Understanding BTC

[Makeitouthill]

Could someone please add me on discord to explain to me how to properly use BTC and transfer etc, I would appreciate it, thanks.
Enable#9404

 

[Makeitouthill]

You put the lime in the coconut and mix it all up

gotcha

 

[Landon]

"Bitcoin is a cryptocurrency. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries."

> how to properly use BTC
Bitcoin funds are held in wallets. There's tons of ways to get a wallet. There's online-based services such as Paxful, Coinbase, Blockchain, a lot of others. The issue with the online ones, are that most are now regulated by the U.S. government, and require identification in order to create an account, as Bitcoin is considered investment and must be reported on 1099B forms. Alternatively, you can get client-based wallets, such as Electrum (It's what I use). They aren't regulated, but at that cost, they don't come with the security that online ones do. If you use a client-based program, your wallet can easily be stolen if someone gained access to your computer and get your wallet key.

Anyways, so you get a wallet set up. And you'll get a Bitcoin wallet address. (https://blog.hubspot.com/marketing/bitcoin-address) This address is how you receive your funds. When someone makes a payment to your unique wallet address, the funds will appear in your wallet after two confirmations (mostly). On the topic of confirmations, Bitcoin is well, decentralized. When sending or receiving a payment, it must confirm through the Blockchain. This takes roughly 10 minutes for one confirmation (or shorter depending on the fee sent with the payment). Once it hits two confirmations, it's considered finalized and irreversible. There's ways to reverse payments by double-spending, but I don't know the technical specifics of that.

> transfer etc
If you use online-based wallets, most come with ways to transfer your Bitcoin in and out into other currencies such as bank deposits or PayPal. You can also find independent people to do exchanges with, such on LocalBitcoins, or even the MCM subforum, Currency Exchange. Most people will charge a fee, for instance, if you want to sell $50 Bitcoin, they will pay you $45 PayPal. But yeah, that's how you get money in and out of Bitcoin, is by finding someone who can exchange for you. You can do it with CashApp, Venmo, PayPal- whatever really, just gotta find the right person.

 

[nfdegreu3i23r22r]

https://www.exodus.io/ best wallet

 

[Makeitouthill]

"Bitcoin is a cryptocurrency. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries."

> how to properly use BTC
Bitcoin funds are held in wallets. There's tons of ways to get a wallet. There's online-based services such as Paxful, Coinbase, Blockchain, a lot of others. The issue with the online ones, are that most are now regulated by the U.S. government, and require identification in order to create an account, as Bitcoin is considered investment and must be reported on 1099B forms. Alternatively, you can get client-based wallets, such as Electrum (It's what I use). They aren't regulated, but at that cost, they don't come with the security that online ones do. If you use a client-based program, your wallet can easily be stolen if someone gained access to your computer and get your wallet key.

Anyways, so you get a wallet set up. And you'll get a Bitcoin wallet address. (https://blog.hubspot.com/marketing/bitcoin-address) This address is how you receive your funds. When someone makes a payment to your unique wallet address, the funds will appear in your wallet after two confirmations (mostly). On the topic of confirmations, Bitcoin is well, decentralized. When sending or receiving a payment, it must confirm through the Blockchain. This takes roughly 10 minutes for one confirmation (or shorter depending on the fee sent with the payment). Once it hits two confirmations, it's considered finalized and irreversible. There's ways to reverse payments by double-spending, but I don't know the technical specifics of that.

> transfer etc
If you use online-based wallets, most come with ways to transfer your Bitcoin in and out into other currencies such as bank deposits or PayPal. You can also find independent people to do exchanges with, such on LocalBitcoins, or even the MCM subforum, Currency Exchange. Most people will charge a fee, for instance, if you want to sell $50 Bitcoin, they will pay you $45 PayPal. But yeah, that's how you get money in and out of Bitcoin, is by finding someone who can exchange for you. You can do it with CashApp, Venmo, PayPal- whatever really, just gotta find the right person.

Thank you for the great explanation, it really helped me understand BTC. With that being said is there any way I could transfer btc to cashapp without letting another person do it.[DOUBLEPOST=1590969690][/DOUBLEPOST]

https://www.exodus.io/ best wallet

I'll give it a try.[DOUBLEPOST=1590970779][/DOUBLEPOST]

https://www.exodus.io/ best wallet

How do you exchange BTC to paypal/cashapp etc

 

[Landon]

Thank you for the great explanation, it really helped me understand BTC. With that being said is there any way I could transfer btc to cashapp without letting another person do it.[DOUBLEPOST=1590969690][/DOUBLEPOST]
I'll give it a try.[DOUBLEPOST=1590970779][/DOUBLEPOST]
How do you exchange BTC to paypal/cashapp etc

Nope, no way to do it directly.

 

[Makeitouthill]

Nope, no way to do it directly.

So how do the people do it exactly?

 

[DammSun]

"Bitcoin is a cryptocurrency. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries."

> how to properly use BTC
Bitcoin funds are held in wallets. There's tons of ways to get a wallet. There's online-based services such as Paxful, Coinbase, Blockchain, a lot of others. The issue with the online ones, are that most are now regulated by the U.S. government, and require identification in order to create an account, as Bitcoin is considered investment and must be reported on 1099B forms. Alternatively, you can get client-based wallets, such as Electrum (It's what I use). They aren't regulated, but at that cost, they don't come with the security that online ones do. If you use a client-based program, your wallet can easily be stolen if someone gained access to your computer and get your wallet key.

Anyways, so you get a wallet set up. And you'll get a Bitcoin wallet address. (https://blog.hubspot.com/marketing/bitcoin-address) This address is how you receive your funds. When someone makes a payment to your unique wallet address, the funds will appear in your wallet after two confirmations (mostly). On the topic of confirmations, Bitcoin is well, decentralized. When sending or receiving a payment, it must confirm through the Blockchain. This takes roughly 10 minutes for one confirmation (or shorter depending on the fee sent with the payment). Once it hits two confirmations, it's considered finalized and irreversible. There's ways to reverse payments by double-spending, but I don't know the technical specifics of that.

> transfer etc
If you use online-based wallets, most come with ways to transfer your Bitcoin in and out into other currencies such as bank deposits or PayPal. You can also find independent people to do exchanges with, such on LocalBitcoins, or even the MCM subforum, Currency Exchange. Most people will charge a fee, for instance, if you want to sell $50 Bitcoin, they will pay you $45 PayPal. But yeah, that's how you get money in and out of Bitcoin, is by finding someone who can exchange for you. You can do it with CashApp, Venmo, PayPal- whatever really, just gotta find the right person.

Who ever wrote this bible is fucking legend!

 

[Landon]

Who ever wrote this bible is fucking legend!

I wrote all except the top quote!

 

[Sloth]

You put the lime in the coconut and mix it all up

I thought it had to do with the bees and the birds but maybe I’m thinking about something else