Explaining to a Buddy Why I’m Not Selling My BTC Now – and Why He Should Get Some!

Explaining to a Buddy Why I’m Not Selling My BTC Now – and Why He Should Get Some!
By Dave at davescrypto.com, March 22, 2019

I have a good friend that I’ve known for about 3 decades now and he doesn’t know much about crypto. Still, with a friend of that vintage you’ll take some time explaining things like Bitcoin, blockchain, and cryptos in general.

This is what I told him:

When I bought my first bunch of Bitcoin it was going for about $15,000 USD. Today, the price is about $3980. That’s down from a high of over $20,000 per Bitcoin in December 2017. If I had sold it at its height I would have made profit, but I didn’t as I was hoping it was going to keep going up and up, maybe even “to the moon!” as the saying goes.

If I sold now I’d take a heck of a loss. So, I’m not going to do that. I don’t have that much anyway, I just made the mistake of “panic buying” when BTC was making its biggest bull run yet. Lesson learned: don’t panic buy!

The other side of that wisdom is: don’t panic sell! Not selling when crypto markets take a dip is likely much more important that buying when the price is going up. The reason for this is that Bitcoin is probably going to go up again and reach ever bigger heights, as it’s a finite cryptocurrency (don’t take this as investment advice, it’s only my opinion), and there’s only ever going to be 21 million of them made.

More good wisdom is: only invest what money you can afford to lose, if you do invest!

Even though the future of Bitcoin may look bleak to one standing on the outside, who has only heard mainstream news reports of its fall from the value it once attained, I still think it is a good longterm investment. One reason is the already mentioned finite characteristic of it, but another is the rise of blockchain technology which is moving into most fields, with many new, unimagined uses. So, it’d be a good idea to also get some interest in blockchain developments, along with other cryptos that heavily power them, like Ethereum.

Blockchain technology was created for Bitcoin, and it is a public, unchangeable record, or ledger, of all transactions on the network, stored in a decentralized way. That was how blockchain started, but many other uses for it have been discovered, like for games (CryptoKitties), “smart contracts” that are stored on the ledger (Ethereum), and for business and government records – to name just some of the applications of blockchain, beyond recording the transactions of cryptocurrencies.

Adaption of blockchain technology should drive up the value of not only Bitcoin, but of many of the other cryptocurrencies that now exist (about 2000 when I checked today), and of new cryptocurrencies to come.

The adage “buy low, sell high” applies in the crypto market, just as it does in all markets. Right now BTC is down, so you know what that means? And what it doesn’t mean? Right…?

To easily earn FREE Bitcoin (it really works!), sign up to EarnCrypto.com with this link: https://www.earncrypto.com/earn-free-bitcoin/?r=134838

-Dave

Dave’s Crypto
http://davescrypto.com
“To the moon!”

This is not financial or investment advice.

Text copyright 2019 By Dave at davescrypto.com. All rights reserved.

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Blogs: Dave’s Crypto: http://www.davescrypto.com and https://steemit.com/@davescrypto

Remember to do some good: use Bitcoin and other cryptos, plant some trees, help someone in need, give to a charity that uses most of its money for helping rather than big salaries and administrative.

“I’m Just Going To Use The Bitcoin ATM!” How-to Guide and Buying ATMs For Profit

(Here’s another article I wrote from 2017, just wanted to add it to the site. And like the other piece from 2017, it’s still quite relevant today. – Dave)

“I’m Just Going To Use The Bitcoin ATM!” How-to Guide and Buying ATMs For Profit
By Dave at davescrypto.com, November 27, 2017

Tonight I said something I’ve never said before to another person: “I’m just going to use the Bitcoin ATM!”

Wow, are the Bitcoin ATMs making inroads, or what? This was in a corner store.


General Bytes BATMTwo Bitcoin ATM

This was not the first time I’ve used an ATM such as this. I think it’s technically called a BTM (Bitcoin Teller Machine), where you can buy BTC for fiat and also sell BTC for fiat. This machine was BTC only, but I’ve used ones where they offered Litecoin also.

This time I sent the funds right to an exchange, bypassing going to a wallet first (either paper or online, I’ve done both). I did this in order to not pay another fee to transfer from my wallet to the exchange – why pay twice? I’ll get hit with a fee to transfer back out of the exchange to my wallet, so I’d better make it worth my while, first!


General Bytes BATMThree Bitcoin ATM

The process on the machines to buy BTC (haven’t tried to sell it, yet):

  1. Press a button on the screen to begin. (If the machine has multiple coins, then select the coin.)
  2. Scan your QR wallet code from your phone (or a paper wallet) at the reader on the machine.
  3. Insert your fiat bills.
  4. Press to confirm the transaction and see amount you are buying, and the fee.
  5. Get a confirmation on screen for what you bought and the price. You can write down the confirmation number and/or take a picture of it and the QR code. Some machines will email or SMS you the details, if you want.
  6. Press the button to reset the machine (probably times out as well if you don’t press).

It was similar to this:

That’s it! By the time I got home, about 15 minutes later, the coins had arrived where I sent them, confirmed. They were probably there sooner, as there is a moderate fee involved, usually about 5% to 7%, but I didn’t check right away. The Coin ATM Radar site is a good resource to find ATM locations and fees (which do vary).

Buying crypto this way is very easy to do and pretty foolproof. There’s a slightly higher fee than from some exchanges, but you get the convenience of getting your coins right away, and selling them too, at certain machines. I’ve used these ATMs 4 times now and haven’t had a problem, with two different types of machines, at two different locations.

It can get really interesting in the future, as these machines can be used with many different types of crypto! But for now, from what I’ve seen, they are sticking to BTC and LTC, but they are sure to add support for more coins as demand grows.


Lamassu Douro Bitcoin ATM

I’ve paid a lot less to transfer BTC myself, from wallet to wallet, or from wallet to exchange with a low fee, which is fine if you are not in a hurry. Sometimes it takes days; I’ve waited up to 3 days in the case of a very low fee I put a transfer through with, just to see what would happen. I recommend the Electrum wallet or another wallet that allows you to control the fees yourself, and the timing, like Coinomi. It can make a big difference in the amount you pay!

A Growth Industry – To The Moon!

According to Coin ATM Radar there are now 1864 Bitcoin ATMs in the world. We are still in the early days, but their numbers are growing fast. They say about 4 new machines are going in each day. That number is only set to increase. We’ve seen the number of machines installed worldwide this year more than double, from 900 to1864. It’s quite the growth industry!


Satoshi1 Bitcoin ATM from Genesis Coin

Some of you may be thinking you’d like to buy such a machine of your own and start a business. Pretty good idea, but be prepared to have quite a bit of operating capital available. The cost of the machine is not the major expense.

They range in price to purchase from $2999 USD for the General Bytes BATMTwo (buy only model), up to $8900 USD for the Genesis Coin Satoshi2 (buy and sell supported and a lot more features). It’s recommend to have from $10K to $20K of a “float” in a live wallet of crypto to supply the machine with at any given time. Then there are some fees for network access and most machines have their own networks you must use.

Of course, if the prices go down, the operator will have to carry the loss until the prices go back up. Still, it’s estimated that you can make back your investment in one year – if all goes well. Also, there are legal and regulatory issues to be aware of, which are different in each country. So, it’s not such a straight-forward venture to buy and operate these ATMs, but it could work out very well.


Satoshi2 Bitcoin ATM from Genesis Coin

I’m not sponsored by Coin ATM Radar or any of the ATM suppliers (nor any of the wallets), these are just my ramblings on my experiences with these ATMs so far. I hope it’s useful.

-Dave

Dave’s Crypto
http://davescrypto.com
“To the moon!”

This is not financial advice.

Text copyright 2017 By Dave at davescrypto.com. All rights reserved.

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Blogs: Dave’s Crypto: http://www.davescrypto.com and https://steemit.com/@davescrypto

Remember to do some good: use Bitcoin and other cryptos, plant some trees, help someone in need, give to a charity that uses most of its money for helping rather than big salaries and administrative.

Late To the Bitcoin Party, But I’m Still Early

(Here’s a piece I did in 2017 and much if it still applies today. – Dave)

Late To the Bitcoin Party, But I’m Still Early
By Dave at davescrypto.com, August 13, 2017

The eclipse of the sun by the moon will be upon us on August 21st, but I’ll likely be looking at my computer screen, as the world of Bitcoin has become very fascinating to me. I don’t want to miss the next big thing with it (besides, you shouldn’t look at the sun in eclipse without proper eye protection, anyway). I’ll admit to a touch o f FOMO (Fear Of Missing Out) in regards to Bitcoin, as its price has continued to skyrocket. Today it broke another record high of $4200 USD! (Cue Ozzy Osbourne’s song Bark at the Moon!)

I’ve watched the price creep up each time with a sinking feeling, as I didn’t own very much of it. I visited my first Bitcoin ATM today to buy some of the stuff, paying a little more so I could feel secure when the next stratospheric price increase comes. I still don’t own much of it, but at least I feel I’m more in the game with some of it in my paper wallet. As its price continues its exponential rise, which my educated guess says it will, I will see my investment increase in value many times over when the masses are using Bitcoin. And they will: Big business and banks are embracing it right now.

I started learning about Bitcoin three years ago when I began obtaining my first pieces of Bitcoin (and other crypocurrencies) through online games called “faucets” and other give-aways. Bitcoin was trading for about $100 USD then (how I wish I had loaded up!). I’ve been around long enough to know that “HODL!” is not a typo. But compared to the early adaptors who were there from the start in 2009/2010, I got into Bitcoin late. Many people have already become very rich selling off their Bitcoins, but I believe the biggest gains for Bitcoin are yet to come. I’m not alone, by far.

But it’s NOT all about just getting rich!

 

Bitcoin stands to do a lot of good, due to its decentralized nature. Many see it as a path to freedom for the people of this world and a tool for making Earth a planet of peace and kindness. Good things are happening! 50K in Bitcoin was donated For Hurricane Harvey Relief in Texas by listeners of The Crypto Show! Early Bitcoin adaptor and angel investor Roger Ver has given a very enlightening talk on how Bitcoin can stop war and a lot more (talk on YouTube, transcript/article here). Sure, there’s fortunes still to be made with Bitcoin and other cryptos, but the tremendous benefits in the form of a better world are not to be overlooked – otherwise, what good is all the “money” of whatever form?

The early adaptors acquired Bitcoins for free or for fractions of a cent each, soon after a mysterious programmer going by the name of Satoshi Nakamoto (which may not be the name of one person, but a group of people, or maybe not…) came onto the scene with the new invention of a decentralized, electronic currency. It seemed like a strange thing at the time to many people, an oddball “computer geek” fad that would never catch on.

However, compared to most people on the planet, I got into Bitcoin very early. We are still in the infancy of this growing crypocurrency. There’s nowhere for it to go but “to the moon!” I remember when it was at the $500 level, way back about a year ago—ancient history in the Bitcoin world. Even a month ago it was still around $2000. Things move so fast in the crypocurrency realm! Now you can see why I can’t take much time away from the computer to watch the eclipse (but I’m sure I’ll take a peek at how the day is getting darker during it and watch it safely on an online cam).

Nearly every day I read a story about how a major company, or government, or bank is making a move to accept Bitcoin. Crypocurrency ATMs are beginning to show up in corner stores. Employees are being paid in Bitcoin. Contracts and other data are being recorded on the blockchain, the technology behind Bitcoin. And yet, Bitcoin is still only used by a relatively small number of the people in the world. It won’t be that way for long.

One of the other crypos (there are many now; for a list see https://coinmarketcap.com/all/views/all/) that is looking interesting is Ethereum. It is posed to become increasingly more important and utilized as it’s integrated into “smart contracts” based on blockchain technology. So, if you’ve not heard of Ethereum you may want to check it out!

When Bitcoin reaches mass acceptance and use, today’s valuation of over $4200 USD is going to look very tiny indeed, and a great bargain to buy Bitcoin at. What value will Bitcoin reach in the future? That’s unknown, but many think it will be stellar, indeed. When will that happen? It depends on many factors, but within the next few years the use of Bitcoin is going to greatly increase, that is a pretty sure bet. Its rise in value is unmatched so far.

So, I may be “late” getting into Bitcoin according to some, but you’ve got to start sometime. To anyone just learning about Bitcoin now, I say that its bright future is still ahead of it, so don’t be afraid to jump in now. You need look no further than mainstream financial and business headlines to know that Bitcoin is here to stay and is on a huge growth curve. I know I’m actually still early to the Bitcoin party – you can be, too.

To the moon!

-Dave

Dave’s Crypto
http://davescrypto.com
“To the moon!”

This is not financial advice.

Text copyright 2017 Dave at davescrypto.com. All rights reserved.

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Blogs: Dave’s Crypto: http://www.davescrypto.com and https://steemit.com/@davescrypto

Remember to do some good: use Bitcoin and other cryptos, plant some trees, help someone in need, give to a charity that uses most of its money for helping rather than big salaries and administrative.

Reddcoin Going Through the Roof! Doubles Value in Past Few Hours Thanks to John McAfee

About 15 hours ago, the value of Reddcoin  shot up over double, from about 100 sat to 199 sat, almost immediately!

What caused this sudden spike? A tweet from none other than John McAfee:

Apparently, the tweet was made in response to a member of the reddcointalk.org forum, going as the handle “PasCarbs,” who reached out to McAfee about the coin: https://www.reddcointalk.org/topic/1731/well-reddheads-i-contacted-john-mcafee-about-reddcoin-2hrs-ago-this-is-what-happened

One thing’s for sure, and that is the coin’s value skyrocketed right after McAfee’s tweet went out:

It’s amazing how one person can move the market like that! Hmm, maybe I should make a coin and ask McAfee to send out a tweet about it! (I wonder how much Tequila he’d want for THAT?) Now there’s an idea!

So, have you got your Reddcoin, yet? Better act quick and get it before it gets too expensive, or perhaps it will fall back down again – that’s the thing about certain cryptos, “you never know!”

But there’s a way to get Reddcoins (and other cryptos) for free, and it’s not faucets! I’ve found a site (Earn Crypto)that pays you coins for doing things like watching videos and taking surveys sponsored by advertisers. It looks pretty legit and has good reviews, so I think it’s worth a shot. It’s free to sign up. Here’s my referral link to try it (I get a little bonus for sending you there): https://www.earncrypto.com/earn-free-reddcoin/?r=134838

Merry Christmas!
Dave

Need a Better Way To Buy BTC With a Credit Card! My Failed Buy the Other Night…

By Dave at davescrypto.com
December 22, 2017

BTC took a big dip yesterday, some 20%. I thought I might visit one of my local Bitcoin ATMs/BTMs, but seems they’ve jacked up the fees a whole lot recently!

It used to be you’d be paying a premium of around 5 to 8% to get your BTC from one of these machines, but since the last BTC price rise, I’ve seen the rate go way up – some as high as 27%! The rates on these machines also seem to fluctuate almost by the minute, so by the time you’ve found a good rate for one of the machines (by checking it online) the price has gone up before you get out the door! It’s really not worth it anymore to me to use them, so I have been looking into other options.

There are online exchanges, sure, but they are usually not instant to use. The ones that are charge big fees, so not much different than the ATMs. That leaves the exchanges that need to verify ID and go through all the banking stuff. It’s creepy/invasive, a hassle, and takes time, but can save you big on fees, so these can be good for the long run. But when you don’t have an account that’s verified, and want to grab some BTC quickly, these sites won’t work.

The solution was to use my credit card to buy some BTC online, so or I thought…

I did a search to see what sites I could use a credit card on to buy BTC and found very few, and even fewer that seemed trustworthy. Of the sites where you can buy BTC right away with your card, the fees are quite high. So, not much of an advantage over the highly-priced BTMs.

That sent me back to square one, and I didn’t end up getting any BTC when I wanted to. I’ll have to wait days to get my account verified on my exchange of choice (probably longer than usual, as it’s the holidays). And I’m also going to need a new bank account to fund it with, as the exchange only supports certain funding options from certain banks if you want the best rates (and no credit card funding!).

Can’t someone come up with a better way? Why can’t we buy BTC and other cryptos online with our cards without getting ripped off? Charge a reasonable fee and people will flock to you! They’d do very well, I think! I’m sure there are so many people who’d like to go online and buy some crypto with their credit cards or PayPal instantly – and not get dinged by high fees. (And they’d also buy a lot more crypto at ATMs if the rate was reasonable, so lower the crazy fees already!)

I know there are certain concerns and reasons why using credit cards (and PayPal) to buy crypto can be problematic, like the lack of reversals and danger of fraud, but can’t someone build a better, safer system? We’re got cryptos moving all over the world now, and it’s still not easy to buy them when you want to with well established methods, like credit cards and PayPal. Something needs to change. Those who create the change are going to reap great rewards if they do it right.

Someone do it right, soon?

Santa, are you listening? It’s Christmas time!

Thanks,

Dave

Dave’s Crypto
http://davescrypto.com
“To the moon!”

The Electroneum Online Wallet is Down Now, and Why This is a Good Thing

image of Electroneum coin

By Dave @ Dave’s Crypto davescrypto.com
December 9, 2017

If you’ve checked out the Electroneum (ETN) online wallet app lately, you may have noticed it’s “down for maintenance.” Those are usually scary words that you don’t want to see associated with any of your online financial matters, because it could be something serious, like a hack…

That happens to be exactly what the Electroneum developers are doing: they have engaged the services of HackerOne to penetrate-test their network. In other words, to hack it, or try to. In this way, the Electroneum developers are assuring themselves that their network is going to be safe and reliable. So, this hack is a good thing!

For those who don’t know who HackerOne is, they are a group of cybersecurity experts who have been hired by some of the top companies to test their systems, systemically, to try and hack into them. I’m sure their services are not cheap, but they are surely some of the best.

By hiring HackerOne, the ETN team is going a long way to providing long-term security for their network and boosting faith in their coin, at least I think so. It would be a very good thing if more coin developers did such extensive testing of their systems, and also for exchanges to do the same, especially.

I’ll remember that next time I try to get my ETN wallet to open and it’s still “down for maintenance.” 😉

But joking aside, I’m looking forward to when they are up and running again.

And how cool would it be to work for HackerOne?

This has NOT been a paid endorsement, just my opinion.

-Dave

Dave’s Crypto
http://davescrypto.com
“To the moon!”

https://steemit.com/@davescrypto

All I want for Christmas is Bitcoin?

All I want for Christmas is Bitcoin?
by Dave @ Dave’s Crypto davescrypto.com

All You Want for Christmas is Bitcoin, Dave?

Yes, pretty much, as you can get just about anything else you want with Bitcoin these days.

But you ask: How? I thought most places didn’t take BTC, yet?

They don’t (maybe one day), but there’s a great way to do it…read on!

You can buy certain things directly, from merchants and sellers who accept Bitcoin (a list that is quickly growing). This has been the case for a while now, with even some major retailers.

The other way is by using a pay card that you can load up with Bitcoin and then spend like a regular credit/debit card. If you do a search for “Bitcoin Credit Card and Debit Card,” you will find many of them. I’m not going to list them, as I’ve not tried out any of them, so I can’t say how they are either way.

But the point is that you can load up these cards with BTC and spend it, directly, and use them for most, if not all of your needs. Check out the videos of people who have been living off only BTC!

With Bitcoin’s rise lately (and that of several other cryptocurrencies), why wouldn’t you want Bitcoin for Christmas?

Season’s Greetings!
-Dave

https://steemit.com/@davescrypto

Dave’s Crypto
http://davescrypto.com
“To the moon!”

Looking for some Bitcoin-inspired gifts? Here’s some: