I found 46 bitcoins literaly 10 min. ago in one of my old wallets i used to purchase domains and web hosting back in 2011. Can i sell them at the current price, $1200/BTC, right now at MTGox or some other exchange ? How long will this exchange take ?
Often people get confused by their choice to exchange methods or website and they have a question: how to sell bitcoin for USD. They really think about which exchanges I choose for the transaction that they must actively carry out and process. And which should they completely avoid at all costs? This is very important because many people trade with fake websites. They had to lose with such websites. And that experience is really bad. But now I will tell you about the only real website that offers exchange services around the world. This is the most popular and number 1 website for their duties. We have excellent feedback from our customers. Our website that also offers a solution for, bitcoin price to USD, is a public choice and on a good list. We have many active accounts for the transaction. If you want to keep your transaction really safe, you must visit us. Switch online payment: - The exchange medium for online payment exchange is to tackle our extraordinary and efficient management. We can offer you more efficient services. Because we have the best rates to give you and we work in very short time limits. That's why you don't have to wait long. You can also visit our website btc to PayPal. Visit us at any time and our representative will respond to you in a short time. We work very quickly. Instead of other time-consuming websites on the internet. Dealing with us is completely risk-free, you can give us your precious possession such as cryptocurrency. And we will perform our duty to exchange your bitcoin for money. No matter where you live on earth, we can provide you with our best services in a very short time. Thank you.
My state (WA) doesn't have any exchanges that do BCH so I've been buying BCH by buying Bitcoin and using Shapeshift to convert it to BCH but how will I sell BCH for Fiat if I ever needed to in the event of a good spike or dip? Going back to BTC to USD doesn't seem like a good idea in that event...?
02-02 01:23 - 'How do you calculate the exact altcoin/usd rate when you buy/sell altcoins with bitcoin? I know the rate in BTC I bought and sold at but not the exact btc/usd exchange rate for the time of the transaction. That makes it hard to ac...' by /u/tsylvg removed from /r/Bitcoin within 0-5min
''' How do you calculate the exact altcoin/usd rate when you buy/sell altcoins with bitcoin? I know the rate in BTC I bought and sold at but not the exact btc/usd exchange rate for the time of the transaction. That makes it hard to accurately report the USD cost/loss/profit. Exchanges don’t give rates for exact times which is needed since there is so much price volatility from minute to minute. ''' Context Link Go1dfish undelete link unreddit undelete link Author: tsylvg
My state (WA) doesn't have any exchanges that do BCH so I've been buying BCH by buying Bitcoin and using Shapeshift to convert it to BCH but how will I sell BCH for Fiat if I ever needed to in the event of a good spike or dip? Going back to BTC to USD doesn't seem like a good idea in that eve /r/btc
Hardware wallets are not safe. I see right through it. The safest way to control your own private keys would be through a paper wallet. How can I trust Trezor or ledger? I don't know them from a hole in the wall. Get a paper wallet or stick with Coinbase! Funny how they sell for USD! /r/Bitcoin
How can I exchange my bitcoin for USD/Paypal without selling to private parties?
Edit: I've decided to use Coinbase, as I forgot I set up an account over 3 years ago on that website... I thought I'd have to wait several days. I have a verified Circle account that I've been buying/trading bitcoin with for the past several months, but I now have approximately $200 in bitcoin that I'm looking to exchange for USD. Is there any way to do this without selling to private parties?
2. Tell the bank you're expecting to receive an international incoming bank transfer and want to withdraw it in USD
Some banks are giving out the entire incoming bank transfer in USD. Other banks are giving 80% of the incoming transfer in USD while giving the rest in LBP. Make sure you talk with your bank and negotiate the entire thing before any transfer is done
3. Transfer and withdraw the money in USD
Transfer can take from 4-7 business days and costs will be incurred on the sender and the receiver
When you purchase Bitcoin through any of the mentioned websites, you will be able to send Bitcoins to a wallet of your choice or keep them on the exchange.
2. The person who's going to receive the money in Lebanon opens a bitcoin wallet
The person who's going to receive the money in Lebanon opens a bitcoin wallet that can be done in less than 2 minutes using any of the free wallets such as (BlueWallet,Coinomi, Exodus) This can be done for free on a laptop or mobile phone.
3. The sender sends the bitcoin from his wallet to the receiver's wallet
4. The transfer could take up to 10-20 minutes and should not take more than $1 per transaction.
5. Once the receiver (Person in Lebanon) receives the bitcoin, he can list them for sale in exchange for USD or black market rate LBP
However you can skip this step by arranging a trade by yourself so instead of sending it to your family or friends you can send it to the person who is willing to buy it from you and they will deliver LBP as per your arrangement or through OMT.
3. For example, today for every 1 USD that Western Union/OMT receives from abroad, they will give out 3,800 LBP. At the same time the black market rate today is $1 = 8,500 LBP. Check the current black market rate here
How to Get Money Out of Poker sites Using Cryptocurrency. A guide.
I wanted to provide a definitive guide for those trying to find the quickest and cheapest way to get their winnings/initial deposit out of various poker sites through the means of cryptocurrency. This guide does not recommend cryptocurrency trading and even if you follow all of these steps, there is still a risk for currency fluctuations. It took a lot for me to figure this out and I wanted to pay it forward and help those in the future learn this valuable information. I take no responsibility for the accuracy of this guide, but I will say this is the method I now use. Various state laws can make each step more difficult. However, this method is tailored to the strictest of laws that affect Cryptocurrency issued by New York state. Ok, so you got some money and want to get it out of a poker or gambling site. Checks are offered, but who has time for that 4 week turnaround on what could be a bad check. So you have decided to get into Cryptocurrency. Here is how the money gets to your bank. Poker site -> Wallet -> Exchange -> Bank. 1st Step - Getting the money out of your poker account. So you request a withdrawal in cryptocurrency. But which currency? There is Bitcoin (the original), Bitcoin Cash (the fork), Ethereum (New Cool Kid), Tether or Dai (stablecoin) Bitcoin SV, Litecoin, etc.... There are benefits to each currency. Bitcoin is the original and most well known. It is the most traded by far with a market cap (total value) more than all other cryptocurrencies combined. There is also a well established group of people holding bitcoin as an investment to the future. However, Bitcoin also has the most fees and slowest transaction times depending on the fee you pay. Personally I use Ether and Bitcoin Cash. They are based on new versions of blockchain, transfer quickest between wallets and exchanges, and have lower transfer fees. I have not used Dai and Tether, but I will go into stablecoin later. Step 2 - The Wallet. The wallet is where your money from the pokersite will go. I want to make it very clear. You do not want your money to go from the pokersite to the exchange. The exchange can and will learn it is from a pokersite which can cause you a lot of problems later on. In particular, running a foul of U.S laws and regulations on gaming. So you want the money to go to your wallet. I recommend either Exodus or if you just want Bitcon, Blockstream Green. Exodus though is my go to. You can use it online or through your mobile device. It will automatically scan deposit and withdraw codes for you (this is extremely important so you don't mess up where your money goes). It also has a nice sleek interface and accepts most cryptocurrencies. One thing to point out, Exodus was designed for bitcoin miners at one point who wanted their money out quickly. So, when using bitcoin, it sends and receives your money out as quick as possible using higher fees. You may be concerned by this. However, now you got crypto, lets get it to your exchange. Step 3 - The Exchange. So there are many exchanges, where you convert your crypto to other crypto or even cash. The three most popular in the US are Cash App, Coinbase, and Gemini. Cash App is easy, if you can set it up. If there is an issue with Cash App, good luck. Their customer support is non-existent (this actually led me to use Coinbase). Basically, you send the money from your wallet to CashApp and then sell the bitcoin in the app. About 20 minutes later the money is in the app and can be sent to your bank. There are various fees, I believe 1.5% to sell the coin, 1.5% to ACH to your account or 1.75% for instant credit to your bank account. I personally use Coinbase Pro. It costs me .5% to sell the crypto. I could then ACH it to my bank account which takes about 5 days. Instead I added another step. You can link your Coinbase account to your Paypal account. So, when I have cashed out at the cheapest rate at Coinbase Pro, I instant transfer the money to Coinbase and then instant transfer it to paypal. There are no fees for this and there are no fees for Coinbase Pro. Coinbase Pro allows you to do things CashApp or regular Coinbase does not. For example, I held my Bitcoin Cash which came in at 219 and put an order to sell at 230. When Bitcoin Cash hit 230, it sold and I made a couple extra percent return on my money. It was a risk, but wanted to play with a limit order. When the money got to my Paypal account, I instant transferred it to my debit card for 1% fee. I could have ACHed it for free and had the money in a day or two, but I decided to take the quick cash. Overall, the quickest I have seen cryptocurrency with withdrawals is under 24 hours with Pai Wang Luo Network (Bovada/Ignition) and 3 days for WPN. Once I have received my crypto, the quickest I have been able to hit my account is 1.5 hours. Now here is the big risk from Cryptocurrency: Currency fluctuation. I have no idea why crypto goes down or up, or why some cryptos go one way while others will go another. General rule, if Bitcoin is up or down, the others are as well. Example: Past 24 Hours (7/5/2020 - 7/6/2020), Bitcoin up 3.1%, Ether 6%, Bitcoin Cash 8.36% Tether -.1%, Dai .68%. Dai and Tether were created to avoid currency fluctuations by tieing themselves to an asset. Tether is "tethered" to the USD. So try one of the those for less risk maybe. But please note, while you have crypto in your wallet and exchange, and it goes up or down, that's your money going up or down. I hope this helps anyone trying to figure out how to use cryptocurrencies. GL
It is no doubt Grayscale’s booming popularity as a mainstream investment has caused a lot of community hullabaloo lately. As such, I felt it was worth making a FAQ regarding the topic. I’m looking to update this as needed and of course am open to suggestions / adding any questions. The goal is simply to have a thread we can link to anyone with questions on Grayscaleand its products. Instead of explaining the same thing 3 times a day, shoot those posters over to this thread.My hope is that these questions are answered in a fairly simple and easy to understand manner. I think as the sub grows it will be a nice reference point for newcomers. Disclaimer: I do NOT work for Grayscale and as such am basing all these answers on information that can be found on their website / reports. (Grayscale’s official FAQ can be found here). I also do NOT have a finance degree, I do NOT have a Series 6 / 7 / 140-whatever, and I do NOT work with investment products for my day job. I have an accounting background and work within the finance world so I have the general ‘business’ knowledge to put it all together, but this is all info determined in my best faith effort as a layman. The point being is this --- it is possible I may explain something wrong or missed the technical terms, and if that occurs I am more than happy to update anything that can be proven incorrect Everything below will be in reference to ETHE but will apply to GBTC as well.If those two segregate in any way, I will note that accordingly.
ETHE is essentially a stock that intends to loosely track the price of ETH. It does so by having each ETHE be backed by a specific amount of ETH that is held on chain. Initially, the newly minted ETHE can only be purchased by institutions and accredited investors directly from Grayscale. Once a year has passed (6 months for GBTC) it can then be listed on the OTCQX Best Market exchange for secondary trading. Once listed on OTCQX, anyone investor can purchase at this point. Additional information on ETHE can be found here.
So ETHE is an ETF?
No. For technical reasons beyond my personal understandings it is not labeled an ETF. I know it all flows back to the “Securities Act Rule 144”, but due to my limited knowledge on SEC regulations I don’t want to misspeak past that. If anyone is more knowledgeable on the subject I am happy to input their answer here.
How long has ETHE existed?
ETHE was formed 12/14/2017. GBTC was formed 9/25/2013.
How is ETHE created?
The trust will issue shares to “Authorized Participants” in groups of 100 shares (called baskets). Authorized Participants are the only persons that may place orders to create these baskets and they do it on behalf of the investor. Source: Creation and Redemption of Shares section on page 39 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here Note – The way their reports word this makes it sound like there is an army of authorizers doing the dirty work, but in reality there is only one Authorized Participant. At this moment the “Genesis” company is the sole Authorized Participant. Genesis is owned by the “Digital Currency Group, Inc.” which is the parent company of Grayscale as well. (And to really go down the rabbit hole it looks like DCG is the parent company of CoinDesk and is “backing 150+ companies across 30 countries, including Coinbase, Ripple, and Chainalysis.”) Source: Digital Currency Group, Inc. informational section on page 77 of the “Grayscale Bitcoin Trust (BTC) Form 10-K (2019)” – Located Here Source: Barry E. Silbert informational section on page 75 of the “Grayscale Bitcoin Trust (BTC) Form 10-K (2019)” – Located Here
How does Grayscale acquire the ETH to collateralize the ETHE product?
An Investor may acquire ETHE by paying in cash or exchanging ETH already owned.
Cash: The investor pays the subscription amount in cash and the Authorized Participant will use that cash to purchase ETH.
ETH: The investor transfers the ETH to the Authorized Participant, which will contribute the ETH in-kind to the Trust.
Source: Creation and Redemption of Shares section on page 40 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Where does Grayscale store their ETH? Does it have a specific wallet address we can follow?
ETH is stored with Coinbase Custody Trust Company, LLC. I am unaware of any specific address or set of addresses that can be used to verify the ETH is actually there. As an aside - I would actually love to see if anyone knows more about this as it’s something that’s sort of peaked my interest after being asked about it… I find it doubtful we can find that however. Source: Part C. Business Information, Item 8, subsection A. on page 16 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Can ETHE be redeemed for ETH?
No, currently there is no way to give your shares of ETHE back to Grayscale to receive ETH back. The only method of getting back into ETH would be to sell your ETHE to someone else and then use those proceeds to buy ETH yourself. Source: Redemption Procedures on page 41 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Why are they not redeeming shares?
I think the report summarizes it best:
Redemptions of Shares are currently not permitted and the Trust is unable to redeem Shares. Subject to receipt of regulatory approval from the SEC and approval by the Sponsor in its sole discretion, the Trust may in the future operate a redemption program. Because the Trust does not believe that the SEC would, at this time, entertain an application for the waiver of rules needed in order to operate an ongoing redemption program, the Trust currently has no intention of seeking regulatory approval from the SEC to operate an ongoing redemption program.
Source: Redemption Procedures on page 41 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
What is the fee structure?
ETHE has an annual fee of 2.5%. GBTC has an annual fee of 2.0%. Fees are paid by selling the underlying ETH / BTC collateralizing the asset. Source: ETHE’s informational page on Grayscale’s website - Located Here Source: Description of Trust on page 31 & 32 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
What is the ratio of ETH to ETHE?
At the time of posting (6/19/2020) each ETHE share is backed by .09391605 ETH. Each share of GBTC is backed by .00096038 BTC. ETHE & GBTC’s specific information page on Grayscale’s website updates the ratio daily – Located Here For a full historical look at this ratio, it can be found on the Grayscale home page on the upper right side if you go to Tax Documents > 2019 Tax Documents > Grayscale Ethereum Trust 2019 Tax Letter.
Why is the ratio not 1:1? Why is it always decreasing?
While I cannot say for certain why the initial distribution was not a 1:1 backing, it is more than likely to keep the price down and allow more investors a chance to purchase ETHE / GBTC. As noted above, fees are paid by selling off the ETH collateralizing ETHE. So this number will always be trending downward as time goes on. Source: Description of Trust on page 32 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
I keep hearing about how this is locked supply… explain?
As noted above, there is currently no redemption program for converting your ETHE back into ETH. This means that once an ETHE is issued, it will remain in circulation until a redemption program is formed --- something that doesn’t seem to be too urgent for the SEC or Grayscale at the moment. Tiny amounts will naturally be removed due to fees, but the bulk of the asset is in there for good. Knowing that ETHE cannot be taken back and destroyed at this time, the ETH collateralizing it will not be removed from the wallet for the foreseeable future. While it is not fully locked in the sense of say a totally lost key, it is not coming out any time soon. Per their annual statement:
The Trust’s ETH will be transferred out of the ETH Account only in the following circumstances: (i) transferred to pay the Sponsor’s Fee or any Additional Trust Expenses, (ii) distributed in connection with the redemption of Baskets (subject to the Trust’s obtaining regulatory approval from the SEC to operate an ongoing redemption program and the consent of the Sponsor), (iii) sold on an as-needed basis to pay Additional Trust Expenses or (iv) sold on behalf of the Trust in the event the Trust terminates and liquidates its assets or as otherwise required by law or regulation.
Source: Description of Trust on page 31 of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here
Grayscale now owns a huge chunk of both ETH and BTC’s supply… should we be worried about manipulation, a sell off to crash the market crash, a staking cartel?
First, it’s important to remember Grayscale is a lot more akin to an exchange then say an investment firm. Grayscale is working on behalf of its investors to create this product for investor control. Grayscale doesn’t ‘control’ the ETH it holds any more then Coinbase ‘controls’ the ETH in its hot wallet. (Note: There are likely some varying levels of control, but specific to this topic Grayscale cannot simply sell [legally, at least] the ETH by their own decision in the same manner Coinbase wouldn't be able to either.) That said, there shouldn’t be any worry in the short to medium time-frame. As noted above, Grayscale can’t really remove ETH other than for fees or termination of the product. At 2.5% a year, fees are noise in terms of volume. Grayscale seems to be the fastest growing product in the crypto space at the moment and termination of the product seems unlikely. IF redemptions were to happen tomorrow, it’s extremely unlikely we would see a mass exodus out of the product to redeem for ETH. And even if there was incentive to get back to ETH, the premium makes it so that it would be much more cost effective to just sell your ETHE on the secondary market and buy ETH yourself. Remember, any redemption is up to the investors and NOT something Grayscale has direct control over.
Yes, but what about [insert criminal act here]…
Alright, yes. Technically nothing is stopping Grayscale from selling all the ETH / BTC and running off to the Bahamas (Hawaii?). BUT there is no real reason for them to do so. Barry is an extremely public figure and it won’t be easy for him to get away with that. Grayscale’s Bitcoin Trust creates SEC reports weekly / bi-weekly and I’m sure given the sentiment towards crypto is being watched carefully. Plus, Grayscale is making tons of consistent revenue and thus has little to no incentive to give that up for a quick buck.
That’s a lot of ‘happy little feels’ Bob, is there even an independent audit or is this Tether 2.0?
Actually yes, an independent auditor report can be found in their annual reports. It is clearly aimed more towards the financial side and I doubt the auditors are crypto savants, but it is at least one extra set of eyes. Auditors are Friedman LLP – Auditor since 2015. Source: Independent Auditor Report starting on page 116 (of the PDF itself) of the “Grayscale Ethereum Trust Annual Report (2019)” – Located Here As mentioned by user TheCrpytosAndBloods (In Comments Below), a fun fact:
The company’s auditors Friedman LLP were also coincidentally TetheBitfinex’s auditors until They controversially parted ways in 2018 when the Tether controversy was at its height. I am not suggesting for one moment that there is anything shady about DCG - I just find it interesting it’s the same auditor.
“Grayscale sounds kind of lame” / “Not your keys not your crypto!” / “Why is anyone buying this, it sounds like a scam?”
Welp, for starters this honestly is not really a product aimed at the people likely to be reading this post. To each their own, but do remember just because something provides no value to you doesn’t mean it can’t provide value to someone else. That said some of the advertised benefits are as follows:
Access to trading within a tax advantaged retirement account
Institutions can easily and safely get exposure to crypto in a more legal-friendly manner
Ease of use for those who are not very technologically savvy
Ease of access for someone who doesn’t want to set up a Coinbase account
Perceived trust in institutional platforms over something like Coinbase or Kraken
Degen traders who just want access to the volatility ETHE provides that have no interest in crypto beyond that
So for example, I can set up an IRA at a brokerage account that has $0 trading fees. Then I can trade GBTC and ETHE all day without having to worry about tracking my taxes. All with the relative safety something like E-Trade provides over Binance. As for how it benefits the everyday ETH holder? I think the supply lock is a positive. I also think this product exposes the Ethereum ecosystem to people who otherwise wouldn’t know about it.
Why is there a premium? Why is ETHE’s premium so insanely high compared to GBTC’s premium?
There are a handful of theories of why a premium exists at all, some even mentioned in the annual report. The short list is as follows:
ETHE is NOT redeeming shares and as such doesn’t have an effective arbitrage mechanism
ETHE has a 1 year wait to be sold on the secondary market, again negating the ability to effectively arbitrage the premium
People may simply be willing to pay a premium for the benefits stated above.
Why is ETHE’s so much higher the GBTC’s? Again, a few thoughts:
ETHE hasn’t been around as long, so there is less secondary market supply to go around
ETHE was listed at an insanely high premium to begin with
ETHE might simply be more popular at the moment
Could just be sheer stupidity (investors think ETHE is a 1:1 ratio not 1:11)
Are there any other differences between ETHE and GBTC?
I touched on a few of the smaller differences, but one of the more interesting changes is GBTC is now a “SEC reporting company” as of January 2020. Which again goes beyond my scope of knowledge so I won’t comment on it too much… but the net result is GBTC is now putting out weekly / bi-weekly 8-K’s and annual 10-K’s. This means you can track GBTC that much easier at the moment as well as there is an extra layer of validity to the product IMO.
I’m looking for some statistics on ETHE… such as who is buying, how much is bought, etc?
There is a great Q1 2020 report I recommend you give a read that has a lot of cool graphs and data on the product. It’s a little GBTC centric, but there is some ETHE data as well. It can be found here hidden within the 8-K filings.Q1 2020 is the 4/16/2020 8-K filing. For those more into a GAAP style report see the 2019 annual 10-K of the same location.
Is Grayscale only just for BTC and ETH?
No, there are other products as well. In terms of a secondary market product, ETCG is the Ethereum Classic version of ETHE. Fun Fact – ETCG was actually put out to the secondary market first. It also has a 3% fee tied to it where 1% of it goes to some type of ETC development fund. In terms of institutional and accredited investors, there are a few ‘fan favorites’ such as Bitcoin Cash, Litcoin, Stellar, XRP, and Zcash. Something called Horizion (Backed by ZEN I guess? Idk to be honest what that is…). And a diversified Mutual Fund type fund that has a little bit of all of those. None of these products are available on the secondary market.
Are there alternatives to Grayscale?
I know they exist, but I don’t follow them. I’ll leave this as a “to be edited” section and will add as others comment on what they know. Per user Over-analyser (in comments below):
As asked by pegcity - Okay so I was under the impression you can just give them your own ETH and get ETHE, but do you get 11 ETHE per ETH or do you get the market value of ETH in USD worth of ETHE?
I have always understood that the ETHE issued directly through Grayscale is issued without the premium. As in, if I were to trade 1 ETH for ETHE I would get 11, not say only 2 or 3 because the secondary market premium is so high. And if I were paying cash only I would be paying the price to buy 1 ETH to get my 11 ETHE. Per page 39 of their annual statement, it reads as follows:
The Trust will issue Shares to Authorized Participants from time to time, but only in one or more Baskets (with a Basket being a block of 100 Shares). The Trust will not issue fractions of a Basket. The creation (and, should the Trust commence a redemption program, redemption) of Baskets will be made only in exchange for the delivery to the Trust, or the distribution by the Trust, of the number of whole and fractional ETH represented by each Basket being created (or, should the Trust commence a redemption program, redeemed), which is determined by dividing (x) the number of ETH owned by the Trust at 4:00 p.m., New York time, on the trade date of a creation or redemption order, after deducting the number of ETH representing the U.S. dollar value of accrued but unpaid fees and expenses of the Trust (converted using the ETH Index Price at such time, and carried to the eighth decimal place), by (y) the number of Shares outstanding at such time (with the quotient so obtained calculated to one one-hundred-millionth of one ETH (i.e., carried to the eighth decimal place)), and multiplying such quotient by 100 (the “Basket ETH Amount”). All questions as to the calculation of the Basket ETH Amount will be conclusively determined by the Sponsor and will be final and binding on all persons interested in the Trust. The Basket ETH Amount multiplied by the number of Baskets being created or redeemed is the “Total Basket ETH Amount.” The number of ETH represented by a Share will gradually decrease over time as the Trust’s ETH are used to pay the Trust’s expenses. Each Share represented approximately 0.0950 ETH and 0.0974 ETH as of December 31, 2019 and 2018, respectively.
PSA: How to use crypto to sell/buy PMs on r/PMsForSale
TL;DR 1: this is not an investment recommendation. This is not an endorsement of any crypto coin, token, or service. This post (which is a bit longish) describes how to use crypto as another payment mechanism. It would just add another tool to your PM trading toolbox. TL;DR 2: This is not an exhaustive review – it’s a simplified how-to. Calling me out on certain minute aspects is useless. However, if I made a mistake, or omitted something important PLEAESE correct me. TL;DR 3: I’ll describe everything in chapters, so as you go down, if you feel this is irrelevant to you, you can stop without spending too much time reading it all.
Chapter 1: Why use crypto
You control the entire transaction, end to end. You do not need a third party (Like PayPal or Google) telling you what you’re allowed to sell, and for how much. You do not need to resort to subterfuge (“use Friends & Family, and make sure to leave no notes!”).
Crypto transactions add a level of privacy (depending on how you use them).
Transactions are secure (read more about blockchain technology), and usually only involve you sharing your crypto address with your counterpart.
Transactions are irreversible – good if you’re an established seller who’s afraid of chargebacks by scammers.
Yet transactions can still be proven – they’re out there on the blockchain, available for all to see.
Most of the time, transactions are fast (depending on network traffic and amount of gas paid).
Chapter 2: Types of crypto
I’m not going to go into technicalities, and definitely not recommend anything. Let’s just split the crypto world right now into 2 types of coins: stable, and unstable.
Unstable coins (Bitcoin, Ether, Ripple etc.) can see their fiat value go up or down several times a minute. They’re volatile, and while they can be used to pay, the buyer and seller need to agree on the spot, convert fiat to the coin and start the transaction – at the end of which, the fiat value received may be higher or lower than when the transfer started. Because of that, I’ll avoid discussing them here.
Stable coins usually run on the Ethereum blockchain, and use a technology called “smart contract” to attach their value to fiat. A stable coin like USDC, DAI, USDT etc. will always be worth $1 (give or take 1% at certain times). For all intents and purposes, if I quote you a price of $250 and you send me 250 USDC – we’re done.
Chapter 3: what do I need to have to trade in stable coins?
An address – your crypto address allows you to control crypto on the blockchain. More specifically, it allows you to withdraw funds (since everyone can deposit to your address, whether you want it or not).
A crypto wallet. A wallet is NOT where you hold your coins! Your “money” is on the blockchain, assigned to your address. Your wallet allows you to mange the coins in that address. You can either use one of the free wallets out there, or have one provided to you by an exchange. I recommend MetaMask. It runs as a browser extension (Chrome, Firefox, Brave) or a mobile app. Make sure you do your due diligence before selecting a wallet, so you wont use a scammy app, that will use your pass phrase to clean up your address!
Some Ether (usually 0.05-0.1 ether is enough for several transactions) – every transfer on the blockchain has a fee, representing compensation for the computer work done to transfer funds from address to address. This fee, known as “gas” can go from fractions of a cent to several dollars – depending on the blockchain traffic at the time. You can control the amount of gas, and price of gas for your transactions, but generally speaking: the less you pay, the slower the transfer. Gas is paid in Ether only, so you need some in your wallet (see below on how to get it).
If you want to sell using crypto – you’re done!
If you want to buy using Crypto, you’ll need to convert some fiat to stable coins – see next chapter.
Chapter 4: Quickest way to get stable coins
The easiest way to start (in the US – your miles/kilometres may vary elsewhere) is to open a Coinbase account. (Disclaimer: you can choose any other exchange. I’m not compensated by Coinbase, I have no stake in Coinbase, I don’t work there, or know anyone who does. There’s a reason I mention them: they make this simple.) While Coinbase is the fastest and easiest way to go for noobs, there are some caveats:
Coinbase is a registered financial company. They require full KYC (i.e. photo of your driver’s license). Everything you do gets reported to the IRS, authorities, etc. But then, your bank does the same.
Coinbase doesn’t care where the funds come and go – unless law enforcement, IRS, SEC etc tell them to care. If you’re privacy-oriented, an exchange is not for you, go to the next chapter.
Let’s look at the steps of using Coinbase, and how much they’ll cost you:
Open Coinbase account (free)
Go through KYC needed to connect a bank account to your Coinbase account (free)
Transfer fiat to your account (free if bank transfer, otherwise credit/debit card fee applies)
Convert fiat to the stable coin USDC (FREE! Since Coinbase “owns” USDC, they don’t charge anything to convert back and forth between USD and USDC. And it’s always 1-1 conversion.)
Transfer USDC to an external wallet (yours, or a sellers) (FREE! Again, another perk – Coinbase pays your transfer gas fee).
If you’re content with using Coinbase as your wallet, you are done!
a. When you want to buy, you ask the seller for his address, and transfer USDC to him (free). b. When you want to sell, you give the user your Coinbase USDC address and he sends there (free again). c. Make sure you send the right address – there are no backsies in crypto!!!
Using your own wallet:
Install MetaMask. Follow instructions to create your address. Make sure you keep the pass phrase safe (NOT ON YOUR COMPUTER).
Go through steps 1-5 to convert some fiat to USDC for free.
Buy some ether – Currently Ether spot is about $230, meaning it’ll cost you about $10-20 to get some Ether + whatever fee Coinbase has on trading.
Send the USDC to your new address.
Send the Ether to your new address.
You are now good to send and receive payments!
When you receive USDC from a buyer, you can either keep them in your wallet for further use, or send to Coinbase, convert to fiat and send to your bank account. Always remember: on Coinbase 1 USDC == $1.
Chapter 5: Doing it on your own – for advanced users only
If you don’t like sharing all your info with Coinbase, you can definitely just install your own wallet (MetaMask is still the best option, IMHO, but there are many more), and fund it personally. The biggest challenge you’ll face is: how do I convert fiat to crypto? Here are some options:
The easiest: get someone to sell you some. Someone who already went through the whole process, and will agree to give you some crypto. Once you have crypto, you can easily convert it to any other crypto, without using any exchange, using crypto swap apps.
The more expansive: use a service like Changelly (and there are others – again: I have no stake) to “buy” crypto. Take into account that they have fees. There are also services (like LocalBitcoins) that will allow you to buy directly from other people, for lower fees.
You can use a different exchange, perhaps even one in a different country. Take into account that you’ll need to get actual money there, so at one point, someone will know something about you.
As said, once you have ANY crypto in your wallet, it’s easy to convert it to stable coins, Ether, or everything else you need.
I tried covering the basics of using crypto for payment. I did my best to avoid techy aspects and jargon. Crypto is here to stay. Next (and current) generations will use it, like we’re using credit cards and PayPal. It will have no “magic” or “hoax” attached to it. It’s not “good” or “bad” – it’s just another way to convey value. I was taught all this by someone. I’m sharing this with you now, in the hope you’ll share it with other people. That’s how knowledge grows. If anyone wants any clarification, or expansion on any item, feel free to comment below, or reach out to me.
Demand in my area still seems relatively strong. I noticed through the peak of COVID wave 1 listings just slowed incredibly. Now listings are back to a fair pace and nice properties are selling, a lot of the time at a premium. We see stocks behaving in the euphoria territory. I don't want to necessarily entirely couple the two, but I know there are some strong correlations between those asset classes. I'm not pressured in anyway to buy a new house, but instead trying to do what everyone says you shouldn't and time the market. I've been socking away cash staying away from traditional investments (even Bitcoin, which I am a huge supporter of, after noticing the insane correlations to DOW Futures from this black swan event. Stack 'on sale' Sats, not overpriced Sats.) and my thoughts now are stack USD and hope for a housing market crash/dip in 1-2 years. Everything just seems so overpriced. I picked up my first home in 2011 for $55K and it's estimated at $130K now. That gave me a sweet taste of strategy and victory. Humbly, I understand that was 70% luck and 30% skill (was 19 years old at the time), but I've tasted it and smell a chance at more. Curious to see what others think on this/how they are feeling about the housing market. I'm in Dearborn, MI for context. Ford Country. oh, ALSO- any sites or sources you particularly favor when doing research on housing market?
7 Tips for 12.6 wipe! New players or returning vets Fellow Tarkovians! TL:DR
Do your quests!!!! Do them efficiently by completing as many as possible in a single raid. IE. Collecting salewa’s, doing bronze pocket watch, and find 3M armor on scavs in a single raid.
GET A LUCKY JUNK SCAV BOX ASAP! Lvl 13 -> Therapist lvl 2 - > 100 dog tags or ~1.4 Million. Have a PDF, screenshot, or wiki page open of items you need later on for quests or hideout progression and put them inside here.
Redeem your new years gift! If you played prior to the start of the year then go to Escapefromtarkov.com, log-in, and redeem your New Years Gift immediately. Item Case and Money Case help immensely early on in the wipe.
Do your scav run every time it is available. Prioritize doing maps like interchange, reserve, or customs for quest and hideout items.
Do night time raids. Focus your attention early on in Night time raids as there will be less players and better geared scavs.
Level up your hideout! Prioritize upgrading your hideout for passive income as well as important bonuses. Rush to unlock your bitcoin farm ASAP. Intelligence center for more exp, lower scav timer, and money.
Have a goal. If this means getting Kappa, hitting lvl 40 for the first time, or maybe 100 million roubles. It will give you a reason to stay motivated and keep raiding.
Introduction: I have been playing EFT since July 2017, have participated in every wipe typically reaching lvl 40+, have several thousands of hours in game, and try to keep up to date on all new info put out on a daily basis. Basically, I am addicted to every EFT related and I really want to give back to the community I love so much. So, let me help you start off your first (or seventh) wipe off in the right direction. Below are 7 tips or tricks to help you succeed in Tarkov City.
Quests Your absolutely number one priority when playing EFT should be completing quests. Not only should you prioritize quests, but you should try to do them as efficiently as possible. IE. Completing bronze pocket watch, look for salewas or morphines, find 3m armors, etc all in one raid. Also, you should be looking for future quest items long before that quest becomes available to you. Here is a handy PDF that has pretty much all the collectable quest items you’ll need. That leads me to tip #2. Quest items
Lucky Scav Junk Box Get a lucky scav junk box whenever you can afford one. It level 2 therapist, lvl 13 requirement, and 100 dog tags or 1.4 mil roubles. You can easily farm this within an hour or two doing pistol loot runs or by naturally playing the game. The amount of space this saves in your stash is invaluable and it also allows you to save those late game quest items such as graphics cards and flash drives for when you need them. I honestly cannot recommend one enough to new players, and especially those with standard edition stashes.
Redeem your new year’s gift Many of the newer players started in December this year, and are in turn going to be eligible for the “New Year’s Gift” once the wipe happens. All you have to do is create your bear or usec like normal via the game, then go to escapefromtarkov.com, log-in, and hit receive additional equipment. This will include a money case, med case, item case, and a p-90 with mags and ammo. Sell everything but the item case, AND BUY A LUCKY SCAV JUNKBOX! (How many times do I have to tell you to buy a junkbox… jeez just do it already) Honestly you won’t need the money case for a while, the med case is not needed anymore with the introduction of after raid healing, and let’s be honest you are probably going to die while using the p-90 anyways so just sell it for the fast roubles.
Do your scav run every time it is available I cannot stress this enough to new players, DO YOUR SCAV RUNS! The amount of times I have scav ran and came out with 1+ million roubles is absurd. The way I treat my scav runs is to well… be a scavenger. I use common routes on the map where typical PVP happens such as medical storage on interchange, resort on shoreline, dorms on customs, or even factory. This way you can find dead PMC’s that most of the time weren’t entirely stripped of their gear due to the new weight system. I then go after the less frequented loot spots such as the back halls on interchange that go from level 1 to level 2 which have several weapons crates or computer spawns. These less frequented areas tend to have fantastic loot, and can easily net you over 500k with miscellaneous items you can sell on the flea market.
Do NIGHT raids! People generally are afraid to do night raids because of how dark it is, but trust me they are definitely the way to level up fast and easy. Turn up your contrast/brightness on your monitor, brightness in game, and load into a night map. Other than Factory most maps on night mode are actually playable and have high visibility. The reason I play night maps is because there is a low density of players, scavs have SEVERELY reduced vision, and generally you can loot without concern of getting killed by Chads.
HIDEOUT If questing is your number one priority then progression in your hideout is number two. In this wipe the flea market is changing to find in raid only, and everything crafted in the hideout counts as find in raid! You can turn these items in for quests or flip them on the market for loads of roubles. Also, if you rush to get your bitcoin farm up then you will have passive income. If you are like me and don’t get to play this game as much as you’d like the bitcoin farm enables you to load in on the weekends and play geared versus farming roubles during your free time. Here is a list of all the hideout materials required. Hideout Items
Have a goal Having a goal when playing Tarkov makes the entire process so much more enjoyable. Maybe try to hit level 20/30/40 for the first time. Go for 10 million roubles, 100 million, 1 million USD. Grind for your first kappa. Maybe try for 1,000 PMC kills or maybe have a high survival rating. Doing this will keep you motivated in the long run and help you load into raids.
Are these the right/best steps to getting ready to stake?
Hi, I own a small amount of Cardano on eToro, but would like to buy a larger amount to be able to stake. I know there is a lot of info within posts here, but it can be a little overwhelming for people new to this. So I have worked out what I think I need to do and have written a checklist below. I was hoping just to get someone to tell me if the steps are correct and my assumptions are right? Also any recommendations on different steps/changes/wallets is welcome. Thanks I am in the UK so currency I use is GBP
Deposit funds from Bank to Currency Exchange - Kraken. Fee is charged. It seems to me that Kraken's fees (overall, including fees further down list) are lower than Binance, but neither take money deposits without a charge unless you use Etana, but Etana taking a long time to verify my account and seem to have tech issues at the mo
Neither Kraken or Binance have GB /ADA pair so I need to purchase a crypto that does, such as Bitcoin. I believe this is a cheaper way than buying in USD for example. Fees/spread apply to this purchase
Buy ADA using Bitcoin. Fees/spread apply to this purchase
Transfer ADA to Daedalus wallet. Fees apply. I have installed Daedalus
Wait until (some date in near future) then Opt into a stake pool (I will read how to do that later)
If I want to sell Cardano in the future I will need to transfer back to an Exchange wallet and sell for GBP, again with all fees associated with that.
Does this look good? There are quite a few fees along the way, I hope they don't add up to too much. Thanks EDIT: Thanks for the help, I have manged to buy some Cardano!! I did a bank transfer to Kraken, which I was then a little worried about as it said it could take 3 days, but it arrived withing 30 minutes. I then purchased Bitcoin (which was hard work for a noob!) and then used that to buy Cardano. I can't transfer to Daedalus as there is a 72 hour lock on withdrawals!
You can sell bitcoin through a peer-to-peer marketplace that accepts PayPal payments, such as LocalBitcoins or Paxful, or use an exchange like VirWox. Alternatively, some exchanges may also allow you to sell bitcoin for USD, then withdraw it to the credit card or bank account linked to your PayPal account. Sell Bitcoins for USD and Keep Your Data Secure The issue of data security is especially painful for the users who have concerns about the security of trusting their data to an online service. With CEX.IO, you can be certain that your data on the operations intended to buy or sell Bitcoin for USD are protected by the reliable mechanisms. In one go you can sell the amount of Bitcoin from 50 EUR/USD to 5000 EUR/USD. How to sell BTC to credit card with verification? Only verified customers can make transactions on our site. The verification process is fast with will require copies of your identifying documents in accordance with the AML policy and international KYC requirements. Sell Bitcoin at a Top Rated Exchange After reviewing dozens of bitcoin exchanges where you can sell bitcoin for USD, here is the list of most trusted sites. Each has it’s own unique features, so choose the one that fits you best. Best Exchanges To Sell – July 2017 BitPanda – Sell bitcoin quickly at the… 2. Selling Bitcoin with PayPal. One method people search for online often, is how to sell Bitcoins and receive funds to your PayPal account. PayPal, in general, aren’t very fond of Bitcoin mainly due to the fact that they can’t give their customers chargeback protection for Bitcoin transactions (here’s why).Having said that, there are still some workarounds that will allow you to sell
[CA$H OUT] How To Buy Or Sell BitCoins - Video Tutorial