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anyone trade bitcoin?

Welcome to Ute Hub › Forums › Misc › anyone trade bitcoin?

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    • 10/31/2017 at 12:58 PM #46555
      utahsportsguy
      Participant

      good experience? bad experience? platform recommendations? 

    • 10/31/2017 at 1:38 PM #46559
      4
      Mr Chainsaw
      Participant

      I play around some in that space and have been following it for several years.  If you’re new to it and just want to get started the easiest way to buy some bitcoin is Coinbase.  Setting up an account is similar to setting up a robinhood or venmo account.  They will hold your coins for you which is not a big deal with small amounts, but historically has not gone very well (see Mt Gox hack).  If you start to collect a more substantial amount I would transfer your funds to your own desktop wallet like Electrum (pretty safe) or a hardware wallet like Trezor or Ledger Nano s (very safe). 

      • 10/31/2017 at 4:02 PM #46565
        utahsportsguy
        Participant

        Thanks for your thoughts. I opened up a coinbase account and it seems pretty straightforward. 

        • 10/31/2017 at 8:57 PM #46577
          Sweetness
          Participant

          One thing about Coinbase is it charges at minimum a 2.5% trading fee. Does anyone know of a platform with better trading fees? 

          • 10/31/2017 at 11:35 PM #46585
            Mr Chainsaw
            Participant

            If you’re more comfortable using an actual exchange (like making market orders) you can use GDAX which is what Coinbase is built on.  The fees are much lower. Another popular service in the US is Gemini, but I’ve never used it and I don’t know what their fee structure is. I’ve used Bitfinex before for trading one crypto to another but I’ve never tried to transfer fiat so I don’t know how the process is there.

    • 10/31/2017 at 3:18 PM #46563
      4
      PlainsUte
      Participant

      The minute a question like this shows up in a sports board I know the max tulip bulb price is nigh.  Be careful.

      • 10/31/2017 at 3:29 PM #46564
        1
        Mr Chainsaw
        Participant

        The tulip bulb argument seems to always pop up but I don’t think it’s a valid comparison.  I think there is real value in bitcoin and the blockchain in general.  I also think it’s past the point where it will easily be killed.  I do agree with you though that I wouldn’t put any money into it that I didn’t feel like I could lose.  It’s more volatile than any stock I’ve ever owned and even though it could go up 50% in the next few months it could just as easily go down 50%.  As such I usually don’t encourage friends and family to get into it because I don’t want to be on the hook for that.  But if people ask how to get into it I’ll usually give advice on how to do it safely.

        • 10/31/2017 at 6:57 PM #46568
          FtheY
          Participant

          Agreed, Mr. Chainsaw. Thanks for the advice. 

          • 11/01/2017 at 4:29 AM #46590
            1
            FtheY
            Participant

            Is that an alkaline trio reference, btw? 

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