Bitcoin

[TBItoy]

Re: Re: Bitcoin

Can someone please explain whats going on. Im just flat out ignorant at this point, but have always been somewhat curious what all the fuss is about.

I took a few minutes to read over the XRP site. I think I understand that it's a fancier version of something like Paypal...am I in the ballpark? If so, what does buying into it do for me? How does me buying into it help XRP? How do I buy into it? Etc....

Yeah it does sound like PayPal sort of they way they describe the usage of it... But imagine that you had to buy PayPal tokens to transfer value to another party, and there were only a finite number of tokens available, and the speed and ease of use make it desireable to use, therefore giving it some inherent value.

Basically the only reason any "money" has value is that people believe that it does, and hold true that they will be able to exchange that currency for goods/services.

The "fake internet currency" has to have some inherent value, in either how it is created (ex: Bitcoin) or the service/convenience it provides (ex: xrp)

 

[Beerj]

All I know is you buy the "coins" at current rate and if all goes well, the value goes up. Then you can move it to some kind of virtual wallet which converts the coins to USD and then you can withdrawl. Xrp is at roughly .40 per coin right now so the initial investment isnt nearly as high as bitcoin but according to some folks, it has the potential to surpass bitcoin in worth. That being said, I don't know if they think bitcoin will bomb and thats how it'll be bigger or if it will surpass current bitcoin rates. But, at .40 per coin, I'd say it's worth a $100 investment. Not a huge loss if nothing happens but could stand to turn that $100 into a lot more money. That's just my understanding of it.

 

[Beerj]

Check out bitstamp.net
Might be a good starting point

 

[MattB]

Bitcoin is becoming more and more legit to the big wheels with the big money. It went on the CBOE (Chicago board of exchange) for futures trading and has more contracts than expected. It is not being used for the intended purpose however but rather as an investment. That's what's throwing everyone off. The intended purpose was where money could be moved from one person to another or to a business for goods quicker and easier cutting out the bank middle man. Now people are buying and selling it like baseball cards. It's only worth what another person is willing to pay for it. When Bitcoin hit the CBOE it appears that normal people that have been investing in it are waiting to see what happens with it and are now investing in the ALTCOINS like LITECOIN, ETHEREUM AND RIPPLE XRP, driving the prices up on them. So that's where my play money is going right now and I'm going ride this bubble until it burst. If you would have put 5K on XRP yesterday evening, this morning when you got up this morning you would have made 2 grand!

 

[ranger11]

I will have to look on my CPU and get the site's I used to purchase and convert to xrp. It's a little time consuming at first but once you get everything set up it isn't bad. I bought Bitcoin through coinbase. I use gatehub for the xrp wallet. I'm not an expert kinda just got started earlier this year. Wish I would have kept my money in bit coin. For a little while.

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[clemsonjeep]

So are yall buying into Ripple then leaving money in the exchange or are you also using a cryptocurrency wallet to store your coins in?

 

[the_white_shadow]

**** it. Im in. Just signed up for Bitstamp.net and am awaiting my account verification. Ill be putting some down on XRP and see what happens.

 

[ranger11]

Re: Re: Bitcoin

**** it. Im in. Just signed up for Bitstamp.net and am awaiting my account verification. Ill be putting some down on XRP and see what happens.

I don't think it will be quick but will be nice to see what happens in a few years.

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[ranger11]

Re: Re: Bitcoin

So are yall buying into Ripple then leaving money in the exchange or are you also using a cryptocurrency wallet to store your coins in?

Wallet

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[TacomaJD]

Re: Re: Bitcoin

Bitcoin is becoming more and more legit to the big wheels with the big money. It went on the CBOE (Chicago board of exchange) for futures trading and has more contracts than expected. It is not being used for the intended purpose however but rather as an investment. That's what's throwing everyone off. The intended purpose was where money could be moved from one person to another or to a business for goods quicker and easier cutting out the bank middle man. Now people are buying and selling it like baseball cards. It's only worth what another person is willing to pay for it. When Bitcoin hit the CBOE it appears that normal people that have been investing in it are waiting to see what happens with it and are now investing in the ALTCOINS like LITECOIN, ETHEREUM AND RIPPLE XRP, driving the prices up on them. So that's where my play money is going right now and I'm going ride this bubble until it burst. If you would have put 5K on XRP yesterday evening, this morning when you got up this morning you would have made 2 grand!

That pretty much summed up what I needed to know, thanks.

Crazy anything like this can thrive with paypal out there. My bank account is linked to my paypal account, so I can send money to anyone anywhere with a paypal account for free by making a few clicks, how much easier could it get? But I see it's not thriving bc of it's intended use, which makes it very volatile. Cool to see this stuff trend like it has though.

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[the_white_shadow]

Re: Re: Bitcoin

I don't think it will be quick but will be nice to see what happens in a few years.

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I agree. If i can put $500 in now and forget about it and just see what happens. I wasted $500 on dumber **** in my life.

 

[clemsonjeep]

Wallet

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Ok...so online wallet or something like the Ledger Nano S?

There's a lot to learn here...

 

[the_white_shadow]

Im going to use bitstamp.net for my online wallet and to buy/sell XRP through. You can also use it for Bitcoin and the other crytpo-currencies.

 

[blacksheep10]

Re: Re: Bitcoin

That pretty much summed up what I needed to know, thanks.

Crazy anything like this can thrive with paypal out there. My bank account is linked to my paypal account, so I can send money to anyone anywhere with a paypal account for free by making a few clicks, how much easier could it get? But I see it's not thriving bc of it's intended use, which makes it very volatile. Cool to see this stuff trend like it has though.

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Well, you like dealing in Fiat currency. You get your money after tax. What did Al Capone go to prison for?
What if I wanted to tell the IRS to **** off, how do I get paid in an untraceable currency. PP and others transfer fiat currency.

 

[ranger11]

Re: Re: Bitcoin

Ok...so online wallet or something like the Ledger Nano S?

There's a lot to learn here...

Online. With the 2 step security setup they have.

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[whiskeymakin]

I havnt found a clear answer to how you would cash out. Or is your money forever cryptocurrency after the investment?

 

[creepycrawly]

I havnt found a clear answer to how you would cash out. Or is your money forever cryptocurrency after the investment?

Yes and no. If you wanted to cash out, you would have to find someone who wanted to buy in or who wanted to trade something for bitcoins.

For example, last night I was posting something on Craigslist and it now has an option to check a box saying crypto currency accepted. So if you had the equivalent amount of bitcoins, you could "cash out" by trading them for my motorcycle.

 

[clemsonjeep]

Yes and no. If you wanted to cash out, you would have to find someone who wanted to buy in or who wanted to trade something for bitcoins.

For example, last night I was posting something on Craigslist and it now has an option to check a box saying crypto currency accepted. So if you had the equivalent amount of bitcoins, you could "cash out" by trading them for my motorcycle.

This was the first part of this whole deal that I looked into. No way I'm throwing a chunk of change out and having non way to get it back in my hands physically...unless I lose it all online of course.

From what I've read so far there are several venues that allow you to either withdraw directly from the value of the XRP or to trade the XRP for BTC on an exchange and then withdraw straight to USD to your bank account.

Am I missing something?

 

[ranger11]

That's how I take it. It's the reverse process.

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[creepycrawly]

This was the first part of this whole deal that I looked into. No way I'm throwing a chunk of change out and having non way to get it back in my hands physically...unless I lose it all online of course.

From what I've read so far there are several venues that allow you to either withdraw directly from the value of the XRP or to trade the XRP for BTC on an exchange and then withdraw straight to USD to your bank account.

Am I missing something?

I am a little fuzzy on the details, but bitcoins aren't backed by anything so in order to withdraw, someone has to be willing to take them and give you their capital in exchange for your bitcoins. Maybe what that looks like is a 3rd party site doing it, but the theory is still the same.