Bitcoin et al

[g4ry13]

vindaloo79 said:

modeller said:

I created an account with coinbase, easy to buy BTC and ETH.

A colleague of mine had an issue as coinbase took his £4k and had it for over a month, saying that transaction had failed and he asked for a refund, then they said some other excuse - eventually he got it back after 4 weeks. During which time that £4k would have made decent profits if BTC was purchased.

I don't know ins and outs but was very put off by how long it took them to not provide him with bit coin.

I use Bittylicious and bank transfer method and it has been a piece of cake.

Bittylicious charge a hell of a mark-up though?

Currently on Bittylicious 1 bitcoin = £5860. Converting that into $ at spot rate = $7683. Current price of Bitcoin according to Coinmarketcap.com is $7469 so you're basically losing about $214 per coin on each purchase from that site.

That's what i'd call a pretty good business to be in. I saw Cryptomate is selling Ripple and they're taking about 8% profit out of each transaction compared to market values. (The above are based on coinmarketcap.com prices and may not be achievable?)

[Behemoth]

fizz47 said:

What’s the easiest, simplest and secure way to purchase £500 of bitcoin and £500 worth of ethereum?

I’m not overly tech savvy but essentially want to purchase 1000 of currency and then forget about it for 5 years ...

In 5 years then want the easiest way to sell where I can turn it into GBP...

Any simple guide?

Don't. Too much is happening in this space to forget it for 5 years. Especially Ethereum.

[dimots]

What would you do if you had a substantial stake in bitcoin right now? My best guess is a big drop after the split. I sold 300btc a few years ago and while I realised a gain at the time obviously it would be a lot higher now so I regret doing it somewhat. Is holding the only sensible approach or is it ever wise to cash in?

Edited by dimots on Thursday 9th November 06:00

[fizz47]

Behemoth said:

Don't. Too much is happening in this space to forget it for 5 years. Especially Ethereum.

That is exactly why im only putting £500 in - so if it tanks its not the end of the world - if it goes opposite then could be a nice windfall...

Can afford to lose it and do not want the stress of trading or worrying about whats going to happen to it.

[Behemoth]

dimots said:

What would you do if you had a substantial stake in bitcoin right now? My best guess is a big drop after the split. I sold 300btc a few years ago and while I realised a gain at the time obviously it would be a lot higher now so I regret doing it somewhat. Is holding the only sensible approach or is it ever wise to cash in?

Edited by dimots on Thursday 9th November 06:00

There is no split. The fork is cancelled

[budgie smuggler]

dimots said:

I sold 300btc a few years ago and while I realised a gain at the time obviously it would be a lot higher now so I regret doing it somewhat.

Oof. At least you made something out of it though. The amount of times I nearly committed in the early days but never did.

[DS197]

fizz47 said:

So much information and so many options...

What’s the easiest, simplest and secure way to purchase £500 of bitcoin and £500 worth of ethereum?

I’m not overly tech savvy but essentially want to purchase 1000 of currency and then forget about it for 5 years ...

In 5 years then want the easiest way to sell where I can turn it into GBP...

Any simple guide?

Buying is the easy part. Cashing in on the other hand seems to be a PITA. It's the only thing putting me off, in addition to the id verification process.

[g4ry13]

DS197 said:

fizz47 said:

So much information and so many options...

What’s the easiest, simplest and secure way to purchase £500 of bitcoin and £500 worth of ethereum?

I’m not overly tech savvy but essentially want to purchase 1000 of currency and then forget about it for 5 years ...

In 5 years then want the easiest way to sell where I can turn it into GBP...

Any simple guide?

Buying is the easy part. Cashing in on the other hand seems to be a PITA. It's the only thing putting me off, in addition to the id verification process.

Another thing which puts me off is I don't have a clue about who is behind these sites. I often feel uncomfortable about posting up documents with my ID to reputable sites. With these Exchanges it's a whole different matter!

My theory with selling these coins if you're holding it for the long term is that there will be a lot more options for buying / selling them provided that there is still demand for crypto. Today I noticed that Kraken charge £10 when you deposit money and a fee of £60 to withdraw!

[anonymous-user]

fizz47 said:

That is exactly why im only putting £500 in - so if it tanks its not the end of the world - if it goes opposite then could be a nice windfall...

Can afford to lose it and do not want the stress of trading or worrying about whats going to happen to it.

a punt of 100 quid i would stick on aeternity, could be big next year, i know there are similar projects but i like the look.

[Behemoth]

The Spruce goose said:

a punt of 100 quid i would stick on aeternity, could be big next year, i know there are similar projects but i like the look.

Can you explain why you like the look of it? Do you own any?

I only had time to glance but 1 minute of googling seemed to be enough. The CEO produced a Chrome add-on for Pinterest a year or so ago. The review for that says "Randomly pulls images that are not in my board, very difficult to handle the zoom in/out function or eliminate some images, and suddenly entirely stopped working out of the blue. Bummer for a paid product."

Are you seriously considering this token to be anything more than yet another stcoin? Do you research this stuff?

[anonymous-user]

Behemoth said:

Are you seriously considering this token to be anything more than yet another stcoin? Do you research this stuff?

the bloke who coded it is a pure genius the problem was a team came along and basically turned it into a ICO. I invested and sold up but will invest a again, the thing is a lot is happening net year it moves to pos/pow it have some good coding and a lot of money to get it going. could be a st coin but even st coin go up a lot. it is only liqui and has good volume and the price is not far off ico price. it is a punt but i have a good feeling. i like The Quantum Resistant Ledger as well but that again built on ones man idea which makes it slightly better than the stcoins, to me.

[tertius]

g4ry13 said:

vindaloo79 said:

modeller said:

I created an account with coinbase, easy to buy BTC and ETH.

A colleague of mine had an issue as coinbase took his £4k and had it for over a month, saying that transaction had failed and he asked for a refund, then they said some other excuse - eventually he got it back after 4 weeks. During which time that £4k would have made decent profits if BTC was purchased.

I don't know ins and outs but was very put off by how long it took them to not provide him with bit coin.

I use Bittylicious and bank transfer method and it has been a piece of cake.

Bittylicious charge a hell of a mark-up though?

Currently on Bittylicious 1 bitcoin = £5860. Converting that into $ at spot rate = $7683. Current price of Bitcoin according to Coinmarketcap.com is $7469 so you're basically losing about $214 per coin on each purchase from that site.

That's what i'd call a pretty good business to be in. I saw Cryptomate is selling Ripple and they're taking about 8% profit out of each transaction compared to market values. (The above are based on coinmarketcap.com prices and may not be achievable?)

They do charge a very wide spread, however, the original request was for the “simplest” option and I think Bittylicious is certainly that especially for a few hundred quid. Also remember that there are no other transaction costs - no wire transfer costs to exchanges, no exchange deposit/trade/withdraw fees. I would guess for smaller amounts it is probably a wash.

[vindaloo79]

tertius said:

They do charge a very wide spread, however, the original request was for the “simplest” option and I think Bittylicious is certainly that especially for a few hundred quid. Also remember that there are no other transaction costs - no wire transfer costs to exchanges, no exchange deposit/trade/withdraw fees. I would guess for smaller amounts it is probably a wash.

Agreed, the spreads seem to fluctuate, certain off-peak times like midnight sunday the spread was beyond the pale, but prime time afternoons weekdays I didn't feel it was too far away from what was available elsewhere, i have been lucky with the timing of my purchase. was about 2000 dollars when I first bought, i guess I'm less worried about the spread now.

[bloomen]

P2P like Bittylicious and Localbitcoins is totally dependent on hype when it comes to premiums. If there's excitement it'll go through the roof. During its endless $250 doldrums you could occasionally buy Bitcoin for less than the exchange prices and usually match them pretty closely.

[g4ry13]

tertius said:

g4ry13 said:

vindaloo79 said:

modeller said:

I created an account with coinbase, easy to buy BTC and ETH.

A colleague of mine had an issue as coinbase took his £4k and had it for over a month, saying that transaction had failed and he asked for a refund, then they said some other excuse - eventually he got it back after 4 weeks. During which time that £4k would have made decent profits if BTC was purchased.

I don't know ins and outs but was very put off by how long it took them to not provide him with bit coin.

I use Bittylicious and bank transfer method and it has been a piece of cake.

Bittylicious charge a hell of a mark-up though?

Currently on Bittylicious 1 bitcoin = £5860. Converting that into $ at spot rate = $7683. Current price of Bitcoin according to Coinmarketcap.com is $7469 so you're basically losing about $214 per coin on each purchase from that site.

That's what i'd call a pretty good business to be in. I saw Cryptomate is selling Ripple and they're taking about 8% profit out of each transaction compared to market values. (The above are based on coinmarketcap.com prices and may not be achievable?)

They do charge a very wide spread, however, the original request was for the “simplest” option and I think Bittylicious is certainly that especially for a few hundred quid. Also remember that there are no other transaction costs - no wire transfer costs to exchanges, no exchange deposit/trade/withdraw fees. I would guess for smaller amounts it is probably a wash.

I've actually been thinking about using Cryptomate. After seeing that Kraken has deposit/withdrawal fees, doesn't have GBP and will probably mean my bank is going to charge a lot to get money on to the site it may be easier to pay a little premium and have a site do it for me.

Only issue is they want a wallet and I haven't got a hardware wallet as yet. I may get the coins delivered to Kraken and keep it in that wallet until my hardware one arrives. I'm not sure whether that's a really terrible thing to do in terms of security even if it is for <1 week.

[Behemoth]

The Spruce goose said:

the bloke who coded it is a pure genius the problem was a team came along and basically turned it into a ICO. I invested and sold up but will invest a again, the thing is a lot is happening net year it moves to pos/pow it have some good coding and a lot of money to get it going. could be a st coin but even st coin go up a lot. it is only liqui and has good volume and the price is not far off ico price. it is a punt but i have a good feeling. i like The Quantum Resistant Ledger as well but that again built on ones man idea which makes it slightly better than the stcoins, to me.

Even if you think this is the next big thing (I certainly don't), I would be hyper cautious of ICO stuff right now. The SEC is just around the corner on these. Since they bear multiple hallmarks of being securities, the risk of a colossal clampdown is very high. Only yesterday, the SEC chair talked about it: https://www.wsj.com/amp/articles/sec-chief-fires-w...

[x5x3]

Behemoth said:

Even if you think this is the next big thing (I certainly don't), I would be hyper cautious of ICO stuff right now. The SEC is just around the corner on these. Since they bear multiple hallmarks of being securities, the risk of a colossal clampdown is very high. Only yesterday, the SEC chair talked about it: https://www.wsj.com/amp/articles/sec-chief-fires-w...

I agree in general but you have to look closely to decide which ones are thinking about that potential situation and taking steps to avoid being affected.

[anonymous-user]

Well BTC dropping bcc u again, really showing support, next few months will be interesting I think. Once a few big exchanges and coinbase get behind bcc the tables might turn.

[Henrico]

Yeah Bitcoin’s dead. Again.

[anonymous-user]

Henrico said:

Yeah Bitcoin’s dead. Again.

this is what i never get, any negative comment about btc is not allowed. A forum is a forum of debate an ideas not just one viewpoint.