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If you are thinking about starting a BTC Account at Coinbase


jcollison
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You would use Coinbase if you want to convert BTC into USD and move it to a Bank account.  You can also use it to buy BTC from a number of sources.   Not a bad idea to have it set up

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Tons of questions for you Jim. I'm not scared to sound "NOOB!"  I'm sure others have had similar questions.

 

Can you use any miner software and transfer results to any BTC address?  For instance I was thinking of setting up a 2nd system and possibly trying a different miner software.  Where would I send those results? Straight to Coinbase? 

 

I have a nicehash.com wallet since I'm mining with that.  If I setup a Coinbase account it would give me a BTC address to transfer to?

 

Are there fees involved and from who? Nicehash to transfer out? Coinbase to transfer in?

 

I assume once its in Coinbase it is still BTC?

 

I can then transfer it out of Coinbase to USD?

 

PayPal, bank, how?

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Yes, you can use other miners, but each one is different and they all work different ways.  You will need to read up on each miner.  Some work in pools, others work alone.  Pools are better for smaller miners.

 

Yes, Coinbase will give you a 'receive' BTC address to move coins from Nicehash to Coinbase. 

 

Yes, there are transaction fees everytime you move anything.  Depends on the exchange on just how much.  Moving BTC less often and in bigger amounts is almost always better.  Some fees are flat, some are based on the transaction amount.  You have to read the terms of each wallet/exchange to find out.

 

Coinbase has wallets for BTC, ETH and Litecoin.  You would want to move everything in BTC.

 

The Bitcoin blockchain is going to fork on Nov 16th.  This will add a new level of complexity and could mean that you can end up with double the amount of coins after said date.  But your BTC needs to be IN Coinbase before the 16th.  Might want to that in there even sooner.  Lots of Youtube videos on this.  Google 'bitcoin fork november 2017'

 

Yes, you can move BTC to USC via Coinbase.  There are flat fees for doing that, so check in advance.  I am going to try to spend my BTC at vendors that take BTC and never take it out in cash.  That is just my plan.  You can sell BTC out of Coinbase to Paypal or an account you set up.  

 

Hope that helps

 

 

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Ok Jim, signing up now.  Remind me to move my NiceHash over to Coinbase before the fork!

Ok. Done. Hopefully you see the referral.

 

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Dave, the fork is happening on the 16th.  I would have that BTC moved by the 12th or 13th.  Just to be safe.  I haven't seen the referral yet, but it takes a day or two

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