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Category Archives: Bitcoin Beginners Guide

aantonop Update: Bitcoin Q&A – Regulation and the bank boycott

aantonop Update: Bitcoin Q&A – Regulation and the bank boycott

Source: aantonop

Altcoin Buzz Update: What is Bitcoin? Who Created It? Who is Satoshi Nakamoto?

Altcoin Buzz Update: What is Bitcoin? Who Created It? Who is Satoshi Nakamoto?

Source: Altcoin Buzz

How to Cash Out or Sell Bitcoin for Fiat (USD, EUR, Etc.)

Turning Bitcoin into Cash

For cryptocurrency newcomers, one of the most common things they want to understand is how to cash out Bitcoin or withdraw from Bitcoins to fiat currency (USD, EUR, Etc.).

Regardless of the reasons, a time may come where you want to turn your Bitcoin into government issued currency.

So how exactly can you get fiat cash or dollars for your Bitcoin?

How to Turn Bitcoin into USD or other Fiat Currencies

When it comes to selling your Bitcoin, you essentially have two options. And although they both have their advantages and disadvantages both suffer from the same challenges such as lack of mass user awareness and unclear remediation processes.

Sell Bitcoin Through an Exchange

By far the most popular way of turning Bitcoin into fiat currency is through centralized exchanges such as Coinbase and Gemini.

With sleek user interfaces and KYC (Know Your Customer) processes required as part of account creation, these exchanges will let you link your funding bank account for withdrawal making the process easy and painless.

How to turn Bitcoin into USD through Coinbase

So, you have your Coinbase wallet with your Bitcoin sitting in it and you are ready to send your funds back to your local bank account. Follow these steps:

Navigate to the Buy / Sell section of your wallet

After you are in the sell section of the wallet, you can select the wallet you wish to sell from and the bank account you wish to deposit to.

Decide how much you want to cash out

Enter the amount of USD that you are wanting to get from selling your BTC. When you enter this amount of USD Coinbase will automatically calculate the amount of BTC it would cost to get that corresponding amount of USD.

If you don’t have the amount of Bitcoin in your wallet? Coinbase will notify you telling you to enter a new amount.

What to Expect After Requesting Cash Out

Confirm the amount you wish to sell, take note of the fees (they will be shown before you sell), and then click “Sell Bitcoin”.

The ACH system used by Coinbase usually takes a few business days to complete after a sell or withdrawal is initiated.

How to turn Bitcoin into USD through Gemini

Another popular option in which users can buy, sell and exchange their Bitcoin into USD is Gemini. With some of the sleekest trading features, Gemini will allow you like Coinbase to get Cash for your Bitcoin in a quick easy manner.

Getting ready to sell your Bitcoin

Head over to the Sell section of Gemini to choose how you want to sell your Bitcoin and the price you are willing to sell your Bitcoin in fiat for. Unlike Coinbase, you first need to trade your Bitcoin for fiat currency, before being able to withdraw it to your bank account.

Get the USD value for your Bitcoin and prepare to withdraw it to your connected bank account

Now it’s time to send the USD that you just got to your connected bank account.

Choose a withdrawal destination that you are familiar with and the amount of USD you want to formally transfer funds into.

Like Coinbase, it will take Gemini a few business days to send you the funds.

That is all it takes. Once you have the bitcoin on an exchange, such as Coinbase and Gemini, you can painlessly sell it.

Turn Your Bitcoin into Physical Cash with LocalBitcoins.com

For those of you looking to trade your Bitcoin directly for physical cash, LocalBitcoins.com may be a better solution.

LocalBitcoins is a person to person trading site where people can post their own bids for the buying and selling of Bitcoins to USD or other local fiat currencies.

Not only is there no identity verification, there are sometimes great arbitrative opportunities depending on how desperate a person is to buy bitcoin and how many other sellers there are in the area. This can create the ability to sell your Bitcoin above market value.

So how does it work?

Find or Post your Deal

After determining the amount of BTC you want to sell, find a deal that suits your payment method (currency wise) or post your own listing.

LocalBitcoins gives each user a feedback score similar to eBay where users can get comfortable with the history and number of deals the buyer has completed through local bitcoin.

Initiate the Trade

Now that you know your buyer, send the details of exactly what you want from them and make sure you are complying with the terms of the trade. These will tell you where and how you will receive your USD payment.

Also, remember to fund your Local Bitcoins wallet address so you can initiate the transaction based on the minimum about of BTC referenced in the trading request.

If you don’t have enough BTC in your LocalBitcoins wallet, you will not be able to make a trade, as you will be required to send this BTC to an escrow account.

Finish the transaction

Now that all parties have agreed on the transaction and ironed out the specifics in the inbox section of LocalBitcoins, your Bitcoins will be moved from your wallet to the trade escrow.

At this point, the buyer will get your payment details (how do you want to get paid for your BTC) and release the USD equivalent in cash over to you via the agreed upon manner.

When you have received the payment, you will confirm to Localbitcoins.com that the payment has been made and the BTC will be released to the buyer from trade escrow. That is it the trade is done!

Conclusion

As bitcoin and cryptocurrency continue to explode in popularity, more and more services are coming online to help users get their hands-on bitcoin or turn their bitcoin into USD or other fiat currency in a quick and effective way.

Although much of the attention is how to acquire Bitcoin, it’s important to understand the options you have to withdraw your Bitcoin and what the best ways are to do it.

This article is originally published at CoinCentral.com It is reproduced and shared here with the kind permission of the CoinCentral.com Editorial Team – our partner in your crypto success.

 

 

How to cancel an unconfirmed Bitcoin transaction

When sending Bitcoin, it can be easy to make a small mistake causing you to want to cancel your Bitcoin transaction. Oftentimes, funds can become stuck if the miner fee you enter isn’t high enough for any miner to confirm your transaction.

Unfortunately, the steps to cancel a Bitcoin transaction are a little more complicated than just pressing an “Undo” button. In this brief guide, I’ll walk you through the process to cancel an unconfirmed Bitcoin transaction.

Has your transaction been confirmed?

The first step in canceling your Bitcoin transaction is to check whether or not it has any confirmations.

When you made your transaction, you should have gotten a transaction ID that looks something like this:

240615b6ab59a5adb19ba52cb969aeb16ff82d2082b7a72cb2912c5d38c297cf

Take your transaction ID and enter it into a block explorer. Blockchain.info is a great option.

On the next page, you can see information about your transaction including the number of its confirmations.

If the number of confirmations is greater than 0, you won’t be able to cancel your transaction. Confirmed transactions on the blockchain are permanent and irreversible. Just wait and your transaction will finish going through soon.

If the transaction has no confirmations yet, there’s still a chance that you can cancel it.

How to cancel an unconfirmed Bitcoin transaction

There are two primary strategies you can use to try to cancel your unconfirmed Bitcoin transaction:

  1. Replace by Fee (RBF)
  2. Double spend using a higher fee

Some wallets support the RBF protocol allowing you to replace your original transaction with a new one that includes a higher transaction fee. This would effectively unstick your transaction.

To use this feature, though, you would’ve needed to make the original transaction replaceable (usually via an opt-in checkbox).

If you’re unable to use RBF, you still may be able to cancel the Bitcoin transaction by double spending with a higher fee.

To do this, make a new transaction equal to the amount of the original one and send it to yourself. Make sure the transaction fee on this is significantly higher than the original one you paid.

You may need to use another wallet or specialized software that allows double spending for the transaction to be broadcast to the network.

If all goes well, miners will pick up the new transaction, and your Bitcoin will be back in your wallet.

Most miners and wallets have safeguards against double spending, though, so there’s still a large chance that this method may not work.

Hopefully, one of these two methods works for you. If not, treat this as an important lesson taught to you by the wild world of Bitcoin.

This article is originally published at CoinCentral.com It is reproduced and shared here with the kind permission of the CoinCentral.com Editorial Team – our partner in your crypto success.

Andreas Antonopoulos Update: Bitcoin Wealth Distribution Statistics

Andreas Antonopoulos Update: Bitcoin Wealth Distribution Statistics

Source: aantonop

Vincent Briatore Update: Things Crypto Traders say that annoy me.

Vincent Briatore Update: Things Crypto Traders say that annoy me.

Source: Vincent Briatore

Beyond Price: Bitcoin’s Impact on the Future

Beyond Price: Bitcoin’s Impact on the Future

Source: aantonop

Crypto Strategy: HODL

Are you worried about the current drop in the prices of cryptos? Don’t be. The large swings in prices are perfectly normal when it comes to cryptos. HODL… for your own sake and for the sake of humanity. 

Remember: This is a non-violent revolution that is enabling peer-to-peer trustless (bankless) transactions within peer-to-peer economies driven by decentralized blockchains. A revolution that aims to free people from the shackles of centralized banking and corrupt governments – the primary enablers of warspainpoverty and chaos.

In addition, investment risk should not be measured by volatility, but rather by the extent to which one gets rewarded for embracing volatility. Nothing currently rewards holders more for embracing volatility than cryptos.

Source of Image: xenonsupra

Money is a social construct and that’s why you should run a #bitcoin full-node

Bitcoin is a system with many strict rules but without any rulers. This is made possible because the rules are enforced by each and every user of the system. Changing the existing rules is nearly impossible, but new rules can be added if consensus is achieved.

The enforcement of rules without rulers may perhaps be the biggest innovation behind bitcoin.

But this doesn’t mean that no one is trying to become the ruler…

Be sure to continue to read at the source: Audun Gulbrandsen Hackernoon

Decentralized Exchange – As Fast As Possible – Chris Coney At Cryptofinance 2017 Oslo, Norway

Decentralized Exchange – As Fast As Possible – Chris Coney At Cryptofinance 2017 Oslo, Norway

Source: The Cryptoverse