Help me understand this bitcoin thing please - page 2.

Deerfarmer

newbie

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Quote from: quality.crypto on December 16, 2017, 12:25:44 AM

Quote from: Deerfarmer on December 14, 2017, 05:44:12 PM

I have another question. I am testing the waters right now so I went through Coinbase and withdrew $50 from my bank and I did that 24 hours ago and my transaction still says it is pending. I bought ETH at $738 and now it is below $680 so did I lose my money before I was able to cash it out before the declined?

So you bought the ETH at a very high price, so now the price is decreased in the market. If you withdraw to your bank you will be in loss. So wait until ETH price increase in the market because now the value of ETH is kept increasing. So hold it from some more time until the price of ETH increase.

ok thank you. That’s exactly what I wanted to know. I plan on leaving it in there and putting more in. I want to buy xrp with it also so I would have to cash out some ETH when it’s up In order to buy xrp then or how can I buy xrp without cashing out some ETH? Can I buy it right through Coinbase if I deposit money directly into it from my bank? Thanks

ZCoinTalk

member

Activity: 154

Merit: 10

Buy a few different coins of the top 20 of CoinMarketCap. If you diversify a bit and leave it for half a year you will probably have a nice profit.

Withdrawing to the bank might have tax implications?

quality.crypto

member

Activity: 854

Merit: 10

Quote from: Deerfarmer on December 14, 2017, 05:44:12 PM

I have another question. I am testing the waters right now so I went through Coinbase and withdrew $50 from my bank and I did that 24 hours ago and my transaction still says it is pending. I bought ETH at $738 and now it is below $680 so did I lose my money before I was able to cash it out before the declined?

So you bought the ETH at a very high price, so now the price is decreased in the market. If you withdraw to your bank you will be in loss. So wait until ETH price increase in the market because now the value of ETH is kept increasing. So hold it from some more time until the price of ETH increase.

Deerfarmer

newbie

Activity: 11

Merit: 0

No one can help me??☝️☝️☝️

Deerfarmer

newbie

Activity: 11

Merit: 0

I have another question. I am testing the waters right now so I went through Coinbase and withdrew $50 from my bank and I did that 24 hours ago and my transaction still says it is pending. I bought ETH at $738 and now it is below $680 so did I lose my money before I was able to cash it out before the declined?

Deerfarmer

newbie

Activity: 11

Merit: 0

Yes I joined Coinbase and binance. As far as something specific yea I guess that’s what I want to know to. Obviously I want to make some money but don’t know where to put my money I guess. So if I have $100 usd in an account at IOTA I can just leave it sit in my account is what you are saying and it will increase or decrease with how the market is doing? Or I can put it somewhere else and potentially make a lot more. Is there a list or something to see what to buy or invest in? Sorry if the answers are in that link you sent I haven’t got to check it out yet.

legend018

member

Activity: 84

Merit: 10

I don't know about every exchange but I haven't seen anything about minimum amounts. Yes, you can buy coins from other people who may want to cash out. Every Exchange is different as far as what coins they accept. You can trade with it. You can just leave it alone and do nothing with it. You can sell bitcoin. Were you thinking you were suppose to do something specific with it? You joined coinbase right? Here is a run down on the first steps, which you have already started: https://www.coinbase.com/buy-bitcoin?locale=en-US

Deerfarmer

newbie

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Thank you I will check it out.

mk4

legendary

Activity: 2870

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Paldo.io 🤖

Err... so you watched videos and read about bitcoin all day but you still haven't understood atleast the basics of it?

I think this is for you then: Still Don't Get Bitcoin? Here's an Explanation Even a Five-Year-Old Will Understand

Hopefully that would be clear enough. Also, instead of asking what bitcoin in general is, maybe ask questions about it instead? Tell us what specifically do you not understand about bitcoin; I think it will be better that way. Goodluck.

Deerfarmer

newbie

Activity: 11

Merit: 0

Hi sorry for this question but I can’t wrap my head around this. I found out about bitcoin about a year ago but just started looking into it again. After watching videos and reading all day I finally came across this forum so maybe someone could point me in the right direction. I don’t understand how any of this really works. What I don’t get is when you put money in your account what or how do you do with it. Do you buy coins from other ppl that want to cash out. That doesn’t make any sents to me. Idk I don’t get it. So far today all it got was IOTA was or is going to be as big as bitcoin, I set up an account at Coinbase,and one at Binance and I’m waiting for my account to be confirmed. When I understand this is there a minimum amount of money I have to put in. I don’t think there is but thought I’d ask. Thanks for taking the time to help me.

Topic: Help me understand this bitcoin thing please - page 2. (Read 348 times)