The Bitcoin (BTC) thread

Talus

Sparrow
I say this as someone who still hasn't gotten around to learning how to use a wallet. I should probably do that.

Imperative. Download a good mobile wallet and move your stack. I recommend Samourai Wallet if you are on android. It's not as complicated as it looks. Just remember to always write down your seed phrase and pin number and keep in a safe, secure place.

Edit. If you have a significant amount of BTC, you need to spend the money and get a hardware wallet. Trezor or Coldcard. Cold storage is more secure.
 

bucky

Ostrich
Imperative. Download a good mobile wallet and move your stack. I recommend Samourai Wallet if you are on android. It's not as complicated as it looks. Just remember to always write down your seed phrase and pin number and keep in a safe, secure place.

Edit. If you have a significant amount of BTC, you need to spend the money and get a hardware wallet. Trezor or Coldcard. Cold storage is more secure.
Yes, even from the little I know, it's my understanding that a hardware wallet is the way to go. A little intimidating because I guess you can make a mistake and lose it all, but it's the same with USD, precious metals, or anything of value, whether you hold it or someone holds it for you.

Not asking you to teach me how, since it's on me to research, but it's true that with either a hardware or software wallet, you do have a passphrase/PIN you can use to recover your BTC in case of a technical failure, right?
 

Talus

Sparrow
Every wallet now days will create a secure seed phrase of 12 or 24 words. As long as you have that seed phrase you can always recover your funds. Lose the seed phrase, and your funds will be forever frozen on chain.

When you first fire up your wallet, before you ever transfer any funds to it, you will be given your seed phrase. At that point you can verify the phrase before any of your funds are at risk. It may seem complicated as you read this, but it's actually quite a simple process.
 

BURNΞR

Pelican
This is why I don't care about the US approving ETFs. Just more rehypothecation and fractional reserve tripe to manipulate and suppress the market like precious metals. The big difference being that delivering physical metals is costly and time consuming. It takes less than an hour and a couple of bucks to retrieve bitcoin. In other words, much harder to manipulate Bitcoin price.
 

lonewolf1968

Kingfisher
Yes, even from the little I know, it's my understanding that a hardware wallet is the way to go. A little intimidating because I guess you can make a mistake and lose it all, but it's the same with USD, precious metals, or anything of value, whether you hold it or someone holds it for you.

Not asking you to teach me how, since it's on me to research, but it's true that with either a hardware or software wallet, you do have a passphrase/PIN you can use to recover your BTC in case of a technical failure, right?
You can also send 10 usd first just to check and then send your full stack. I did that and didnt have any problem
 

BURNΞR

Pelican
Yes, even from the little I know, it's my understanding that a hardware wallet is the way to go. A little intimidating because I guess you can make a mistake and lose it all, but it's the same with USD, precious metals, or anything of value, whether you hold it or someone holds it for you.

Not asking you to teach me how, since it's on me to research, but it's true that with either a hardware or software wallet, you do have a passphrase/PIN you can use to recover your BTC in case of a technical failure, right?

The 12/24 words is your back up in case you enter the pin code wrong. With hardware wallets 3 missed inputs and it resets itself. I recommend Ledger Nano X or S. Don't bother with software/hot wallets, you are just asking to get hacked (hot wallets are only safe to use together with hardware wallets). I would never enter my 12/24 words into a device connected to the internet, only a hardware wallet.
 
Any thought's on bitcoin's recent bounce off the 50 week moving average ? Every single time bitcoin has done this in it's entire history it then tests the 20 week moving average and then returns to the 50 week moving average and falls through it . (The 20 week is currently at $44.5k, the 50 week is $32.6)

Will history will repeat itself again ? Gentlemen, please weigh in .

(Not to bias anyone but personally, I see bitcoin back in the $30k range in 2 weeks and even lower in the fall)
 
Any thought's on bitcoin's recent bounce off the 50 week moving average ? Every single time bitcoin has done this in it's entire history it then tests the 20 week moving average and then returns to the 50 week moving average and falls through it . (The 20 week is currently at $44.5k, the 50 week is $32.6)

Will history will repeat itself again ? Gentlemen, please weigh in .

(Not to bias anyone but personally, I see bitcoin back in the $30k range in 2 weeks and even lower in the fall)

Yes. First thought: The strength of the upswing was astounding. 10% in a single day, from 29K to 40K. More than a "bounce" that's a full on long distance 3 pointer.

It would indicate that Bitcoin could regain 60K much quicker than many thought, if it can regain 10%, 29K to 40K in one day.

The impressive thing was also that this upswing preceded the US Dollar fall yesterday. It was it's own BTC move, driven by good news about BTC, that Tesla will accept Bitcoin again, that Cathy Wood was suggesting it is a good hedge instrument etc.

Second thought: After such a major upswing one would expect a correction downwards, this under way but yesterday's Fed announcement led to a major fall in the USD so this again pushed BTC up. It is just we know the market moves in waves, so a correction is to be expected at some point now most likely.

Third thought: Given that BTC can move up 10% in a single day it can move from 40K to 30K, or 40K to 50K on any given day. In terms of what the immediate future brings we will have to see, Amazon has now said it will not accept Bitcoin, but JP Morgan has started to market Bitcoin, so institutions are opening the doors for Bitcoin.

I now think it could go up quicker than anticipated. Why do you think it will fall to 30K and lower in Fall?
 
Yes. First thought: The strength of the upswing was astounding. 10% in a single day, from 29K to 40K. More than a "bounce" that's a full on long distance 3 pointer.

It would indicate that Bitcoin could regain 60K much quicker than many thought, if it can regain 10%, 29K to 40K in one day.

The impressive thing was also that this upswing preceded the US Dollar fall yesterday. It was it's own BTC move, driven by good news about BTC, that Tesla will accept Bitcoin again, that Cathy Wood was suggesting it is a good hedge instrument etc.

Second thought: After such a major upswing one would expect a correction downwards, this under way but yesterday's Fed announcement led to a major fall in the USD so this again pushed BTC up. It is just we know the market moves in waves, so a correction is to be expected at some point now most likely.

Third thought: Given that BTC can move up 10% in a single day it can move from 40K to 30K, or 40K to 50K on any given day. In terms of what the immediate future brings we will have to see, Amazon has now said it will not accept Bitcoin, but JP Morgan has started to market Bitcoin, so institutions are opening the doors for Bitcoin.

I now think it could go up quicker than anticipated. Why do you think it will fall to 30K and lower in Fall?
Oh you're right Mr. Alpha, $10k in a day isn't a bounce at all , quite the rally indeed.

I said $30k or lower in the fall because if you look at the entire history , every time bitcoin tests the 50 week moving average as support , it ascends , tests the 20 week moving average as resistance, and returns to the 50 week moving average and then falls through . As a result of falling through the 50 week, the 20 week actually would move under the 50 week and then we build the support to start our climb to a 6 figure bitcoin (via bouncing off the 20 week and holding it as support as the 20 week overtakes the 50 week again) . ( I'm also of the opinion each bitcoin cycle lengthens and the return on investment diminishes . So $100k-130k by the spring 2022 or even 2023 . Not to get off topic)
 
Oh you're right Mr. Alpha, $10k in a day isn't a bounce at all , quite the rally indeed.

I said $30k or lower in the fall because if you look at the entire history , every time bitcoin tests the 50 week moving average as support , it ascends , tests the 20 week moving average as resistance, and returns to the 50 week moving average and then falls through . As a result of falling through the 50 week, the 20 week actually would move under the 50 week and then we build the support to start our climb to a 6 figure bitcoin (via bouncing off the 20 week and holding it as support as the 20 week overtakes the 50 week again) . ( I'm also of the opinion each bitcoin cycle lengthens and the return on investment diminishes . So $100k-130k by the spring 2022 or even 2023 . Not to get off topic)
I quite agree that we need to see a support on the 40K if things will go up. The USD fall yesterday means that the renewed BTC upswing is not necessarily due to BTC own strength.

Yes, in principle as BTC matures in theory the returns should get smaller and the moves up therefore could be smaller as well, good point.

Interesting idea about the MA cycle, I will have a look at that.
 

Freebird Flying

Woodpecker
About Trading platforms and possible crypto accounting / services: (based in US here)

I'm getting hit with high fees on Coin base, but the Binance was difficult to track with my tax returns. My accountant can't even calculate this one. I spent a lot of time getting all this info over to her so she can deal with it.

Can anyone recommend a user-friendly place I can trade recreationally, that's also the easiest for tax returns and competitive on fees. What about the coin base trading platform?

And I could combine with my Coin base transactions possible, if any. I had a lot this year already...
 

Knight.of.Logos

Robin
Orthodox Catechumen
About Trading platforms and possible crypto accounting / services: (based in US here)

I'm getting hit with high fees on Coin base, but the Binance was difficult to track with my tax returns. My accountant can't even calculate this one. I spent a lot of time getting all this info over to her so she can deal with it.

Can anyone recommend a user-friendly place I can trade recreationally, that's also the easiest for tax returns and competitive on fees. What about the coin base trading platform?

And I could combine with my Coin base transactions possible, if any. I had a lot this year already...
Kraken is much better than Coinbase.
 

zoom

Kingfisher
Gold Member
About Trading platforms and possible crypto accounting / services: (based in US here)

I'm getting hit with high fees on Coin base, but the Binance was difficult to track with my tax returns. My accountant can't even calculate this one. I spent a lot of time getting all this info over to her so she can deal with it.

Can anyone recommend a user-friendly place I can trade recreationally, that's also the easiest for tax returns and competitive on fees. What about the coin base trading platform?

And I could combine with my Coin base transactions possible, if any. I had a lot this year already...

Check out a crypto tax software. The software will do all the calculations for you.
 
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