D.R. Bitcoin Pastime (While living in).

Lucas61

Well-known member
Jun 13, 2014
814
97
48
69
retired English teacher (30 years)
Hello All,

The purpose of my post is to attract others who wish to throw in their two satoshis for cryptocurrency in general and Bitcoin in particular as they relate to us who live in the D.R. To start here are two items:

First, I am a relative noob at the beginning of Bitcoin 101 (my metaphor) yet I am running an unpruned Full Node of the blockchain back to the Genesis block, here, on my computer in the D.R. When I go to bitnodes.io and from the the dropdown menu find the Dominican Republic, I can see that there is only one Full Node running in this country and that is mine! I am doing this to support the blockchain (and to learn). Exchanges that hold your coin and hold your key ("No key, no coin.") can be hacked but the Bitcoin blockchain has never been hacked, and when you run the blockchain in full node you have access to your private key and can make transactions. This, however, requires using the Console and it is not simple and, furthermore, it is difficult to find detailed and comprehensive information of the kind you need to execute some of these actions. FYI, I have found one book on Amazon which is highly detailed, informative, and comprehensive. It is by O'Reilly publications, which is highly regarded as a technical publisher in the IT industry, particularly with respect to Linux (Both the blockchain code used for Bitcoin and every other crytocurrency and the source code of the Linux kernel are "open source" licensed and can be sought out, copied, and manipulated by any member of the public as long as the particular license, for example GPL, is cited). That book, by A. Antonopoulos, is "Mastering Bitcoin: Programming the Open Blockchain," 2nd Edition. Do NOT be put off by the "programming" part of the sub-title. That part of the book is limited to one section. The rest of the book explains the critical components of the blockchain and its functioning but does so in great detail and easy to understand language. My next step in Bitcoin 101 will be to offload key and coin from my exchange to a cold wallet as well as to obtain my key from the blockchain that I am running via Full Node. From the pages I previewed on Amazon, this book may fit the bill. I am ordering it now.

Second if you google: "intercambios de criptomonedas en republica dominicana" which would be the first step in participating in the world of non-fiat currency, you will find many links. Personally, I would avoid any URL's (almost all) where the domain of that URL is not in the D.R. Once exception is:

bitcoinrd.do

I am not vouching for this site, not have I vetted it. But if you require CEDULA for identification, this site may be worth checking.
Personally, being a U.S. citizen with my funding source being in the U.S. and living permanently in the D.R. I had issues with coinbase.com linking my account but I had no issues with gemini.com linking my account. Further, the latter required uploading my passport whereas the former did not.

Third, if you are looking for a cryptocurrency forum here are two:

bitcointalk.org (more robust)

forum.bitcoin.com (less robust)
 

Lucas61

Well-known member
Jun 13, 2014
814
97
48
69
retired English teacher (30 years)
Reddit is your friend for discussions around Bitcoin and co.
Yes, that too. Except that the forums are more sophisticated with fairer moderation. On reddit, one false step, however innocent, and the mod bans you from the sub-reddit and you have no recourse, cannot even respond to defend or explain. For example, I joined a German sub-reddit. I have a lot to offer, for example, I translate German poetry. I asked one question about a language classification competency system, that I had never heard of, and I got dumped on unbelievably, being called stupid for not googling, etc. When I pushed back, I was permanently banned. What ignorant people. It's so obvious that when you are new in a sub-reddit--a noob--that the question you seek, unknown to you, will be known to others, which is exactly why you join a forum/sub-reddit in the first place. Yet not all sub-reddits are created equal, and I have gotten great use from many over the years . . .

For me, DR1 is irreplaceable. Just compare our forum with some of the D.R. sub-reddits. No comparison.
 
Jan 9, 2004
10,426
1,634
113
Hello All,

The purpose of my post is to attract others who wish to throw in their two satoshis for cryptocurrency in general and Bitcoin in particular as they relate to us who live in the D.R. To start here are two items:

First, I am a relative noob at the beginning of Bitcoin 101 (my metaphor) yet I am running an unpruned Full Node of the blockchain back to the Genesis block, here, on my computer in the D.R. When I go to bitnodes.io and from the the dropdown menu find the Dominican Republic, I can see that there is only one Full Node running in this country and that is mine! I am doing this to support the blockchain (and to learn). Exchanges that hold your coin and hold your key ("No key, no coin.") can be hacked but the Bitcoin blockchain has never been hacked, and when you run the blockchain in full node you have access to your private key and can make transactions. This, however, requires using the Console and it is not simple and, furthermore, it is difficult to find detailed and comprehensive information of the kind you need to execute some of these actions. FYI, I have found one book on Amazon which is highly detailed, informative, and comprehensive. It is by O'Reilly publications, which is highly regarded as a technical publisher in the IT industry, particularly with respect to Linux (Both the blockchain code used for Bitcoin and every other crytocurrency and the source code of the Linux kernel are "open source" licensed and can be sought out, copied, and manipulated by any member of the public as long as the particular license, for example GPL, is cited). That book, by A. Antonopoulos, is "Mastering Bitcoin: Programming the Open Blockchain," 2nd Edition. Do NOT be put off by the "programming" part of the sub-title. That part of the book is limited to one section. The rest of the book explains the critical components of the blockchain and its functioning but does so in great detail and easy to understand language. My next step in Bitcoin 101 will be to offload key and coin from my exchange to a cold wallet as well as to obtain my key from the blockchain that I am running via Full Node. From the pages I previewed on Amazon, this book may fit the bill. I am ordering it now.

Sounds simple. I cannot understand why everyone is not using it.;)
Second if you google: "intercambios de criptomonedas en republica dominicana" which would be the first step in participating in the world of non-fiat currency, you will find many links. Personally, I would avoid any URL's (almost all) where the domain of that URL is not in the D.R. Once exception is:

bitcoinrd.do

I am not vouching for this site, not have I vetted it. But if you require CEDULA for identification, this site may be worth checking.
Personally, being a U.S. citizen with my funding source being in the U.S. and living permanently in the D.R. I had issues with coinbase.com linking my account but I had no issues with gemini.com linking my account. Further, the latter required uploading my passport whereas the former did not.

Third, if you are looking for a cryptocurrency forum here are two:

bitcointalk.org (more robust)

forum.bitcoin.com (less robust)
Personally, I think I will avoid ALL URL's relating to cryptocurrency.

I know, I know, its the future.................

Good luck.

There is a Bitcoin shop in Cabarete, I am sure they can/will assist you.


Respectfully,
Playacaribe2
 
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Lucas61

Well-known member
Jun 13, 2014
814
97
48
69
retired English teacher (30 years)
Sounds simple. I cannot understand why everyone is not using it.;)

Personally, I think I will avoid ALL URL's relating to cryptocurrency.

I know, I know, its the future.................

Good luck.

There is a Bitcoin shop in Cabarete, I am sure they can/will assist you.


Respectfully,
Playacaribe2
Well, if you avoid ALL URL's related to cryptocurrency then you cannot participate in it, for a currency exchange is mandatory. That being said, it is understood that all exchanges have the capacity to be hacked (the infamous example was Mt. Gox) and for that reason the best advice for maximum security is to obtain a hardware device called a "cold wallet" which holds your private key and a backup to your private key that you maintain offline in a physically protected space. In addition, even if you were to lose that, there is also a "brain key" a short memorization that you can create that will give you access to your private key and coin and from which you can download from in another country in the case of banning, for example. I have not done any of these things of which I speak. They are "in work." I am at the beginning of Bitcoin 101. If you want to read some simple tutorials go to gemini.com You do NOT have to register. Just scroll down and you will find a section called Cryptopedia with easy to understand articles that describe the basics.

What is the name of the Bitcoin shop? I would like to see if they have a website. I would NEVER use such a shop until and unless I know much more than I do now.
 
Jan 9, 2004
10,426
1,634
113
Well, if you avoid ALL URL's related to cryptocurrency then you cannot participate in it, for a currency exchange is mandatory.

Exactly..............and it will stay that way.............for some time to come.

That being said, it is understood that all exchanges have the capacity to be hacked (the infamous example was Mt. Gox) and for that reason the best advice for maximum security is to obtain a hardware device called a "cold wallet" which holds your private key and a backup to your private key that you maintain offline in a physically protected space. In addition, even if you were to lose that, there is also a "brain key" a short memorization that you can create that will give you access to your private key and coin and from which you can download from in another country in the case of banning, for example. I have not done any of these things of which I speak. They are "in work." I am at the beginning of Bitcoin 101. If you want to read some simple tutorials go to gemini.com You do NOT have to register. Just scroll down and you will find a section called Cryptopedia with easy to understand articles that describe the basics.

What is the name of the Bitcoin shop? I would like to see if they have a website. I would NEVER use such a shop until and unless I know much more than I do now.


I am still waiting for someone to do due diligence on the principals.;)


Respectfully,
Playacaribe2
 
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Lucas61

Well-known member
Jun 13, 2014
814
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retired English teacher (30 years)
Exactly..............and it will stay that way.............for some time to come.




I am still waiting for someone to do due diligence on the principals.;)


Respectfully,
Playacaribe2
Thanks for this information. I wouldn't touch these folks with a 10 meter pole. Based on clients' comments, I see ignorant wannabes jumping onto the bandwagon of "the next big thing" and ripe for the picking.
 
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Jan 9, 2004
10,426
1,634
113
Thanks for this information. I wouldn't touch these folks with a 10 meter pole. Based on clients' comments, I see ignorant wannabes jumping onto the bandwagon of "the next big thing" and ripe for the picking.
Exactly.

Respectfully,
Playacaribe2
 

DR_Guy

Bronze
Feb 17, 2010
889
78
48
Sounds simple. I cannot understand why everyone is not using it.;)

Personally, I think I will avoid ALL URL's relating to cryptocurrency.

I know, I know, its the future.................

Good luck.

There is a Bitcoin shop in Cabarete, I am sure they can/will assist you.


Respectfully,
Playacaribe2

You can safely buy and sell btc in DR with payment to local bank. btc is held in escrow. I do both.
 

malko

Campesino !! :)
Jan 12, 2013
5,220
962
113
Anybody do any bottom fishing in BTC @ $33K, or just trolls?

No laughing, but all my orders were filled, all the way down from 42k to 33k...... lol.

PSA : check your limit orders from time to time 😖😖.
 

Tamborista

hasta la tambora
Apr 4, 2005
11,747
1,343
113
No laughing, but all my orders were filled, all the way down from 42k to 33k...... lol.

PSA : check your limit orders from time to time 😖😖.

I never leave orders on the book AKA "GTC Orders".
I am going to make a sale at $42K shortly and ring the register.
 

malko

Campesino !! :)
Jan 12, 2013
5,220
962
113
I never leave orders on the book AKA "GTC Orders".
I am going to make a sale at $42K shortly and ring the register.

I leave quite a few orders open at all times, fishing for the odd crazy red candle--- as it happens from time to time.

No selling for me, i am poor 😭 and a couple of grand wont change that ....... so I'll ride this all the way to the ground or the 🌜.
If I need cash, I would borrow against my crypto. #40 on the wait list for the first true credit crypto card, from Nexo.
 
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DR fan1990

Well-known member
Sep 22, 2020
519
598
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Canada
Re: "No key, no coin," does anybody have their private key on a cold wallet? If so, I have a few questions.
I got 2 cold wallets I purchased last summer but I never actually used them. Sounds complicated to set them up, and I might just screw things up.

Still holding my bitcoins on Binance since 2018, I got in when it was still cheap. Wish I had bought more though. For now I will keep holding on Binance as it's safer than these other shady exchanges.
And it's too big to fail at this point.
 

malko

Campesino !! :)
Jan 12, 2013
5,220
962
113
I got 2 cold wallets I purchased last summer but I never actually used them. Sounds complicated to set them up, and I might just screw things up.

Still holding my bitcoins on Binance since 2018, I got in when it was still cheap. Wish I had bought more though. For now I will keep holding on Binance as it's safer than these other shady exchanges.
And it's too big to fail at this point.

Dang, binance is shady af....

I would consider setting up your cold wallets. If they are a ledger or a trezor, easy peasy.

Otherwise you can use a hot wallet like BRD or exodus, and hold your keys.

The ONLY exchange that has had an external audit of their holdings, is Kraken.
You would still have to have faith in the auditor.
You will only really know if binance really has your BTC, is the day there is a run on exchanges.
My guess is most exchanges function like banksters, ie fractional reserves.
 
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Lucas61

Well-known member
Jun 13, 2014
814
97
48
69
retired English teacher (30 years)
I got 2 cold wallets I purchased last summer but I never actually used them. Sounds complicated to set them up, and I might just screw things up.
I'm glad to hear this because I feel the same way. To tell you the truth, I'm afraid to start the cold wallet process; nevertheless, I am beginning it as we speak. Even though, I am a noob, this is the advice/update I would give you. Remember the penny slot machines? I have the equivalent in coin which is retained at Gemini, ab out $50.00 USD plus the fee for the first wire to open the account. I will not put it ANY big money until I learn the ropes and I am comfortable--not that I have BIG money, but I can put more. I'm considering a few months just to get through Bitcoin 101 . . .

Cutting to the chase:

From the Czech Republic I have ordered the cheaper Trezor One, about $59.00 compared to the Model T, about $150.00. The security between the both is identical. The main difference is that the latter has an OLED touch screen, and the latter a non-touch, non-color. It will arrive in about a week. So far, all my dealings with the Trezor website and its various sub-sites have been top notch, including sending me immediate tracking information for my device.

It comes sealed in a difficult to open tinfoil package with a holographic seal on the device and various indicators that tell you if the package has been tampered with. The tutorials tell you to contact support immediately if there is tampering. I do have some apprehension that when it passes La Aduana, that the package might be opened as this is a normal procedure (at times). It depends on how much opened? The external box only? We shall see. It is due to arrive in Miami next week and then to the D.R. via Vimenpaq. Also, the device has no battery power as it is powered by 5VDC from your USB port. It is also a virgin device which activates when you connect to Trezor and download and install the firmware.

What was referred to as the Trezor Walllet (their online site) has been deprecated as of January of this year. They now are using a "Suite" which requires the Chrome browser to download and is available on Windows, Mac, Linux. I started downloading the suite on Linux but Linux balked, so I switched to Windows 11 and no issues in the download process.

I strongly recommend that you download the Suite. It is very well designed and has much that you can explore in the Settings before you connect your device. It has many tutorials that run you through the basics and give you various options to select. For example, I have already opted for all routing to be via Tor.

Starting with the Suite and tutorials, there's a lot you can do to "get your feet wet" before you even connect your device. Of course, my post here assumes that one of your cold wallets is a Trezor. Maybe it isn't . . . I'm going to send this post off, then look for a couple of critical URL's that I have found helpful. I will post them in a follow-up.
 
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