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Where to start - absolute basics to get started

  • 07-03-2021 11:33am
    #1
    Registered Users Posts: 15 ✭✭✭ Yeahyeah42


    Hi there
    I am new to this subject and have no idea where to start - have read some of the threads but really do not understand them have no background in financials or investing. How does on go about investing a small amount in shares etc? Is there some sort of online account to do this? How do you withdraw funds etc. What about tax declarations and all that with revenue. Wondering if someone could explain just the very basics to get started. Just realised this is posted in cryptocurrency should really be in investments and markets sorry


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Comments

  • Registered Users Posts: 1,458 ✭✭✭ Tinder Surprise


    Yeahyeah42 wrote: »
    Hi there
    I am new to this subject and have no idea where to start - have read some of the threads but really do not understand them have no background in financials or investing. How does on go about investing a small amount in shares etc? Is there some sort of online account to do this? How do you withdraw funds etc. What about tax declarations and all that with revenue. Wondering if someone could explain just the very basics to get started. Just realised this is posted in cryptocurrency should really be in investments and markets sorry

    Get an exchange account.

    Binance and Coinbase probably the two easiest as you can use major credit cards to fund your account.

    Use my referral links above and you'll get $8.50 free from Coinbase

    Then its 'get reading and watching time' and learning the ropes. Lots of YouTube content.

    I'd start with The Coin Bureau on You Tube

    How this helps


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


    Yeahyeah42 wrote: »
    How does on go about investing a small amount in shares etc?
    They're generally not shares, you're gambling on them being utilised.
    Yeahyeah42 wrote: »
    Is there some sort of online account to do this?
    Many exchanges.
    Yeahyeah42 wrote: »
    What about tax declarations and all that with revenue.
    If you mine, stake or loan the money earned is subject to income tax, if you only buy sh!tcoins then it's just CGT.


  • Registered Users Posts: 15 ✭✭✭ Yeahyeah42


    grindle wrote: »
    They're generally not shares, you're gambling on them being utilised.

    Many exchanges.

    If you mine, stake or loan the money earned is subject to income tax, if you only buy sh!tcoins then it's just CGT.

    Thanks by cgt you mean capital gains tax?


  • Registered Users Posts: 15 ✭✭✭ Yeahyeah42


    Get an exchange account.

    Binance and Coinbase probably the two easiest as you can use major credit cards to fund your account.

    Use my referral links above and you'll get $8.50 free from Coinbase

    Then its 'get reading and watching time' and learning the ropes. Lots of YouTube content.

    I'd start with The Coin Bureau on You Tube

    How this helps

    Thanks very much I will study the videos - I looked at binance at 1st glance and bear in mind I haven’t started yet! It has a bit of a gambly feel to it? Am I right or wrong?


  • Registered Users Posts: 1,458 ✭✭✭ Tinder Surprise


    Yeahyeah42 wrote: »
    Thanks very much I will study the videos - I looked at binance at 1st glance and bear in mind I haven’t started yet! It has a bit of a gambly feel to it? Am I right or wrong?

    Binnace is no gambling site

    What you trade is the gamble

    If you can't trade then maybe find a project that you've done your homework on, buy its token and hold for the medium to longterm hoping for it to be a success.


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  • Registered Users Posts: 15 ✭✭✭ Yeahyeah42


    Binnace is no gambling site

    What you trade is the gamble

    If you can't trade then maybe find a project that you've done your homework on, buy its token and hold for the medium to longterm hoping for it to be a success.

    Thanks -
    I looked at the first video on coin base for beginners - but he had me lost within a few minutes- terms like alt coin? It sounded like and takers and makers etc etc will have to read up on it - but he may as well have been speaking Chinese - I get that you “deposit” some money maybe via your bank car then “buy” some wierd currency - he mentioned “avalanche” then what “trade” it - that’s the fundamental I don’t get as in how do u actually make money lol - I must be dim if everyone else understands it lol


  • Registered Users Posts: 1,458 ✭✭✭ Tinder Surprise


    Yeahyeah42 wrote: »
    Thanks -
    I looked at the first video on coin base for beginners - but he had me lost within a few minutes- terms like alt coin? It sounded like and takers and makers etc etc will have to read up on it - but he may as well have been speaking Chinese - I get that you “deposit” some money maybe via your bank car then “buy” some wierd currency - he mentioned “avalanche” then what “trade” it - that’s the fundamental I don’t get as in how do u actually make money lol - I must be dim if everyone else understands it lol

    Any coin that is not Bitcoin is known as an Alt coin


  • Registered Users Posts: 15 ✭✭✭ Yeahyeah42


    Ok I have read a beginners guide and have a small grasp now - I’m thinking it boils down to buying at a lower price and selling at a higher at its most fundamental? But I haven’t used coinbase or binance yet - but say if I deposit 100 euro- will that buy me a bit coin? Thought like 1 Bitcoin is like 10000 euro or something?? So are you buying like a .0001 of a Bitcoin then looking to sell it on? Has anyone here made a simple trading transaction in the course of a day? What profit was made and could they just withdraw funds to their bank account in”fiat” currency ie. euros? Curious to see


  • Registered Users Posts: 11,195 ✭✭✭✭ Lex Luthor


    Yeahyeah42 wrote: »
    say if I deposit 100 euro- will that buy me a bit coin? Thought like 1 Bitcoin is like 10000 euro or something??

    is this a joke?


  • Registered Users Posts: 15 ✭✭✭ Yeahyeah42


    Lex Luthor wrote: »
    is this a joke?

    No wasn’t meant as a joke but I’m guessing what I just stated is probably ridiculous right? Hence your comment - bear in mind I’ve looked at 2 YouTube videos ans read 1 article for beginners so apologies


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  • Registered Users Posts: 15 ✭✭✭ Yeahyeah42


    Actually just googled it and wasn’t that wide of the mark 1 Bitcoin = 42615 euro. So I’m guessing most people are buying “fractions” of bitcoins to trade, right?


  • Registered Users Posts: 15 ✭✭✭ Yeahyeah42


    I’ve read a few of the other threads and can see some of my questions I would have asked answered already by other noobs - ie. the obvious one how to withdraw profit made from crypto into hard cash to your bank account - seems like in a lot of cases it needs to pass thru an intermediate “ wallet” designed to hold many types of crypto. Again it appears to me without actually having deposited yet or attempting a trade that people are dealing with “fractions” of bitcoins given 1 Bitcoin is equivalent to many thousand euro or maybe I’m talking s**te?


  • Registered Users Posts: 92 ✭✭ dougal0691


    Yeahyeah42 wrote: »
    Ok I have read a beginners guide and have a small grasp now - I’m thinking it boils down to buying at a lower price and selling at a higher at its most fundamental? But I haven’t used coinbase or binance yet - but say if I deposit 100 euro- will that buy me a bit coin? Thought like 1 Bitcoin is like 10000 euro or something?? So are you buying like a .0001 of a Bitcoin then looking to sell it on? Has anyone here made a simple trading transaction in the course of a day? What profit was made and could they just withdraw funds to their bank account in”fiat” currency ie. euros? Curious to see

    yes, you can buy fraction of coins rather than full coins. for example bitcoin is divisible to 1/100,000,000 of a coin, which is called a satoshi.
    yes, you can buy a coin or fraction of 1 and sell it seconds later. crypto is volatile but not so volatile that people would be buying something at breakfast and converting back to euros by dinner time. keep in mind there's transaction fees involved also. do a hell of a lot more reading as you actually sound like a troll with some of the questions. selling something at a higher price than you bought it for is how you make profit. it's a pretty simple concept.


  • Registered Users Posts: 114 ✭✭ Keller Bear


    Yeahyeah42 wrote: »
    I’ve read a few of the other threads and can see some of my questions I would have asked answered already by other noobs - ie. the obvious one how to withdraw profit made from crypto into hard cash to your bank account - seems like in a lot of cases it needs to pass thru an intermediate “ wallet” designed to hold many types of crypto. Again it appears to me without actually having deposited yet or attempting a trade that people are dealing with “fractions” of bitcoins given 1 Bitcoin is equivalent to many thousand euro or maybe I’m talking s**te?

    Say you deposit 100 euro on an exchange (Coinbase, Kraken, Binance etc). You will use the EUR/BTC market and purchase at market price for example approximately 1/420th of a bitcoin. A bitcoin is made of of satoshi's or "sats". So your 100 euro purchase is approximately 235000 sats. People DCA and buy the dip to continue "stacking sats" until they own a full bitcoin or even multiples.

    These crypto coins will stay on the exchange until you withdraw them to a wallet for security. If you are only interested in day trading then you might be satisfied to keep them on an exchange for quick buys and sells, to sell back to euro and withdraw back into your account. So no intermediately as such. But leaving them on an exchange is a risk when you are dealing with thousands of euro.

    You will have many questions but sometimes it is best to just dip your toe in and get the lay of the land


  • Registered Users Posts: 717 ✭✭✭ bs2014


    I set up coinbase last week, just put in €50 to practice lodging money, buying and then selling some bitcoin. My plan is to buy €1000 bitcoin ( say €100 each day for 10 days) and then leave it sit for a number of months or a year or so. I lodged the money direct from my bank card to coinbase, was straight forward. However, when I went to withdraw to the same Visa debit card I lodged with, it kept saying "Unfortunately, your withdrawal could not be completed. If you wish to make another withdrawal, please try again or add a new payment method". Tried numerous things like deleting the card and reconnecting, made no difference. So I have gone and set up a paypal account and the money went to paypal yday and now is in the air between paypal and my bank hopefully. Is this a cheaper albeit slower way of moving money? To be honest, the speed of moving money into and out of coinbase is not overly critical to me.

    Main Q:
    Is coinbase non pro suffice for a beginner?
    Whats the best way to put money into and out of coinbase. Direct from bank card/send into and out of coinbase via paypal? Or maybe revolut?
    Is it cheaper to buy €1000 in one go than say 10 seperate batches of €100.

    Thanks in advance.


  • Registered Users Posts: 15 ✭✭✭ Yeahyeah42


    Say you deposit 100 euro on an exchange (Coinbase, Kraken, Binance etc). You will use the EUR/BTC market and purchase at market price for example approximately 1/420th of a bitcoin. A bitcoin is made of of satoshi's or "sats". So your 100 euro purchase is approximately 235000 sats. People DCA and buy the dip to continue "stacking sats" until they own a full bitcoin or even multiples.

    These crypto coins will stay on the exchange until you withdraw them to a wallet for security. If you are only interested in day trading then you might be satisfied to keep them on an exchange for quick buys and sells, to sell back to euro and withdraw back into your account. So no intermediately as such. But leaving them on an exchange is a risk when you are dealing with thousands of euro.

    You will have many questions but sometimes it is best to just dip your toe in and get the lay of the land
    Thanks that was useful information - the binance page looks quite complex but as you said just dip your toe in - would have thought just keeping your balance and accumulated profits if any in the exchange account would be safe enough right? Unless they were hacked but will give it a go - lots of jargon around it and the order book in binance looks complicated - bit like those ticker tape things you see on the stock market which to me may as well be an alien dialect but will see how it goes. I beginning to grasp a bit the concept of the pairings EUR/Btc market and all - it feels a bit like Betfair in some ways? Anyway will see how it goes


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


    bs2014 wrote: »
    Main Q:
    Is coinbase non pro suffice for a beginner?
    Whats the best way to put money into and out of coinbase. Direct from bank card/send into and out of coinbase via paypal? Or maybe revolut?
    Is it cheaper to buy €1000 in one go than say 10 seperate batches of €100..

    1. Yes, but the fees are high
    2. SEPA
    3. That depends on what price an asset is from day to day


  • Registered Users Posts: 717 ✭✭✭ bs2014


    grindle wrote: »
    1. Yes, but the fees are high
    2. SEPA
    3. That depends on what price an asset is from day to day

    Thanks how long does sepa take from and to Aib? I'll prob need to order one of them card readers to have. What's the drawback of using PayPal if any? Do they charge more than sepa bank?


  • Registered Users Posts: 114 ✭✭ Keller Bear


    Yeahyeah42 wrote: »
    Thanks that was useful information - the binance page looks quite complex but as you said just dip your toe in - would have thought just keeping your balance and accumulated profits if any in the exchange account would be safe enough right? Unless they were hacked but will give it a go - lots of jargon around it and the order book in binance looks complicated - bit like those ticker tape things you see on the stock market which to me may as well be an alien dialect but will see how it goes. I beginning to grasp a bit the concept of the pairings EUR/Btc market and all - it feels a bit like Betfair in some ways? Anyway will see how it goes

    Binance is a bit intimidating even for more seasoned folks because they have so much visual clutter. I use it for some alt coins.

    I started out with Coinbase originally. The interface is clean, good app and simple to use but the fees are higher. It is definitely designed with new users in mind. There is a pro version which has slightly lower fees. So I might recommend that but they are notorious for crashing when there is a lot of activity in the markets. I would use Kraken the most now days.

    How much you leave on the exchange is up to entirely how comfortable you are. Hacking is unlikely for the big exchanges but it is possible. Check Mt Gox for example. Smaller exchanges have major breaches also. You will see the saying "not your keys not your coins". If the coins are on the exchanges then they are their keys and not yours. I'm not scaremongering. Some people withdraw immediately to a wallet. Others let it accumulate for a period of time and then withdraw in a single batch.

    When I started off a number of years ago I left everything on exchanges partially because I didn't know what I was doing partly because Coinbase are one of the biggest exchanges so i figured they would be safe.


  • Registered Users Posts: 114 ✭✭ Keller Bear


    bs2014 wrote: »
    Thanks how long does sepa take from and to Aib? I'll prob need to order one of them card readers to have. What's the drawback of using PayPal if any? Do they charge more than sepa bank?

    If you were do a SEPA with AIB at 9am you would expect it to clear around lunch time. And yes you will need card reader.

    Not sure if you mean by using PayPal as your exchange...if yes then you will never be able to withdraw the coins. Unless PayPal change their plans then they will always be holding them. Same goes for Revolut.


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  • Registered Users Posts: 2,525 ✭✭✭ Irish_rat


    Yeahyeah42 wrote: »
    I’ve read a few of the other threads and can see some of my questions I would have asked answered already by other noobs - ie. the obvious one how to withdraw profit made from crypto into hard cash to your bank account - seems like in a lot of cases it needs to pass thru an intermediate “ wallet” designed to hold many types of crypto. Again it appears to me without actually having deposited yet or attempting a trade that people are dealing with “fractions” of bitcoins given 1 Bitcoin is equivalent to many thousand euro or maybe I’m talking s**te?

    Going back to cash again is a fools game imo, it's inflationary while bitcoin has limited supply which is something you need to read up on.


  • Registered Users Posts: 717 ✭✭✭ bs2014


    If you were do a SEPA with AIB at 9am you would expect it to clear around lunch time. And yes you will need card reader.

    Not sure if you mean by using PayPal as your exchange...if yes then you will never be able to withdraw the coins. Unless PayPal change their plans then they will always be holding them. Same goes for Revolut.

    Thanks, on coinbase site, I see paypal can only be used for withdrawing funds to, cant add funds to coinbase from paypal. Weirdly, when I set up the coinbase account, it let me add funds from my visa debit. Now my only option is a sepa payment. So have ordered the aib card reader so just waiting on it to come.


  • Registered Users Posts: 635 ✭✭✭ AdrianG08


    Binance is a bit intimidating even for more seasoned folks because they have so much visual clutter. I use it for some alt coins.

    I started out with Coinbase originally. The interface is clean, good app and simple to use but the fees are higher. It is definitely designed with new users in mind. There is a pro version which has slightly lower fees. So I might recommend that but they are notorious for crashing when there is a lot of activity in the markets. I would use Kraken the most now days.

    How much you leave on the exchange is up to entirely how comfortable you are. Hacking is unlikely for the big exchanges but it is possible. Check Mt Gox for example. Smaller exchanges have major breaches also. You will see the saying "not your keys not your coins". If the coins are on the exchanges then they are their keys and not yours. I'm not scaremongering. Some people withdraw immediately to a wallet. Others let it accumulate for a period of time and then withdraw in a single batch.

    When I started off a number of years ago I left everything on exchanges partially because I didn't know what I was doing partly because Coinbase are one of the biggest exchanges so i figured they would be safe.

    When you say leaving it on the exchange, do you mean buying via coinbase and just having it sit there?

    I bought €250 worth, can see my portfolio is this amount worth of Bitcoin, is it not automatically in a holding wallet already?

    Whats the difference between this and withdrawing it to a more secure wallet?


  • Registered Users Posts: 114 ✭✭ Keller Bear


    AdrianG08 wrote: »
    When you say leaving it on the exchange, do you mean buying via coinbase and just having it sit there?

    I bought €250 worth, can see my portfolio is this amount worth of Bitcoin, is it not automatically in a holding wallet already?

    Whats the difference between this and withdrawing it to a more secure wallet?

    1. Yes, exactly.
    2. It is held at the address of the exchange but important to remember it is not your address. An IOU of sorts until you withdraw from the exchange.
    3. If Coinbase was to be hacked and millions stolen, if you keep your coins on the exchange then you will be caught up in it. Coinbase have a dedicated wallet (havent used so can't say anything good or bad) but if you were to set that up and generate an address, private seed phrase etc. You would be able to withdraw to that address knowing that you and only you have access to it. Coinbase could have a breach and you would not be affected. Much like your bank account, you will need to be secure when logging in, anti virus, malware checks etc. and not going about telling people your seed phrase then you should be fine.

    If you are keen on buying and holding for years then it will make sense at some point to get a wallet. If you are interested in day trading or maybe selling within a couple of months then an exchange might be fine. Up to you.


  • Registered Users Posts: 635 ✭✭✭ AdrianG08


    1. Yes, exactly.
    2. It is held at the address of the exchange but important to remember it is not your address. An IOU of sorts until you withdraw from the exchange.
    3. If Coinbase was to be hacked and millions stolen, if you keep your coins on the exchange then you will be caught up in it. Coinbase have a dedicated wallet called Trust (havent used so can't say anything good or bad) but if you were to set that up and generate an address, private seed phrase etc. You would be able to withdraw to that address knowing that you and only you have access to it. Coinbase could have a breach and you would not be affected. Much like your bank account, you will need to be secure when logging in, anti virus, malware checks etc. and not going about telling people your seed phrase then you should be fine.

    If you are keen on buying and holding for years then it will make sense at some point to get a wallet. If you are interested in day trading or maybe selling within a couple of months then an exchange might be fine. Up to you.

    Where can I find the Coinbase trust wallet? And how do I get this?


  • Registered Users Posts: 114 ✭✭ Keller Bear


    AdrianG08 wrote: »
    Where can I find the Coinbase trust wallet? And how do I get this?

    Sorry, got mixed up in something else. It is just called Coinbase Wallet. Available on Google Play or Apple store


  • Registered Users Posts: 1 Jickr345


    If you were do a SEPA with AIB at 9am you would expect it to clear around lunch time. And yes you will need card reader.

    Not sure if you mean by using PayPal as your exchange...if yes then you will never be able to withdraw the coins. Unless PayPal change their plans then they will always be holding them. Same goes for Revolut.

    I left money on there for a long long time and still have money on them but yes they are safe


  • Registered Users Posts: 717 ✭✭✭ bs2014


    How long do AIB sepa payments take to show in coinbase wallet?

    I went to also buy some bitcoin tonight direct with my visa debit to get me started (keeps saying transaction declined, contact my bank); why would this be?


  • Registered Users Posts: 729 ✭✭✭ hblock21


    I cannot for the life of me understand how to buy on Bilaxy. I have seen this layout on other platforms but have never interacted until this morning.
    I transfered my €15 worth of USTD from Binance to Bilaxy which went very smoothly!
    I then wanted to use my 17 or so USDT to buy XGG but in the end only managed to buy 1 XGG !

    How the crap do I use all me USDT to buy XGG, I can't figure it out. As you can see from the attachment I have 16.878195 USDT

    Thank you


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  • Registered Users Posts: 222 ✭✭ bosco12345


    hblock21 wrote: »
    I cannot for the life of me understand how to buy on Bilaxy. I have seen this layout on other platforms but have never interacted until this morning.
    I transfered my €15 worth of USTD from Binance to Bilaxy which went very smoothly!
    I then wanted to use my 17 or so USDT to buy XGG but in the end only managed to buy 1 XGG !

    How the crap do I use all me USDT to buy XGG, I can't figure it out. As you can see from the attachment I have 16.878195 USDT

    Thank you

    I've literally just bought XGG about 20 mins ago but the order still hasn't filled even though it's on the exact same price. Bilaxy is horrible.. Are you sure you clicked 100% of your USDT?


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