Bitcoin Forum

Hi,
 
I'm new here. And new to bitcoins. So what is all this about. From what i know bitcoin is a Digital Currency, and from what i read on bitcoin website, it sounds similar to paypal. But i know someone who is saying they are making quite a bit on bitcoin acting as a middleman, but don't know how he is doing it as i know nothing about bitcoins.
 
Cheers.

Bitcoin is very different from paypal.
The most important difference is that bitcoin is decentralized. No one can ban you from accessing your money, and no one can appeal and revert the transaction.
Also, bitcoin transaction is cheaper (generally a fee of 0.0001 btc) and faster (generally takes a time of 10 minute to confirm) than paypal transaction.

That's right, bitcoin is very very very different from paypal.
Be careful because many scammer and troller here ;D
Save your wallet, use secure wallet, secure your computer, be careful with malware and save your bitcoin ;D

Cheers.

read the bitcoin faq to get answers to your questions


https://en.bitcoin.it/wiki/FAQ


cheers

In bitcoins there is no middleman, the middleman is a public blockchain where each transaction is written following cryptography rules.

Perhaps he meant folks who buy bitcoin on exchanges and sell on localbitcoins for a premium. I'm pretty sure you can make serious money that way if you dodge AML/KYC rules...

Onkel Paul

Thank you all, it makes a bit more sense now. :)

Also, everything you own in Bitcoin is yours.

You can spend your Bitcoins how you want, and also how much you want, without having to notify your bank, etc.

Read the the Bitcoin wiki link that is posted a few posts back. Bitcoin can offer so much more than just the "Coin"

Check out the BitCoin discussion to learn a lot about what's currently going on in the BitCoin world; the community is friendly and there are a lot of people willing to help, if you ever have any additional questions!

www.youtube.com/watch?v=Um63OQz3bjo
https://blockchain.info/wallet/paypal-vs-bitcoin
www.youtube.com/watch?v=Gc2en3nHxA4
www.youtube.com/watch?v=GmOzih6I1zs


Look at this to get you started

It will take you a while to get started with bitcoin, but you will soon come accustomed to it.
And people can make a decent chunk of change here if they find a good niche.

Yup, very likely.

There is another small possibility that his friend is working as a escrow service provider, and he could possibly earn a small % of the trade amount.

Why the hell would anyone need to notify the bank when buying or wanting to buy something? Why the hell would you talk to your bank anyway? Or bother asking them anything?

Sometimes you have to when making large withdrawals or deposits. Also, some banks flag you for fraudulent activity if you try to pay for something outside the country.  My bank did that to me when I tried to purchase a certification voucher through the EC-Council. I guess the point of sale is outside the U.S. so my bank kept denying my payment to them. I called them to ask why and they said it was because the money was going outside the U.S. and unless I could tell them exactly where it was going, they would not allow it to go through.  I had to pay for it using Paypal instead. Yet another plus for bitcoin.

paypal is a pain in the ass.
Bitcoin is not - but only if you know what you are doing - otherwise it can be a pain in the ass too, but different  :D

bottom line: if you want to use bitcoin for the financial freedom it can provide, you better know very good what you are doing. (don't delete your private keys)

Hello Raimon!

Start here:

https://bitcoin.org/en/

This what the Beginners & Help section of the forum is for.  Ask noob and stupid questions and we veteran BTC'ers answer them!

Good luck in your Crypto-endeavors.