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Bitcoins (and other crypto currencies)
- Thread starter Addicted
- Start date
After a bit of research i've figured out pretty much everything I needed to know but still have one question. How exactly do people plan on cashing in on their cryptocurrencies? I've found a site called bittylicious, but am unsure if you can sell bitcoins on there without being a broker. Either way it seems like buying coins is the easy part, selling them seems to be a PITA if you're in the UK.
rctempire
ClioSport Moderator
Local bitcoins
https://localbitcoins.com
https://localbitcoins.com
rctempire
ClioSport Moderator
Fee is 1%
https://localbitcoins.com/fees
https://localbitcoins.com/fees
The Psychedelic Socialist
ClioSport Club Member
Bitcoin and Ethereum are both heading down the tubes. Sell now or you'll lose all your investment.
I know this for a fact as I took the plunge and invested in both last week, so I've probably given them both the kiss of death.
I know this for a fact as I took the plunge and invested in both last week, so I've probably given them both the kiss of death.
rctempire
ClioSport Moderator
Had my miners on for the past two weeks. Ill check my electric bill after see how much it cost to run them.
rctempire
ClioSport Moderator
Just on a side note, keep an eye on Bitcoin Cash. Reckon this may be the market swinger.
Scrooge
ClioSport Moderator
E55 AMG
Do they make whites, whiter than white?
R3k1355
ClioSport Club Member
Went mental on the news that the Bitcoin fork/fix had been cancelled.
Apparently bad news for bitcoin is good for Bitcoin cash, but also good for Bitcoin.
Racist
rctempire
ClioSport Moderator
The coin that was dodgy to begin with? DAS isnt it?
http://ethanvanderbuilt.com/2017/08/07/is-dascoin-a-scam-or-truly-the-currency-of-trust/
https://bitmalta.com/news/2017/8/25/official-warning-from-bitmalta-regarding-dascoin
rctempire
ClioSport Moderator
OH and just in
BitCoin Gold has now started trading.
https://coinmarketcap.com/currencies/bitcoin-gold/
Interesting.
BitCoin Gold has now started trading.
https://coinmarketcap.com/currencies/bitcoin-gold/
Interesting.
The Psychedelic Socialist
ClioSport Club Member
It's like virtual gold. It has no real value of it's own (well, gold's shiny I suppose), but it's hard work to get it.
Gold requires a lot of mining and the supply of it is steady so people feel confident to assign it an arbitrary value and invest in it.
Bitcoins are the same. It requies a lot of computer work to 'mine' so the supply is steady and it can't be forged, so people feel confident to give it a value and invest in it.
It's not as well established as other currencies / commodities so the value fluctuates quite a bit still, but it's not a bad store of value if you're prepared to gamble on the risk.
You can make a fortune though if you play it right. I've made £1.26 on my £50 investment in just 3 months...
Sir_Dave
ClioSport Trader
Doh!!
Conversely, my purchase of 1 Ethereum & 5 Litecoin on Coinbase has gone from £485 to £560 since August (3 months).
In addition, dabbling in Bitcoin/Ethereum/Bitcoin Cash has turned £700 into £1k on Trading212 since May, although admitedly, i was £200 down until 10 days ago when i made £500 on BCH in about 2 hours on a Saturday afternoon. Mega volatility FTW lol.
So all in all, im £375 up since May, or circa 30% on my investment. Long may that continue!!!
‘Professional gambling’, sorry.. ‘Trading’ on things with no physical entity is what most of our economy is based on.
Plenty of the best ideas are made in people’s bedrooms.
I’m sure Mr Zuckerberg agrees!
I’ve made similar gains to Dave, bought some bitcoin when it dipped to 2900 a few months back. Might tap out now it’s 6000+.
Ethereum I’m about level.
Lite coin I went in at 39, so a small gain there too.
The Psychedelic Socialist
ClioSport Club Member
Most money doesn't exist:
http://www.bankofengland.co.uk/statistics/Documents/ms/articles/art2jul03.pdf
The supply of money that is physically real and can be help in your hand is just a small fraction of the total 'money' in the system that is represented by 0s and 1s.
Since we abandoned the gold standard, GBP has been a fiat currency, i.e. it's value is effectively propped up as a combination of faith in the system and the legal ability to settle debts using it.
Bitcoin has a lot of faith which is why it has such a high value. You can't directly settle debts with it with your government (e.g. paying your taxes) but as it's highly liquid you can reasonably easily trade it into GBP should you need to.
I was a miner back in the day and managed to take about £6k out from an investment of a few hundred quid in a graphics card.
You do realise a bank is behind your money? The hole in the wall still exists.
I get that you can invent a currency, I totally get that. Sadly if I have 30 grand in bitcoin savings and it dissapears you're fucked. When that happens at a bank you have clawback. That's my point.
I get that you can invent a currency, I totally get that. Sadly if I have 30 grand in bitcoin savings and it dissapears you're fucked. When that happens at a bank you have clawback. That's my point.
The Psychedelic Socialist
ClioSport Club Member
Yeah, sorry I'm confusing it a bit by comparing it to currency but that's why I initially compared it to gold i.e. it's more of an investment than a currency (at the minute).
The hole in the wall exists, but there isn't enough money in the bank for everyone to withdraw it all. The bank has already 'spent' a large percentage of your money on investments for their investment banking customer / mortgages / loans etc., hence the term 'fractional reserve banking'.
R3k1355
ClioSport Club Member
People compare it to more established currancy all the time, quite frankly it's a stupid comparison.
Trading money, investments etc are governed by strict rules, stuff that tries to keep people in check.
Crypto trading is like the wild west, totally un-regulated and obviously anonymous.
The market is very volatile, thats probably not without reason - people will be manipulating the market to their advantage.
Thats before you get into the obvious criminal activity like hacking and fake businesses/ICO's and such
Trading money, investments etc are governed by strict rules, stuff that tries to keep people in check.
Crypto trading is like the wild west, totally un-regulated and obviously anonymous.
The market is very volatile, thats probably not without reason - people will be manipulating the market to their advantage.
Thats before you get into the obvious criminal activity like hacking and fake businesses/ICO's and such
Sir_Dave
ClioSport Trader
Ol’ Tarby
ClioSport Moderator
Clio 220 Trophy
f***s sake I always miss out lol
Why not invest in OMG? I can see its value going up quite a bit within the next year if they stick to their roadmap and it's added to coinbase.
It's done a bit more climbing today too, having started slow.
Clio 182
Yeah its not doing to bad at all, I have some in my SIPP pensions via HL , they have like a tracker type thing to follow BTC or ETH. Nice to see it in the blue
Herr Flick
aka Herman Ze German
How do I sell my BTC? I use bitcoin wallet but when I try to sell, it asks me for my bank IBAN number and bank identifier code which I know neither of.
The Psychedelic Socialist
ClioSport Club Member
It's all a bit of a pain in the arse. I cashed out about £2k yesterday by transferring the bitcoins into a localbitcoins.com account and then finding a buyer who paid the money into my bank account directly.
Herr Flick
aka Herman Ze German
Well i'm glad I didn't sell yesterday. Nearly £8k this morning.
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