But imo that’s the value of bitcoin. It was underground away from the bankers and politicians who are trying to make money and regulate it. it was used for transactions in mostly the black market or just people who don’t want their transactions tracked. Bitcoin soared after these bankers realized they can make money from it.
Anyways, I heard there are now bitcoin atms beside family mart. But family mart still has it?
I buy using bitoex thru bankwire.
Yah, go to maicoin.com, get an account and you pay thru Family mart (easiest way)
or lin a bank account through your accoutn page and wait a couple weeks.
N.B. YOU CANT WITHDRAW OR TRANSFER YOUR FUNDS OUT ODF THER MAICOIN ACCOUTN UNTIL YOU HAVE PASSED THEIR VERIFICATION/KYC PROCESS. YOU HAVE BEEN WARNED>"
I see there is no longer a convenience store option for Maicoin:
In accordance with the government’s AML policies and the principles of SRO, MaiCoin will temporarily suspend the payment method through Hi-Life convenience store.
Please note that
Your digital asset balance on MaiCoin will not be affected
All the unpaid payment code will be invalidated after 9/30 15:00
We encourage you to complete identity verification, and link your bank account to use online banking or ATM transfers to purchase digital asset.MaiCoin has actively coordinated with the government to provide better risk control measures to enhance the security of the platform. We will strive to re-enable the convenience payment channel for our users. We apologize for the inconvenience.
Do you know how much withdrawal fee is charged by Maicoin or BitoEX? I can’t find anything on their websites. Also the convenience store spending, how does that work?
I don’t know, it isn’t much though. The conversion rates for btc to usdt/twd and ntd to BTC is what you should check. They are much closer to wholesale rates these days (both buying and selling ) at least for bitoex.
Thanks. One more thing. Do you have any recommendations? I am new to this and I plan to make a small investment, split 50/50 between ETH and BTC, until I get the hang of it.
That sounds like a plan. I personally think we could be near a local top so would DCA in…Monthly amounts or just start small and figure it out. I am waiting to see if ethereum will go past 2k with a significant protocol upgrade in June/July. Basically I’m just holding right now.
I could say have a flutter on this and that just guessing really , maybe a few NFT related such as ravencoin and polymath is a good idea.
I still have a substantial amount of DeFi related coins but they also seem to be threading water at moment , possibly waiting for cheaper transactions .
Mostly cryptocurrency is a holding game.
Just be willing to hold BTC and ETH for a few years and you will probably do very well. You can DCA in to deal with volatility.
I just basically hold, did a lot of trading in the past but when I look at the gains mostly all I needed was.to DCA into BTC and ETH.
Just wondering if you’re still holding onto these investments and what the returns are after 4 years. …
Yes my returns were very very good as I continued to invest in the downturn. I had to hold through two years of extreme bear market though. Otherwise they wouldn’t have been so good. Key is simply DCA for most investments including something like crypto and hold long term.
I don’t tell people how much I made crypto cos well, security , and I got burned the first time round. And it could drop again tomorrow.
The ridiculous thing to me is you can work hard for years and years and you can make more money investing in these things. IIx
I’m planning to buy some BTC and ETH through Bitoex. What wallet you suggest to keep coins in? I’m looking for mobile wallet with low fees to transfer coins.
For Bitcoin only, Electrum works on desktop machines. You can manually set any fee that you want in it, or use the default (which is usually too high). It looks like there is a version that runs on Android, but verify it carefully to make sure it isn’t a scam that someone put on the Google Play store to rob people. There have been several of those for various wallets that Google never bothered to confirm were fakes, which is one of several reasons why I would never trust a mobile device with any significant amount.
It looks like you can download an APK directly from the official Electrum website also, if you are able to install without going through Google Play:
BTW, after downloading, you should download the developer’s PGP signature and use PGP or GPG to verify that the download wasn’t compromised.
I don’t know about Ethereum wallets, never used it.
So after all of that. Is crypto currency secure? Sounds like it’s less secure than money at a traditional bank?
I really need to learn more about the future of crypto currency’s.
It is as secure as the computer system that you keep it on, and as secure as your storage practices make it. If you throw it on the Windows laptop that you let everyone in your household use to play around on the internet, and you have kids who install every browser extension they ever run into, then you’re going to lose your wallet due to malware. On the other hand if you follow serious security practices, it is immune from everything except one’s own utter stupidity. Your funds will still be available to you even after the PRC invades this rock and the NTD turns to dust.
For any serious amount, generate multisignature addresses offline and send from an exchange to those addresses. You control one set of keys, and trusted family and friends who aren’t aware of each other control each of the other sets that were used to generate your multisig keys. Then in order to move the funds, you have to get one or two of those people, as well as yourself, to move them. And if you get run over by a bus tomorrow, you can tell them about each other in your will so that they can inherit. You use multiple people so that if some are idiots and lose their key sets, you can still access the funds. And if you want to add complexity to the script, you can even do what the big companies do and use a timelocked failsafe key so that if the funds aren’t moved in several years, you can use the failsafe to access them.
If you want to keep it simple, you can just generate a wallet using single addresses, keep your password secret, and keep everything in a computer that you never connect to the internet. For transactions, you enter the public address into a wallet on an online machine, create a transaction, use a flash drive to move it to your offline machine, sign it using the wallet with the private keys, use the flash drive to move the signed transaction back to your online machine, and broadcast the transaction.
The above are for your long-term savings. You can use a mobile wallet for your spending money.
If you get robbed, everything is still somewhat trackable, and maybe you’ll get lucky and the thief can be tracked down and arrested. But probably not, unless you know who it was already, or unless he stole enough from enough people to make the cops bother to investigate.
It so technical. I can’t see the average Joe being able to use it easily the way you described it.
That way is crazy complex and ppl lose their money that way as well.
Best idea is to setup multiple online wallets with 2FDA security using authenticators and SMS. Use different passwords and email addresses and do KYC on the account is better to recover if anything goes wrong.
Backup the passwords / encryption passwords on pieces of paper. Potentially send a copy of those to a trusted third party if you want.
Some online wallets will offer cold wallets aswell making it slower and more difficult to move funds in and out . …The above offline wallets way can work but you really need to pay a lot of attention to it as well . For instance make sure that computer doesn’t go missing !
I think multiple online cold wallets or wallets that limit how much can be moved out per day is the best. And I think you can set that on almost any wallet.
Or just get a few hardware wallets and store the seed phrases someplace safe.
But the bank that holds real money is easier for them average Joe.
Crypto has a long way to go before general acceptance.
Actually an online wallet is way easier to manage than a bank account and WAY easier to setup.
Plus you can run deposits, lending, staking, margins all from the same wallet. The experience is WAY better than dealing with a bank. Instead of paying the bank to hold your money you can earn annual 5% yield easily by staking your currencies.
The only thing you don’t have is deposit insurance.
I think you underestimate how fast crypto is coming. Lots of fiance apps arr adding crypto functionality. Venmo, paypap, Visa.
I’m looking forward to seeing the first crypto mass consumer app. I’m not sure what it is or where it is yet , but companies like Binance and Coinbase and Cryptodotcom have many millions of users already.
For you with technical knowledge that is true. Think of the average Joe off of the street.
Not going to happen soon. Maybe 5 years. Maybe 10 years. The barriers are too high right now.