Bitcoin FAQ #1

Here I am going to answer a few questions I have received from a friend regarding bitcoin:

 

What’s bitcoins about?

Bitcoin is about freedom, sovereignty, privacy and people owning their money instead of governments or third parties controlling it.

How is it different from stocks and other investments?

There are many similarities, although crypto currencies are a very new phenomenon and have little regulation.  Therefore there are many scams and pitfalls you can make.  You have to be extra careful.

They are also more volatile than stocks and investments.  That can be a good or bad thing depending on how you manage it.

How do I withdraw into bank account and what fees and charges apply?

Using Coinjar there are is a 1% fee to withdraw to your Australian bank account.

Any fees or charges for investing?

Yes but very minimal compared to normal investments.  When buying or selling on exchanges there is a 0.25% fee.

Any fees when closing account?

No

What other currents or instruments are worth investing in?

It constantly changes but for a new person it is best to stay in the top 10 on Coinmarketcap

If you want to have more signals and what to be active Turtlebc is amazing.

How do I track the market in an easy to follow way?

See my blog post on Cointracking

What was the most valuable knowledge for you when you first started with bitcoins?

Only put in what you are willing to lose.

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