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Author Topic: Using Bitcoin and Crypto For Newbies  (Read 201 times)
Spendulus
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December 16, 2018, 01:59:21 PM
Last edit: December 16, 2018, 04:17:53 PM by Spendulus
 #1

This is a thread about transacting in crypto. It is not about how to make money by HODLing, or how to use wallets or how to time buy and sell and exchange of crypto.

Rather, here is a form of money, let's examine what we can do with it in a practical sense. It is not about "Oh, there's a restaurant in XYZ that accepts bitcoin..." Because that's just one place in the WORLD.

So primarily the focus will be on internet transactions with crypto currency and bitcoin, how to do them safely.

Is this of interest? If so, I will post examples of simple transactions and how they work and what risks there are, if any.

ALSO - I will award merit for posts that are on topic, which are deserving. I will delete posts which are merit begging or off topic.
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IlVeroNico
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December 16, 2018, 04:17:53 PM
 #2

A good stickied guide about the crypto world will help i think, not many new members now in the bear market but it could be useful in the future!
Spendulus
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December 16, 2018, 04:20:57 PM
Last edit: December 16, 2018, 04:44:56 PM by Spendulus
 #3

A good stickied guide about the crypto world will help i think, not many new members now in the bear market but it could be useful in the future!

When TRANSACTING with crypto, whether it is a bull or bear market is not relevant. Assume you have a stash of bitcoin in paper wallet or whatever, then you have a Coinbase account. Each month you fund the Coinbase account with $50USD for your anticipated expenses for the next month. (I'll use bitcoin for these examples, as the most established crypto currency for transactions.)

Therefore there is NO relation between transacting and bull or bear markets. Now that is out of the way, what about transacting with some bitcoin?

REMEMBER -  I will award merit for posts that are on topic, which are deserving. I will delete posts which are merit begging or off topic.
Bitcoinnation
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December 16, 2018, 05:34:04 PM
 #4

I recently got to know of a startup that promised it would try to make payments and transactions more convenient. The startup is called Pundi X. I pretty much loved their idea of making portable Xpos Payment devices rather than the BTC ATMs people always talk about.

This, in my opinion, would save a layman who does not have some much technical knowledge about cryptocurrencies but wants to make transactions when shopping or paying for a certain service safely without worrying getting phished or hacked. All he would do is just scan the code from the device using his smartphone, approve payment and transaction is carried out automatically.

If we had more of these startups coming into play rather than the vast numbers of useless exchanges, This would help bring crypto closer to more communities who don't have much time to loiter around exchanges with the assurance that they don't have the risk of being hacked.
HODL2090
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December 16, 2018, 06:05:28 PM
 #5

Bitcoin payment is very common when purchasing virtual services, like VPS. Most of the websites I patronize allow Bitcoin payment. And considering it is fast and cheap, it's the option I go with. Of course if I have bitcoins at that time, which is not on an exchange.
The launch of bakkt would be very beneficial and would make adoption much more seamless.
Spendulus
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December 16, 2018, 07:55:35 PM
Last edit: December 16, 2018, 08:05:52 PM by Spendulus
 #6

I recently got to know of a startup that promised it would try to make payments and transactions more convenient. The startup is called Pundi X. ...

....
The launch of bakkt would be very beneficial and would make adoption much more seamless.

Let's consider what and how we can TRANSACT NOW. Or how beginners can. There will always be a better or different world tomorrow.

So let's look at the issue of purchasing VPN services. VPN is essential to maintaining a shred of privacy on the Internet. Buying it with crypto has obvious advantages. Here is a list of MANY VPN services which accept crypto -

https://captainaltcoin.com/bitcoin-vpn/

We'll use Private Internet Services as an example, because they support this forum. I'll pick the $69USD for two years service, and I will use Coinbase on an phone app to do the transaction. The transaction fee is 0.06 USD.

The website is https://www.privateinternetaccess.com

We will TYPE THE LINK NOT CLICK ON IT. Clicking on a link is the way phishing starts. Then check there is a https lock on the left edge of the window where the url is displayed. Are you where you want to be and where you think you are?


Bitcoinnation
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December 16, 2018, 09:34:19 PM
Merited by Spendulus (1)
 #7

Then check there is a https lock on the left edge of the window where the url is displayed. Are you where you want to be and where you think you are?
Yup, I think I am where I want to be. the lock for me implies that the certificate issued for the identity of the website is valid.

My question is do we have to use this specific VPN service because am already using a different one
Spendulus
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December 16, 2018, 11:45:25 PM
 #8

Then check there is a https lock on the left edge of the window where the url is displayed. Are you where you want to be and where you think you are?
Yup, I think I am where I want to be. the lock for me implies that the certificate issued for the identity of the website is valid.

My question is do we have to use this specific VPN service because am already using a different one

No, I am only illustrating the method to use when transacting. I use a different VPN but always pay with bitcoin.

But remember.

TYPE THE LINK DON'T CLICK the LINK
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December 16, 2018, 11:46:56 PM
 #9

Some of the crypto are not really in use. Many of them are just fraud so newbie should validate first any crypto to buy and use. Some are just good in their white papers but later on they will not commit on the writings but instead they will change it in favor of the team.

SOVREN  ─────  Trade. Pay. Borrow. Play.
Blockchain Innovation for Securities Markets
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Bitcoinnation
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December 17, 2018, 12:28:48 AM
 #10

No, I am only illustrating the method to use when transacting. I use a different VPN but always pay with bitcoin.

But remember.

TYPE THE LINK DON'T CLICK the LINK
I agree with your advice on this matter.
Certain times addresses can appear very similar and deceptive to the eye especially if you are in a hurry. A very good example is the clone phishing website to this forum. Sometimes when I was searching for results, I ended up with Bitcointalk[dot]to link instead of Bitcointalk.org.
what mostly saved me were warnings from cryptonite, Netcraft and Metamask extensions that I had installed on my browsers.

Edit
And thank you for the info about those services that are paid in Bitcoin. I have always looked for such services in vain. I will definitely try out one of the VPNs when my subscription for this one is done. It would be perfect if I got a good antivirus whose packages are paid in bitcoin too.
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December 17, 2018, 12:42:18 AM
 #11

No, I am only illustrating the method to use when transacting. I use a different VPN but always pay with bitcoin.

But remember.

TYPE THE LINK DON'T CLICK the LINK
I agree with your advice on this matter.
Certain times addresses can appear very similar and deceptive to the eye especially if you are in a hurry. A very good example is the clone phishing website to this forum. Sometimes when I was searching for results, I ended up with Bitcointalk[dot]to link instead of Bitcointalk.org.
what mostly saved me were warnings from cryptonite, Netcraft and Metamask extensions that I had installed on my browsers.

Edit
And thank you for the info about those services that are paid in Bitcoin. I have always looked for such services in vain. I will definitely try out one of the VPNs when my subscription for this one is done. It would be perfect if I got a good antivirus whose packages are paid in bitcoin too.

MyEtherWallet also do a good job of warning you about phishing sites and telling you the correct steps to take to avoid using them. Personally, I just make sure I am on the correct site then bookmark them on my browser so I know I am avoiding them.
Spendulus
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December 17, 2018, 01:56:29 AM
 #12

....services that are paid in Bitcoin. I have always looked for such services in vain.....
You'd like to see a anti-virus that you can pay in BTC. But we're going to choose essential services that are the very best, thus method of payment is not relevant.

....
MyEtherWallet also do a good job of warning you about phishing sites....
Trusting third parties in transactions is warned against in the first two lines of the summary of Satoshi Nakamoto's nine page paper. Trust a learnable method of establishing something is what you think it is. That is a general purpose skill.

https://bitcoin.org/bitcoin.pdf

A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required

***

Back the simple example of procuring VPN services. We've selected a service, clicked on the Bitcoin icon, and came to a screen with a square code and a code, something about 38 characters. There's a dollar amount and an amount in bitcoin.

All that is left is raise the phone, bring up the Coinbase app, read the square code. Then one or two clicks and we'll be sending the bitcoin. Here are the issues.

A) How do we know the amount is what we want to send?
B) How do we know that the money is going to who we think it is going to?


Bitcoinnation
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December 17, 2018, 10:35:06 AM
 #13

A) How do we know the amount is what we want to send?

I Usually use the conversion tools like this awesome coinmarkrtcap tool; https://coinmarketcap.com/converter/btc/usd/  to estimate the amount of BTC am going to send corresponding to the USD value of the package on the service site

If the BTC value is the actual value or almost the same value to some decimals as the one that has been read by the coinbase QR code, then I can go ahead and confirm the transaction.

B) How do we know that the money is going to who we think it is going to?

First, we get to check, the deposit BTC address on the service... We check and compare letter to letter or number to number to the address shown after scanning with the QR Code reader on the Coinbase app, If there is a perfect match better the addresses then we can go ahead and confirm the transactions

QR Code scanning using the coinbase app is actually safer compared to copying the address from the website and pasting it into the app. There have been cases of users getting their notepads hijacked by malware which changes the BTC coin addresses. When the victim copies the depositing addresses from the website, the malware simply changes the address to a different depositing address. If the unsuspecting victim is not vigilant enough and confirms sending the BTC without thoroughly checking the addresses, He loses his funds to the hacker.
Spendulus
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December 17, 2018, 12:36:52 PM
Last edit: December 17, 2018, 01:24:13 PM by Spendulus
 #14

Some of the crypto are not really in use. Many of them are just fraud so newbie should validate first any crypto to buy and use. Some are just good in their white papers but later on they will not commit on the writings but instead they will change it in favor of the team.
That's an important point. When you look at sites that accept crypto, it is bitcoin, ethereum, maybe bitcoin cash. In this thread, I am using bitcoin, but only as an example of the use of crypto.

A) How do we know the amount is what we want to send?

I Usually use the conversion tools like this awesome coinmarkrtcap tool; https://coinmarketcap.com/converter/btc/usd/  to estimate the amount of BTC am going to send corresponding to the USD value of the package on the service site

If the BTC value is the actual value or almost the same value to some decimals as the one that has been read by the coinbase QR code, then I can go ahead and confirm the transaction.

Exactly. The site you are buying from could have intentionally used a conversion rate that was not fair.

B) How do we know that the money is going to who we think it is going to?

First, we get to check, the deposit BTC address on the service... We check and compare letter to letter or number to number to the address shown after scanning with the QR Code reader on the Coinbase app, If there is a perfect match better the addresses then we can go ahead and confirm the transactions

QR Code scanning using the coinbase app is actually safer compared to copying the address from the website and pasting it into the app. There have been cases of users getting their notepads hijacked by malware which changes the BTC coin addresses. When the victim copies the depositing addresses from the website, the malware simply changes the address to a different depositing address. If the unsuspecting victim is not vigilant enough and confirms sending the BTC without thoroughly checking the addresses, He loses his funds to the hacker.
Correct. That's the merit in copying the pay-to address to a 2nd device, but always check it. The QR code will contain the pay-to address, but it is not impossible that it could have been changed, either by a virus or website impersonation.

***
Now, regarding this pay-to address. How would we know it is linked to the company? We'll handle that in the second example in this series.
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December 17, 2018, 01:20:49 PM
 #15

Here we're going to look at some of the truly prophetic songs about Bitcoin from the early days.  

Nov 19, 2012  
1 BTC=5.00 USD
Love You Like a Bitcoin(Kryp Tina)
https://www.youtube.com/watch?v=WdrSP0V-KLg

Feb 14, 2014
1 BTC=601.17
Ode to Satoshi (Biscuits and Gravy)
https://www.youtube.com/watch?v=zEQ2nPSL5-0

We should have listened to them back then! Don't they deserve some spare change now?

Let's do 1.00USD and check to be sure the transaction fees are low. Yesterday things were moving fast at 0.06USD fee so they are likely the same. But we'll always check those fees, right?

What about wallets that don't let you check or change the fees?

But how would we know that the tip actual got to the artist?

REFERENCE: Historical BTC prices.  https://99bitcoins.com/price-chart-history/
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December 17, 2018, 01:38:33 PM
 #16


When TRANSACTING with crypto, whether it is a bull or bear market is not relevant. Assume you have a stash of bitcoin in paper wallet or whatever, then you have a Coinbase account. Each month you fund the Coinbase account with $50USD for your anticipated expenses for the next month. (I'll use bitcoin for these examples, as the most established crypto currency for transactions.)

Therefore there is NO relation between transacting and bull or bear markets. Now that is out of the way, what about transacting with some bitcoin?

REMEMBER -  I will award merit for posts that are on topic, which are deserving. I will delete posts which are merit begging or off topic.

I was referring to the bull market because that's when most newbies arrive with the FOMO going on, so when the guides will most likely have the higher visitors & users.

That's what I saw on other forums, visitors numbers decoupled during the bull part of the market, so more people were interested in learning/guides.

During bear market less people are active
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December 17, 2018, 02:50:27 PM
 #17

This is a thread about transacting in crypto. It is not about how to make money by HODLing, or how to use wallets or how to time buy and sell and exchange of crypto.

Rather, here is a form of money, let's examine what we can do with it in a practical sense. It is not about "Oh, there's a restaurant in XYZ that accepts bitcoin..." Because that's just one place in the WORLD.

So primarily the focus will be on internet transactions with crypto currency and bitcoin, how to do them safely.

Is this of interest? If so, I will post examples of simple transactions and how they work and what risks there are, if any.

ALSO - I will award merit for posts that are on topic, which are deserving. I will delete posts which are merit begging or off topic.

I believe you're looking at safety tips on how to use cryptos transactions safely, I feel there is a good need for this guide. One important thing I keep on repeating to people is not to use public wifi for crypto transactions, as many people have lost their coins after transacting on a public wifi. Then I recommend cleaning the machine with good anti virus, to be on a safer side. Then always make sure to check https and for ssl, if these are missing do not transact via the site.

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Spendulus
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December 17, 2018, 03:07:14 PM
 #18

This is a thread about transacting in crypto. ....

I believe you're looking at safety tips on how to use cryptos transactions safely, I feel there is a good need for this guide. One important thing I keep on repeating to people is not to use public wifi for crypto transactions....

About two years back I started only connecting notebooks and tablets via my phone router, regardless of hotel-starbucks-free wifi. Never using "free wifi." So I had overlooked this.

Thanks, it is important.
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