Cryto Currency

[Jellybean]

Looking at buying some

 

I think all I have to do is

 

Setup a Wallet -- I chose to use JAXX as it is on my mobile

 

https://coinsutra.com/best-etherum-wallets/

 

Buy Ethereum/Bitcoin

 

https://www.coinbase.com/join/5a0f0ae1b93cc4023442e38c

 

 

Anybody know the ins/outs , how do you sell on for a Flat currency (GBP, EUR ..)

[Marty]

Looking at buying some

 

I think all I have to do is

 

Setup a Wallet -- I chose to use JAXX as it is on my mobile

 

https://coinsutra.com/best-etherum-wallets/

 

Buy Ethereum/Bitcoin

 

https://www.coinbase.com/join/5a0f0ae1b93cc4023442e38c

 

 

Anybody know the ins/outs , how do you sell on for a Flat currency (GBP, EUR ..)

 

Is that a referral link for coinbase!? sneaky .

 

I've been buying and selling for quite a while now. Btc at an all time high this week dude, may be worth waiting for it to consolidate some before buying in, it will.

Sack off buying your bitcoin direct through coinbase - fees are extortionate.

Instead bank transfer the money over to your coinbase account then use gdax.com - gdax is coinbase's exchange, the fees are a lot less.

With it being an exchange you can buy and sell your btc/eth/ltc as you choose, for euros / gdp.

 

Once you get your head around all that then i'd recommend looking in to bittrex - another exhange where you can buy AltCoins. Theres also bitfinex if you are brave enough to do some margin trading, thats where the big money is made (and lost)

 

If you plan on buying and HODLing and are putting a good amount in then get a hardware wallet - ledger. If you are going to be doing frequent trading just keep them on the exchange, otherwise theres myetherwallet for eth based coins.

 

Main advice, don't go FOMO on anything!! in crypto there is always another opportunity.

 

PM me if you need more info pal.

[Jellybean]

Thanks

 

But I think gdax you need a UK address

[Wez]

Blockfolio is a great app for tracking all your cryptos and keeping up to date on price, can even set notifications and can select which company you trade with.

 

 

https://www.blockfolio.com/

[Jellybean]

Any alternative than Coinbase, trying to verify the ID; they keep saying they cannot read it, not to sure why you cannot upload the ID

 

Using a Webcam to take a picture of the ID is stupid ,

[Marty]

There's a UK based one called bittylicious but the prices are inflated. Coinbase is the simplest, I used the phone way to verify by IDs, worked fine.

You can use Gdax if you're not based in UK - it's an American exchange.

Your coinbase login should work there I think, I don't use it personally.

+1 for blockfolio.

 

Crypto is very very volatile, don't be disheartened to see your BTC/Eth/LTC lose money initially. I was annoyed when my BTC went from £1.8k to £1.2k, 6months on after many ups and downs it's worth £6k

[Jellybean]

Thanks , just used etoro ; a lot easier as you can upload images

 

Will look at eth and bitcoin rates over the next few days , need to wait a bit before I am verified

 

 

 

[Marty]

I wouldn't bother with eToro, its CFD so you don't physically own the 'tokens', stick with coinbase/Gdax.

BTC is due a dip so the wait will probably save you some £.

[Ric]

Sign up with coinbase.

 

If you use the app on your phone you can take a picture there, or upload from photo album.

 

If you do sign up, use this https://www.coinbase.com/join/592a9d4593138004032c7bd0 we both get 7-8£ of BTC when you make your first purchase.

 

Coinbase IS GDAX so you once you've set up coinbase you can use GDAX and buy eth/btc/ltc with no fee's which is much better than paying coinbases extortionate fee.

 

For wallets i use Exodus on my mac which is brilliant, i also have a Ledger Nano S for cold storage.

[Wez]

For wallets i use Exodus on my mac which is brilliant, i also have a Ledger Nano S for cold storage.

 

Does that support the recent forks so you get equal amount as you have BTC at time of fork?

 

I am still using an old version of Multibit so need to migrate to a newer wallet to claim my forked cryptos, not got round to it yet.

[el_bandido]

If you do set up an Ethereum wallet, make sure it's an ERC20 token compatible one. I've got far too much money diversified into Nem, chainlink (LINK), confido and a few others. I'm waiting to hear whether I've made the Bloom ICO whitelist too, I think that's another one that will be trading at 20 times the ICO price within a day. Confido has made me incredibly rich this month.

[Ric]

Does that support the recent forks so you get equal amount as you have BTC at time of fork?

 

I am still using an old version of Multibit so need to migrate to a newer wallet to claim my forked cryptos, not got round to it yet.

 

Yep it does. As long as it was in there at the time of the fork. They dont support everything, but adding more every few weeks.

[Wez]

Yep it does. As long as it was in there at the time of the fork. They dont support everything, but adding more every few weeks.

 

From what I have read I have to export some keys and import them into a compatible wallet, well something along those lines

[Sheefa]

Please don’t tip people off ! Only joking we need the masses to pile in

 

I started investing back in January and have a total of 76 crypto currencies the best being BTC, Neo, PowerLedger, Ether, Vtc, and OMG. I have made in excess of £13k profit in that time and have withdrawn £9500 of it.

 

I trade on Bittrex, Kraken and Coinbase and now have a portfolio of over £29k. This will be my long term mortgage clearance strategy. The Supra will be going in the new year for further investment.

 

Greg

Edited November 19, 2017 by Sheefa (see edit history)

[Sheefa]

Use cryptocompare to track all coins, much better and easier to log sold and realised P gains.

 

Coin gecko is best for tracking individual coin performance at a quick glance.

[Sheefa]

Another tip guys, setup a banking account with FidorBank just for cryptos. Very quick and easy with webcam passport verification.

 

Then send UK sterling to that account. You can then transfer Sterling into Euros at a great rate over to Kraken for a £2.49 fee and pretty quick too, within 3 days normally to deposit successfully into Kraken account. Saves on extortionate UK bank to Euro exchange fees.

[Sheefa]

Sign up with coinbase. If you use the app on your phone you can take a picture there, or upload from photo album. Coinbase IS GDAX so you once you've set up coinbase you can use GDAX and buy eth/btc/ltc with no fee's which is much better than paying coinbases extortionate fee. For wallets i use Exodus on my mac which is brilliant, i also have a Ledger Nano S for cold storage.

 

Coinbase is good for instant purchases but a) extremely limited and b) charged are extortionate. Far, far better options out there if you can wait and plan your deposits.

 

I do use it for immediate profit withdrawal though by sending BTC from Bittrex or Kraken to deposit address as easier especially given market volatility.

Edited November 19, 2017 by Sheefa (see edit history)

[Ric]

Another tip guys, setup a banking account with FidorBank just for cryptos. Very quick and easy with webcam passport verification.

 

Then send UK sterling to that account. You can then transfer Sterling into Euros at a great rate over to Kraken for a £2.49 fee and pretty quick too, within 3 days normally to deposit successfully into Kraken account. Saves on extortionate UK bank to Euro exchange fees.

 

If you signup for revolut (which is the same similar service) you can do that with no fee's

 

Coinbase is good for instant purchases but a) extremely limited and b) charged are extortionate. Far, far better options out there if you can wait and plan your deposits.

 

I do use it for immediate profit withdrawal though by sending BTC from Bittrex or Kraken to deposit address as easier especially given market volatility.

 

Wouldnt it be best just setting a sell/stop limit order on gdax or similar? That way a smaller "taker" fee rather than CB's fee's

Edited November 20, 2017 by Ric (see edit history)

[marbleapple]

So how much does one need to be able to invest to have a play around with Cryptocurrency?

 

Where do people learn about the trends and what’s going to happen? A lot of you speak as if you know what’s going to happen next.

[Ric]

So how much does one need to be able to invest to have a play around with Cryptocurrency?

 

Where do people learn about the trends and what’s going to happen? A lot of you speak as if you know what’s going to happen next.

 

Nobody knows whats going to happen ofcourse. It's just with certain events in crypto land recently some are easier to predict than others. For example i made a bit of money expecting bitcoin cash to rise with the upcoming bitcoin fork which was cancelled eventually and i cashed out at it's highest.

 

I get a lot of view from Reddit and other user boards however it's mainly an educated gamble, don't put in what you can't afford to lose.

 

But as for actually starting, you could start with £10 if you really wanted. Coinbase is a really user friendly method for new starters but unfortunately this is why they charge high fees as newcomers are unlikely to venture into other methods.

[marbleapple]

Nobody knows whats going to happen ofcourse. It's just with certain events in crypto land recently some are easier to predict than others. For example i made a bit of money expecting bitcoin cash to rise with the upcoming bitcoin fork which was cancelled eventually and i cashed out at it's highest.

 

I get a lot of view from Reddit and other user boards however it's mainly an educated gamble, don't put in what you can't afford to lose.

 

But as for actually starting, you could start with £10 if you really wanted. Coinbase is a really user friendly method for new starters but unfortunately this is why they charge high fees as newcomers are unlikely to venture into other methods.

 

Well after my venture into Carillion shares I’m looking for alternative places to lose my money. I may was well try crypto currency, at least I can then say ‘I’m learning’ when I subsequently buy and sell at the wrong time!

 

I get the idea that it’s best with crypto currency to get in early, sit on it till it gets public support and then time it so you get out before a dip and people go to the new currency. Is that about right or am I totally making it up?

[Ric]

With new ICO's (Initial coin offerings) that can be the case.

 

However those are only supported on certain exchanges and will be a lot more involved to purchase.

 

Coinbase only deals with the big3 at the moment, Bitcoin, Ethereum and Litecoin although i expect Bitcoin Cash will be coming soon.

[Jellybean]

In terms of tax , are you liable ? How do you guys access your funds , do you have pay certain % to the tax man on your profits?

[Ric]

It should be classed as any normal taxable income i'd imagine.

[grahamc]

I use bitcoin as a savings account for some of my funds.... have spread some cash over BTC, LiteCoin and Eth.

 

On the tax front, I have used company earnings (purely as my money sits in companies and if I lose money, its a company lose) but yes, all earnings will be declared and taxable, however expenses can also be deducted. Up to £11k profit in your personal name is tax-free (per year) after that its taxed as normal earnings. For me corporate tax is 20%, but with no initial tax-free amount.

 

Saying that, some countries are looking at using BTC as an normal currency, so you could buy meals, clothes, etc with it. So not sure how that can be tracked for tax purposes.

Edited November 20, 2017 by grahamc (see edit history)