Current Events > Crypto 101 - Noob Topic

(+) Yeah! (+)

Post all your noob questions in here! I'm a noob.

• How come some crypto require other crypto to pay the transfer fees? For example I wanted to take out some dogecoin but coinbase doesn't do it so swapped some for DAI. I tried to send my DAI to coinbase but told I needed ETH to pay for the transaction fee! Is this normal?

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How do I get a bunch of free crypto legally without farming it and having it turn into 8+ digits instantly?
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Dogecoin much wow

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buy doge get coin

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lzual posted...

How come some crypto require other crypto to pay the transfer fees? For example I wanted to take out some dogecoin but coinbase doesn't do it so swapped some for DAI. I tried to send my DAI to coinbase but told I needed ETH to pay for the transaction fee! Is this normal?

to my understanding, dai is a stablecoin based in the ethereum network. it's possible that gas (the "payment" for running smart contracts - see: programmatic operations - within the network) may be necessary.

others please correct me if i'm wrong.

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Im trying to make an account on coinbase but it won't verify my account? Pops up a 400 error after I hit that I'm employed?

Is their site just shit or is there another one I can use?

How do I even crypto?

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Machete posted...

How do I get a bunch of free crypto legally without farming it and having it turn into 8+ digits instantly?

the ripple foundation strategy* is basically to create a crypto that is totally premined and you control 100% of and can sell to people, leveraging hired press and an army of social media fanatics to hype up the price so you can dump more of it at a premium

*may result in getting slapped with a lawsuit by the SEC

that aside, create a genuinely useful L2 application/crypto that people are willing to pay to obtain and use. won't be instant money, but that's not to say that the right applications won't make a lot of it. dapp development is beyond the scope of my knowledge though.

Shinnokxz posted...

Im trying to make an account on coinbase but it won't verify my account? Pops up a 400 error after I hit that I'm employed?

Is their site just shit or is there another one I can use?

i think i may have just contacted them via email for support when i got locked out of my account in '17 and needed verification.

Kakapo posted...

How do I even crypto?

what are you trying to do?

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I guess what Im after is a site that explains how to get started with buying crypto, for a seriously basic bitch noob whos never done it before

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Kakapo posted...

I guess what Im after is a site that explains how to get started with buying crypto, for a seriously basic bitch noob whos never done it before

Create a coinbase account. You can buy crypto directly with cash and once you have some crypto in there you can exchange for other crypto and build up a portfolio if you want. Then you can directly sell for cash as well.

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I have a query. When trading crypto how long does it normally take? I notice a few only take a few minutes whereas I've got a few at the moment that have been pending for almost an hour?

Also from a more techy side I'm right in thinking blocks need to be mined for transactions to be added to the ledger right? As the difficulty increases and number of transactions increases won't we start to see transactions take longer and longer? Or are there built in mechanisms to prevent this?

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lzual posted...

Create a coinbase account. You can buy crypto directly with cash and once you have some crypto in there you can exchange for other crypto and build up a portfolio if you want. Then you can directly sell for cash as well.

this, pretty much. basically the gold standard for centralized exchanges, particularly for users in the usa.

they also seem to offer a lot of tutorials on how the different technologies work, which might be of use if you don't plan on reading the white papers (though i'd highly recommend such)

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TheMikh posted...

to my understanding, dai is a stablecoin based in the ethereum network. it's possible that gas (the "payment" for running smart contracts - see: programmatic operations - within the network) may be necessary.

others please correct me if i'm wrong.

nope thats pretty much it.

but i think some exchanges, like binance, will essentially pay that gas fee for you (within limits) and just add it to your transaction fee.

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lzual posted...

I have a query. When trading crypto how long does it normally take? I notice a few only take a few minutes whereas I've got a few at the moment that have been pending for almost an hour?

if you do a market buy/sell, it should be instantaneous, though coinbase sometimes has horrific lags during periods of significant volatility (e.g., bull runs and crashes). for limit orders, you're at the mercy of the time it takes others to fill your buy/sell order.

not familiar with other exchanges though.

Also from a more techy side I'm right in thinking blocks need to be mined for transactions to be added to the ledger right? As the difficulty increases and number of transactions increases won't we start to see transactions take longer and longer? Or are there built in mechanisms to prevent this?

i'd recommend reading the white paper for a definitive answer.

if network hashrate doesn't keep up with difficulty, to my understanding, the difficulty level decreases. it's risky business if the network hashrate itself decreases substantially though, as it can result in a computationally insecure network that is vulnerable to 51% attacks, and/or double spending and the like.

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Tip for coinbase users: Make sure you can withdraw more than $25,000 per day.

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E32005 posted...

nope thats pretty much it.

but i think some exchanges, like binance, will essentially pay that gas fee for you (within limits) and just add it to your transaction fee.

ah, ok. thanks for the clarification.

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Best place to get Nano?

Have binance and I see lots of people going through an exchange for ETH then sending to Coinbase and then transferring??

Im confused

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SergeantGander posted...

Best place to get Nano?

Have binance and I see lots of people going through an exchange for ETH then sending to Coinbase and then transferring??

Im confused

kucoin. youll have to buy another coin bc no one has a fiat pair for nano, but ku has btc, eth and usdt pairings. also probably dont use eth unless youre taking it to uniswap bc gas fees have been outrageous since this summer and they will bleed u dry.

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Shinnokxz posted...

Im trying to make an account on coinbase but it won't verify my account? Pops up a 400 error after I hit that I'm employed?

Is their site just shit or is there another one I can use?

Pro tip: if you're trying to buy dogecoin via coinbase, you can't.

Kraken & Robinhood are the two most well-known alternatives.

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someone tell me about the future of ethereum

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The Trent posted...

someone tell me about the future of ethereum

I don't know but I just convered 30% of my doge to ethereum and put on coinbase so I can cash out if I want. This way if doge tanks I've still made a health profit. Would the board agree ETH and BITCOIN are the standard for converting to when you want to cash out?

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