Stupid Questions thread

Literally new to the coins, heard of bitcoin before but didn't mind it as my major in finance told me its not worth looking at. And now 5 years later i regret doing so.
A few questions
1. Does the concept of demand apply here? As I've read, supply is always doubled but will soon stop.
2. Farming takes longer as it needs really dedicated equipment, is it worth investing on these equipments?
3. Is this more of a long term investment or short?
4. Taxes, how much are taxes?

Seems pretty nice so far, and way more currencies to chose from, thanks user.

So, I am looking to get musicoin
I have a bittrex account
And a Musicoin wallet
Now how do I go about turning money from, say a paypal account, into crypto currency?

coinbase

Okay, so assuming I get coins, and wish to sell, how do I do so? Bittrex has no to-fiat system, so you trade one coin for another, right? so what happens when you want to turn crypto into fiat?

How do I turn LTC into BTC.

I made a mistake

what does sats mean?

e.g. 1400 sats

i also wonder that. Well, actually, i wonder if there is a faster way.

My understanding of how to do this (i invested 240 bucks today, 60 in waves, 60 in stratis, 60 in dgb and 60 in sia) is to buy bitcoins at some bitcoin shop, and with it altcoins at some market, for example bittrex. This is how i did it

1. Made account on bittrex
2. Found a local shop on localbitcoins.com/ (for me in Croatia its called bitcoin-mjenjacnica)
3. followed step by step guide (order certain amount of btc, enter my wallet address from bittrex, transfer to btc store's bank account exact amount of real life currency, confirm payment, wait for bitcoin to arrive in bittrex wallet)
4. bought aforementioned coins on bittrex
5. hope they will skyrocket

But yes, i wonder if there is faster way to do it as well, i.e. cutting the middleman and directly buying coins from bittrex

i started yesterday so can give you n00b answer, but i believe i figured it out

>1. Does the concept of demand apply here? As I've read, supply is always doubled but will soon stop.
I believe market is regulated by S&D, yes, as there is no higher authority (i.e. central bank that is doinit). About supply, well, i dont think it will stop as people will always mine coins. By "always" i mean in foreseeable future, bitcoin for example has the cap of how much coins it can be mined but it will be reached in mid 22nd century, so no reason to worry

>2. Farming takes longer as it needs really dedicated equipment, is it worth investing on these equipments?
depends how much you want to wait. With most powerful machine currently, antminer s9, that costs about 1200 dollars in shop and like 3000 on ebay / amazon, you can currently earn 350 dollars a month. So its up to you to decide, if you have 9000 dollars to invest in machinery that will be making 1000 dollars a month of clear profit after RoI period

(1/2)

(2/2)
>3. Is this more of a long term investment or short?
unless you have huge amounts of dumb luck and want to gamble like a guy in blockfolio thread that invested 1000 dollars in some random coin (xby) which skyrocketed and earned 12k in a month, its probably longterm. How i understood its done, you now buy random noname coins that cost like less than a cent per coin and hope that it will skyrocket at some point in future

>4. Taxes, how much are taxes?
I have no idea. I dont think lawmakers in Croatia know there is stuff called "cryptocurrency" that should be taxed so i doubt i have to pay any, but in western countries i guess some tax laws regarding cryptocurrencies exist

i didnt try it, but i saw people on multiple places recommend shapeshift.io/#/coins
So check it out

It took me a lot of lurking to figure this one out. But, sat is short of satoshi, and thats generic name for smallest amount of any cryptocurrency, its 0.00000001th part. For example, dgb is currently at 2500 sats, sc at 523, bcn at 140 etc. So when sats grow, value of coins you are holding grows as well

>shapeshift.io/#/coins

Worked just fine, thanks user

is it a good idea to have accounts with multiple coin exchanges...coinbase,bittrex.etc or better to just have one?

What wallet should i use? is it okay to keep coin sitting on poloniex?

Polo is the first trade platform, you have to confirm a withdraw to transfer btc and other, it's safe with 1000$ not 50k

from what i got in my lurking, if you are few hundred bucks in that dont mean starvation or surviving to you, there is no reason not to keep them on trading sites, but if you got like 30k investment, you should consider hardware wallets or secure offline wallets like Armory

I'm making a paper wallet with walletgenerator dawt net. My computer is offline and has been scanned. Is it safe to save the paper wallet as an image directly onto an external harddrive or usb as a back up? Will some remnant of this image be left on my computer when I go back online? I don't want the physically written private key to be my only copy of it.

Windows 7, fwiw.

but dont i need a wallet to deposit bitcoin in the first place?

yes, but you shouldn't reconnect your pc. One of the safest ways to generate a wallet is by using a Linux liveusb, which you will then use directly to safe the paperwallet files on or print it out.

the key is to never use the usb stick online ever again.

I like Lubuntu.

the hardcore autists actually generate transactions offline and then copy the generated transaction to their online pc without using a direct connection.

Hardware wallets also seem to be very safe and convinient

So, if I saved them as jpg's on my normal OS, when I reconnect, what would happen?

And by this I mean saved them directly to the usb.

every trading site has multiple wallets for different currencies. So when you register at bittrex for example, you will automatically get wallets for shitload of currencies, including btc

Pros of keeping currencies in trading sites wallets is that you can immidietely trade with them, and cons is that its not as secure as some other options

probably nothing, but it exposes you somewhat in case of an attack, even if you use linux. If you do everything in a seperate ecosystem you cant get your private key stolen, since it was never accessible in the first place

Thanks, bud.

i see, but how do i deposit bitcoin onto poloniex to start trading?
do i use an external wallet

Put money on STRAT or ETH, not both.
They don't grow together. Look into Sia and DGB.
They'll keep growing throughout the next week.

check rest of my long ass 1/2 and 2/2 posts. But in short, find some bitcoin shop in your country via localbitcoins, follow the instructions on how to pay for desired amount of btc (or try coinbase, i heard its most popular btc buying site but apparently it invades your privacy a lot), and as wallet address copy put one you got on poloniex. That way you will receive btc directly in your poloniex wallet and you can immidietely start trading

I need to make about $150 to pay rent by Monday. Is that possible with $400??

Anyone here who has literally no job outside cryptotrading?
How long did you trade before you started getting rich? What did you start with? How much do you have now?

But most of all... Why the fuck have I not heard about cryptotrading anywhere outside Veeky Forums
>mfw overhear anime-hating colleague say "there are no shortcuts to success" while I'm making sick gains by following an anime girl mascot representing a meme coin into greathood

If you're cryptotrader you need like 40% which you can achieve if you invest in steadily rising coins after a dip like DGB, Waves, Sia, ARK and maybe STRAT. You'd have to account for fees for converting BTC>Fiat and vice versa of course.
I just started 24 hours ago without any prior knowledge and I'm at 45% gains right now and would be higher if I hadn't jumped into a huge sell wall at the beginning of a pump and dump and panicked like a retard.

can you use bittrex internationally?( not US)

Yes.
t: Finn

Guys, I have like few hundred bucks of BTC, I wanna go to the moon, I registered on Bittrex, so how do you put money in, shit I tried some demo trading platforms and localbitcoin, I gotta go sleep soon to go to church tomorrow, but I wanna go to the moon as well

thank you very much

how long does it take for a deposit to confirm on bittrex? do i have to confirm it myself?

also, what are account types? I guess I won't be able to quickly register and trade, I'll need to digest some info. So in order to trade you need to give your personal info and send passport copy? I am always so paranoid and schizophrenic about this trading, I am from EU and my relatives, who work in government told me trading is gonna get taxed EACH trade, not once a month or once a year, like tax on your profits, but every single fucking trade you get taxed, so no Idea, how I am gonna report potentially hundreds of trades. I never had a job and never dealt with taxes, so this makes me so paranoid. FUCK!

When RADEON RX 470/480 or 570/580 will be available at reasonable price in markets (stocks)?

I am from Croatia. and i only had to put email and mobile phone number. In the name field i put some random name, not mine and could immidietely trade

To answer your previous post, you must first obtain bitcoin from some bitcoin shop or store or whatever its called in english (use localbitcoins or coinbase), and when you receive funds in your wallet on bittrex, you can start trading

like 15 minutes, and its automatically. So when you buy coins somewhere, it takes up to 15 minutes for them to arrive in your bittrex wallet.

I bought three times 0.02 btc today (poorfag here, thats 50 dollars or so) and received it pretty fast

thank you very much, right now I am too fucking hyped up to try some trade, so maybe tomorrow with clearer mind with less paranoia. You're not paranoid about revealing phone number to trading platform?

stupid question:
-i buy $2k worth of BTC through a cash service like Bitquick/LocalBitCoins
-upload to Bittrex and grow it to $20k
-i want to withdraw $10k worth of BTC from my Bittrex account and transfer it to my bank or as cash

-how the hell would i go about that?

its inevitable today, i was forced to put it in so many places already (whenever i want to buy something on the internet) one more place i really couldnt care less. Its how it is today, you cant do much shit without phone number, oyu cant even register new emails without it. Age of internet privacy we knew from mid 2000s has come to an end unfortunately

Also, they (government and EU agencies) know so much about us already, trying to hide isnt really doing much

Sell btc through localbitcoins (it is really the best method)

16mb8gJ1xUCmoeLkZA5WUvDtDputJezxeB

the same way you bought them just in reverse, obviously. Go to cash service via which you bought btc, choose "sell" instead of "buy" and put in amount of btc you want to cash in. Its really not rocket science lol

Pic related, most popular croatian btc cash service, i'd assume other ones found on localbitcoins have the same options

I made a thread about it but is it possible to be notified when a coin increases/decreases by a percentage on your phone through an app or something?

Actually, you may buy fresh sim card, use it once with fresh-cheap phone and then smash it - through in lake\sea\river

I think we are soon about to have phone numbers tied to our names in EU, at least where I'm from. "Anti-terrorism" measure my ass

We have a new number, Mr. Reese.

Understand you, i see this "vector of government evolution" in my country too. Currently we have much more freedom then others countries but, i suppose, soon we will loose it. (Few weeks ago we started block some sites in internet - measures against Russia they said)

Oh crap, not again.... 4 8 15 16 ....

(Saw both series, but this only the first season)

You can put minimum/maximum SAT value for notifications on Blockfolio.

Best place to buy BTC in Europe? I'm currently approved on btcdirect but not sure if the rate is good

confirmed bought on localbitcoins. I am pretty dumb, but somehow my transaction fee was like 3 euros one time. 3 euros to send 2 euros. Yeah...

Is it safe to transfer Bitcoin direct from Coinbase to Bittrex and vice-versa? Heard a few horror stories about Coinbase freezing accounts when BTC gets sent to sketchy exchanges.

so, say an altcoin is not accepted by retailers in the same way bitcoin is, dogecoin is, and so on, why would people trade it for one that is accepted by retailers, like bittcoin is, like dogecoin is.

I can't wrap my head around why people would trade something that can be used to purchase things, for a currency that can't do the same.

Satoshi is only a measure meant for Bitcoin and it is not the smallest, Wei is the smallest measurement for Bitcoin and its 10^-18