Things to know before buying bitcoin- a short beginners guide

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Bitcoin lately having a lot of buzz and newbies are gradually entering into this space. I saw a lot of people have registered here who are very new in the crypto community. So, here are some of my suggestions and things I want to share with you.

1. Bitcoin is not anonymous
Most of us, even the old Bitcoiners still think bitcoin as anonymous coins. Well, it's not an anonymous coin as we think. Your address is visible in the blockchain and anyone can check how much BTC you are holding and what you are doing with your fund.

2. Transaction cannot be reversed
Unlike Paypal or other money transfer service, in bitcoin, no transaction can be reversed. Once it's being confirmed in the blockchain, you can't anymore reverse it. So, be aware before releasing fund.

3. Bitcoin is very much volatile
You may buy bitcoin tonight with $9500 and may discover you have $6000 tomorrow morning when you wake up. Well, it's very much volatile. You can even can't think. So, before investing, check the price changes of bitcoin in the chart.

I request everyone to put some more suggestions for newbies here so that they can learn.

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Just now, TheChinaBan said:

Bitcoin is not anonymous yes because it is pseudonymous (just search for that in Google to know ite meaning).

Yes it is pseudonymous and the common misconception in the space especially to newbies that it is anonymous. This attempt is to have them this clear idea that they know what they are dealing with.

Just now, TheChinaBan said:

This is a matter of tracking, connecting, linking and then running after you if the government has something business with you.

There are already some analysis tools out there some are paid and some are free. One of them is https://bitcoinwhoswho.com

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Just now, TheChinaBan said:

So I will be warning this to drug dealers everywhere. Do not use Bitcoin ever! 

Well they have a way out and it's to use privacy coins. Like Grin and others. I really do not want to share the process coz we really do not need anyone to see the ideas. But I know criminals are smart enough.

Just now, TheChinaBan said:

I know it. This is why there are now successful cases in the court where criminals were convicted easily because they were dealing with Bitcoin in the illegal transactions. Instead of the way to cover, Bitcoin can be utilized to expose people and their criminal activities

Few weeks ago this big child pornography site which was taken down by the government is a good example. They basically traced the criminal using the exchanges. 

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Bitcoin is not anonymous as the person who holds the wallet of that bitcoin is the one whose anonymous.

Yes it is true that you can see and track the wallet and its bitcoin inside but you will never who is the man behind it.

That is why they call it anonymous.

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Just now, TheChinaBan said:

See, that is why I am not using Bitcoin to pay for my porn services. I rather hire a real girl who is so lovely and  sexy and hand her the real fiat money. Though i meet someone who said she is willing to accept BTC for her lovely services. Now, I know. 

This is funny LOL

Okay I am working on a topic and I will lay out there how to use cryto anonymously so that you do not get problem. 😁

By the way, be careful you may get HIV and other sex related diseases LOL 

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13 minutes ago, xBDT Script said:

Few weeks ago this big child pornography site which was taken down by the government is a good example. They basically traced the criminal using the exchanges. 

Well, this may be out of line with the discussion but the person or website who provides child pornography is sick As f*ck. Anyway I give advice, always pay attention to the fee when sending bitcoin, sometimes a small fee will certainly make the transaction process a long time and this sometimes makes people especially newbie panic, I also panicked when I first experienced this, Cheers.

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Just now, TheChinaBan said:

I am not afraid of HIV, AIDS and the likes because I know how to play safe. Aside from that, I also drink a lot of herbal juice worth $500 a month the one that can make you magically be strong, alive and always looking for someone to love.

Wish the best of luck fore you mate. We men are really into two things: Sex and Gambling 😁

Just now, TheChinaBan said:

I am looking forward to read your good guide. You seem to be the best poster and member here so congratulations, man! 

Appreciate the kind words. I am trying my best and little inspiration means a lot to me.

Just now, dhemasm said:

Anyway I give advice, always pay attention to the fee when sending bitcoin, sometimes a small fee will certainly make the transaction process a long time and this sometimes makes people especially newbie panic, I also panicked when I first experienced this, Cheers.

Thanks for pointing out this. Choosing how much fees to spend is really depends on the sender. It is relative. My suggestion is if you do not have any hurry then just use very small amount of sat/B

Here is a topic that talks about tx fees: 

 

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40 minutes ago, Drboss said:

People dont care they are good or bad or even wort but every one who is coming to the bitcoin and other cryptocurrency world are just coming to make and take profit of investing, trading or other wise that is the aim of many persons.

If you don't know anything about technical stuff about bitcoin, you may end up losing significant amount in cryptocurrency. You don't need to be a pro but you must have the minimum knowledge about it.

Most people still holding a lot of funds in web wallets even if they are here for a lot of times but they don't know how much risky is it. So, you must have the minimum technical knowledge on it.