Education needed: Beginning with cryptocurrency

xxx

Kamika242 example, buying Bitcoin for 20€ directly from Revolut would have a fee of ~ 4€

Bummer. What's the fee for 100 €?

Kamika242 and over Cake Wallet and Revolut-Ramp only 0,34€,

That would be ok.

I have to check the options. I'm not up to date. https://kryptokenner.de/anycoin-direct-stellt-betrieb-ein/
You buy crypto and it worked out good. You want to buy one year later and there are new additional fees.

Carrousel7956

Kamika242 It's my main bank account. As an example, buying Bitcoin for 20€ directly from Revolut would have a fee of ~ 4€ and over Cake Wallet and Revolut-Ramp only 0,34€, that was the cheapest I saw while trying several times, the most expensive was 1,08€.

If you use a dedicated crypto exchange like Kraken it will be cheaper.

Kamika242

xxx What's the fee for 100 €?

3,67€ network fee on its own, I can't go on to see if more fees will be added because I don't have a 100€ balance on this account for this month anymore, so the button to continue is greyed out.

Via Revolut-Ramp 1,15€ in total on 100€ for this try, could be cheaper or more expensive on another try, but I think it's okay.

Kamika242

Carrousel7956 If you use a dedicated crypto exchange like Kraken it will be cheaper.

But I would have to do all this KYC and so rarely I have to buy crypto at the moment it's not worth it to register there.
I think the costs via Revolut-Ramp aren't much higher, in addition the bought Cryptos are going directly to Cake Wallet, no extra withdrawals from a Kraken wallet to Cake Wallet and possible blockings.

Kamika242

Special question regarding Cake Wallet, at the moment my Bitcoin wallet doesn't show up (load) when I switch from another wallet inside Cake, I've already stopped the app and cleared cache, is anyone observing this behaviour too, sometimes?

xxx

Kamika242 I've already stopped the app and cleared cache, is anyone observing this behaviour too, sometimes?

Give it some time (to sync). I have tried Cake some time ago (only BTC) and it worked fine. Mainly I use Bitcoin Core on Linux. https://bitcoincore.org/

Kamika242

xxx Give it some time (to sync).

I did, long enough. I've found a solution now, if this happens, I have to switch to another wallet and to the Bitcoin wallet again, then it works. So it's not about the sync process, it's about a bug in Cake Wallet.

I've made a further try to buy Litecoin via Revolut-Ramp, 3,59€ fee on 100€, so Bitcoin is the best base cryptocurrency for me, finally, in terms of value for money.

greyfinch

Iceschillendrig

The Coingecko ebook is a great beginner resource in my opinion. You can get it for "10 candies" (make an account, collect 1 day of candies, redeem): How to Bitcoin

In terms of a "I want to know the bare minimum about cryptocurrency" without actually using it: Bitcoin on the Go by Atony Lewis. It is the best no-nonsense book I have read, very short - great for those who want to know about crypto without actually getting into it.

If you are interested in a bit of history:
The Book of Satoshi: Collected Writings of Bitcoin Creator Satoshi Nakomoto by Phil Champagne
The Infinite Machine by Camila Russo
These give a great overview on the origins-philosophy of Bitcoin and the origins/philosophy of Ethereum. There's are narrative driven, not technically focussed - but interesting to learn more about the history. Neither are long reads.

Other than that, just piece together your learning. I've not found one great resource, and I have had to learn some parts of crypto over and over to actually understand what is happening at a functional and cryptographic level.
In my view, one of the most crucial things to understand is UTXOs (Unspent Transaction Output)

Bitcoin is built on the concept of the blockchain, a propagation of spend authority
Your wallet in Bitcoin has NO VALUE; wallet is a misnomer in cryptocurrency. You do not "hold anything" in a literal/value sense
A wallet is an authority to propagate value through the blockchain
Your "money" is always stored on the blockchain, not in your wallet; your "money" is an established amount of output, not yet spent - a preserved value
Your wallet is your "authority to spend" tool; it allows you to change the output into a different location, authorises the output under a different authority

Yes in practice, if you control the wallet, its is like having money in a wallet from a basic, functional viewpoint. If you were to describe current financial exchanges in such lanaguage, it is not, in general altogether different. But the technical and actual mechanism is different, and this is important to recognise.

Does this mean anything? Who knows.

Iceschillendrig

greyfinch Yes, thanks for the reply. I will look into these books. I remember crypto popping off many years ago but I thought nothing of it. I would've never thought that crypto would become as big as it has become today. I wish I bought Bitcoin 10 years ago.

greyfinch

Iceschillendrig Everyone wishes they bought ten years ago, even the haters

I would say I hold a different opinion from many. Blockchain technology and the decentralised systems that support them, are interesting concepts in the way they facilitate trustless transactions and exchanges. There is some real utility in this. Some of the original thesis against modern monetary theory (MMT), debt, etc. has some validity - the philosophy is proving itself in very real terms as of late.

But its just a database, and its not the best database for everything necessarily - nor is it going to be universally adopted, least of all rapidly. Almost all cryptocurrency projects are scams, and even more stable currencies like BTC, LTC and XMR are still prone to significant volatility. And the philosophy gets as much right as it gets wrong. Economics is messy. And its all wrong in practice, no matter the theory.

Spasiba

Carrousel7956
This thread gives an anazing and accessible overview, thank you so much! I have studied the thread and want to take the plunge. I would be interested in your referral code for Kraken, if you are still willing to share it

Carrousel7956

Spasiba Absolutely let me get it. Can you provide a SimpleX or Email or Signal? Last I checked they may have made the deal worse but it can't hurt.

Carrousel7956

Here's my SimpleX https://smp17.simplex.im/a#4aP-K59n-Mp4AsbJ0-eBY98jgxvRYR9Z1eozYvGwq2A

Spasiba

Wow great! You can reach me on Signal @nextthing.32

Carrousel7956

Ok these are the details:

Unlock a random reward from $25-$300 once your friend deposits $200 and trades $200.

1
Invite friends to join Kraken

2
They sign up using your invite link or code:

3
They deposit at least $200

4
They trade at least $200

5
You both win up to $300

This offer is only available in the following locations:
Puerto Rico, United States: AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY

https://www.kraken.com/legal/referrals

Carrousel7956

Spasiba I'll send you a message on Signal.

Carrousel7956

porcupine-unfitting-grouped-uncapped-displease

Novaliss

Carrousel7956 Hey, you're doing diceware in the open? 🤔

Carrousel7956

Novaliss I thought I'd send a random phrase on Signal first then on here to prove the person on Signal is the forum user. Is that flawed?

Carrousel7956

If someone else messaged them on Signal they wouldn't be able to post the phrase under my account was my line of thinking.

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