Queries from a first time believer / investor

[Ventide]

A few queries coming from a first time believer/investor

While I have heard of bitcoin previously years ago, I did not pay too much heed to it.

Mainly due to lack of knowledge and interest

That being said, I have been reading up and watching videos with regards to bitcoin over the past half a year or so.

I have recently bought a very small amount of Bitcoin/Ethereum, and before I dive further, would like to seek your advice/expertise

My plan is roughly broken down as below

1 .Find a reliable/accessible exchange to purchase Bitcoins (currently I have bought some from coinhako, which charges 0.9% fee)

2 .Buy a Trevzor hardware wallet to transfer the Bitcoins to

1.Transfer Bitcoins from Trevzor wallet to another exchange (for example coinbase) to sell


2.Once I can confirm that withdrawals from Coinhako are reliable and that I can sell the bitcoins from my trevzor without hassle, I would be willing to invest in larger quantities


Concerns

a) My government restricts all bitcoin related fundings across my local banks:- If this happens, even if I manage to sell the bitcoins at an exchange, they would not be able to remit the money to my accounts

b) Trevzor wallet gets damaged and 10 years later Trevzor company is defunct. I am not sure how I can retreive my Bitcoins with my SEED. Would another similar device be able to restore them?

c) An issue I see with regards to depositing/withdrawing Bitcoins seems to be the transaction fees. While bitcoin is touted as virtually free, this does not seem to be the case. I have seen multiple complains where transactions do not get processed due to insufficient fees. What happens if one day miners ask for 50% fees just to process your bitcoins?

While I understand blockchain on a layman terms level, I am confused by the technical details

I'm pretty much just going on a gut feel that this may take off in a big way maybe 10 years later and hope to cash in on it

I'm not savvy with financial investments, so I'm thinking of buying Bitcoins/Ethereum with the average cost method

Given my above mindset, how dumb is it to spend money in this. Of course I will only be investing money I can afford to lose

[Nagadota]

a) My government restricts all bitcoin related fundings across my local banks:- If this happens, even if I manage to sell the bitcoins at an exchange, they would not be able to remit the money to my accounts

You could sell P2P for cash on LocalBitcoins.  In most urban areas there are plenty of people to trade with.

b) Trevzor wallet gets damaged and 10 years later Trevzor company is defunct. I am not sure how I can retreive my Bitcoins with my SEED. Would another similar device be able to restore them?

This is a list of compatible wallets, including many major software wallets.  You're safe if Satoshi Labs stops maintaining the software or if your TREZOR breaks.

c) An issue I see with regards to depositing/withdrawing Bitcoins seems to be the transaction fees. While bitcoin is touted as virtually free, this does not seem to be the case. I have seen multiple complains where transactions do not get processed due to insufficient fees. What happens if one day miners ask for 50% fees just to process your bitcoins?

Users set their fee.  Miners are incentivised to include the transactions with higher fees earlier, but naturally if capacity exceeded demand (hopefully with a scaling solution implemented it would), the fees would be very low.

Given my above mindset, how dumb is it to spend money in this. Of course I will only be investing money I can afford to lose

As long as you've considered it carefully yourself, I'm all for it and I'm sure other people on this Bitcoin forum would be too (they're here, so most of them obviously support it).

[iamTom123]

I am suggesting that you buy a Bitcoin debit card as they are now available online and you can withdraw your money via your local atm machines. I am sad for people who are restricted by their short-sighted government to be part of the Bitcoin movement. I am then feeling lucky that my government is having no such mentality as it is against the people actually.

[honestis.network]

I am suggesting that you buy a Bitcoin debit card as they are now available online and you can withdraw your money via your local atm machines. I am sad for people who are restricted by their short-sighted government to be part of the Bitcoin movement. I am then feeling lucky that my government is having no such mentality as it is against the people actually.

ATMs are also under review by gov organisations and instittions.

As you mention bitcoin and altcoins as long term 10 years invest, then you should be afraid of lacking ways to cash out.

If bitcoin/cryptocurrencies rises up so much and you invest, you can always buy a airplane ( most likely for cryptocurrencies ) ticket to destination where it is legit, withdraw money there some exchanges offer ATM withdraws without debitcards.

Also you can make a bank account locally and than withdraw to this bank account.

Some exchanges also offer withdraw to/from paypal.

Best

[iluvpie60]

A few queries coming from a first time believer/investor

While I have heard of bitcoin previously years ago, I did not pay too much heed to it.

Mainly due to lack of knowledge and interest

That being said, I have been reading up and watching videos with regards to bitcoin over the past half a year or so.

I have recently bought a very small amount of Bitcoin/Ethereum, and before I dive further, would like to seek your advice/expertise

My plan is roughly broken down as below

1 .Find a reliable/accessible exchange to purchase Bitcoins (currently I have bought some from coinhako, which charges 0.9% fee)

2 .Buy a Trevzor hardware wallet to transfer the Bitcoins to

1.Transfer Bitcoins from Trevzor wallet to another exchange (for example coinbase) to sell


2.Once I can confirm that withdrawals from Coinhako are reliable and that I can sell the bitcoins from my trevzor without hassle, I would be willing to invest in larger quantities


Concerns

a) My government restricts all bitcoin related fundings across my local banks:- If this happens, even if I manage to sell the bitcoins at an exchange, they would not be able to remit the money to my accounts

b) Trevzor wallet gets damaged and 10 years later Trevzor company is defunct. I am not sure how I can retreive my Bitcoins with my SEED. Would another similar device be able to restore them?

c) An issue I see with regards to depositing/withdrawing Bitcoins seems to be the transaction fees. While bitcoin is touted as virtually free, this does not seem to be the case. I have seen multiple complains where transactions do not get processed due to insufficient fees. What happens if one day miners ask for 50% fees just to process your bitcoins?

While I understand blockchain on a layman terms level, I am confused by the technical details

I'm pretty much just going on a gut feel that this may take off in a big way maybe 10 years later and hope to cash in on it

I'm not savvy with financial investments, so I'm thinking of buying Bitcoins/Ethereum with the average cost method

Given my above mindset, how dumb is it to spend money in this. Of course I will only be investing money I can afford to lose

I would not sell your coins on coinbase. Their fees are really high. To sell it is like 2 percent or higher. It is not worth doing that.

You are better off getting a bitpay visa card. It has your btc loaded on it. You can buy things anywhere that takes visa. The fee is much lower. Or you can shop on websites with bitcoin directlt.

http://www.zerohedge.com/news/2017-05-28/who-accepts-bitcoins-payment-list-companies-stores-shops