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stackspot

Buying Bitcoin

25 posts in this topic

@stackpot compare some of the p2p exchanges against https://bitcoinaverage.com to see the premium that there is there.

The UK banking system is very much against digital currencies and therefore there aren't actually any UK exchanges per se.

Depending on how much you want it may be worth using an exchange with EUR orderbook if you bank is SEPA compatible

If you just want a tiny amount PM me, I don't usually sell to invidiuals but don't mind doing a favour maybe for a silver/gold trade even :)

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Thanks for the replies

As I am just starting to look into this it is becoming clear that I need to know and understand Bitcoin more than I do now

4 hours ago, sg86 said:

@stackpot compare some of the p2p exchanges against https://bitcoinaverage.com to see the premium that there is there.

The UK banking system is very much against digital currencies and therefore there aren't actually any UK exchanges per se.

Depending on how much you want it may be worth using an exchange with EUR orderbook if you bank is SEPA compatible

If you just want a tiny amount PM me, I don't usually sell to invidiuals but don't mind doing a favour maybe for a silver/gold trade even :)

Thanks for the offer but not at the moment

I might pm you in future to see if that is still available;)

Edited by stackspot

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9 hours ago, Pipers said:

I was told by a tech head to use free net when buying cryptos, I don't use free net myself. 

huh

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On 11 July 2016 at 23:43, Pipers said:

I was told by a tech head to use free net when buying cryptos, I don't use free net myself. 

I think you mean darknet. Not a good idea, for so many reasons

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Ok this may sound daft to you guys who know this stuff already....
I bought one bitcoin in Nov2015 through a site called coinfloor.
I didn't really know what i was doing to be honest, but i read a bit about Bitcoin being the future, so spent £250 or so on 1 bitcoin.

My real question is,  How do i sell it?

it's worth near £1000 now.  or should i hang on to it?

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I would sell most of the bitcoin, you don't need to sell all of it sell all or most of the profit its up to you, You paid £250 why not keep £400 and sell the rest and buy Gold and silver bullion then you would have 3 alternative assets. As I said its up to you.  You will have your coin in your wallet you just need to go to one of the exchanges, the exchange will have a help section.  

ARGAR likes this

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1 hour ago, ARGAR said:

Ok this may sound daft to you guys who know this stuff already....
I bought one bitcoin in Nov2015 through a site called coinfloor.
I didn't really know what i was doing to be honest, but i read a bit about Bitcoin being the future, so spent £250 or so on 1 bitcoin.

My real question is,  How do i sell it?

it's worth near £1000 now.  or should i hang on to it?

You could sell on localbitcoins

If you're happy with the rate then I think you just register, transfer the btc to your wallet on there.

You'd choose somebody suitable to sell to (I would only accept bank transfer) and when they have paid you click a button to release the coins to them.

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52 minutes ago, ARGAR said:

Localbitcoins eh?

Thanks mate I'll check them out. :)

I sold .5 bitcoin on LocalBitcoin the other week

It took ages for the .5 to get confirmed transferred to the local bitcoin wallet, like 7 hours or something crazy 

I then sold it to a quick buyer for bank transfer

I chose someone who had the best feedback 

Went quick and smooth 

The only bad part was the hours waiting to get confirmed in the bloody localbitcoin wallet :rolleyes: thought bitcoin was suppose to be a fast easy thing lol. 

 

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To help diversify as I only have silver and a bit of p2p lending would anyone recommend purchasing some Bitcoin with a set amount per month or do you think it's not likely to keep going up and there's something new and yet to catch on that I should be looking into first? Any help is appreciated 👍🏻

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I'm no financial advisor, but I feel in the long term, Bitcoins price will keep going up as more people adopt it, but one should not get worried when it takes its occassional swan dive now and then. ;)

Although Ethereum's price has gone high in the last three months, its still early doors and enough time to hitch a ride.

Though explaining cryptocurrency is a hell of a thing....

ApisMellifera likes this

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I was looking at Ethereum at $13 and thought that was probably as high as it will go.

So how about Ethereum Classic?  Is that worth a go at?

 

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Yeah I've got both ETH and ETC. ETC seems on the cheapside at the moment but only got about 10er worth on that, because this crypto's biz is way too much volatile for my liking.

I've also got some PIVX, XEM and XRP (Ripple).

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The swan dive is usually due to whatever illegal website the FBI closes that week. I wouldn't call Bitcoin an investment. It's more a gamble imo. Personally I wouldn't have a monthly invested amount, hold some and play the exchange with a set starting figure. It's a currency that's backed by nothing and I'm sure the US authority would ban it if they could.

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It's up to £1448 at the moment.  I've listened to an expert on bitcoin on the Joe Rogan podcast a few times but was put off by as i couldn't get my head around it or see picture when I would pay for goods and services using it. 

I think I'll do an overtime day at work and use that to buy little bit of bc and etherium and see it as a gamble.  Etherium seems cheap enough to take a punt on.

Does anyone use the coinbase app? If so can use transfer your bc from that wallet to another? I've read that the coinbase wallet isn't as secure as they are an exchange rather than a dedicated secure wallet. 

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If anyone who is finding it difficult to get their head around Bitcoin, maybe listen on youtube to Andreas Antonopoulos, he's very good in explaining Bitcoin.

You can transfer Bitcoin from Coinbase to another, though I suggest getting a wallet to store your Bitcoins thats not on a exchange. Better to be safe than sorry.

Edited by silverdreamracer

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I bought same about 4 years ago and got burned with MtGox. The last time i looked at buying some, they were sitting at around £450, should have pulled the trigger but the trust is gone. Thing that annoyed me the most, i was trying to withdraw my bitcoin for around 12 weeks before they went busto. I have a 2013 silver bitcoin that doubles as a wallet and planned to store on that. Its deffo nothing like physical gold/silver but i can see the value in it with its mining process

I would still like to buy some again and i might some day but i cant see it being around in 20 years, i think it will be replaced with some government virtual money are the money we have now will be made more virtual. Maybe a world currency that is used for trade and travel, with each country still holding there own money and exchanging it. 

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