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 Bitcoin Thread v1, and other cryptocurrencies

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kmarc
post Feb 11 2017, 12:38 PM

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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? hmm.gif

No experience with bitcoins so any recommendation is welcomed.
kmarc
post Feb 11 2017, 04:22 PM

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QUOTE(wengherng @ Feb 11 2017, 03:12 PM)
In Malaysia, you really do not have much choice for exchanges.
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.
*
Thx for the info. So difficult to buy bitcoins over here. vmad.gif

Will take a look at Remitano.....
kmarc
post Feb 12 2017, 11:11 AM

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QUOTE(jack2 @ Feb 11 2017, 11:58 PM)
Can buy from me.
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How to buy from you? Got give discount? biggrin.gif

QUOTE(bb.supplements @ Feb 12 2017, 10:42 AM)
Trade fees (XBIT)
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
*
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.......
kmarc
post Feb 12 2017, 05:42 PM

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QUOTE(wengherng @ Feb 12 2017, 03:57 PM)
If you do use Remitano later, do share your experience with us after.
Good luck!
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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

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.
*
Actually I almost wanted to use Remitano. Looks like localbitcoins is an alternative. Thx for the info. thumbup.gif

kmarc
post Feb 12 2017, 08:30 PM

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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.
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Oh, that is foreign to me. I don't understand the sentence at all! sweat.gif Still very new with bitcoins.

Oops, found out that localbitcoins.com charges a premium of 5-10%. Not attractive then. : https://www.buybitcoinworldwide.com/exchanges/localbitcoins/
kmarc
post Feb 14 2017, 03:47 PM

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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.
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.
*
I see. Cool, I have registered with localbitcoins. Hope to get some bitcoins soon! rclxms.gif

kmarc
post Feb 15 2017, 08:08 AM

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QUOTE(wengherng @ Feb 14 2017, 11:33 PM)
I haven't used it myself.
Let us know your experience later.

*
Bought my first bitcoin in localbitcoin yesterday! rclxms.gif

Quite convenient to use. Just have to wait for a good deal. Almost bought at RM4600 but the guy's local bank was full!!! blink.gif Never heard of somebody's bank full of money! notworthy.gif

In the end managed to get some at around RM 4547. rclxm9.gif

Localbitcoin gives it's own BTC wallet. Say, is there any BTC wallet that is considered the safest? Or all BTC wallet is ok? hmm.gif
kmarc
post Feb 15 2017, 10:06 AM

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QUOTE(jack2 @ Feb 15 2017, 09:39 AM)
anyone who wants bitcoin can buy from me.. hehe
*
You didn't reply me previously. How to buy from you? Cheaper? 🙂
kmarc
post Feb 16 2017, 09:54 AM

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QUOTE(wengherng @ Feb 15 2017, 10:56 PM)
Congratulations mate.
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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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.

kmarc
post Feb 16 2017, 09:09 PM

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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
hardware wallet i saw review online at www.coingecko.com/buzz/cryptosteel-review
*
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. cry.gif

Today, bought some bitcoins from Remitano. Quite convenient too. Surprise that nowadays, interbank instant transfer is really instant! rclxms.gif

After buying the bitcoin, I notice my bitcoin wallet address changed. I panicked because I used the previous address. icon_question.gif After that, I realized that the addresses will change, I think after a few transactions? hmm.gif Will read more of their FAQ later on. Anyway, received my bitcoins after 30 mins... phew!

This post has been edited by kmarc: Feb 16 2017, 09:11 PM
kmarc
post Feb 17 2017, 09:47 AM

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QUOTE(wengherng @ Feb 17 2017, 12:14 AM)
Good for you. Trezor is a good brand.
Personally, I use Coolwallet, and paid USD 119 for it.
*
I just grab the first recommended hardware wallet during google search for best recommended wallet biggrin.gif

QUOTE(wengherng @ Feb 17 2017, 12:32 AM)
That's something like RM 1k per year if you run it full time.
Not bad at all.
*
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,
and keep it offline as long term storage.
*
Interesting, but how to keep it offline?
kmarc
post Feb 18 2017, 12:18 PM

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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.
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:
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So if the hardware wallet is broken or stolen, our Bitcoins are still safe as long as we follow the recovery process?

This post has been edited by kmarc: Feb 18 2017, 12:19 PM
kmarc
post Feb 18 2017, 07:06 PM

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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.)
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.
*
Oh, I had the impression that the hardware wallet would have some security feature to access it.

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?
kmarc
post Feb 18 2017, 09:50 PM

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QUOTE(sirxl @ Feb 18 2017, 07:11 PM)
there have been many hacking incidents,
https://hacked.com/biggest-bitcoin-hacks-thefts-time/
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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.... sad.gif

My hardware wallet had to be back-ordered. Hopefully can get in March. dry.gif

This post has been edited by kmarc: Feb 18 2017, 09:50 PM
kmarc
post Feb 19 2017, 08:22 AM

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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 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.

*
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.

Scary. Hope I can get my Trezor soon. Planning to get some more bitcoins! rclxms.gif Hope prices can drop down a bit....... sad.gif
kmarc
post Feb 19 2017, 09:24 AM

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QUOTE(sirxl @ Feb 19 2017, 09:09 AM)
for iOS try Airbitz or Copay.

Copay is managed by BitPay.
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Ok. Will check them out. Thx! thumbup.gif
kmarc
post Feb 19 2017, 08:15 PM

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QUOTE(wengherng @ Feb 19 2017, 03:22 PM)
Yes, Trezor comes with a PIN function.
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.

*
Great to hear that! rclxm9.gif
kmarc
post Feb 19 2017, 10:02 PM

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QUOTE(sirxl @ Feb 19 2017, 09:09 AM)
for iOS try Airbitz or Copay.

Copay is managed by BitPay.
*
Oh ya, need to ask one thing. If I use Airbitz or Copay mobile app, would there be any problems when changing phone? Anything that needs to be done before swapping out the sim card? hmm.gif
kmarc
post Feb 19 2017, 10:50 PM

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QUOTE(sirxl @ Feb 19 2017, 10:32 PM)
no issues if you swap SIMs as there is no correlation.

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/
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Thx for the info. thumbup.gif Looks like I will try airbitz first. nod.gif

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
kmarc
post Feb 19 2017, 11:18 PM

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QUOTE(wengherng @ Feb 19 2017, 11:03 PM)
Yes, totally right.
Never leave your bitcoins on exchanges.
That's the first place that hackers will target.
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Nice, nice and nice! Everyday learning new things on bitcoins and how it works! Thx! thumbup.gif

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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