple, like https://www.quadrigacx.com/. There are plenty of others;
The major issues with exchanges have to do with funding method: so look for the one what is convenient for you to send your loonie. Lastly, you can use Coinbase in the US (by linking a visa card and pay directly).

Tips: I believe you should learn about Bitcoin (if you haven't already). Google your favorite University with Bitcoin and see if they have any paper written about it. Read that, and keep learning before you buy anything.
[OP]
Member
Jan 30, 2010
232 posts
35 upvotes
Toronto
bewiseman wrote: 1300 + percent in one year? This is not something I understand. I say away from it. Bought a little a few days ago. Got my knuckles wrapped by Scotiabank who put my credit card on hold. Forget this I'm staying out.
Never invest beyond what you can tolerate; But remember that Bitcoin is something that we have never seen, in history! I am glad you tried at least.
Deal Addict
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Oct 7, 2012
1473 posts
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Montreal
GBUalways wrote: Where/how do I buy bitcoins? How much is the minimum investment?
I bought mine two weeks ago from coinbase with cc them moved them to Quadriga
Deal Addict
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Oct 7, 2012
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roca1777 wrote: Ask me Anything!
Is it safe to keep coins at Quadriga or should we move to a "wallet" ? im noob
[OP]
Member
Jan 30, 2010
232 posts
35 upvotes
Toronto
gogoblender wrote: Is it safe to keep coins at Quadriga or should we move to a "wallet" ? im noob
If you are not trading it multiple time on the exchange, you should send it to your wallet. That way you are safe, and also you are helping the community (in case of a hack, everyone get hurt)
Banned
Jul 18, 2016
2014 posts
781 upvotes
roca1777 wrote: Never invest beyond what you can tolerate; But remember that Bitcoin is something that we have never seen, in history! I am glad you tried at least.
I'm pissed about this, quite frankly. I bought at $9860. I first attempted deposit with Scotiabank visa - declined. I then deposited with another card. I was later lectured by scotiabank for investing in binary options and informed that this was illegal. I trusted them and exited the trade. Last I looked bitcoin was over 16K. Arrrg!
Deal Addict
User avatar
Oct 7, 2012
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roca1777 wrote: If you are not trading it multiple time on the exchange, you should send it to your wallet. That way you are safe, and also you are helping the community (in case of a hack, everyone get hurt)
Any wallet you can suggest i can use from Quadriga? I dont have time to trade, just wanna keep it and gloat every time i come home from work :)
[OP]
Member
Jan 30, 2010
232 posts
35 upvotes
Toronto
bewiseman wrote: I'm pissed about this, quite frankly. I bought at $9860. I first attempted deposit with Scotiabank visa - declined. I then deposited with another card. I was later lectured by scotiabank for investing in binary options and informed that this was illegal. I trusted them and exited the trade. Last I looked bitcoin was over 16K. Arrrg!
Edit: Bitcoin is not illegal in Canada; Most of stuffs at the bank don't know, but Bitcoin is more regulated than most financial instruments (regulated as currency, and also from CRA perspective). This is very important to know.

Yes, it can be brutal. When Quadriga removed the interact transfer, I was left using coinbase (my purchases went through) but low limit was a big issue. Keep checking, you see people here are not even talking about Bitcoin here, the adoption rate is very low, still at this price.
Last edited by roca1777 on Dec 7th, 2017 10:49 pm, edited 2 times in total.
[OP]
Member
Jan 30, 2010
232 posts
35 upvotes
Toronto
gogoblender wrote: Any wallet you can suggest i can use from Quadriga? I dont have time to trade, just wanna keep it and gloat every time i come home from work :)
For wallet, I have experience with these: Bitpay, or Mycelium.
Deal Addict
May 12, 2014
2804 posts
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Why buy Bitcoin when new cryptocurrencies are being released daily? What are the odds that Bitcoin will be the dominant one in 10 years as opposed to "improved Bitcoin 4.0"?
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Apr 22, 2014
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Edmonton, AB
roca1777 wrote: Keep checking, you see people here are not even talking about Bitcoin here, the adoption rate is very low, still at this price.
There are literally two huge threads in the Investment forum.

I'm not sure why we need another one.
Newbie
Jun 14, 2017
89 posts
10 upvotes
just registered on coinbase. I’m reading something about not leaving it on the exchange, so does that mean If I start buying coins and leave it on my account, is that the same as leaving it on the exchange? I’m confused as I don’t have a wallet and think it might be easier to leave it on my account for buy sell purposes
[OP]
Member
Jan 30, 2010
232 posts
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Toronto
notnub wrote: just registered on coinbase. I’m reading something about not leaving it on the exchange, so does that mean If I start buying coins and leave it on my account, is that the same as leaving it on the exchange? I’m confused as I don’t have a wallet and think it might be easier to leave it on my account for buy sell purposes
Let's say you buy from Coinbase, and you leave it there = you have your coin on exchange. Some people trade daily, so those people leave the coin there (your reason is also valid). But, if you want to hold for a longer time, you should send it your wallet (look into google store or apple store for a good wallet, check youtube how to transfer). The reason is, in case of hack you will lose it; in addition, coin on exhange doesn't belong to you, since you don't have the keys (you will get more information when you check on youtube).

It sounds complicate at first, but after 1 transfer, you will be fine.
[OP]
Member
Jan 30, 2010
232 posts
35 upvotes
Toronto
FrancisBacon wrote: Why buy Bitcoin when new cryptocurrencies are being released daily? What are the odds that Bitcoin will be the dominant one in 10 years as opposed to "improved Bitcoin 4.0"?
There will be other coins in the future for sure, but will they be able to be more resilient than Bitcoin? Will they attract the investment that Bitcoin has? Will people agree with their technical structure (POW, Consensus mechanism.....). Even if the coin has all the best features, they will fork Bitcoin code, to get the security benefit (this will allow you to get whatever equivalent you have in Bitcoin in the new currency). This is happening now actually, but after some time we realize that these coins get low adoption, people sell after getting the free new coins or they run into security issues. Bitcoin has proven itself to be resistant so far.
[OP]
Member
Jan 30, 2010
232 posts
35 upvotes
Toronto
philland wrote: There are literally two huge threads in the Investment forum.

I'm not sure why we need another one.
My bad; I didn't see

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