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You can use localbitcoins.com to buy bitcoins there.If you have a problem in transfering money from banks for buying bitcoins so that you fear that your transactions could be traced,then you could even indivially buy bitcoins from sellers by paying cash as that opion is also available in localbitcoins.com.There are lots of sellers there who accept cash payment directly for selling bitcoins.I think that you are a little bit scared about just zooming about some issues which may be faced in bitcoins.But remember that there are thousands of people who have already bought bitcoins and enjoying financial freedom as well as huge profits.Good luck and warm welcome to the bitcoin community.
Edit: I'm sorry.This post was posted in 2015 and so i think,by this time,you would have been enjoying benefits of bitcoin.
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I have used Poloniex and Bittrex and found both of them to be legit and good for day/short term trading.If you need access to mostly newly released altcoins,then you could use bittrex as more newly released coins are listed there.Bittrex exchange shows price charts separately for each coin so that you could easily understand each coin's price movement individually.
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I don't blindly follow market price without any plans and i don't wait without selling thinking that sky is the limit for my profits.I set a profit margin of almost 10% or 20% and as soon my invested coin reaches that price target,then i just sell my coins and complete the trade.Some don't set such profit limits and they simply follow the price rise thinking that it would continue to rise and suddenly when it gets dumped,then they suffer a huge loss by selling their coins at much lower price than their bought price.
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What is your definition of a whale? How many BTCs do you need to have to be a whale?
We could not exactly say that how many BTCs a trader needs to become a whale.If he has considerable huge amount of BTC which could influence the bitcoin price if sold immediately,then he should be termed as a big whale.These big whales usually sell all of their BTCs at once and make bitcoin price fall,which creates panic among newbies.Newbies immediately sell their bitcoins at cheaper price due to the fear of more price fall.Big whales just rebuy them at cheap price and increase their holdings more.Its a continuous strategy carried out by big whales and newbies regularly become victims since they lack knowledge about bitcoin. |
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I would just like to hear your opinions, Which is more profitable, Day Trading where you can profit through buying the dips and selling when it pumps repeatedly, or Long term HODLing where you buy the dip and only sell it when it goes up 5 to 10 times its price value?
Day trading would best suit for altcoins whose price is highly volatile and huge fluctuations is found in their price.So,holding them in a long term basis would not yield more profits and more over,many altcoins get disappeared in the long run. But as far as bitcoin is concerned,day trading would not be beneficial since bitcoin price only varies a small percentage in a small duration of time.So,it would be better to hold bitcoins with patience on a long term basis to get huge profits. |
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In earlier days of my trading,i used to get panic many times as i lacked knowledge about altcoins and trading.I used to invest in altcoins without making any research.So,i got panic and sold my coins at a much cheaper rate than which i bought.But after that,i started to analyze coins by reading their ANN thread,tracking their price movements and found the most under valued coin and invested it.so,even its price falls,i had no reason to get panic as i know its potential and that it would rise soon in future.That makes the difference.
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I don't know exactly that how many people would have done that.But most people have started now to do so and i'm also the one who have done this.I was working in dubai an year ago in low wages and i could not meet my family experiences with it.Then i started to earn bitcoins in my leisure time after office ends.Now,i'm earning around eight times more than my previous monthly earning in bitcoin now.I have now left my job and i have returned to india and leading a happy,peaceful life.
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I think that taxing will not affect bitcoin demand by any way.In future,mostly all governments would start taxing bitcoin earnings since bitcoin would be predominantly used by most people.Since most people would use bitcoins at that time,so its demand would be very high and hence its price also.So,even if it is taxed,no body will be willing to leave using such a valuable return giving bitcoin.They would be ready to pay taxes and would still continue to use bitcoins.
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The best way to buy bitcoin would be using localbitcoins.com.Its almost available in 249 countries.You could either buy bitcoins online through bank transfer or directly to the person by paying cash.Mostly,people prefer bank transfer for larger amounts.You have to just carry the cash with you.You have to ask the verify code from the seller.Funds will be available in your localbitcoin.com wallet.
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You can pay with Bitcoin in several stores and even restaurants here in Germany. Are we the only one who have this?  Japan is leading in bitcoin trading and all the retail shops there accepts bitcoin payments since bitcoin has been legalized in japan.South korea being a tech hub is also a bitcoin friendly country and it may even compete with japan,US and china in carrying large number of bitcoin trades.US having largest number of bitcoin ATMs is also having more retail shops accepting bitcoin.Canada has thousands of merchants accepting bitcoins. |
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Bitcoin is banned in Bangladesh,Equador,Bolivia and Kyrgyzstan.Even six months imprisonment is also given to persons if found using bitcoins in bangladesh.One thing has to be noticed that bitcoin is legalized in japan and regulated in china and russia,but banned in under developed countries.It shows the difference of understanding between developed and under developed countries.Some countries may fear that they would not be able to control illegal trades if bitcoin allowed in their countries.Also,they may fear that they would not be able to control outflow of their countries money outside the borders.They may have the fear of losing the earnings which they got from taxes.But,most of countries have started to realize that bitcoin could not be further avoided.
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There is nothing to get interested to see bitcoin splitting in to more coins.Some miners,companies and users have decided to do another hard fork activating segwit with 2 MB block size as per the New York Agreement they have signed in may 2017.They have agreed to do hard fork from six months of signing the agreement.It seems that unlike BCC,this time more miners would support segwit 2x.We could confirmly say that one of the three version is going to die and we would have to just wait and see that whther it would be BCC or Bitcoin with segwit 2x. |
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For the past two years,i have been using Electrum wallet in my laptop.It has very user friendly options.Its safe and secure to store bitcoins in it.It generates a seed of thirteen words which could be used to recover our wallet in case of our pc getting repaired.But utmost care should be taken while downloading the wallet that whether it is the official website or not.For example,during hard fork, a person has wished to get free BCC coins as per the amount of his bitcoins and he has mistakenly downloaded a wallet from Electrum cash.com instead of official website Electrum.org and has lost his 40 Bitcoins.
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BCC is unpopular at the moment, so it's cheap and fast, but so are other altcoins. Some of them have instant transactions and still nobody is switching from BTC for that reason.
People have been threatening to leave Bitcoin a few months back due to the high fees and slow confirmation times, but yet they are still making use of Bitcoin. It's all empty talk from these people. Bitcoin is by far the best and safest network to conduct payments, and there is no altcoin that changes anything in that regard. People, and then mainly the blind chickens, don't realize that if whatever altcoin gets to experience the same level of growth as Bitcoin, it will go through the same difficulties. Take Ethereum as an example - this coin was stated to be a cheap and fast alternative, but turns out, the fees went up significantly due to the increased usage, and the network experienced difficulties.  No one would move from BTC to BCC for the reason transaction fee is higher in BTC.If they had found this as a strong reason to move,then they would have moved much earlier to any other altcoin which provides quick transactions with very low fee.Just this month beginning,segwit has been activated.It would completely get locked in in november and from then,this high fee problem would get solved. |
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Definitely,faucet is a waste of time.It gives very little earning to users in satoshis.It would take a very long time for earnings to become a descent amount.It would be much better to join in a signature campaign and start earning.Why should any one waste his precious time when he has many other chances to earn a descent income.So,income earned from faucet is not worth.
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In today's condition,i think its hardly not possible for any altcoin to do so.In today's market,most coins are just pumped and dumped.Coin devs give such statements that their coins would overtake bitcoins just to show their coin as worthful.They themselves know very well that their coin is not going to achieve such things.Even the once most expected coins like ethereum,monero,zcash have failed to deliver expected results.But yet there are some new promising coins coming .Bitcoin has gained trust among investors all over the world.Being a decentralized currency with no governing body,its a great achievement by bitcoin and it is not easy for any other coin to achieve so.In future,we would have to wait and see whether such coins come in to the market or not.
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Hi, recently i read an article which says that bitcoin block size could be increased from its initial size of 1 MB to 4 MB.Even then,it could support only 27 transactions per second.If the block size is tried to increase more than that,then bitcoin's decentralized model would be compromised.When Visa processes between one and three thousand transactions per second and is capable of processing 56,000 transactions,how far could bitcoin be an efficient payment system in the future.Recently,block size has been increased to 2 MB.So,after two to three years,will we encounter similar transaction problems due to which we suffered recently?
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Bitcoin is not banned in any of the world countries except Bangladesh, Bolivia, Ecuador & Kyrgyzstan.In bangladesh,even imprisonment is given to persons if found using bitcoins.China and Russia earlier had an idea to ban bitcoin,but later hey changed their stand.PBOC of china started to regulate bitcoin exchanges to control bitcoin trading in china.I think since bitcoin is an internet currency,it would not be possible for a counry to ban it unless internet is banned.Japan has set an example to all the world countries by legalizing bitcoin.It has been an eye opener for all the other countries.So,what the world countries could do in future is to try to regulate bitcoin by framing new laws so that they don't have to lose revenues which they could get from taxing bitcoin earnings.
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Bitcoin was actually created as a digital currency so that people could send their money P2P without help of banks.But people used it earlier for what it was created.They used to send money in bitcoins at very low fee and many also used it as a currency to buy products.But with bitcoin's rapid increase in price,people started to change their mindset and started to save bitcoins as an asset.Nowadays,its widely used as an asset and in future also,it would be mostly treated as an asset by most of people.But at the same time,it would also be used as a currency for sending money at low fee.But,people may stop using bitcoins to pay for goods which could be even paid with fiat money itself.
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