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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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BorneTobyWilde

https://www.youtube.com/watch?v=Jj4nJ1YEAp4

[Deleted User]

It'll be interesting what affect the trading of bitcoin futures has on the bitcoin price. Trading starts tonight afaik.

Shauny2010

RoboKlopp wrote: »

It'll be interesting what affect the trading of bitcoin futures has on the bitcoin price. Trading starts tonight afaik.

I don't see much happening for the first month as it will be a wait and see how it works.
The one thing that the opening of the futures market does is open the door for Bitcoin ETFs in the future. If we get bitcoin ETFs then every investment fund/Pension fund on the planet will want to add a small percent to the portfolio. It would be an Atlantic Ocean of money heading into Bitcoin!

machiavellianme

A sea of red today. Everything seems to be down which is a tad odd considering the last few days.

Truckermal

I see Litecoin down a lot, would it be worth sticking a few bob in them?

EagererBeaver

Litecoin is up 40% in the last week.

Truckermal

EagererBeaver wrote: »

Litecoin is up 40% in the last week.

Down since yesterday though.

EagererBeaver

So, I imagine, are thousands of other stocks, commodities and equities across the world.

If your rationale for thinking you might want to buy some is "it fell yesterday" you'll get into trouble pretty quickly in crypto.

Elessar

Lots of reports of users struggling to get money out of Coinbase. Seems its easy to deposit money and buy crypto but if you want to withdraw to cash you're possibly gonna be stuck. Nothing from Coinbase on it and trying to get a response from support seems impossible. Similar reports from Bitfinex.

Anyone have any difficulties here recently? Localbitcoins.com seems like another solution but I don't know how legit it is...

JaCrispy

Elessar wrote: »

Lots of reports of users struggling to get money out of Coinbase. Seems its easy to deposit money and buy crypto but if you want to withdraw to cash you're possibly gonna be stuck. Nothing from Coinbase on it and trying to get a response from support seems impossible. Similar reports from Bitfinex.

Anyone have any difficulties here recently? Localbitcoins.com seems like another solution but I don't know how legit it is...

I cashed out on Litecoin yesterday morning. No problems transferring back my bank account. It actually saved the SEPA details used to deposit the money previously.

Zascar

Is Kraken any better at all?

grindle

Zascar wrote: »

Is Kraken any better at all?

God no. They're easy to deposit money into but every other aspect is like moonwalking up a mountain.

Kenny Logins

Zascar wrote: »

Is Kraken any better at all?

I've had no issues with Coinbase/GDAX but Kraken made me very nervous. It took ages to even get BTC out so I can't imagine Euros would be any easier.

sReq | uTeK

JaCrispy wrote: »

I cashed out on Litecoin yesterday morning. No problems transferring back my bank account. It actually saved the SEPA details used to deposit the money previously.

Yea same, no issues and was in my bank in 24 hours.

EagererBeaver

It's BTC people are having problems cashing out, not LTC.

Suggestion is that a lot of the recent LTC pump driven by people trying to cash out some of their BTC and exchanging to LTC to get the money out.

Shauny2010

grindle wrote: »

God no. They're easy to deposit money into but every other aspect is like moonwalking up a mountain.

I think the complaints about Kraken's speed of withdrawals are not fair on them. They did ask all their users about 18 months ago now if they would prefer lower fees or faster transaction times. Lower fees was chosen by the nearly everyone so in peak times of activity on the network don`t be surprised if withdrawals can go over a day to show up in your wallet. they did warn about this and pointed it out.
From my experience though it usually appears within the hour.

grindle

Shauny2010 wrote: »

I think the complaints about Kraken's speed of withdrawals are not fair on them.

It's not just that - their trading engine crumbles at the mere sight of new customers. Constant tx failures and Cloudflare splashscreens.
Took me 15mins to switch from one coin to another a few days ago!

Hopefully the updated engine will be up to the task in future.

oleras

Up >20% on the day as of now.

hogan90

EagererBeaver wrote: »

Litecoin is up 40% in the last week.

Bought Litecoin today, hoping it follows the same trend as Bitcoin. Wishful thinking!!

SkySter

grindle wrote: »

It's not just that - their trading engine crumbles at the mere sight of new customers. Constant tx failures and Cloudflare splashscreens.
Took me 15mins to switch from one coin to another a few days ago!

Hopefully the updated engine will be up to the task in future.

Totally agree that Kraken is awful, to the extent that I'm going to the trouble of getting a second photo ID so I can get on GDAX.

Tar.Aldarion

SkySter wrote: »

Totally agree that Kraken is awful, to the extent that I'm going to the trouble of getting a second photo ID so I can get on GDAX.

Considering the same, just wondering if they accept PSC or if I need to get a driving license haha.

Shane732

Is there a beginners guide to Bitcoin available?

The One Doctor

Shane732 wrote: »

Is there a beginners guide to Bitcoin available?

Thousands. But this one is reasonable.

It really depends on what you want to do with your bitcoin or altcoin. Hold onto it and let it grow? Trade it regularly? Mine it? Its a fairly complex field and you'll learn lots. Most people simply hold, some buy repeatedly at the dips, others day trade (that's me).

It can be very profitable, but it's NOTHING like traditional investments. Prices can move 20% up or down in a few hours.

Speaking personally, I just got out of Bitcoin today. I'll go back in if the price drops hard again, but I'm moving to something that has a bit more volatility. Bitcoin is brilliant but it's also stressful.

jester77

The One Doctor wrote: »

Thousands. But this one is reasonable.

It really depends on what you want to do with your bitcoin or altcoin. Hold onto it and let it grow? Trade it regularly? Mine it? Its a fairly complex field and you'll learn lots. Most people simply hold, some buy repeatedly at the dips, others day trade (that's me).

It can be very profitable, but it's NOTHING like traditional investments. Prices can move 20% up or down in a few hours.

Speaking personally, I just got out of Bitcoin today. I'll go back in if the price drops hard again, but I'm moving to something that has a bit more volatility. Bitcoin is brilliant but it's also stressful.

I want to hear more :eek:

makeorbrake

jester77 wrote: »

I want to hear more :eek:

The Bellagio in Vegas.

The One Doctor

jester77 wrote: »

I want to hear more :eek:

Volatility is relative. There are coin pairs that can jump/fall 15% in 90 minutes. One coin is worth €30, but the 15% gain is huge over 90 minutes. If you have €2000 worth of the coin, 15% is €300.

Note: this is NOT a HODLing strategy - quite the opposite.

blindside88

I finally pulled the trigger and bought a bit of bitcoin, lite coin and ethereum. I've downloaded a wallet "breadwallet" and transferred a small amount over. Just a quick question, do most people recommend transferring everything to the wallet (I don't plan on day trading) or keeping some on coinbase also

cnocbui

https://www.cnbc.com/2017/12/10/tell-us-what-you-think-how-will-the-launch-of-bitcoin-futures-trading-affect-the-cryptocurrency.html

CNBC poll on Bitcoin Futures. "It's going to $100,000" is currently way ahead at 48% of the vote

Even with Jamie Dimon ordering every employee at JP Morgan to vote for the bubble is about to burst option, it still only manages 31%

dinneenp

Shane732 wrote: »

Is there a beginners guide to Bitcoin available?

Buy.
Sell before the bubble bursts.
Retire.

will56

dinneenp wrote: »

Buy.
Sell before the bubble bursts.
Retire.

You missed one step

Travel back in time to when Bitcoin was dirt cheap, buy/mine a load and HODL.