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Author Topic: Can Someone Guide Me?  (Read 535 times)
HarryPatel
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October 14, 2012, 04:54:46 PM
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Hi,
I just came to know about bitcoin...i am understanding it that bitcoin is open source p2p virtual currency. I need more information about how to use it and also what is bitcoin mining. Can anyone explain me the basic points or guide me to the proper website where i can clear my doubts?

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knight22
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October 14, 2012, 05:01:32 PM
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Here some good reference sites

http://bitcoin.org/
http://www.weusecoins.com/
http://blockchain.info/
https://en.bitcoin.it/wiki/Main_Page
http://bitcoincharts.com

HarryPatel
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October 14, 2012, 05:42:20 PM
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Hi,
Thanks for the links!

I just created my bitcoin account : 1Noi6fooirhc27TK4AhRnMTVYdTExGaawn

But how is this different from paypal? I tried to add $100 and they take about $4 as fees and give me $96 only. Btw, i created my account on mywallet

Also,

i see that only 21 million bitcoins can be generated. Okay...so according to current rate of about $11 per bitcoin..the max amount of money flowing in the network can be 21 million*11 = $231 million dollars.

So my questions are

1) What happens after 2023 when all bitcoins are in the network and no new bitcoins can be generated?

2) Do i need to pay 4% fee when transferring money from bank to bitcoin?

3) Do i earn bitcoins? mining? providing any services? selling things?

4) How do i convert them (bitcoins) to $$ and not get traceable ?
matthewh3
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October 14, 2012, 07:58:10 PM
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https://en.bitcoin.it/wiki/FAQ

tehace
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October 14, 2012, 08:48:18 PM
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Hi,
Thanks for the links!

I just created my bitcoin account : 1Noi6fooirhc27TK4AhRnMTVYdTExGaawn

But how is this different from paypal? I tried to add $100 and they take about $4 as fees and give me $96 only. Btw, i created my account on mywallet


Bitcoin is a whole new kind of money and A new currency (other currencies being CAD USD GBP etc) which has some interesting properties which make it unlike any other currency ever!


i see that only 21 million bitcoins can be generated. Okay...so according to current rate of about $11 per bitcoin..the max amount of money flowing in the network can be 21 million*11 = $231 million dollars.

11 dollars is only the current price. Bitcoin could be as valuable as all the money in the world (well beyond trillions of USD) or could become worth nothing. People are just willing to pay $11 now but maybe as more people want bitcoin they will be worth more because of supply and demand

1) What happens after 2023 when all bitcoins are in the network and no new bitcoins can be generated?

2023 is not the date for no more bitcoins to be generated but when it is the right date for no new coins to be generates (in several 100 years iirc) nothing happens! We just keep trading and buying goods with or glorious coins!


2) Do i need to pay 4% fee when transferring money from bank to bitcoin?

Fees depend on your method of acquisition. For example a local person to person exchange may sell coins for even cheaper that the online market price but buying with sms charges hefty fees. People are constantly trying to compete to give the best service and give you the lowest fees. 

3) Do i earn bitcoins? mining? providing any services? selling things?

A variety of methods will get you bitcoins; anything people are willing to pay for! Mining is a bit difficult to run a profit due to electricity cost but its ok for fun Smiley Services can get you tons of coins if you have a valuable skill as will selling items.




4) How do i convert them (bitcoins) to $$ and not get traceable ?

IF you sell the bitcoins locally to friends, family or people you meet you cant be traced iirc. There isnt really much of a reason to avoid tracing though.

DOGE: DChHzYffNDrMsM9L1GtG14cmp1NUXrEe9Z
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