Reply With Quotehave any of your guys sold BitCoins and become very rich with proper cash ........i.e Sterling or Dollars
Not like Jamie has a conflict of interest or anything......
have any of your guys sold BitCoins and become very rich with proper cash ........i.e Sterling or Dollars
I wouldnt say 'very rich', but crypto currencies mean I don't really have to work anymore.Originally Posted by BillN
Great thread, I've been meaning to buy some for years (was looking when it was at $500!) and finally got around to it this evening. Thinking about buying some more already hehe
So I've been looking into this and I've been trying to open a coinbase account but its either not letting me load a picture of my ID or my zipcode is invalid, which its bound to be as I have a UK postcode. Has anyone managed to open a coinbase account recently? I've looked at Kraken but that doesn't seem to deal with GBP. So if not with them who else is considered safe / actually works that deals with the different coins and not just bitcoin?
Also I'm confused by these electronic wallet things like the "Ledger nano s". How do you transfer coins to and from your trading account?
I opened a coinbase account yesterday with the iOS app and drivers license for ID. It was up and running in about 5 minutes.
Using an App on your PC.
Yea. The man just wants to keep his job. Can't blame him for stirring the pot.
Anyway, hope you guys have some stop loss on BTC. All the cryptos seems to be free falling ever since the Chinese banned ICOs! Wonder is there any Algo trading going on here that's driving this movements.
Same. When I opened my account it was easier to do it via the app than on the website for some reason, especially the ID validation.
I just see it as a good time to buy. Got SIA at a good price yesterday and expect to increase BTC holdings once it bottoms out. Would be happy at todays prices, but just being greedy so will wait.....
I'll give it another go, I'm in the States at the moment offshore so I'm having a bit of difficulty with it. May have to wait a few weeks to my return to the UK. Maybe then the prices will have bottomed out as well slightly.
I do not understand Bitcoin, however I do understand smoke and mirrors and buildings without foundations so I will not be investing.
I can recommend https://www.kraken.com/ for buying / selling cryto currencies.
Bittrex is a good exchange and provides several wallets.
Agreed. IMO we are still quite far from the bottom. I would trade on event driven factors. So will be good to keep an eye out on the Chinese Exchanges!
I wonder if it will be best to buy just before it comes into effect or just after? 30th Sept is the due time?
Best to avoid pounds, dollars, and all other currencies then. The smoke, mirrors and foundation-less buildings are the same as Bitcoin.
I quite agree, but because most people never really think about it too hard that then I think 'normal' currency is currently more stable.
Cheers..
Jase
is any crypto daily trader here who could give some advice?
For last 4-5 weeks i have been staring at the graphs and last week i did some trades and manage to increase amount for 7%.
ATM im still testing and playing with not a big amount (around half BTC) but when i will be more confident i will try to trade with much higher amount.
if there is some experienced trader i would like to hear some advices/tricks for beginner :) maybe some good pages to follow, some chat rooms? .. :)
I started a couple of months ago with 'hewjardons' help
its been a rollercoaster but i expected it to be super volatile but hey isn't everything apart from Stainless Rolex
buy an amount you are comfortable with in event it all goes properly south which seems unlikely (caveat blah blah blah) - i bought BTC & ETH
when the arse falls out don't panic - increase your holding.
I am approaching it as a long term investment not as a day trader which could drive you mad.
I have some amount which is stored on hardware wallet for long term.. i belive it will goalot higher than its now...but atm im interested in day traiding...
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Same here. Not interested in day trading, buy more when price drops.
Yea it's interesting as bitcoin actually does represent value of energy /processing used to create the proof of work and so does ethereum at the moment, while dollars /pounds / etc left the gold standard address ago so aren't really founded on anything. Also read recently that the energy required by bitcoin miners is greater than used by Denmark, although the market value is higher than Denmark's gdp.
Some changes coming up in both bitcoin and ethereum which should make the value move quite a bit.
What changes ? Rise or fall though ?
The changes are the Metropolis fork in Ethereum and SegWit2x fork in bitcoin.
I'm fairly new to this area so would take my opinion with a pinch of salt and happy to be corrected or hear others views, this is absolutely not financial advice! The Ethereum fork has been planned from the beginning and it's done well after previous ones so I'm hoping it'll rise. Bitcoin is not quite the same, it's a performance fix and sounds like there's some disagreement/uncertainty so I expect price to drop, however if the fix works and we don't end up with new currencies running the unfixed version then I would expect it to go back up but no idea how long that'll take. If you're a long term BTC investor then it may be sensible to ignore the rates for a few months!
Last edited by wombleh; 27th September 2017 at 09:04.
Just arrived back in the UK and thought I'd give coinbase another go and still no joy using the android app. My drivers license keeps getting bumped back for ID verification and when trying to registrar my debit card it asks for a zip code, how did any of you based in the UK get round that?
Presumably you’ve tried post code? How/why does drivers license get ‘bumped’ - is it your number or an attachment?
Can’t remember exactly what I did but didn’t have too much trouble. I think there’s a web version - might be easier from that.
There is no option for postcode on the app, it asks for zipcode an doesn't allow for postcode entry. Regards the driver license I take a picture of front & back using the app and later it says failed to verify. I'm just going to try on the webpage.
I registered from the website with no problems, sounds like the app is stuck in USA mode! Your licence is getting bumped because their system doesn't recognise a UK id.
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Maybe I'll try deleting the app and loading it back up to the phone now I'm back in the UK
Ahh, that must be the problem.
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Have you tried changing your country in settings?
Just tried the app again and still no joy. Time zone is set to london and currency to GBP. The website is currently verifying my drivers license (again!). If this doesn't work I've no ideas left. I looked at kraken but they don't use sterling
Try etoro, if you buy BTC, ETH or any of the others on there, they buy the coins and hold them, much easier.
If you join using my referral link, pm me for it, then we both get $20 if you deposit $200 as lump sum and as 1st deposit.
$200 goes in.
An additional $40 appears out of nowhere.
Yeah, solid mate, defo all legit and not a bubble, buy it now while you can...
I bought some of these recently from a bitcoin point in a cash point place in palmers green . You insert notes and eventually a bar code comes up and I had to download an app called Blockchain , so far I'm around 15% down but that's because you pay around 15% commission when buying from these bitcoin cash machines . My £520 I inserted is worth around £460 at the moment
The $40 is simply like many financial platforms be that major banks or gambling sites. They hope to draw you in so you invest/play/gamble more with them and over the longer term they'll make it back.
eToro specifically makes it's fees on the spread price between buying and selling (like shares) and on some commodities like oil, forex etc where you are buying CFD's (Contracts for difference) they'll charge a few cents for holding positions open overnight. On Crypto currencies they don't charge any holding fees. They only make money on the spread price at point of purchase.
I have a friend that bought 4000 bitcoins for £1 each back in 2011 or thereabouts (he's a Fintech geek) but sold them on for £3 (which seems a good deal at the time) when he needed the money for a business venture. If he had held them all til now they would be worth about £13,200,000. and there are plenty of people out there that did get on that bandwagon early and have made lot's of money, unfortunately I wasn't one of them, but still willing to gamble a low amount for me that they say multiply by x10 again before the bubble bursts.
Finally after multiple attempts coinbase have verified my address and account. Time to buy buy buy.......
I opened an account with markets.com and they give you £25 when you register (you can only withdraw it when you deposit the minimum £100 investment) it has been interesting dabbling without the risk of loss! Maybe if i make enough profit on it I will deposit some money and see where it goes. This seems like a good way to get your toes wet before you commit.
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Let's imagine I fancy a punt on Ethereum, mainly as the BTC price appears to have gone nuts.
As I have merely GBP, am I right in thinking :
- GBP paid into an exchange (eg Kraken) will convert to USD, doubtless incurring a crap exchange rate, and a fee.
- USD converts to BTC, at prevailing buy rate less fee.
- BTC converts to ETH, again at prevailing exchange rate [that they offer] again less fee.
?
So the exchange does really rather well out of it, and to exit I've got to suffer those costs in reverse?
Close. Kraken will convert GBP, to Euro, then to Ether. But then you are using a platform that doesnt accepts GBP deposits and then complaining of the cost :)
Better to use one that does?
Even better, use an exchange that accepts capital deposits of GBP and that pairs GBP and ETH, I believe you can do this on CEX.IO.
Otherwise you are right, Kraken has a large spread that will eat into your capital investment/withdrawal.
Even using Bittylicious may prove cheaper than Krakens spread.
Not complaining, just ignorant!
There's a lot to learn here and I appreciate your reply. I'll check out those options, thanks. Working out which platforms etc really is a minefield, esp in an unregulated environment. It was quite refreshing to read this at the end of one article about Ripple, making me wonder quite how much of this goes on undisclosed!
"Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple, the developer of the XRP Ledger."
As well as plenty of clickbait or pure headlines when the truth is perhaps different -
The headline :
"Swiss Public University Begins Accepting Bitcoin"
Which doubtless some will take as further 'evidence' of the increasing legitimacy of it, whereas:
"The public institution is taking the cryptocurrency as payment for student-related bills through a partnership with Bitcoin Suisse AG. As might be expected, the university itself won't handle the bitcoin – rather, the brokerage firm will exchange incoming payments into Swiss francs on a weekly basis, according to an announcement.
"Bitcoin Suisse AG will bear the risk of any exchange rate losses and currency fluctuations," the university notes."
https://www.coindesk.com/swiss-publi...pting-bitcoin/
It's also quite different seeing markets move 24 hours a day...
A lot of over hyping seems to go on online in the crypto currency "news"! I have read a couple recently claiming that ripple will be at $4 by the end of the year (it's currently at just over 20 cents!) and that it will be $1000 by the end of 2018!🤣 no reasons are ever given in these reports!. I have put a small amount of money into ripple and ether as I can see them going up over the next couple of years,but i certainly wouldn't put in more money than I was willing to lose as it is very volatile.
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Pretty much sums it up :)
My feeling with Ripple is (still...) thats its worth a small punt. Their tech offers, arguably, a beneficial service to banks, those that contract to it will enjoy a benefit over their competitors. I extrapolate from that potential for a snowball effect, competitors will need to contract to ripple in order to compete.
In my eyes, the risk is that a big bank could develop an alternative that makes ripple redundant.
As such I'm becoming less bullish about ripple than I was 6 months ago, but reckon i'll give it another 6 months before thinking about dumping them.
Any recommendations for a Ripple platform?
When you look long into an abyss, the abyss looks long into you.........
IIRC I bought through Kraken, I have a euro account. Not sure, off the top of my head, your best options for GBP. You may need to convert to bitcoin, then trade those bitcoins for ripple, depends where you go.
Not keen on Kraken - found it a chew to set up etc.
Will do some more research.
Many thanks.
When you look long into an abyss, the abyss looks long into you.........
I invested recently in ripple on etoro
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Ripple can be easily bought on cryptomate. Used it for other coins but exchange rates might be poorer than elsewhere.
Is everyone using the Ledger Nano (/S) as their wallet?
I can't take the idea of someone like eToro holding my units electronically themselves in anyway seriously in this game of "jump between the sharks"!
And where did you buy it from out of interest? Amazon offers the Nano S for £83, other places online have them from under 70 euros, although how trustworthy they all are I do not know!
Bought mine from Ledger themselves (70 euros). Probably safest option and should have latest firmware etc (though can be updated). Under 85 euros with post (from France).
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