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silversword

Bitcoin (and other crypto currencies)

759 posts in this topic

Use an exchange to exchange.

They all seem a bit dodgy when it comes to buying crypto from fiats.

I found bittylicious the easiest to use and keep data away from, to a point.

Edited by AuFinger

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The important thing with exchanges is not to leave your BTC there once you have bought it. Always transfer it to a key pair that you have created yourself on a wallet. Once there you can secure it further by moving the keys to a hardware wallet or printing them out. If you don't do this, you are vulnerable to the exchange being hacked or a rogue employee helping themselves to your BTC. It would be like going into a shop, buying some stuff, then asking if they can keep it for you in storage. If they are burgled, or have an untrustworthy employee, you will lose your stuff. It is always better to take it off the exchange, even if it means an extra transaction fee.

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9 minutes ago, Bumble said:

The important thing with exchanges is not to leave your BTC there once you have bought it. Always transfer it to a key pair that you have created yourself on a wallet. Once there you can secure it further by moving the keys to a hardware wallet or printing them out. If you don't do this, you are vulnerable to the exchange being hacked or a rogue employee helping themselves to your BTC. It would be like going into a shop, buying some stuff, then asking if they can keep it for you in storage. If they are burgled, or have an untrustworthy employee, you will lose your stuff. It is always better to take it off the exchange, even if it means an extra transaction fee.

Good points. I do have coins in a wallet and agree.

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Jaxx, like Mycelium and others, is a soft (or hot) wallet. It consists of software running on your computer or smart phone. As such it is vulnerable to being attacked over your network link. Also, if you catch some kind of keystroke/screenshot logger, your keys could be compromised. But if you transfer your keys to a hardware (or cold) wallet such as Trezor or Ledger Nano and ensure they are removed from your soft wallet, they are highly secure. Printing the keys out is also good, provided you keep the printout in a safe place. Again, you need to delete them from your soft wallet once you have done this.

ApisMellifera likes this

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I assume that this is a decent entry point into most coins with the btc drop to the $2200 range  (as long as a revisit to $1700 isn't on the cards).

 

 

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On 6/13/2017 at 17:18, HelpingHands said:

I'm having a punt on QRL Quantum Resistant Ledger

https://bitcointalk.org/index.php?topic=1730273.0

One concern to note is that the investors in  the ICO are already up 1000% so could potentially dump.

(Current price  0.00029899 btc  /   $0.80 )

59th on coinmarketcap

I'm out of this now.  I should have sold when it trebled up but I've had to settle for a double up.  

I got greedy, but I may buy back in at some point.

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1 hour ago, HelpingHands said:

I wonder how Mr Dead will sell his KMD.  It must be well past his target now.

just sold a little at 0.001, also have some sell orders at 0.0011, 0.00115 and 0.0017 (only selling around 10k KMD at those levels)

Another 100k to shift when the time is right :)

If price levels are hitting this now they should push higher when DEX, Pangea, trading bots etc go live in the Agama wallet.

The only thing worrying me at the moment is I could end up with 110 BTC + in my wallet so will be shitting myself preying I dont get hacked.

Have a Ledger Nano S hardware wallet on order but wont be with me for a few more weeks, also in the process of getting verified on coinbase to convert to cash.

 

Wonder if questions will be asked if nearly  £1/4 million appears in my current account :D

Edited by mr-dead

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24 minutes ago, sovereignsteve said:

are there any tax implications for such gains?

From what I understand, at the moment if you leave the gains on the 'blockchain' it will be only a 'paper' gain. Would you only pay tax once convert the crypto into pounds or other fiats? Until further notice perhaps....

Edited by ApisMellifera

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There are some cash buyers of bitcoins but I wonder what that would be like.

I'd be concerned that they will want to give cash from suspicious sources (esp if it's Scottish notes).

 

If I had a lot of btc I think Id buy some gold from bitgild if its still going under the recordable level.  Id also ask people on here if they had bullion for sale which could be paid for in btc.

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There are Bitcoin ATM's in town. I've only seen review where people are buying BTC, haven't seen if you get cash out... I might give that a test depending on the premiums.

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are there any tax implications for such gains?

If you consider it forex trading. It's gambling and no tax inplecation (I believe)

 

If you consider it an investment usual CGT rules apply.

 

Good luck HMRC proving it either way as it's a crypto-currency. Then again MI5 or MI6 might take an interest on where the cash came from along the chain.

 

Sent from my SM-G925F using Tapatalk

 

 

 

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1 minute ago, ApisMellifera said:

There are Bitcoin ATM's in town. I've only seen review where people are buying BTC, haven't seen if you get cash out... I might give that a test depending on the premiums.

There are btc debit cards to use at any ATM.   Might be worth testing with a small amount.

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On 20/05/2017 at 13:47, mr-dead said:

All in on Komodo (KMD) at the moment (around 25 bitcoin worth at current exchange rate)

Hoping to make house money with 12 - 18 months :)

Well done... It has been slowly climbing steady since you posted. I wish I jumped on, though I don't understand what it does. Best of luck.

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All in on Komodo? ~ £50,000 worth?

What makes KMD/superNet any more a sure thing vs say Safecoin for MAIDsafe?

 

We're about to see lots of coins ico'd or created on the back of utility which isn't even a utility yet I think.

Just a coin is hard to grasp it's value, add in utility before it's a medium of exchange (money), like Maidsafe, supernet, or etherium scripts, and suddenly you can sell the coin on the idea it's got utility.

Maidsafe is still beta with no local crypts allowed, so the whole point of utility for these coins is still notional.

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