Bitcoin: Explain it like I'm 5?

[INFINITeXpRESS]

@bdz haven't seen one of those yet, but I have seen some with cameras so it's not like it's all secret 

 

[GreatWhiteHope]

Hi guys .. having been new to Bitcoin myself and reading up on it, there is no way this will end up being the norm.  It is way too complicated for the average person.  I have a degree in Computer Science and even i find it needlessly complicated.  It's much easier to make a donation via a CC or WU.  I know some pretty smart people and they would have issues trying to understand all this.  Like most people on this site, i just want to find some good reliable vendors that don't turn out to be crooks.  I have no issue donating for this information because information is valuable.  I just hate having to spend an afternoon trying to figure out Bitcoin just to get to that info!  My 2 Cents!

 

[INFINITeXpRESS]

@GreatWhiteHope a few of us can always help you. Once I actually looked into it, I had it figured out in minutes. It's the process that can be confusing from buying - >waiting for response during trade - >pay->wait until bitcoin is released to you - >use your wallet ID and send it from say paxful to your wallet ID. It will show up in a short amount of time and then you're ready to spend. Just be sure to pay attention to fees. 

 

[GreatWhiteHope]

Thank you very much!  I appreciate the help.  I think i got it figured out.  I guess my point was more so that it's too complicated for the average person.  I know there is no way my mother or father would be able to get this.

 

[Jesse]

Hi guys .. having been new to Bitcoin myself and reading up on it, there is no way this will end up being the norm.  It is way too complicated for the average person.  I have a degree in Computer Science and even i find it needlessly complicated.  It's much easier to make a donation via a CC or WU.  I know some pretty smart people and they would have issues trying to understand all this.  Like most people on this site, i just want to find some good reliable vendors that don't turn out to be crooks.  I have no issue donating for this information because information is valuable.  I just hate having to spend an afternoon trying to figure out Bitcoin just to get to that info!  My 2 Cents!

Where are you getting stuck? Because I'm the one who started this thread and I'm to the point where I'm at least functional with it. (Don't listen to anyone who says "Oh, it's eeeeasy!" No, it's not. You're right---it is unnecessarily complicated. But it's not impossible.)

So which part are you stuck on? Maybe I can help.

Don't use WU. You won't even be able to after one or two times. They'll quickly ban you. And a CC would be just insane---talk about a paper trail! I don't think most vendors will even accept CC anymore. 

Whether we like it or not, cryptocurrency is here to stay. So....deep breath...how can I help?

 

[Kelakarekrew]

I've been working or involved in crypto for 4 years. I don't remember the difficulties I had learning how to use it. At this point the complex part for me is how to buy and use anonymously without being screwed with fees.

Bitcoin is way too slow for real world and the attempts to speed it up haven't really worked at scale. It also is only pseudo-anonymous. All normal transactions are visible, just no names. You can obscure the trail but that's more steps for users. And users don't want that.

For instance sign up at an exchange that does not require KYC. Some of the small ones still don't. Send BTC in, withdraw to new acct and a layer of obfuscation is added. Or buy a privacy coin at that exchange instead and send it to another exchange then sell for BTC. There are tumblers that mix BTC up to hide the source. That's just a few ways.

There are other cryptocurrencies that could do better in real world but BTC remains king. 
The problem facing all crypto is getting $ into it. That's easier in other countries, the US seems to want to fall behind in it's regulatory mess.

I too will help if anyone needs tips. DM if you want.

 

[INFINITeXpRESS]

@delawaredrew well said, plus each individual has there own level of understanding of many processes; thus, some will need additional help

 

[BuckMulligan]

All - I am trying to use BTC simply to donate to this site. I would like to do everything from a phone if possible. I downloaded Paxful but haven’t done anything yet. Would the following workflow be relatively safe and painless. Set up Green wallet (please Feel free to suggest alternatives). Buy BTC on Paxful with a gift card. Transfer to Green wallet.  Transfer to donation wallet for this site. Would that workflow work and be relatively painless and anonymous. Again I am not trying to move much and am not even super concerned about anonymity given that I am just making a donation here. But I would appreciate as much privacy as practicable.  Any suggestions are appreciated. Thanks. 

 

[DoomKitty]

@BuckMulligan Yes that workflow would work perfectly!!!  I use Green Wallet and find it to be an excellent choice.  If you are less worried about anonymity you could use Cashapp with you phone to purchase btc.  Take care and good luck!!

 

[BuckMulligan]

@BuckMulligan Yes that workflow would work perfectly!!!  I use Green Wallet and find it to be an excellent choice.  If you are less worried about anonymity you could use Cashapp with you phone to purchase btc.  Take care and good luck!!

Green Wallet is asking for email address or phone number for 2FA. Does providing this information undermine the anonymity of using this wallet. I thought the point of using this wallet rather than say transferring straight from Paxful was to ensure anonymity. 

 

[DoomKitty]

If you are worried about the privacy with Green Wallet just make a fake email address that isn’t tied to anything else you do.  As far as i remember Blockstream Green Wallet doesn’t actually have access to that info though. 

 

[scrtlvrby]

@GreatWhiteHope a few of us can always help you. Once I actually looked into it, I had it figured out in minutes. It's the process that can be confusing from buying - >waiting for response during trade - >pay->wait until bitcoin is released to you - >use your wallet ID and send it from say paxful to your wallet ID. It will show up in a short amount of time and then you're ready to spend. Just be sure to pay attention to fees. 

Great advice.  Yes watch the fees.  You can really get screwed.  I saw a trader the other day on Paxful that had a 97.99 above market fee. Wtf?  Some unsuspecting newbie to Bitcoin will probably get screwed by that trader

 

[mark6699331]

thanks for continued help friends i've had $$$ for this helpful site for 2 plus months now. main problem in my neck or wide norcal redwood curtain we are in masse for most part flipping all assets and $ local credit unions popping up like spring flowers post 2008. b of a chase wamu about 870 percent have closed shop for my area for good and colorful creative new signs with peoples local money actually working for us is new norm here i don't know about rest of country i've tried cash app, ceo.ix gemini etc etc and none will accept mom and pop credit unions i know of. any help id greatly apprec even just so i can show my apprec for this site!

 long term i may be wrong but unless its made easier like how you can call stock broker make a trade for a fee if your not into self low fee day trading or whatever, unless ease of access to btc particularly from what i've read compared to access in non us countries how easy it is without all the hoops makes me miss living in the uk and euro .

Anyway where i live now an explosion of mom pop creative names new colorful signs have utterly popped up over post 2008 decade and all but wells fargo have skipped a very large college town> i  think are positive as well as the crypto movement. question how can i interface with trades of btc like gemini or ceo.ix etc where i can buy at1-2 percent i have a wasabi wallet set up  gone round and round and unless you seem to in the usa at least already have an account in the banking system which crypto is trying to eliminate the middle person and become your own virtual bank, heck with a rasp pi and little software and  tech buddy,help you can have your own b-chain live at home for reference who would then need a personal acct., except for moderate to huge transactions then for small to moderate transactions?

I feel so close to closing this loop and figuring it out i've yet to find a btc reliable low int vendor will deal with a established local credit union (over 20 plus years). im sure there

must b ea plug in solution but the custie service i talked to couldn't figure it out ( over 20 plus kind b and f q and a )nor i yet? Granted where i live is prolly more progressive and weird than  amsterdamn in a lot of way,s but this has to still be doable without the 10-20 percent interest. LOVE PEACE GOOD FORTUNE AND a HAPPY NEW YEARS o my DBG family.

I had another close health scare"death" almost took me /updown but im not going that easy! Still enjoy simple things like- i love life blue skies flowers, and for me at least, wonderful evenings with a loveyt lady or spent with close male friend over great food and convo- its a wonderfull life, afterall, isn't it folks? PEACE Mark

 

[mark6699331]

After that tome longer than Tolstoy War and Peace, I think I figured it out on CEO.IX very helpfull good rates card or bank. YEAH! Now look up addy to FINALLY DONATE!

 

[BuckMulligan]

I tried a couple of times buying BTC through Paxful but each time the seller didn’t give me the PayPal name In the chat window so I could complete payment and either I or Paxful itself canceled the trade.  The second time I could see the seller was recently online but wouldn’t answer my chat messages. Is this typical? Do I need to try perhaps earlier in the day to account for possible time zone differences. I wonder if I am being ignored as a new trader. I am literally trying to get a tiny amount of BTC just for purposes of making a donation to this site. It has been very frustrating. Any advice is appreciated. Thanks. 

 

[BuckMulligan]

OK. I was able to finally buy BTC on Paxful. Am I correct that it is not a good idea to transfer directly from Paxful to DBG.  I also have a Green wallet but it has not been used. How do I transfer from Paxful to Green is it as simple as pasting the Green address in Paxful to send. Any help is appreciated. Hoping I can get this done today.  

 

[BuckMulligan]

Just noticed that it will be about a $5 fee just to transfer over to Green wallet and presumably another $5 to then send out to DBG. Is there a better way to do this. Those fees will just end up cutting back on my donation. Thanks. 

 

[BuckMulligan]

Fee was actually from Paxful. Transferred to my Green wallet. It just showed up and will transfer soon to DBG as a donation. 

 

[Jesse]

OK. I was able to finally buy BTC on Paxful. Am I correct that it is not a good idea to transfer directly from Paxful to DBG.  I also have a Green wallet but it has not been used. How do I transfer from Paxful to Green is it as simple as pasting the Green address in Paxful to send. Any help is appreciated. Hoping I can get this done today.  

Create your own personal wallet first, using Electrum or a similar site. You'll have to set up a whole chain of keywords to do this. Then transfer your bitcoin into your personal wallet FIRST. Always do that first. THEN transfer it to the site or your vendor or whoever. Don't transfer coin straight from the Paxful or Coinbase directly---always into the personal wallet first.

 

[Biskoinferno]

Fee was actually from Paxful. Transferred to my Green wallet. It just showed up and will transfer soon to DBG as a donation. 

Yes with any business doing any kind of crypto transactions the place you buy it from COINBASE/PAXFUL always have a external wallet of your own to transfer the coin to then send crypto to the business you want to receive the crypto.NEVER just go COINBASE/PAXFUL transaction to receiver .Your account will get suspended and a possibility of losing everything on your end.