So I've downloaded and run the Bitcoin Core client and synced it, set up a passphrase and backed up my empty wallet and written down my privatekey.
First, some terminology. You (probably) did not write down your "private key". If anything, you wrote down the wallet's "seed". The seed is the random list of words that is used by the wallet to generate private keys. The reason for writing it down is that if your wallet is lost or destroyed, it can be recovered using the seed. Note that the seed must be protected because anyone that has it can take all of your bitcoins. If you are not using the HD mode, then I don't know what you wrote down, but backing up the wallet is important. Do I need to anything more before buying bitcoins?
I've looked at Localbitcoins for buying bitcoins - but I know they have a fee. As soon as I make a user at their site I assume I get a new wallet and new privatekey through them? And if so, can I then transfer those bitcoins to the wallet I have in Bitcoin Core without having to pay a fee over again? after all those are both my own wallets.
Localbitcoins (like all other exchanges and custodial sites) has a wallet, but you do not. You have an account that keeps track of how many bitcoins they owe you. You do not get a private key because it is not your wallet. When you trade on Localbitcoins using their escrow system (this is strongly recommended), the bitcoins are just moved between accounts. The seller's account is debited and the buyer's account is credited. They never leave Localbitcoins until you withdraw them to your own wallet. The sender pays the mining fee, so when you send bitcoins to LocalBitcoins (or an address in any other wallet) you must pay a mining fee. It doesn't matter who owns the wallet or the addresses. Localbitcoins may also charge you a fee when you deposit bitcoins, but I don't know. And last - I don't have an offline computer - but want to keep my wallet stored and backed up safely. As I dont intend to use it all the time but store it I'm thinking if I can simply compress the wallet.dat with a strong password, and store it at two locations thus meaning I both have a backup of it and also keep it away from access to others - will this work? There is no need for the wallet or so to be connected to the grid? If I later 5 years from now uncompress the wallet.dat onto a brand new computer I will still be able to access the bitcoins in the wallet provided I have both my private-key and my passphrase ? Do I need a second thype of key or address?
If you add a passphrase, then your wallet is encrypted and there is no danger of anyone stealing your bitcoins by obtaining the file. The only risk is someone obtaining your password, or somehow controlling or fooling the client when you use it. |
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I'm thinking of starting with dollar cost averaging method.
The ones you running this for some time now, do you invest just in BTC or also other coins?
Lets say I want to put 100$ weekly, is it better to stick just with BTC or maybe to divide into 25$ to 4 different coins?
Every suggestion is much appreciated.
Dollar cost averaging is a good strategy. Certainly, it is a mistake to invest in coins recommended by random anonymous strangers on the internet. Investing in 4 different coins means researching 4 different coins. That might take a while. |
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So I deposited money into the CB USD Wallet from my Bank. This was on 12/03 and the transfer is still pending on CB. I believe that if I used Gemini I could have been using that money instantly?
Either way, I'm not happy. I am trying to understand the fee's on CB with regards to withdrawing the money when it finally clears and dumping it right back into my bank account. Will they charge me for this?
Basically I am debating moving everything out of CB and using Gemini. I did like using GDAX which I did some trading on (I had previously bought with a Credit Card which transferred quickly but went the bank deposit route this time to avoid fees), I moved some coin over to Binance via GDAX and like using that site (Binance) also.
This waiting for over a week for a deposit to clear into CB is just insane - especially when Gemini will let you start using your funds immediately (if I'm correct on that).
Oh yeah, total newbie trying to figure all this stuff out.
The delay is typically caused by the banking system being slow to transfer your money. AFAIK, Gemini would not be any faster. In this case, 7 days seems excessive unless you are transferring money from a foreign bank. |
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in case of a crash.
Or what's the best way to hedge bitcoins long term?
It is reasonable (and also a good strategy) to hedge using another risky asset as long as the correlation between the two is low. |
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We need to ban TV. Do you realize how much energy is wasted by people watching TV? Surely, it is orders of magnitude more than the energy spent on securing Bitcoin.
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I did a clean installation. But i have a seed and Private key.
If you have the seed, then you simply restore the wallet using the seed. You don't need the wallet.dat. I don't know what you mean by "private key". You probably don't have a "private key". I suspect that you intended to write "password". |
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Use your backup copy, or the seed.
No backup copy or seed? Sorry.
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An investment involves collateral, that you can always get back,
I agree with you that people are buying bitcoins for the wrong reasons, but that statement is not true. I didn't really follow the rest. |
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The good thing is the progress of development of Bitcoin lightning network is running nicely. We can see it already been successfully tested on the mainnet test. Although, it still needs more development to be able to reach the perfect and stable state.
Unfortunately, nobody is going to use the lightning network if the fees to open and close a channel are high. |
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You can restore all bitcoin address you have only with 12 word mnemonic, so it's not necessary to backup all the private keys. You better make sure to backup/remember those 12 words instead. But, backup the private keys if you still feel anxious  Hello, can you give an example of a situation when BTC owner MUST have private keys? In other words, a situation when 12-word recovery phrase won't be sufficient? For forks. Not all seed-protected wallets support exporting private keys, e.g. Ledger Nano S. With the seed, you can still generate all the private keys that the Ledger Nano S will ever use. |
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I doubt those numbers. The author is probably just another uninformed journalist that believes that an address is the same as a person.
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I purchased (2) Bitcoin Cash on Bitstamp and then accidentally sent the BCH to a Bitcoin Address on my Nano S Ledger Hardware Wallet. Here are the details.
2017-12-05 19:40: Opened BCH withdrawal request for 2 BCH to 3D28b9abUWmt1T8a825p4P3wXv9KC92c3V.
Transaction ID (TXID): 168e12373e003ddb375a12af9a393cbd29c988bbadcd6d1081faa026e4ea51a3
Unfortunately, the Bitcoin Cash seems to be lost, and never showed up in my hardware wallet. I tried contacting Bitstamp for support, and no one has assisted me. Is there a way to retrieve my lost BCH?
Bitstamp can't help you. Check the Ledger site. |
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Indeed, we might as well do the same to "theymos" someday!
He seems like a nice guy and has done more than enough to this community.
Nobody cares about the people how manages this community, but at least some of us know that is not an easy job.
I assume you are being sarcastic. I'm sure Theymos is doing very well. Thousands of bitcoins have been donated to this site. I'm being serious here, trust me... Forget about the donations that is not enough! We should at least do something to show him we appreciate his work here. We come from different angles of the world that is the least we can do to him. If can't show our appreciation to the people who deserve it, who are we then? You mean something more than nearly 10000 bitcoins? Address 17RTTUAiiPqUTKtEggJPec8RxLMi2n9EZ9
Total Received
9697.77537385 BTC
Total Sent
9408.58202976 BTC
Final Balance
289.19334409 BTC
Are you kidding me? Whoever own this address must be a very rich guy, at least not one of us i guess. Umm, that's Theymos's BitcoinTalk donation address. |
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This showed the true colors of Roger Ver, the same person who freaked out in a video interview and started ranting about being a "made millionaire" before the host was. ...
I don't think your vitriol is helpful. Roger Ver has done more for Bitcoin than you ever will do, despite his blunders. You may not like his priorities and his view on what Bitcoin should be, but resorting to slander is typically the last resort of a person losing an argument. |
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Sorry for repeating myself. Pump and dump is a type of scam Too many newbies are falling for pump and dump scams because they don't know what "pump and dump" means. "Pump and dump" (P&D) is a form of microcap stock fraud that involves artificially inflating the price of an owned stock through false and misleading positive statements, in order to sell the cheaply purchased stock at a higher price. Once the operators of the scheme "dump" sell their overvalued shares, the price falls and investors lose their money. Stocks that are the subject of pump and dump schemes are sometimes called "chop stocks".
What does 'Pump And Dump' mean?
Pump and dump is a scheme that attempts to boost the price of a stock through recommendations based on false, misleading or greatly exaggerated statements. The perpetrators of this scheme, who already have an established position in the company's stock, sell their positions after the hype has led to a higher share price.
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Indeed, we might as well do the same to "theymos" someday!
He seems like a nice guy and has done more than enough to this community.
Nobody cares about the people how manages this community, but at least some of us know that is not an easy job.
I assume you are being sarcastic. I'm sure Theymos is doing very well. Thousands of bitcoins have been donated to this site. I'm being serious here, trust me... Forget about the donations that is not enough! We should at least do something to show him we appreciate his work here. We come from different angles of the world that is the least we can do to him. If can't show our appreciation to the people who deserve it, who are we then? You mean something more than nearly 10000 bitcoins? Address 17RTTUAiiPqUTKtEggJPec8RxLMi2n9EZ9
Total Received
9697.77537385 BTC
Total Sent
9408.58202976 BTC
Final Balance
289.19334409 BTC
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Thanks for all replies! But I still don't understand why you would need a hardware wallet, unless you frequently send large amounts of bitcoin.
...
Each has its advantages and disadvantages. You can decide which one is better for you. Someone else might choose differently. |
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