No experience with bitcoins so any recommendation is welcomed.
Bitcoin Thread v1, and other cryptocurrencies
Bitcoin Thread v1, and other cryptocurrencies
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Feb 11 2017, 12:38 PM
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#1
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Elite
14,576 posts Joined: May 2006 From: Sarawak |
Thinking of getting some bitcoins. Which exchange do you all recommend? I prefer one dealing with MYR with ease to transfer funds from and to local banks. I think the exchange should also have ease to buy/sell bitcoins without to much spread or charges?
No experience with bitcoins so any recommendation is welcomed. |
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Feb 11 2017, 04:22 PM
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#2
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Elite
14,576 posts Joined: May 2006 From: Sarawak |
QUOTE(wengherng @ Feb 11 2017, 03:12 PM) In Malaysia, you really do not have much choice for exchanges. Thx for the info. So difficult to buy bitcoins over here. Personally, I use XBit Asia, but the liquidity is low and the spread is not very attractive. As I understand, there is another one called Remitano which I've not used before. There were another 2 - 3 more before, but for some reason, their bank accounts have been closed by their respective banks (likely some form of interference by BNM methinks) and therefore can no longer deposit or withdraw MYR. Will take a look at Remitano..... |
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Feb 12 2017, 11:11 AM
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#3
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Elite
14,576 posts Joined: May 2006 From: Sarawak |
QUOTE(jack2 @ Feb 11 2017, 11:58 PM) How to buy from you? Got give discount? QUOTE(bb.supplements @ Feb 12 2017, 10:42 AM) Trade fees (XBIT) Thx for the info. Thinking of using remitano but doing further research. The advertisement thing is interesting but have to find out how it works.......Market Maker fee Taker fee BTC/MYR 0.25% 1.00% ESCROW FEE: (Remitano) If you are the person that created the advertisement: Free If you are NOT the person that created the advertisement: 0.5% Remitano charges is the lowest currently |
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Feb 12 2017, 05:42 PM
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#4
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Elite
14,576 posts Joined: May 2006 From: Sarawak |
QUOTE(wengherng @ Feb 12 2017, 03:57 PM) QUOTE(1wildcat1 @ Feb 12 2017, 04:28 PM) I've bought all my bitcoins, around RM 600 worth over a period of time via localbitcoins.com Actually I almost wanted to use Remitano. Looks like localbitcoins is an alternative. Thx for the info. They have sellers which sell exactly at market price or maybe 0.5%-1% higher. I don't buy from those who sell >1% market price and the escrow system prevents fraud for sure. |
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Feb 12 2017, 08:30 PM
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#5
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Elite
14,576 posts Joined: May 2006 From: Sarawak |
QUOTE(effectz @ Feb 12 2017, 06:42 PM) If you're still young, I recommend to buy hashpower instead you mine bitcoin film trusted could mining providers. Oh, that is foreign to me. I don't understand the sentence at all! Oops, found out that localbitcoins.com charges a premium of 5-10%. Not attractive then. : https://www.buybitcoinworldwide.com/exchanges/localbitcoins/ |
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Feb 14 2017, 03:47 PM
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#6
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Elite
14,576 posts Joined: May 2006 From: Sarawak |
QUOTE(wengherng @ Feb 12 2017, 11:58 PM) The 5 - 10% "premium" is not charged by localbitcoins.com, but rather it is just the going rate of the exchange, i.e. the price that buyers and sellers are willing to trade at. I see. Cool, I have registered with localbitcoins. Hope to get some bitcoins soon! Localbitcoins.com itself charges only 1% of all trades. Most other exchanges require some form of identification, like your ID, address, phone number, bank account number, etc., but Localbitcoins.com does not require those, since it is basically just a P2P platform. It only acts as a middle man between two parties, who agree to buy and sell at a certain price. This means that it is extremely anonymous and private, and some people are willing to pay a higher price for this privacy. |
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Feb 15 2017, 08:08 AM
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#7
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Elite
14,576 posts Joined: May 2006 From: Sarawak |
QUOTE(wengherng @ Feb 14 2017, 11:33 PM) Bought my first bitcoin in localbitcoin yesterday! Quite convenient to use. Just have to wait for a good deal. Almost bought at RM4600 but the guy's local bank was full!!! In the end managed to get some at around RM 4547. Localbitcoin gives it's own BTC wallet. Say, is there any BTC wallet that is considered the safest? Or all BTC wallet is ok? |
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Feb 15 2017, 10:06 AM
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#8
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Elite
14,576 posts Joined: May 2006 From: Sarawak |
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Feb 16 2017, 09:54 AM
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#9
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Elite
14,576 posts Joined: May 2006 From: Sarawak |
QUOTE(wengherng @ Feb 15 2017, 10:56 PM) Congratulations mate. Thank you very much for your valuable information. Looks like I will have to get a hardware wallet as my aim is long-term investment. ok, will do some searching on hardware wallets. Hope it is easy to buy one. Now, the very first rule of thumb in investing in bitcoins......NEVER EVER put your bitcoins in your online wallet, especially wallets offered by exchanges, other than a small amount that you are planning to trade or use in the very near future. If you are planning to invest in the long term (i.e. keep and hold, instead of frequently buying and selling), then I strongly recommend investing some money in a good hardware wallet, and practice cold storage (i.e. keeping your bitcoins offline, where it can never be hacked or stolen). There are several good and trusted brands out there, like Trezor, Ledger, Coolwallet, etc. that you can look up in Google and review yourself. I cannot stress this enough......online wallets are NOT suitable for storage of cryptocurrencies, no matter how secure they say they are, or how many factors of authentication they use. Cold storage, no exceptions! :thumbsup: |
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Feb 16 2017, 09:09 PM
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#10
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Elite
14,576 posts Joined: May 2006 From: Sarawak |
QUOTE(hesoyum @ Feb 16 2017, 09:06 PM) I also new to bitcoin but read online is to only put small amount in the online wallet like on coinbase.com and blockchain.info I just bought Trezor hardware wallet from their online store. Expensive but for investment, no choice. USD 99 for the device and USD 29 for courier. hardware wallet i saw review online at www.coingecko.com/buzz/cryptosteel-review Today, bought some bitcoins from Remitano. Quite convenient too. Surprise that nowadays, interbank instant transfer is really instant! After buying the bitcoin, I notice my bitcoin wallet address changed. I panicked because I used the previous address. This post has been edited by kmarc: Feb 16 2017, 09:11 PM |
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Feb 17 2017, 09:47 AM
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#11
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Elite
14,576 posts Joined: May 2006 From: Sarawak |
QUOTE(wengherng @ Feb 17 2017, 12:14 AM) I just grab the first recommended hardware wallet during google search for best recommended wallet QUOTE(wengherng @ Feb 17 2017, 12:32 AM) Ermm... 1k per year is so little eh.....QUOTE(sirxl @ Feb 17 2017, 07:23 AM) just download reliable apps like mycelium or airbitz on your phone, Interesting, but how to keep it offline?and keep it offline as long term storage. |
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Feb 18 2017, 12:18 PM
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#12
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Elite
14,576 posts Joined: May 2006 From: Sarawak |
QUOTE(wengherng @ Feb 18 2017, 11:48 AM) 1. Buy a hardware wallet from a respectable company, and verify that the code is open source. So if the hardware wallet is broken or stolen, our Bitcoins are still safe as long as we follow the recovery process?2. Set up the hardware wallet. VERY IMPORTANT: Write down the recovery phrases, in case your hardware wallet is stolen or broken. 3. Hardware wallet will generate an address. 4. Send all your bitcoins into the address given by the hardware wallet. 5. Keep hardware wallet in the safest place you can find, like in a household safe. 6. Ta-da! You're done. What this means is, instead of the online exchange/wallet provider generating the address and the public/private keys on your behalf (which means they know all those private keys), now the private keys are generated directly by the hardware wallet, offline. Nobody knows the private keys except the person who is holding the hardware wallet. It is practically impossible to hack or steal your bitcoins because hardware wallets are not connected to the internet. But of course, like I said, you need to keep the hardware wallet safe, so it is not stolen. Anyone who has control over the hardware wallet, controls all the bitcoins stored there. Always keep in mind: bitcoins = cash. Good luck! :thumbsup: This post has been edited by kmarc: Feb 18 2017, 12:19 PM |
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Feb 18 2017, 07:06 PM
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#13
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Elite
14,576 posts Joined: May 2006 From: Sarawak |
QUOTE(wengherng @ Feb 18 2017, 03:14 PM) If the hardware wallet is broken, definitely all the bitcoins are safe; just get another wallet and initiate the recovery process, which is relatively simple. (Usually you just have to enter a 12-word or 24-word recovery phrase. But make sure you have kept your recovery phrase safely accessible somewhere, because if you lose it, then your coins are gone forever.) Oh, I had the impression that the hardware wallet would have some security feature to access it. Now, if the wallet is stolen, on the other hand, that will depend on whether the thief knows what he stole. If he's smart enough to know what a bitcoin wallet is, then he could quickly do a transfer from your wallet to his own account, and then, sorry to say, your coins are gone. End of story. But if, for example, he just ransacked your house and took it without knowing what it is, then you could quickly get a new wallet, initiate the recovery, then quickly transfer the coins to a new address, and you're safe. Thanks very much for the offer mate, but I'm not considering it at the moment. Should get TS to update the valuable information you provided in the first page!!! Damn, bitcoin value keeps on increasing! Beside one exchange that got hacked and bitcoin stolen, was there any other incidence? |
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Feb 18 2017, 09:50 PM
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#14
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Elite
14,576 posts Joined: May 2006 From: Sarawak |
QUOTE(sirxl @ Feb 18 2017, 07:11 PM) Ouch. I only heard about the high profile MT Gox case.So I guess you just keep your bitcoins using Mycelium or Airbitz? Searched the app, looks like mainly for android. I'm using iphone.... My hardware wallet had to be back-ordered. Hopefully can get in March. This post has been edited by kmarc: Feb 18 2017, 09:50 PM |
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Feb 19 2017, 08:22 AM
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#15
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Elite
14,576 posts Joined: May 2006 From: Sarawak |
QUOTE(wengherng @ Feb 19 2017, 12:05 AM) Some hardware wallets do allow you to set a PIN as a password to access it, but also many that do not. I see. I don't think Trezor has one as I couldn't find the info. Guess have to wait for mine to test it one.I suppose you are referring to the famous Mt. Gox incident, but since then, there were quite a number of exchanges that got hacked to various degrees, and many lost a significant amount of bitcoins. One thing to ponder about: the more famous the exchange, the more users it would have, and consequently the more bitcoins it would have. That would make them the prime targets of hackers, as the potential returns are astronomical. With the level of sophistication of hackers these days, it's only a matter of time before they find a fatal flaw in the security system and gain access. Different hardware wallets handle this differently, but usually they would be capable of creating several different accounts and private keys. Scary. Hope I can get my Trezor soon. Planning to get some more bitcoins! |
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Feb 19 2017, 09:24 AM
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#16
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Elite
14,576 posts Joined: May 2006 From: Sarawak |
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Feb 19 2017, 08:15 PM
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#17
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Elite
14,576 posts Joined: May 2006 From: Sarawak |
QUOTE(wengherng @ Feb 19 2017, 03:22 PM) Yes, Trezor comes with a PIN function. Great to hear that! So, even if a thief steals your Trezor and tries to send all your bitcoins to his own address, he cannot complete the transaction unless he enters the PIN. And if I'm not mistaken, it is set up so that the reset time increases exponentially every time you key in a wrong PIN. So, don't worry, it's pretty secure. |
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Feb 19 2017, 10:02 PM
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#18
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Elite
14,576 posts Joined: May 2006 From: Sarawak |
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Feb 19 2017, 10:50 PM
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#19
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Elite
14,576 posts Joined: May 2006 From: Sarawak |
QUOTE(sirxl @ Feb 19 2017, 10:32 PM) no issues if you swap SIMs as there is no correlation. Thx for the info. before using the Airbitz or Copay mobile app, it will prompt you to copy the secret words for backup purposes. really easy. see https://news.bitcoin.com/learn-download-use...beginner-video/ As I understand it, airbitz will be my bitcoin wallet. So if I'm using localbitcoins and remitano, I would need to transfer the bitcoins from those exchanges to my airbitz right? This post has been edited by kmarc: Feb 19 2017, 10:51 PM |
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Feb 19 2017, 11:18 PM
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#20
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Elite
14,576 posts Joined: May 2006 From: Sarawak |
QUOTE(wengherng @ Feb 19 2017, 11:03 PM) Yes, totally right. Nice, nice and nice! Everyday learning new things on bitcoins and how it works! Thx! Never leave your bitcoins on exchanges. That's the first place that hackers will target. Anyway, the reason I'm so interested in bitcoins is basically diversification of investment i.e. put your eggs in different baskets. Yeah, bitcoin has risen so much and I'm such a late comer but there are some people out there who thinks that it may go up much much higher. Whether this is a right investment remains to be seen. I'm prepared to make a lost but really hope it will be a good investment. I guess you could call it the high-risk high-return investment as opposed to something like FD which is low-risk low-return investment. What about you guys? This post has been edited by kmarc: Feb 19 2017, 11:20 PM |
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