Bitcoin beaten (finally)

[HelpingHands]

8 minutes ago, h103efa said:

The volatility on that on IG is scary. The min bet size on there is still too big for me with the margin I have to put down. Fun watching though! 

On Bitmex you can use margins up to x100 to long and short.

You have to deposit bitcoin as that's the base currency but you can send small amounts.

[sovereignsteve]

3 hours ago, h103efa said:

The volatility on that on IG is scary. The min bet size on there is still too big for me with the margin I have to put down. Fun watching though! 

volatilty is good for trading but yes, margin is  big problem these days after the nanny state interference😥

[Groundup]

I bought lite coin quite early on and got hacked and whoops it's gone.. learnt about safe storage and bought bitcoin and held... I joined Bank to the future very early on but didn't invest in anything ie... Kraken...coinbase... Ect never traded in ICO's and put the funds in PM's instead. Am I bothered that as an early adopter of crypto and I didn't capitalise.. hell no..I'm still smiling... debt free...own teeth and a full head of hair, good wife and family..and got PM's... Happy days...

[Slowhand]

10 years ago I’m sitting in a cigar shop trying to enjoy myself.  A friend is there talking my ear off with some nonsense about fake digital money.  Bitcoin.  What the heck are you talking about?  He goes on and on explaining it to me and how it is the future.  He wanted me to give him some money so he could buy more computing power and we’d split up the bitcoin he mined.  

I laughed.

He made several hundred thousand dollars.

i can’t even look at him now.

[sovereignsteve]

10 hours ago, Slowhand said:

10 years ago I’m sitting in a cigar shop trying to enjoy myself.  A friend is there talking my ear off with some nonsense about fake digital money.  Bitcoin.  What the heck are you talking about?  He goes on and on explaining it to me and how it is the future.  He wanted me to give him some money so he could buy more computing power and we’d split up the bitcoin he mined.  

I laughed.

He made several hundred thousand dollars.

i can’t even look at him now.

Look him in the eye, shake his hand and say well done. I'm sure you've already worn the hair shirt and done the self-flagellation. If you're not a gambler, just accept it and  stick to your own way forward.

[Tn21]

On 20/07/2019 at 00:26, Groundup said:

I bought lite coin quite early on and got hacked and whoops it's gone.. learnt about safe storage and bought bitcoin and held... I joined Bank to the future very early on but didn't invest in anything ie... Kraken...coinbase... Ect never traded in ICO's and put the funds in PM's instead. Am I bothered that as an early adopter of crypto and I didn't capitalise.. hell no..I'm still smiling... debt free...own teeth and a full head of hair, good wife and family..and got PM's... Happy days...

The biggest thing there for me is the full head of hair. 

[HelpingHands]

Someone is making it hard work.  

https://blog.coinbase.com/temporary-change-to-gbp-bank-deposits-and-withdrawals-for-coinbase-uk-customers-d06b72630e07

 

[Safestacker]

Hi guys. I’m thinking of getting into crypto’s such as bitcoin. I have a patient who invested in it and has done quite well. He’s giving me some info on how to get starts but I wanted your views and opinions on what crypto is best and how to get started, Wallet or ledger etc and how much to invest, what website to buy from etc.  

 

Thanks. 

[StevenDS]

3 hours ago, Safestacker said:

Hi guys. I’m thinking of getting into crypto’s such as bitcoin. I have a patient who invested in it and has done quite well. He’s giving me some info on how to get starts but I wanted your views and opinions on what crypto is best and how to get started, Wallet or ledger etc and how much to invest, what website to buy from etc.  

 

Thanks. 

I always use Kraken to convert my fiat into crypto. Which asset to buy, BTC or alt coins, depends on your appetite for risk.

Gold buyers buy BTC and silver buyers buy alts. 😉

BTC is lower risk if you buy at the right time and you are patient. Only buy crypto with money you can afford to lose and do not need short term (+/- 2 years).

I'm a silver and alt coin kind of guy, because I'm interested to build wealth rather then preserve it. To each his own.

[Safestacker]

55 minutes ago, StevenDS said:

I always use Kraken to convert my fiat into crypto. Which asset to buy, BTC or alt coins, depends on your appetite for risk.

Gold buyers buy BTC and silver buyers buy alts. 😉

BTC is lower risk if you buy at the right time and you are patient. Only buy crypto with money you can afford to lose and do not need short term (+/- 2 years).

I'm a silver and alt coin kind of guy, because I'm interested to build wealth rather then preserve it. To each his own.

Thanks

 

So if you buy crypto, how does it build wealth? do you make more money on your initial investment as the crypto increase in value? how would you actually build wealth using crypto's?

[kimchi]

The thing I don't get with BTC is (apologies if this is a newbie question), when there are a finite amount to be mined, yet you need miners to verify transactions, what happens when all the BTCs are mined and no-one has reason to be mining/verifying the blockchain?

[StevenDS]

1 minute ago, Safestacker said:

Thanks

 

So if you buy crypto, how does it build wealth? do you make more money on your initial investment as the crypto increase in value? how would you actually build wealth using crypto's?

Biggest gains come from price increases indeed. Often pure price speculation, because we are still very early for blockchain adoption; Adoption is key, especially for alts, because most are meant as utility tokens/coins, whereas BTC is also (mostly) seen as a store of value and hedge against traditional over inflated financial system.

There are also other ways to make money in crypto with lower risk. Those opportunities can be found within the emerging decentralized finance (defi). A good example is converting your fiat to the crypto stablecoin DAI and lend it out via eg compound.finance. It has been providing returns between 10%-15%.

 

[StevenDS]

5 minutes ago, kimchi said:

The thing I don't get with BTC is (apologies if this is a newbie question), when there are a finite amount to be mined, yet you need miners to verify transactions, what happens when all the BTCs are mined and no-one has reason to be mining/verifying the blockchain?

Transaction fees will be the only rewards left for miners. To be seen whether that will be profitable. Last BTC will be mined around 2040.

[Safestacker]

So, if say today i wanted to invest in Bitcoin or the DAI method, how would i go about doing that? 

[StevenDS]

24 minutes ago, Safestacker said:

So, if say today i wanted to invest in Bitcoin or the DAI method, how would i go about doing that? 

Get a Kraken account. Take a look at the verification requirements (depends on how much you'll be buying and selling). Wire transfer to your Kraken account and you are set to go. Kraken does not hold all crypto assets however, for some assets I convert my fiat into eg Ethereum (ETH). I send the ETH to another crypto exchange eg Binance and there I buy a different alt coin with my ETH.

Make sure the understand your country's tax rules about crypto buying/trading/profit taking.

Another way to generate wealth in crypto is staking (Proof Of Stake protocols) can also provide passive income, however many don't understand this needs to be seen inflation adjusted, because rewards often come from newly issued coins.

Also import. Custody! I highly advise you store your own private keys on a hardware wallet (eg Ledger nano) instead of leaving custody of your private keys on the exchange.

[Safestacker]

2 hours ago, StevenDS said:

Get a Kraken account. Take a look at the verification requirements (depends on how much you'll be buying and selling). Wire transfer to your Kraken account and you are set to go. Kraken does not hold all crypto assets however, for some assets I convert my fiat into eg Ethereum (ETH). I send the ETH to another crypto exchange eg Binance and there I buy a different alt coin with my ETH.

Make sure the understand your country's tax rules about crypto buying/trading/profit taking.

Another way to generate wealth in crypto is staking (Proof Of Stake protocols) can also provide passive income, however many don't understand this needs to be seen inflation adjusted, because rewards often come from newly issued coins.

Also import. Custody! I highly advise you store your own private keys on a hardware wallet (eg Ledger nano) instead of leaving custody of your private keys on the exchange.

Thanks. Do you need a ledger or just keep your currency in kraken? 

[Groundup]

1 hour ago, Safestacker said:

Thanks. Do you need a ledger or just keep your currency in kraken? 

I was recently made aware of this hardware wallet it looks interesting

https://kinesis.money/en/company-news/kinesis-partners-with-coolbitx-to-deliver-hardware-storage-solution-for-kinesis-currencies/

[Safestacker]

8 minutes ago, Groundup said:

I was recently made aware of this hardware wallet it looks interesting

https://kinesis.money/en/company-news/kinesis-partners-with-coolbitx-to-deliver-hardware-storage-solution-for-kinesis-currencies/

Doesn't have a pice tag attached to it...i bet its pricey. 

[Groundup]

14 minutes ago, Safestacker said:

Doesn't have a pice tag attached to it...i bet its pricey. 

Believe $99

So comparable to other hardware wallet on the Market

 

[HelpingHands]

@Safestacker the simplest site to use is probably Coinbase.

You can buy with your debit card at the moment.   You could do bank transfers too but at the moment they are moving from Barclays to another account.

[Safestacker]

4 hours ago, HelpingHands said:

@Safestacker the simplest site to use is probably Coinbase.

You can buy with your debit card at the moment.   You could do bank transfers too but at the moment they are moving from Barclays to another account.

Thanks, i bought a Ledger Nano S to scurry stop my crypto, just waiting on the verification process so i can transfer the BTC to my ledger. 

So once you have converted fiat into BTC, what then? do you just sit on it and wait to see if it goes up or down and if it does does the amount in your ledger change? or are you meant to trade it or 'bet' with it etc ... I'm really new to crypto's so dot have a clue. 

[StevenDS]

1 hour ago, Safestacker said:

Thanks, i bought a Ledger Nano S to scurry stop my crypto, just waiting on the verification process so i can transfer the BTC to my ledger. 

So once you have converted fiat into BTC, what then? do you just sit on it and wait to see if it goes up or down and if it does does the amount in your ledger change? or are you meant to trade it or 'bet' with it etc ... I'm really new to crypto's so dot have a clue. 

Don't trade crypto if you don't know what you are doing. Just buy and hold. Amount of BTC will not change only value will. FYI, the ledger does not store your crypto! All crypto always remains on it's blockchain. The ledger is used to store your private keys. Anyone who has both the public and private key, can access your coins. Very important to therefor store your private keys not in the cloud or laptop. Hardware wallet like ledger is safest option. This is called cold storage.

Also important. Hide the recovery words (seed) of your ledger. If someone finds your recovery seed, they can access your coins without needing your ledger. It's more important to secure these recovery seed then your ledger. Your ledger is password protected with 8 digit code. Your recovery seed are not. If you have a bank safe, store your recovery seed there. Your ledger, you can keep at home for easy access to your crypto.

[Safestacker]

25 minutes ago, StevenDS said:

Don't trade crypto if you don't know what you are doing. Just buy and hold. Amount of BTC will not change only value will. FYI, the ledger does not store your crypto! All crypto always remains on it's blockchain. The ledger is used to store your private keys. Anyone who has both the public and private key, can access your coins. Very important to therefor store your private keys not in the cloud or laptop. Hardware wallet like ledger is safest option. This is called cold storage.

Also important. Hide the recovery words (seed) of your ledger. If someone finds your recovery seed, they can access your coins without needing your ledger. It's more important to secure these recovery seed then your ledger. Your ledger is password protected with 8 digit code. Your recovery seed are not. If you have a bank safe, store your recovery seed there. Your ledger, you can keep at home for easy access to your crypto.

Thanks. I’ll be putting a few grand into it over the next few months. 

[Groundup]

52 minutes ago, Safestacker said:

Thanks. I’ll be putting a few grand into it over the next few months. 

There are now PM's company's that take crypto currency for bullion. Some are UK based. If you decide to take some profit. This could be an option.

 

[StevenDS]

12 minutes ago, Groundup said:

There are now PM's company's that take crypto currency for bullion. Some are UK based. If you decide to take some profit. This could be an option.

 

Usually they don't take crypto directly. It's a service provider who receives the crypto, sells it and gives a fiat amount to the gold dealer. In my opinion you will be better off converting your crypto to fiat yourself to avoid a higher commission.