Bit Coins

[RS04YOB]

Yes you can withdraw them to your bank or via a Crypto atm. I think there’s about 8 or so in London.



Why would you pay capital gains?


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I just thought that because it was profit the same with shares you would be subject to CGT

Who do you use I have seen this they see to require a lot of info to get started is this normal photos of passport etc https://cryptopay.me/

[iconic78]

Ok guys let me explain, for storing your bitcoins(it’s a currency not a commodity) you need a wallet. Either hard(physical usb device) or soft(web based or app).

And to change your money(FIAT currency) to Bitcoin or any other crypto currency you’ll need to use one of the many exchanges that exist.

Personally I prefer hard wallets as it’s tangible and in my hand. Trezor or keepkey are the ones to look for.

‘Exchange’ wise there’s many to choose from in the UK, US or Asia.

Exchanges will ask for you for KYC(Know your client) docs such as a passport copy for verification. Takes no more than a few minutes in most cases.

Anything else just ask.

James.


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[RS04YOB]

Ok guys let me explain, for storing your bitcoins(it’s a currency not a commodity) you need a wallet. Either hard(physical usb device) or soft(web based or app).

And to change your money(FIAT currency) to Bitcoin or any other crypto currency you’ll need to use one of the many exchanges that exist.

Personally I prefer hard wallets as it’s tangible and in my hand. Trezor or keepkey are the ones to look for.

‘Exchange’ wise there’s many to choose from in the UK, US or Asia.

Exchanges will ask for you for KYC(Know your client) docs such as a passport copy for verification. Takes no more than a few minutes in most cases.

Anything else just ask.

James.


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Cheers for all that, been looking at it all today just waiting for the verification process to be finalised, one thing I can't find out is if you buy a coin worth 8k then transfer it into a wallet like Keepkey a year down the line the coin has gone up to 10k that coin in the keepkey wallet bought at 8k does it go up in value in real time or is it only worth the amount it was transferred at .

[iconic78]

Ok guys let me explain, for storing your bitcoins(it’s a currency not a commodity) you need a wallet. Either hard(physical usb device) or soft(web based or app).

And to change your money(FIAT currency) to Bitcoin or any other crypto currency you’ll need to use one of the many exchanges that exist.

Personally I prefer hard wallets as it’s tangible and in my hand. Trezor or keepkey are the ones to look for.

‘Exchange’ wise there’s many to choose from in the UK, US or Asia.

Exchanges will ask for you for KYC(Know your client) docs such as a passport copy for verification. Takes no more than a few minutes in most cases.

Anything else just ask.

James.


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Cheers for all that, been looking at it all today just waiting for the verification process to be finalised, one thing I can't find out is if you buy a coin worth 8k then transfer it into a wallet like Keepkey a year down the line the coin has gone up to 10k that coin in the keepkey wallet bought at 8k does it go up in value in real time or is it only worth the amount it was transferred at .

Think of this as the same as the money you keep in your existing wallet. It’s worth what it’s worth at that time.
The only difference here is that BTC is digital.
So using your example you buy at 8k gbp and let’s say it goes to 12k in 12months, well it’s worth 12k.

It goes up or down in real time.

The market is now forecasting going from $11k to $14k by early feb.

This might sound crazy but given the limited supply etc a $30-40k isn’t outside the realms of possibility. In fact quite easy.

Even the Fed is now looking into launching there own Crypto currency.

FYI:- coin telegraph is a very good resource and is updated daily.


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[iconic78]

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[FaisalJ]

Or it falls as quickly as it has risen...

It’s massively volatile - just go into it with eyes wide open.

Don’t buy more than you can stand to lose, and certainly don’t put all your eggs in one basket.


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[iconic78]

Or it falls as quickly as it has risen...

It’s massively volatile - just go into it with eyes wide open.

Don’t buy more than you can stand to lose, and certainly don’t put all your eggs in one basket.


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I agree to diversify and buy into different currencies just like you would on FOREX.

Understanding crypto goes a long way. And it’s the speculators that are making it volatile nothing more.

The dips we’ve seen are largely FUD and if anything have helped it to rise.

But BTC is only 1 of about 1200 currencies out there so don’t get blinded by what you see in the news.




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[RS04YOB]

Yes you can withdraw them to your bank or via a Crypto atm. I think there’s about 8 or so in London.

This is just the same as the cash you used hold in your wallet except now it’s digital.

Why would you pay capital gains?

If you had to then yes of course there are ways to avoid it.

The idea behind Crypto currency’s is to move away from centralised banks where they pay you nothing whilst using your money to make more money for themselves!

If you looking around, a lot of the large retailers are now accepting bitcoin. Expedia, Amazon, Walmart etc etc

If I was selling my car I’d take bitcoin rather than cash as there’s no reporting.

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Cheers for that got your PM sent you one its in the outbox is your box full????

[iconic78]

I’m getting your messages. Replied.


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[RS04YOB]

I picked up two back in 2013 for £10 each that I'd totally forgotten about till a couple of months ago. Price has gone crazy the last few weeks.

I've used this place without any issues:

https://www.coinfloor.co.uk/

If you want an app to buy and sell then Coin Base is very easy to use.


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Well they are worth around £8500ish so nice profit there I am waiting to get my coinfloor account credited I made a deposit to them yesterday.

[doodlebug]

Crypto currency under scrutiny due to lack of regulation, that will impact value when it inevitably comes. Won’t be long....

[iconic78]

Crypto currency under scrutiny due to lack of regulation, that will impact value when it inevitably comes. Won’t be long....

FUD

How can you regulate something which is self regulating and decentralised??

Exchanges already comply with kyc, aml and are open to be audited anytime.

Also if the price goes down that’s great news as it means more people will buy into CC as has happened on the last 3 occasions when negative news has broken.

CC isn’t new, its been around for almost 10 years now.


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[FaisalJ]

I hope that short ETF arrives soon...


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[iconic78]

Having ETF’s involved just goes to show that there’s value in crypto.


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[don0301]

Tulip mania....