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Early days crypto

  • 27-04-2021 7:02pm
    Registered Users Posts: 9,329 ✭✭✭

    Can someone give me a hisrory lesson. If someo told me they bought Bitcoin in 2011, what would that have entailed? Were Coinbase etc have been around back then? Or does eveyone who tells you they bought Bitcoin at $10 a coin, have them sitting on a hard drive wallet? What was the process for even buying back then?


  • Posts: 0 [Deleted User]

    I just went searching for my earliest transaction. I bought it on coinimal in 2015. As you can see, $150 dollars got me roughly half a bitcoin. Coinimal turned into bipanda. Mt Gox was the first big crypto exchange afaik. It was the wild west and lots of people lost money on it due it being hacked many, many times. This podcast covers it quite well.

  • Registered Users Posts: 203 ✭✭shakedown

    BTC was mostly acquired through mining and trading on bitcointalk forum back then.

    Here's an article with some history of the first exchanges:

  • Registered Users Posts: 192 ✭✭Jackben75

    there were a few places to buy back in circa 2011 - 2013, fcuk all security and came across well dodgey but had no issues. Can't even remember the name of the site i used. :pac:

  • Registered Users Posts: 784 ✭✭✭Tango One

    I remember trying to buy back in the early days. I needed to some credit for a game something similar to the sims if I remember correctly and then trade for a bitcoin. It was too much hassle and I didn't bother.

  • Registered Users Posts: 2,675 ✭✭✭thunderdog

    Bought into Bitcoin towards the end of 2012 via bitstamp. The setup was pretty much as it is today-setup bitstamp account, transfer Fiat in, buy Bitcoin. Not much has changed since

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  • Registered Users Posts: 1,196 ✭✭✭Del Griffith

    First bought on Intersango in May 2012.

    Intersango eventually went bust when the anarchist owner, Amir Taki, went off to fight in Syria as a mercenary or something.

    Then there was Gox, everyone knows about that already.

    Then there was bitcoin24, the biggest euro exchange at the time. That went bust when it turned out that the owner was a 21 year old kid, Simon Hausdorf, that just whipped up the website and all the millions of customer funds were running through his personal bank accounts.

    Wild west indeed.

  • Posts: 0 [Deleted User]

  • Registered Users Posts: 2,124 ✭✭✭Unknown Soldier

  • Registered Users Posts: 17,829 ✭✭✭✭Thargor

    I remember in college getting the bus into Dublin early on around 2012 onwards to buy it from a dodgy BTC ATM in GSM Solutions on Abbey street, only way to turn cash into coins that I knew of back then, instead of becoming a millionaire I spent it all on drugs :o

  • Registered Users Posts: 5,709 ✭✭✭el diablo

    Thargor wrote: »
    I remember in college getting the bus into Dublin early on around 2012 onwards to buy it from a dodgy BTC ATM in GSM Solutions on Abbey street, only way to turn cash into coins that I knew of back then, instead of becoming a millionaire I spent it all on drugs :o

    Well at least you didn't squander it. :pac:

    We're all in this psy-op together.🤨

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  • Posts: 0 [Deleted User]

    It was a guy called Eircoin selling it. Bank transfer, 5% fees and he sent ya crypto. I emailed him during 2017 to ask if he kept any and he responded with several billion passed through his hands but he didn't hold any long term. Hopefully he has this run.

  • Registered Users Posts: 1 MiltonN

    Have a good day! The wallets are not strict with online exchange services. Coinbase is an exchange service with wallet OPTION, and the wallet physically is NOT attached to any service. Now I'm using crypto credit cards, not Coinbase. I find the crypto credit card services are much better and comfortable compared with regular exchanges. With this crypto debit card, you can pay with your crypto any services that don't accept the crypto like a payment method. Choose wisely your wallet and the exchanging service.

    Post edited by MiltonN on

  • Registered Users Posts: 391 ✭✭HGVRHKYY

    So funny reading some of the comments on there, so arrogant in their ignorance and think they know it all. Absolutely hate people like that, so I feel schadenfreude at the fact that most of them have likely still never invested and have missed out massively

  • Registered Users Posts: 15,112 ✭✭✭✭Oat23

    VirWox! I checked my email history and that is where I bought my first from in the summer of 2013 before finding a better way (MtGox) which in the end turned out to be worse as I lost all my coins on there.

    VirWox was frustrating so I can see why a lot wouldn't have bothered. You had to purchase a currency from the game Second Life called Linden dollars and then you could convert your Linden to BTC and withdraw to your wallet. The fees ended up being around 20% I'd say. It was the only way I knew how to purchase BTC with PayPal so I had no choice.

    I had completely forgot about bloody Linden dollars until seeing you mention video games. It all suddenly came back to me 😆

  • Registered Users Posts: 3,329 ✭✭✭radiospan

    I remember a service, I think Danish or Norwegian, where you could mail them cash in an envelope and they emailed you back a private key with Bitcoin 😄

  • Registered Users Posts: 784 ✭✭✭Tango One

    Wow i couldn't remember all that details but thats it exactly, pain in hole I just didn't bother,