Topic: From holder to spender.... (Read 4849 times)
i try to do what others do: spend my btc on things i want, and then buy back the spent btc as soon as i can. it works fairly well.
I'll pass. Cant afford being a spender until i have at least 1 btc saved.
I see most people thinking like this. Can't blame them. It would be like spending gold on Kmart.The problem is that the threshold keeps increasing.
When people have 1 BTC, they think I should save 2.
There is nothing wrong with saving, and there is no reason why a person can't save and spend bitcoins at the same time.
True.
Savers contribute a bit to increasing the price.
Spenders contribute a bit to increasing bitcoin adoption.
Nothing wrong with both,
I'm sure to re-buy at Coinbase any amount I send from my main wallet to my spending mobile wallet. Easy.
That's the same way I approach things with BTC. If I do happen to spend any Bitcoin from Bitcoin Core wallet, I try to replenish it right away.
Buy, HODL, spend, BUY, HODL, spend...I think I got that routine perfected now.
Yep, with Coinbase, Circle, Buttercoin, it's really easy.
I'm sure to re-buy at Coinbase any amount I send from my main wallet to my spending mobile wallet. Easy.
That's the same way I approach things with BTC. If I do happen to spend any Bitcoin from Bitcoin Core wallet, I try to replenish it right away.
Buy, HODL, spend, BUY, HODL, spend...I think I got that routine perfected now.
Be sure to regularly make backups
No, that's the good part: both Schildbach's wallet as well as Mycelium are HD wallets nowadays. That means you only have to make a backup once. It will be good forever, even for new addreses / private keys it generates in the future.
Android wallet? The one from Schildbach would be nice. Been using it for more than a year now and so far there aren't any problems in regards to using that wallet. If you want to use your phone for storage and spending, try storing a small amount and keep it with care. Be sure to regularly make backups and store the file into an external hard drive or usb in case your phone fcked up or is lost.
As for the second question, a mixing service would be nice. It adds a layer of security to your coins and your main balance wouldn't be that easy to trace.
As for the second question, a mixing service would be nice. It adds a layer of security to your coins and your main balance wouldn't be that easy to trace.
I'll pass. Cant afford being a spender until i have at least 1 btc saved.
I see most people thinking like this. Can't blame them. It would be like spending gold on Kmart.The problem is that the threshold keeps increasing.
When people have 1 BTC, they think I should save 2.
There is nothing wrong with saving, and there is no reason why a person can't save and spend bitcoins at the same time.
I've been a BTC holder for about a year and a half but I'm such a miser that I've never spent any of it. An online shop I want to place an order with accepts BTC so I'm ready to take the plunge. I'm thinking an Android wallet with a small balance makes sense. Any recommendations for that software?
I also don't want everyone I spend BTC with to know my main account's balance. What is the best way to prevent that from happening?
I also don't want everyone I spend BTC with to know my main account's balance. What is the best way to prevent that from happening?
Good for you! Need more people spending and using BTC as a currency.
I'll pass. Cant afford being a spender until i have at least 1 btc saved.
I see most people thinking like this. Can't blame them. It would be like spending gold on Kmart.The problem is that the threshold keeps increasing.
When people have 1 BTC, they think I should save 2.
I'll pass. Cant afford being a spender until i have at least 1 btc saved.
I see most people thinking like this. Can't blame them. It would be like spending gold on Kmart.
I'm sure to re-buy at Coinbase any amount I send from my main wallet to my spending mobile wallet. Easy.
I'll pass. Cant afford being a spender until i have at least 1 btc saved.
Let's say I have 100BTC in my main wallet and I want to pay people without them knowing about my main wallet. How will an HD wallet help? I could transfer small amounts from my main wallet to my HD wallet, but when I pay someone from my HD wallet, the inputs will come from an address funded by my main wallet every time.
Using an HD wallet will typically keep you from ending up with 100BTC in a single address, but if you already have 100BTC in a single address because you were using a wallet with one address, then you'll have to use one of the suggestions above (mixer or exchange) to split your holdings.I would start by transferring your 100BTC to an HD wallet that you will use as your "savings" wallet (i.e. don't keep this wallet on a mobile device, and make sure to properly back it up. Using a HD wallet will make sure that any time you send coins, the change will go to a newly address that isn't linked to anything else.
The transfer a smaller amount, let's say 2BTC, into the exchange of your choice. When you do that, the coins will become mixed with the rest of the users of that exchange. I would wait a day, or at least a few hours, before withdrawing to make sure it gets mixed well. Then withdraw a slightly different amount, say 1.8 BTC, to your Mycelium HD wallet to use as your "spending" wallet. Replenish this wallet to a balance that makes you comfortable.
I've been a BTC holder for about a year and a half but I'm such a miser that I've never spent any of it. An online shop I want to place an order with accepts BTC so I'm ready to take the plunge. I'm thinking an Android wallet with a small balance makes sense. Any recommendations for that software?
I also don't want everyone I spend BTC with to know my main account's balance. What is the best way to prevent that from happening?
I also don't want everyone I spend BTC with to know my main account's balance. What is the best way to prevent that from happening?
https://play.google.com/store/apps/details?id=com.mycelium.wallet
mycelium is amazing, tx's are lightning fast, its interface is super lightweight, responsive etc..., it even works w/ HD wallets now and has a very good built in backup mechanism. Ive used it quite a bit. Never hurts to keep a few of ur spending btc in that wallet.
Even has a local trader functionality where u can look up people around u for buying / selling in person and u can easily become one urself =)
How can retailers you're buying from see your bitcoin balance?
They can't. They can only see the balance of the particular address you're paying from. Since any decent wallet will not re-use any address and generate new ones after every single transaction, the information they have is pretty much zero.With a little bit of work, anybody that knows an address in your wallet can determine a lower limit of the amount you have in the wallet at anytime. The more you reuse addresses, the closer that value is to the actual amount. Using a mixer will reduce the reliability of the value.
I think that sums it up really well odolvlobo. Simply using an HD wallet affords little or no extra privacy.
I'm thinking an Android wallet with a small balance makes sense. Any recommendations for that software?
I also don't want everyone I spend BTC with to know my main account's balance. What is the best way to prevent that from happening?
I also don't want everyone I spend BTC with to know my main account's balance. What is the best way to prevent that from happening?
I used Mycelium for android btc wallet, user friendly, and have good features.
you can use bitmixer, check out my signature
Call me a retard but I would need like about 10 BTC to feel safe enough to spend BTC without feeling horrible in 3 years.
If you use them you can always buy more. I guess I don't understand why people feel that the bitcoins in their wallet are more precious than all the others.
It is illogical to not spend bitcoin on something you are going to buy anyway but can use bitcoin to get an overall lower price
Have you seen many examples where bitcoin can get you a lower price? If I buy something, I don't pay transaction fees. I just pay the purchase price. Are you seeing arbitrage opportunities between the USD (or fiat) and BTC price for the same item?
How can retailers you're buying from see your bitcoin balance?
They can't. They can only see the balance of the particular address you're paying from. Since any decent wallet will not re-use any address and generate new ones after every single transaction, the information they have is pretty much zero.With a little bit of work, anybody that knows an address in your wallet can determine a lower limit of the amount you have in the wallet at anytime. The more you reuse addresses, the closer that value is to the actual amount. Using a mixer will reduce the reliability of the value.
How can retailers you're buying from see your bitcoin balance?
They can't. They can only see the balance of the particular address you're paying from. Since any decent wallet will not re-use any address and generate new ones after every single transaction, the information they have is pretty much zero. Call me a retard but I would need like about 10 BTC to feel safe enough to spend BTC without feeling horrible in 3 years.
If you use them you can always buy more. I guess I don't understand why people feel that the bitcoins in their wallet are more precious than all the others.
It is illogical to not spend bitcoin on something you are going to buy anyway but can use bitcoin to get an overall lower price
Have you seen many examples where bitcoin can get you a lower price? If I buy something, I don't pay transaction fees. I just pay the purchase price. Are you seeing arbitrage opportunities between the USD (or fiat) and BTC price for the same item?
Jump to: