LebGeeks

DaveAchkar

Member

Re: Bitcoin in Lebanon

Great point MrClass. I've debated that for a while, and it's a tough question.

My current opinion, is that it's simpler to focus on a single currency (Bitcoin because of its greater international recognition, adoption, applications, etc.) to introduce the concept of crypto-currencies and decentralized technologies. The point is to make this accessible to everyone at first. As the community grows and becomes more comfortable with this, I completely agree that this should shift towards a more complete view including all altcoins as well as extensions (coloredCoin, Mastercoin, etc.)

Hybrid

Member

Re: Bitcoin in Lebanon

There you go, another big player now accepting bitcoin
www.newegg.com/bitcoin

Karim Kahale

Member

Re: Bitcoin in Lebanon

Hello, can someone tell me how can I pay internationally in an android app using bitcoins? How can i buy bitcoins and use them.
P.S.: the amount to pay is 25$.

Edit: Is there any service in lebanon that can be used to pay online while paying to a person/company?

Last edited by Karim Kahale (July 30 2014)

DaveAchkar

Member

Re: Bitcoin in Lebanon

Karim, you need 2 things:
1) a Bitcoin wallet, this is a good one: https://blockchain.info/wallet/android-app
2) Obtain some bitcoins. Like any other currency, you'll need to exchange your $ into Bitcoins. You can services like localbitcoins.com and bitquick.me for peer-to-peer trade, there aren't online exchanges in Lebanon yet.

Karim Kahale

Member

Re: Bitcoin in Lebanon

Karim, you need 2 things:
1) a Bitcoin wallet, this is a good one:
2) Obtain some bitcoins. Like any other currency, you'll need to exchange your $ into Bitcoins. You can services like localbitcoins.com and bitquick.me for peer-to-peer trade, there aren't online exchanges in Lebanon yet.

Thanks for your reply, but I managed to transfer money in another way. I contacted Optimum Internet payment services and I paid using paypal.

ironman

Member

Re: Bitcoin in Lebanon

Anyone selling Bitcoin?, What a hassle to buy bitcoins in our country !

i found several websites that accept credit cards (via paypal or Skrill)

If i had Paypal or Skrill, i wouldn't go to Bitcoin anyway !
any other solution?

Thanks

Last edited by ironman (March 9 2015)

DaveAchkar

Member

Re: Bitcoin in Lebanon

Not anymore. We just released this recently: yellowpay.co/voucher

ironman

Member

Re: Bitcoin in Lebanon

Seems interesting, so after buying the prepaid card (let's say via Master Card) will bitcoins be transferred to my wallet?

DaveAchkar

Member

Re: Bitcoin in Lebanon

Shoot me a note at david@yellowpay.co so that we don't annoy the thread.
(and yes, you select the address to which you would like the bitcoins to be sent)

ironman

Member

Re: Bitcoin in Lebanon

I Will,

Thank you.

rolf

Member

Re: Bitcoin in Lebanon

Here in London, I already saw a couple of bitcoin selling machines, in some hip places.
Theyre convenient but they remove much of the interest in buying bitcoins, for me at lest, as they scan your passport, and the rate is probably not that great.
The mass adoption of bitcoins will require a compromise between convenience and anonymity.

ironman

Member

Re: Bitcoin in Lebanon

Guys, anyone willing to sell coins for cash?
Thanks.

Hybrid

Member

Re: Bitcoin in Lebanon

So anyone tried yellow.co yet?

ironman

Member

Re: Bitcoin in Lebanon

@Hybrid, i tried them, they are awesome, plus David is really helpful, and he answers emails immediately.

Let me tell you how the process works,

You buy a " Prepaid " Card (Voucher) for 25, 50 , 100 or 300$, a certain fee is added to this amount, you pay by Credit card, Western Union... etc, and then you specify your bitcoin wallet address.

In 1 business day, you will receive your " Coins "

If you need more answers you can PM, since i made several transactions with them during those 2 days.

DaveAchkar

Member

Re: Bitcoin in Lebanon

Thanks guys!

Link-

Member

Re: Bitcoin in Lebanon

I second @ironman, I bought bitcoins from @DaveAchkar with the yellowpay.co vouchers and the service was great. Quick transfer, and fast response time to emails. I would personally recommend you get the vouchers from Maliks or Khoury Home to avoid the Ihjoz and Credit Card/PinPay premiums which will add up to ~15% cost to the current market price.

For those interested in bitcoin cloud-mining and mining in general I wrote this blog post not so long ago describing an experiment with bit-miner.com: Cloud-Mining profitability. The gist of the post is: Cloud-mining is not a good investment option for the short or long runs (read the post for more information about the model used for the assessment)

Now, regarding general mining, I wrote the following answer: Profit Formula on Stackexchange describing the earnings from a mining operation over a varying period of time.

For a general overview on the state of affairs today, I recommend reading this post from The Economist on the mining process and the 'so-called' magic behind it.

It was funny reading the first post in this thread by @arithma .. I really hope he did not sell those 9.5BTC for ~320 USD then :)

Edit-- I see a lot of misconceptions and wrong judgments being thrown around in some of the previous posts.. I really recommend extensive research before making claims that this currency is doomed or broker and whatnot, there's a plethora of documentation about this subject matter.

The only critical problem I see that could potentially lead to the demise of this currency (and not other alternative currencies out there) is the crash of the network as a whole (which could be due to many reasons). As far as adoption goes, I don't see a problem there, it's steadily growing and will keep on doing so in the long run. Now, when it comes to the volatility aspect, it will stabilize eventually when more large entities join the game and have vested interest in bitcoins stability.

Last edited by Link- (March 15 2015)

arithma

Member

Re: Bitcoin in Lebanon

@Link-
My coinbase account was linked to a US bank, and I had to get back here, with no access to the account.
Here's my history back then. It was a freaking roller coaster.

Hybrid

Member

Re: Bitcoin in Lebanon

I just found that I lost my bitcoin wallet... and after searching for hours for the backup.. no idea where it is... sigh..

Link-

Member

Re: Bitcoin in Lebanon

Oops.. @Hybrid, hopefully it didn't contain much!

Hybrid

Member

Re: Bitcoin in Lebanon

Oops.. @Hybrid, hopefully it didn't contain much!

Around 3 BTC.. nothing that will make me rich.. but there goes my mining efforts

arithma

Member

Re: Bitcoin in Lebanon

@Hybrid: do you mind sharing details on your mining rigs, costs, and returns?

Hybrid

Member

Re: Bitcoin in Lebanon

@Hybrid: do you mind sharing details on your mining rigs, costs, and returns?

Nothing fancy really, OC Radeon HD 7850 &  i7-4770

But i had great luck along the way, Mined LTC and FTC at first with my GPU, and XPM with CPU and converted them to Bitcoins, then I started mining doge coin few days after its release... I mined several millions and later on when the coin gained popularity and reached a high peak, I sold them all.

reppinhighz

Member

Re: Bitcoin in Lebanon

Warned you guys against Bitcoin in the past.
Just renewing my warning following what i read this morning:

http://www.zerohedge.com/news/2015-03-1 … d%E2%80%9D

Link-

Member

Re: Bitcoin in Lebanon

Warned you guys against Bitcoin in the past.
Just renewing my warning following what i read this morning:

http://www.zerohedge.com/news/2015-03-1 … d%E2%80%9D

Bank robberies happen every day, no? Fraudulent transactions occur every hour, somewhere around the world, no? Fraudsters, anywhere, and no matter the medium will always find a way to operate whether it's fiat currency or bitcoin or anything else of value. But since it is the all hyped digital currency, we need to write articles about it and spread uninformed fear and drive its price down!!

reppinhighz, imagine you had a gold coin, and wanted to keep it safe, but instead of buying yourself a safe or going to legitimate bank and storing it in a safety deposit box, you chose to go to this underground safety storage facility for the sake of anonymity. You didn't pay attention to all the red flags (like this place being run by dicks or its location being in a dark alley in some ghetto). Then your coin gets stolen and you get left with a pesky note.

How the heck is it the coin's freaking fault? Do you blame the gold coin for its theft? Who's at fault here?

reppinhighz

Member

Re: Bitcoin in Lebanon

Warned you guys against Bitcoin in the past.
Just renewing my warning following what i read this morning:

http://www.zerohedge.com/news/2015-03-1 … d%E2%80%9D

Bank robberies happen every day, no? Fraudulent transactions occur every hour, somewhere around the world, no? Fraudsters, anywhere, and no matter the medium will always find a way to operate whether it's fiat currency or bitcoin or anything else of value. But since it is the all hyped digital currency, we need to write articles about it and spread uninformed fear and drive its price down!!

reppinhighz, imagine you had a gold coin, and wanted to keep it safe, but instead of buying yourself a safe or going to legitimate bank and storing it in a safety deposit box, you chose to go to this underground safety storage facility for the sake of anonymity. You didn't pay attention to all the red flags (like this place being run by dicks or its location being in a dark alley in some ghetto). Then your coin gets stolen and you get left with a pesky note.

How the heck is it the coin's freaking fault? Do you blame the gold coin for its theft? Who's at fault here?

I never said its the coin's fault. I am simply advising against it as a financial markets expert. This is not a good medium of exchange. Its risky, shady and prone to theft and all sorts of problems. I am really not interested in discussing the pros and cons of Bitcoin at this point with anyone but i am here throwin a friendly warning that you might face MORE issues with Bitcoin that any other means of buying and selling. So id appreciate people not getting on my case. If you are aware of the risk or simply don't like what i wrote just disregard it.

Bank robberies do happen everyday but there is insurance on deposits so you cant really compare the two.

I understand the anonymity aspect and its very smart although the issue lies with the lack of regulation.

Also, prices have been dropping naturally mainly as people are wary of its issues and prefer not to hold for the long term or simply not interested in buying it at all.