The Bitcoin thread

[androux123]

Almost time for my weekly payment , only 100 usd this week. Started with 4x 1070s.

 

From next week I should earn around 420 usd a week. 12 rx480 , 6x rx470 and 4x 1070s

[Ianf]

OK I bought some BTC at R24330 on luno and then the price dropped.

I have transferred this Airbitz wallet. I see there was a fee of like 0.0000002 BTC how is that recovered and who does that get paid to?

[Bandit]

Who can explain this: Luno says 1 BTC = R24100, Google and some other sites are saying 1 btc = R22000

[Spreadsheet Ranger]

Waits for @BitcoinZAR to shed some light.

[BitcoinZAR]

Just a question, if you can use Luno to trade, why does the charts only show up to 30 minutes? and it seems very basic too. Does one use a site such as Tradingview in conjunction with Luno?

 

I prefer to watch the Luno charts on this website: https://cryptowat.ch/bitx/btczar

 

You can set the chart to show 1m, 3m, 5m, 15m, 30m, 1hr, 2hr, 4hr, 6hr, 12hr, 1d, 3d, 1w depending on your preference

[BitcoinZAR]

OK I bought some BTC at R24330 on luno and then the price dropped.

I have transferred this Airbitz wallet. I see there was a fee of like 0.0000002 BTC how is that recovered and who does that get paid to?

 

Luno has a fee of 0.0002 for a bitcoin deposit or withdrawal. At a price of 24330 per bitcoin, that transfer fee cost you R4.86 if I am not mistaken (24330 x 0.0002 = 4.86).

 

When you send bitcoin to someone, there is a transaction fee that gets included to include your transaction on the blockchain. Normally the fee is based on the size of the transaction in kb, not in $ value, so you could technically send bitcoin for $1milliion and pay the same as sending $10.

 

Luno have the fee included, and it adjusts depending on the current fee price for bitcoin, but they do not make profit from it, so you probably just paid the minimum amount to have your transaction included in a block.

 

Luno dont give you the option to set your own fees, but if you did, and set it as zero, your transaction would never be confirmed.

[BitcoinZAR]

Who can explain this: Luno says 1 BTC = R24100, Google and some other sites are saying 1 btc = R22000

 

When you do a price check on Google, it simply takes the USD price, and then does a conversion on what that would be in Rand based on the current USD/ZAR exchange rate.

 

Google is not going to any S.A. exchanges to look for the buy / sell prices or latest trade price.

 

The bitcoin exchanges in S.A. dont price bitcoin on what the USD price is in Rand, it is based on supply and demand, like any market. So if there is very high demand for bitcoin locally, then the price will go up as traders will increase their prices.

 

Doing a Google search for the price is a little misleading, kind of like when you do a Google conversion for USD to Rand, and then expect to get that rate at a bank when you exchange your USD, which wont happen.

[Bandit]

Ahhhh, cool. Thanks

[JamesYellen]

That $3000 price mark prediction for bitcoin seems very plausable now.

[Ianf]

 

Luno has a fee of 0.0002 for a bitcoin deposit or withdrawal. At a price of 24330 per bitcoin, that transfer fee cost you R4.86 if I am not mistaken (24330 x 0.0002 = 4.86).

 

When you send bitcoin to someone, there is a transaction fee that gets included to include your transaction on the blockchain. Normally the fee is based on the size of the transaction in kb, not in $ value, so you could technically send bitcoin for $1milliion and pay the same as sending $10.

 

Luno have the fee included, and it adjusts depending on the current fee price for bitcoin, but they do not make profit from it, so you probably just paid the minimum amount to have your transaction included in a block.

 

Luno dont give you the option to set your own fees, but if you did, and set it as zero, your transaction would never be confirmed.

Thanks now I know cash doesn't have to left in the account to cover fees.

[greglsh]

Ethereum price seems to be dropping a lot today?

 

Sent from my SM-G900H using Tapatalk

[Spreadsheet Ranger]

Ethereum price seems to be dropping a lot today?

 

Sent from my SM-G900H using Tapatalk

 

From the charts and reading I did I think ethereum will drop to about $65 and then it will start climbing ultimately surpassing bitcoin.

[marco79]

I read somewhere that one gets a VISA card linked to your Bitcoin account/wallet. Where can I get further details about this?

[marco79]

I read somewhere that one gets a VISA card linked to your Bitcoin account/wallet. Where can I get further details about this?

 

I found some info here for those interested. @BitcoinZar are you making use of this card?

[BitcoinZAR]

 

I found some info here for those interested. @BitcoinZar are you making use of this card?

 

There are a bunch of different suppliers of such cards....one of the biggest and most popular is Wirex/Ecoin, which is one of the ones I did a post on here: https://www.bitcoinzar.co.za/bitcoin-debit-card/

I dont actually have one of those cards yet though, as I was away, and unable to receive it in the post.

 

Another big company is Xapo.com, which is one of the more well known ones, and the xapo company itself is very well known in the bitcoin community.

 

I do have one that I have been testing from Coinsbank.com, which I think is awesome. I got it last year before I went traveling, and found it to be amazing.

 

I also did an advertorial post on Spectrocoin here: https://www.bitcoinzar.co.za/spectrocoin-bitcoin-debit-card/ which is well known, but I have not actually tested the card they sent me yet.

 

It seems to me that most of these companies use the same card provider, so it probably does not really matter which one you use.

 

What I have found is that some of the cards do work differently though. All the cards are either VISA or MasterCard debit cards, but its the way they work with bitcoin differs.

 

Some of the cards are debit cards that are funded with bitcoin (Wirex / ecoin). That means that you deposit bitcoin, and the card is 'loaded' with USD / GBP / EUR, depending on what currency you have chosen when you signed up. When you fund the card with bitcoin, it uses the latest exchange rate to load the appropriate amount of USD / GBP / EUR onto the card. When you swipe the card here for Rand, it does the conversion and deducts the appropriate amount of currency from the card.

 

I prefer the other type of card that works differently, maybe this is the kind marco79 is talking about. The card I use is linked to a bitcoin wallet, so only at the time I swipe the card for say R100, is the exchange rate calculated, and the appropriate amount of bitcoin taken from the wallet, and converted to Rand. With this type of card, my balance stays in bitcoin the whole time, so when the price of bitcoin goes up or down, the amount of USD I can spend from my balance goes up and down too. I think this is also the way the Xapo.com card works too, but I still have to get one to test.

 

I have been using the coinsbank card linked to a bitcoin wallet for over a year now, and it works great for me. There are no fees for swiping the card, but if you try to withdraw cash at an ATM, the charges are high. I went all over S.E. Asia last year, using the bitcoin debit card most of the way because Standard bank shafted me shortly after I left the country. Even after pre-approving and double checking with the bank beforehand that nothing would go wrong, it was about a month and my credit card stopped working. I was unable to call from a mobile phone to S.A. to stay on hold and try to fix it, and the bitcoin debit card really saved me.

 

So if I had to recommend cards, I would say the coinsbank.com card is amazing, and I think Xapo.com is basically the same card under a different name, and probably also the spectrocoin card.

 

The wirex/ecoin card is different, and uses the other method as far as I know. What I have heard though is that they have a much better mobile app and better options / features, compared to the other providers.

 

What is nice about having a bitcoin debit card, is that if you are getting paid in bitcoin, you can use it to fund your debit card, and use the card to basically spend bitcoin anywhere in the world that accepts VISA / Mastercard. The vendor just gets Rand or whatever currency they use as normal, they dont even know its a bitcoin card. So its a great way to spend bitcoin, which helps if you earn bitcoin but dont want to exchange it to Rand, and withdraw it to a bank account to be able to spend it on everyday things.

[Agent47]

O.k. I am suffering serious FOMO here. I just registered on Luno. Want to buy a small amount of BTC, and hopefully there is a pullback and I can get some more.

 

Anyway, these hardware wallets, can they be used for BTC and ETH together, or do you need an alt-currency specific hardware wallet?

[Beamer]

O.k. I am suffering serious FOMO here. I just registered on Luno. Want to buy a small amount of BTC, and hopefully there is a pullback and I can get some more.

 

Anyway, these hardware wallets, can they be used for BTC and ETH together, or do you need an alt-currency specific hardware wallet?

 

New high this morning again. Currently at $1849.00 :-) $117,49 up since yesterday. I keep waiting for a pullback to put some more in as well, but seems it doesn't want to happen.

[Agent47]

Its ridiculous really. It just goes up and up. But hey, what goes up must surely come down.

[BitcoinZAR]

Its ridiculous really. It just goes up and up. But hey, what goes up must surely come down.

 

You should do some smaller buys over time, and get an average price for your bitcoin, less risky and at least you are in already if it goes up, and when it pulls back, top up some more.

 

I have a Trezor wallet that can do bitcoin, litecoin, ethereum, dash and zcash. I only have bitcoin on mine, so not 100% sure how it works with other currencies, but if it is the same, then I think you can use them all together. You use the wallet to store the keys securely, and the trezor website as the interface.

[Agent47]

Thanks. Jip, I will buy small amounts. Was going to buy this morning, but I had to run. Will do later when Im infront of a PC.

[marco79]

Thanks for the detailed explanation BitcoinZAR. For now I don't like the conversion fee offered on the cards. I'll hold out for when a locally based institution/bank can provide a similar card. In the mean time I'll pump any free funds I have into cryptocurrencies.

[androux123]

It keeps on going up!

 

1919 USD atm

[quintus26]

Hey guys if you want R15 free bitcoin you can put the word 'QUINTUS' (without punctuation) into Luno's promotions tab. Expires at midnight.

 

Thank me when you're a millionaire

[Ianf]

Thanks Quintus it worked! If it is a 10 bagger it will be worth a lot.

[JamesYellen]

Boom - $2,000

 

The Bitcoin price finally breached the much anticipated $2,000 line, sending excitement throughout the burgeoning global cryptocurrency community.