Bitcoin Forum

Hi sorry for this question but I can’t wrap my head around this. I found out about bitcoin about a year ago but just started looking into it again. After watching videos and reading all day I finally came across this forum so maybe someone could point me in the right direction. I don’t understand how any of this really works. What I don’t get is when you put money in your account what or how do you do with it. Do you buy coins from other ppl that want to cash out.  That doesn’t make any sents to me. Idk I don’t get it. So far today all it got was IOTA was or is going to be as big as bitcoin, I set up an account at Coinbase,and one at Binance and I’m waiting for my account to be confirmed. When I understand this is there a minimum amount of money I have to put in. I don’t think there is but thought I’d ask. Thanks for taking the time to help me.

Err... so you watched videos and read about bitcoin all day but you still haven't understood atleast the basics of it?

I think this is for you then: Still Don't Get Bitcoin? Here's an Explanation Even a Five-Year-Old Will Understand (https://www.coindesk.com/bitcoin-explained-five-year-old/)

Hopefully that would be clear enough. Also, instead of asking what bitcoin in general is, maybe ask questions about it instead? Tell us what specifically do you not understand about bitcoin; I think it will be better that way. Goodluck.

Thank you I will check it out.

I don't know about every exchange but I haven't seen anything about minimum amounts.  Yes, you can buy coins from other people who may want to cash out.  Every Exchange is different as far as what coins they accept.  You can trade with it.  You can just leave it alone and do nothing with it.  You can sell bitcoin.  Were you thinking you were suppose to do something specific with it?  You joined coinbase right? Here is a run down on the first steps, which you have already started: https://www.coinbase.com/buy-bitcoin?locale=en-US

Yes I joined Coinbase and binance. As far as something specific yea I guess that’s what I want to know to. Obviously I want to make some money but don’t know where to put my money I guess. So if I have $100 usd in an account at IOTA I can just leave it sit in my account is what you are saying and it will increase or decrease with how the market is doing? Or I can put it somewhere else and potentially make a lot more. Is there a list or something to see what to buy or invest in? Sorry if the answers are in that link you sent I haven’t got to check it out yet.

 I have another question. I am testing the waters right now so I went through Coinbase and withdrew $50 from my bank and I did that 24 hours ago and my transaction still says it is pending. I bought ETH at $738  and now it is below $680 so did I lose my money before I was able to cash it out before the declined?

No one can help me??☝️☝️☝️

So you bought the ETH at a very high price, so now the price is decreased in the market. If you withdraw to your bank you will be in loss. So wait until ETH price increase in the market because now the value of ETH is kept increasing. So hold it from some more time until the price of ETH increase.

Buy a few different coins of the top 20 of CoinMarketCap. If you diversify a bit and leave it for half a year you will probably have a nice profit.

Withdrawing to the bank might have tax implications?

ok thank you. That’s exactly what I wanted to know. I plan on leaving it in there and putting more in. I want to buy xrp with it also so I would have to cash out some ETH when it’s up In order to buy xrp then or how can I buy xrp without cashing out some ETH? Can I buy it right through Coinbase if I deposit money directly into it from my bank? Thanks

When you get bitcoin in your account, you don't do anything with it.

And that's a serious answer.

yeah i heard bitcoin in the news and saw it in the big bang theory and i was interested. and now i'm here. :)

Quit Coinbase now! They scammed me before, and I already switched to Paxful! Life is easier now

and you just believed it?

Do your own research before you put money into anything...

Rellly? You thought that toaster connected to internet, or refrigerator will be big as trully revolutionary technology that solved problem that noone could solve before?
I mean comeone? :D

Did they scam you? Or did you fuck up?

Hahaha this comment killed me.
While I dont honestly think its that simple, I do think there is creedance to the idea.
Mostly because this is uncharted waters. Being able to own your own finances hasnt really happened since the early days of trading teeth and gold.
Be it an internet connected toaster or an unspendable digital asset like BTC. I find this kind of discussion compelling.
I do think IOTA is a great project, but I also think BTC is a good one. But its really like apples and oranges. Both are fruit... so I guess thats nice

So why does it take so long to get my money transfed from my bank acct to ETH? I bought a little amount just to try it out to make sure I was doing it right. I also transfer money from bank acct to Coinbase and that is still pending. Coinbase email said it should of been in my acct the next day (dec 17th). I bought my ETH back on dec 13th and it’s now dec 18th and still pending.

I've found a good starter here: https://arstechnica.com/tech-policy/2017/12/how-bitcoin-works/?amp=1
It explains what is Bitcoin, how Bitcoins are made and many more things; I've found it interesting.

But from what I understand you are badly mixed up. You seem to mix up Bitcoin with altcoins (IOTA) and with the services that help you buy or sell Bitcoin.
You should start step by step, try to understand what you are doing, then act. One simple question at a time could also help. And when you have simple questions you can also search, since most likely they were asked already.

Good luck, it's a long read, but it's the beginning of a long ride!

i think that’s already been figured out for the most part. I just need to know why it’s taking so long for my money to transfer I think. Is it because there’s so many transactions out there or is my amount to small or what? Is this happening to everyone?

If you'd post the transaction ID (tx id) we could look it out and tell more exactly. But usually it's a problem with the transaction fee.
You have to pay in order to have the network confirm your transfer. When you've sent the Bitcoin from one service to another you paid a withdrawal fee of which they pay for you the tx fee to the network.
If that fee is not great, it can take hours or even days to see it confirmed. (In some bad cases it doesn't even get confirmed, but I think that's not the case for you.)

Edit: just to make it clear, this happens lately because of the congestion of the network; I personally believe it's a spam attack against Bitcoin; the devs already deployed half of the solution for this (SegWit), the rest will be deployed in a near (hopefully) future (LN).

I don’t see a tx id?? Is it in the email I received? I see a reference code. I see it says funds will be avalible December 21. Wtf

I don't know what e-mail you've got.
Make tickets on the services you've been using, ask them what is going on.
And if they blame Bitcoin network tell them that they should put together more transactions to optimize fees.

You can also ask in the services' threads for help, although ticket use to be the best and most personalized way.

its from Coinbase saying I purchased x amount of dollars for ETH has started. Your funds will be available December21st 2017. Then there’s a reference code and my form of payment are used to withdraw money to the account. It tells me what price I purchased the ETH at and what the ETH is worth at that price I purchased

Bitcoin is a speculative virtual cryptocurrency that works based on the demands of people as well as its limited supply of 21 million coins makes it special when it comes to its features like sending your money immediately to anyone in the world in a matter of seconds by paying least fees* and getting your transactions confirmed quickly.

* - Used to be lower, but now fees are higher because miners mostly accept high-fee transactions.

 

You send your money to a Bitcoin seller and receive them in return, whether it's from an exchange or a trader himself. Yes, you buy what others are willing to sell, that's how it works. Whether general public or miners, if no one would sell, what would you buy? What doesn't make any sense to you here?


IOTA is an altcoin (alternative cryptocurrency) just like Bitcoin and it's not just IOTA alone for which you saw such words being said, but many are there in the competition trying to beat Bitcoin, which is not going to happen soon. There's no minimum when you want to buy, but currently the fees are so big you need to think of buying an amount which will at least get you some better profits to deal with the fee you will incur in your transaction. Try to buy not less than 0.01 BTC nowadays.

When did you do this?  A bank transfer from a US bank to Coinbase takes 2-4 business days.  From my own personal experience, it usually takes 4-5 business days.  It's free, but it's not instant.

I'm just like you, I hope we will be helped to understand this issue

The first transaction was dec 16th. And the second one was on dec 13th which I bought ETH

That is not possible.  The first transaction had to have been December 13, because 12/13/2017 is before 12/16/2017.  Count the number of business days from the 13th until now.  That's like three business days.  You have not given it enough time.  Your transaction from the 16th should show up by the 21st or 22nd.

Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency. Its conception is peer-to-peer and transactions take place between users directly, without an intermediary