Topic: Common Q&A about bitcoin: non-technical edition. How much do YOU know? - page 3. (Read 1494 times)

Q: Is Bitcoin safe?

A: Bitcoin is as safe as any other asset as long as you safeguard it as much as you would anything else. Obviously the ways to keep it safe are different compared to traditional physical assets, but it is just as theft-proof (or not) as cash/cars/gold etc. The amount you own also reflects on how much effort you put into keeping it safe, same as the reason I wouldn't carry around $10,000 in my pocket, but happy enough carrying $50 for a night out.

Some quick tips.

* Only buy it from reputable exchanges (I like this review site, lots of options and graded on a number of factors https://www.bestbitcoinexchange.io/)
* Double (triple) check any addresses that you are sending it from/to - one wrong digit/letter and it's unlikely you will see it again!
* Store it in a cold wallet that only you hold the private key for access (https://trezor.io/ or https://www.ledgerwallet.com/ are two well established and trusted wallets, but there are more out there)

This is a very simple answer, but it's very effective. I will add this to the top post, but anyone else can feel free to embellish on this answer, if they like.

---

Great answers! I will use modified versions of this to update the Q&A.

---

I like that you took the time to reference and cite links here, but never NEVER NEVER recommend crypto-to-paypal exchanges to a bitcoin newbie. Or any digital payment processor, for that matter. That's where you find all the scammers, and someone that barely understands Bitcoin will surely get scammed when trying to convert to digital currency.

---

This is similar to the question I asked: "Don't people use Bitcoin for the black market or for illegal stuff?". You can feel free to embellish on the answer that was provided if you think you can provide an example or something.

     I want to answer this...
Q: Why is Bitcoin so expensive? I can't afford a bitcoin.
     Bitcoins uses and benefits are the reasons behind it's value. Another factor and reason bitcoin is so expensive because of limited supply of bitcoin while the demand is higher. As the year goes by,bitcoin community become higher and higher,it means the demand increasing that makes also the value of bitcoin so expensive. You can still buy bitcoin when it drops,you can afford it,but always buy only the amount that you can afford  to lost.

Q: Is Bitcoin safe?
Yes bitcoin is safe and secured because it is decentralized which means not controlled by someone. If it's about the safety of bitcoin you have the safety of your bitcoin depends on you on how you take care of it and keeping it safe.
Q: Isn't it too late to get into Bitcoin?
It's not too late to get into bitcoin. My brother-in-law still earn from bitcoin and i'm getting into bitcoin, there are still more investing in bitcoin so it's never too late to get in bitcoin, right now there's a possibility that bitcoin's price goes up it's still changing right now.

Thank You so much for the one who created this thread and to those who support. I hope i could earn merit here.

Thank you very much! It feels so difficult to earn merit sometimes. I appreciate that you are giving people the chance to earn merit while also educating newbies on some of the most frequently asked questions. I plan to link to this thread whenever I get someone who is (honestly) asking some of these basic questions.   

Here is a question you can add: Do people only use bitcoin for illegal activities like buying stuff off the dark web or laundering money?

Q: Who controls Bitcoin?


There is no single person who can control bitcoin even satoshi himself.
But there are people and company who help to run the blockhain and they are....




source:
https://blockchain.info

Q: How do I cash out Bitcoin?


Option 1:
Step 1. Transfer your bitcoin to Bitcoin to Paypal exchanger like unichange or okchanger
Step 2. Convert your bitcoin to PayPal (your fiat) like PayPal(USD)
Step 3. Transfer your PayPal balance to MoneyGram
Step 4. Receive the cash (fiat) in your nearest MoeyGram

References:
https://www.okchanger.com/CRYPTOCURRENCIES-BTC-to-PAYPAL-USD
https://unichange.me/order/bitcoin_paypal_usd
http://ir.moneygram.com/releasedetail.cfm?releaseid=778502

Q: Who controls Bitcoin?

A: Bitcoin is controlled by a lot of people, like the people who hold bitcoins, the miners, the traders, and the developers. You and me could be a part of it. It is the bitcoin community as a whole that controls the value of Bitcoin. For example, the more people hold bitcoin and believe in the value of bitcoin, the price will go up, you can say that the holders controls the value of bitcoin. Also, if the miners stops mining the value of bitcoin will go down, then you can say that the miners control bitcoin as well. So it is not really a single party that controls bitcoin, it is the community, the whole bitcoin ecosystem controls bitcoin.


Q: How do I cash out Bitcoin?

There are a number of ways that you can cash out Bitcoin.

First, you can use exchange. For example, if you are using exchange like Coinbase, you can just transfer your bitcoin there, then sell it for cash. Of course you need a bank account for this.

There are also some bitcoin debit cards service available. Where you can just load the prepaid card with Bitcoin and then shop anywhere with that card. There are also some other payout service where you send them your bitcoin then they will send fiat to your bank account.

Of course you can also use bitcoin for shopping. There are a lot of stores/online stores accepting bitcoin. Even the korean restaurant near where I live accept bitcoin now. That is a way of cashing out bitcoin as well.

How do I cash out Bitcoin?

you can pay for coffee or dinner with bitcoin easily. more and more shops receive bitcoin .you can exchange USD EURO or other on bitcoin ATM machine . of course ,you can trade any currency in the cryptocurrency exchange.

Thanks for the honest feedback. I appreciate it so much!
I'm in this forum to gain a lot of knowledge and information regarding bitcoin and how to earn bitcoin as well since I'm new to crypto. I'd be a hypocrite if I'd say I don't want to earn small fractions of bitcoin in here if there's an opportunity in front of me. As long as I'm not stepping at anyone's shoe and not doing illegal things in here then I'm good.

This is extremely similar to the way I personally answer this question. Great answer! Enjoy the merit and top-post fame

Q: If Bitcoin isn't bad, why do famous financial gurus like Warren Buffet warn us to stay away from it?

A: First and foremost, anyone who is a financial advisor like Warren Buffet could never advise the public to invest in an asset that isn't regulated by the SEC. He could be sued, or even jailed for giving such advice.

But, and I am showing my paranoia here, the reason people like Warren and Bill don't advise going into bitcoin is because they are the main beneficiaries of the current CENTRALIZED economic system we are living under. They are the richest people in the world! The system made them this way! So why would they want to change it?

Bitcoin is a risk. A MASSIVE risk. The risk of a completely changed economic landscape for billions of people...And the truth is, even if the world adopts decentralized crypto as a major asset/currency, YOU may never make a penny on your investments.

(But that won't stop me from trying)
 

Most people you talk to for the first time about Bitcoin won't have any idea what this forum is. Or what a bounty campaign is. Or how to create a bitcoin wallet. Or how to accept bitcoin. Did you not read my suggestion about what kind of answer that I'm looking for in the very post that you quoted?

Q: Why is Bitcoin so expensive? I can't afford a bitcoin.
A: Yes, Bitcoin is expensive and that is what most people think of when they see the actual current price and most of the reactions from my friends were seemingly shock how big it is and they were amazed and excited that they wanted to earn btc. So, in the case where some can't afford to buy it, I would suggest these people to join bounty campaign and gradually earn btc in the later time. All they have to do is pursuing the goal to earn btc through their dedication and time in this forum.

Q: Why is Bitcoin so expensive? I can't afford a bitcoin.


A: This kind of question always annoys me. I see it for almost every coin and token eventually. So here goes:

Bitcoin is (practically) infinitely divisible. So is every other coin and token.

Bitcoin is worth roughly $10k/each right now. The maximum number of bitcoins is 21 million bitcoins. 21 million is a completely arbitrary number Satoshi Nakamoto decided was a great number. If Satoshi had decided to make 210 million bitcoins the maximum number of bitcoins, the price of each bitcoin would be roughly $1k/each. If Satoshi had choosen 2.1 million the price would be around $100k/each.

The thing is, you don't NEED a whole bitcoin to do anything. It's not like having a whole bitcoin makes any difference whatsoever in your ability to use bitcoin or transfer bitcoin. The price is irrelevant.

I want this thread to be a tool for users to arm themselves with information that isn’t wildly technical. The majority of questions that newbies ask aren’t technical, so the questions you’ve asked aren’t generally popular ones asked when trying to learn about what bitcoin is.

Regarding your answer, when I’m asked this, it’s usually because they have no idea that you don’t have to buy a full bitcoin. The answer that I’m looking for is one that includes that you can buy any amount of bitcoin that you can afford. Want to restructure your answer and post again so I can merit somebody in this thread?

So you must be a day trader, highly educated and understand hammers and candles to be earning money because I thought I was smart
too at playing the slot machines because my ears told me that they were always paying out and that i could never loose money.

Me, well i flip burgers for a living, pays about $14 per hour but i feel sorry for them suckers that spend the whole day having to
spam social media sites to make a living from pushing crypto and one of them told me that he's only making a few bucks a day
so i guess it could be worse for me.

9 out of your last 10 posts are in topics that have to do with merit. The other 1 has to do with making money with Bitcoin. It's obvious that you're here on the forums to make money. That's fine and all, but try to become a healthy part of conversation, as well. You're much better than other shitposters I've encountered; at least you're trying and putting in time to write and answer posts properly. Just try to shift some of your focus from solely using these forums to earn money, and more towards the utility and future of bitcoin and cryptocurrency, and you'll be fine.