Buying bitcoins

Tar.Aldarion · 10-05-2017 2:55pm

Hahah can you imagine, easiest money ever. I'll set up an offline one thanks!

Brussels Sprout · 10-05-2017 3:07pm

Tar.Aldarion wrote: »

How should you store these, I have some wallet on a site but surely access to that would go with the site? Never really looked into this, I was paid 100 a couple years back and they asked could they do it in bitcoin, it's worth nearly 900 now when i checked today. Guess I should store offline.

Jaxx is a pretty good option. It stores the keys on your local machine and can be use for Bitcoin, Ether, Ether Classic and LiteCoin. It has a web app and a mobile app.

It cannot be stored for Ripple though. Does anyone have any recommendations for storing that?

makeorbrake · 10-05-2017 4:48pm

Tar.Aldarion wrote: »

Hahah can you imagine, easiest money ever. I'll set up an offline one thanks!

You don't strictly need a hardware wallet if you're IT savvy - but for peace of mind - I use trezor. It's worth the investment if you plan on meddling with crypo's going forward.

makeorbrake · 10-05-2017 4:50pm

There were many indicators of major rises ahead (despite the roadblocks in the development of bitcoin) this year. However, the past 10 days or so - mental.

Should we have a temporary correction at some stage? What are your thoughts? I don't intend to offload btc - I'm playing the long game (almost..) come what may. It's more a query as regards whether I can justify adding to that investment...

pro_gnostic_8 · 10-05-2017 5:59pm

makeorbrake wrote: »

There were many indicators of major rises ahead (despite the roadblocks in the development of bitcoin) this year. However, the past 10 days or so - mental.

She we have a temporary correction at some stage? What are your thoughts?

I just don't know, anymore !:)
I've given up trying to call it. The whole thing has gone crazy. Many experts are describing it as a classic bubble -- it does seem to have all the trappings of a bubble, for sure. But I dunno; it just keeps on rising.
Like you, I'm unsure about adding more to my portfolio at the current price, but the other half of me is suffering an attack of FOMO in case this thing really has more gas in it yet. :rolleyes:

In the past hour, Segwit has been activated on Litecoin. Weyheyyyy !

:D

pro_gnostic_8 · 10-05-2017 6:04pm

Brussels Sprout wrote: »

Jaxx is a pretty good option. It stores the keys on your local machine and can be use for Bitcoin, Ether, Ether Classic and LiteCoin. It has a web app and a mobile app.

I just could never get it to work on android (Samsung). And I know I'm not the only one;m any have complained about this on the google Play Store reviews of Jaxx. I cleared cache and history etc, still no good -- it gets stuck on the loading page. I eventually gave up and stuck my ETH into Trezor.

pro_gnostic_8 · 11-05-2017 8:52am

The Cuban wrote: »

My crypto investments are now bigger than all my other savings combined which is totally nuts when I only ever started doing this as a side hobby

A side-hobby which is producing some serious returns for you !

$1850 this morning as I type. This is insane; up $450 this week alone. Where will it go?
I'm feeling sick for having sold out a month ago at $900. I now have savings in fiat in the bank which is actually losing value. I bought back 3 Bitcoin last Saturday at $1500 which is all that I now currently hold. Sadly, this compares pathetically with the approx 80 bitcoin that I once had back in 2013 and sold when it was at $100. So I salute you, sir, for your faith and conviction in the crypto's. You've followed your instinct and reaped the reward. You deserve it!

The Cuban · 11-05-2017 9:18am

pro_gnostic_8 wrote: »

I bought back 3 Bitcoin last Saturday at $1500 which is all that I now currently hold.

Well concidering there are only roughly 7 million holders of Bitcoin addressses in a world of 7.5 billion people, and no more than 150,000 people hold more than 100 coins out of a supply of 15.3 million coins (serveral million of which are lost forever) 3 coins aint bad.

If Bitcoin does eventually capture 1% of all financial transactions then those 3 coins would be worth $40 million each.
Mad numbers aren`t they, and if it does happen we will see a huge shift in wealth, somethin akin to what happened in the middle ages when the Aristocrats and landed gentry lost there wealth and status in the Industrial revolution.
Even though Bitcoin is getting traction as Internet money, and an alternative to Fiat, this is still only speculation at the moment, just like it was when it was $100 a coin

The Cuban · 11-05-2017 9:28am

As an aside, I was telling co-workers about Bitcoin last year and got mocked, they reckon Buy Gold which may have merit except Gold can be mined forever. On top of which the gold price traded is paper gold which really is absurb since you have big financials issuing it like no tomorrow.
So when it comes down to it, which would you rather buy, Gold or Bitcoin?

pro_gnostic_8 · 11-05-2017 9:44am

Absolutely agree with all the above.
Bitcoin over Gold any day. As you say, Gold ore deposits can be newly found at any time and mined ad infinitum. Hell, gold -- millions of tons of it -- might be discovered on some f'king asteroid in the future.

But the truly scary thing for me is how many many people are content to hold gold as paper issue. There is a dirty little secret behind paper gold -- if only a fraction of the gold certificates were cashed in, there is not near enough physical gold to cover the call. A quick google of "gold rehypothecation" should immediately disabuse and open the eyes of anyone considering investing in gold paper.
Anyway, gold (physical or paper) is flat and non-performing for as long as I can recall.

Pivot Eoin · 11-05-2017 12:00pm

Based on all the reading nobody is expecting anything but up, and May 15th could be another huge spike. I put 4 figures into it today, we'll see how it plays out. Still using Belgacoin - can someone advise me on the most recommended way to get these transactions done quicker? Ordering a Trezor today.

Tar.Aldarion · 11-05-2017 12:10pm

makeorbrake wrote: »

You don't strictly need a hardware wallet if you're IT savvy - but for peace of mind - I use trezor. It's worth the investment if you plan on meddling with crypo's going forward.

How would you do it safely online if one were savvy?

Abominable JoMan · 11-05-2017 12:18pm

Looking forward from now, how would ye recommend splitting a DCA weekly investment in BTC and ETH? 50:50? 70:30 in favour of either one?

makeorbrake · 11-05-2017 12:21pm

Tar.Aldarion wrote: »

How would you do it safely online if one were savvy?

Have a search back through this thread. I believe cnoi bui (?) has posted to that effect.

Essentially, if you're content that your system is clean and protected, then it can be done. I'm not an IT head - I've skirted around the subject at times - but that's as far as it goes. For me, it was a no brainer to opt for a trezor.

If you have a reasonable sum tied up in bitcoin, then a hardware wallet is worth the investment.

Dohnjoe · 11-05-2017 12:25pm

Pivot Eoin wrote: »

Based on all the reading nobody is expecting anything but up, and May 15th could be another huge spike. I put 4 figures into it today, we'll see how it plays out. Still using Belgacoin - can someone advise me on the most recommended way to get these transactions done quicker? Ordering a Trezor today.

Most people I know use coinbase (probably the "safest" out there), to buy BTC, ETH or LTC

Then send e.g. BTC to an exchange like Poloniex in order to buy from a wide range of alt coins

Then move the coins to safe storage

As for which way it's going, no one knows. The market is bullish (recently days are a little uncertain) but it could quite easily go bear. The main thing is that BTC went past the bubble price of 2013 proving that it could rebound, which has given the market much more confidence.

(Personally I like the idea of approx one half BTC/ETH and one half alt-coins (with that divided between quality alt-coins like Strat and risky alt-coins which haven't yet spiked) which will be at least a 5+ year investment, maybe topping up in large dips)

makeorbrake · 11-05-2017 12:40pm

Dohnjoe wrote: »

and one half alt-coins (with that divided between quality alt-coins like Strat

Which ones do you regard as quality alt-coins? What do they bring to the table that BTC or ETH don't have?

Father Hernandez · 11-05-2017 2:37pm

As a newbie to the Bitcoin game, I have set up an account with Coinbase.

Would anyone have any recomms (sorry if this is against mod rules or is just annoying) on the best way to get set up?

Was thinking of investing €100 worth of bitcoin and keeping an eye on using the app & price alerts.

Not expecting to make a huge chunk of change off it but more to keep me interested

Pivot Eoin · 11-05-2017 2:51pm

Where did people buy their Trezor Wallet? I was looking here for 70 Sterling - trustworthy site?

https://bitcoinminersuk.com/products/trezor-grey-bitcoin-hardware-wallet/

pro_gnostic_8 · 11-05-2017 3:24pm

Hi,
I would only buy a Trezor directly from the manufacturer, NOT from a reseller.
Paranoid maybe, but if you're trusting your bitcoin storage to a device, then that device should originate directly from the maker rather than an intermediary who may have introduced some theft code into it -- million to one chance that may be.
Anyway, the original Trezor shop is https://shop.trezor.io
Okay, it's $20 more than the source you mentioned, but what is the price of peace of mind if are storing a fair bit of bitcoin.

Now, I love my Trezor -- I really do, BUT I am hearing and reading great reports about the Ledger Nano S. It is half the price of the Trezor; it also securely stores ETH, ETC, LTC and other alts along with bitcoin. Maybe worth considering.

Dohnjoe · 11-05-2017 3:29pm

makeorbrake wrote: »

Which ones do you regard as quality alt-coins? What do they bring to the table that BTC or ETH don't have?

Well to use Stratis as an example, it allows apps to be built on customised blockchains. Large banks and market infrastructure are v interested in blockchain tech - they are currently working on it - that's where something like Stratis can come in
https://www.cryptocompare.com/coins/guides/what-is-stratis/

Ethereum was an alt-coin until recently. Monero and Dash are held in high regard for their respective qualities

Each coin has it's own team and ideas behind it, strengths and weaknesses

Yes there are some high market cap bubble coins - but nothing sparks a coin team like having their holdings spike up 1000%. Look at LTC, almost dead for years - now it's a coin with some of the most advanced features

The potential largest profits from this seem to be in alts as well (specifically this bubble, which likely won't be the only one) a colleague has turned a few grand in 30 grand in about 6 weeks

However yes, for the long game, the "bluechips", BTC and Eth seem the least risky

makeorbrake · 11-05-2017 3:32pm

Pivot Eoin wrote: »

Where did people buy their Trezor Wallet? I was looking here for 70 Sterling - trustworthy site?

https://bitcoinminersuk.com/products/trezor-grey-bitcoin-hardware-wallet/

I think I bought it directly...either that or off amazon.

pro_gnostic_8 · 11-05-2017 3:33pm

Father Hernandez wrote: »

As a newbie to the Bitcoin game, I have set up an account with Coinbase.

Why Coinbase?
They're in thrall to the U.S. Internal Revenue Service. Be confidant that your details and holdings will be summarily disclosed to the U.S. snoops.

There's worse:
"Expect Coinbase to track how you spend “their” coins and to summarily shut your account for the following activities:
Transactions related to adult services,
Bitcoin gambling, including skill-based gaming,
Sale or purchase of contraband through darknet markets,
Resale of coins on other exchanges, particularly those without AML / KYC,
Other arbitrary reasons which rub their algorithm the wrong way".
A hateful company.

I use Bitstamp, and have no complaints.

makeorbrake · 11-05-2017 3:42pm

Dohnjoe wrote: »

Well to use Stratis as an example, it allows apps to be built on customised blockchains. Large banks and market infrastructure are v interested in blockchain tech - they are currently working on it - that's where something like Stratis can come in
https://www.cryptocompare.com/coins/guides/what-is-stratis/

so is it something similar to ripple then?

Dohnjoe wrote: »

Monero and Dash are held in high regard for their respective qualities

Monero's usp seems to be totally anonymity...tends to be used in the deep web. Does it have anything else going for it?

Dash - I've heard of it but not sure what exactly it offers. IF it's like ripple, I'm unsure if the conventional crowd (the current power players - banks, investment houses, etc) may or may not take it on board - as they can body-swerve it if they want.

Dohnjoe wrote: »

Each coin has it's own team and ideas behind it, strengths and weaknesses

From what I'm reading, that's something to be weary of too - nobody has the strength and depth of dev support as the others. Bitcoin Unlimited got caught out on this front a few weeks back when various flaws in their offering were uncovered.

Also, is it not the case that with some of these alts, they have been pre-mined (putting the proposers of same at a great advantage to cash in very fast)?

Sorry for all the questions - It's taking time to try and figure out what's what with regard to crypto's. With the greatest will in the world, I'd like (in theory) to invest in an alt-coin (as I'm not enamoured with having FIAT lying about earning nothing) ...but can't invest in something without at least a basic understanding of it.

seklly · 11-05-2017 4:18pm

Tar.Aldarion wrote: »

How would you do it safely online if one were savvy?

One way to do this would be if you had a phone with a secure element (Trusted Execution Environment), such as some of the newer Samsung's, you could install Ledger Trustlet (Ledger make hardware wallets and associated software). This will essentially turn your phone into a hardware wallet.

hankbell · 11-05-2017 4:59pm

hey guys, sorry to derail slightly but I suppose this thread weaves around a lot. I was wondering if anyone who has personal experience with dealing cashing out their bitcoin profits back into euro could fire me a PM if you have time. I'm curious about capital gains tax and in particular if anyone has personal experience dealing with CGT and cryptocurrencies, I have a few questions if anyone has some time. I'm curious about investing but I want to understand the tax implications properly first. thanks a mill.

The Cuban · 11-05-2017 5:19pm

hankbell wrote: »

hey guys, sorry to derail slightly but I suppose this thread weaves around a lot. I was wondering if anyone who has personal experience with dealing cashing out their bitcoin profits back into euro could fire me a PM if you have time. I'm curious about capital gains tax and in particular if anyone has personal experience dealing with CGT and cryptocurrencies, I have a few questions if anyone has some time. I'm curious about investing but I want to understand the tax implications properly first. thanks a mill.

In Ireland its classed as an asset so is subject to capital gains tax of 33% on any profits after your anual allowence of 1250 euro
But as I`ve said before only if your daft enough to give it to them. The whole attraction of Bitcoin is its a safe haven from inflation, Government Taxes, middlemen, banks etc.
Basically if you dont need to cash out just leave it in bitcoin while all other currency suffers from the printing presses running full steam ahead

makeorbrake · 11-05-2017 5:24pm

The Cuban wrote: »

Basically if you dont need to cash out just leave it in bitcoin while all other currency suffers from the printing presses running full steam ahead

I'm sure there must be a few jurisdictions on the planet where it can be cashed out anonymously???

hankbell · 11-05-2017 5:43pm

The Cuban wrote: »

In Ireland its classed as an asset so is subject to capital gains tax of 33% on any profits after your anual allowence of 1250 euro
But as I`ve said before only if your daft enough to give it to them. The whole attraction of Bitcoin is its a safe haven from inflation, Government Taxes, middlemen, banks etc.
Basically if you dont need to cash out just leave it in bitcoin while all other currency suffers from the printing presses running full steam ahead

thanks for replying man. Yeah, I've managed to glean most of that from various threads/sites, its more so the process of paying CGT if I did end up having to cash in that is causing me some confusion. I've never done it so I'm not exactly sure what is relevant to the process. For example, say I bought some BC on coinbase and I decide to trade it for from ETH or LTC or whatever then I decide to cash in my ETC and LTC for euro...how is all that handled? I've turned one transaction into 3 essentially. So when I cash out, what information does revenue need?Now that doesn't even take into account that trying to understand the Form 11/12 or CGT1 forms that make my head spin! It would be great to hear from anyone who has direct experience. I understand though that some may want to keep their money in cypto permanently.

pro_gnostic_8 · 11-05-2017 9:42pm

seklly wrote: »

One way to do this would be if you had a phone with a secure element (Trusted Execution Environment), such as some of the newer Samsung's, you could install Ledger Trustlet (Ledger make hardware wallets and associated software). This will essentially turn your phone into a hardware wallet.

Thanks for this, I wasn't aware.
Now that I've done some looking into Ledger Trustlet, can I ask how can I tell if my phone is TEE -enabled/installed?

cnocbui · 11-05-2017 10:55pm

If you have a Samsung phone that has knox, a fingerprint reader, or can use Samsung Pay, then it has Trust Zone (TEE). Phones like the S6, S7, S8 and Note 4.

Buying bitcoins

Comments