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BitcoinZAR

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Everything posted by BitcoinZAR

  1. Just thought I would put this out there....I have a Telegram chat channel where we talk about bitcoin mostly, as well as other cryptocurrencies. If you want to ask a specific question, or would like to just chat casually about bitcoin / crypto with other people in South Africa, check it out. The channel is informal, and it is not a trading signals channel or anything really technical. Its mainly for casual chat about crypto. If you are on telegram, come and visit! https://t.me/bitcoinzarchat
  2. Good to be back! Finally managed to log in again, was having trouble for ages. When you rise fast, you drop fast too...who knows how low it will go, possibly even as low as $1000....all I know is that in time it will go back up again, and we will have new highs. My guess is that the next bear market will be when the price dumps down to the $20k mark. The next halving is getting closer, and I would expect that the price will range for a while longer before starting to pickup again running up to the halving event. Personally I just hold my main stash and dont bother trying to play the market much. The reason being that for me to cash in my main holdings on the way down, it would mean moving them to an exchange and selling, which opens up a can of worms. I expose myself in terms of how much bitcoin I have on that address and other addresses that have transacted with that address. Secondly, that can be seen as a taxable event, if I am 'cashing out', which I dont want to do right now, and thirdly, if I did cash out my main stash then I would now be sitting with a ton of cash on an exchange which I dont trust all that much. If I have to wait months to buy back in, I will be constantly worried that I have a lot of money on the exchange that is at risk. I prefer to keep my funds locked down as bitcoin, secured on my hardware wallet offline, where nobody knows that its mine. I am a reckless, but patient, and i'll wait it out a few more years before worrying about changing it back into government money. By that time, maybe I wont need to...who knows. I am still buying bitcoin....I do every month because its my long term savings plan. Now with the lower price, I just get a ton more than I was when it was closer to $20k. Win win in the long term.
  3. Hows everyone still doing with their bitcoin? Holding? Trading? Buying more? Out of the market? I have been trading a lot with my trading stash, growing the bitcoin in the accounts. I have buy and sell orders set and also stop limit orders set at certain prices. On good days both the buy and sell orders have been hit with all the volatility
  4. This looks very much like a scam. "Platincoin" is not listed on any exchanges...you buy directly from the people issuing the 'coin'...and they guarantee you 10% interest. How they guarantee that is unknown, but since they are issuing the 'coin' themselves, it is assumed they will simply give you 10% more of the same token that you are holding, so by inflation. Give you more while the value drops by 10%. I cant really work it out since they have very little information about anything technical. At first glance I would just run away. All the information on their website is not verifiable in any way, as they are not on any exchanges where people are trading, so everything could just be made up.
  5. This video from a bitcoin meetup in Munich is really good, and answers a lot of questions people have about bitcoin. It is a long video, but you dont need to watch it, you can listen to the guys talking, so can play it in the background. The second guy is the main speaker, but the first guys talk is interesting too https://youtu.be/Ogo48C5fXjk
  6. The exchanges I use regularly are: luno.com, ice3x.com, bittrex.com, bitstamp.net, cex.io, binance.com, kucoin.com and cryptopia.co.nz
  7. The guy who created litecoin, Charlie Lee, has publicly warned people that this could be a scam. Beware. https://twitter.com/SatoshiLite/status/960197866546282496
  8. From what I have read so far on dimcoin, it looks like a bad investment to me, so I personally would not touch it. I dont see the potential for this coin, and the website, video or reddit groups etc dont really give much or enough information to satisfy me. I tihnk there are better looking alt coins that are cheap and with more potential to be used and grow in value. Dimcoin looks like it started at aroudn $0.25c and is now about $0.005c each, so does not have a good track record so far, or for some reason the amount of coins being sold has far outpaced any demand for them.
  9. I think I'll wait a couple more years to get some property....see how this all plays out.
  10. Cant take my land, coz I dont have any land. Would like to know though, if you do have land, and a bond at the bank, do they take that over when they take your land? If someone is going to take your land, do you keep paying the bond? Maybe my questions sound a bit dumb, but I have never had land or a bond.
  11. I'm all in. (i'm reckless and have a high risk appetite...don't be like me.)
  12. Interesting video for those wanting to learn more about Lightning network for bitcoin [video=youtube]
  13. That is two different questions and problems.... Approximately every 10min a new block is mined on the bitcoin blockchain, and 12.5 bitcoin are created. That is equal to around 1800 bitcoin created per day, and about 54000 every 30 days. Every 210 000 blocks that are mined, the amount of bitcoin that is created every ten minutes is cut in half. When bitcoin started it was 50 btc every 10min. After the first 210000 blocks (approx 4 years) that was cut in half to 25 btc every 10min. After the next 210 000 blocks 4 years later, that was cut in half to 12.5 btc, which we currently have. The next halving is in the year 2020 sometime, where it will be cut in half to 6.125 btc every 10 min. What this means is that by the time the amount halving every four years reaches zero, we will all be long gone as it will be in the year 2140. By the time there is no more bitcoin to be created, miners will still be incentivized to create the blocks by getting the bitcoin transaction fees as payment. If all goes to plan and bitcoin is worth a ton of money, the fees for all the transactions in each block should be able to make it viable for miners to create the blocks. If it is not viable to mine, many miners will stop mining, which means the reward for mining will be split between fewer miners, giving them each a bigger share, and making it profitable for them to continue. If bitcoin gets too expensive to mine, it means that the cost to mine bitcoin does not justify the reward that you get for mining. This happens all the time when more advanced mining equipment comes along that out performs older equipment. Miners need to upgrade their equipment to ensure that they stay profitable, or just turn off their machines. This also happens if the price of bitcoin drops dramatically....miners find that the amount of bitcoin they mined is worth less than the cost to run their equipment, and it is better to just turn off the mining equipment, or rather just buy bitcoin instead of mining it. The more people that mine, the less of a reward you get for your hashing power of your mining equipment. This is why your mining revenue will constantly go down as more miners start mining every day. More miners join every day hoping to make money mining bitcoin. The more that join, the higher hashing rate of the miners, and the quicker a block will get mined. Since bitcoin is designed for a block to get mined every 10 minutes, the algorithm needs to be adjusted every 2 weeks odd to make sure that it sticks to around 10min per block on average. The difficulty is adjusted every 2 weeks to make it harder to mine a block of transactions, which re-calibrates things so that its back to the 10min average per block. The increase in difficulty, means your miner is not as effective as it was 2 weeks before, so you get less bitcoin for your hashing power. This is why many people lose money when they start bitcoin mining, because the calculation they make for how much profit they will make, does not account for the ever increasing difficulty of the bitcoin algorithm, and the decline in their earnings over time. Just because you can earn X amount of BTC today, does not mean you can multiply that over 6 months to see how much profit you will make....it does not work like that. It is impossible to predict future price, and therefore future mining difficulty increases and decreases. New miners cannot predict the percentage increases in mining difficulty each month which directly correlates to close to the same percentage drops in revenue each month. Big jumps up in difficulty mean big drops in mining revenue for the same hashing power. If the price of bitcoin suddenly goes up.....it suddenly becomes more profitable to mine bitcoin again, and many miners who have turned off their equipment will see that it will pay them to turn it back on again. So the amount of miners mining, and the combined hashing power of the bitcoin network is linked to the price of bitcoin. When bitcoin dumps in price, it becomes unprofitable for many miners, and many will turn off their miners. You can see from the attachment the increase in the difficulty of mining bitcoin over the last year or so. On average it goes up every month, with big jumps when the price jumps. So bitcoin will always be profitable to mine for some people, and the ones who it is not profitable for anymore, will turn off their equipment...which will make the hash rate drop, and the profit go up....making it more profitable, so more miners join, and the scenario repeats.... There will always be people who can mine with free or really cheap electricity, or who have access to mining hardware at dirt cheap prices....so its not like bitcoin will stop being mined, that will only happen if bitcoin is worth less that the cost to mine it, and the last person left on earth mining it decides to turn off their mining equipment.
  14. I have a bunch of SIA, but also some STORJ that I got during their crowdsale a couple of years ago. So far I think STORJ is a lot further down the road than SIA but I think all of them have a great future. Found on Reddit: Pros and Cons of Storj and Sia STORJ Pros Very easy to use for individuals and corporations due to (1) variety of accepted payment methods, (2) Easy GUI interfaces Fixed price Pay as you go model. Due to its distributed architecture it is (1) easier to maintain and update, (2) can be scaled to accommodate network requirements. Faster transfer speeds than the competitors. Largest network. Cons single point of failure of the Storj Labs service (storj bridges). more subjected to vulnerabilities (e.g. DDOS) due to fragmented system. More expensive storage than SIA No storage marketplace for dynamic pricing SIA Pros Fully decentralized, not a single point of failure. Has a storage marketplace. Cheaper storage than STORJ. very secure due to blockchain consensus. Limited vulnerability risks. cons Requires a deposit of SIA coin before-hand in order to rent space on the network. Only allows the payment with the native SIA cryptocurrency. Lower ease-of use for both traditional companies and individuals. Requires the download the entire blockchain first in order to become a farmer, which requires allot of space and hours of synchronization. Difficult to scale and handle large data volumes due to blockchain limitations. Sia holds your money hostage if you're a farmer as collateral.
  15. If you get 5% monthly, then over 6 months, that is 30% right? By just holding bitcoin, I got 500% increase in value over the last 6 months....by taking my bitcoin and investing it for 5% a month, I would have lost out on that....am I missing something?
  16. Hey guys FYI, just letting you know, if you want to purchase a hardware wallet, cryptocurrency is the preffered method of payment. If you are on Luno.com or ice3x.com, then you can pay through their website and not pay any fees. So it is possible to pay me bitcoin, litecoin or ethereum with zero fees using their system, to pay for a ledger nano or trezor. I get the funds instantly, and you dont pay any transaction fees...and courier delivers to you within 2 working days. You can also order direct from ledger wallet in France, but for now the shipping is only going to happen in March, so you would have to wait. Recently there have been posts online about a guy who had their cryptocurrency stolen after ordering a ledger nano s on ebay or similar website. The device was already setup with its private key when the guy ordered it. The seller initialized the device and then sent it off to the customer, so when the customer deposited funds, the seller was able to steal them. My devices are sealed from the factory, and you set them up yourself. I am an authorised distributor of both ledger and trezor companies. If you ever get a device that has already been setup, and already has a recovery seed from another supplier, simply reset the device to wipe it clean and start fresh.
  17. The CSV only exports 999 rows Not enough for me to do a proper monthly recon
  18. You can order on the website using bitcoin, I dont want Rand. If you want to avoid transaction fees, and if you are on Luno, you can send me bitcoin using my email address to send to. Using that method means they dont charge you fees, and there is no waiting for me to get the bitcoin. One other bonus is that it uses the most up to date price on luno. If you are interested in buying using that method, you can message me privately to exchange information. Otherwise you can order with bitcoin on this page: https://www.bitcoinzar.co.za/buy-ledger-nano-s-hardware-wallet-south-africa/
  19. I still have lots left if anyone wants either Ledger Nano S or Trezor
  20. The amount of people that actually know about cryptocurrency is a very small percentage. Most of those that do buy bitcoin, but if they buy any they normally do some sort of research and make a decision based on that to purchase some. Sometimes the reasons are purely just because they have fomo and want to try and get rich quick, which is bad, but that happens with everything where there is the possibility of making money, from the stock market, housing market to cryptocurrency. When you have large amounts of people buying something just because they want to get rich quick, it can add to the instability, and yes, cryptocurrencies are unstable. The thing is though, the more people that have cryptocurrencies like bitcoin, the more stable it becomes. There are more and more people using, holding and trading bitcoin in more and more places. It is not like the old days when there was only a handful of exchanges and traders, and the price was easily influenced by one person or small groups of people. Crypto traders can trade in more places 24hours a day, the market never sleeps and does not follow office hours. The market is more of a free market, compared to traditional ones that have an opening and closing time, and are shut for weekends, and controlled by corporations. People say that a year in cryptocurrency is like 5 years in the traditional markets. Things move fast, and that is the future, traditional markets will adapt as they are now obsolete. Security of Bitcoin is major concern The South Africans know another major problem with bitcoin is that its current and future security are causes for concern. South Africans people say that Bitcoin payments are not sufficiently safe, referring to the numerous scams. The possibility of an attack on the actual networks is handle the bitcoin. But there is more to worry about than cyberattacks. --- Bitcoin and cryptocurrencies that have a proof of work blockchain are far more secure than any legacy banking system. Bitcoin has never, and will likely never be 'hacked', there are too many levels of security and cryptography and the power needed to 'break' the system and gain access to a wallet balance is unfathomable for most people. Its not bitcoin that will get hacked, it might be an exchange, but more likely the user who will get hacked. Already people have their email and bank accounts hacked because they do not follow basic security procedures. If you don't secure your wallet, or follow basic security procedures and have a decent password, you are asking for trouble. This is for cryptocurrency AND even normal online banking and websites where you might have accounts. The point is that bitcoin is orders of magnitude more secure than any banking system today. There are scams in bitcoin, just like there are scams with fiat currency, the only difference is the method of payment. Every day people scam and steal from each other with Rand using the traditional systems we have, this happens in bitcoin too, its just harder to do, and happens far less than scams in Dollar or even Rand currency. The difference is that if someone is scammed in bitcoin it will make the news....if it happens in fiat currency, nobody gives a shiaat, its not newsworthy. If you have bitcoin you are responsible for your funds, and just knowing that makes you more careful than you are with your bank cards and accounts. People are far more secure from day one with their bitcoin, than they ever were with their traditional bank accounts. Bitcoin actually makes you think about your security, and by default you become safer about how you handle all your money, including Rand. You should use a bitcoin exchange responsibly, have a secure password, and have 2Facotor Authentication turned on. The same goes for your mobile phone, make sure you have a pin code enabled to access it, and again for your email, make sure you have 2Factor authentication turned on. It is more likely that YOU will get hacked, than any exchange or even bitcoin ever getting hacked. This happens on a daily basis with regular banking and identity theft and credit card fraud. Most South African people don't understand it South African people really have no clue what bitcoin is. South Africans have the misunderstanding about bitcoin and complete lack of understanding could yield terrible consequences. Not every South African people are able to understand the essence of the new financial instrument. It happens, when South African people have disbelief regarding something they try to fill the knowledge gaps with conjectures. --- Yes, most people don't understand what bitcoin is, the majority of new people to bitcoin have it because they want to hopefully make some money when the price goes up. Once they have it and use it, they can see the advantages of it. As more people get bitcoin, the percentage of people using it does go up with that. So while most dont actually use it, its usage is growing with the growth in new users. There are misunderstandings about bitcoin too because people are exposed to seminars and meetings where presenters explain bitcoin, and follow up with signing people to a pyramid scheme or similar, telling people they are 'joining' bitcoin. These schemes are ages old, and the only difference is they use bitcoin as a method of payment. Most people who have a basic technical understanding of bitcoin, have even less of an understanding of how the traditional banking system works behind the scenes, because it is not necessary to know the intricacies of it. The average person does not need to understand how a bitcoin transaction works behind the scenes, any more than they need to know how an email message send works behind the scenes. The thing is, bitcoin is easy to use, and you don't need to understand everything about it in order to buy, sell, send or receive bitcoin. Just like you don't need to know about the TCPIP, or SMTP if you want to use the web or email. Bitcoin only exists on computers South Africans know Bitcoin is the only exit on the computer. This may wide-ranging understandable but as a form of money, bitcoin strength is the most imperceptible stuff in history. The securities or paper money can be presented to a central bank with the hopes of someone will exchange them. South Africans know that there is no such possibility with bitcoin. --- Most money only exists on computer, it is only a very tiny percentage that exists in physical form, and even that is getting phased out. When last did you pay your rent with cash, or even buy some clothing at the store with cash? Most people use their credit / debit card, or EFT or similar system to pay for things. Notes and coin payments in the physical world are getting less and less....the rise of mobile payment system will phase that out even further. How much money do you have in your bank account? I'll tell you, you have nothing. You have an I.O.U from the bank that is all. With a regular bank account you have given the bank an unsecured load of your money for extremely low interest. Yes bitcoin is digital, but the invention of bitcoin is that it is something digital that cannot be duplicated. You can copy a digital picture, file, song etc, but you cannot make a digital copy of a bitcoin. That is the invention of bitcoin, and that is why its first use-case is as 'money'. If you send a digital picture to me on the internet, I have it, and you STILL have it. If you send bitcoin to me on the internet, you dont have it anymore, and I do. That is the main invention of bitcoin and cryptocurrencies. Existing only on computers is why it works so well. It can be everywhere all at once, because it lives on the internet. The way things are going, physical money will be phased out completely in the next few years. The biggest expenses banks have, is to store, secure and manage their physical stores of money, staff, buildings etc, everything physical, which they are phasing out. If you want Rand for your bitcoin, simply exchange it and withdraw the rand to your bank....you dont go to a bank with bitcoin, they dont 'do' bitcoin. The issue of legality One major hurdle in the path of South Africans investors who are interested in investing in bitcoin is the confusion about its legal status. Even though they haven’t been declared illegal. Bitcoin is not recognized by any other authority in South Africa. As a currency when it issued a press release cautioning users, holders and traders of virtual currencies, including bitcoins, about the potential financial, operational, legal, customer protection and security related risks. The regulator has further stated that it has not issued licenses to companies for trading in any virtual or digital currencies. that the South African user, holder, investor, trader, etc. dealing with virtual or digital currencies will be doing so at their own risk. --- Bitcoin is not illegal in South Africa. It is not legal tender, as legal tender is only issued by a central authority, and the Reserve bank is not exactly mining bitcoin. The South African Revenue Service said transactions or speculation in Bitcoin are subject to the general principles of South African tax law and are taxed respectively. This applies to income generated from trading cryptocurrency. When exchanging Bitcoin for rand, the same taxes apply as any other disposable assets which may cause capital gain or could qualify as income for active traders. All assets are treated fairly in terms of tax. The SARB have been working very closely with bitcoin companies in South Africa over the last few years so that they can understand things better. You can read their position on virtual currencies that they published in 2014 here: https://www.resbank.co.za/RegulationAndSupervision/NationalPaymentSystem(NPS)/Legal/Documents/Position%20Paper/Virtual%20Currencies%20Position%20Paper%20%20Final_02of2014.pdf The main point is that you use at your own risk, and its NOT illegal. Neither commodity nor currency Another big issue of South African people related to bitcoin is that they have lack of clarity about its origin. Bitcoin is mined using complex mathematical formulae and the South African don’t understand it. They also claim that bitcoin is not controlled by any government and so, it is democratic. Therefore, bitcoin doesn't fall into the currency category either. It can be very risky for businesses, industry, and people to invest in bitcoins. bitcoin is not backed by any physical asset, but by pure demand. --- There is zero lack of clarity of the origins of bitcoin. It was discussed on forums before it was released in 2008, and then released as software in 2009 by a user with the handle 'Satoshi Nakamoto'. Bitcoin is an open source project with over 500 developers working on it from around the globe, about 50 of which are full time active participants. Anyone can review the code, add to it, and suggest changes. Your participation and submissions are scrutinized by other members and if there are suggestions for changes, issues with your code etc, they are put forward. Other developers will also look at your code and add to it, even work with you to further your changes to the bitcoin code or protocol. When everyone is happy with your work, it will get suggested for inclusion into the main bitcoin code, and after there is consensus with a majority of people wanting and approving your changes and coding, it will be added to the main bitcoin code on the next update. This is a 100% transparent and fair system. There are multiple mathematical 'formulas' that bitcoin is using. All of the mathematical parts of bitcoin are decades old formulas and systems invented by other people. These tried and tested, formulas were then just combined in a unique way to create bitcoin. The technology is not new, its been around for years, it was just never put into that specific order or combination. Since the bitcoin code is open source, it is probably the most scrutinized and looked at open source software the world has ever seen. It is attacked from every angle 24hours a day, by people looking for a flaw, after all, the bounty for finding a bug would be that you can take all the bitcoin ever made....a nice prize don't you think? The bitcoin software is probably the most secure software ever made, with no central point of failure, and it gets stronger with every block mined, every 10 minutes. Again, since it is open source, there is no way the creator has any control over it. Even if the creator of bitcoin wanted to take all the bitcoin, or make changes etc, they would have to go through the same process. Nobody has full control to do what they want without consensus by the community. Bitcoin cant really be pigeonholed into a one category. It falls into the category of currency because people will accept it as a method of payment. It also falls into the category of commodity, and that is how most people have been using it.....this is why people liken it to a digital version of gold....which is a commodity, but was also used as a currency for thousands of years. As a business, there is zero reason NOT to accept bitcoin. You can accept bitcoin and have it converted to Rand and then put into your bank account for a 2% instantly. This is cheaper than a credit card transaction for most merchants, and unlike a credit card, there will never be any charge backs, and fraudulent transactions. If you have a business it is a no-brainer to add bitcoin as an alternative method of payment, it costs you nothing to do. Yes, investing in bitcoins is risky, we all know this, the price is volatile, and you can lose money as easily as you can make money from bitcoin gaining value. Bitcoin gets its value based on supply and demand, and because it is actually useful to many people in many ways. If you invest in bitcoin, or ANYTHING, you should learn as much as you can about it before you do so. Dont invest in something you know nothing about. If you learn about bitcoin and how it works, you will realize how amazing and revolutionary it is. Each and every person who learns about bitcoin and understands it properly, becomes a convert, and an enthusiastic user. It is usually only people who don't understand bitcoin who think it is something dodgy. Bitcoin is not dodgy, but like anything, the possibility of someone using it for bad things is there...just like the currency most used for crime around the world is the US dollar....but that does not make the dollar bad, its the person using it in a bad way. The mania we are having right now is fueling the massive increases in price, so most people buying bitcoin are doing so right now in order to hopefully make some money as it increases in value. Be sensible with your investments, and not reckless. Only buy bitcoin with money you can afford to be without for at least a year or two. If you are wanting to use it as an investment, buy small amounts regularly over time as opposed to throwing large sums of money in one go. The price is extremely volatile, but if you zoom out, you will see its volatile in an upward trajectory...if you are treating it like an investment, make sure you have a price where you will sell to stop further losses if it is tanking, and then just ride out any volatility. We are still in a very bullish market, the trend is up...when that trend changes its time to consider other options than just holding.
  21. You can buy on luno or ice cubed exchange, just register and verify your account with your ID and proof of address, and add your bank account information. You can EFT Rand to the exchange to fund your account, and then use those funds to buy bitcoin. I have some step-by-step walk-through posts here: https://www.bitcoinzar.co.za/step-step-bitcoin-guides/ No, you do not have to go online every day. Once you have bitcoin you can leave it until such time as you would like to sell it again. I would suggest starting small to test the process, and then buying a little every month like a savings plan. Let it accumulate over time, so that you are not risking a large amount in one go.
  22. The price will never reach $100 again because there are too many people that will buy it all up on the way down, stabilizing the price much higher than $100
  23. I would say "YES", to investing in some bitcoin. It is not expensive in terms of how much you want to spend. You can buy bitcoin to the value of R5 if you would like to.
  24. Anything that promises a % is almost certainly a scam or pyramid / ponzi scheme. If they that good, why do they need your money, they could use their own and make money to infinity, think about it.
  25. The way I understand it, you can technically setup a debit order on your side to pay X amount of Rand into Luno's bank account with your customer number as reference, and it will be credited to your account....BUT, as far as I know thats not exactly kosher with either sars, or laws or something like that, which is why I think exchanges want you to first say how much you want to deposit, and then they generate an invoice of sorts that can be linked to your payment....I am not 100% sure, but thats the only reason why I can figure both Luno and Ice Cubed added that step to their deposit processes.
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