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Best place to buy as a Crypto Normie in Ireland

  • 31-05-2018 6:37pm
    #1
    Registered Users Posts: 557 Waestrel
    Registered User


    Hi

    I did some research and found 3 normie friendly websites, as I am trying to get into crypto , but am cautious about some of shadier websites. Id like something that is Irish at the least, as I feel that gives it an air of legitimacy.

    So, i have a few bob to invest, probably a mix of Bitcoin and Litecoin, and these are 3 providers I am deciding on

    https://www.bitcove.ie/
    Good site, seems to require registration, also seems to have a non Irish Bank account

    https://www.bitireland.ie/
    Also needs registration, but both buys and sells it seems

    https://coinbridge.eu/
    no reg, but only sells.

    Any of your fine fellas and ladies have experience with any? Or with other Irish sites?


Comments

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


    Waestrel wrote: »
    Id like something that is Irish at the least, as I feel that gives it an air of legitimacy.

    This doesn't make any sense. Maybe one or all of those services are okay but Coinbase or Kraken are the main gateways for us - both have good liquidity, known teams and easy on-ramps. Both require registration.

    None of the services you've mentioned are anywhere on CoinMarketCap which means they are minnows with low liquidity and inherently less trustworthy (who are their teams?).


  • Registered Users Posts: 557 Waestrel
    Registered User


    thanks for reply, but going near the exchanges is at this time a bit daunting, id rather just get some coins and sit on them for a while as i learn more ( This is called HODLING I have learned)


  • Moderators, Education Moderators, Technology & Internet Moderators Posts: 34,536 Mod ✭✭✭✭ AlmightyCushion
    Moderator


    Waestrel wrote: »
    thanks for reply, but going near the exchanges is at this time a bit daunting, id rather just get some coins and sit on them for a while as i learn more ( This is called HODLING I have learned)

    You can do that with an exchange.


  • Moderators, Category Moderators, Motoring & Transport Moderators, Regional East Moderators Posts: 59,754 CMod ✭✭✭✭ unkel
    King Elon I


    +1

    Just sign up with one of the major exchanges and transfer a little bit of money that you don't mind losing into it (it is just like any other bank transfer). Then buy a bit of crypto and do your HODLING :)

    I use Kraken, I find them good.

    "Wind is Ireland's oil" - An Taoiseach, 25/05/2022



  • Registered Users Posts: 318 ✭✭ h0neybadger
    Registered User


    Coinbase I think would be the most suitable.

    There’s lots of YouTube cideo’s on how to transfer from bank to CoinBase and buy there.

    You can then go 1 step further and use GDax to avoid higher fee’s on purchasing Crypto.

    Then send it to a hardware / software wallet and hodl


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  • Registered Users Posts: 2,227 ✭✭✭ RoboRat
    Registered User


    I signed up to Kraken and Coinbase yesterday and it was fairly effortless - especially coinbase.

    This is also my first venture into the crypto market (I have been occasionally looking for the last 2 years and raging I didn't follow my gut).

    I am going to start using it for part of my savings, about 50% as bank returns are ****e. I had previously looked at stock and was using plus500 but that seems to be only for short term (1 day) and wasn't up to much.

    I am investing in Ethereum, Bitcoin and Ripple initially as they seem the most stable. Any advice for other currencies or just advice in general?


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


    RoboRat wrote: »
    Any advice for other currencies or just advice in general?

    Use BTC or ETH as your base currencies for trading against, ignore dollar values.

    Don't buy random coins based on hype without research and especially not when they're at all-time-highs - you might make money but you're much more likely to baghold, either forever or for a very long time. Only buy something if you really feel there's a great utility in it and it could be used by a large enough community in a few years. Having a team of geniuses helps.

    If you make a huge taxable gain at any point keep an eye out for opportunities during a downturn to keep your crypto stack pretty much the same (or increase it) but evaporate that tax burden.

    Keep your private keys as far away from the internet as you can for as long as you can. I'd imagine most people just use whatever Windows PC they're using, but all it takes is one instance of malware with a private key-scraper built in and you're screwed. I've repurposed an old laptop which never touches the internet for crypto and paper wallets for back-up.


  • Registered Users Posts: 2,227 ✭✭✭ RoboRat
    Registered User


    grindle wrote: »
    Use BTC or ETH as your base currencies for trading against, ignore dollar values.

    Don't buy random coins based on hype without research and especially not when they're at all-time-highs - you might make money but you're much more likely to baghold, either forever or for a very long time. Only buy something if you really feel there's a great utility in it and it could be used by a large enough community in a few years. Having a team of geniuses helps.

    If you make a huge taxable gain at any point keep an eye out for opportunities during a downturn to keep your crypto stack pretty much the same (or increase it) but evaporate that tax burden.

    Keep your private keys as far away from the internet as you can for as long as you can. I'd imagine most people just use whatever Windows PC they're using, but all it takes is one instance of malware with a private key-scraper built in and you're screwed. I've repurposed an old laptop which never touches the internet for crypto and paper wallets for back-up.

    Thanks for the advice, really appreciate it. The private key, paper wallet and virtual wallet are what is really confusing me. At the moment, my money is on coinbase. I haven't anything else and don't have an old laptop. I have tons of memory sticks.. would that suffice and more importantly, how do i get a virtual/ paper wallet/ private key?


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


    RoboRat wrote: »
    Thanks for the advice, really appreciate it. The private key, paper wallet and virtual wallet are what is really confusing me. At the moment, my money is on coinbase. I haven't anything else and don't have an old laptop. I have tons of memory sticks.. would that suffice and more importantly, how do i get a virtual/ paper wallet/ private key?

    A lot of people keep their cryptos on Coinbase, you just have to be aware that should any airdrops or forks happen for whichever coin/s you have there you are entitled to zero, nothing, sweet FA and that's the way it should be (until Coinbase gets their banking license in which case I'd consider them at fault for not collecting your "dividends").
    Plenty of new entrants/entitled plebs think think they're investing in shares or that exchanges are banks and that they deserve any forks or airdrops. This is false. If it's not your wallet, any gains shouldn't be yours.

    Losing or handing over a private key is akin to giving all of your money away. Don't do this.

    Spare USB sticks can be used to keep back-ups of keys if a password is set on them I suppose, but those still have to be kept very safe and should not be the only place you keep your keys. Hardware fails.

    For BTC, Electrum is the main desktop wallet. You can create a paper wallet from that - preferably with a printer that isn't internet enabled or that saves image in cache.
    MyEtherWallet.com is the main ETH & ERC token wallet, same applies. MetaMask is also great, but again, should only be used on a clean PC.

    A hardware wallet is more than a USB key, it's one extra barrier to ensure the only person interacting with your wallets is you.


  • Moderators, Society & Culture Moderators Posts: 25,535 Mod ✭✭✭✭ Dades
    Would you like to know more?


    RoboRat wrote: »
    I am going to start using it for part of my savings, about 50% as bank returns are ****e. I had previously looked at stock and was using plus500 but that seems to be only for short term (1 day) and wasn't up to much.
    Bank returns only go one way at least. Your bank would have given you 1% on your money since the start of the year; if you'd invested in bitcoin HALF your investment would be gone.

    You don't put savings into crypto, you put in your gambling budget.

    Also, the exchange you use isn't what you should be concerned about, its the market you have no control over you should worry about.


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  • Registered Users Posts: 2,227 ✭✭✭ RoboRat
    Registered User


    I completely understand the risks. By savings, I am talking about money I have left over at the end of the month. I have a pension and investment funds which go directly from my wages but I get the likes of travel expenses and bonus that I throw in to a jar and usually use it for Summer Holidays/ Christmas. Being honest, I have 2 young kids, a fairly well paid 9-5 job plus my own business so I have a bit of money to spare as I rarely go out!

    I am not looking at going in heavy but I would be willing to throw about 2-3k over a few months and see what happens - I'm looking at Ethereum/ Bitcoin and Ripple. Might lose it, might end up with significant gains or might make nothing but I feel the opportunity is there to make some money so it's worth a punt.

    I would be happy to sit on it for a few years and see if the crypto really takes off. I had looked at it years ago and wish I had, but being honest I didn't have much spare money and I couldn't afford to lose the bit that I had.

    I have heard murmurings of Amazon and Walmart are integrating blockchain technology and this is why I have decided to dip my toes in now.


  • Moderators, Category Moderators, Motoring & Transport Moderators, Regional East Moderators Posts: 59,754 CMod ✭✭✭✭ unkel
    King Elon I


    You know the risks, you could lose all your money - check
    You have other savings, are financially sound and you don't need this money, it won't make any difference to your life if you lose it all - check

    Go for it so :)

    "Wind is Ireland's oil" - An Taoiseach, 25/05/2022



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