Is Bitcoin the Next Big Thing?

[Edwin]

If the banks really, really feel threatened, they’ll come up with an instant payment mechanism. At the moment they’re happy to pocket the fat fee and the interest incurred during such transfers. But when push comes to shove it’s not difficult (given enough willpower and resources)

And when that happens it will be for fiat currency, without any intermediation via crypto required.

 

[dee]

If the banks really, really feel threatened, they’ll come up with an instant payment mechanism. At the moment they’re happy to pocket the fat fee and the interest incurred during such transfers. But when push comes to shove it’s not difficult (given enough willpower and resources)

And when that happens it will be for fiat currency, without any intermediation via crypto required.

Agreed... although whatever ripple labs are doing seem to be working. They have over 100 banks/institutions already signed up it seems. Again though, xrp is just part of the equation. They have a suite of systems that they sell for various uses. I think you can basically set it up to trade any asset using XRP as the intermediary.

 

[martin-s]

I'm starting to look at blockchain dapps as basically maturing into web 3.0. My bet for Ethereum is that it'll reach $5k during 2018.

 

[Systreg]

Ok, I'm almost ready to roll, registered on CoinBase, uploaded my passport, but now I have to go in front of my webcam, show my passport again and take a photo of myself.

Once that's done I can transfer money in from my bank, but then it's a right feck about to be able to buy something elsewhere.

First, I need to buy Bitcoin on CoinBase, register on Gdax.com, transfer my Bitcoin to there from CoinBase, then I was supposed to register at Binance.com and transfer the Bitcoin to there from Gdax, but Binance aren't taking any new registrations, so, any suggestions for trading sites that list all the cryptos to buy?

All the crypto's went a bit mental since yesterday, most of them crashing loads, so it's probably a good time for buying at the moment.

 

[dee]

Binance aren't taking any new registrations,

Think they are as of yesterday ?

 

[Admin]

@Systreg - there's an easier way. Get some bitcoin. Put your bitcoin in the desktop wallet called 'Exodus' which is beautiful. It has 'shapeshift' built in so you can convert bitcoin into any of the supported alt coins. You dont need to create any accounts this way or use any exchanges.

 

[ian]

@Systreg - there's an easier way. Get some bitcoin. Put your bitcoin in the desktop wallet called 'Exodus' which is beautiful. It has 'shapeshift' built in so you can convert bitcoin into any of the supported alt coins. You dont need to create any accounts this way or use any exchanges.

Exodus don't support many other coins and the minimum amounts and fees are crazy high. For any BTC you are looking to long term hold, I'd recommend it, but if transferring out, use blockchain.info - I can give you instructions on that if and when.

@Systreg Binance is worth waiting for, as they offer much more alt coins than any others, but if they are not accepting registrations, you could use bittrex (they require ID), or Bitfinex (though I don't personally use them much now).

I'm mightly impressed with Binance though, without doubt the best exchange I've used. If you sign up and haven't got a referral, any chance you can sign up via me. All helps.

https://www.binance.com/?ref=19200002

 

[Systreg]

@dee, the Binance site is saying no new accounts when I tried to register on there today.

@Admin, not sure I'd bother with Exodus, I'll probably just keep any coins on an exchange, because Shapeshift only does a small number of coins, there's 37 listed on there, compared to there actually being 1398 listed on coinmarketcap.com and hardly any of those on Shapeshift are of interest to me.

 

[Systreg]

@ian, ok, I'll wait for a couple of days and see if Binance is working again and use your aff link. Do they require ID and photos etc on Binance? I need to bear in mind that regarding ID, I can't use any site that requires 2 forms of utility bill, as there's only 1 bill here for electric, nothing else.

I hope all the crypto's haven't recovered their prices before Binance lets me register.

 

[Admin]

Fair enough. Exodus eden version does more. Personally i wouldnt be looking at the minority alt coins, most will disappear (like the tech .com bubble).

 

[martin-s]

Hear the news about Kodak yesterday, launching their own crypto as part of image rights tracking or something.

I'd be really interested to read more analysis into viable blockchain applications. Land registry is one for sure. Software licencing? What else?

 

[ian]

@ian, ok, I'll wait for a couple of days and see if Binance is working again and use your aff link. Do they require ID and photos etc on Binance? I need to bear in mind that regarding ID, I can't use any site that requires 2 forms of utility bill, as there's only 1 bill here for electric, nothing else.

No ID required with Binance unless you are looking to trade/withdraw more than 2 BTC per 24 hour period. I refuse to use any more exchanges or platforms that require ID, as it defeats the object of what Crypto is about, to a point.

I'd be really interested to read more analysis into viable blockchain applications. Land registry is one for sure. Software licencing? What else?

Yes, one of the coins (can't remember which at the moment) offers blockchain tracking of products from the point in which manufactured, all the way through to delivery; preventing any tampering or counterfeit.

 

[Systreg]

@Admin, I wasn't intending to invest in the better know coins costing loads, only stuff in the low $x.xx's tops.

Initially, I was intending to go for coins in the $0.01 - $0.05 range and buy quite a few different coins in the hope one goes up a lot, or even lower priced coins at around $0.003xxx and buy a shed load of them.

Then I was thinking coins in the $0.10 - $0.20 range might have a slightly better foothold and liquidity than those at much lower prices, that might be the better option, I'll probably have a mix of different stuff in the end.

Kodak are getting involved and kodakcoin.com is being released at the end of January I think it is, might be worth a punt on a good old household name like that.

 

[Systreg]

No ID required with Binance unless you are looking to trade/withdraw more than 2 BTC per 24 hour period. I refuse to use any more exchanges or platforms that require ID, as it defeats the object of what Crypto is about, to a point.

Thanks, that's good to know, I'll be way below those limits so no problem

 

[dee]

@dee, the Binance site is saying no new accounts when I tried to register on there today.

Weird... must be inundated again. I registered a couple days ago i think as soon as someone mentioned it was open.

 

[Systreg]

The Binance site is working and I'm registered on there, I used your code @ian

 

[Systreg]

I registered on gdax.com and then it asks for verification where I have to upload 2 ID types from 3 choices, which are driving licence, ID card and passport.

I don't have 2 ID's, I only have a passport, so I can't complete my registration, fecking pain in the arse this crap is , losing the will now, might just forget about this.

 

[ian]

Thanks for registering under me, appreciated.

Yeah, despite GDax and Coinbase being the same company, GDax require a further level of ID in order to allow free (or cheap) transfers. The alternative sadly is expensive transfers via Coinbase, though to be fair, they are less than what they were, and not half as bad as some (but do take hours to transfer).

 

[Systreg]

@ian, you mention the extra ID is because of free transfers, and that the other alternative is expensive transfers via CoinBase, what do you mean exactly, transfer of what from CoinBase?

Do you mean transferring coins from CoinBase to another trading site apart from Gdax? What is a typical fee amount?

 

[dee]

The Binance site is working and I'm registered on there, I used your code @ian

Just saw interview with binance CEO Zhao Changpeng. That explains it... he said they opened registration for 1 Hour and 240,000 people registered. They have a full time guy whos sole job is requesting amazon servers.