bitcoin

trasneoir

Registered User
Messages
326
Any recommendations for who to buy & sell from ?
I use cex.io

If you're looking at holding significant amounts, then you should be aware of the security implications. Because bitcoin transactions are irrevocable and easy to launder/anonymize, bitcoin is unusually vulnerable to theft.
 

MrEarl

Registered User
Messages
2,430
Hello,

Many thanks for the information. I will have a look at cex.io

I also might have a look at the possibility of spread betting, rather than actually holding bitcoins (gets you over the potential security risk of holding bitcoins although does get you a half a step closer to the blackjack table too I suppose).
 

ant dee

Registered User
Messages
279
Hello,
gets you over the potential security risk of holding bitcoins although does get you a half a step closer to the blackjack table too I suppose.

Just dont hold the coins are the exchanges.
Withdraw them to your own wallets. You can even split the bitcoins in several wallets, so if your system is compromised and someone gets to steal some, they only get one part.
Or get something like https://bitcointrezor.com/ for great security and convenience.
 

tecate

Registered User
Messages
1,880
Did you (or any other AAM'ers) pursue this MrEarl? I'm thinking of placing some savings in BTC. What exchanges should I register with to get the best possible deal in real time?

How is BTC recognised in Ireland? Is it treated as a currency or an asset/commodity? What are the tax implications in the event of making a profit?
 

MrEarl

Registered User
Messages
2,430
Hello,

No, to be honest I was ill for much of the last few weeks so have not done anything - other than watch the value of the bitcoin go up, then come down... this one certainly isn't for widows or orphans thats for sure, but I'm still very interested and intend to progress at some stage over the next few weeks (think I'll just wait for the dust to settle a little, given recent news about China).
 

ant dee

Registered User
Messages
279
If you want to invest in bitcoin, much like other investments, you need a long-term approach.
Swings will be heavy, but remember you are in for the long-term.

Now, provided your payment method is SEPA transfer, I advise to use an exchange like Kraken or Uphold. They have very low fees, i believe Kraken lowest, not that it matters a lot with the crazy volatility.
Send the euros, buy the bitcoins and then withdraw to your own wallets.
Bitcoin transactions are irreversible.
If you are not sure your computer is clean, well, clean it. Phones are more secure. Trezor is my wallet of choice.

If holding BTC is not enough risk for you, there are services that will offer interest for holding your bitcoin. P2P lending, margin-lending etc.
Needless to say, the risk great using those and the web is full of scams.
 

tecate

Registered User
Messages
1,880
Bitcoin has risen again - now trading at it's highest level - US$1280/BTC - ahead of speculation as to the granting or otherwise of a bitcoin based ETF License. We'll either see a further rise but more likely another sharp fall in the wake of that decision (expectations generally are that it won't be granted).
 

tecate

Registered User
Messages
1,880
So license wasn't granted to the Winkelvoss twins - sharp fall on Friday upon the announcement but BTC has already recovered.
 

ant dee

Registered User
Messages
279
a few people got scared and sold.
Faithful bitcoiners appreciated the discount and bought.

Buying bitcoins through an ETF is a bad idea anyway.
 

TheBigShort

Registered User
Messages
2,789
So I just tried to buy some Bitcoin, a €100 worth, to see what all the fuss is about. A charge of €10, 10% was to be applied! I declined.
How is this cheap?
 
S

SirMille

Guest
Bitcoin is a decentralised trust network. First of its kind. Most don't get that bit as it's hard to understand.
It is another fiat currency. It is betaware and will eventually be overtaken by Ethereum which is government backed.

Bitcoin has some vulnerabilities such as the 51%

It is not anonymous, If you want true anonymity use Monero.

You must not leave your bitcoin with others, you must store it in your own wallet,under your own control. Don't get bitten by another MtGox.

It is Tulip season.

I will exit Bitcoin when Amazon accept it.
 

ant dee

Registered User
Messages
279
My point was going to be, predicting cryptocurrencies is the same as stock picking / timing the market.
We don't know where they will go And if someone knew he would get rich.

And because of the small market cap and lack of regulations (I'm not sure if regulations will be bad or good...) there is a lot of market manipulation , massive volatility, alt coin scams.
So , even harder to predict, in my opinion.
 

jim

Registered User
Messages
736
Is Bitcoin really a game changer? Its been around for a few years now and I haven't seen much increase in fuss over it.

If it is the future then what are we waiting for?
 
S

SirMille

Guest
Hi Jim, it's a game changer (the underlying globally distributed/decentralised trust network)

Years ago, I initially dismissed it as more nerd money, but that was because the wired journo who explained it to me didnt have a clue.

My mistake eh.

Crypto currency market cap is huge and growing, and the number of multinationals accepting it as payment is ever increasing.
 

jim

Registered User
Messages
736
Which multinationals accept it?

Might sound like a silly question but in a nitshell whats the adv of crypto over normal everyday currency?
 

ant dee

Registered User
Messages
279
Not a nutshell answer but Andreas Antonopoulos is good at explaining Bitcoin.

https://www.youtube.com/user/aantonop

Sirmille, I was meaning to say ICO s are scamming unsophisticated investors all the time.
By manipulation I meant the alt coins pumping and dumping at poloniex exchange.
Sorry I am not good at explaining these things , I will try and link articles and sources maybe next week.
 

seamless

Registered User
Messages
64
Bitcoin is a decentralised trust network. First of its kind. Most don't get that bit as it's hard to understand.
It is another fiat currency. It is betaware and will eventually be overtaken by Ethereum which is government backed.

Can you provide a link or other source that supports your assertion that Ethereum is government backed please ?
 

ant dee

Registered User
Messages
279
Manipulation was referring to smaller alt coins yes.
Poloniex could easily inside trade these to kick volumes up and the price.

I dont know how one could manipulate Bitcoin price.
Maybe after they approve ETFs and stuff like that?
As it is now bitcoin is getting harder to have it's price kicked around on people s whims. Hopefully as it's market cap continues to grow We will it's volatility drop even more.

I haven't heard anything about government backing Etherium either, can you explain how you came to that conclusion ?
 
S

SirMille

Guest
No links to support it, I heard it from a crypto currency researcher while attending a presentation in CryptoValley. Could be total BS.
 
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