bitcoin investing versus bitcoin transactions

witcher_sense

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Quote from: Testerb on November 17, 2020, 04:36:26 PM

Thanks for the replies. I got more out of those than all of the website(s) I've been reading.

1) I thought I installed Electrum on my PC but I can't find the program after I close the Electrum interface. The only way I can figure to get to the 'interface' (wallet) is to re-run the setup.exe file. Is that the way it is supposed to work? I thought I was installing a program.

As far as I know, Electrum is not supposed to behave that way, it seems you downloaded a malicious copy of wallet from a phishing website, of which there is a lot on the Internet. I recommend you to immediately uninstall it and scan your computer for viruses, just in case.

Here is a great guide on how to install Electrum and verify its genuinity: [GUIDE] How to Safely Download and Verify Electrum [Guide]

pooya87

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if you trade in Forex (exchanging national currencies against each other) does it prevent you from using any of those fiats as a currency? obviously no. things are not different when you trade bitcoin against any of those fiats either. it is just in another market where you trade a currency called bitcoin with it being more volatile than other currencies since it is new and has a small market.

Peanutswar

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Trading is usually happening if you want to buy or sell a bitcoin this depends on your market prediction it requires having knowledge of the market graph and with the help of technical indicators its easier to you to understand what are the hint/showing on the graph, by this, you can easily aware if you are going to buy or sell your coins to get profit.
In buying with the use of the cryptocurrency it depends on the store if they are supported with the use of online payment of crypto or bitcoin mostly there are some stores already adopt the use of it which is good you can use your bitcoin now not just for investment but also in payments. AFAIK there are tons of threads right here on our forum ask/give stores accepting bitcoin payment.

figmentofmyass

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Quote from: Testerb on November 17, 2020, 04:36:26 PM

Thanks for the replies. I got more out of those than all of the website(s) I've been reading.

1) I thought I installed Electrum on my PC but I can't find the program after I close the Electrum interface. The only way I can figure to get to the 'interface' (wallet) is to re-run the setup.exe file. Is that the way it is supposed to work? I thought I was installing a program.

that sounds fishy. what OS are you running? where exactly did you download "electrum" from, and did you verify the GPG signature? it's possible you downloaded malware.

Quote from: Testerb on November 17, 2020, 04:36:26 PM

2) If at this point, what I want to do with cryptocurrencies is to have a means to make payments but be able to move in and out of the cryptocurrency to protect against devaluation, what are the top things I need to do?

if you're just talking about accepting an occasional payment, you could just manually transfer coins to your exchange account (kraken, coinbase, etc) and sell them as the payments come in.

if you expect a high frequency of payments, you'll probably want something automated. you could pay a company like bitpay or coingate to invoice your customers and liquidate payments, for a fee. or if you're savvy enough, you could use a free open source payment processor like BTCPay server and then use a script/API to send coins to your exchange account and liquidate them.

Quote from: Testerb on November 17, 2020, 04:36:26 PM

3) Also, is there a standard fee/commission for buying and selling crytocurrencies?

no, there is a huge range of fees across the whole market. it's highly dependent on region, and also on p2p vs ATM vs spot exchange. i've heard of effective ATM fees in the 30% range. big p2p traders often charge 5-10% premiums to smaller, more casual traders. but if you use a spot exchange like binance.us you'll pay 0.1%. on coinbase pro, you'll pay 0.5%.

goinmerry

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Quote from: Testerb on November 17, 2020, 03:13:13 PM

What is the difference between bitcoin trading vs using bitcoin to make and take payments?

In layman terms:

Trading = Buying Bitcoin at a low price / Selling it at a high price
Bitcoin as payment = how the usual currency works

Quote from: Testerb on November 17, 2020, 03:13:13 PM

If a person trades bitcoin they buy and sell like a stock and can have gains or losses but they can't use it as currency, right?

Once in the trading platform, they can't use it on other services.

But bitcoin can be withdrawn anytime they want and use it as a currency outside the trading platform.

Quote from: Testerb on November 17, 2020, 03:13:13 PM

If a person uses bitcoin as a currency their account can still appreciate/depreciate and they can perform transactions, is that correct?

Yes. You have the full authority of how your bitcoins should be used.

tranthidung

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Quote from: Testerb on November 17, 2020, 04:36:26 PM

1) I thought I installed Electrum on my PC but I can't find the program after I close the Electrum interface. The only way I can figure to get to the 'interface' (wallet) is to re-run the setup.exe file. Is that the way it is supposed to work? I thought I was installing a program.

I don't know which OS your PC has.

For Windows, click on the Search icon and type Electrum, you will see Electrum in the result list and hover the mouse on Electrum icon, right click and choose "Pin to Taskbar". You are done.

Quote from: ?? on ??

Here: https://www.cryptowisser.com/exchanges?continent=&coins=1541&fee=2.0

From cryptowisser.com, please customize the filter, at least add Bitcoin (coin number = 1541 as seen above) to the filter.

The table header shows you three types of fee:

Taker
Maker
Withdrawal

You must choose the one you are interested in.

Testerb

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Thanks for the replies. I got more out of those than all of the website(s) I've been reading.

1) I thought I installed Electrum on my PC but I can't find the program after I close the Electrum interface. The only way I can figure to get to the 'interface' (wallet) is to re-run the setup.exe file. Is that the way it is supposed to work? I thought I was installing a program.

2) If at this point, what I want to do with cryptocurrencies is to have a means to make payments but be able to move in and out of the cryptocurrency to protect against devaluation, what are the top things I need to do?

3) Also, is there a standard fee/commission for buying and selling crytocurrencies?

20kevin20

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Quote from: Testerb on November 17, 2020, 03:13:13 PM

What is the difference between bitcoin trading vs using bitcoin to make and take payments?

Bitcoin trading exchanges Bitcoin with other assets, while taking/making payments with it means exchanging it for services/goods.

Quote from: Testerb on November 17, 2020, 03:13:13 PM

If a person trades bitcoin they buy and sell like a stock and can have gains or losses but they can't use it as currency, right?

Ideally, you should only be purchasing the real Bitcoin and store it in your own non-custodial wallet such as Electrum. Purchasing "stocks" (or purchasing from third parties such as Revolut or PayPal) does not guarantee your ownership of the said coins. With PayPal's new Bitcoin addition, you're not even sure if you're purchasing Bitcoin at all. As their ToS said, you do not own any identifiable crypto asset.

Bitcoin is a currency, not a stock. Think of it as exchanging EUR for USD. You're exchanging USD for BTC instead.

Quote from: Testerb on November 17, 2020, 03:13:13 PM

If a person uses bitcoin as a currency their account can still appreciate/depreciate and they can perform transactions, is that correct?

That is correct, but again, store your coins in a non-custodial wallet and remember to ALWAYS save your seed (preferably on paper). Just make sure you're the owner of your coins.

tabas

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Quote from: Testerb on November 17, 2020, 03:13:13 PM

What is the difference between bitcoin trading vs using bitcoin to make and take payments?

Trading is done to exchange with other cryptocurrencies, the altcoins. Payment is like the typical transaction that we do, you buy a cookie and pay it with bitcoin.

Quote from: Testerb on November 17, 2020, 03:13:13 PM

If a person trades bitcoin they buy and sell like a stock and can have gains or losses but they can't use it as currency, right?

They can, that's why bitcoin is a good asset because it works at it is at the same time.

Quote from: Testerb on November 17, 2020, 03:13:13 PM

If a person uses bitcoin as a currency their account can still appreciate/depreciate and they can perform transactions, is that correct?

Yes, that's volatility. But it is not 'account', I think you are describing the wallet.

Lanatsa

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Quote from: Testerb on November 17, 2020, 03:13:13 PM

What is the difference between bitcoin trading vs using bitcoin to make and take payments?

If a person trades bitcoin they buy and sell like a stock and can have gains or losses but they can't use it as currency, right?

If a person uses bitcoin as a currency their account can still appreciate/depreciate and they can perform transactions, is that correct?

Huh

Trading - Buy low sell high and this is through exchange platforms.

Using it as a currency - Making up transactions like buying up something online via crypto or paying up someone for their services etc.

When it comes to volatility then its already constant specially if its still in bitcoin state but if you do tend to switch it up to stable coins then that would
be an another thing.

Testerb

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What is the difference between bitcoin trading vs using bitcoin to make and take payments?

If a person trades bitcoin they buy and sell like a stock and can have gains or losses but they can't use it as currency, right?

If a person uses bitcoin as a currency their account can still appreciate/depreciate and they can perform transactions, is that correct?

Huh

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