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The Bitcoin thread
#31
In my small mind this does not seem to be good news...but we live in hope. what do you guys think ?

So over the fiat currency story !!!

#32
(03-14-2017, 08:50 AM)Miss Behavin Wrote: In my small mind this does not seem to be good news...but we live in hope. what do you guys think ?

So over the fiat currency story !!!

Bitcoin is Myspace before Facebook came along. Bitcoin is Altavista or Webcrawler before Google came along. Bitcoin is Netscape before Chrome came along. AOL before broadband internet.
Tech is full of examples of dominate early players being pushed into obscurity due to a better, more accessible alternative.

Out of all the crytocurrencies, Bitcoin has got a massive lead. I hope it succeeds, but the bickering about Segwit vs. BU is hurting the community.

#33
(03-14-2017, 08:50 AM)Miss Behavin Wrote: In my small mind this does not seem to be good news...but we live in hope. what do you guys think ?

So over the fiat currency story !!!

Now if only #ZARX would join this forum.

https://www.linkedin.com/pulse/bitcoin-s...-jim-brent

#34
I am convinced bitcoin is here to stay, and the cat is out of the bag so to speak. Right now many people don't really see the reason to use bitcoin, or why it is so revolutionary, or any point to it at all, but things are slowly changing. In a few years people will not believe there was a time without bitcoin or blockchain technology.

I have been using it for years and it has been amazing to see the amount of users grow, the technological improvements, and the slow changing of minds. People used to completely dismiss it, now it is often talked about in the news, and major companies and businesses accept it. Governments know about it and they also dont dismiss it, they are trying to see how they can benefit or regulate it if they can most of the time.

The price of bitcoin has climbed over the years, yes it is volatile, and it is risky, but as a long term investment it has performed well for people who have not panic sold every time there is a dip in price. Traders of course love the volatility as there is more chance to make money.

Here is a quick historical chart of the price of bitcoin and the percent in change....this is up to date as of 15/03/2017 (10:30am)

[Image: Pc49wNA.png]

If you would like to learn about bitcoin, we have a website (http://www.bitcoinzar.co.za) with lots of information and videos, an also the facebook / twitter (@bitcoinzar) page shares lots of bitcoin news and information.

Now that I have found this forum, I'll also be here more often Smile Nice to see @JamesYellen has started a bitcoin thread and given some great information already Smile

#35
(03-15-2017, 10:08 AM)BitcoinZAR Wrote: I am convinced bitcoin is here to stay, and the cat is out of the bag so to speak. Right now many people dont really see the reason to use bitcoin, or why it is so revolutionary, or any point to it at all, but things are slowly changing. In a few years people will not believe there was a time without bitcoin or blockchain technology.
I have been using it for years and it has been amazing to see the amount of users grow, the technological improvements, and the slow changing of minds. People used to completely dismiss it, now it is often talked about in the news, and major companies and businesses accept it. Governments know about it and they also dont dismiss it, they are trying to see how they can benefit or regulate it if they can most of the time.

Hey! Bitcoinzar.co.za welcome to the forum!
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#36
@BitcoinZAR would you mind writing/posting a proper tutorial on how to get started with hardware wallets? I think so many South African's are innocently storing there bitcoins in Luno, blockchain.info and other online exchanges and wallets, not knowing the risks involved.

(I also get so many PMs asking for advice on hardware wallets and proper storing of bitcoins)

#37
(03-15-2017, 11:23 AM)JamesYellen Wrote: @BitcoinZAR would you mind writing/posting a proper tutorial on how to get started with hardware wallets? I think so many South African's are innocently storing there bitcoins in Luno, blockchain.info and other online exchanges and wallets, not knowing the risks involved.

(I also get so many PMs asking for advice on hardware wallets and proper storing of bitcoins)

Hey @JamesYellen,

Sure Smile

If I had to recommend any kind of wallet, it would be a mobile wallet and a hardware wallet.

When you use bitcoin, you have a bitcoin wallet to store, send and receive bitcoins. A bitcoin wallet comes in various forms, eachwith its own pros and cons.
 
A bitcoin wallet is a little like an email address, except instead of having an email address and password, it has a public key and a private key. The "public key" also known as a "bitcoin wallet address", which is what you share with people when you want them to pay you bitcoin.

The private key which you keep secret, is used to access the wallet, kind of like the password on your email address, and to create as many new public keys as you want. If someone gets your private key for your wallet, they can spend bitcoin on any bitcoin addresses that was generated by the same private key.

Bitcoin has never been hacked ever. What has been hacked many times is exchanges, and peoples personal computers. It is far easier for a hacker or thief to steal a private key off a website, or a home computer than to hack bitcoin.

There is a saying in bitcoin that says 'Not your keys, not your bitcoin'. This is basically hilighting the fact that on many bitcoin exchanges and websites, you are provided a bitcoin address to send your funds, but are never given the private keys for that address.

Many exchanges keep clients funds in one wallet, and have a database that keeps a record of each clients bitcoin balance. This makes it much much faster to move the bitcoin around (off chain). Since not all clients withdraw their balance at once, they can secure the bulk of the bitcoin offline in what they call a 'cold wallet', and only have a 'hot wallet' online, which they can settle daily bitcoin withdrawals from. When exchanges and websites get hacked of their bitcoin, it is generally the 'hot wallet' for daily transactions that is affected. Depending on the exchange, the hot wallet can be small, or could contain millions of Rand worth of bitcoin. Experts sometimes say that this kind of "custodial wallet" website, where they have your private key, falls into 2 categories, those that have been hacked, and those that are going to be hacked.

As a bitcoin user, it is best practice to use and exchange to buy or sell bitcoin, and then to immediately move your bitcoin OFF the exchange. Do NOT store your bitcoin on an exchange that can be a central point of failure, and a honeypot for a hacker. Although it is far less likely for an exchange to be hacked these days, it does still happen.

The most secure type of bitcoin wallet is a hardware wallet. This is a physical piece of hardware that can store your private key, and someone has to physically get it into their hands to be able to steal your bitcoin, as well as know the password for the device.

The most popular is the Trezor hardware wallet, or the Ledger hardware wallet. Both will plug into your computer USB port like a USB stick or dongle, and will then allow you to send or receive bitcoin easily and securely. Once you unplug the hardware wallet, it is offline, and the coins dont move.

If you lose your hardware wallet, or it is stolen, the password lock on the wallet when you try to access it, and its other security features will ensure that your bitcoin is safe.

When you do your wallet setup, you are given a random set of 12 or 24 words, which is used as the "seed" to generate the private key, and thereafter, the public keys. You need to write down all the words, in order, and keep those safe. If your wallet is lost or stolen, you can use those same words on a replacement device to get instant access to your bitcoin balance.

You can also use the same words on other wallets that will also accept a word seed to add a private key which is pretty much a standard these days. Most people store their private key seed in a different location to their wallet.

Secure mobile wallet:
A good mobile wallet for your mobile phone is the Airbitz app. This is an amazing wallet for your mobile phone that is secure, gives you the private keys, is easy to use, and has some great features like a business directory with a map to see places close to you that accept bitcoin. Add your own business for free. Follow the instructions when you install the app, and they will explain how to secure your private key.

Other highly recommended mobile wallets that also give you the private keys are Mycelium wallet, and Greenbits wallet which are both excellent. Follow all the instructions step by step, and you will be fine. Store your private key / word seed securely and you should not ever have any problems.

Personally I use a mobile wallet as my 'hot wallet', that is bitcoin that I am willing to spend, kind of like the cash in my regular wallet. If I am doing small amounts of bitcoin, say under R1000 transactions, that is done on my mobile wallet. Bigger amounts I do with my hardware wallet, which is my main "cold wallet" for my bitcoin.

Web based wallets....A web wallet that will allow you to access your bitcoin wallet from a website - a great web wallet is http://www.bitgo.com.
During the setup process, you will be provided with a download of your private key details and full instructions.
If you lose your private key, they CANNOT HELP YOU. Your bitcoin will be lost. So follow instructions, which is to download and print the private key, and store it securely.

Using a site like bitgo means they can never be hacked and lose your bitcoin, and they can never steal your bitcoin, simply because they do not have your private key, only you do.

You can use their website to manage your bitcoin securely and easily, so sending and receiving bitcoin is a bit lilke logging into your internet banking.

If their site is taken offline, you can use your private key to get access to your bitcoin on any other wallet software such as a mobile wallet, or a desktop wallet. Although this is good to know, it is a hassle to do, especially if you are in a hurry to make a payment.

One down side to web wallets, is people are the weak link, often storing passwords on your computer, or in your gmail docs or similar. If your email account, or computer is compromised, you might be giving away access to your web wallet. If someone gets access to your email account, and then resets your password on a web wallet, they might be able to access your bitcoin.

A bitcoin hardware wallet is still the best as far as I am concerned, because it is very easy to use, and extremely secure.

We actually sell the Ledger nano bitcoin hardware wallets on our website here: https://www.bitcoinzar.co.za/secure-your...re-wallet/. We sell them for R1000 in bitcoin, which includes delivery by courier to your door, some bitcoin stickers, and support / assistance by telephone, whatsapp or email.

I also highly recommend the Trezor hardware wallet, which you can order direct from the manufacturer here: https://shop.trezor.io/

#38
Wow great post!! Thanks.

I think I might dive into bitcoin as well.

#39
(03-16-2017, 11:03 AM)Outlook Wrote: Wow great post!! Thanks.

I think I might dive into bitcoin as well.

Some advice if you want to dive into bitcoin.....stay away from get rich quick schemes, bitcoin mining websites, and bitcoin investment systems. They are almost always ponzi schemes that tell people how great bitcoin is, then get them to invest in bitcoin by joining the scheme, which eventually collapses.

I also suggest you only buy from a bitcoin exchange, and not random people on facebook, bidorbuy, gumtree, whatsapp etc. It is always cheaper, safer, faster and better to buy on a bitcoin exchange.

Another piece of advice is to understand that the price of bitcoin is volatile. It trades like a commodity, and the market never sleeps....its 24/7 and moves fast. If you are buying for an investment, buy some, and then DONT panic every 10 minutes if the price drops. Decide to buy some and leave it for a year or two and forget about the volatility. Even better would be to simply buy a set amount every week or month regardless of the price, to average out your cost per bitcoin. Personally I buy about R500 a week every week which I put into my hardware wallet and forget about.

I do have bitcoin that I trade, but generally I only trade that when I see an opportunity to increase my bitcoin holdings. If I ever sell bitcoin, it is because I need cash in a hurry, but then I end up buying it back over time again since I have my weekly buy in.

It is not a great idea to invest a large amount of money and expect to become super rich overnight....but I suspect I dont need to tell the users on this forum that Smile

#40
@BitcoinZar you guys are stunning! 

Thank you for the detailed post. Great addition to the forum. I am starting to like this place more and more. 

Now to get Luno and others here too so we can discuss and collaborate. I came to this forum as r/Bitcoin started to get a bit derailed and ego chambered to a degree.

#41
(03-16-2017, 08:23 PM)JamesYellen Wrote: @BitcoinZar you guys are stunning! 

Thank you for the detailed post. Great addition to the forum. I am starting to like this place more and more. 

Now to get Luno and others here too so we can discuss and collaborate. I came to this forum as r/Bitcoin started to get a bit derailed and ego chambered to a degree.

@JamesYellen No problem Smile

One thing people should try if they want to get into bitcoin, is to just get a bitcoin wallet setup in the meantime. Get a bitcoin address, and then instead of buying bitcoin, you can try getting someone to pay you in bitcoin.

Why not have it as an alternative way that people can pay you? It costs you nothing, gives your customers another option when paying you,  and gives you a way to get bitcoin without too much hassle.

An easy way to start is to just install a mobile phone wallet, and get a bitcoin address you can hand out to people.
BitcoinZAR - Bitcoin South Africa community

[Image: 1lhxytq.png]
Learn about bitcoin at https://www.bitcoinzar.co.za
Join us on Facebook at https://www.facebook.com/bitcoinzar
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#42
Major DDOS attacks on the bitcoin.com website happening.

Seems the fork is creating a bad relationship breakup.

https://news.bitcoin.com/ddos-attacks-bi...formation/
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#43
Thanks for all the info BitcoinZAR, I have a Luno account and have bought a small amount of bitcoins. How would I move them from Luno to say a secure mobile wallet?

Sent from my SM-G900H using Tapatalk

#44
How does this bitcoin unlimited business work?

Is this a new bitcoin or the same?

Should I rather buy BTU, will it be cheaper than BTC?
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#45
(03-19-2017, 07:14 AM)greglsh Wrote: Thanks for all the info BitcoinZAR, I have a Luno account and have bought a small amount of bitcoins. How would I move them from Luno to say a secure mobile wallet?

Sent from my SM-G900H using Tapatalk

Hey,

First install a secure mobile wallet on your phone. Some good ones are Airbitz, Mycelium wallet, Greenbits, or Breadwallet. If you have the Luno app on your phone, you can use that to easily send the bitcoin from your luno account to another mobile wallet

Once you have a secure wallet installed and configured, you can usually press a link or button to receive bitcoin or a payment. When you do that, a bitcoin QR barcode will display on your phone, along with the bitcoin address. Any bitcoin that is sent to that address will arrive in your wallet on your phone. There is normally a button or link to copy the address, press that.

If you are logged into a bitcoin exchange, you can choose to withdraw bitcoin, and then use the bitcoin address that was displayed to you on your phone.

If you use the luno app, you can open that, choose to send bitcoin,  and paste that address you copied from the mobile wallet into the address field you want to send bitcoin to. Now press send, and it will go from luno, to your mobile wallet.

If you are not using the luno app, and are using a pc to access luno, things will be different getting the address of your secure mobile wallet onto your pc.

You dont want to type your address out on a PC while reading it from your phone, because one wrong letter or number, or making a mistake with upper or lower case, can mean your bitcoin wont arrive in your wallet, and you wont be able to get it back.

Depending on the exchange, when you choose to withdraw, you can choose to scan a QR code of the address you want to send to. If you are on a laptop, or have a webcam, you can hold up your QR code from your mobile app to your camera. It will scan, and get the address of the phone. You can now complete the withdraw from the exchange.

If the exchange you are sending from does not have the option to scan a code using your webcam, you can scan it using a website like https://webqr.com/. Scan the code on your phone and it will display the address on your screen, which you can copy and paste into the exchange.

If you dont have a webcam, you will need to get the address of your phone another way. Do not try to type it out, because of the risk of making a mistake. Maybe then you could choose to copy the address in the app by selecting 'copy', and then send it by email from your phone to yourself.
I have even heard of people saving it to a text file on their phone, plugging their phone into their pc via a usb cable, then opening the text file from the pc, copying the address, and using that to send to on the exchange.

Once you have the address on your pc, you can re-use the address anytime you want to send bitcoin to your mobile wallet, so save the address somewhere you can access it easily. So even if its a hassle the first time, you only ever have to do it once.
BitcoinZAR - Bitcoin South Africa community

[Image: 1lhxytq.png]
Learn about bitcoin at https://www.bitcoinzar.co.za
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