Bitcoin. My Story and Questions.

I've never really used bitcoin. I tried mining for it but my CPU was low and I was younger when bitcoin first started and I didn't really care as I figured an online currency wouldn't be worth anything unless it was created by some big corporation or a bank or something because the public wouldn't care. I forgot that on the internet, people will care about anything. Honestly, I looked at the all time graph of bitcoin today and 2010-2011 was about the time I was first introduced to bitcoin and I knew some people were investing, some more than others, but I didn't really take advantage. I regret that.

So I wanted to ask a few questions about Bitcoin because a lot of people here still think there is still a huge potential as an investment so I wanted to really look into it to not miss another golden opportunity. I looked at the graph and it looks like BTC is right on that sweet spot where after its decrease in price it's finally where most people think it should be worth and will pay for it. Supply/Demand as well.

1. What bitcoin wallet is the best and safest?
2. Explain bitcoin keys/codes or whatever they are called?
3. When your key/code changes, is there a chance to ever lose your BTC?
4. What is the best way to purchase, are there trading sites?
5. Are bitcoin faucets legit? They ask for your code/key.


Any other info or links or material you want to add please do.

Andrew

 

Call me old school, but I think it's trash

I can see the appeal: We are becoming a world that consumes and buys/sells more things on the internet than ever - and that's what the bitcoin is good for...the internet. However, I just can't see a currency that isn't government backed to do well

 

bump. any other opinions?

 

1. What bitcoin wallet is the best and safest?
I personally use Electrum (Desktop only) but CoinBase is probably one of the most secure starter-friendly wallets.

2. Explain bitcoin keys/codes or whatever they are called?
You have a public and private key, you give out your PUBLIC one to receive money. You also have a seed which is (usually) a string of 16 letters used to recover your wallet NEVER GIVE THIS OUT!

3. When your key/code changes, is there a chance to ever lose your BTC?
Your key won't change.

4. What is the best way to purchase, are there trading sites?
https://localbitcoins.com/

5. Are bitcoin faucets legit? They ask for your code/key.
Yes they are, make sure you give them your PUBLIC key which is the one you give out to receive money.

Hope this helped .

 

1.

I prefer electrum. It works on your PC and android phone, and if you write down the info its really easy to restore your wallet if your hard drive crashes.

2.

Your private key is obviously meant to be kept private. You can enter it into other wallet software to access your bitcoin balance

Your public key you can mostly ignore. I believe its used to digitally sign things like text (built into some wallets) and its hashed into a bitcoin address. Although you can probably receive using just your public key its better to just receive bitcoin using one of the bitcoin addresses the wallet generates, because then you can give out multiple addresses for different things.

3. No. If you have a wallet backup of some kind or your private key saved you can restore your wallet.

4. I use coinbase.com and circle.com

You can also use localbitcoin (There are of course others)

5.

They're generally legit, but a waste of time. They just want your address to send you the bitcoin, but they'll give you 0.00000001 BTC or something like that. Just you looking at the ads on the page makes them more than that, and often times they're trying to loop you into a referral scheme etc. Its good for a first test, but that's about it =p

 

1. What bitcoin wallet is the best and safest? Blockchain, but it's personal preference.

2. Explain bitcoin keys/codes or whatever they are called? No idea.

3. When your key/code changes, is there a chance to ever lose your BTC? No you can transfer it.

4. What is the best way to purchase, are there trading sites? No idea.

5. Are bitcoin faucets legit? They ask for your code/key. No idea.