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Offline phoenixsg

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New user help re. Wallets, PTS and Investing
« on: October 30, 2014, 09:18:33 AM »

Hi all, I'm a new user here and I have a few questions I would like to clarify before I Invest hopefully later today (I couldn't find any specific answers searching)

A little about me: I have just been introduced to the world of Cryptocurrency and knew it was something I wanted to invest in, I started mining for LTC but after 8 hours I realized it wasn't cost efficient on my PC so researched options and come across Protoshares which obviously led me to the evolved BitShares X. Now I have a basic understanding of the shares and system etc but Assets and deeper confuse me but I will dig into that after I have invested.

My questions are, and I apologize if these have been covered before:

1- I plan on buying BTSX as an investment into the project which I believe has great potential, not looking for a get rich quick scheme but if I double my investment value in 2 years +/- then great. Being in the UK I would have to go Local exchange GBP --> BTC then BTER BTC-->BTSX. If I have BTSX in my wallet, on Nov 5th when the system changes will it just be a seamless software update, nothing lost funds wise?

2- I see PTS are available on BTER, is it worth investing in these now before BTSX for the 5% bonus on switch over? If so do they store in my BitShares X wallet?

3- On the subject of wallets, I plan on replacing my PC soon, Is it as simple as EXPORT WALLET, save file to USB, install client on new PC and then IMPORT WALLET using the exported file from old PC? I would hate to loose my BTSX so thought I'd check first before I buy

4- Last question for now, When the change is made on NOV 5th to BTS, is the buy price expected to increase significantly? Only reason I ask is I will be investing £10 GBP today/tomorrow, and a further £30/40 GBP in 2 weeks, would hate to screw myself over which is why I'm looking to invest a little at least before the switch.

Thank you guys for your patience and time, I understand I am just another of many with silly questions but I am excited about this as it looks very promising as a whole.

Regards

Scott

Offline biophil

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Re: New user help re. Wallets, PTS and Investing
« Reply #1 on: October 30, 2014, 02:53:56 PM »
Hi all, I'm a new user here and I have a few questions I would like to clarify before I Invest hopefully later today (I couldn't find any specific answers searching)

A little about me: I have just been introduced to the world of Cryptocurrency and knew it was something I wanted to invest in, I started mining for LTC but after 8 hours I realized it wasn't cost efficient on my PC so researched options and come across Protoshares which obviously led me to the evolved BitShares X. Now I have a basic understanding of the shares and system etc but Assets and deeper confuse me but I will dig into that after I have invested.

My questions are, and I apologize if these have been covered before:

1- I plan on buying BTSX as an investment into the project which I believe has great potential, not looking for a get rich quick scheme but if I double my investment value in 2 years +/- then great. Being in the UK I would have to go Local exchange GBP --> BTC then BTER BTC-->BTSX. If I have BTSX in my wallet, on Nov 5th when the system changes will it just be a seamless software update, nothing lost funds wise?

2- I see PTS are available on BTER, is it worth investing in these now before BTSX for the 5% bonus on switch over? If so do they store in my BitShares X wallet?

3- On the subject of wallets, I plan on replacing my PC soon, Is it as simple as EXPORT WALLET, save file to USB, install client on new PC and then IMPORT WALLET using the exported file from old PC? I would hate to loose my BTSX so thought I'd check first before I buy

4- Last question for now, When the change is made on NOV 5th to BTS, is the buy price expected to increase significantly? Only reason I ask is I will be investing £10 GBP today/tomorrow, and a further £30/40 GBP in 2 weeks, would hate to screw myself over which is why I'm looking to invest a little at least before the switch.

Thank you guys for your patience and time, I understand I am just another of many with silly questions but I am excited about this as it looks very promising as a whole.

Regards

Scott

Hey, welcome to the community!

I can answer some of your questions:

1. Yes, the November 5 event will be seamless for BTSX holders.

2. I would avoid PTS just for the sake of simplicity. Beyond that, in my opinion it isn't offering nearly enough discount relative to BTSX to be worth the 2-year lock-in of value.

3. This will work, but the problem is you'll have to re-scan the blockchain when you import the wallet, and that has left a bad taste in my mouth when I've had to do it. I believe there is a better way involving making a copy of the AppData\Roaming\BitSharesX folder (on Windows), but I'm on mobile so I can't look up the instructions for you right now. A couple months ago, someone on the forum made an extensive post about backup procedures on Windows; it's well worth the read if you can find it.

4. There are no technical reasons the price should spike up after the snapshot, but it's anybody's guess. Today is the lowest price it's been in weeks; hoping it doesn't rebound could get you into trouble.

Sent from my SCH-S720C using Tapatalk 2


Offline phoenixsg

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Re: New user help re. Wallets, PTS and Investing
« Reply #2 on: October 30, 2014, 03:59:14 PM »
Hi thank you for your reply,
You have cleared a few things for me, I still don't fully understand block chains, assets etc as this is my first venture into cryptocurrency and indeed stocks/shares type of system but once I'm in I will try and learn more.
I got called into work so didn't get to buy in today so will be tomorrow, regarding the rebound, that was my concern with leaving it so I will go as much in as I can. It's payday in 2 weeks so more expendable cash will be available but it's a shame I can't use a credit card on exchanges.

I will look into the backup further as well.

Once again thank you and look forward to being part of this community
 :)

Regards

Scott

Offline biophil

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Re: New user help re. Wallets, PTS and Investing
« Reply #3 on: October 31, 2014, 12:38:20 AM »
Hi thank you for your reply,
You have cleared a few things for me, I still don't fully understand block chains, assets etc as this is my first venture into cryptocurrency and indeed stocks/shares type of system but once I'm in I will try and learn more.
I got called into work so didn't get to buy in today so will be tomorrow, regarding the rebound, that was my concern with leaving it so I will go as much in as I can. It's payday in 2 weeks so more expendable cash will be available but it's a shame I can't use a credit card on exchanges.

I will look into the backup further as well.

Once again thank you and look forward to being part of this community
 :)

Regards

Scott

Cool. I think you're doing exactly the right thing; you can't learn how this stuff works unless you jump in and try it. I only just got into crypto a year ago, and it's been a spectacularly exciting adventure ever since :)

Sent from my SCH-S720C using Tapatalk 2


 

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