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RE: Steem Dollars are $8 EACH??!?!?!! Sell as much as you can!!
thanks for the insight! So after I posted last night I did some more researching and my bittrex account finally got verified so I could use it; I ended up transferring the rest of my SBD there, and then converted it to BTC, I also took the SBD I had converted earlier to steem and also transferred it to Bittrex and converted that to BTC as well, so right now I have about $450 worth of BTC, all from like $45 of SBC lol
Yeah my plan is to just hold it and forget about it for a while.
Just to make sure I am grasping this properly, if I download the wallet and then put my BTC on there, it is "safe" in the sense that it isn't sitting on the centralized exchange but is rather "offline"?
Thanks again!
Sorry I was away for a few days.
But yes, what you should do is get a wallet for Bitcoin. It will be able to generate an address for you. There is a public address to which you can receive Bitcoins, and there is the private key which is your passphrase to access it just like with Steemit. And just as with Steemit's private key you need to be super careful with this private key. Be sure to generate it on a pc that has no viruses or spyware, because hackers are already out in full force. When you generate the key, make sure you get it on paper as soon as possible (make a backup copy too) and then delete the file from your harddrive with the key on it. Or atleast encrypt the file somehow, because one wrong move and you're hacked and you could lose it all.
The safest way is to get a Ledger Nano S, it is a seperate device called a hardware wallet and it has a physical button that needs to be pressed, which no hacker can get to without being physically present, so it is extremely safe to store crypto on. However it costs about $70-80 and you'll have to think on wether or not that's worth it for $450 of Bitcoin.
Keep in mind that keeping Bitcoin on a personal wallet does mean it's a lot less flexible. Transaction costs are insanely high right now.. they were $5 a while ago but I read reports of them being up to $30 for a single transaction. That means sending your Bitcoin from your wallet to an exchange (if you ever want to sell) costs quite a bit. It is expected that the scalability issue will be fixed one day though, bringing those transaction costs down. For now, however, it's a costly matter to move funds.
So it really comes down to wether you just want to hold it for a few years, or if you want to be able to quickly sell it. If it's the latter maybe keep it on the exchange.. but there is indeed a risk that the exchange gets hacked or goes bankrupt or something else.
I know a lot of people on Steemit are fond of Bitshares. That's a decentralized exchange, but I'm no expert at it so I can't make any recommendation either way. I do believe it allows you to store and trade Bitcoin on there though, cheaply and decentralized so nobody can shut it down. But you'd have to make a Bitshares address too, and there is a bit of a learning curve to it. But it is an alternative to the existing centralized exchanges, at least. Hopefully soon there will be better decentralized exchanges, there are many projects in the works.
awesome, thanks for the replies; while you've been gone (I should have known since I wasn't getting attacked every day :P) I've been doing some further reading and descending into the dark hole that is crypto trading.
I've found Bittrex pretty easy to use and I like it a lot, other than the fact it could go belly up at any moment and there goes everything. For the most part I am just going to hold my BTC (I also bought half a Etherium (sp?), and one litecoin) Then I took about $300 which I decided to try my hand at day trading - being able to set the buy and sell points is great on bittrex - I just set sell point and when it sells then I go back and set the buy point at whatever I want - very small margins but I imagine it will add up over time.
Are there any coins you'd advise would be good for day trading? Another coin I was reading about was QTUM - it's really low right now but based on what I was reading it seems some think it can and will rebound quite nicely given enough time, so I bought a few of those to hold.
I also read up on the Lightning thing for instant transactions would will be a layer being put on top of bitcoin, or the bitcoin infrastructure.
p.s. I switched accounts recently, so this is my new account in case that is confusing lol
But..but.. I can't attack your new account!
As for daytrading, it sounds like a good idea and everybody has this exact same idea. It's not so hard to do it once, twice or three times but inevitable you're going to buy at a price which you think is low, but then it dips and you're left holding coins that you wanted to sell for a little bit more, but instead your 2% and 5% gains that you made over the last few days disappear in an instant and you're left holding the bag, as they say. It's very risky and requires a lot of indepth knowledge on how to predict the charts. You could try it for sure, but be sure to do it with a coin that you don't mind holding if it does go down. So pick something you've researched and believe in, then daytrade that. Whatever you do, don't go chasing whatever goes up that day, it won't work. Instead, try to buy it at what appears to be 'the bottom', before everybody buys in.
Also, with daytrading, especially on Bittrex, the trading fees do add up. If you want to daytrade, you'll need to make more than 0.5% profit in order to make it worthwhile and pay for the fees. While it is easy to gain 2-5% on a trade, you have to wonder also wether such a small amount is worth risking the whole stack.
I do daytrade sometimes though, but I mostly do it when I discover some special news super quick and I know I can probably get a quick gain. But mostly I have found that if I just held Bitcoin, I would have had a lot more than if I had now. About 3x more. I am still confident that all will be okay, and that altcoins will be making their runs now. Who knows, it's crypto... this is a crazy world!
If you want to follow the news, start by watching Youtubers like DataDash, Boxmining, Crypt0, Crypto Daily, Crypto Lark, TheChartGuys, The Cryptoverse, Coin Mastery. There may be others but these I have found useful. It's a dayjob though, to keep up with the news... the pace it happens is unbelievable. But it is an amazing ride, so much conspiracies, plot twists and manipulation...game of thrones could learn from this
First off, you can still attack me (although I don't recommend it ;P), but yes not on my new account yet. I'm thinking I might switch over once the beta is over and we go live.
I guess when I say "day trading" i'm probably more referring to "multi day or week trading" lol. But yeah, I really have no idea what I'm doing other than the saying, "Buy high and sell lo..." wait that isn't right, "buy low and sell high".
I'm only playing with a small amount of $ and i'm not expecting huge gains. I just sold some QTUM for about $9 profit I bought the other day - I figure as long as i'm ending on the + side, no matter how small, it's a good thing!
Yeah I was reading your other post where you talked about Binance vs Bittrex so I have thought about switching if the fees are indeed smaller there; I don't want to withdraw just because of the fee, but if I only do it once I guess I can bite that bullet.
I know this isn't any sort of day job thing and I find it fun more than anything; I'm being very conservative so there isn't much I have to worry about losing, at least so far lol
If you have the funds on Bittrex I would just keep it there for now. Otherwise you're paying a lot extra just to withdraw it again and get it on Binance.
But yes, week-trading, let's call it that, can be profitable and a lot of fun to do. The same risks apply though.. It's just very hard to time the markets right, so it is a bit like gambling. Could gain a bit but could lose a lot.
Just look into the coins that you like and find a few that you're sure that no matter what, these are going to go somewhere. Maybe they have big partnerships, maybe it's a great product, maybe it's Bitcoin. It's a good thing to diversify and spread it around.
I started out just like you: with a couple hundred bucks of crypto, wanting to trade it and see if I could get it to grow. But trust me when I say, when you start down this road... it sucks you in and it never lets you go!!
By the time that $400-500 gets to be $2000-3000 you'll be looking differently at things.. I did, anyway! :)
It has now become my main hobby... I cannot put my blockfolio down (great app to install on your phone to keep track of your funds) or tear myself away from the screen
alright, sounds good to me. The only thing I sort of find frustrating about bittrex is how the "amount" is always relative to bitcoin from a % perspective. For instance, what I would love is to easily see the $ associated with each % as well. For instance, I will bid .000034452 and I would like for it to say that's $8.45; I know it says it on the actual page, but I want to also see it other places, like on my orders page or my transaction history on the SBD page instead of just showing the crazy percent that I have no idea what $ value that equates to. Do you know of a way to fix this? So I exported my orders in csv and put into excel to then put a dollar amount on the percentages, but the annoying this I still don't know the exact $ amount I bought or sold for because the percent changes based on what the current Bitcoin $ amount is (at least I think this is how its working....) I want to see the actual $ amount I bought and sold for at the time of buying or selling.
I'll have to check out that app.
Nope, the only way to trade in dollar values is to trade it in dollars. Usually this means USDT (which is not USD, but a crypto tethered to USD.. lots of distrust going around it currently). Bittrex lists only a handful of coins in USDT.
The way I do it is that I keep an eye on coinmarketcap.com and write down the dollar amounts when I buy. It's not perfect, but it's something. Unfortunately the Bitcoin price makes everything look like it's going down, but really Bitcoin is just going up a lot.
The fact everything is traded in Bitcoin is also the reason why Bitcoin is valued so much by the way. It is like how dollars are worth a lot because that is what oil is sold in, Bitcoin is worth a lot because that's what you use to buy other crypto. Oftentimes you can also trade in Ethereum, by the way.
cool, thanks for the info. Yeah I bought one Ethereum, then sold about athird of it to buy smaller stuff for my "weekly trading". I also bought 1 Litecoin which I plan on just holding.