Sunday, April 27, 2014

FUD on Bitcoins

FUD stands for Fear, Uncertainty, and Doubt. It is driving Bitcoin down, this morning.
Most of my money is now in fiat (the dollar) or silver so it's not bothering me right now.
I am in the midst of trading some silver for Bitcoins so when I get the Bitcoins I think I will trade that for dollars.
I like having my money in an exchange so I can get out of the dollar quickly if it collapses. I think it's important to keep your options open. I've already used Bitcoins to buy and sell precious metals.
That reminds me I was going to talk about how to get into Bitcoins, today:

  1. First open up an account at Coinbase. They are on the web. It's a pain in the butt to get set up but it works really well to get your fiat into and out of Bitcoin.
  2. Second open up an account at BTC-e. They are a crypto currency exchange that runs out of Bulgaria.
  3. Avoid Crypsy. They are another exchange that messes up a lot.
  4. Use Arora Commotities in Wyoming to trade metals with. They will buy as well as sell you metals for Bitcoins.
  5. Be out of Bitcoins on weekends. I don't know why but it seems that there is always a weekend crash.
One of the advantages of trading on BTC-e is that you can trade Bitcoins for several currencies. Not only can you trade for dollars but the Euro, Russian Ruble, and the Chinese Yuan as well. You can also trade for other crypto currency coins.
I have to say "watch out for the other coins" they can be more volatile than Bitcoins. You'll either make or lose more with them. They tend to move the same direction as Bitcoins so it might make more sense to just stay with Bitcoins.
That reminds me; you can simply trade bitcoins with other people. Maybe over the Internet or meet someone personally who uses their laptop or cell phone to move them.
While I'm at it why don't I try to sell one of my etchings right now for .33 Bitcoins?

This is an etching by Malcolm Childers that I have listed on EBay right now. If you buy it straight from here I'll take it off of EBay. I haven't had any bids on it yet. If you are interested please look it up under Malcolm Childers on EBay. You could just buy it there or contact me in the comments section and we can work something out.
Post a Comment