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CCinthevalley
SFV, LA, CA
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since Nov 23 2015

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Crypto Currencies
Apr 2 2017 08:13AM more by CCinthevalley
Tags: LA, Random (All tags)

I'm interested in trading in Crypto Currencies and wanted to know more before I jump in. I somewhat understand the basic concept, but there are some things I am still confused about that need clarifying. I have been following one in particular for the last year and it has performed beyond anyone's expectation. And yes....I a fully aware of he risks

If you trade and sell feel free to respond. I have two main questions;

Anyone can purchase crypto currencies to use to pay for things, but is buying to trade and sell different or the same type purchase?

Also; if I use a particular trading house; do they keep my currency stored there or do I need my own wallet to hold my currency on my computer and secure it with a back up system?

Thanks

xoxo Chase
      
There are 11 comments on this blog.
Al_Most_Perfect
Bay Area, CA
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since Sep 19 2012

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Apr 2 2017 08:32AM     link to this

"If you trade and sell feel free to respond"

I don't. Is it okay for those of us who don't know what you're talking about to respond?
mbf2008
SFV, LA, CA
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since Apr 19 2008

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Apr 2 2017 08:47AM     link to this

You mean like bitcoin?
lachineseguy
SGV, LA, CA
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Apr 2 2017 09:27AM     link to this

PM sent!!!!
interface
SFV, LA, CA
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since Aug 30 2008

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Apr 2 2017 10:49AM     link to this

bit gold was one of the first if not the first. then bitcoin and other bits bites and pieces came up
CCinthevalley
SFV, LA, CA
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Apr 2 2017 11:30AM     link to this

Yes...Bitcoin. I didn't know if I was able to say the word. I had someone who seems knowledgeable respond, so thanks everyone!
zoritek
CA
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since Sep 23 2008

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Apr 2 2017 04:09PM     link to this

It will be good ...a big Country of the other side just jump in
gilbert33
Fountain Valley, OC, CA
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Apr 2 2017 05:28PM     link to this

If you want to trade in high risk investments you are better off with the penny stocks on the OTC or Pink sheets. I have but about 6,000 share of marijuana related companies over the last 3 months. Prices ranging from 30 cents to 9 cents a share. I have stocks in medically based, store front based, grow technology based and edibles. My favorites are the companies that have grow, have stores and edible products.
peregrine
CA
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Apr 2 2017 08:23PM     link to this

buy a crypto currency is the same as any other currency. it doesn't matter if you're buying euros or yet for an investment, to buy food, pay a debt or anything else. you're conducting a transaction. that's all. so no, it doesn't matter what purpose you buy it for.

the trading houses like coinbase, etc. keep the currency for you. what most people do is transfer the coins from the trading house to their own wallet. this means you're now responsible for the wallet. just like if you withdraw money from your bank. you're now responsible for that. if someone robs you, it's your loss. if someone robs the bank, they cover the loss.

to me, the biggest concern isn't what i'm trading it for- buy who i can trade it with. not everyone accepts cryptos for anything and everything. just because you have a few euros in your pocket and they're legal tender, doesn't mean that the local coffee house will accept them. so buy the currency and keep track of it's value compared to other cryptos and usd, but don't expect to be able to use them everywhere. it's still going to take time for it to be generally accepted.
Himes_Soul
Torrance, Coastal, LA, CA
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Apr 2 2017 08:32PM     link to this

buttcoin
Woody_J
Oceanside, San Diego, CA
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since May 27 2007

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Apr 2 2017 11:47PM     link to this

@OP you might want to look in to the bitcoin trust (GBTC) as an alternative way to get exposure to bitcoin
cabeachbum
LAX, Coastal, LA, CA
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Apr 3 2017 10:08AM     link to this

We have evolved. We discuss world affairs, business, technology and space development. Multi-racial, multi-cultural, non-binary orientations and identities. HX is a good place to get your news updates, including the fake news political stuff. You don't need anything else! Saves time for the important stuff like random blogging.
There are 11 comments on this blog.