Chris
Forum Replies Created
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You are very welcome.
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I’d start them off with the Bitcoin Foundation Course. That comes with a tighter focus meaning less chance of doing themselves a mischief.
I also would NOT teach them to trade. Everyone should invest, but trading is a profession you have to select and then take seriously as something you want to master.
Chris
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You could say that yes. Bitcoin is currently 41.5% of the entire crypto economy by market cap.
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It will drop in purchasing power exactly like a regular dollar.
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This is probably ‘change’.
If I create a new wallet and receive 1 BTC, my balance is 1 BTC.
If I then send 0.1 BTC, I actually send 0.1 BTC to you and send 0.9 BTC back to myself as ‘change’. Wallets typically generate a new receiving address in order to send the change back to itself.
Each input into your Bitcoin wallet has to be spent in it’s entirety, like a $20 bill. You don’t tear a piece off when you spend $5.
You spend the whole $20 and get $15 back into your wallet.
Bitcoin works like that.
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The strategy is laid out in the Bitcoin Foundation Course. Use the dollar cost averaging strategy.
Bitcoin is under $40,000 right now which demonstrates why it is important to stay consistent and buy every week
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If you watch the tutorials back there is an option on option to setup an automated recurring buy.
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You simply use the recurring purchase feature built into Coinbase. Select whether you want to buy daily, weekly or monthly and then enter the amount you want to buy each time.
I show you exactly how to do this in Module 1 of The Bitcoin Foundation course:
https://cryptoversity.com/courses/bitcoin-foundation-course/
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That’s OK, stay consistent and it will average out.
I see you are not enrolled in the Bitcoin Foundation Course so you may also be missing some parts of the strategy.
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Generally yes you pay your Bitcoin back in Bitcoin because that is what you borrowed, but it depends on the lending service.
And yes, borrowing Bitcoin is a way of making money on the price going down.
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Have a look at Kraken fees: https://support.kraken.com/hc/en-us/articles/201893638
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Hi @BadMamaJama
This should be fine now. The BSE quiz was added recently.
I have just checked myself and it is working.
Just go to:
https://cryptoversity.com/courses/blockchain-security-essentials/lessons/bse-final-quiz/
And then click on the quiz name in the grey box.
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Hi Robin,
The interest rate varies every week. As more Bitcoin is available for lending, the lower the interest rate gets.
As more Bitcoin is being borrowed, the higher the interest rate gets.
The rates are all set by the market in real time.
If Bitcoin fluctuates down it doesn’t matter because all the payments are done in BTC. For example if someone deposited 1.0 BTC into Celsius and the average interest rate was 5% over 12 months, their balance would be 1.05 BTC. It makes no difference what price BTC is in US dollars.
The interest rate is the same whether you deposit $10 of BTC into Celsius or $1m.
The current interest rates are displayed on Celsius home page at: https://celsius.network/
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That is a very difficult question for me to answer because tax planning is unique to each individual.
It also depends on which country you live in and so on.
If you are in the UK like me then you may be pleased to know that HMRC recently updated it’s guidance on crypto tax:
https://www.gov.uk/hmrc-internal-manuals/cryptoassets-manual
If that isn’t of any help to you then you will need to consult an accountant with expertise in crypto. My accountant advises me on tax matters.
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Yes I use Binance for buying altcoins but I don’t recommend it at the foundation level.