Thread: Bitcoin
View Single Post
Old 09-11-2017, 11:26   #12
SnoopZ
CF Resident Dog
 
SnoopZ's Avatar
 
Join Date: Mar 2005
Posts: 14,225
SnoopZ has a pair of shiny starsSnoopZ has a pair of shiny starsSnoopZ has a pair of shiny starsSnoopZ has a pair of shiny starsSnoopZ has a pair of shiny stars
SnoopZ has a pair of shiny starsSnoopZ has a pair of shiny starsSnoopZ has a pair of shiny starsSnoopZ has a pair of shiny starsSnoopZ has a pair of shiny starsSnoopZ has a pair of shiny starsSnoopZ has a pair of shiny starsSnoopZ has a pair of shiny stars
Re: Bitcoin

Quote:
Originally Posted by Qtx View Post
You have a wallet online or on your pc via software which has an unique address (a long string of letters and numbers) and anyone can send bitcoin to that address and the owner can send from that wallet.

That is it simplified anyway. I think the actual reality is all the bitcoin are on the blockchain, which is like a database distributed across loads of servers and computers on the net, which know how much is in each wallet. Only the person with the correct cryptographic keys for a wallet may send bitcoin to another wallet, which is the owner of the wallet who knows the passphrase which unlocks the keys locally.

You could actually not have a wallet online and just print out the keys on a piece of paper (will be just a printout of gibberish) and put that in a safe. Everything you need to get at your bitcoins is on that piece of paper.

If you use an online wallet, you have to worry about someone getting your username and password and being able to transfer you coins. You can turn on 2 factor authentication and other features for more protection.
You seem to know your stuff, so maybe you can help with a few questions as i am seriously considering buying upto 1 bitcoin?

1. Is it free to open a wallet online?
2. Where do you recommend to open a wallet?
3. Does a wallet have a monthly or annual maintenance charge?
4. When buying or selling a bitcoin i assume there is some kind of charge involved?
5. When the button is pressed to buy/sell a coin how quickly does it appear or leave the wallet?
6. Do we have to declare profits from bitcoins towards capital gains tax?

Thanks for your help if you have the time to answer these, normally i would google but i feel safer asking someone who has dabbled is this already.
__________________
PSN: Snoopzster
SnoopZ is offline   Reply With Quote