btc My BTC experiance and first purchase

[XeonShaun]

HOW I GOT BITCOIN

 

EDIT Cloudminer.BIZ IS A SCAM some free accounts get a pay out some never they aim to get you to invest 0.005BTC and they will pay you unill around 0.003BTC - 0.0034BTC after this you will get no more payouts.

Quote

I started to get bitcoin from a cloud mining site called Cloud Miner, I was very sceptical considering to start all you need is a bitcoin wallet address which I got from CoinBase, Payouts from Cloud Miner take 10 days with no investment but they do pay which prompted me to verify my Coinbase account fully to deposit, buy, sell and withdraw cash and bitcoin.

After realising it wasn't a scam I decided to go from 10 Satoshi/min to 110 Satoshi/min by investing 0.005 BTC (Satoshi is basically BTC to 8 Decimal places).

USING BITCOIN

After A few days, I had enough BTC to buy a pc case I spotted on Scan (Here is the case) but at the checkout I found out they use BIt Pay , So here we go let's make a Bit Pay Account and transfer the BTC because although coinbase and bit pay can be linked it doesn't exactly work so you need to send to your bit pay wallet and incur 0.0004BTC fees.

After replacing what was lost in fees by buying BTC from coinbase again cant be done directly to BIt Pay wallet due to coinbase intergration not working as it should, I just scanned the QR code at checkout and paid another 0.0005 in fees but the order is compleat.

 

Why Invest or Use Now

The reason I have done this now is due to the spike to 15KGBP allot or miners and investors pulled out there BTC for their country's currency dropping bitcoins demand and price to 7KGBP so its a good spot to get now as the value is slowly going back up.

Pros

• Low Starting Cost
• Daily increasing value

Cons

• Fees can be up to 60% of your overall transaction
• Market volatility
• Complexity to use
• Multiple accounts for one goal
• Bit Pays decision to not allow you to use your own wallet anymore (use to show direct Address and note for transactions now uses Bit Pay only QR and URL)

Summary

Although it's complicated there is a chance to make your money work for you and It will work as long and your willing to squeeze through hoops.
purchases lower than £95, 110Euro and $140USD are just not worth it due to fees to do wallet to wallet to purchase.
 

 

[WkdPaul]

14 hours ago, XeonShaun said:

Purchases lower than £95, 110Euro and $140USD are just not worth it due to fees to do wallet to wallet to purchase.

Sadly yeah, because of the huge volume on the blockchain right now, the fees are ridiculously high.

 

I personally have a Gdax account and used it to buy an Amazon gift card, Gdax transfers are free and fast, not sure how they can do it, but it works. But that solutions only works for those that are in a Gdax supported country

[ItsBlck]

Yeah, i started using cloudminer.biz thanks to you and it seems to work. Many people says its a scam (but you have proof anyways) but essentially it kind of is. if all its users left the site, the site would collapse and no one would get anything. But if people stayed, they will keep on giving cash.

[Noyu]

On 1/29/2018 at 6:08 PM, XeonShaun said:

After realising it wasn't a scam

it is pretty scammy though