I have a question about bitcoin purchases.

tranthidung

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Quote from: YOSHIE on February 09, 2022, 02:23:51 AM

90% Of All Bitcoins Mined. When Will All Bitcoin Enter CIrculation?

More details, read the Bitcoin Wiki on Controlled supply
In the end of 2032 - 2036 epoch era, 99.2% of Bitcoin in total supply will be mined. You can see in it Wiki or in another version to represent it.

How is the 21 million Bitcoin cap defined and enforced?
In addition to the decrease of block reward, more miners will join, new all time high of hashrates & difficulty will occur. Consequently, less reward for each miners with same hashrate as of today.
If you buy Bitcoin in 2021, 2022, you are lucky as well as if you mine it in such years and in near future

TelolettOm

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Quote from: cinque8 on February 08, 2022, 03:17:23 PM

I am very new to cryptocurrency. I have a question:

When someone purchases bitcoins from a site like coinbase.com,
are they purchasing coins that have already been mined?

Hello, welcome
Yes of course. They are tradable and they have been mined. So, you may not worry about that.
You can buy and sell the BTC as you want, or only hold them in your wallet.
Keep it up to learn about Bitcoin and also othercryptocurrencies. You can get much information here in this forum, in the Bitcoin whitepaper, crypto websites, and also other platforms that provide information about crypto.
It may be something complicated to understand at first because you are new. But trust me, you can understand it as long as you wnatto read and learn more again.

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Quote from: cinque8 on February 08, 2022, 03:17:23 PM

I am very new to cryptocurrency. I have a question:

When someone purchases bitcoins from a site like coinbase.com,
are they purchasing coins that have already been mined?

Like other comments have pointed out, it is very important that you educate yourself on how Bitcoin works so that you would understand it and also not make mistake. And yes the coins that you are buying from coinbase.com or any exchanges at all are already mined coins.

There is no way that you would be able to buy a coin that is not yet mined, everything you see that circulates in the market are coins that has been mined. All the bitcoins are yet to be mined, you should try to read up on this and get to understand it better.

o_e_l_e_o

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Quote from: tvplus006 on February 10, 2022, 06:33:29 AM

It does not matter how much you will buy bitcoin on the exchange, since the commission is calculated in proportion to the purchase amount.

This is not universally true, and it isn't true for Coinbase which is the exchange OP referred to. Coinbase charges flat fees for all trades up to $200. For trades up to $10, the fee is $0.99, which is at least 10%, and between $10 and $25 the fee is $1.49, which is somewhere between 6% and 15%. Only once you start making trades above $200 do you get a percentage fee which will make it less relevant how much you are buying.

If OP wants to make $10 trades without getting hit with Coinbase's ridiculous fees, then he'll need to swap over to using Coinbase Pro.

tvplus006

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Quote from: Upgrade00 on February 08, 2022, 04:18:52 PM

Quote from: cinque8 on February 08, 2022, 03:49:17 PM

I may just start off with a $10.00 purchase if that is possible. Cheesy

A $10 purchase is definitely possible, although with the fees on exchanges it might not be worth it to buy such amounts.
Also, if you do decide to buy whatever amount of bitcoin, always move them out to a non custodian wallet after purchase to protect your assets and truly own them, since Not your keys; Not your coins.

It does not matter how much you will buy bitcoin on the exchange, since the commission is calculated in proportion to the purchase amount. But it will be economically unprofitable to withdraw such small amounts to the wallet, since the commission does not depend on the withdrawal amount and may be equal to the amount you withdraw.

YOSHIE

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Quote from: BlackHatCoiner on February 08, 2022, 03:18:27 PM

You can't own coins if they haven't been mined.

Very simple.

Was @cinque8, really curious about that.

90% Of All Bitcoins Mined. When Will All Bitcoin Enter CIrculation?

Quote

According to market data, 90 percent of all Bitcoins set to ever enter supply have now been mined. ... While mining 90 percent of Bitcoin took only 12 years, the remaining 10 percent is expected to take 120 years.

although, the OP buys in other markets besides coinbase.com there is only 10% left, maybe not in the buy/sell market.

Digitalbitcoin

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In addition, miners are who verify the transaction and store it in the block which is then put on the blockchain after verifying. Blockchain is an open-source ledger that keeps all records of mined bitcoins and keeps updated with every transaction processed on the blockchain.

Whenever you purchase bitcoin from an exchanger or any entity, it is very important to control your Bitcoins. As exchanges provide wallet addresses that they control, for higher security anyone can use their own independent wallet to store bitcoins and other cryptocurrencies. This can give them more control, mobility, and security.

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Quote from: cinque8 on February 08, 2022, 03:49:17 PM

Thank you for the great information and fast responses everyone !

I will definitely do my homework!

I may just start off with a $10.00 purchase if that is possible. Cheesy

Yes, do it so you actually have more incentive to learn about it. Skin in the game.

Hopefully you're a fan of research.

* If you like reading articles: https://coindesk.com/learn
* If you like reading books: https://theinternetofmoney.info/
* If you like watching videos: https://www.youtube.com/playlist?list=PLPQwGV1aLnTuN6kdNWlElfr2tzigB9Nnj

Security related:
* https://cryptosec.info
* https://www.lopp.net/bitcoin-information/security.html

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Quote from: poldanmig on February 08, 2022, 04:35:56 PM

Quote from: cinque8 on February 08, 2022, 03:49:17 PM

Thank you for the great information and fast responses everyone !

I will definitely do my homework!

I may just start off with a $10.00 purchase if that is possible. Cheesy

If you really want to try investing or trading, it's better for the first time with a little capital, because trading or investing has a big risk of loss if you don't have knowledge and experience, so with a little capital of course you can slowly gain experience and maybe slowly later you can increase the amount of your capital when you get good at investing or trading in the market.

Yeah, As a beginner it is usually wise to start with a small amount which is considered as one of the smart ways to invest in bitcoin.Once you are confident,start investing a higher amount. But always keep in mind that investing/trading is not just about making money but it is also about losing money. Thats why it is always advisable to never invest the amount that you cant afford to lose. For OP, goodluck for your investment journey!

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Quote from: cinque8 on February 08, 2022, 03:17:23 PM

When someone purchases bitcoins from a site like coinbase.com,
are they purchasing coins that have already been mined?

No - If you purchase the coins and keep them in a custodial wallet like coinbase.com. All you will be seeing in your account are figures of the "coins you own" that are off chain.

Yes - If you purchase the coins and transfer them to a noncustodial wallet like electrum. The coins you will be seeing in your account are on chain and this means they have already been mined at some point

aoluain

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Quote from: Upgrade00 on February 08, 2022, 04:18:52 PM

Quote from: cinque8 on February 08, 2022, 03:49:17 PM

I may just start off with a $10.00 purchase if that is possible. Cheesy

A $10 purchase is definitely possible, although with the fees on exchanges it might not be worth it to buy such amounts.
Also, if you do decide to buy whatever amount of bitcoin, always move them out to a non custodian wallet after purchase to protect your assets and truly own them, since Not your keys; Not your coins.

That is the difference between Bitcoin and traditional stocks, there really is
no minimum, so yea $10 is possible but why so conservative? If you can
afford $10 x 10 that would be better.

I remember back in 2017 ^January I made my first move into Bitcoin
and I conservatively bought $100, 5 years later and I look back and see I should have
started with more.

GeorgeJohn

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Quote from: cinque8 on February 08, 2022, 03:17:23 PM

I am very new to cryptocurrency. I have a question:

welcome to bitcointalk community I can see that you are new here and actually you want to learn things of cryptocurrency, question, provide access to learn things that is strange to the newbies

Quote from: cinque8 on February 08, 2022, 03:17:23 PM

When someone purchases bitcoins from a site like coinbase.com,
are they purchasing coins that have already been mined?

Before a coin come into existence they are already mined, so any coin you purchase today has passed or undergoes the process of mining before any other things, i believe you will comprehend this and been convinced with me, i know this thread is a virgin thread and other people will also render their opinions step by step.

poldanmig

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Quote from: cinque8 on February 08, 2022, 03:49:17 PM

Thank you for the great information and fast responses everyone !

I will definitely do my homework!

I may just start off with a $10.00 purchase if that is possible. Cheesy

It seems that all the members here have provided answers to the questions you asked, and I think you have understood where the bitcoins traded on coinbase and other exchange platforms that exist today come from.
If you really want to try investing or trading, it's better for the first time with a little capital, because trading or investing has a big risk of loss if you don't have knowledge and experience, so with a little capital of course you can slowly gain experience and maybe slowly later you can increase the amount of your capital when you get good at investing or trading in the market.

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Quote from: cinque8 on February 08, 2022, 03:49:17 PM

I may just start off with a $10.00 purchase if that is possible. Cheesy

A $10 purchase is definitely possible, although with the fees on exchanges it might not be worth it to buy such amounts.
Also, if you do decide to buy whatever amount of bitcoin, always move them out to a non custodian wallet after purchase to protect your assets and truly own them, since Not your keys; Not your coins.

cinque8

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Thank you for the great information and fast responses everyone !

I will definitely do my homework!

I may just start off with a $10.00 purchase if that is possible. Cheesy

o_e_l_e_o

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Yes. All the coins you are buying, selling, trading, etc., have already been mined.

When a miner or mining pool solves a block, they receive the block reward which includes brand new bitcoin. This newly mined bitcoin is sent to the miner's address, or to the mining pool's address to then be split up between all the miners in that pool. This newly mined bitcoin cannot be spent until it has 100 confirmations, which will take on average 16 hours and 40 minutes. After those 100 confirmations, the miner(s) who received the new bitcoin can choose to send it to an exchange or trade it with other users, if they so wish, or just hold on to it themselves.

All the bitcoin which Coinbase are holding and using to sell to customers has already been through this mining process and has been sold or transferred by the miner and is now in general circulation. Think of it like when you take cash out of an ATM. The cash isn't being printed by the ATM then and there - it was printed at some time in the past and is sitting in the ATM's reserves waiting for someone to withdraw it.

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Quote from: BlackHatCoiner on February 08, 2022, 03:18:27 PM

You can't own coins if they haven't been mined.

This ^^

OP, you need to read the bitcoin whitepaper before you do anything. Give yourself at least a small idea about the inner workings of bitcoin.

BlackHatCoiner

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Farewell, Leo

You can't own coins if they haven't been mined.

cinque8

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Hello,

I am very new to cryptocurrency. I have a question:

When someone purchases bitcoins from a site like coinbase.com,
are they purchasing coins that have already been mined?

Thank you

Topic: I have a question about bitcoin purchases. (Read 217 times)