Kakashi2020

I think we've all heard about the guy who bought 2 boxes of pizza paying 10,000 btc in the early days of Bitcoin in May 2010. The guys name was Laszlo Hanyecz who is now immortalized in history as the first person who successfully purchased a good using Bitcoin. He successfully traded 10000 btc for 2 boxes of pizza. Do the math, that's like paying $100 million in today's money for 2 boxes of pizza.

Let's say it's 2010, and someone offered you Bitcoin would you have bought it? The value back then was $0.008. Now the value is at around $9000-$10,000. But who could ever imagine that it's value would appreciate like that, would you have invested in it in 2010?

Nowadays it pays to invest in cryptocurrencies because the new ones are still cheap and affordable. I think investing in it is worth the risks but you need to spread your investment to as many kinds of coins as possible to eliminate or lower the risk. Keep in mind that even 1 out of 10 of your investments goes up, it would be enough to recoup all your crypto investments and give you a profit.

I'll try opening a coinbase account but I need to study it first to know how much is the minimum amount I can invest in and what would be the minimum withdrawal etc. Is there another trusted site like coinbase around so that I can have a comparison?

Well that would be great if it's value went up but the network relies on the servers of miners to exist right? So what happens if the servers stopped mining because there's nothing to mine anymore? Would you still mine if you knew that you wouldn't receive any btc as payment?

I checked out coinbase and Im just in the part of linking my bank account, it seems that I can buy btc with it but I'm trying to figure out how much is the minimum withdrawable amount. Do you know how much?

It is said that a certain Satoshi Nakamoto created the Block Chain Technology or the program that creates Bitcoin back in 2009, but did you know that Satoshi Nakamoto is just a Pseudonym and until now noone knows who or what group created Bitcoin. It may well be a group considering that a single person creating and launching it on his own is highly improbable. It is said that the person or persons behind it mined 1 Million Bitcoins that is now worth Billions of dollars, about 18 Billion nowadays.

I'm no expert and like you I'm still learning. What I know is that Bitcoin is being made by the block chain technology, it's a program which was invented by a 68 year (2018) old Japanese American guy named Dorian Prentice Satoshi Nakamoto who's now living in California, although he's denying it, well if I where in his shoes I'll probably deny it also because who ever created BTC stashed 1,000,000 coins. That could easily translate to serious Billions. There are only 21 million Bitcoins available for mining and 16.8 million have already been mined so there only 4.8 million remaining. The Bitcoin network and system is being supported by all the servers of miners mining it and as payment these servers are paid Bitcoins. What happens if all Bitcoins have been mined already? What would support the BTC Network by then since no one will be mining anymore? Satoshi Nakamoto is just a Pseudonym and CNBC is pointing the finger to this man.

The way I understand it is that there are only 21 million Bitcoins and 16.8 million have been mined already, there's only 4.2 million left to be mined that's about 20 percent left. So what happens if all were mined already?

In my opinion, Bitcoin will not be taken over by another currency because it was the first of its kind and it would evolve to become the world's first globally accepted currency. But there's also a threat that just maybe each government may launch their own digital currency, and that would spell the end to BTC.

When I ask who controls the BTC Network, people answer me that it's being controlled by a program called block chain. Others would say that it's decentralized and that noones controlling it. Basically the best answer came from a young miner I had the chance to talk to in a computer store, he told me that BTC and it's worldwide network is being controlled by the ones mining it. All the servers and computers and devices that are mining it are being used by BTC hence as payment they get to mine it.

I just want to know what's the safest way of investing into Cryptos? What are the step by step procedure in investing in coins? Where actually is the best places to get or buy coins?

I would like to know which wallet is the most trustworthy when it comes to different types of coins? A wallet that doesn't have thresholds would be great, is there a wallet like that?

I've got Litecoins but how do I use it? All I could do with it is to exchange it with other coins but the problem is I can't convert it into cash. Can anyone tell me how? Or do I have to sit on it and wait until it's value increases significantly?

In my opinion BTC is here to stay because it fills a void, it has an established logical purpose and that is to unite cyberspace using one currency. I really think that this would progress to a point that the whole world would use BTC but the question is who or what entity would safeguard it's use.

If both Bing and Facebook are now banning cryptocurrency ads, does that mean somethings not right with lesser known cryptocurrencies. Maybe the powers that be just wants BTC to be the only cryptocurrency to be used in the world, and maybe this is due to the fact that if the market is flooded with all sorts of online currency it would have adverse effects on the world economies, I mean it could make or break the economy of a nation, because cryptos are additional currencies which is not under the control of any government.

These are straight forward questions. Q.How does one earn from lesser known cryptocurrencies? I have some in my wallet but I really don't know how to monetize it. Q.Are faucets scams? Because I can't withdraw they always have a high minimum withdrawal threshold. Q.How does one convert coins into cash? And how to go about withdrawing it? I'm a newbie in cryptos, I've been collecting different cryptocurrencies for a year now and I haven't monetized anything yet. It seems there's always a minimum everywhere I go.

I've been thinking a lot about cryptocurrency these days because of all the hype but I can't shake off one thing from my mind and that is...Does the world need a lot of virtual currencies or does it need only one? If you think about it the success of BTC worldwide maybe the signal for it to unify the whole world with one single online currency.

I do believe in BTC but the question is what of lesser known coins? Maybe the world just needs one virtual currency and if that's the case is there a chance that the other coins would vanish soon? If this isn't the case and the world would really progress to virtual currency using different coins would governments permit it? Because it seems that BTC is the only coin really accepted in the market and I think the other coins would really have a hard time progressing to what BTC is right now.

Over the past year I've collected some coins from faucets and in some mining sites, the problem is I don't know what to do with it? Is there a way to convert it into cash? I'm talking about Satoshis, Dogecoins, Litecoins and other lesser known coins.

There are no legal trading platform for Cryptocurrencies here in the Philippines at present, and if you trade in sites abroad then there's the risk that you won't get your money back because these companies know that they can scam you and you cant do anything about it because it's not legal here. I've been trading stocks for a long time and it's legal of course. When it comes to forex trading, the majority of forex traders here are scammers about 99 percent. The 1 percent are manual forex traders, which is really the legit ones. When it comes to Cryptos it's all hype in the Philippines but in reality only scammers are profiting.

Another problem is with lesser known cryptocurrencies is that in my country, noone will buy it, you need to use a currency exchange but the problem with currency exchanges is that you could only exchange it to other cryptocurrencies and if you do that then the problem arises again in which how to withdraw it since the minimum withdrawable threshold in these exchanges are so high. What I'm saying is other Cryptos are really worthless because you can't spend or convert it into cash. Only BTC has any value and is now widely accepted, even banks nowadays accepts BTC but at a lower value.

Eventually Bitcoin would be recognized by all the countries and governments in the world and that's what other cryptocurrencies are banking on. But for now Cryptos are still not recognized as a legal currency in the Philippines, except of course BTC but the other lesser known Cryptos are not recognized. Even though BTC is recognized all you can do with it is sell it to convert into cash. There are no establishments here that would accept it.

I've tried mining Bitcoin and it's not even logical to do so, it's a waste of time because you'll always end up spending more than what you're earning. Then there's are faucets which has no sense at all because they have a very high withdrawal threshold most if not all of them are bogus in my book. The legit way is really to invest and buy some. That is my honest opinion on this.