Topic: General Bitcoin Questions. (Read 129 times)

Heyy thank you so much man! That was really helpful!

@bank question - it was mainly about how do i cash in my bitcoins, but i already saw your answer. I feel a bit more confident now with my understanding of  cryptocurrency. It's time to roll in!

The easiest way is to use exchanges like Coinbase. They typically have buy and sell prices like normal currency exchanges and they'll buy whatever you're selling regardless of the current market price.

You could also set your own price by selling it to another person using platforms like localbitcoins.com

I don't understand your question about banks.


Bitcoin price isn't regulated by any entity. Its price is dictated almost entirely by the law of supply and demand, so if there's a lot of people who sold and few people are buying, the abundance in supply lowers its value.


As far as wallets go, not really. I would advise you not to use any online wallets because they tend to be poor in security. If you're just starting out, you should probably try lightweight desktop wallets like Electrum (electrum.org). The best wallets are hardware wallets, and you have to buy them from their manufacturer. Google can explain this better than I can.

Exchanges are typically country specific though, so you may want to look up what exchange is best for your country. It's going to be hard using Bitcoins without at least one exchange account.


Everyone starts somewhere. Don't be afraid to ask questions!

Thanks for your answer!

If someone else could provide me with more  in-depth answers that'd be awesome!

 
Personally, I invested all-in when I discovered Bitcoin. Everyone will tell you not to do that and they are right.
Bitcoin is not and cannot be regulated but all activities around it are regulated.
Bitcoin does not compete with the old system, it's a different system for people that want to use it. It is not made to replace central banks and states, that's bullshit.
There are huge issues with banks if you buy and sell BTC. Those issues aren't solved.

Hello guys!

I just registered and read some articles and i have general information about Bitcoin, but i feel really virgin about it.

I am interested in the system itself, mainly because i believe it has future in it, it doesn't seem like it's going to crash soon and it's easy profit once you get used to it, not to mention the experience you get once you learn it,  so i have some general questions (sorry if the answers were stated in any sort of FAQ, i just like to be sure about it by asking the following questins). After all i will be investing my money i don't want to make critical mistakes.

Right.. So as far as i got it Bitcoin is some sort of investing just like buying stocks from a company right ?

So if the upper statement is right my aim is to invest as much money as possible when the bitcoin seems low enough and hope that in the future it would raise, so i could sell it and then cash it in ??That being said - the more amount of bitcoin i have on low money the bigger my profit would be when the bitcoin raises?

If yes how exactly do you sell it and  cash it in ? - is selling somewhat guaranteed (because of the popularity of the product or there's some slight chance that no one would want to buy it because  atm is so big(not talking about current amount, but let's say higher - 30k/btc?)..Do you regulate the price once you can sell it, or the price is fixated ? do you use a specific bank desk for that or your bank (if the bank is working with bitcoin ofc)?

I looked up online on a lot of articles and the one thing i got is that Bitcoin is regulated regarding the market and the one thing that concerned me the most is that  - say you buy bitcoin and then you cash it in (a.k.a you go out of the "bitcoin zone" or something like that) the bitcoin amount lowers? I mean in order for bitcoin to raise you need constant investments and no "cashing out" or using it to buy stuff like technology? If that's true doesn't bitcoin contradict it's own existence? If it's aim was to "change the monetary system" itself in any sort of way why is it lowering down exactly by doing so?(biggest i.e. was when bitcoin went above 12k/btc and on the next day/couple of days it went down by 20% because of people cashing it in.). And if that statement is completely wrong could you briefly explain me on how BTC is regulated and by what? After all that seems to be the most crucial part about it.

I am Bulgarian, but at the moment i live in the United Kingdom. I have banks in both countries and i'm wondering is there some sort of issue if i trade bitcoins in the UK rather than my own country? Is it gonna tax me more if i do so , or that depends which wallet/btc trade site i use?

Does it matter which wallet i choose for which country? I noticed there's a section about it with an option to choose which country is best for which wallet in the ofc BTC site, but for some reason it's not loading for me. If yes how do i decide that?

That's it for now. Sorry for the very stupid questions and thank you for the answers! Wish you all good fortune!