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Thread: Bitcoin

  1. #11
    Dinosaur Excalibur's Avatar
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    Quote Originally Posted by Marc J View Post

    Now taking some out and buying some Ether and Ripple to diversify a little
    Into heavy duty Pharmaceuticals and Ice Cream? That's a tad leftfield.
    Excalibur. Older than the average DJ.

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  2. #12
    Web Guru Marc J's Avatar
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    Quote Originally Posted by Excalibur View Post
    Into heavy duty Pharmaceuticals and Ice Cream? That's a tad leftfield.
    I have to admin at being more than slightly concerned about investing in something with the name of "Ether"...as in "vanishing into the..."

  3. #13
    Jim - Scotland's Party DJ's Avatar
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    Good on you man, still not something I'd throw my hat in with.

    I remember when I came back from teaching out in Saudi Arabia with a sizeable wad of dough on my hip I tried to get a mortgage.

    I was able to put down a 30+% deposit on the place I wanted but my own bank were having none of it because I was "financially unreliable" or something like that but if I wanted to make my money work for me they'd take 10 or 15 grand of my savings and invest it in stocks or shares for me

    I no longer bank with them.

  4. #14
    Web Guru Marc J's Avatar
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    A rocky few days but on the up generally again

    Things have changed slightly since my first "how to" post, and a few very easy to use websites are now available to streamline the whole process (slightly).

    The three I'd recommend are Bitstamp, Coinbase and Kraken. All three allow 2FA security (Google Authenticator) and additional security (e.g. email confirmation) on trades, which you should definitely enable if you use them.

    You'll need to provide verification of who you are to satisfy AML (Anti Money Laundering) and KYC (Know Your Customer) laws that the sites must abide by, so expect to provide full info including uploading photo ID (e.g. passport / driving license) and proof of address (e.g. recent utility bill).

    Fees differ slightly, you still need to do a SEPA transfer which your bank will likely charge you £10 for, so be sure to factor that in, and that'll take 2-3 business days to hit the account on the site so you won't be able to buy anything until it goes through.

    All 3 sell Bitcoin. Bitstamp also sells Ripple, Coinbase also sells Ethereum and Kraken sells pretty much everything! Of the 3 I'd say Coinbase is the easiest to use and for smaller volumes their fees generally work out better, but they have some bad press (if you look hard enough, mostly to do with their support). Bitstamp is the middle ground and Kraken is more for the experienced user.

    The one thing you really shouldn't do if you buy any cryptocurrency is keep it in the wallet the trading site provides. Only keep in there what you need for trading in the short term. The only way to be completely sure your coins are safe is to keep them in a wallet you hold the private key for, and then transferring your coins from the website you bought them from to your own wallet's address. Then keep the recovery seed for your wallet safe & secure, with copies in multiple secure locations (if you lose this, you lose your investment).

    I'm not sure if now is a particularly good time to get in....everything is a bit crazy at the moment with massive gains / losses (on 24th / 25th May Bitcoin went from $2300 to $2800 and back to $2300 again) but everything seems to be on the rise again and Ethereum in particular looks like it may have some big news from China this week and is already up 22% today.

    Don't let the four figure headline price put you off - you can buy as little as you want....for example for €10 (about £8.70) you can buy 0.00478650 Bitcoin right now

    But remember - if you give it a go only gamble with what you can afford to lose!
    Last edited by Marc J; 12-02-2021 at 12:14 PM. Reason: Updated wallet advice

  5. #15
    Web Guru Marc J's Avatar
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    Bitcoin price has doubled (again) in the 3 months since my last post

    Here's a funny cartoon I saw....

    Name:  learn-bitcoin.jpg
Views: 338
Size:  94.5 KB

    Or maybe it's just tulips all over again: -
    Last edited by Marc J; 16-08-2017 at 07:54 PM.

  6. #16
    Jim - Scotland's Party DJ's Avatar
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    Quote Originally Posted by Marc J View Post
    Bitcoin price has doubled (again) in the 3 months since my last post

    Here's a funny cartoon I saw....

    Name:  learn-bitcoin.jpg
Views: 338
Size:  94.5 KB

    Or maybe it's just tulips all over again: -


    In laymans terms - how does one actually get bitcoin

  7. #17

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    Can you sell bitcoin - i.e. convert it back to cash again?

  8. #18
    Web Guru Marc J's Avatar
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    Quote Originally Posted by Jim - Scotland's Party DJ View Post
    In laymans terms - how does one actually get bitcoin
    See my post #15, or one of the many online guides.

    Quote Originally Posted by rth_discos View Post
    Can you sell bitcoin - i.e. convert it back to cash again?
    Now that is the 64 million dollar question! Yes, you should be able to, but there are horror stories of delays when trying to get the funds from your exchange to your bank. Should go smoothly if you're approved and send all the relevant documentation, but use an exchange with a good reputation for cashing out. When I do come to cash in, I'll check reviews to find where the best place to do it is...and cross everything

  9. #19
    Jim - Scotland's Party DJ's Avatar
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    Quote Originally Posted by Marc J View Post
    See my post #15, or one of the many online guides.



    Now that is the 64 million dollar question! Yes, you should be able to, but there are horror stories of delays when trying to get the funds from your exchange to your bank. Should go smoothly if you're approved and send all the relevant documentation, but use an exchange with a good reputation for cashing out. When I do come to cash in, I'll check reviews to find where the best place to do it is...and cross everything
    I assume none of this is an issue if you only use it for assassinations and ordering bricks of heroin?

  10. #20
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    Just watched the film about it on Netflix.

    I am not a gambler, but would make an 'investment' based on a certain degree of risk. I thought about investing in Alibaba when that went PLC but decided against it as it was based in some offshore island and not China.Wish I had bought some shares of someone like Amazon years back or something like that!
    Your DJ - Mobile DJ The New Forest, Southampton & Hampshire. Toby
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