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Reading through this thread it would appear most people are trading and not mining.

 

Most people don't mine. It's not profitable at all IMO in england. Electricity is too expensive, difficulties are too high and GPU prices are crazy atm.

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When bitcoin runs altcoins get nailed relative to their btc value - alt usd figures are generally worked out from the btc/alt pair value, so if bitcoin goes 10% in a day and your alt is up 5% (usd) it

Was close to replying on here yesterday saying to buy some more as this is crypto land and the price will go up despite the bad news. Wake up this morning and it’s up 30% 😬   They’ll settle it

Well done Dunk, glad you made bank   Although XRP is always good for a pump, even now and will probably deadcat bounce, i'd personally shift a bit of focus to Ethereum and litecoin, too much unce

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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 :D 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.

 

Signed up via your link. May give it a go :)

 

Edit: Just bought my first litecoin too. Not sure how you and I get our commission??

Edited by marbleapple (see edit history)
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Stupid question then, say you've got a fair amount of money invested & you've got a few thousand pounds worth in your digital wallet. How do you then go about getting it, is it a case of transferring it to a linked bank account, do you need to sell your digital currency on?

 

You can sell bitcoin through places like http://www.bittylicious.com or the more industrial https://localbitcoins.com/country/GB which is where you can buy and sell large amounts. It's like an ebay for cryptocurrencies. Complete with feedback ratings, if they are a business or private etc.

Easy to use provided you stick with a proper trader with thousands of feedbacks. (for selling or buying)

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Signed up via your link. May give it a go :)

 

Edit: Just bought my first litecoin too. Not sure how you and I get our commission??

 

We get the commission with any coin but i think you have to spend over 100$ or £73 last time i read, it doesn't have to be the first purchase afaik

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happened with ETH not long ago.

 

People with stop orders without limits. Horrible, but their own faults.

Slippage can happen regardless with margin trading, not sure what the exchanges rules are on stop limits. its the nature of the beast though as it depends on market liquidity at the time. Especially when dealing with market makers. Sounds like some people did well out of this though..

Edited by and1c (see edit history)
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A stop loss is fine to use.

 

You just need to pair it with a limit.

 

Otherwise the stop will occur at your price but then that is the same as you starting a market order at whatever the price is. If people are only selling/buying at 20p your orders will fill at that.

 

A limit will show that you wont accept lower than that. So you wont get raped.

 

When it happened on GDAX they refunded a lot of the losses as they are a more "regulated" exchange. I imagine Bitrrex will tell people to gtf.

Edited by Ric (see edit history)
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My main concern with these exchanges is finding a non fraudulent one. Bittrex used to be solid, but is getting a lot of bad reviews lately, as is Coinbase. (just google them for reviews...) It's the wild west out there!

Even using cold wallet storage still means you have to transfer BTC into the exchange to buy the other coins and then back out again with the new coins, it seems a lot of people have had stuff go missing during either of these processes. I am very soon taking all my alt coins out of bittrex... hopefully.. will update if all goes smoothly.

Edited by and1c (see edit history)
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The UK and other EU governments are planning a crackdown on bitcoin amid growing concerns that the digital currency is being used for money laundering and tax evasion.

 

The Treasury plans to regulate bitcoin and other cryptocurrencies to bring them in line with anti-money laundering and counter-terrorism financial legislation. Traders will be forced to disclose their identities, ending the anonymity that has made the currency attractive for drug dealing and other illegal activities.

 

Its reported that its all just a bubble but the Global black economy alone could invest anonymous crypto currencies to 4 times their current trading values. The skill in investment is always riding the bubble to the point just before it pops. At minimum proposed regulation changes will make any gains eligible for UK taxation which they already are but tax is presently avoided by traders under the anonymity presently offered in trades.

Edited by rider (see edit history)
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https://uk.trustpilot.com/review/coinbase.com

https://uk.trustpilot.com/review/bittrex.com

 

buyer beware

 

- - - Updated - - -

 

IOTA and Tangle , mean anything to anybody?

 

Still trying to get setup with Coinbase but they keep reiterating my Drivers License is unreadable , use their app , it is as clear as if I physically gave it to them

 

https://uk.trustpilot.com/review/coinbase.com

https://uk.trustpilot.com/review/bittrex.com

Edited by and1c (see edit history)
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All those reviews are pointless and probably by extremely green people.

 

Money not received - probably didn't include the unique reference they need to transfer

Dont hold keys - transfer to another wallet then

can't withdraw - dont have a verified euro account

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Rider - Please don't comment on this being a bubble like all the mainstream media and sources. Do you know anything about crypto currencies, the technology behind Ada and Neo for example? I doubt it.

 

This is a currency revolution not a bubble. We've not even started getting to the bubble stage yet.

 

 

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All those reviews are pointless and probably by extremely green people.

 

Money not received - probably didn't include the unique reference they need to transfer

Dont hold keys - transfer to another wallet then

can't withdraw - dont have a verified euro account

 

Talk about wild speculation.

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Rider - Please don't comment on this being a bubble like all the mainstream media and sources. Do you know anything about crypto currencies, the technology behind Ada and Neo for example? I doubt it.

 

This is a currency revolution not a bubble. We've not even started getting to the bubble stage yet.

 

/QUOTE]

 

People comment about it being a bubble because it has all the facets of being a bubble. I looked into crypto currencies a long time ago. Can't remember how long ago but a mate of mine invested £100 at that time that he cashed in half a few months back for £50k so you can work it out when if you really want to. I decided not to invest, not because I couldn't see it was a great money making scheme unfolding but because I felt its only tangible value was to avoid tax or launder money. Anonymity has a significant value and that is the bedrock of virtual currency values we see today frothed up with get rich quick aspirations of short term investors. If trading anonymity is removed, and its looking more like when, then that bedrock upon which all virtual currencies rest is also removed. I wasn't comfortable investing in something with obvious appeal to those seeking to hide illicit earnings or to avoid taxation. That was purely a moral choice and not one I would seek to apply to others who are happy in speculating in currency movements because it was a personal choice I took that doesn't have me sitting here today thinking I fucked.

 

Beyond the obvious appeal to the criminal fraternity on Bitcoin mining it was reported recently, the mining activity consumes more electricity that the country of Ireland does. Its strange that a virtual currency has a larger carbon footprint than 4.8 million humans. Its not just looking like a bubble its a heavily polluting bubble that will have a place but anyone thinking they can relive the £100 to £100,000 days has almost certainly missed the boat and anyone investing should expect anything that goes up and down 20% a day is not a stable vehicle for investment and anyone investing should know that tax authorities have virtual currencies on their radar so tax avoidance will become somewhat harder on any currency trading profits realised. any losses are always tax free of course.

 

Having said that, if I didn't have any qualms I think there is still plenty of scope to make serious money on virtual currencies though that'd be on the lesser know ones, rather than the Bitcoin variant. The other virtual currencies could see a lot of the Bitcoin value leech their way as Bitcoin trading is what government authorities are focussed upon.

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I've used Coinbase multiple times and never an issue. Hell I just bought 0.2 BTC and transferred it to my Ledger within 1/2 hour. It's user error here not the platform.

 

Out of interest have you sold any assets, converted them back to "real" currency and withdrawn those funds? I tried investing several months ago and Coinbase wasn't functioning properly due to high volumes of transactions.

 

I wondered then that if you couldn't buy at times of high volumes, was there a risk that it would be just as difficult to sell when the time came if the exchanges were equally busy. And even if you managed to sell, was there a risk of funds not being released. As I understand it Coinbase and other exchanges are not regulated by any authority we would recognise.

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Out of interest have you sold any assets, converted them back to "real" currency and withdrawn those funds? I tried investing several months ago and Coinbase wasn't functioning properly due to high volumes of transactions.

 

I wondered then that if you couldn't buy at times of high volumes, was there a risk that it would be just as difficult to sell when the time came if the exchanges were equally busy. And even if you managed to sell, was there a risk of funds not being released. As I understand it Coinbase and other exchanges are not regulated by any authority we would recognise.

 

Yes I have and do.

 

Ultimately I transfer BTC from Bittrex/Kraken or Coinbase to Gdax which is under Coinbase ownership, sell the BTC on gdax, transfer the sterling/euros back to Coinbase and then withdraw to bank account. That means practically zero fees.

 

 

 

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Yes I have and do.

 

Ultimately I transfer BTC from Bittrex/Kraken or Coinbase to Gdax which is under Coinbase ownership, sell the BTC on gdax, transfer the sterling/euros back to Coinbase and then withdraw to bank account. That means practically zero fees.

 

Thank you, good practical experience. Had I been successful in buying I would have been in at about $2,000 so I've missed out of a five fold gain in a few months, but I would have probably sat on my hands as the price came down just as quickly!

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