Bitcoin...Cryptocurrency

[Dusty Britches]

From the Daily Pfenning (a currency trading news source)

here's your snippet: "Bitcoin.com is one of the world's largest bitcoin sites, having grown its profile thanks to the insane price surge of the cryptocurrency this year. But its co-founder and CTO, Emil Oldenburg, a Swedish native, is extremely skeptical of bitcoin's future.

"I would say an investment in bitcoin is right now the riskiest investment you can make. There's an extremely high risk," he says in an interview with Swedish tech site Breakit.

"I have in fact sold all my bitcoins recently and switched to bitcoin cash," says Oldenburg, referring to the problems with bitcoin's high transaction costs and lead times.

"The old bitcoin network is as good as unusable."

While buying, selling or trading in bitcoins is not an issue today, according to Oldenburg, the problems surface when bitcoin transactions are recorded on the blockchain, the digital ledger that records each transaction.

The problem centers on the limited amount of transactions per second you can make in the bitcoin network, which in turn depends on the formation of the memory "block size" that store the transactions. This, according to Oldenburg, makes for a very illiquid and unusable cryptocurrency."

[Hawkins]

Not to sound dumb. But say you put 100 dollars in when bitcoin was .08 years ago. That got you 1250 coins? Today that's be worth 23million +/-. You can just sell it, cash out, have that tranfered to you bank account, minus transfer fees and taxes? And that is it, that is your cash to do as you please?

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[wes122984]

Not to sound dumb. But say you put 100 dollars in when bitcoin was .08 years ago. That got you 1250 coins? Today that's be worth 23million +/-. You can just sell it, cash out, have that tranfered to you bank account, minus transfer fees and taxes? And that is it, that is your cash to do as you please?

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yep...kind of. you will pay taxes on it and you may be limited to the amount you could withdraw in a single day/week. you can get those limits raised or request a single 1 time wire etc.

[jkg2003]

Not to sound dumb. But say you put 100 dollars in when bitcoin was .08 years ago. That got you 1250 coins? Today that's be worth 23million +/-. You can just sell it, cash out, have that tranfered to you bank account, minus transfer fees and taxes? And that is it, that is your cash to do as you please?

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Yes sir!


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[wes122984]

From the Daily Pfenning (a currency trading news source)

here's your snippet: "Bitcoin.com is one of the world's largest bitcoin sites, having grown its profile thanks to the insane price surge of the cryptocurrency this year. But its co-founder and CTO, Emil Oldenburg, a Swedish native, is extremely skeptical of bitcoin's future.

"I would say an investment in bitcoin is right now the riskiest investment you can make. There's an extremely high risk," he says in an interview with Swedish tech site Breakit.

"I have in fact sold all my bitcoins recently and switched to bitcoin cash," says Oldenburg, referring to the problems with bitcoin's high transaction costs and lead times.

"The old bitcoin network is as good as unusable."

While buying, selling or trading in bitcoins is not an issue today, according to Oldenburg, the problems surface when bitcoin transactions are recorded on the blockchain, the digital ledger that records each transaction.

The problem centers on the limited amount of transactions per second you can make in the bitcoin network, which in turn depends on the formation of the memory "block size" that store the transactions. This, according to Oldenburg, makes for a very illiquid and unusable cryptocurrency."

this is all true except i dont think bitcoin cash will be the one to over take it. it is cheaper but isnt much faster. there will be more bitcoin forks. if bitcoin cash is the one...it too would need to fork again for scaleability.

bitcoin can absorb any new tech upgrades. this is what i said in a previous post. when btc does fork, dont sell off those other coins as free money. hold them with your bitcoin.

when it forks you get a 1:1 bitcoin/new coin so holding them will help you not get left with a bag of bricks.

[In-Yo-Grill]

From the Daily Pfenning (a currency trading news source)

here's your snippet: "Bitcoin.com is one of the world's largest bitcoin sites, having grown its profile thanks to the insane price surge of the cryptocurrency this year. But its co-founder and CTO, Emil Oldenburg, a Swedish native, is extremely skeptical of bitcoin's future.

"I would say an investment in bitcoin is right now the riskiest investment you can make. There's an extremely high risk," he says in an interview with Swedish tech site Breakit.

"I have in fact sold all my bitcoins recently and switched to bitcoin cash," says Oldenburg, referring to the problems with bitcoin's high transaction costs and lead times.

"The old bitcoin network is as good as unusable."

While buying, selling or trading in bitcoins is not an issue today, according to Oldenburg, the problems surface when bitcoin transactions are recorded on the blockchain, the digital ledger that records each transaction.

The problem centers on the limited amount of transactions per second you can make in the bitcoin network, which in turn depends on the formation of the memory "block size" that store the transactions. This, according to Oldenburg, makes for a very illiquid and unusable cryptocurrency."

Don't forget that Oldenburg is a BIG bitcoin cash holder. He may have sold all his bitcoin (more like cashed in) and is probably dumping a lot into BCH and thus their price is on the rise. It's all speculation.

Bitcoin has scaling issues and higher transaction fees but it's still a very easy way to send money without having to wait 5-7days for it to clear the bank. Time is money and I'll take a $16 dollar charge so that I can only wait 4hrs instead of a week.

I'm going to start experimenting with sending ETH or LTC instead of BTC to purchase coins on other exchanges.

[texasdeerhunter]

Not to sound dumb. But say you put 100 dollars in when bitcoin was .08 years ago. That got you 1250 coins? Today that's be worth 23million +/-. You can just sell it, cash out, have that tranfered to you bank account, minus transfer fees and taxes? And that is it, that is your cash to do as you please?

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Pretty much

[systemnt]

Not to sound dumb. But say you put 100 dollars in when bitcoin was .08 years ago. That got you 1250 coins? Today that's be worth 23million +/-. You can just sell it, cash out, have that tranfered to you bank account, minus transfer fees and taxes? And that is it, that is your cash to do as you please?

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you sell it and have the funds deposited to a USD (or whatever flat currency you want) , which you then deposit it to a bank account(s), etc. less transfer fees.
You would be responsible for performing the taxes/CG on it.

[Hawkins]

yep...kind of. you will pay taxes on it and you may be limited to the amount you could withdraw in a single day/week. you can get those limits raised or request a single 1 time wire etc.

Thanks.

I don't see how it's a bad idea to put in 100 on some of these other coins. Worst that can happen is you lose 100 dollars. Best that can is you make money, right?

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[jkg2003]

Crytosomniac.com doesn’t work


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[Tx_Wader]

Not to sound dumb. But say you put 100 dollars in when bitcoin was .08 years ago. That got you 1250 coins? Today that's be worth 23million +/-. You can just sell it, cash out, have that tranfered to you bank account, minus transfer fees and taxes? And that is it, that is your cash to do as you please?

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And $400 bucks got you 5,000 coins

[thegrouse]

What is the easiest platform to buy these oddball coins? I just have the big 3 at coinbase but they are not quite volatile enough for me

[jkg2003]

Btc has been very flat this morning.


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[Hawkins]

.

[Hawkins]

And $400 bucks got you 5,000 coins

[emoji106][emoji106]

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