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Danny Bateman

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Danny Bateman last won the day on August 26 2020

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About Danny Bateman

  • Birthday 11/21/1991

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  • Gender
    Male
  • Location
    Approaching the Great White North
  • Interests
    Watching the Huskers tear off the arms of inferior teams and proceed to beat them with them.

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  1. Danny Bateman

    Well, I think I understand the basics of bitcoin transactions now. I still feel clueless.

    1. Show previous comments  4 more
    2. Undone

      Undone

      Sweet. I've downloaded that one and have it set up currently. It's probably five times better than having your BTC on an exchange account.

       

      In 2013-2014 I ran a full node with Bitcoin Core on the PC I'm using right now...but now the blockchain is a pretty big file size and that's pretty annoying. If you wind up amassing a large amount of Bitcoin, running the full install of Core is wise, if not then Electrum is great.

    3. C N Red

      C N Red

      So how do you actually make money? Doesnt someone have to actually pay you real money for the bitcoin, or be willing to take it as a form of payment for some good/service? Im not sold on it, seems like monopoly money to me. Theres no standard for it like with real money(gold, silver).

    4. Undone

      Undone

      You trade it on an exchange just like you would with an e-Trade account, etc. There are a bunch of purely online Bitcoin exchanges where traders (read: degenerate gamblers) all over the world are trading Bitcoin.

       

      You deposit real dollars to your exchange account and then buy Bitcoin. Then that Bitcoin either sits in your account, or you withdrawal it to a wallet program on your computer like Danny did, or you trade it on your exchange account.

       

      And the cool thing is, unlike let's say the NYSE, there's no open & close times. It's 24/7.

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