Is Bitcoin the Next Big Thing?

Discussion in 'Business Discussions' started by accelerator, Jun 2, 2015.

  1. Systreg

    Systreg Well-Known Member Acorn Supporter

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    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 :mad:, losing the will now, might just forget about this.
     
  2. Domain Forum

    Acorn Domains Elite Member

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  3. ian

    ian Well-Known Member

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    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).
     
  4. Systreg

    Systreg Well-Known Member Acorn Supporter

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    @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?
     
  5. dee

    dee Well-Known Member Acorn Supporter

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    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.
     
  6. martin-s United Kingdom

    martin-s Well-Known Member

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  7. Systreg

    Systreg Well-Known Member Acorn Supporter

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    Ok, can I cut Gdax out of the loop, and upload funds to CoinBase, buy Bitcoin there and then transfer those coins to Binance?
     
  8. RobM

    RobM Well-Known Member Exclusive Member

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    Make sure you use a disposable phone/number. I am still receiving daily spam calls from my brief experiments with exchanges a couple of years ago. They obviously sell your number.
     
  9. Systreg

    Systreg Well-Known Member Acorn Supporter

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    @RobM, I don't have a throwaway phone number, but any calls from numbers I don't know, get added to my blocked list.
     
  10. ian

    ian Well-Known Member

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    Yes, you can transfer out from coinbase no problem at all. On the accounts tab, use the 'send' option.

    If you haven't yet bought the currency, and your intention was to buy BTC, to then transfer to Binance, to then 'exchange' it for another currency (i.e. an alt coin), you'd be much better off buying ETH (Ethereum) and transferring that, as it is cheaper and faster; or even better, buying LTC (Litecoin) which is fractions of the cost and even quicker, but has the additional step of then needing to exchange that to ETH or BTC at the Binance end to buy the alt coin you want.
     
  11. Systreg

    Systreg Well-Known Member Acorn Supporter

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    Ok, thanks, no, I haven't bought anything yet, I only mentioned buying Bitcoin as I thought that would be easier to convert at the other end.

    Where you say Ethereum and Litecoin are cheaper, I'm not sure how you mean, because I'd be putting €1K in to CoinBase and buying €1K worth of whatever coin, so I'm not seeing where different expense comes from, as it'll be €1K worth of either of the three coins.

    I find all these multiple steps really fecking annoying, this blockchain thing is supposed to be about speeding things up, yet there's more hoops to jump through, why isn't there a site that you can register on, upload funds and choose from every coin available to buy, how is it that difficult?

    Any other site I go on, like Tesco, you register, buy goods and pay, why is coins stuff so time consuming and a pain in the arse.
     
    Last edited: Jan 11, 2018
  12. Sound United Kingdom

    Sound Well-Known Member

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    does anyone have any Ethereum they wish to sell?
     
  13. ian

    ian Well-Known Member

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    I mean in terms of transfer fees out of Coinbase. You mentioned using Gdax which I assume was because you wanted to reduce your transfer fees. If you are going through Coinbase, then buying Ethereum or Litecoin would allow for transfer to Binance much cheaper. In fact, as a currency, both options should/may/might yield better returns than BTC. In any case, that is the approach I would take. This also covers an important step I'd always recommend to anyone new; sending a test amount to ensure you understand the process; if you did this with Bitcoin, you'd get hammered on fees.

    The processes involved are annoying as hell, but that is the nature of this new tech, and part of the reason why there hasn't been mass adoption yet, because it confuses most to the point of not caring. What you have to consider however is say you wanted to transfer from one business to another, i.e. Coinbase (USA as an example) to Binance (China as another), just think how long it would take and how much it would cost. With crypto (more so Litecoin in this example) is instant (or within a few minutes usually) and cost maybe a dollar or two.
     
  14. dee

    dee Well-Known Member Acorn Supporter

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  15. Lovekraft United Kingdom

    Lovekraft Well-Known Member Full Member

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    I've been holding XRP since the middle of last year and actually just bought some more 5 mins before the Moneygram announcement was made which was pretty good timing!
     
  16. ian

    ian Well-Known Member

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    Yep, was going to mention this announcement today. However, as pointed out in the article, xRapid is the vehicle used (a Ripple product, but not what you invest in), but at last XRP will be the currency used on that platform.
     
  17. Edwin

    Edwin Well-Known Member Exclusive Member

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    Fascinating to see how much verification and ID documentation is required by exchanges trading cryptocurrencies, many of which boast anonymity as a key attribute. Hardly anonymous when someone has copied of your passport, driving license, photo, bills, bank docs etc. potentially sitting in front of them...
     
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  18. SecNam

    SecNam Moderator Staff Member

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    Is anyone into mining alt coins? I have just started as this is something that interests me as a hobby.
     
  19. dee

    dee Well-Known Member Acorn Supporter

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    Just got into cloudmining at hashflare which is working well but sticking to bitcoin
     
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  20. SecNam

    SecNam Moderator Staff Member

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    i was looking at hashflare which i will most probably also do but setting up my own rig to see what can be achieved. I know it wont make me a millionaire but the fun factor or setting it all up is good.
     
  21. SecNam

    SecNam Moderator Staff Member

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    Are you mining SHA-256 or Scrypt? and ideas which will give the best investment.