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Buying bitcoins

brendan86

Heh guys,

I've been doing a bit of research the last week into buying bitcoins.. I want to buy 1k worth, I know it's risky but I have it to spare and might just see how it goes for a year or so..

I have currently registered on mtgox.com and am awaiting approval on my Id verification.. Has anyone dealt with this site have any info for me?

If I put my money on mtgox that means I have to trust them with my bitcoins is this correct? I won't have to have a wallet on my computer?

I'm just basically asking for advice, it's what I want to do but if someone can explain the best way about it that knows more than me I would appreciate it

Thanks

Brendan

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lawred2

Thargor wrote: »

Bit of a selloff in ETH atm but its not a surprise really after the last few days.

Everything is down across the board

EagererBeaver

Thargor wrote: »

Bit of a selloff in ETH atm but its not a surprise really after the last few days.

PopePalatine shipping his 25e worth probably spooked the market.

lawred2

Folio down 15% in a few hours. Probably wake up to see it having regained most of that.

PopePalpatine

Ethereum's recovered by 4% (from €287ish) in the last 4 minutes. :eek:

Supercell

Carnage this morning across the board, time to hold and not look at the charts for a few days. Buying opportunity if you have the cash though.

sudaltsov

Supercell wrote: »

Buying opportunity if you have the cash though.

Oh yes, but only if you believe it is going to go up at some point.

Dohnjoe

Maybe some of the below had a (combined) effect

The inevitable Eth drop

Bitcoin forums going hysterical over some new proposed bill to regulate cryptos

0.25% interest rate rise (traders moving some of their positions out of crypto into the stock market)

Grumpypants

Dont look at crypto currencies in short term windows. Use a min window of 1 month (but really 1 year). ETH is up €220 since last month.

These drops are common and a good chance to buy. It will recover and track back up in the next few weeks.

There are a lot of new people entering who dont know the tech, are not used to it, and think you need to buy and sell your way to riches. They buy in, get spooked by a drop, think it is the bubble popping, and rush to sell before their loses get worse. A few days later when it has recovered and gone higher they realise they bought high and sold low!

To all the new voices.
Only invest what you can afford to lose. This really is important, if you are panicing over a drop of €50 you can't afford to be investing.

Sit on it, very few trade their way to profit without a powerful automated algorithm trading on one of the old trade fee free exchanges. Most who try to trade lose money. Everyone that sits on it has made money.

Stop betting, invest in the tech. Buy bitcoin because you want to use it to buy things. Buy ETH because you believe in the tech, stop looking at the price (easier said than done i know) and stop thinking you can turn €100 in 100k.

iwantthat

Great comment....

I will also emphasis that before you invest, read a bit about what the technology does, look at the history of the ticker and do not just do not buy anything at its peak... wait for the dips....

Grumpypants wrote: »

Dont look at crypto currencies in short term windows. Use a min window of 1 month (but really 1 year). ETH is up €220 since last month.

These drops are common and a good chance to buy. It will recover and track back up in the next few weeks.

There are a lot of new people entering who dont know the tech, are not used to it, and think you need to buy and sell your way to riches. They buy in, get spooked by a drop, think it is the bubble popping, and rush to sell before their loses get worse. A few days later when it has recovered and gone higher they realise they bought high and sold low!

To all the new voices.
Only invest what you can afford to lose. This really is important, if you are panicing over a drop of €50 you can't afford to be investing.

Sit on it, very few trade their way to profit without a powerful automated algorithm trading on one of the old trade fee free exchanges. Most who try to trade lose money. Everyone that sits on it has made money.

Stop betting, invest in the tech. Buy bitcoin because you want to use it to buy things. Buy ETH because you believe in the tech, stop looking at the price (easier said than done i know) and stop thinking you can turn €100 in 100k.

lawred2

anyone holding Dash?

SteelyDanJalapeno

lawred2 wrote: »

anyone holding Dash?

I think I have a little, any news?

lawred2

TiltedBrain wrote: »

I think I have a little, any news?

no - just pondering a wee dip. Was looking for someone's take on the tech! Reads well to me.

KilOit

Great time to buy some decent alts
If I didn't look at so much advise about just hodling and not panicking I'd seriously be worried now, imagine a lot of people lost selling past 12 hours.. The whales really manipulate this market

Dohnjoe

Goldman-Backed Startup Circle Launches No-Fee Foreign Payments Service

https://www.nytimes.com/reuters/2017/06/14/business/14reuters-fintech-payments-circle.html?_r=1

Zascar

Guys I have been trying to set up an account on coinbase - cant for the lift of me get the verification to work. Thinks I'm in the UK for some reason and support wont reply to me.

I dont want to read through 100 pages - so can anyone recommend where I can buy & keep bitcoin & ethereum- an alternative to coinbase? Thanks

lawred2

Zascar wrote: »

Guys I have been trying to set up an account on coinbase - cant for the lift of me get the verification to work. Thinks I'm in the UK for some reason and support wont reply to me.

I dont want to read through 100 pages - so can anyone recommend where I can buy & keep bitcoin & ethereum- an alternative to coinbase? Thanks

kraken but you'll need to be verified there too

It took me ages to get verified on both coinbase and kraken..

jester77

Kraken takes ages, but coinbase was quick when I did it. Just scanned front and back of drivers license and I was verified within a few mins.

I thought it was automated, but maybe it is not. They are probably overloaded these days because of the FOMO crowd all jumping on board.

lawred2

jester77 wrote: »

Kraken takes ages, but coinbase was quick when I did it. Just scanned front and back of drivers license and I was verified within a few mins.

I thought it was automated, but maybe it is not. They are probably overloaded these days because of the FOMO crowd all jumping on board.

coinbase took ages because the uploader kept failing..

sudaltsov

Coinbase behaving oddly. Verified my driver license - I can see it in the android app. But in the normal browser still asking to verify my ID. Strange

jester77

lawred2 wrote: »

coinbase took ages because the uploader kept failing..

I used their mobile app, which is nice for verification. It creates a frame in the camera that you just set your drivers license inside and it was automatically uploaded. Might be easier than doing it through their website as the picture is in a layout and format that their backend tools would recognise straight away.

crowseye

Zascar wrote: »

Guys I have been trying to set up an account on coinbase - cant for the lift of me get the verification to work. Thinks I'm in the UK for some reason and support wont reply to me.

I dont want to read through 100 pages - so can anyone recommend where I can buy & keep bitcoin & ethereum- an alternative to coinbase? Thanks

Try belgacoin I've bought from there a few times it's legit, bank transfer will take a couple of days though.

Grumpypants

Use tge coinbase app and turn on the flash. For some reason it gets a better pic and verifies. I was messing about for ages too until i used the flash.

cnocbui

Zascar wrote: »

Guys I have been trying to set up an account on coinbase - cant for the lift of me get the verification to work. Thinks I'm in the UK for some reason and support wont reply to me.

I dont want to read through 100 pages - so can anyone recommend where I can buy & keep bitcoin & ethereum- an alternative to coinbase? Thanks

Belgacoin.com

You need to make one transaction of up to €25 and then after that the limit is lifted. None of this ID verification rigamarole. When buying, there is the problem for some that it's not instant as it relies on banks and their SEPA handling time-frame, so the price can change between sending a SEPA and when Belgacoin process it, so they aren't ideal for day-traders. They now have wallets so you can transfer into those when selling and better time your selling.

It terrifies me all these financial sites that require a volume of personal information that is just tailor made for identity theft. If hackers manage a breach and get this stuff, they could likely use passport scans and such to access people's main bank accounts with a bit of social engineering. Hopefully these sites would store this stuff offline, but I have never seen any mention of what they do with it all and my bet would be many don't store it offline. So many people seem to almost live in an all-digital world, the idea of not having stuff easily to hand, a few key-strokes or mouse clicks away wouldn't even occur to them.

Dohnjoe

Hmm where is the bottom of this, keeps dropping

jester77

Dohnjoe wrote: »

Hmm where is the bottom of this, keeps dropping

ETH is still ?40 up on a week ago, and ?190 up on a month ago, it's just an adjustment.

Status ICO is coming up at the weekend, so there will be money pumped in over the next few days. Market is probably being manipulated so the whales can get in cheaper.

WhiteMemento9

WhiteMemento9 wrote: »

If someone wanted to short ETH. Anyway of doing this?

ARgghhhh, I wish I could have figured this out in time. Would have made a killing :mad:

nuac

jester77 wrote: »

ETH is still ?40 up on a week ago, and ?190 up on a month ago, it's just an adjustment.

Status ICO is coming up at the weekend, so there will be money pumped in over the next few days. Market is probably being manipulated so the whales can get in cheaper.

Don't want to appear too cynical, but hasn't there been market manipulation always in all markets?

One of the most ancient stock market sayings "Where there is a tip there is tap"

Nobody should bet the house nor the farm on this stuff

michaelp97

I know no one knows for certain with anything in investments, but how high do you think bitcoin could go?

jester77

michaelp97 wrote: »

I know no one knows for certain with anything in investments, but how high do you think bitcoin could go?

to the moon

WhiteMemento9

michaelp97 wrote: »

I know no one knows for certain with anything in investments, but how high do you think bitcoin could go?

https://www.youtube.com/watch?v=l91ISfcuzDw