Newbie questions crypto thread

Lampwick

Woodpecker
Gold Member
bucky said:
Adonis said:
bucky said:
SamuelBRoberts said:
Is it too late in invest in bitcoin given the fact that its value has skyrocketed?

Probably not.

Also, apart from bitcoin, is there any other good crypto one could invest in as a newbie?

Yeah there's a bunch. Buy some ETH, maybe? Lots of people like ETH.

If I buy ETH on coinbase now, can I realistically expect to be able to convert some of it to Ripple and Monero in the near future? I'm a newb and still somewhat confused about how to actually purchase Ripple and Monero, the two cryptos that actually interest me the most.

Of course you can.

I just bought a little bit the other day and the whole thing from initial buy to downloading new coins to my wallet took <1hr.

May I ask which exchanges you used and where you're located? I'm getting my ass handed to me by exchanges being unusable from my location (e.g. coinbase) or just being completely down (e.g. Kraken). Also, out of curiosity did you convert ETH to XMR or XRP? That's what I really want to do but my understanding is that I'd have to purchase ETH on one exchange then use it on another to buy XMR and XRP which I just haven't been able to figure out.

I'm in Central America, by the way.

Since you are in Central America, but have a US credit card/bank account, you have a somewhat different situation. To solve this, you have two options, according to what I was able to find:

1. Use a VPN to sign up on Coinbase. I wrote about this here:

https://www.rooshvforum.com/thread-66252-post-1708202.html#pid1708202

I tested this with my VPN just now, and I was able to create an account. To do this, you will need a US phone number, proof of US citizenship, etc. Be warned that there is an inherent risk with this method that your account will be locked.

2. Sign up with an exchange that supports Central American countries and the US. I found this one, which supports all Central American countries except Belize:

https://satoshitango.com/

This site only supports BTC though, and I think the exchange fees are high as well. So you will be paying very high fees both to buy BTC as well as to transfer it to another exchange that trades XRP and XMR, such as Binance.

There is also this site, where you can directly buy ETH with credit card:

https://www.coinmama.com/

Fees are probably the highest in the industry though, at 6%. People have also reported long delays in receiving their coins, and the exchange is of course slammed right now with everyone trying to sign up.
 

the-dream

Kingfisher
Maybe you are much better off purchasing them in Mexico though so that you don't leave a paper trail in the UK as sooner or later I imagine they will want to regulate and tax to the max, maybe even like the USA wanting their citizens to track every crypto to crypto trade and pay tax on that.
 

RedPillUK

Pelican
Thanks, the dream

I've tried a few websites. Coinbase didn't support it. Coinify verified me but still waiting for bank transfer to appear, seems suspicious. BitPanda I fully verified with today and then I had mysterious transaction error when I tried to pay..

I will probably try Bittylicious and if that doesn't work I will just have to open a bank account here (I need to do that anyway but it's difficult for me to get proof of residence to open one) I had to use an ex-girlfriend's bank account to purchase before. I'm not too scared of tax as it's just small amounts I'm playing around with. Besides I can only be taxed when I try and cash it out. For that I have a few ideas in case I do have a lot of money to cash out.
 

the-dream

Kingfisher
On Bittylicious, you just get given the bank details of the person you're buying the coins from then its up to you to transfer them the money and when you do, Bittylicious automatically releases the coins. It's much more straightforward and transparent than any other UK bitcoin service that I've used.
 
What are the fastest ways to withdraw fiat $ from a rarecoin.

Let's say that I have some rarecoin like LSK or ARK or SUB in an exchange.

I exchange it for ETH or BTC and then what is the process to easily actually transform this to $ in my physical bank account and how long it takes?

Thank you
 

RedPillUK

Pelican
SamuelBRoberts said:
You're not using enough gas when you do your ETH transfers.
The ETH network is really backed up lately, and the default gas prices (Which were set when ETH was far smaller than it is now) are no longer sufficient.

What gas price should we set now?
 

Orson

Kingfisher
the-dream said:
On Bittylicious, you just get given the bank details of the person you're buying the coins from then its up to you to transfer them the money and when you do, Bittylicious automatically releases the coins. It's much more straightforward and transparent than any other UK bitcoin service that I've used.

THIS is one of the several hurdles for Bitcoins as money. (As "currency" its a different matter.)

Also, liquidity is the biggest problem with the recent and ongoing Bitcoin mania.

I mean, people are taking out mortgages to invest in Bitcoin.

So, Bitcoin is likely a worthy long-term investment, despite the hurdles. But the publicly traded companies exploiting is and especially blockchain technology, are ripe for speculation.

Finally, the lack of transparency will continue to dog Bitcoin as the pioneering cryptocurrency at several levels
 

Vienna

Kingfisher
Gold Member
Tried to transfer some Ethereum from my EtherDelta wallet to their smart contract in order to buy some crypto. There was a transaction confirmation along with transfer code that I could track on EtherScan.

This was 10 hours ago. I still have the same amount of ETH available in my EtherDelta wallet, nothing in the smart contract to trade on the market with. When I try to withdraw or otherwise transfer ETH from the smart contract it says I have no funds etc. Has anyone else had this problem with EtherDelta? Is it just clogged ETH transfers that has been going on since the last 24 hours?
 

RedPillUK

Pelican
I underestimated the amount of Ethereum you need to leave in your wallet for gas, so now I've got some Ethereum stuck in the smart contract at Etherdelta until I can deposit some more. Rookie mistake.
 

Vienna

Kingfisher
Gold Member
RedPillUK said:
I underestimated the amount of Ethereum you need to leave in your wallet for gas, so now I've got some Ethereum stuck in the smart contract at Etherdelta until I can deposit some more. Rookie mistake.

I did the exact same thing right now! Won't make that mistake twice. Here's to being current crypto noobs and future crypto ballers:

giphy.gif


Gonna spend the weekend with some needed rest after a crazy NYE, rest meaning researching crypto trading. Cheers.
 

RedPillUK

Pelican
:laugh:

:highfive:

Hey it could be worse, have you heard any of these horror stories?

"I don't know what to do.

I was fomoing into BNTY and didn't pay attention on EtherDelta and fucked up. I just lost 15 ETH. I lost everything and don't know what to do. Please be careful with ED, if anyone has any advice to help me cope or figure out how to try and maybe get something back please help, I'm seriously freaking out.

EDIT: For clarification, I miss typed the price and order size in the wrong fields for a really large order. I bought 0.0003 BNTY for 15 ETH...."

https://www.reddit.com/r/CryptoCurrency/comments/7ml6on/i_fucked_up/

I think he wanted to buy 15 BNTY for 0.0003 ETH, unfortunately he got that the wrong way round, spending 15k on a miniscule amount of BNTY.
 

bucky

Ostrich
RedPillUK said:
:laugh:

:highfive:

Hey it could be worse, have you heard any of these horror stories?

"I don't know what to do.

I was fomoing into BNTY and didn't pay attention on EtherDelta and fucked up. I just lost 15 ETH. I lost everything and don't know what to do. Please be careful with ED, if anyone has any advice to help me cope or figure out how to try and maybe get something back please help, I'm seriously freaking out.

EDIT: For clarification, I miss typed the price and order size in the wrong fields for a really large order. I bought 0.0003 BNTY for 15 ETH...."

https://www.reddit.com/r/CryptoCurrency/comments/7ml6on/i_fucked_up/

I think he wanted to buy 15 BNTY for 0.0003 ETH, unfortunately he got that the wrong way round, spending 15k on a miniscule amount of BNTY.

That's horrifying and sounds like something I might do. I once rented a car from the wrong city when I was on a business trip, and another time I booked my return flight from Central America for the wrong month.

So basically, you set your own offer price when you buy one coin with another?
 
As far as I know, a lot of people buy crypto coins because they want to remain unknown. Why does Binance or others, ask so much identification when you want to get verified?
 
Top