Got me a bitcoin wallet

[Zedo]

So I'm pretty late to the bitcoin bandwagon, but better late than never. I've been hesitating for ages to give it a whirl cause for reasons... mainly didn't understand how to start and unsure what use they'll have for me. But I bought some clothes for my partner from Alex Greys COSM shop and noticed they accepted bitcoins. Got me thinking that when I try to sell my creations online maybe it's worth having it as a payment option.

but before I even consider using it as a payment option, I still need to familiarise myself with it all. 

 

So I got a wallet through mycelium after much reading. And now the next step is to load a few bucks and buy a few things and test it all out. My current hesitation is what exchange do I buy from. And how not to lose my cash to a scam. 

 

Anyone familiar with the world of bitcoins? And can offer advise, and or a good exchange to start? I'll probably buy some and the market will crash and I'll lose out anyways lol.

[Drildo]

Coinjar for an exchange.
Depending where your spending your coins you want to get up to date on encryption & pgp too.
Keep note of the legitimate URL's as phishing URL's pop up all the time. If your account with what ever website has 2FA log in, this will prevent you from being phished.

If you end up spending your coins on an ebay like website, ensure the vendor has healthy feedback. Google search the vendors name and see what reddit has to say, reddit is the watch dog.

Coinjar you can setup a direct debit from your weekly payslip into your coinjar account, it sits as real cash and can be converted to coin as needed, unless your a coin investor its risky to leave money as coin, better leaving it as real money. You can order a keycard from coinjar too to keep in your wallet, if your ever out of real money I think the coinjar keycard will spend coins, or coinjar real money funds instantly at anywhere that accepts mastercard etc...  Normally you'd have to sell coins and withdraw funds to a bank account takes a few days, but with the keycard you can spend them instantly if you need to. Having a bitcoin keycard legitimizes a lot of bitcoin bpay transactions coming out of your bank account too, you can pull a keycard out and tell centrelink your a coin miner etc...

 

13 minutes ago, Zedo said:

And how not to lose my cash to a scam.

Unless your on an eBay like site dealing with individual vendors then you'll never lose bitcoin in a scam.
Your legitimate Alex Grey store is just that, a legitimate store, same as Myer, Grace Brothers, groovy cafe's in Melb/Sydney/Goldcoast etc etc... They will never scam you, there is recourse.

[Zedo]

Was more worried I'd pick a dodgy exchange to buy coins. Coinjar, yes that's one that popped up in my research. Sounds like a good place to start. And the keycard thing sounds interesting to have as a backup. 

Pgp and encryption are already sonething I'm aware of but never had a use for so familiarising myself with that I guess goes hand in hand with anything sensitive online. 

 

Cheers mate. I'll have a look at coinjar tonight.

[Drildo]

Whats mycelium Zedo?  is that an offline wallet or something?

[Drildo]

Cause coinjar acts as my wallet. The exchange acts as the wallet man (most anyway I think).

[Zedo]

It's just a wallet. Online and offline (cold storage) modes. Apparently it's a very simple but trusty wallet. But since I'm new to it all I'm just going by what I've read. One thing I read was to not use a wallet controlled by an exchange. But maybe that was more aimed at naughty people.

Edited October 24, 2017 by Zedo

[Drildo]

Good luck with it all mate, tis an exciting addictive little project.  Coin has risen more than 2000% value in the last 24 months.
Japan has just legitimized the coin & face to face exchanges in the street etc, they are JUMPING on it. On the other hand China banned bitcoin exchanges for tax avoidance reasons etc...
America is going the same way as Japan man fully legitimized and celebrated... Crypto-currency and bitcoin will never die, be careful though, always be very careful & certain of all purchases - Don't rush into things.

[Zedo]

Yeah and Australia has already placed a law to tax bitcoin apparently. I remember when I first looked at it and thought... no way am I spending $80 on one coin... well. Aren't I stupid lol. Dad did a similar thing with Microsoft shares. Was gonna buy some back in 1990 but never did cause he couldn't justify the outlay. Lol oh well.

[Drildo]

I forgot about $200+ish of coin in a wallet I had about 14+ months ago.
Discovered it like 9 weeks ago man. Was at $2k!!!  I'm on the dole bro, I ejaculated. 

[Zedo]

Hahahah madness. Goon sacs and ciggies all round hey? lol. Bout the closest I've come to that is finding a lucky bud I forgot about in desperate times lol.

[GypsyLee]

My neighbour’s all into Bitcoins and he’s pretty smart. I still like cash but are Bitcoins the way of the future? Or just a passing fad?

[ThunderIdeal]

Comples question.  crypto such as bitcoin is decentralised and barring power failure cryptos have extremely promising prospects as a store of value (i have trouble with this aspect myself), method of transaction, and a whole bunch of other uses.

 

However, governments, central banks and other finance institutions mean to co-opt the movement with their own cryptos and then somehow subvert the decentralised tokens.

 

Either way the future contains blockchain - barring widespread power failure.

[Zedo]

Yeah I wouldn't rely on it to heavily. I think the only thing really fail proof is gold/silver. Well fail proof other than some bastard stealing it. 

 

Although if they decide to cut the power (pretend something else did it) I think 'currency' as such won't be the first thing to worry about. Maybe that scenario would shift people's thoughts to realise it's jut a game we play.