Newbies Guide towards Bitcoins
By Super Singh
@thesupersingh (42067)
India
January 9, 2018 5:40am CST
Actually it makes me feel bad sometimes that many are aware about bitcoins and even earning and investing in bitcoins and i am not even able to lean about it properly. Also i feel the situation for Indian users isn't any good with Government not allowing the exchange of crypto currency as of now.
Please share your views and also some tips to learn about Crypto Currency. Thanks.
8 people like this
8 responses
@yukimori (10179)
• United States
9 Jan 18
I hate to say it, but the Indian government probably has it right in this case.
A couple days before I left my former job in December, I dealt with a guy who wanted to buy Litecoin. He was really completely crazy about the whole thing--called first thing after we opened, then called back a few hours later because the price had gone up something like $50 per Litecoin since the first call and he needed someone to help him start buying it.
He had no idea about cryptocurrencies; the extent of his knowledge about Litecoin was pretty much that it's going to be the next Bitcoin, but better, because there are going to be more Litecoin available than Bitcoin. And he had to buy right then because it's just going up from there.
Spoiler alert: the current price has been sitting around $50 lower than it was that day.
If he'd been able to, the guy would have happily thrown his entire life savings at Litecoin that day. He wanted to start off with "about $50,000" right off the bat. It was really surreal.
So. Cautionary tale aside, the key is to be both sensible and realistic in your approach to obtaining cryptocurrencies. There is no security in Bitcoin or any other cryptocurrency. The value can change quickly. Don't hold more in any of them than you're willing to lose if it comes down to it.
This article is a bit outdated (from 2013) but the basic information about Bitcoin is still relevant today. The same site also has a nice list of Bitcoin faucets that they maintain and update fairly frequently.
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3 people like this
@thesupersingh (42067)
• India
9 Jan 18
There are certain issues with bitcoins and that's why many nations aren't accepting it
1 person likes this
@VivaLaDani13 (60825)
• Perth, Australia
16 Feb 18
@thesupersingh Man I wish I understood these things. A friend of mine recently explained a little bit about Bitcoin. he has put some money towards it and IF all goes well, he could end up with a lot of money. But we shall see. I don't really have trust in it myself though.
2 people like this
@VivaLaDani13 (60825)
• Perth, Australia
18 Feb 18
@thesupersingh In your opinion, do you think it may be trustworthy?
2 people like this
@Daljinder (23236)
• Bangalore, India
18 Feb 18
@VivaLaDani13 With everything going digital, currency might go digital too so in that case bitcoin or cryptocurrency is the "future" currency. But it is not safe yet
2 people like this
@thesupersingh (42067)
• India
16 Feb 18
Same applies to me as well. I learned, read but i am still not aware about it
2 people like this
@thesupersingh (42067)
• India
9 Jan 18
I am sorry i didn't get that " 10 foot pole"
1 person likes this
@NJChicaa (122450)
• United States
9 Jan 18
@thesupersingh it means I would stay far away from it.
2 people like this
@yukimori (10179)
• United States
9 Jan 18
Don't blame you. The whole thing is rather idiotic... saw a blog the other day where the guy compared Bitcoin to a digital Beanie Baby craze. Very fitting.
And I'll own up to my hypocrisy here, because I do the Bitcoin/Dogecoin/Litecoin/etc. thing... I'm still a bit of a shameless opportunist.
But it's still Really Stupid.
2 people like this
@thesupersingh (42067)
• India
10 Jan 18
That's true you are lucky with paypal as well
1 person likes this
@rina110383 (24491)
•
10 Jan 18
Reminds me of @AkoPinay, a fellow myLotter. She's the person who's into bitcoins.
2 people like this
@thesupersingh (42067)
• India
9 Jan 18
there are no terms and government is thinking to ban it
1 person likes this
