Help me understand this bitcoin thing please

[Deerfarmer]

Hi sorry for this question but I can’t wrap my head around this. I found out about bitcoin about a year ago but just started looking into it again. After watching videos and reading all day I finally came across this forum so maybe someone could point me in the right direction. I don’t understand how any of this really works. What I don’t get is when you put money in your account what or how do you do with it. Do you buy coins from other ppl that want to cash out.  That doesn’t make any sents to me. Idk I don’t get it. So far today all it got was IOTA was or is going to be as big as bitcoin, I set up an account at Coinbase,and one at Binance and I’m waiting for my account to be confirmed. When I understand this is there a minimum amount of money I have to put in. I don’t think there is but thought I’d ask. Thanks for taking the time to help me.

[mk4]

Err... so you watched videos and read about bitcoin all day but you still haven't understood atleast the basics of it?

I think this is for you then: Still Don't Get Bitcoin? Here's an Explanation Even a Five-Year-Old Will Understand

Hopefully that would be clear enough. Also, instead of asking what bitcoin in general is, maybe ask questions about it instead? Tell us what specifically do you not understand about bitcoin; I think it will be better that way. Goodluck.

[Deerfarmer]

Thank you I will check it out.

[legend018]

I don't know about every exchange but I haven't seen anything about minimum amounts.  Yes, you can buy coins from other people who may want to cash out.  Every Exchange is different as far as what coins they accept.  You can trade with it.  You can just leave it alone and do nothing with it.  You can sell bitcoin.  Were you thinking you were suppose to do something specific with it?  You joined coinbase right? Here is a run down on the first steps, which you have already started: https://www.coinbase.com/buy-bitcoin?locale=en-US

[Deerfarmer]

Yes I joined Coinbase and binance. As far as something specific yea I guess that’s what I want to know to. Obviously I want to make some money but don’t know where to put my money I guess. So if I have $100 usd in an account at IOTA I can just leave it sit in my account is what you are saying and it will increase or decrease with how the market is doing? Or I can put it somewhere else and potentially make a lot more. Is there a list or something to see what to buy or invest in? Sorry if the answers are in that link you sent I haven’t got to check it out yet.

[Deerfarmer]

 I have another question. I am testing the waters right now so I went through Coinbase and withdrew $50 from my bank and I did that 24 hours ago and my transaction still says it is pending. I bought ETH at $738  and now it is below $680 so did I lose my money before I was able to cash it out before the declined?

[Deerfarmer]

No one can help me??☝️☝️☝️

[quality.crypto]

I have another question. I am testing the waters right now so I went through Coinbase and withdrew $50 from my bank and I did that 24 hours ago and my transaction still says it is pending. I bought ETH at $738  and now it is below $680 so did I lose my money before I was able to cash it out before the declined?

So you bought the ETH at a very high price, so now the price is decreased in the market. If you withdraw to your bank you will be in loss. So wait until ETH price increase in the market because now the value of ETH is kept increasing. So hold it from some more time until the price of ETH increase.

[ZCoinTalk]

Buy a few different coins of the top 20 of CoinMarketCap. If you diversify a bit and leave it for half a year you will probably have a nice profit.

Withdrawing to the bank might have tax implications?

[Deerfarmer]

I have another question. I am testing the waters right now so I went through Coinbase and withdrew $50 from my bank and I did that 24 hours ago and my transaction still says it is pending. I bought ETH at $738  and now it is below $680 so did I lose my money before I was able to cash it out before the declined?

So you bought the ETH at a very high price, so now the price is decreased in the market. If you withdraw to your bank you will be in loss. So wait until ETH price increase in the market because now the value of ETH is kept increasing. So hold it from some more time until the price of ETH increase.

ok thank you. That’s exactly what I wanted to know. I plan on leaving it in there and putting more in. I want to buy xrp with it also so I would have to cash out some ETH when it’s up In order to buy xrp then or how can I buy xrp without cashing out some ETH? Can I buy it right through Coinbase if I deposit money directly into it from my bank? Thanks

[CheapDayTrader]

When you get bitcoin in your account, you don't do anything with it.

And that's a serious answer.

[GynBilog]

yeah i heard bitcoin in the news and saw it in the big bang theory and i was interested. and now i'm here.

[ZeroDrifting]

Yes I joined Coinbase and binance. As far as something specific yea I guess that’s what I want to know to. Obviously I want to make some money but don’t know where to put my money I guess. So if I have $100 usd in an account at IOTA I can just leave it sit in my account is what you are saying and it will increase or decrease with how the market is doing? Or I can put it somewhere else and potentially make a lot more. Is there a list or something to see what to buy or invest in? Sorry if the answers are in that link you sent I haven’t got to check it out yet.

Quit Coinbase now! They scammed me before, and I already switched to Paxful! Life is easier now

[MachineElf]

So far today all it got was IOTA was or is going to be as big as bitcoin

and you just believed it?

Do your own research before you put money into anything...

[Velkro]

So far today all it got was IOTA was or is going to be as big as bitcoin

Rellly? You thought that toaster connected to internet, or refrigerator will be big as trully revolutionary technology that solved problem that noone could solve before?
I mean comeone?

[MachineElf]

Quit Coinbase now! They scammed me before, and I already switched to Paxful! Life is easier now

Did they scam you? Or did you fuck up?

[HappyMod]

So far today all it got was IOTA was or is going to be as big as bitcoin

Rellly? You thought that toaster connected to internet, or refrigerator will be big as trully revolutionary technology that solved problem that noone could solve before?
I mean comeone?

Hahaha this comment killed me.
While I dont honestly think its that simple, I do think there is creedance to the idea.
Mostly because this is uncharted waters. Being able to own your own finances hasnt really happened since the early days of trading teeth and gold.
Be it an internet connected toaster or an unspendable digital asset like BTC. I find this kind of discussion compelling.
I do think IOTA is a great project, but I also think BTC is a good one. But its really like apples and oranges. Both are fruit... so I guess thats nice

[Deerfarmer]

So why does it take so long to get my money transfed from my bank acct to ETH? I bought a little amount just to try it out to make sure I was doing it right. I also transfer money from bank acct to Coinbase and that is still pending. Coinbase email said it should of been in my acct the next day (dec 17th). I bought my ETH back on dec 13th and it’s now dec 18th and still pending.

[NeuroticFish]

I don’t understand how any of this really works. What I don’t get is when you put money in your account what or how do you do with it.

I've found a good starter here: https://arstechnica.com/tech-policy/2017/12/how-bitcoin-works/?amp=1
It explains what is Bitcoin, how Bitcoins are made and many more things; I've found it interesting.

But from what I understand you are badly mixed up. You seem to mix up Bitcoin with altcoins (IOTA) and with the services that help you buy or sell Bitcoin.
You should start step by step, try to understand what you are doing, then act. One simple question at a time could also help. And when you have simple questions you can also search, since most likely they were asked already.

Good luck, it's a long read, but it's the beginning of a long ride!

[Deerfarmer]

I don’t understand how any of this really works. What I don’t get is when you put money in your account what or how do you do with it.

I've found a good starter here: https://arstechnica.com/tech-policy/2017/12/how-bitcoin-works/?amp=1
It explains what is Bitcoin, how Bitcoins are made and many more things; I've found it interesting.

But from what I understand you are badly mixed up. You seem to mix up Bitcoin with altcoins (IOTA) and with the services that help you buy or sell Bitcoin.
You should start step by step, try to understand what you are doing, then act. One simple question at a time could also help. And when you have simple questions you can also search, since most likely they were asked already.

Good luck, it's a long read, but it's the beginning of a long ride!

i think that’s already been figured out for the most part. I just need to know why it’s taking so long for my money to transfer I think. Is it because there’s so many transactions out there or is my amount to small or what? Is this happening to everyone?