grahamc Posted November 27, 2017 Share Posted November 27, 2017 It will be interesting to see how/where this goes. Right now from an ignorant outsiders point of view it appears to be 'just' another investment vehicle, ie people are putting old money into it with a view to extracting/converting back to more old/regular money after a period of time/gain? Maybe, however, I would like to be able (at some point in the future) have a BitCoin card (payment method) and be able to use that pay for everything, with no need to transfer to a single currency unless I have to Quote Link to comment Share on other sites More sharing options...
Scooter Posted November 27, 2017 Share Posted November 27, 2017 Maybe, however, I would like to be able (at some point in the future) have a BitCoin card (payment method) and be able to use that pay for everything, with no need to transfer to a single currency unless I have to I get you and from memory you have south African root/connections? that mean you are impacted far more buy FOREX transactions/consequences? financial institutions though make lots of money from FOREX so....? I don't know enough about it apart from terms like 'mining' etc, so I'm curious how it's perceived going forward by the masses, as it would have to be to get to the point where you can use it as a currency ie others will accept it as payment. It's probably no more ridiculous than someone giving me food for my bit of paper with a queens head on it, but it does feel like it! Quote Link to comment Share on other sites More sharing options...
grahamc Posted November 27, 2017 Share Posted November 27, 2017 I get you and from memory you have south African root/connections? that mean you are impacted far more buy FOREX transactions/consequences? financial institutions though make lots of money from FOREX so....? I don't know enough about it apart from terms like 'mining' etc, so I'm curious how it's perceived going forward by the masses, as it would have to be to get to the point where you can use it as a currency ie others will accept it as payment. It's probably no more ridiculous than someone giving me food for my bit of paper with a queens head on it, but it does feel like it! Good memory! Yes, born in Wales, grew up in South Africa... also, over the next few years I will be traveling a lot (about 4-6 months of each year) so having a means to use money in which ever country easily and cheaply is great! Also, if I can live on just the interest, even better!! Quote Link to comment Share on other sites More sharing options...
Marty Posted November 27, 2017 Share Posted November 27, 2017 Maybe, however, I would like to be able (at some point in the future) have a BitCoin card (payment method) and be able to use that pay for everything, with no need to transfer to a single currency unless I have to Although there are a few projects (pay, mco, tkn, etc) trying to do this i've got a feeling it's still a little way off, purely due to tax implications - the gov are never going to allow you to pay with crypto that you've not paid capital gains tax on. We are really close to $10k atm, i can see the same thing happening to what happened at $5k - we got really close then the whales shorted and forced the price down a $k, or two this time. There is still a lot of manipulation in crypto due to some people having masses and masses of Btc. Personally i think diversification is the best way to ensure you don't get rekt. It's definitely good to have some 'currency' in your crypto bags - Btc, Ltc, Zcash, monero and similar, but be aware, these are direct competitors to government controlled Fiat and are more under threat to gov bans than platform tokens are. Should every government get together and ban bitcoin the price of btc would go through the floor almost instantly. Although this would affect every crypto initially the only ones that would recover are the platform tokens, eth, neo, omg, to name a few - Crypto that actually has real world blockchain use other than just a store of wealth. The fact that financial investment institutions are now recognising bitcoin as an investment is a big positive that bans are starting to be a thing of the past, but never say never Quote Link to comment Share on other sites More sharing options...
Wez Posted November 27, 2017 Share Posted November 27, 2017 I am not sure how any one government could ban it, by its distributed / decentralised nature it would take multiple entities who do not like cooperating. Quote Link to comment Share on other sites More sharing options...
Sheefa Posted November 27, 2017 Share Posted November 27, 2017 It will be interesting to see how/where this goes. Right now from an ignorant outsiders point of view it appears to be 'just' another investment vehicle, ie people are putting old money into it with a view to extracting/converting back to more old/regular money after a period of time/gain? That's the great thing about it, 99% of the public haven't a clue so whilst they wait longer we can pile on the cheap crypto strategies and kill it in a few years. Quote Link to comment Share on other sites More sharing options...
Wonga Spar Posted November 28, 2017 Share Posted November 28, 2017 That's the great thing about it, 99% of the public haven't a clue so whilst they wait longer we can pile on the cheap crypto strategies and kill it in a few years. So you'd suggest avoiding BTC and just building a diverse portfolio of much smaller cryptos? I'm only in with ETH at the moment. Quote Link to comment Share on other sites More sharing options...
Sheefa Posted November 28, 2017 Share Posted November 28, 2017 Absolutely Wonga. Remember you can still get a portion of BTC like 0.2 and therefore if it continues to gain you shall benefit from future increases. However, now it is all about spread betting and buying alt coins in top 200. It doesn’t have to be a lot, I have 10,000 Dogecoins for example that only cost £15 yet the possibility for growth is enormous. My main coins are Neo, Ripple, Doge, ARDR, POWR, Steem, ETH, ADA, VTC, SC, LTC, NXT, XLM, PAY, LSK and DGB. I also have around £500 spread in another 100 low market cap coins. Hope this helps. Quote Link to comment Share on other sites More sharing options...
Sheefa Posted November 28, 2017 Share Posted November 28, 2017 And here is some clear evidence for you all on the profitability of alt coins over BTC long term. Quote Link to comment Share on other sites More sharing options...
grahamc Posted November 28, 2017 Share Posted November 28, 2017 Although there are a few projects (pay, mco, tkn, etc) trying to do this i've got a feeling it's still a little way off, purely due to tax implications - the gov are never going to allow you to pay with crypto that you've not paid capital gains tax on. We are really close to $10k atm, i can see the same thing happening to what happened at $5k - we got really close then the whales shorted and forced the price down a $k, or two this time. There is still a lot of manipulation in crypto due to some people having masses and masses of Btc. Personally i think diversification is the best way to ensure you don't get rekt. It's definitely good to have some 'currency' in your crypto bags - Btc, Ltc, Zcash, monero and similar, but be aware, these are direct competitors to government controlled Fiat and are more under threat to gov bans than platform tokens are. Should every government get together and ban bitcoin the price of btc would go through the floor almost instantly. Although this would affect every crypto initially the only ones that would recover are the platform tokens, eth, neo, omg, to name a few - Crypto that actually has real world blockchain use other than just a store of wealth. The fact that financial investment institutions are now recognising bitcoin as an investment is a big positive that bans are starting to be a thing of the past, but never say never Completely agree.... We are a long way off this and I am not sure if Bitcoin will be the currency or if it is just the start of it all. Bitcoin (25-30%) has made good gains for me, however on a percentage basis, ETH (45%) and LTC (45%) have made better gains over the last month! Quote Link to comment Share on other sites More sharing options...
Scooter Posted November 28, 2017 Share Posted November 28, 2017 That's the great thing about it, 99% of the public haven't a clue so whilst they wait longer we can pile on the cheap crypto strategies and kill it in a few years. This is what I can't get my head around, why are they going up? Behind the US$ or £ is at least GDP/economic performance to support (or not) it, with these coins is it that increasing demand is just pushing the prices up.....ie if I buy in they will go up for me and those in before me, then if the all friends of mine do, it'll go up more etc etc etc...is that the model here or is there more to these 'currencies'? Quote Link to comment Share on other sites More sharing options...
Sheefa Posted November 28, 2017 Share Posted November 28, 2017 You can't view it like that. BTC and other Alts should not be compared in value to FIAT (USD, GBP etc) currency. Yes that's how you cash out for a profit but the trading itself is crypto currency pairs and not fiat. My advice is to do what I did and undertake the Crypto Couse by Siam Kidd at RealisticTrader. It's brilliant and tells you everything you need to know in easy online modules plus you get access to the FB group which is amazing for info and Intel on existing coins and other ICOs. Just asking questions on here will not give you the information to make informed and calculated investment decisions. Greg Quote Link to comment Share on other sites More sharing options...
Sheefa Posted November 28, 2017 Share Posted November 28, 2017 This is what I can't get my head around, why are they going up? Behind the US$ or £ is at least GDP/economic performance to support (or not) it, with these coins is it that increasing demand is just pushing the prices up.....ie if I buy in they will go up for me and those in before me, then if the all friends of mine do, it'll go up more etc etc etc...is that the model here or is there more to these 'currencies'?Completely agree.... We are a long way off this and I am not sure if Bitcoin will be the currency or if it is just the start of it all. Bitcoin (25-30%) has made good gains for me, however on a percentage basis, ETH (45%) and LTC (45%) have made better gains over the last month!BTC will be a store of value rather than trading real world currency. Bitcoin Cash has far more functionality and quick processing time for real time transactions etc. Quote Link to comment Share on other sites More sharing options...
grahamc Posted November 28, 2017 Share Posted November 28, 2017 BTC will be a store of value rather than trading real world currency. Bitcoin Cash has far more functionality and quick processing time for real time transactions etc. /QUOTE] Yeah, BTC cash is on my list for the not too distant future Quote Link to comment Share on other sites More sharing options...
Sheefa Posted November 28, 2017 Share Posted November 28, 2017 It crashed 2 weeks ago to 800 ish and then significantly up again but declining fast today. I would imagine it'll retrace to around £1k when I will buy in. Quote Link to comment Share on other sites More sharing options...
Scooter Posted November 28, 2017 Share Posted November 28, 2017 Like a digital 'Gold' in some ways? Quote Link to comment Share on other sites More sharing options...
Big Mark Posted November 28, 2017 Share Posted November 28, 2017 Reading all this I feel like I'm missing out. How did you guys all first get into this? Any good links as to where to read up on this for anyone interested? Quote Link to comment Share on other sites More sharing options...
stevie_b Posted November 28, 2017 Share Posted November 28, 2017 Which platforms (wallets) do you guys use? I use gatehub and coinbase. I know coinbase prices may be high, but it's easy to understand for newbies like me. Quote Link to comment Share on other sites More sharing options...
Wonga Spar Posted November 28, 2017 Share Posted November 28, 2017 Pretty much covers it: I wouldn't feel like you're currently missing out, we've all "missed out" in a way (except for the tiny tiny minority). Quote Link to comment Share on other sites More sharing options...
Marty Posted November 28, 2017 Share Posted November 28, 2017 (edited) If you are just getting in to it now you've absolutely not missed out - we are all still the early adopters of cryptocurrency. Most people still have no idea it exists or what blockchain technology actually is. Stevie - coinbase is your best bet, but you are going to get stung by fees. You can negate them by sending your money to a euro bank account and then on to your coinbase account, then buying your chosen currency using Gdax which is coinbases exhange, greg mentions this earlier on in the thread i think. I truly believe crypto is the biggest opportunity of our time to gain financial freedom. Day trading is the more profitable but most risky play. Buying and holding for a few years is the safe sensible bet. We are in a bull market at the moment which is primed to go nuts once Btc has done it's thing, so it's quite hard to not make any gains on what you buy. Once it's over with we will see a retraction on the value of most cryptos, its just part of the market cycle and to be expected. This chart is pretty valid IMO and experience, investors should be aware of it We all know where Bitcoin is ... Altcoins are probably around the optimism / belief stage. The last bull period being around August, as more money flows in the cycle period seems to be getting smaller. Edited November 28, 2017 by Marty (see edit history) Quote Link to comment Share on other sites More sharing options...
Kendo11 Posted November 28, 2017 Share Posted November 28, 2017 Been looking at getting into this myself, recently joined an FB group that mentions some of the same points above. Really helpful thread guys, I'm coming at this from a total noob standpoint so it's very helpful. Quote Link to comment Share on other sites More sharing options...
Sheefa Posted November 28, 2017 Share Posted November 28, 2017 As I said above, a number of times, sign up to the RT Crypto course here. I promise you it'll be worth it's weight in gold and will easily pay for itself. It is how I and many other friends have learnt and Siam Kidd is a true Investor genius. http://www.therealistictrader.com/cryptocourse/ I use Bittrex and Kraken as my main exchanges and trading platforms. Coinbase occasionally for immediate BTC/Ether purchases and to cash out quickly despite fees. Otherwise I store all my currencies that I am HODL on my Nano S Ledger and other offline paper wallets. - - - Updated - - - Like a digital 'Gold' in some ways? Correct. Although the value of BTC will actually be a LOT higher in years to come. Quote Link to comment Share on other sites More sharing options...
Sheefa Posted November 28, 2017 Share Posted November 28, 2017 Reading all this I feel like I'm missing out. How did you guys all first get into this? Any good links as to where to read up on this for anyone interested? See post above Mark. You really do need to go from start to finish on a course to understand how it all works. If you begun trading and sent BTC to the wrong tag address for example your whole investment would be lost. You need to understand the principle of it all, how it differs from fiat trading, the exchanges, the wallets, cold/hot/paper storage, spread betting, market caps, so much to know. Quote Link to comment Share on other sites More sharing options...
Sheefa Posted November 28, 2017 Share Posted November 28, 2017 Which platforms (wallets) do you guys use? I use gatehub and coinbase. I know coinbase prices may be high, but it's easy to understand for newbies like me. That's not a wallet it is an exchange Stevie and extremely high risk. If you store any significant funds on there please get them off into a cold storage/paper wallet by making your own BTC address and private key here: https://www.bitaddress.org/bitaddress.org-v3.3.0-SHA256-dec17c07685e1870960903d8f58090475b25af946fe95a734f88408cef4aa194.html Quote Link to comment Share on other sites More sharing options...
Sheefa Posted November 28, 2017 Share Posted November 28, 2017 If you are just getting in to it now you've absolutely not missed out - we are all still the early adopters of cryptocurrency. Most people still have no idea it exists or what blockchain technology actually is. Stevie - coinbase is your best bet, but you are going to get stung by fees. You can negate them by sending your money to a euro bank account and then on to your coinbase account, then buying your chosen currency using Gdax which is coinbases exhange, greg mentions this earlier on in the thread i think. I truly believe crypto is the biggest opportunity of our time to gain financial freedom. Day trading is the more profitable but most risky play. Buying and holding for a few years is the safe sensible bet. We are in a bull market at the moment which is primed to go nuts once Btc has done it's thing, so it's quite hard to not make any gains on what you buy. Once it's over with we will see a retraction on the value of most cryptos, its just part of the market cycle and to be expected. Altcoins are probably around the optimism / belief stage. The last bull period being around August, as more money flows in the cycle period seems to be getting smaller. Coinbase as I said is not a wallet and is risky. You should never store coins on there for long periods, only immediate trading or nominal sums. Agreed Cryptocurrency is a huge opportunity and there's still plenty of time to get into it and profit - as well as lose. Risk free capital should ONLY be used. Agree around your comment on Altcoins and this is where there will be the most significant gains that will totally dwarf BTC. Quote Link to comment Share on other sites More sharing options...
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