investing in crypto

Thread: investing in crypto

  1. consoles's Avatar

    consoles said:

    Help investing in crypto

    Ok looking to dumb some money into crypto, what wallet do i need, who's the best to buy the cyrpto (LTC)
    reading about its a minefield and knowing who to trust etc
     
  2. wadgey's Avatar

    wadgey said:

    Default Re: investing in crypto

    I jumped onto the band wagon using Coinbase.

    They let you buy BitCoin, LiteCoin and Ethereum.

    I use the app (Android) but they also have a web interface.
     
  3. piggzy's Avatar

    piggzy said:

    Default Re: investing in crypto

    Coinbase is the norm... you need to verify ID and all that though.
    You can buy via Paypal it much higher costs but useful if you dont want to verify any ID etc
    you can use Freewallet although some claim this unsafe. I never have had any issues with them. The safest is to use the actual Wallet of the coin but this requires you download then entire blockchain of said coin to PC and this takes up about between 15GB - 50GB per coin.
    Personally I just use the exchange wallets these days built into whatever exchange you use..
    I use hitBTC mostly due to anonymity (no ID) and it is best for margin trading. A lot use Bitfinix. I also use Cryptopia as you will find some coins you are interested in may not be on the exchange you are using and that is what happened to me.

    Funnily enough was just helping a friend from Nepal buy some as it is made so obscurely difficult in his country by the powers that be. Found a way to buy using Paypal via virwox.. worked when I finally understood how to do it .

    LTC would have been good about 2 days ago, just gone up loads but I think it will continue to do.
    XMR is a good bet as is ETH.
    I also took a punt on some KMD, NEO, OMG and a bit of ripple XRP.
    Ripple is a bit of a funny one and I dont know how it will pan out. It is apparently a setup by the big banks so on one side people will either hate it and avoid because of this going against the ethos of crypto or on the other hand may feel becuase of this it is safer to invest in ?!?!?!?
     
  4. consoles's Avatar

    consoles said:

    Default Re: investing in crypto

    has anyone of you used the atm machines dotted about and how they work?
    would they print you a code or you have to input your wallet code?
     
  5. Rhinoz's Avatar

    Rhinoz said:

    Default Re: investing in crypto

    I can't take this currency seriously when its so volatile and hacks keep happening.

    [Only registered and activated users can see links. ]
     
  6. piggzy's Avatar

    piggzy said:

    Default Re: investing in crypto

    Quote Originally Posted by Rhinoz View Post
    I can't take this currency seriously when its so volatile and hacks keep happening.
    There have been no hacks of the actual currency, only hacks of exchanges and online wallets and to my knowledge these only affected users that did not enable 2 factor Authentication.
    The volatility is great. Made my money back already and what I leave in now doesn't matter if I lose it all but its looking like I will continue to make good gains.
     
  7. DejaVu's Avatar

    DejaVu said:

    Default Re: investing in crypto

    I've been looking into investing also, but not entirely sure of the process.

    Is it as simple as opening a coinbase account, setting up a direct debit and keeping an eye on the BitCoin Rates and cashing out when you feel it's best to do so?

    My company have been on my case to buy shares from them regularly, but the BitCoin proposition looks more exciting and more lucrative the last couple of months and with the steep increase in value, even more so now!

    Sent from my SM-G935F using Tapatalk

     
  8. piggzy's Avatar

    piggzy said:

    Default Re: investing in crypto

    Quote Originally Posted by DejaVu View Post
    I've been looking into investing also, but not entirely sure of the process.

    Is it as simple as opening a coinbase account, setting up a direct debit and keeping an eye on the BitCoin Rates and cashing out when you feel it's best to do so?

    My company have been on my case to buy shares from them regularly, but the BitCoin proposition looks more exciting and more lucrative the last couple of months and with the steep increase in value, even more so now!

    Sent from my SM-G935F using Tapatalk
    Yes you can do it that way and buy through Coinbase like you said. However you have to verify photo ID, address bank accounts etc
    If you want to avoid the prospect of being taxed on your gains. Exchanges such as hitBTC do not require any verification however because of this you cannot buy the bitcoin using bank/credit card etc with them so you would buy Bitcoin using a number of easily googleable ways and than transfer it to your hitBTC account and trade away.

    If you just plan on holding bitcoin and not trading then you could use your own Bitcoin wallet until you wish to sell and use any method of buying and selling.
     
  9. evilsatan's Avatar

    evilsatan said:

    Default Re: investing in crypto

    What are your strategies Piggzy? I just can't see how you call the top or bottom of cryptos and what drives them other than demand or news. It's something that interests me but I don't have the time to look into it properly so have avoided, it seemed like prospective buying and could go either way for any particular crypto. Lost a packet in other risky shares before so I became boring and put money into underperforming blue chips and now funds which have mainly performed well since Brexit and Trump being elected. Cashed most them in now for a house deposit though.

     
  10. piggzy's Avatar

    piggzy said:

    Default Re: investing in crypto

    Quote Originally Posted by evilsatan View Post
    What are your strategies Piggzy? I just can't see how you call the top or bottom of cryptos and what drives them other than demand or news. It's something that interests me but I don't have the time to look into it properly so have avoided, it seemed like prospective buying and could go either way for any particular crypto. Lost a packet in other risky shares before so I became boring and put money into underperforming blue chips and now funds which have mainly performed well since Brexit and Trump being elected. Cashed most them in now for a house deposit though.
    I enjoy the Crypto Traders group on FB (Yes I hate FB too but it has uses) It has about 25k members. Join that one. The others are spam filled dens of bullshit and bad advice.
    To be fair I have made a good amount on the guy who runs its advice.
    Also I have researched my own interests and came to the conclusion I liked the idea of XMR, NEO, KMD, OMG, DASH and others...
    My sort of strategy is I believe these are good coins to invest in long term but I want to do short term. So I invest buying and selling these and others coins shorts term using hitBTC who have a fee of 0.01% for margin trading and spending a couple of hours a day you can make a decent long term profit.

    Put it this way... I read a chart today. It had the figures showing if you invested I think it was $100... and spent 2 hours a day and were able to make 2% after exchange fees per day... in one year you were in the hundreds of thousands

    Will try find the link. To be honest I am now quids in. Have withdrawn my gains and if I lost what is still in exchanges I have lost time..... but secretly it gives my a hard on .... well sort of
     
  11. evilsatan's Avatar

    evilsatan said:

    Default Re: investing in crypto

    Thanks for that, so are you learning patterns/things to look for or just following advice from someone you trust? Over my younger years I learned (the hard way) that there is no such thing as free money whether that be people giving free 'sure thing' tips, 'inside info', or unbiased info whether it be betting systems or investing so I'm a bit wary about crypto. When any site/person gets a lot of followers it could be abused or one big loss on a particular trade could wipe out a long times worth of smaller gains.

    I'm no knocking it at all, it's obviously working for you and I'm going to follow your posts with great interest and would like to dip my toes in when I have anything to spare and time to research. I just struggle to see what drives it and also what underpins it's value which is most likely just a mindset used to more traditional investments. I think Forbes tipped BTC to reach $30,000 but I don't know how they can predict that!

    Will join that group and have a read through

     
  12. ilscuro's Avatar

    ilscuro said:

    Default Re: investing in crypto

    The hardest part for me was getting past Coinbase's verification.
     
  13. DavidF's Avatar

    DavidF said:

    Default Re: investing in crypto

    I have some bitcoin. I used coinbase. I also have an account with bittrex.com where I can and have traded some of the other alt coins. I am loathed to say much about the coins I have because I feel a kind of fraud. I mean I am in the multiples of my original punt but that could be luck that bitcoin has been so volatile but has underlined the other coins by it's sheer upward pressure. For what it's worth my long term hold is syscoin.....again it owes me nothing - I have already took out my stake and that particular coin I bought @ 0.07p today its >?0.30...so 6-7 times the initial value/stake.
    The chart guys on youtube are a good place to learn how to read the graphs/charts that you see on all the exchanges - Learn that and you could day trade with some comfort by spotting well trodden paths......same way as the guy's sitting in the city in front of their screens do......just they "may" be better that it than us mere mortals lol.
    A funny thing I read that made me laugh was "Buy the rumour and sell the news".....that does seem to be a fair indicator to be fair.
     
  14. piggzy's Avatar

    piggzy said:

    Default Re: investing in crypto

    Quote Originally Posted by evilsatan View Post
    Thanks for that, so are you learning patterns/things to look for or just following advice from someone you trust? Over my younger years I learned (the hard way) that there is no such thing as free money whether that be people giving free 'sure thing' tips, 'inside info', or unbiased info whether it be betting systems or investing so I'm a bit wary about crypto. When any site/person gets a lot of followers it could be abused or one big loss on a particular trade could wipe out a long times worth of smaller gains.

    I'm no knocking it at all, it's obviously working for you and I'm going to follow your posts with great interest and would like to dip my toes in when I have anything to spare and time to research. I just struggle to see what drives it and also what underpins it's value which is most likely just a mindset used to more traditional investments. I think Forbes tipped BTC to reach $30,000 but I don't know how they can predict that!

    Will join that group and have a read through
    The Group is "Crypto Traders" with about 25k members. The other groups are shite.


    I am currently learning patters with the help of that group so at the minute it is a combination of advice in that group off a few fellow Crypto friends and research.
    That group does a few live lessons teaching and at the end of this month is releasing a beginners learning course followed up with a more advanced one.

    I have made losses in the past following bad advice and have slowly learned where to avoid advice from. e.g Ignore anything said on hitBTC it is for the most part unmoderated and full of trolls.
     
  15. ilscuro's Avatar

    ilscuro said:

    Default Re: investing in crypto

    @Piggzy you seem very knowledgeable, so i reckon you should do a full guide for DF members mate, and stick it in the Pig and Truffle so only VIP members benefit.
     
  16. Mobileman's Avatar

    Mobileman said:

    Default Re: investing in crypto

    Ok what a good crypto trading platform and I need to buy some Litecoin today on a punt


    Sent from my iPhone using Tapatalk
     
  17. piggzy's Avatar

    piggzy said:

    Default Re: investing in crypto

    Quote Originally Posted by Mobileman View Post
    Ok what a good crypto trading platform and I need to buy some Litecoin today on a punt


    Sent from my iPhone using Tapatalk
    Funnily enough from advice on the FB group I mentioned above I took a punt on a load of Litecoin last week and just pretty much doubled my money :-)
    I got my Litecoin through Cryptopia and hitBTC. It was split across 2 exchanges as I had some coin in each which I felt had run its course and wanted to dump.

    I still holding my LTC as I dont think it has finished yet. Based on its trading volume that has just surpassed Ethereum I think it could go to $330 per LTC...

    These are just my opinions guys. So don't moan if you lose it all :-) Trust me I lost a lot early on being a knob and thinking I had a clue when I really didn't. I still don't think I do but have tried to learn from my mistakes. I am still a complete noob tbh.

    To me its a hobby that I love and if I am lucky it might buy the family a holiday once in a while.

    Edit: To elaborate a bit more Mobileman. I like hitBTC for quick easy trading but I cannot get on with their fucking awful charts and graphs. Not sure why I cant make any sense of them, but I do like the graphs and charts of Cryptopia which are so easy to use and understand, but I don't like trading with them and it is confusing. Also you will find some exchanges might not list the coin you wish to buy. They all have the big players like BTC, LTC, ETH, ETC, BCH, BTG. DASH etc but if you fancy an obscure coin as I did, KMD and found hitBTC didnt have it so used Cryptopia etc.

    You get the picture. Most use Bitfinix, Coinbase etc but I am a paranoid mofo and dont like verifying my ID if I can possibly avoid it and those 2 exchanges (hitBTC & Cryptopia) you could call yourself Jimmy Savile and give a gmail email addy.
    Last edited by piggzy; 13th December 2017 at 09:30 PM.
     
  18. wadgey's Avatar

    wadgey said:

    Default Re: investing in crypto

    I'm looking to buy XRP using a CC or bank transfer. Who would you recommend to buy from?
     
  19. piggzy's Avatar

    piggzy said:

    Default Re: investing in crypto

    Quote Originally Posted by wadgey View Post
    I'm looking to buy XRP using a CC or bank transfer. Who would you recommend to buy from?
    Not possible. To get some XRP you would need to buy Bitcoin first using the exchange of your choice. Then use the Bitcoin to trade for XRP.
     
  20. DejaVu's Avatar

    DejaVu said:

    Default Re: investing in crypto

    I've just chucked 50 quid at LiteCoin and 50 quid at BitCoin as a punt.

    I'm prepared to lose it if need be, but figure without knowing the ins and outs, the increase in value this month is too hard to ignore. Worth a go in my opinion.

    Sent from my SM-G935F using Tapatalk