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Alpha-9
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PostPosted: 19:08 - 01 Nov 2013    Post subject: Reply with quote

Mk1GSF wrote:
https://paperwallet.com/

Confused Confused

rong

think bitcoin wallet, written down instead
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The Artist
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PostPosted: 19:12 - 01 Nov 2013    Post subject: Reply with quote

https://blockchain.info/wallet/paper-tutorial
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Tungtvann
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PostPosted: 19:04 - 03 Nov 2013    Post subject: Reply with quote

I'm pretty much ready to get some BTC, you keep saying about how online wallets shouldn't be trusted, once I've bought some bitcoins via bitbargain, got them sent to my blockchain account, how then do I transfer(?) them to somewhere safe?

How would my blockchain account be compromised? I can't access electrum as I don't have a PC at the moment, once I've got a few BTC in my wallet, what do I do?
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The Artist
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PostPosted: 19:36 - 03 Nov 2013    Post subject: Reply with quote

A wallet works by having 2 keys. A public key which is the key used for receiving coins (you give this out in public).

The private key allows you to withdraw from the wallet. Using online wallets, the private keys are in someone elses server and that carries a risk since there is a lot of money around on these sites, and people will be trying to steal them.

So by having your own private key printed and no other digital copies anywhere, it is much safer.
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Tungtvann
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PostPosted: 19:41 - 03 Nov 2013    Post subject: Reply with quote

So I can still do everything I need to do (bar withdrawing coins) whilst keeping my own private key totally offline? Once I use it online to send coinage, is it now possibly compromised and can I change it?

Sorry to be a pain, but checking the tutorials uses a lot of terms and language I don't quite understand.
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The Artist
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PostPosted: 21:20 - 03 Nov 2013    Post subject: Reply with quote

Tungtvann wrote:
So I can still do everything I need to do (bar withdrawing coins) whilst keeping my own private key totally offline? Once I use it online to send coinage, is it now possibly compromised and can I change it?

Sorry to be a pain, but checking the tutorials uses a lot of terms and language I don't quite understand.


If you use electrum, it manages your private keys for you so you don't need to worry about them. But yes, basically just make a new address whenever you want.
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The Disapproving Brit
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PostPosted: 15:43 - 06 Nov 2013    Post subject: Reply with quote

Tungtvann wrote:
So I can still do everything I need to do (bar withdrawing coins) whilst keeping my own private key totally offline? Once I use it online to send coinage, is it now possibly compromised and can I change it?

Sorry to be a pain, but checking the tutorials uses a lot of terms and language I don't quite understand.


What I've read of paper wallets is that you can't withdraw a little bit. If you only want to spend some of it, you need to:

1. Transfer the whole lot to an online wallet which allows you to spend a small amount
2. Spend what you want to spend
3. Transfer the change to a new paper wallet.
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The Disapproving Brit
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PostPosted: 15:46 - 06 Nov 2013    Post subject: Reply with quote

The Artist wrote:

It is bad to think "oh they are $200 each! I have missed the boat!" You can buy as much or as little as you want. If you are buying for speculative reasons, the value per coin shouldn't really matter. What should matter is the amount you invest.


Agreed. I've just bought 0.1, because its payday week and I'm broke. I'll buy a couple on payday, and start trading them to slowly build a reserve and minimise my risk.
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Tungtvann
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PostPosted: 15:49 - 06 Nov 2013    Post subject: Reply with quote

Hmm, this is all quite confusing. Being confused in this situation seems like it could result in a complete loss of bitcoins. I've seen you can actually trade bitcoin as a CFD, like any currency. You don't actually hold any bitcoins, but you still are 'betting' on the value of them rising. Benefit being, as you don't 'own' any bitcoins, they cannot be stolen or lost from you.

For long term though? Not sure what that would mean doing it this way, you'd be paying a premium on buying and selling, but apart from that? Surely that's hugely easier and safer?
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The Artist
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PostPosted: 18:21 - 06 Nov 2013    Post subject: Reply with quote

timbstoke wrote:

What I've read of paper wallets is that you can't withdraw a little bit. If you only want to spend some of it, you need to:

1. Transfer the whole lot to an online wallet which allows you to spend a small amount
2. Spend what you want to spend
3. Transfer the change to a new paper wallet.


Well not precisely but you get the idea. When you withdraw from a paper wallet, the entire amount gets moved and unless you know what you are doing, you could lose them. To avoid this, just withdraw the entire amount to a wallet, doesn't have to be online, could be electrum or any number of other open source wallets.

Just make a new paper wallet after you are done from bitaddress.org and withdraw the remainder to this.

Paper wallets are a bit more awkward than software wallets but they are more secure. Better for long term storage.
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The Artist
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PostPosted: 18:24 - 06 Nov 2013    Post subject: Reply with quote

Tungtvann wrote:
Hmm, this is all quite confusing. Being confused in this situation seems like it could result in a complete loss of bitcoins. I've seen you can actually trade bitcoin as a CFD, like any currency. You don't actually hold any bitcoins, but you still are 'betting' on the value of them rising. Benefit being, as you don't 'own' any bitcoins, they cannot be stolen or lost from you.

For long term though? Not sure what that would mean doing it this way, you'd be paying a premium on buying and selling, but apart from that? Surely that's hugely easier and safer?


You won't lose them all if you test everything by sending 0.001 BTC to test.

The whole idea of bitcoin is a decentralised network. You hold YOUR bitcoins, not a bank, not the government. The price you pay is that you have to care about security. In return you get a currency that can't be printed when the government feels like it.

I wouldn't bother with CFD's personally. If you believe in the technology, buy some bitcoin. If you don't then don't buy them.
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Tungtvann
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PostPosted: 19:16 - 07 Nov 2013    Post subject: Reply with quote

Getting pissed off and missing out on this as I can't verify myself to anywhere that sells bitcoins. Being in the army is like fucking being homeless sometimes.
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The Artist
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PostPosted: 19:22 - 07 Nov 2013    Post subject: Reply with quote

Tungtvann wrote:
Getting pissed off and missing out on this as I can't verify myself to anywhere that sells bitcoins. Being in the army is like fucking being homeless sometimes.


If you want some, PM me and we can sort something.
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The Artist
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PostPosted: 17:29 - 08 Nov 2013    Post subject: Reply with quote

Bet you're glad you didn't have to wait any longer Laughing

$100+ correction at some point, whether it happens now or at $500 or at $700 I have no idea.
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Ste
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PostPosted: 16:57 - 09 Nov 2013    Post subject: Reply with quote

https://www.bbc.co.uk/news/technology-24871444

A man who ran an online "wallet service" for storing Bitcoins has claimed hackers stole virtual currency from his site worth more than one million Australian dollars.

The Australian man said 4,100 Bitcoins (US$1.04m, £650,000) were taken in two separate attacks.

He said he would not report the theft to police as Bitcoin transactions are virtually impossible to trace.
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The Artist
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PostPosted: 17:02 - 09 Nov 2013    Post subject: Reply with quote

With the price rise, that's more like £1m now.

Still, never trust online wallets at all. You would be mental to trust someone else with your private keys.

If you need to use one, do it quickly and transfer out asap.
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CaNsA
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PostPosted: 09:18 - 12 Nov 2013    Post subject: Reply with quote

$4.1m goes missing as Chinese bitcoin trading platform GBL vanishes

https://www.coindesk.com/4-1m-goes-missing-chinese-bitcoin-trading-platform-gbl-vanishes/
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The Artist
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PostPosted: 09:20 - 12 Nov 2013    Post subject: Reply with quote

CaNsA wrote:
$4.1m goes missing as Chinese bitcoin trading platform GBL vanishes

https://www.coindesk.com/4-1m-goes-missing-chinese-bitcoin-trading-platform-gbl-vanishes/


To anyone dealing with Bitcoins, leaving money or coins on exchanges is such a stupid idea and they should know better.
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Derivative
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PostPosted: 10:13 - 12 Nov 2013    Post subject: Reply with quote

Right. I'd liken it to leaving your savings with a friend. There exists no real framework to ensure you get your money back.
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The Artist
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PostPosted: 11:14 - 12 Nov 2013    Post subject: Reply with quote

It is like leaving money in a bank that didn't exist 2 years ago and probably doesn't have the greatest security and once the funds are stolen, there is no protection.

People will learn eventually that the price you pay by giving conventional banks your money is that they offer fraud protection and by using bitcoins, you are your own bank and just leaving cash with people you do not know is just not a good idea.
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Method
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PostPosted: 14:24 - 12 Nov 2013    Post subject: Reply with quote

Quote:
People will learn eventually that the price you pay by giving conventional banks your money is that they offer fraud protection and by using bitcoins, you are your own bank and just leaving cash with people you do not know is just not a good idea.

Ultimately why I cannot see it ever becoming anything more than an internet currency for the tinterwebnet savvy. There has been a lot in the press regarding BitCoins over the past few months, so interest and excitement in it has grown quite substantially as people are jumping onto it as the "new" big thing... A few more stories about internet pirates stealing millions of BitCoins and there being absolutely nothing that can be done to trace them... and surely the big dream is dead?

Im no criminal - but if I was, I would be thinking of becoming a BitCoin theif Laughing
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fatpies
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PostPosted: 14:40 - 12 Nov 2013    Post subject: Reply with quote

The Artist wrote:
It is like leaving money in a bank that didn't exist 2 years ago and probably doesn't have the greatest security and once the funds are stolen, there is no protection.



Er this is actually modern banking as it exists today.


The moment you deposit money into a bank, you lose title to it and it instantly becomes the property of the bank.

You become a low priority on demand (the right of which can be rescinded at any time) creditor.

Cyprus showed us this quite clearly!
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