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Buying & Selling Cryptocurrency

  • 02-02-2018 10:31am
    #1
    Registered Users Posts: 28 ✭✭✭ pmcgloin.82


    Hi Guys, I'm new to the cryptocurrency buying & selling. I'm looking to buy some Stellar & Ripple coins somewhere (without trading them) & leave them to grow & be able to withdraw the funds back to my bank account (or a good starting point). I'm wondering where I can start & what it requires to set up. Any help or advice would be greatly appreciated - thank you in advance. Best, Paul


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Comments

  • Registered Users Posts: 234 ✭✭ Yelnahs


    You might get better advice as I am relatively new but what I did is as follows:
    - Set up a Coinbase account. This allows you to transfer fiat (either via bank transfer or card payment) then use it to purchase either Ethereum or BitCoin ( I use ETH).
    - You then need to set up an account on an exchange to purchase Stellar/Ripple using your newly acquired ETH/BTC. I use Binance for this.
    - I then recommend transferring off Binance after you have purchased the alt coins into either a desktop wallet or a hardware wallet, don't keep too much on exchanges as they can be hacked.
    -Sit and watch it grow (maybe not with Ripple but that's just my opinion!)
    -Reverse the above process to turn it back to fiat. It's worth reading the thread regarding capital gains tax before doing this bit.
    There is a guy I follow on twitter who put together this starter guide, worth a read through as well:
    https://t.co/fQndDnQLbu

    Good luck.


  • Moderators, Society & Culture Moderators Posts: 15,417 Mod ✭✭✭✭ smacl


    Alternatively, set up an account on kraken.com, transfer funds in using SEPA, and purchase Ripple directly without going through etherium an Stellar via BTC or another exchange such as Binance. Coinbase is easier to use but a good bit more expensive as a result. Unless you're in a mad hurry and don't mind paying exorbitant fees, I'd avoid using your credit card.


  • Registered Users Posts: 28 ✭✭✭ pmcgloin.82


    smacl wrote: »
    Alternatively, set up an account on kraken.com, transfer funds in using SEPA, and purchase Ripple directly without going through etherium an Stellar via BTC or another exchange such as Binance. Coinbase is easier to use but a good bit more expensive as a result. Unless you're in a mad hurry and don't mind paying exorbitant fees, I'd avoid using your credit card.


    In Kraken the SEPA is referred to as SEPA (Fidor), does that matter or can I register an Irish bank account on selecting this?


  • Moderators, Society & Culture Moderators Posts: 15,417 Mod ✭✭✭✭ smacl


    In Kraken the SEPA is referred to as SEPA (Fidor), does that matter or can I register an Irish bank account on selecting this?

    I transfer using AIB online banking. It is an international transfer so you'll need one of the wee battery powered verification units for AIB. Not sure what the craic is with other banks. Best avoid bitcoin as the intermediate currency as transaction costs are high. Given the market is in steep decline at the moment, I'd tend to transfer the money you're planning on spending into Kraken or Coinbase and keep an eye on the market until it settles a bit before making your purchase. To get Ripple and Stellar you'll need an account on Kraken, Binance or similar so will have to go through a verification process which can take some time, so chances are things will have settled a bit by then either way.


  • Registered Users Posts: 28 ✭✭✭ pmcgloin.82


    smacl wrote: »
    I transfer using AIB online banking. It is an international transfer so you'll need one of the wee battery powered verification units for AIB. Not sure what the craic is with other banks. Best avoid bitcoin as the intermediate currency as transaction costs are high. Given the market is in steep decline at the moment, I'd tend to transfer the money you're planning on spending into Kraken or Coinbase and keep an eye on the market until it settles a bit before making your purchase. To get Ripple and Stellar you'll need an account on Kraken, Binance or similar so will have to go through a verification process which can take some time, so chances are things will have settled a bit by then either way.

    Excuse the Stupid question but your explanation is getting it clearer, just ome thing. You're with AIB Bank (same as me), when I select deposit, I assume I select "Fidor Bank AG (SEPA)", and copy & paste the BIK & IBAN number into Transfer funds in AIB, am I correct in saying I select International transfer in AIB, Select EURO & the country as Germany, the amount I want to transfer & insert the BIK & IBAN number & the ref no is: the ref no below the BIK & IBAN. How long it take to credit my Kraken Acc? Sorry to ask so many questions. Thanks, Paul


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  • Moderators, Society & Culture Moderators Posts: 15,417 Mod ✭✭✭✭ smacl


    From AIB online banking, go to pay and transfer, international payment. As before, I'd strongly advise leaving it in Euros at the far end until such time as the current instability in cryptos has settled.


  • Registered Users Posts: 28 ✭✭✭ pmcgloin.82


    smacl wrote: »
    From AIB online banking, go to pay and transfer, international payment. As before, I'd strongly advise leaving it in Euros at the far end until such time as the current instability in cryptos has settled.

    Can I buy the coins and leave them sitting there & wait until the value of the cryptocurrency increases then sell?


  • Moderators, Society & Culture Moderators Posts: 25,535 Mod ✭✭✭✭ Dades


    Just for perspective here - if you'd put €1,000 into Stellar this time yesterday, your Stellar would now be worth circa €700.

    Crazy stuff happens all the time with Crypto coins. Even the big ("safe") ones you hear about like Bitcoin can lose 20% of their value in short spaces of time. Buying and leaving these coins sit is no guarantee that you'll have more more, less or even any of your investment in a year.

    If you get lucky you can make money. But not everyone is lucky - there aren't enough chairs to go around. :)


  • Registered Users Posts: 28 ✭✭✭ pmcgloin.82


    Dades wrote: »
    Just for perspective here - if you'd put €1,000 into Stellar this time yesterday, your Stellar would now be worth circa €700.

    Crazy stuff happens all the time with Crypto coins. Even the big ("safe") ones you hear about like Bitcoin can lose 20% of their value in short spaces of time. Buying and leaving these coins sit is no guarantee that you'll have more more, less or even any of your investment in a year.

    If you get lucky you can make money. But not everyone is lucky - there aren't enough chairs to go around. :)

    But it is possible to buy thez coins, leave them sitting there & if it appreciates (& I say IF) then sell & make a bit of money?


  • Registered Users Posts: 234 ✭✭ Yelnahs


    Dades wrote: »
    Just for perspective here - if you'd put €1,000 into Stellar this time yesterday, your Stellar would now be worth circa €700.

    Crazy stuff happens all the time with Crypto coins. Even the big ("safe") ones you hear about like Bitcoin can lose 20% of their value in short spaces of time. Buying and leaving these coins sit is no guarantee that you'll have more more, less or even any of your investment in a year.

    If you get lucky you can make money. But not everyone is lucky - there aren't enough chairs to go around. :)

    But it is possible to buy thez coins, leave them sitting there & if it appreciates (& I say IF) then sell & make a bit of money?
    It is, but it's a big if in the current market. Some might tell you that now is the perfect time to buy in as the market is currently in free fall, other might say it's the beginning of the end.
    You can buy coins and forget about them for a year and then try and sell them. Just don't leave them on an exchange, transfer them off an exchange and forget about them (if you can, it's quite addictive).


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  • Registered Users Posts: 5,672 ✭✭✭ seannash


    wrong thread


  • Registered Users Posts: 12,572 ✭✭✭✭ mrcheez




  • Registered Users Posts: 28 ✭✭✭ pmcgloin.82


    Dades wrote: »
    Just for perspective here - if you'd put €1,000 into Stellar this time yesterday, your Stellar would now be worth circa €700.

    Crazy stuff happens all the time with Crypto coins. Even the big ("safe") ones you hear about like Bitcoin can lose 20% of their value in short spaces of time. Buying and leaving these coins sit is no guarantee that you'll have more more, less or even any of your investment in a year.

    If you get lucky you can make money. But not everyone is lucky - there aren't enough chairs to go around. :)

    But it is possible to buy thez coins, leave them sitting there & if it appreciates (& I say IF) then sell & make a bit of money?


  • Moderators, Society & Culture Moderators Posts: 25,535 Mod ✭✭✭✭ Dades


    But it is possible to buy thez coins, leave them sitting there & if it appreciates (& I say IF) then sell & make a bit of money?
    Of course it's possible to buy the coins, leave them and see what happens. In fact many would say buying coins and not thinking about them for a year is the best approach.

    I just wanted to highlight the volatility, as your post seemed to suggest you expected a return, rather than hoped for one. Good luck if you go for it. :)


  • Registered Users Posts: 28 ✭✭✭ pmcgloin.82


    Yelnahs wrote: »
    It is, but it's a big if in the current market. Some might tell you that now is the perfect time to buy in as the market is currently in free fall, other might say it's the beginning of the end.
    You can buy coins and forget about them for a year and then try and sell them. Just don't leave them on an exchange, transfer them off an exchange and forget about them (if you can, it's quite addictive).

    Is there any low price crypto coins that may increase that people are looking at currently?


  • Registered Users Posts: 6,026 ✭✭✭ grindle


    Is there any low price crypto coins that may increase that people are looking at currently?

    Low CAP! Pay attention to the market cap, not the unit price or you'll likely get burnt.


  • Registered Users Posts: 7,611 ✭✭✭ SureYWouldntYa


    grindle wrote: »
    Low CAP! Pay attention to the market cap, not the unit price or you'll likely get burnt.

    Or you can do like a friend and get a tenfold return on ripple because "sure if it reaches half the price of bitcoin you'd do horrid well"


  • Registered Users Posts: 6,026 ✭✭✭ grindle


    Or you can do like a friend and get a tenfold return on ripple because "sure if it reaches half the price of bitcoin you'd do horrid well"

    Maniacs. I made nice cash off of that XRP pump but it reached my own target years before I thought it would.

    Cap isn't the be-all-end-all like it is with a company but it's a good gauge for where something might be overbought depending on sentiment.


  • Closed Accounts Posts: 657 Shauny2010


    Is there any low price crypto coins that may increase that people are looking at currently?

    Have a look at Stellar Lumens. It's more evenly distributed than any other coin out their. Lots of interest in it currently. Has a value of around 5% of Bitcoin at the moment so their is room to grow. And grow it will :D

    https://www.stellar.org/how-it-works/use-cases/


  • Registered Users Posts: 28 ✭✭✭ pmcgloin.82


    Shauny2010 wrote: »
    Have a look at Stellar Lumens. It's more evenly distributed than any other coin out their. Lots of interest in it currently. Has a value of around 5% of Bitcoin at the moment so their is room to grow. And grow it will :D

    https://www.stellar.org/how-it-works/use-cases/

    When using Kraken, when you buy coins, do you need to transfer them anywhere once their bought or how does it work? Sorry if this seems a dumb question but as I said, complete newbie. Thanks in advance


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  • Moderators, Society & Culture Moderators Posts: 15,417 Mod ✭✭✭✭ smacl


    When using Kraken, when you buy coins, do you need to transfer them anywhere once their bought or how does it work? Sorry if this seems a dumb question but as I said, complete newbie. Thanks in advance

    They stay in your wallet on the exchange, which could potentially be hacked or lost if the exchange goes belly up. Unlikely, but for a long term investment you can set up an offline wallet either on your PC, on paper, or on an external hardware key. Once it is in a wallet not on the exchange it is considerably safer, but not available for trading. If you're taking a punt for the long term, one option is to buy your coins, transfer them to a paper wallet, print a couple of copies off and stash them, and forget about the whole thing for a year.

    My advise with transfer, trading, wallets and the like is to practise with a few small amounts (e.g. €5 worth) and get to know the mechanisms yourself. There is a bit to learn, and you only learn by doing it yourself.


  • Registered Users Posts: 28 ✭✭✭ pmcgloin.82


    smacl wrote: »
    They stay in your wallet on the exchange, which could potentially be hacked or lost if the exchange goes belly up. Unlikely, but for a long term investment you can set up an offline wallet either on your PC, on paper, or on an external hardware key. Once it is in a wallet not on the exchange it is considerably safer, but not available for trading. If you're taking a punt for the long term, one option is to buy your coins, transfer them to a paper wallet, print a couple of copies off and stash them, and forget about the whole thing for a year.

    My advise with transfer, trading, wallets and the like is to practise with a few small amounts (e.g. €5 worth) and get to know the mechanisms yourself. There is a bit to learn, and you only learn by doing it yourself.

    1Basically what I'm looking at doing is buying coins (not trading them) & if the value goes up, sell them & have the money transferred into my bank. I assume that can be done without trading?


  • Moderators, Society & Culture Moderators Posts: 15,417 Mod ✭✭✭✭ smacl


    1Basically what I'm looking at doing is buying coins (not trading them) & if the value goes up, sell them & have the money transferred into my bank. I assume that can be done without trading?

    Usually best done by setting up buy and sell orders. For example, if you think ETH is going to drop to €600 and recover to €700, you could set a buy order to trigger when the price hits €600 and then set a sell order for when it hits €700. You need to keep your coins and euros on the exchange to do this, and you need enough euros to cover the buy order and coins to cover the sell order to set them up.

    Again, take a small amount of money and practise yourself. Don't do anything with a big lump of case until you're familiar and happy with the mechanisms. The interface will also be a bit different on each exchange. Personally I find Kraken easy enough.


  • Registered Users Posts: 28 ✭✭✭ pmcgloin.82


    smacl wrote: »
    I transfer using AIB online banking. It is an international transfer so you'll need one of the wee battery powered verification units for AIB. Not sure what the craic is with other banks. Best avoid bitcoin as the intermediate currency as transaction costs are high. Given the market is in steep decline at the moment, I'd tend to transfer the money you're planning on spending into Kraken or Coinbase and keep an eye on the market until it settles a bit before making your purchase. To get Ripple and Stellar you'll need an account on Kraken, Binance or similar so will have to go through a verification process which can take some time, so chances are things will have settled a bit by then either way.

    When you transfer money from your AIB account, how long does it take to see the funds in Kraken?


  • Moderators, Society & Culture Moderators Posts: 15,417 Mod ✭✭✭✭ smacl


    When you transfer money from your AIB account, how long does it take to see the funds in Kraken?

    I've found about 6-12 hours.


  • Registered Users Posts: 31 Ruairi.g


    OK guys, I'm totally new to this but today I bought some litecoin on coinbase. I want to change that to a different coin but coinbase only supports a few currencies. How do I set up a wallet, transfer my litecoin to that wallet and exchange it to other currencies. I'm a bit of a technophobe do I'd nearly need step by step instructions !!


  • Registered Users Posts: 6,306 ✭✭✭ EagererBeaver


    There's a thread for beginners about the basics of buying/selling currency.


  • Registered Users Posts: 31 Ruairi.g


    Can you point me in the direction of that thread


  • Registered Users Posts: 6,026 ✭✭✭ grindle


    Ruairi.g wrote: »
    Can you point me in the direction of that thread

    I do believe he was either drunk or not reading the title of this thread - this is such a thread.

    loafwallet to make your own wallet

    Make an account on Binance.

    Transfer to Binance LTC wallet.

    Buy other stuff.


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  • Registered Users Posts: 28 ✭✭✭ pmcgloin.82


    I know that it may be impossible but anyone know of any mining tools/ apps/ sites where you can mine bitcoins? Or apart from investing, a good way to get some Bitcoin? I read some articles on Bitcoin mining that it is possible but cannot seem to find any sites. Thx in advance


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