What did you use to invest? Seen there's lots of different sites but most seem to have very mixed reviews.Sir Bobby wrote:There's very little on this forum about cryptocurrencies like Bitcoin considering how popular it seems to be becoming. In fact, practically the only reference to it is 4 years ago where Mifune states it isn't worth getting involved. I don't want to rub his face in it too much but had he invested £500 that week he would have woken up today with around £60,000. So since it seems to be gaining more and more traction both in regular Joe world and in financial markets, what are people's thoughts? Is it going to crash? Will it ever be adopted as a genuine form of payments for things? Will the government start regulating it before it gets out of control? Has anyone invested?
Personally I'm annoyed I waited so long to invest since I considered it a year ago but only ended up doing it 3 months ago. However in that time I've doubled my money so can't exactly complain too much.
Bitcoin
Re: Bitcoin
Re: Bitcoin
I used coinify through a website called Blockchain.info I believe. I have no idea if it’s the best but it’s defo legit and does a job for me. I’ve heard good reviews about Coinbase though and would probs use that if I was going again, since I think that allows you to trade a few currencies, which is better once you get deeper involved and want to play the crypto fieldALF wrote:What did you use to invest? Seen there's lots of different sites but most seem to have very mixed reviews.Sir Bobby wrote:There's very little on this forum about cryptocurrencies like Bitcoin considering how popular it seems to be becoming. In fact, practically the only reference to it is 4 years ago where Mifune states it isn't worth getting involved. I don't want to rub his face in it too much but had he invested £500 that week he would have woken up today with around £60,000. So since it seems to be gaining more and more traction both in regular Joe world and in financial markets, what are people's thoughts? Is it going to crash? Will it ever be adopted as a genuine form of payments for things? Will the government start regulating it before it gets out of control? Has anyone invested?
Personally I'm annoyed I waited so long to invest since I considered it a year ago but only ended up doing it 3 months ago. However in that time I've doubled my money so can't exactly complain too much.
- Bodacious Benny
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Re: Bitcoin
This sounds far too complicated, I'm out
I'm the scumbag outlaw. You're the pillar of justice. Neither of us like looking at ourselves in the mirror. Do we have a deal?
Re: Bitcoin
I'm all inALF wrote:PTAO wrote:
Yes, but what does mifune say?Mifune wrote:
No .
What a f***ing bellend.
- Toondes
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Re: Bitcoin
I’m late to the bitcoin party but is sound too complicated for me. I’ll stick to trying to win mega bucks on my weekly football accumulator !
# stolen from nufc.com
- Bodacious Benny
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Re: Bitcoin
Not had an accy for ages!Toondes wrote:I’m late to the bitcoin party but is sound too complicated for me. I’ll stick to trying to win mega bucks on my weekly football accumulator !
I'm the scumbag outlaw. You're the pillar of justice. Neither of us like looking at ourselves in the mirror. Do we have a deal?
Re: Bitcoin
Ive noticed that none of you have asked MY opinion in all of this. Pretty insulting!
- Donkey Toon
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Re: Bitcoin
Hey Hjl, what do you think of bitcoin?Hjl wrote:Ive noticed that none of you have asked MY opinion in all of this. Pretty insulting!
Re: Bitcoin
Dunno really. I have never given it much thought....Donkey Toon wrote:Hey Hjl, what do you think of bitcoin?Hjl wrote:Ive noticed that none of you have asked MY opinion in all of this. Pretty insulting!
Re: Bitcoin
Hjl wrote:Dunno really. I have never given it much thought....Donkey Toon wrote:
Hey Hjl, what do you think of bitcoin?
- Colback's Orange Tufts
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Re: Bitcoin
People are making massive unrealised gains, but the spread (difference between quoted price and what you can sell for) is huge.
Also with the exchanges it's easyish to sell into your account (ie Coinbase), but to move that money into traditional currency very hard. Coinbase has a limit to the withdrawals per day ($20 at some point). Or not to your country. Our for KYC you have to provide ID/proof of address.
When you buy a fraction of bitcoin, as the exchange really ever bought any? If you have a whole one, you can check the ledger. But coinbase can't give you the hash for a coin you own a fraction of (or you'd own it), so no way to check. So Bitcoin was made to get around banks that ppl didn't trust. Instead you trust unregulated entities, like Mt Gox. That went well.
Also with the exchanges it's easyish to sell into your account (ie Coinbase), but to move that money into traditional currency very hard. Coinbase has a limit to the withdrawals per day ($20 at some point). Or not to your country. Our for KYC you have to provide ID/proof of address.
When you buy a fraction of bitcoin, as the exchange really ever bought any? If you have a whole one, you can check the ledger. But coinbase can't give you the hash for a coin you own a fraction of (or you'd own it), so no way to check. So Bitcoin was made to get around banks that ppl didn't trust. Instead you trust unregulated entities, like Mt Gox. That went well.
Sharing articles no-one reads since 2012
Re: Bitcoin
Your first point about the spread (assuming I’m understanding your point correctly) is definitely true but moreso with purchasing than selling I’ve found. As for withdrawing money, using Coinify I’ve not had any issues with taking out £1000+ in one day; less sure about Coinbase since I’ve never actually taken money out of that account. If you’re right about coinbase though I might stick to my coinify despite it being less slick and only allowing smaller purchases (£200 per day in instant payments)Colback's Orange Tufts wrote:People are making massive unrealised gains, but the spread (difference between quoted price and what you can sell for) is huge.
Also with the exchanges it's easyish to sell into your account (ie Coinbase), but to move that money into traditional currency very hard. Coinbase has a limit to the withdrawals per day ($20 at some point). Or not to your country. Our for KYC you have to provide ID/proof of address.
When you buy a fraction of bitcoin, as the exchange really ever bought any? If you have a whole one, you can check the ledger. But coinbase can't give you the hash for a coin you own a fraction of (or you'd own it), so no way to check. So Bitcoin was made to get around banks that ppl didn't trust. Instead you trust unregulated entities, like Mt Gox. That went well.
- Colback's Orange Tufts
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Re: Bitcoin
Fair enough. Can't say I've heard of Coinify.Sir Bobby wrote:Your first point about the spread (assuming I’m understanding your point correctly) is definitely true but moreso with purchasing than selling I’ve found. As for withdrawing money, using Coinify I’ve not had any issues with taking out £1000+ in one day; less sure about Coinbase since I’ve never actually taken money out of that account. If you’re right about coinbase though I might stick to my coinify despite it being less slick and only allowing smaller purchases (£200 per day in instant payments)Colback's Orange Tufts wrote:People are making massive unrealised gains, but the spread (difference between quoted price and what you can sell for) is huge.
Also with the exchanges it's easyish to sell into your account (ie Coinbase), but to move that money into traditional currency very hard. Coinbase has a limit to the withdrawals per day ($20 at some point). Or not to your country. Our for KYC you have to provide ID/proof of address.
When you buy a fraction of bitcoin, as the exchange really ever bought any? If you have a whole one, you can check the ledger. But coinbase can't give you the hash for a coin you own a fraction of (or you'd own it), so no way to check. So Bitcoin was made to get around banks that ppl didn't trust. Instead you trust unregulated entities, like Mt Gox. That went well.
Even if the exchange is trustworthy, how do they acquire the underlying at the right price with the volatility. Say you get buy orders totalling 50% of one bitcoin at $15k. Do you buy one at that price? If then half an hour later you get orders for the next 50% and the price is at 13k, you either reject order until the price goes up, or have to take a 2k hit.
Since the overall trend has been going upwards, exchanges make profit out of this. But won't always be the case.
In the world of equities, ETF/passive providers have this issue. They get around it with huge liquidity and due to the relatively low volatility in stock market indices. But if you buy some exotic/low liquidity ETF you get charged higher fees for this issue.
Sharing articles no-one reads since 2012
Re: Bitcoin
If I’m correct, when purchasing there’s a transaction fee that comes out of your BTC (say if you purchase 1BTC you actually receive 0.997BTC or something). This fee is usually pretty high which I’m guessing is to cover some of the potential losses with the volatility. Also I may be wrong but do the exchanges have to work in full bitcoins only?Colback's Orange Tufts wrote:Fair enough. Can't say I've heard of Coinify.Sir Bobby wrote:
Your first point about the spread (assuming I’m understanding your point correctly) is definitely true but moreso with purchasing than selling I’ve found. As for withdrawing money, using Coinify I’ve not had any issues with taking out £1000+ in one day; less sure about Coinbase since I’ve never actually taken money out of that account. If you’re right about coinbase though I might stick to my coinify despite it being less slick and only allowing smaller purchases (£200 per day in instant payments)
Even if the exchange is trustworthy, how do they acquire the underlying at the right price with the volatility. Say you get buy orders totalling 50% of one bitcoin at $15k. Do you buy one at that price? If then half an hour later you get orders for the next 50% and the price is at 13k, you either reject order until the price goes up, or have to take a 2k hit.
Since the overall trend has been going upwards, exchanges make profit out of this. But won't always be the case.
In the world of equities, ETF/passive providers have this issue. They get around it with huge liquidity and due to the relatively low volatility in stock market indices. But if you buy some exotic/low liquidity ETF you get charged higher fees for this issue.
Re: Bitcoin
The transaction fee goes to the miners, not the exchanges.Sir Bobby wrote:If I’m correct, when purchasing there’s a transaction fee that comes out of your BTC (say if you purchase 1BTC you actually receive 0.997BTC or something). This fee is usually pretty high which I’m guessing is to cover some of the potential losses with the volatility. Also I may be wrong but do the exchanges have to work in full bitcoins only?Colback's Orange Tufts wrote:
Fair enough. Can't say I've heard of Coinify.
Even if the exchange is trustworthy, how do they acquire the underlying at the right price with the volatility. Say you get buy orders totalling 50% of one bitcoin at $15k. Do you buy one at that price? If then half an hour later you get orders for the next 50% and the price is at 13k, you either reject order until the price goes up, or have to take a 2k hit.
Since the overall trend has been going upwards, exchanges make profit out of this. But won't always be the case.
In the world of equities, ETF/passive providers have this issue. They get around it with huge liquidity and due to the relatively low volatility in stock market indices. But if you buy some exotic/low liquidity ETF you get charged higher fees for this issue.
I also think the exchanges lump transactions in together to minimize fees.
They make their money on the % they charge when you put fiat in/take it out and the spread.
- Bodacious Benny
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Re: Bitcoin
Nor meToondes wrote:No a f***ing clue what you lot are talking about
I'm the scumbag outlaw. You're the pillar of justice. Neither of us like looking at ourselves in the mirror. Do we have a deal?
- Colback's Orange Tufts
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Re: Bitcoin
Nor meBodacious Benny wrote:Nor meToondes wrote:No a f***ing clue what you lot are talking about
Sharing articles no-one reads since 2012
Re: Bitcoin
Yeah not a clue here either tbh
Re: Bitcoin
So what you guys think now?? Will it go up again???