I was thinking about deleting this blog, but I thought it was an interesting look into the past. I’m not really sure how long I’ll keep this blog up, but I got a kick out of reading some of the old articles when I first got involved in cryptocurrency. Over 3 years later, I’m still blogging about crypto, my writings still meh, but I think I’ve come a long way from the articles I used to post here. I hope you stop by bitcoindood.com and check out what I’ve been up to.
Thanks for stopping by,reading and supporting.
Stop by the new blog for interviews, reviews, tips, tricks and more. It’s all about the bitcoin & cryptocurrency
would appreciate advice re: opening bitcoin account/wallet. so much out there already :/ will be offering to accept bitcoin for my tattoo shop clients. not sure how popular it will be but want to have it setup and going. any advice appreciated ty for your time.
OK, here’s a couple ideas and suggestions. If you’re not worrying about cashing out right away. I would suggest two simple wallets.
The second wallet I’ll suggest is the mycelium wallet available for Android. This is a great wallet, and is highly recommended. As always follow the instructions and keep a backup. I’m not sure if this available for iPhone, but I’ve used this wallet, it works great, and it’s very easy to use.
if you want to cash out immediately, and that would be a good idea with market volatility. I would suggest a service like either, Circle, Coinbase, or BitPay. You’ll also want to use one of these services if your just using a regular wallet, but need to cash out into good old fashioned cash eventually.
Immediately cashing out of bitcoin and into USD or the currency of your choice is a good idea with market volatility. Say you do a tattoo for $500.00 dollars at lunch, and bitcoin is currently at $260.00 USD. If you don’t cash out immediately you run the risk of the market dropping. So if you waited till the end of the day, and the market drops to $225.00 USD, you’ll loose $35 dollars a bitcoin. At the same time if the market goes up, you could gain money. If you don’t want to gamble, an immediate cash out is a good idea and this can be set up with any service mentioned below.
I’ve used Circle.com and they’re a really great service. They do have limits though, as to how much can be bought or cashed out per month. Another words if your approved for $1000.00 per month, your limited to that. You can’t buy or exchange more than $1000 per month. You can apply for increases if you need them.
Coinbase is a great company, but I’ve found them to be a bit difficult when it comes to account verification. They’re a little to thorough. If I were going to set up a business, I would probably use Coinbase . They have a great reputation, and they’re reliable. You can even set it up for instant cash out. So as soon as the bitcoin is received, it gets cashed out into USD and transferred into your checking account. They are one of the more established and respected services out there currently.
The other one I’d suggest is BitPay. They offer a free service to try them out. I’ve never used this company, but they’ve done a lot to promote bitcoin. You might want to try the free service, and see how it works out for you. They have a good reputation, and I’ve been told getting set up with them is fairly easy.
On a final note. If you wanted to accept more than one form of cryptocurrency, like maybe litecoin, dogecoin, and some of the hundreds of other cryptos that are available. You could sign up at an exchange like bittrex.com. Using an exchange you can accept 100’s of different cryptocurrencies, and then convert to bitcoin, then transfer to your cash out service like Coinbase. There are a ton of exchanges on the internet, be careful, some of them are real shady. Bittrex has a great reputation, is easy to use, easy to set up, their transfers are quick, and I use them regularly.
One last suggestion I would make is , if you don’t need all the money, take a gamble and hold a small percentage in bitcoin. Nobody really knows which way the market will go, but if you held 10% of your earnings in btc, and it goes up, you’ve made a nice investment in yourself and created a nice savings. If it drops, then you really haven’t lost much and you can chalk it up to life is full of gambles.
Anyway, I hope all this helps. If you have any other questions feel free to message me on Tsū, or leave a comment here. Good luck with your business, and I hope using bitcoin works out for you!
If you have a question, feel free to ask. You can ask via Twitter @BitcoinDood , Tsū BitcoinDood, or leave a message in the comments and hope it doesn’t get deleted with the daily barrage of spam this blog receives.
Earlier today someone on twitter asked my opinion about the bitcoin fork. I don’t really understand the technical side of bitcoin. I don’t mine, and have no interest in becoming a dev. When it comes to the technical side of bitcoin I have a very basic understanding of the basics. My only concern with bitcoin is will the price go up or will it go down. With that said, please excuse my basic explanation of the fork, and for more technical explanation, follow the research links at the bottom of the post. Here is my opinion on the fork and how it concerns me as a cryptocurrency trader.
So last night I started researching this fork. Till last night I wasn’t really concerned about it. I basically looked it at as a small software upgrade, no big deal, continue with business as usual. I’m one of those people who believes that I really don’t have to understand how bitcoin works, as long as it works.
Basically bitcoin is a protocol just like email. Most people don’t understand how e-mail works, they just know that it does. You type out a message in an e-mail client and hit send and your message goes out to the recipient. Bitcoin is more or less the financial equivalent of e-mail.
After the price drop last night, I decided to do some investigating. Now the price drop seems to be the result of the fork, and a 10,000 btc sell off that apparently started on Bitfinex. The timing of this sell off, coinciding with the hard fork, seems like more than coincidence. It looks like a perfectly planned sell off to short some coin, and buy back cheap. I happened to get lucky and catch this towards the bottom of the dump, and ended up buying some around $205 as it rose to around $238 around 12 or 1 A.M. EST. I sold back and made a tiny profit.
After I sold I continued researching, I started finding out more and more about the “fork”. The planned implementation of bitcoinXT, and what it actually means. The more I read, the more concerned I started getting. This was more than a simple software upgrade, this is a massive change in the bitcoin protocol.
I’m going to try and leave out the conspiratorial stuff I read, and try to just present the simple facts. I’m also going to try and over simplify this a bit. Basically, as bitcoin use grows, the network will inevitably need to be scaled to relieve the burden of heavy use. Information is currently stored on the blockchain in 1mb blocks, the new changes will change these to 8mb blocks by 2016 then double in size every 2 years. Besides the block size there will be some other minor changes in the code as well. If you want to read about all this I’ll post my research links at the bottom of the page.
Now the implementation of bitcoinXT is based on how many people begin to mine it. If nobody mines it then I guess we stay with original bitcoin core. If 75% of the coin mined becomes XT then everything switches over to the XT protocol. This is the part that confused me, and I apologize for doing such a terrible job explaining it.
The truly scary part about all this is that it could result in side chains and even a split in the bitcoin community. One chain would be bitcoinXT and the other the original bitcoin core. As a trader, the only thing I care about is price and market volatility and the more I read about all this the more concerned I became.
I started asking myself a lot of different questions. How will this effect price? If the community is split, will there end up being two separate bitcoin protocols? With blocksize increase will the price go up, or down? Obviously there’s a lot to speculate here, not to mention the conspiratorial things I read about some of the additional code being implemented and a few privacy concerns. This of course followed by the usual rumours and fud.
I decided to liquidate a nice chunk of my portfolio and see where this all goes. When I first got into bitcoin it was around $600, thanks to altcoin trading I was able to hedge my investment with various alts, and built a really decent portfolio. (Not meant to be boastful.) Last night before I went to sleep I decided to sell off my initial investment, cash out with a small profit, and leave approximately 1/3 my altcoin portfolio to continue trading with. Now no matter what happens, it’s all profit anyway, and if the whole thing shits the bed tomorrow, I’ve still walked away a winner.
Like so many others, I’ve drank the bitcoin koolaid and believe this is possible. Yet, with so much to speculate on, I plan on sitting back, and seeing which direction this all takes. I’m more than a bit confused about the fork, I don’t entirely understand what’s going on, and I really want to see how the rest of the community reacts to current events. For the time being I’m gonna play around with my remaining portfolio, and when things begin to make sense again, I’ll start investing a little more aggressively.
Happy trading, thanks for reading, and be careful out there !
Articles referenced, and a much better explanation of what’s going on can be found in these links and video.
I’ve had the same service provider for my smartphone for the last two years. It was pricey, and I was really happy when my contract ended. The day it ended I went out and bought a new phone, and found a new provider. So long Verizon !
Although I could of kept my old Samsung Stratosphere II I decided it was time to retire the little guy. It was a great phone when I got it but the phone’s now outdated, slow, and many of my apps were a bit buggy acting on it. I always feel bad retiring tech when it has served me well. Anyway, I spent the entire day shopping around for a suitable and more up to date replacement.
My first stop was at a Sprint store, I was going to get the “all in” plan with the Samsung S5 till I realized, I was leasing the phone and would have to return it at the end of my contract. Returning old phones is a bad idea especially for crypto enthusiasts. You put way to much personal data on your phone to just hand it over to someone in the end. After an hour of haggling, and trying not to purchase an almost $800.00 phone, I politely shook the hand of the Sprint salesman and said, “Not today.” and out the door I went.
LG Leon LTE phone worked great with my cryptocurrency app setup.
I began looking around online and found a suitable plan that fit my budget and went to the local store to look at their phones. The salesperson showed me the LG Leon Lte and it’s a really impressive little phone priced around $99.00. I bought the phone, selected a data plan that fit my budget, ran a credit check and an hour later I was walking out of the store with my new phone. Yeah me!
As soon as I got home, the very thought of having to transfer all my cryptocurrency data from one phone to the other was a bit overwhelming. I began the process of installing apps, authenticators, and wallets. Here’s my basic setup.
I have several wallets for bitcoin, but only use the circle.com app on my phone. It’s convenient and easy to use. For dogecoin i use the Langerhans Dogecoin wallet. I use the ZXing barcode scanner for scanning wallet QR codes, and Google Authenticator for some of my 2 factor authorization. These four apps cover just about all my needs for cryptocurrency on my phone.
My most useful cryptocurrency apps for any Android device.
Once I got everything installed, I couldn’t of been happier. Not only did everything work, but everything worked better than my old phone. My circle app hung, and was buggy on the Samsung Stratosphere II, on the LG Leon it works amazing. I use to have problems with the two factor authorization on this app, and that problem is now gone with the LG Leon LTE.
Next I tested the Langerhans Dogecoin wallet and it too worked great. This is a great app wallet as long you don’t send faucet payouts to it. For some reason, faucet payouts slow the app to a crawl, and sometimes makes it hang. For just exchanging Doge with friends and family however, the app works great for that. My experience with this app has been that it does crash from time to time, but as long as you have the backup file on another computer or drive, it’s not a problem.
After getting my wallets in order, I added the ZXing barcode scanner to the phone. I’ve heard this app can be a bit tricky on some phones, but it worked great on the LG Leon Lte.
Now the really scary part for me was changing around my two factor authorization. I use both SMS and Google Authenticator for different exchanges. If you’re not using two factor authorization you really should be. (Just saying) I don’t know if this is the proper way to do this, but it’s what worked for me. I simply shut off my two factor authorization on each account I was using it on, then turned it back on, signing up with the new Authenticator app. It took awhile, but everything worked great, and luckily, thank the Gods and Goddess’ I didn’t lock myself out of any of my accounts. That would of sucked!
Overall I have nothing but positive things to say about the LG Leon LTE. It worked great with all my other apps as well. As far as cryptocurrency is concerned though, using this basic setup, covers all my cryptocurrency needs and worked great on this phone. I highly recommend using the LG Leon LTE with this setup.
If you have this phone, and are using different apps, leave a comment and let everyone know how it worked out for you. Plus I’m always looking for decent crypto apps to install on my phone. Thanks for reading, and hope you found this info useful.