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Thread: Bitcoin

  1. #51

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    Quote Originally Posted by Marc J View Post
    After a crappy year, at least some things are doing well!

    Bitcoin hits all-time high rising above $20,000

    Did you cash in Nathan, or still HODLing?
    For those who do now hold Bitcoin - surely now is the time the cash in?

    I've spoken to a few people and they believe 12 months time is the time to cash in - but based on what happened in 2017, I wouldn't wait!

  2. #52

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    Quote Originally Posted by Marc J View Post
    After a crappy year, at least some things are doing well!

    Bitcoin hits all-time high rising above $20,000

    Did you cash in Nathan, or still HODLing?

    Cashed in! Bottled it...
    Nathan.

  3. #53
    Web Guru Marc J's Avatar
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    Quote Originally Posted by rth_discos View Post
    For those who do now hold Bitcoin - surely now is the time the cash in?

    I've spoken to a few people and they believe 12 months time is the time to cash in - but based on what happened in 2017, I wouldn't wait!
    My wife never let me forget that I didn't cash in in December 2017, but by that point I'd held for 4 years through some ups and downs and, if I'm honest, thought if it did drop (or see a "correction" as everyone likes to say in these drops) it wouldn't have been by quite so much. But I held anyway, the way I saw it I was always in profit even at it's lowest recently (Dec 2018 - I was still at almost 700% profit).

    So, to make sure I don't get that ear bashing in future I asked her this time if I should sell up, now that it's even higher than it was then. Her answer? "No, just keep a hold of them, they're bound to go even higher". So she's lost the right to have a go at me about that, now

    Quote Originally Posted by DJWilson View Post
    Cashed in! Bottled it...
    I hope you did well

  4. #54

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    Quote Originally Posted by Marc J View Post
    My wife never let me forget that I didn't cash in in December 2017,
    Had you cashed in at the peak and then reinvested after the drop, how would things be looking now?

  5. #55
    Web Guru Marc J's Avatar
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    Quote Originally Posted by rth_discos View Post
    Had you cashed in at the peak and then reinvested after the drop, how would things be looking now?
    My crystal ball would have pride of place on my mantlepiece that's for sure!

    But, to answer your question, if I'd sold at the previous peak (Dec 2017) I'd have been selling at about £15k per bitcoin, buying back the same bitcoin at the lowest point (Dec 2018) would have cost about £3k, and then today (right now) worth almost £18k again. And if I'd ploughed the whole £15k back in.... £90k! And I have more than 1 bitcoin

    Yes, it sucks, but you'd go mad thinking about the "perfect" time to buy and sell, with shares / forex as well as crypto. So I try not to think about that.

    Anything over £12k in one tax year (if realised i.e. cashed out) attracts capital gains tax, anyway, so I would never cash in that much. Speaking to my accountant last week, they recommend cashing in £12k in my name and £12k in my wife's name on April 5th, and the same again on April 6th, if I wanted to. That'd be £48k total over 2 tax years for the 2 of us so tax free. That's if it's valued at £48k in April, and if I wanted to cash in!
    Last edited by Marc J; 17-12-2020 at 04:21 PM.

  6. #56

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    Quote Originally Posted by Marc J View Post

    Yes, it sucks, but you'd go mad thinking about the "perfect" time to buy and sell, with shares / forex as well as crypto. So I try not to think about that.
    Oh of course - and there's a fine line between what it is and gambling!

  7. #57
    Web Guru Marc J's Avatar
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    OK, so... I started getting really twitchy with the price increases this past few weeks. The majority of my crypto was held in paper wallets which, at the time (2014) was the "safest" storage method. Times move on and apparently that's stupid now, and I also wanted to be 1 step closer to "cashing in" if I decide to, so I bought a Trezor Model T hardware wallet, and use it along with the Exodus software wallet.

    Must say it is soooo easy to setup and use, and I feel a lot better now that my crypto isn't under my mattress! Claiming all my forked coins was a breeze, too. I would highly recommend these to anyone looking to get into (or out of) crypto.

    By all accounts the Model T is overpriced for what it is, the Trezor One is just as good but I'm a sucker for anything with a screen!

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