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Anyone using crypto curency?

Old 04-20-2018, 02:16 AM
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Default Anyone using crypto curency?

As the title, I have £500 to squirrel away so I thought I'd try investing in crypto currency. I know it's high risk and have been trying to research how it works.

Do I have to store it on my own PC or can it be hosted on line?
I'm looking at Etherum and Bitcoin to start with, are there any better alternatives?
Who are the safe websites to work with buying and selling?
What software do I need?
How do I work it day to day?
Is it easy to take cash out of the investment?

I'm hoping to take the £500 out once (if) it's made £500 return and then let it hopefully grow on it's own.
I'd appreciate comments from anyone with hands on experience.
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Old 04-20-2018, 04:22 AM
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It's of little interest to me as generally retail investors get stuffed on such things but I did see this and almost raised a brow

http://uk.businessinsider.com/2-economists-just-eviscerated-bitcoin-saying-it-should-be-trading-at-20-2018-2

​​​​​​
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Old 04-20-2018, 08:22 AM
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Had some BTC for a while, when I saw it was starting to go hyperbolic. It's something I need to be familiar with for professional reasons.

BTC is not really much use as a money exchange.

You'll need to do a lot of research (try somewhere like 99 Bitcoins for a starter) and be very careful.

And caveat futuit emptor! It's great for those of us with the Ancap mindset, so ensure you don't get ripped off!

Ergo:

A crypto wallet (stored offline - like a Ledger Nano) is safer than online.

Somewhere like Localbitcoin is OK to host a wallet, so you can buy/sell off the street. That seems a lot easier than the formal exchanges. Coinbase is controlled by The Bankster Man and it's easy to buy with fiat but not so easy to withdraw back to fiat. Then again, everything was a PIA when it was getting too toppy due to transaction overload.

Don't move BTC around too much, as the charges get extortionate due to technical reasons - which is why it's not the best fiat-substitute. Litecoin et al might one day be the 'winner' but who can tell the future?

ETH might have more of a big-sum trading future, but avoids the massive gains/falls of BTC.

Last edited by Nick Graves; 04-20-2018 at 08:31 AM.
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Old 04-21-2018, 09:21 PM
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Oh and just to add, these days, it's cheaper to buy smart than it is to mine it yourself. And as Nick says, the value fluctuates like crazy. Easy to make a bit, easier to lose more. I couldn't be arsed with the attention it required.
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Old 04-22-2018, 06:51 AM
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I've dabbled, it is up and down like a whore's knickers, so I gave up trying to day trade it. Stuck $200 in a little portfolio of tips I got and letting it do what it wants. At $282 today. But it has been as low as $130

I have use Eretheum to trade with and my portfolio is made up off Litecoin, Ripple, Nucleus Vision, and Stellar.

Here's a little guide a mate wrote when I started in Feb (some of which may be out of date):

1. Sign up to Coinbase (www.coinbase.com) - this is the most common/trusted place to turn cash into Crypto Coins. Security is pretty tight so will need to go through verification process that can take 2-24 hours. It will require you to take a photo of your license and submit it, don't worry its legit. Just takes a while to verify sometimes.
2. Once you have your account and Two-factor identification setup, you should be able to register your debit card and buy coins.
3. Coinbase only sells Bitcoin, Ethereum and Litecoin - any of these are currently good "long term" buys.
4. Which coin to buy? This is where the fun starts...

· Bitcoin (BTC) is the most common and trusted store of value, but very slow and expensive to transfer so I stay clear of it, but good investment if you just want to put money in and just leave it there long term. It was worth $18,000 in January and fell to $6,000, but is already back up to $10,000 and should keep recovering to over $20,000/coin this year if not higher.

· Ethereum (ETH) is most commonly used as a currency for trading and buying other coins on various coin exchanges. I tend to use ETH, which I bought for $600/coin and is now worth over $850/coin. It was as high as $1,350 before the January crash so good opportunity still.

· Litecoin is the one that is currently on a rampage and the one that I wish I bought 2 weeks ago - was worth $90/coin and then news of LitePay broke which made it shoot up to over $230.


5. Buying / Trading “Alt Coins”:
  • There are 100s of Trading exchanges selling 1000s of coins, but I use Binance (www.binance.com) which is the most common and largest coin exchange selling the most popular coins and allows you to use either ETH or BTC as a currency (which you would have bought on Coinbase as per above).
  • If you setup an account on Binance you will get a "Wallet" with a unique Wallet ID/Address for each unique coin. You can send Crypto currency to this address from Coinbase or any other exchange. You use this wallet to send ETH or BTC from Coinbase to Binance.
  • Once you have ETH or BTC in Binance you can trade it for Alternative Coins using the Binance Advanced Exchange. The Binance trading platform and graphs are really good for monitoring and tracking trade history and pricing and buying/selling using Limits, Market Pricing as well as Stop Limits
  • The website www.coinmarketcap.com tracks all the values and trading volumes of the various coins and also offers basic information on any coin you want to research i.e. Charts, Available Exchanges, Social media, history etc.

This market is still in its infancy and sometimes it just feels like glorified gambling so important to diversify your portfolio as with anything, but if you trading stocks you already know this.

Apps to download for Phone:
  • CoinMarketCap – Best way to track pricing and performance of overall market and all coins
  • Coinbase – Easy monitor and buy BTC, ETH & LTC. Can also set pricing alerts / notifications
  • Google Authenticator – This will be required for your Two-Factor Authentication on Coinbase and Binance
  • Blockfolio or Cryptonaut – This will make it easier to track the performance of your overall portfolio, especially if you have different coins on different exchanges. I use Cryptonaut, but my mates use and believe Blockfolio is better.
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Old 04-22-2018, 07:20 AM
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While not a brit, will share an analogy my UK colleagues who are big time watching the market shared with me. The Bitcoin world now is very similar to the infancy of the web and potentially the associated bubble. Many of these crypto platforms will fold, some will survive like Amazon, Google, etc...

With that considered I wouldn't stick all 500 in one platform but do a bit of research and spread it around. I've not put anything as I do not have the time to do the research and could not stomach the fluctuation, it could be that I'm kicking myself 10 years down the road.
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Old 04-22-2018, 01:36 PM
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You've missed the boat if you want to make any meaningful amount of money now tbh
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Old 04-23-2018, 01:01 AM
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Originally Posted by unclefester View Post
Oh and just to add, these days, it's cheaper to buy smart than it is to mine it yourself. And as Nick says, the value fluctuates like crazy. Easy to make a bit, easier to lose more. I couldn't be arsed with the attention it required.
If you have a truly massive solar array, it's probably a good way of heating your house in the winter!

Even using cheap graphics cards, the rigs however tend to become out of date by the time they've paid for themselves.

Trading the waves does seem easier, but like all of these things, it becomes a full-time job just to make a few hundred a day, as Ian intimated.
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Old 04-26-2018, 10:31 AM
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Originally Posted by s2konroids
You've missed the boat if you want to make any meaningful amount of money now tbh
100% correct imo. I still hold a sizeable amount of XRP that I bought super low, on the premise that it's not a currency but a token. I actually support Ripple as a company a lot so they are worth reading about, given the major banks aiming up to phase 1 (xCurrent) or using xRapid in beta (phase 2).

Any of the other big 5, you've missed the boat. A lot of people who jumped in on Bitcoin and altcoins last year lost a lot when it halved. Plus the whole market is shill-central...
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Old 04-27-2018, 06:05 AM
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Yeah - that WAS the bubble.

It could take years to get anywhere near those sort of levels again, or even 'expire' before doing so.

Definitely not a 'hold'.
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