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bayoubengals88
Wisconsin Fan
LA
Member since Sep 2007
9546 posts

Official CryptoTalk Thread
How to Buy/Exchange Crypto/Wallets + Information

If on Coinbase to Binance

- Go to Binance
- Click Deposit/Withdraw
- Find ETH/LTC/BTC coin you have, click deposit
- Copy the address it creates

- Go back to Coinbase
- Go to accounts
- Click Send
- Paste address + amount and enter code

- Wait


DEBIT/CREDIT CARDS ARE INSTANT

BANK ACCOUNTS TAKE 7-10 DAYS


If Coinbase to Gdax
- Go to Gdax
- In top left click exchange pair (ETH/USD, BTC/USD, etc)
- Click Deposit
- Find Coinbase transfer and enter information (will be instant and free)


From GDax to Binance
- Go to Binance
- Click Deposit/Withdraw
- Find ETH/LTC/BTC coin you have, click deposit
- Copy the address

- Go to Gdax- Find
- In top left click exchange pair
- Click withdrawal
- Click ETH/BTC/LTC address
- Put in amount + address + 2FA


Coinbase or GDax to Bittrex
- Go to Bittrex
- Click Wallets
- Find your coin (BTC/ETH/LTC)
- Click plus sign
- Copy Adress

- Go back to Coinbase/Gdax and follow previous steps




(I do not do much on Cryptopia, Poloniex, or Gemini outside of sending coins, but it is a similar process as above)
(To buy coins on aids exchange, it would be similar and depending on exchange I will help)


Types of Wallets

Paper Wallet

Online Wallet, although each coin has different wallets for staking

Coindesk How to Store

What is Staking

Staking
quote:

Proof of Stakes involves buying the coin and keeping in the wallet for a certain fixed period, just like putting money in a fixed deposit for a fixed period. For Fixed deposit, you will be paid an interest as a reward. For Proof of Stake, you will be paid additional coins as a reward.


From SaintTiger
quote:

Cryptocurrency Exchanges Cryptocurrency exchanges are the apps and websites that allow you to trade the various cryptocurrencies that have been developed. Although there are many exchanges, if you are in the US you can only use certain ones, same for those overseas. Right now the 4 popular crypto exchanges in my opinion are:

quote:

Coinbase- if I could illustrate it on a map Coinbase would be the start point and end point for your crypto endeavors as of today and for the foreseeable future. It is the only exchange for US citizens to covert crypto to and from USD. I’ll go over this later. Coinbase has 3 coins you can trade and invest in, BTC, ETH, and LTC. We call these the major coins because they allow you to exchange and buy alternate crytpocurriency coins (alts) on other exchanges. (Yes I know I left a coin out but I’d rather not give that coin publicity, it’s a blatant ruse).


quote:

GDAX- GDAX is a sister of coinbase. It can do all of what coinbase does except the USD conversions/deposits/withdrawals. It has a little more information and analytics than coinbase and some prefer it over coinbase.


quote:

Binance- Binance may seem like the matrix when first signing up. Binance is the most preferred exchange to trade “alts”. It’s relatively user friendly and has most “alts” you would be looking for. If you are wanting to day trade and have a portfolio mostly of “alts” Binance needs to be your second stop. Binance has a .1% trading fee with withdrawal fees that are calculated based on your crypto.


quote:

Bittrex- Bittrex is another popular exchange. Bittrex handles a large amount of trades daily, the exchange has numerous amount of Altcoins , so users can trade all types of coins. Trading fees are .25% on this exchange.


quote:

Please understand that the process to sign-up for these exchanges are very particular for important reasons. On most exchanges you will be required to verify your id by uploading a picture of some sort of identification card (passport, drivers license). When you sign-up make sure your name matches on everything. Lastly, be patient with exchanges. Some exchanges are faster than others and it’s usually dependent on volume. Wait times for sign-up approval vary from 10 minutes to a couple of days, no way around it. I would not recommend these exchanges if they were shady. In my opinion they are taking the right measures to safeguard your information.
There are a many more exchanges but this allows you to get your feet wet. Now I’ll move on to actually investing. As I mentioned before everything starts and ends with coinbase for those in the US.


quote:

How to buy on Coinbase: Coinbase allows you to attach your credit/debit card or a bank account to the exchange for convient trading. Coinbase will confirm your card or account by making a small transaction (usually $1) and will clear it after confirmed. If you chose to attach your credit/debit card you can send and receive money instantly via coinbase. If you choose to use your bank account it take on average 1 week to fully process. The important thing here is that once you have bought a coin on coinbase that price is locked in after you confirmed buy. Obviously that can be good or bad, depending on how you like to trade, just be aware.


quote:

Cashing Out: This is mainly for those wanting to be alt investors. To cash out your returns from alts you need to do the reverse method of the previous paragraph. Start from your exchange and convert your alt to a major coin. Obtain an address through coonbase. As of right now Coinbase is the only exchange you can cash out with. Send your major coin to coinbase using your address. Sell your coin on coinbase, it should be in your USD wallet. You will then be able to wire it to your bank account. The average limit to transfer is $10k. The important thing to remember here is that when your major coin is in limbo from exchange to exchange the value of it can fluctuate.


Image: https://i.imgur.com/4qjxWz5.jpg


Thank you LSUtoOmaha and DBF for introducing Ethereum to the board and for your research.

1) It's a crypto/digital currency like Bitcoin
2) It's trading at about $80 per unit right now
3) You can buy it pretty easily on coinbase. I signed up and bought within five minutes.

4) You can use your credit card (I'm already thinking of manufactured spending).
5) You can only spend $100 per week via credit card unless you provide picture ID, which I'm a little hesitant to do.
6) There is a 3.5% fee on credit cards

7) You can buy much more by linking a bank account
8) I bought 1.2 unite...if it goes to zero I lost $100. If it turns into Bitcoin then I make a lot of money.

ETA: After adding ID I can now buy $300 per week via Credit Card and $5,000 per week via bank draft. Best I can tell, these limits increase with time and usage.

Now, Let's get rich!
This post was edited on 1/9 at 6:14 pm


dabigfella
Houston Astros Fan
Member since Mar 2016
6684 posts

re: Official CryptoTalk Thread
well all im going to say about the $80 value is the market cap is $6B vs Bitcoin around $21B, so whatever you do please dont buy it looking for $1500 like BTC at least not short term. LSUtoOmaha is the one to credit, I just mentioned it in passing where people were mentioning facebook,tesla,bitcoin and all the high tech trades missed bc of valuations.

To me after reading alot about Ethereum, it strikes me as something that could dethrone bitcoin. LSUtoOmaha was dead on mentioning a must buy at $52 on tuesday and its $80 right now.

Coinbase is cool but I hate the limits it has in place I bought $2500 yesterday, and it upped my limit to $2700 today so I bought more using the bank transfer. The credit card limits were $100.

Its actually quite a bit more fascinating if you read about it. Great call by LSU to Omaha.


bayoubengals88
Wisconsin Fan
LA
Member since Sep 2007
9546 posts

re: Official CryptoTalk Thread
quote:

Its actually quite a bit more fascinating if you read about it. Great call by LSU to Omaha.

Yeah I probably won't get any sleep tonight.


dabigfella
Houston Astros Fan
Member since Mar 2016
6684 posts

re: Official CryptoTalk Thread


texag7
USA Fan
College Station
Member since Apr 2014
23312 posts

re: Official CryptoTalk Thread
Intriguing for sure. I've been following it on Bittrex along with PIVX for a few weeks
This post was edited on 4/30 at 7:23 pm


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bayoubengals88
Wisconsin Fan
LA
Member since Sep 2007
9546 posts

re: Official CryptoTalk Thread
What do you think is driving this? I mean, I bought at $80 and it's gone up 2 bucks in thirty minutes.

Is it simply awareness??


okietiger
Atlanta Braves Fan
Chelsea F.C. Fan
Member since Oct 2005
36656 posts
 Online 

re: Official CryptoTalk Thread
I wish you didn't troll the MSB so much because I'm finding it hard to trust you


dabigfella
Houston Astros Fan
Member since Mar 2016
6684 posts

re: Official CryptoTalk Thread
not at all. If I had to guess honestly, fundamentals. It's like your thread where I pounded the table on Tesla at $244 if Mobileye was worth $15B. Tesla vision is worth more than mobileye alone and tesla has a market cap barely over $40B at that juncture. If BTC is worth $21B+ why isn't ethereum worth at least $150 right now, bc thats $14B and 2/3 of bitcoin.

From everything I read fundamentally speaking, ethereum is a better platform. Mainly bc java, there were alot of things about bitcoin that ethereum does better. Like Lsuto omaha mentioned the smart contract, the big businesses using it,etc. All in all same concept more room to grow due to early in crypto life cycle imo.

Again at the end of the day whether its legit or not in the eyes of alot of people, it was up 15% today and that was real money that could have been made. You can't ignore these future trends from social media to cryptocurrencies to electric cars based on valuations. We're an incredible society and we're always moving forward, so why would you invest in the past? Im actually pretty intrigued by alot of the applications ETH is compatible with. I really think it has some incredible real world applications in the near future.

I really wish I could make a decent sized bet on this stuff under $100 and let it ride but it looks like Im relegated to $5000/week now on coinbase until 59 days from now. I read alot about this stuff and I told myself Im going to buy all that it allows me to buy until $100. Then forget about it, and see where it goes. So far I've been able to procure like $6000 worth between the bank transfer and what it allowed me to buy on my credit card which isn't much.


dabigfella
Houston Astros Fan
Member since Mar 2016
6684 posts

re: Official CryptoTalk Thread
quote:

I wish you didn't troll the MSB so much because I'm finding it hard to trust you


One shouldn't trust anyone online, you could do your homework on everything I say, it matches up when it comes to investing.


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91
dabigfella
Houston Astros Fan
Member since Mar 2016
6684 posts

re: Official CryptoTalk Thread
LINK

Read that link, the founder of coinbase said some things, it was published today, and he thinks ethereum can blow past bitcoin

quote:

“There is nothing that bitcoin can do which Ethereum can’t. Currency definition economics While Ethereum is less battle tested, it is moving faster, has better leadership and has more developer mindshare.


quote:

Still, Ehrsam sought to position Ethereum as moving the development of “digital currency” and its technology forward, emphasizing that Coinbase intends to support both protocols, and that it sees them growing together to become “low-level protocols” in what could be a new Internet for value exchange.




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bayoubengals88
Wisconsin Fan
LA
Member since Sep 2007
9546 posts

re: Official CryptoTalk Thread
quote:

“Beyond a leadership vacuum, bitcoin’s ‘leadership’ is less clear and toxic,” he said. Fx position definition “The content on the bitcoin discussion boards feels like squabbling while Ethereum’s is talking about relevant issues and new ideas.”

Ultimately, Ehrsam’s most pronounced criticism was that the Ethereum perhaps has momentum on its side, as he said the network is making “faster and more consistent” technical progress than bitcoin.
We shall wait and see.


dabigfella
Houston Astros Fan
Member since Mar 2016
6684 posts

re: Official CryptoTalk Thread
I dont think you have to wait and see

Ethereum has a transaction time of 15 seconds versus Bitcoin's which can be 10 minutes or longer. From what I read Ethereum is hoping to eventually transition to a security model that will allow it to further reduce its transactions time to 3-4 seconds.

Ethereum is fully programmable via its Solidity smart contract language. So basically, there are an unlimited number of things that you can do with Ethereum that you can't and never will be able to do with Bitcoin.

Its in the top of the first inning as well just like the electric motor. I actually spent a few hours reading about it, watching some videos and I really see nothing to stop this from being bitcoin size or greater. I dont believe its even traded in china as we speak and china is one of the reasons bitcoin is soaring so much in the last 24 months. So if I read right and its not traded in China, just imagine what happens when that occurs.


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02
TigeRoots
New Orleans Saints Fan
Member since Oct 2008
4981 posts

re: Official CryptoTalk Thread
I went to buy some today (my $2,500 max) and it told me that it would not be available to me for 9 days. Is that what you guys are seeing also? Not a huge deal as I'm not looking to sell anytime soon, but just curious.


dabigfella
Houston Astros Fan
Member since Mar 2016
6684 posts

re: Official CryptoTalk Thread
That is correct, i did that yesterday, I sent in my ID after that and today it let my buy $2700. It updates actually every few minutes ie you have a set limit over a week, mine is $5k at this moment so it seems like you get a few extra dollars of credit every few minutes. I think from a risk/reward standpoint anything under $10B market cap which from here would be about $120 is where you stand to make some good money if I had to guess based on where bitcoin is trading market cap wise.

Its interesting to see the big corporations openly supporting this technology: microsoft,jp morgan chase, santander.....I suppose they're not opposed to it like bitcoin bc this thing has real leadership behind it.


TigeRoots
New Orleans Saints Fan
Member since Oct 2008
4981 posts

re: Official CryptoTalk Thread
quote:

Its interesting to see the big corporations openly supporting this technology: microsoft,jp morgan chase, santander


Yes, that was the lure for me. Seems to be more accepted and supported than Bitcoin by big name Corporations. I believe there is even an ongoing process to get an Ethereum ETF approved through the SEC.

This thing has shot up since Omaha first mentioned it. I've done a fair amount of DD since then and I am still rather confused as to how these crypto currencies work. Would there ever be a practical application for the general public?
This post was edited on 4/30 at 8:51 pm


dabigfella
Houston Astros Fan
Member since Mar 2016
6684 posts

re: Official CryptoTalk Thread
o man, yes yes yes, I dont have the time to explain it right now, especially since I write these passionate, detailed responses on the things I invest in but this type of blockchain tech is the future. The fact you see things like JP Morgan and Microsoft get behind should tell you as much. Bitcoin for all its fascinating capabilities is still very much a skeptical thing to these big corporations bc there is no face to the product meanwhile this ethereum has a brilliant, 23 year old founder who from everything I've watched and read seems like he's cut from that Mark Zuckerberg,Elon Musk,etc brilliant human being type.

There are a ton of really cool ether based projects coming in the very near future. Here, read this reddit thread for now I'll try to explain more tomorrow, have to get to bed, we have to take our dog in for surgery super early in the morning but it can disrupt a TON of industries.

LINK
This post was edited on 4/30 at 8:57 pm


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51
tigersnipen
LSU Fan
Member since Dec 2006
1869 posts

re: Official CryptoTalk Thread
up to 9.5 ETH now.


TigeRoots
New Orleans Saints Fan
Member since Oct 2008
4981 posts

re: Official CryptoTalk Thread
quote:

There are a ton of really cool ether based projects coming in the very near future. Here, read this reddit thread for now I'll try to explain more tomorrow, have to get to bed, we have to take our dog in for surgery super early in the morning.


Cool man, good luck with the surgery.


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rocket31
Toledo Fan
Member since Jan 2008
33478 posts

re: Official CryptoTalk Thread
im in for the max allowed right now 2500


The Boat
Duke Fan
Leeds
Member since Oct 2008
92508 posts

re: Official CryptoTalk Thread
Anyone had any trouble from their bank for depositing a large amount into Coinbase? I know Chase can be pretty big bitches about this stuff and also online betting sites so I don't want to get shut down by the man.


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