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silversword

Bitcoin (and other crypto currencies)

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Bittylicious.co.uk and bitbargain.co.uk are the easiest way to buy bitcoins.

For alt-coins it's price wise to buy bitcoin then trade them on exchanges yourself.

Cheers HH - I think I'll stick with bitcoin for the moment.

Bittylicious seems fairly simple. Bitbargain seems more complex but the amount of BTC you get for your set gbp amount seems to vary wildly.

Bittylicious will give me 0.05 for £20.95 but somebody on Bitbargain seems to want to give me 0.06 - some will only give 0.02.

Seems like a minefield.

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Bittylicious is still a marketplace of independent sellers however it's set to give you the cheapest offer from those sellers.

Remember to password protect (encrypt) your wallet with something you'll never forget and also back up your wallet. It's a small file so can go on a disk, pen-drive etc. You can even email it to yourself.

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Remember to password protect (encrypt) your wallet with something you'll never forget and also back up your wallet. It's a small file so can go on a disk, pen-drive etc. You can even email it to yourself.

I'll have to read up on that mate, it's just an app on my iphone at the moment.

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Personally I would not trust Pheeva with any significant amount. I use it for day to day stuff like buying coffee and e-cigarette juice and equipment which I can do locally. I keep about $100 on there and it's very easy and handy. Larger amounts I would keep at blockchain.info (I'd create an account with 2 factor authentication and 2nd sending password). I trust them and they do not have access to your private keys. Long term storage use paper wallets or other off-line storage - I can help you with the details of that when you're ready

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Personally I would not trust Pheeva with any significant amount. I use it for day to day stuff like buying coffee and e-cigarette juice and equipment which I can do locally. I keep about $100 on there and it's very easy and handy. Larger amounts I would keep at blockchain.info (I'd create an account with 2 factor authentication and 2nd sending password). I trust them and they do not have access to your private keys. Long term storage use paper wallets or other off-line storage - I can help you with the details of that when you're ready

Cheers Dr.

I'll give you a shout when I'm at $100 and we'll shift it somewhere safer.

Appreciate the guidance buddy.

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LOL maybe I should set up a wallet. 0.001 BTC is something like 35p is that right? I suppose it wouldn't take too big a chunk of money to get limited exposure to it, though I still think that with so many of these currencies having cropped up, and theoretically nothing to prevent more doing so, it's not a sector I want to get massively into. Grappling with "Fear of missing out" syndrome versus my own misgivings over "electronic fiat"

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I looked into bitcoin some time ago and found it very complicated.  I looked into it in more depth now and have given it a go.

 

I have a pheeva hot wallet for quick transactions.

I have a localbitcoins wallet for making purchases as they seemed to have decent rates from members.  No funds will be held here.

I have a wallet with blockchain with multiple levels of passwords and verifications which will be used for normal tranactions and fund holding.

 

If I plan of saving bitcoins, then I would create multiple paper wallets.  With multiple wallets, I can cash in each one individually as and when I need to so the key is accessed and then disposed off.

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@silversword. Yes a millibit is about 35p atm. And yes you can have as much exposure as you're comfortable with.

Yes there are many other cryptocurrencies popping up and there is even a website where you can create your own with the properties that you want for $50. I don't see this as a problem though. In the future there will be untold numbers of cryptocurrencies which serve different purposes - not very many will have much exchange value though. The interesting thing is that at the moment the other cryptocurrencies act like a testing lab where differing properties can be tried out and if any of the properties turn out to have a large advantage then bitcoin can choose to adopt this property via a hard fork. Bitcoin has such a first mover advantage that it's difficult to see anything getting anywhere near it. Even lite coin has been losing value relative to bitcoin recently. It's like: I could create a social website but nobody is going to use it because everyone else s already on Facebook because everybody else is on Facebook. Same with eBay: people hate to use it but that's where everyone look because everyone else does and you get the biggest market so you get the best price. At the moment you wouldn't believe how many people are working on the bitcoin protocol and applications for it. It's like the biggest project on earth. There are so many uses being developed which are yet to be launched - bitcoin has not had its explosive moment yet.

Yes I understand the fear of missing out thing - it's not a nice feeling. Personally everything I have in bitcoin I am prepared to lose. It is a gamble, but I truly believe in its value - not just exchange value - but social and ethical

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@ morezone that's great - it's exactly what I do - except im in the process of transferring paper wallets to multi signature in case someone gets hold of one of the paper wallets :)

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@silversword. On the topic of 'electronic fiat' - it's an interesting topic.

Essentially fiat means 'by decree' or 'because I say so' and there is no intrinsic value. Nobody has 'decreed' that bitcoin has value it has spontaneously arisen by voluntary consensus. If you think about it gold has no real intrinsic value but arose sponaneously as money as it is perfectly suited to its role as money - there is nothing quite like it. The thing about fiat currency is that the government can grow some cotton, print some numbers on it, and decree it money. There's nothing to stop them doing it more and more (as you probably know banks actually create most currency just as numbers on their computers)

Bitcoin was designed to be like gold. You cannot just make more of them. It has advantages and disadvantages over gold:

Advantages

- you can send them anywhere in the world instantly for next to nothing and don't need to walk through metal detectors at the borders

- you can easily melt it down into tiny pieces and put it together again and it's very fungible

- you can make them invisible by creating a brain wallet (the code is in your brain and has no physical or electronic trace anywhere)

- you can program it in untold ways e.g. To create trust funds

Disadvantages

- you can copy and paste the code - there will only ever be one gold - requires a supernova and slow formation of a planet over billions of years. We can create diamonds on earth but we will never be able to create more gold

- not as shiny as gold

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@highland tiger. The thing is bitcoin price is very volatile so you're gambling on the value increasing for the next 2 months. In practice it goes up and down ( long term I think it's going up). As it happens I personally think it will rise in the next few months but that's just a guess. Here the chart for the last month:

uzu3ude5.jpg

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@Dr Dime, thats why I'm only going to play around with a couple of hundred quid. No biggy if it goes down the tube, but if it rises at a similar rate. The £200 which will get me say 25 oz of silver might become enough to get me 37 oz's of silver. 

 

Bitcoin up, Silver down. That should be our new mantra  :D

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@ChrisSilver. Check your wallet :-)

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Thanks Dr Dime! Very very generous of you!

What's the difference between a BTC and a mBTC? I though it might be a millionth. But seems like a mBTC is 1/1000th of a BTC?

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