I am still just keeping mine on coinbase.
Should I be worried. I know there are a couple of forks looming so maybe I should be taking precautions?
Coinbase say they'll support the fork, although it might take a while until you can access it.
So much for my strategy, everyone is buying bitcoin like mad and the price is going sky high. While apparently some ICO that made loads of ethereum is selling big chunks whenever the value hits $300 which is holding the price more or less constant. Had I kept it all in btc since I first posted then I'd have about a 40% profit so far!
I know. I was holding near 50/50 between the 2 but BTC has out performed ETH massively
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Hehe unfortunately my split is more like 20/80, isn't hindsight wonderful!
The problem is that crypto currency s are so volatile that they can't be trusted in the short term, from my very short experience with them I have found ripple to be the steady one out of all of them, it seems more robust as it doesn't follow the bitcoin price as closely as the others do.
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I still think in the medium term ETH will bounce back. I hadn’t put 2+2 together on it until wombleh just said that but makes total sense now
I got into this way too late and only have a few hundred pounds in bitcoin and ethereum but I've just transferred my balance over to my nano s wallet from my coinbase account. With the upcoming bitcoin fork will this mean that I miss out on free coins when the split happens?
No, you'll be ok as the fork hasn't happened yet.
This is the bitcoin gold fork driving this rise, there's a much bigger fork for segwit2x next month. Might have to buy some more!
Ethereum value is flying up today too!
I created a Coinbase account yesterday to see what's what... two questions to users:Originally Posted by subseastu
1) There is a weekly £325 transfer in limit to begin with, once you've linked a debit/credit card. The limit can be increased with SEPA transfers made in EUR. GBP not supported! How are you all managing the lack of wire transfer, and the limits?
2) Many, many users in the UK are experiencing problems with Coinbase when it comes with withdrawing funds (search Reddit/Twitter) - either the funds go missing, it takes weeks/month for the withdraw transaction to complete, the target account 'not authorised' or the funds bounce back to Coinbase. There appear to be hundreds of such cases. Note they do not have a UK Support capability yet. Can anyone chime in with positive withdrawal stories? I cam yet to read one for a UK user!
Is there an easy/safe alternative method to buy BTC, ETH, LTC from within the UK?
Last edited by cman; 15th October 2017 at 10:17.
www.bittylicious.com has to be the simplest option.
I take any advice you can give me! i'm currently holding 0.1 BTC on Coinbase.. any idea of where i should go from there?
thank you
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Where have you bought your Ledger Nano S wallets from?
The price seems lower buying from EU than in the Uk - from the quick look I had anyway.
Bought mine from Ledger themselves (France). Surer of getting latest version etc.
Thanks a lot. Was thinking of doing that too.
If anyone is remotely interested, my article about bitcoin can be accessed here:-
http://www.iii.co.uk/articles/458921...d-65000-profit
Please note that any crap/factually incorrect bits are down to my editor :)
Cheers.
Hey all, anyone tried selling their watches for Bitcoin?
Ive been considering selling my DJ for Bitcoins, just curious if anyone else has attempted it.
I dont think it will be long before the watch trade accepts CryptoCurrency and despite competition it should settle into the Bitcoin / Ethereum / Litecoin as most recognised and widespread. As the confidence and popularity increases they will soften in growth but stabilise also. Still amazes me how many people aren’t wise to the potential not only for growth but also for the eventual eradication of cash which I think is 5-8 years away at best.
RIAC
^This^
I think Ethereum is going to win out overall due to its enhanced tech capabilities/functionality. Anyone holding Ethereum over the past week will no doubt be happy!
^^^
Won't happen until prices stabilise - prices will be changing by the hour.
Don't know about Ethereum but at present Bitcoin transactions are so slow you'd have to spend a few hours (or even overnight) at the AD waiting for confirmations.
Good way to launder profits though!
I don’t find them slow. Buying takes seconds
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RIAC
Sending is slow.
The way the cryptos change in value by the hour it would be a very brave watch company who would take them on. GamesMart Steam knocked it on the head in December...
https://www.theregister.co.uk/2017/1...coin_payments/
..and as for the eradication of cash in the next 5-8 years, you must be joking.
In Mayfair showrooms where people like to pay via cards maybe, but down at the sharp end with second hand watches at antiques markets etc people always want cash.
Try asking a dealer at Kempton Park if he takes Bitcoin.
It's all cash down at that level.
Cheers,
Neil.
It's in use in the high street here...
I'm accepting Bitcoin in the UK, (mail order company) but had no takers yet :-)
I’m sure the same comments were muted when we stopped using gold coins and goats! By all means be a doubter. I’m not asking or telling you to invest but Disregard bitcoin think Crypto generalThe way the cryptos change in value by the hour it would be a very brave watch company who would take them on. GamesMart Steam knocked it on the head in December...
https://www.theregister.co.uk/2017/1...coin_payments/
..and as for the eradication of cash in the next 5-8 years, you must be joking.
In Mayfair showrooms where people like to pay via cards maybe, but down at the sharp end with second hand watches at antiques markets etc people always want cash.
Try asking a dealer at Kempton Park if he takes Bitcoin.
It's all cash down at that level.
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RIAC
They were probably mooted rather than muted or we wouldn't have heard them!
You live in a retail type world, others treat cash money in a very different way.
Cheers,
Neil.
Have you tried it, how long does it take?
This https://blockchain.info/charts/avg-confirmation-time shows the average confirmation time is usually at least an hour. Maybe it's taken on trust with known Buyers?
Last edited by Kingstepper; 10th January 2018 at 16:20.
And what happens if you pay the going rate in Bitcoin for your Rolex, and the value drops by 40% the next hour.
Do you go back to the buyer and ask for 40% more coins?
it is happening in sweden already. i visit often to see family etc and haven't seen any a swedish kronor in cash form in a few years. its very handy if you ask me
There were plenty in evidence when we visited in 2016...
Maybe only tourists use them?
M
Depends on whether you'd be prepared to do the same if the value increases by 40% and you contact the seller to give them more coins.
In reality fluctuations in currency happens all the time so it'd be the same as you do when buying something in Euros from a foreign seller, you accept the rate set by your bank at the time of the transaction.
GBP/EUR fluctuations are relatively minor compared to Bitcoin where it often changes by 5 or 10% in 24 hours..
Buying from a Euro seller the seller has the value in Euros he wanted. If Bitcoin he’ll now have a still (possibly) wildly fluctuating value in Bitcoin.
Exactly. When the £/Eur or £/$ swings by 1% in a day it makes the news. in crypto that kind of movement is barely noticed.
It takes the same time as paying by credit card. (The shop sells Rolex too. So you absolutely can buy a Rolex today with bitcoin. It is legal currency here).
I think the confirmation time is only an issue for the b2b settlements. Which is similar for cash/credit/stocks/commodities already - settlement time is 1 to 3 days, worse than bitcoin. The electronic b2c part, such as a credit card swipe at retail, is always a promise of future delivery.
Last edited by Tokyo Tokei; 11th January 2018 at 00:27.
Eradication of cash has many benefits and will happen
Cash only accounted for 14% of transactions last year and is the most widely used criminal currency. Even removing the high value notes would have a significant impact.
If interest rates did fall to below zero then the banks would be charging you to hold your savings!!! Not a nice thought and not an issue with Cryptocurrency etc
You can’t pay for drugs on credit cards etc so makes purchasing harder.
It reduces physical crime, mugging and theft would drop by 20-30%
Cash is dirty and inconvenient, how many times are you rummaging in your pockets trying to find the right change or worse still the bloke in front of you in a queue is!
The public will adapt and crypto along with tap to pay style payments will be the norm for sure.
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RIAC
Cryptos will form part of our lives cash will become all but redundant there is real movement to Decentralise such is the desire to circumvent banks.
Bitcoin is The granddaddy but is now more a means of investment rather than payment as it can be slow and costly per transaction.
Bitcoin Cash BCH was launched in August to address the transaction speed and cost per transaction which it does nicely there is potentially a point where BCH and BTC will do a Switchover.
ETH is very slick but keep an eye on EOS later in year.
It’s all great fun riding the rollercoaster
Last edited by TKH; 11th January 2018 at 09:40.
Miami Bitcoin Conference Stops Accepting Bitcoin Due to Fees and Congestion
Next week the popular cryptocurrency event, The North American Bitcoin Conference (TNABC) will be hosted in downtown Miami at the James L Knight Center, January 18-19. However, bitcoin proponents got some unfortunate news this week as the event organizers have announced they have stopped accepting bitcoin payments for conference tickets due to network fees and congestion.
Bitcoin settlement times, and the fee market associated with transactions, have become a hot topic these days as on-chain fees have risen to $30-60 per transaction. These issues have made it extremely difficult for businesses to operate, and many merchants have stopped accepting bitcoin for services and goods altogether. Just recently the tech giant Microsoft announced temporarily removing the “redeem bitcoin” button from the account services payment option. Now this week, due to the same related issues with the Bitcoin network, TNABC organizers have ceased accepting bitcoin payments for tickets.
“Due to network congestion and manual processing, we have closed ticket payments using Cryptocurrencies — Hopefully, next year there will be more unity in the community about scaling and global adoption becomes reality,” explains the TNABC ticketing page.
Someone who lies about the little things will lie about the big things too.
And criminals stuff their cash into Bitcoin machines.
True but unlikely and as you know interest rates are on the rise now.
Anyone can get a card reader.
I think most muggers would be looking at your expensive watchrather than a bit of cash in your wallet.
I think you are dreaming if you think robberies would go down.
I don't find it inconvenient personally but I'm rarely in a hurry.
Cryptos and their inherent instability have a very long way to go if they are ever going to form part of the mainstream currency because currently they are nothing more than an investment vehicle.
It's because of their wild fluctuations that people are fascinated by them, the chance to make a quick buck.
If they were were as stable as the main currencies I doubt there would be the interest as was the fact for the first few years of their existence.
Cheers,
Neil.
Ok. Let’s chat in Jan 19
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RIAC
All of this is entirely correct, but has little to do with Bitcoin et al. The irradiation of paper and coin money will almost certainly happen in time, but why do you think we'll all suddenly start trading in Bitcoins, rather than good old GBP/EUR/USD?
A b2c transaction is underwritten (promise of future delivery) by the credit card company. There is no-one to underwrite the bitcoin transaction and the only way to prevent any bitcoin being spent twice is to wait for confirmations.
I don’t know meaning of ‘legal currency’ in Japan - we have ‘legal tender’ in UK which has a very specific meaning in relation to payment of debts but retailers can accept whatever currency they wish (including BTC).
This is very well said. I would add that a large number of drug dealers are dealing directly in bitcoin (this is why there are so many questions on the Internet about how to cash out bitcoin) and why there have been so many darknet markets vanishing overnight (exit scams) its all very interesting these dodgy types have been driving bitcoin from the very beginning!And criminals stuff their cash into Bitcoin machines.
True but unlikely and as you know interest rates are on the rise now.
Anyone can get a card reader.
I think most muggers would be looking at your expensive watch
I think you are dreaming if you think robberies would go down.
I don't find it inconvenient personally but I'm rarely in a hurry.
Cryptos and their inherent instability have a very long way to go if they are ever going to form part of the mainstream currency because currently they are nothing more than an investment vehicle.
It's because of their wild fluctuations that people are fascinated by them, the chance to make a quick buck.
If they were were as stable as the main currencies I doubt there would be the interest as was the fact for the first few years of their existence.
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Your source? Did you make it up?
Porn drove the internet from the very beginning but it hasn't affected its popularity.its all very interesting these dodgy types have been driving bitcoin from the very beginning!
Last edited by Tony; 11th January 2018 at 11:25.
I was going to say the same thing!
Cheers,
Neil.
Agreed, porn remains very popular!
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I wouldn't know. I'd worn myself out by the end of the dial-up era.Agreed, porn remains very popular!
The transaction takes one second in Japan. My comment was in relation to this:
This is not true (at the consumer experience level), for the reasons stated. There are indeed intermediaries that facilitate this, just as credit card companies do for other currencies. The shop can choose to have the transaction converted into Yen at the time of purchase or left as bitcoin.... at present Bitcoin transactions are so slow you'd have to spend a few hours (or even overnight) at the AD waiting for confirmations.
Bit (boom boom...) of info here on Bitflyer, the most popular bitcoin platform in Japan and the one my closest department store uses, for anything from toothpaste to Seikos... https://bitflyer.com/en
Video:
Both mention the 1 second transaction time (sorry the video is in Japanese but the link is in English). You can also use bitcoin for paying utility bills. I'm not sure of the legal terminology but when Japan decided to treat bitcoin as legal (and thus regulated, tax reportable etc) means of exchange in April 2017 it was big news, I'm sure you'll find reference to it on any financial or bitcoin website. It's just treated like Apple Pay at retail here now, or any of the other cashless payments.
edit: meant to be informative, not argumentative... this is all new to me and most people I know
Last edited by Tokyo Tokei; 11th January 2018 at 15:45.
Thanks, I can now see how this works.
Unfortunate though that although Bitcoin is ‘decentralised’ it still requires a third party (equivalent to credit card company) to function effectively as a transaction currency.
Nope, still have no idea what a bit coin is or why i would use it.....or how.
Can some-one actually direct me to an answer that is simple to understand? Ta.
Did a small withdrawal this week to make sure everything is up and running ok - my holdings are with Coinbase.
Registering a bank account to withdraw was easy and they ask you to deposit a small Euro amount to verify this account. I sent 5 Euro. Within approx 12 hours I received an e-mail letting me know it had been received and credited to my Coinbase account. I then accessed my account and set up the withdrawal - all went ok and I received an e-mail confirming the amount, which appeared 2 days later without problem.
Happy that all is well and the system works as far as Coinbase goes. I have spread my invest across a couple of the cryptos but the amount is not something I would die over if it all went 'Pete Tong'. The reality is I put £360 into Bitcoin at the end of June 2017 and I withdrew almost £900 today and I still have nearly £100 in my collective crypto account.
This really was a bit of a play or loose exercise at the beginning and I pretty much nearly tripled my money in 6 months.
Time to consider which way to go methinks.
When you look long into an abyss, the abyss looks long into you.........
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