Bitcoin...

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jgalea324
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Re: Bitcoin...

Post by jgalea324 » Thu Nov 02, 2017 9:04 am

Well, I'm from Malta, hence the primary reason why I chose Malta. Apart from that, however, Malta is quickly on its way to becoming a blockchain hub and the government is intent on embracing blockchain startups and crypto-related activities

Segwit2x seems to be the common ground upon which the two factions, Segwit and Roger Ver's blocksize-increase camp, agreed. Segwit2x had already started being implemented in August, with November being the final stage of implementation which would introduce the block size increase (Segwit having already been implemented). This will not be a fork where you'll be given "free coins"; it is a protocol upgrade.
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Re: Bitcoin...

Post by Sam_M » Thu Nov 02, 2017 9:43 am

Interesting. Many people from what I’ve seen seem to think they’ll be getting free coins at the fork.

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Re: Bitcoin...

Post by Matthaus » Thu Nov 02, 2017 9:51 am

ammo23 wrote:
Wed Nov 01, 2017 6:09 pm
Maccy wrote:It will go up, probs hit £10k in a few years time.

Tl;dr - buy it and it'll go up.
Some say £10k by this Xmas...


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If someone wanted to get into it what would be the min they need to invest? and how does one even do that?
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Re: Bitcoin...

Post by Sam_M » Thu Nov 02, 2017 9:59 am

Matthaus wrote:
Thu Nov 02, 2017 9:51 am
If someone wanted to get into it what would be the min they need to invest? and how does one even do that?
There is no minimum. Bitcoins are fungible, i.e. you can buy anything down to 0.00000001 BTC. You do not have to buy a whole coin.

Bitcoin is highly speculative and volatile! Rule of thumb is only invest what you're comfortable losing.

As for buying in, its a little shitty for UK residents since UK Banks are not playing ball with BTC exchanges, meaning you need to convert your GBP into EUR and send via SEPA transfer - Single European Payment Area.

You can buy with a debit card on Coinbase, but they charge around 4% in fees(really high!!)

I use Revolut - a electronic banking app. This gives me a Euro account for free.

I pay into Revolut using my GBP debit card - instant with no charges

I convert GBP to EUR at market rate - instant with no charges

I transfer from Revolut to Bitstamp(BTC exchange) via SEPA transfer - 1-3 working days to arrive at the exchange.

I then buy BTC in EUR at Bitstamp, this carries a fee of 0.25%.

Revolut have just stopped people adding exchanges as new beneficiaries to their App since they're about to bring BTC into the app natively. Alternatives to Revolut are Fire and Monzo. You could also send money via SEPA from your GBP bank account, but you'll be given a crappy conversion rate from GBP to EUR, and they'll likely charge for a SEPA transfer.

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Re: Bitcoin...

Post by Matthaus » Thu Nov 02, 2017 10:24 am

Sam_M wrote:
Thu Nov 02, 2017 9:59 am
Matthaus wrote:
Thu Nov 02, 2017 9:51 am
If someone wanted to get into it what would be the min they need to invest? and how does one even do that?
There is no minimum. Bitcoins are fungible, i.e. you can buy anything down to 0.00000001 BTC. You do not have to buy a whole coin.

Bitcoin is highly speculative and volatile! Rule of thumb is only invest what you're comfortable losing.

As for buying in, its a little shitty for UK residents since UK Banks are not playing ball with BTC exchanges, meaning you need to convert your GBP into EUR and send via SEPA transfer - Single European Payment Area.

You can buy with a debit card on Coinbase, but they charge around 4% in fees(really high!!)

I use Revolut - a electronic banking app. This gives me a Euro account for free.

I pay into Revolut using my GBP debit card - instant with no charges

I convert GBP to EUR at market rate - instant with no charges

I transfer from Revolut to Bitstamp(BTC exchange) via SEPA transfer - 1-3 working days to arrive at the exchange.

I then buy BTC in EUR at Bitstamp, this carries a fee of 0.25%.

Revolut have just stopped people adding exchanges as new beneficiaries to their App since they're about to bring BTC into the app natively. Alternatives to Revolut are Fire and Monzo. You could also send money via SEPA from your GBP bank account, but you'll be given a crappy conversion rate from GBP to EUR, and they'll likely charge for a SEPA transfer.
OK I understand that.

But are you investing in actual coins? as opposed to say shares like regular stocks? that is what I dont get
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Re: Bitcoin...

Post by Sam_M » Thu Nov 02, 2017 10:29 am

No, nothing physical. They are traded in much the same way as shares.

have a read here

https://www.coindesk.com/information/what-is-bitcoin/

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Re: Bitcoin...

Post by OneTwenty » Thu Nov 02, 2017 11:26 am

Fascinating stuff, I work in IT but still can't quite get my head round it all!! :D

Strangely enough only on Tuesday my mother in law was talking about a friend of hers whose sons are making a fortune in Bitcoin mining and I didn't really have an answer to her questions of what it was other than "digital currency".

I've tried reading up the past few nights after seeing this thread but still don't fully understand it.

In essence can you mine bitcoins using a decent computer system which then increases the value of your wallet, or does it work more like stocks/shares? :?
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Re: Bitcoin...

Post by Sam_M » Thu Nov 02, 2017 11:36 am

Basically speaking, mining is solving puzzles to earn coins. Complex puzzles that take a huge amount of computer power and electricity to solve.

There is a limit on the total number of coins that can ever be mined, 21,000,000. As more coins get mined, the difficulty of the puzzles goes up, increasing the amount of power(both computing and electricity!) required to solve. We're currently at around 14m coins mined.

Effectively, mining coins is equivalent to printing money, but you can only "print" a max of 21m coins. This drives demand and limits devaluation.

Your MIL is probably a bit misinformed. It's pretty much impossible to make money mining bitcoin with consumer level computer hardware because they lack the raw computing oopmh and you consume lots of electricity to do so., you need specialised hardware called ASICs. https://en.bitcoin.it/wiki/ASIC.

The vast majority of new coins mined come out of china where ASIC manufacturers are based, and where electricity is cheap, because they get cheap coal and don't care about burning it, and because they have huge hydroelectric power stations located in industrial areas were ASIC manufacturers operate.

As for increasing the value of your coins, its just like stocks and shares, bitcoins are traded on exchanges, demand drives up price, selling off drops the price.

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Re: Bitcoin...

Post by ammo23 » Thu Nov 02, 2017 1:27 pm

Some great info, thanks for sharing @Sam_M


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Re: Bitcoin...

Post by talal » Tue Nov 07, 2017 1:05 pm

i still dont get all of this but i created an account on coinbase and just bouyght a speculoative £500 worth of litecoin...

it seemed like a low enough value so it might have the samje growth as bit coin was my gamble... perhaps i should be buying bitcoin instead... the way i saw it i wont throw £10,000's into crypto so the small amounts i do put in i might as well gamble on somehting with much bigger growth potential.. eg i own 8 lite coin so maybe in 5 years each will be worth 000's whichj is big growth vs bitcoin maybe only doubling in value or trebling..

any view of the other crypto products like ethereum and litecoin? waste of time? do they work the same way eg if bitcoin goes up so will the others?
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Re: Bitcoin...

Post by Sam_M » Tue Nov 07, 2017 6:56 pm

That seems like a question you should have asked before buying in.

I can’t really comment on any other crypto currencies since I’ve not researched or bought them. I guess the only thing I can say is how much media coverage to the other cryptos get compared to bitcoin? Not a lot.

What’s litecoins growth been like since it launched?

What makes you think bitcoin might only double or treble where litecoin would exceed that?

Not having a go, just interested.

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Re: Bitcoin...

Post by talal » Thu Nov 09, 2017 10:54 am

i guess to answer your question - absolutely nothng tells me bitcoin will only double my gamble is as follows...

bitcoin went from 0 to 5k over 10 years (ignore the numbers and time scale)
litecoin has been around for 2 years so even if it follows the same growth path as bitcoin it will yield a much higher growth if bought now than if i bought bit coin instead and it continued to grow at the same rate as from 0-5k

dont know if any of that makes sense, i actually dont know what im doing and certainyl dont pretend to either but its a simple gamble...
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Re: Bitcoin...

Post by Cupster » Fri Nov 10, 2017 1:22 pm

I'm in on a BTC price tracker in my pension portfolio (BIT-XBT), I don't actually hold/own any Bitcoin.

I'm 13k invested and 60+% up at present over the last 3months.

I'm in for the long term. Bit of a drop since the fork was cancelled which I presume was due to fill or kill orders when it spiked and 5% down or so last 24hours.

Risky but you earn f'all holding cash these days.

Good luck to those invested! :fest:
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Re: Bitcoin...

Post by Cupster » Fri Nov 10, 2017 1:26 pm

For those struggling with the basics of Bitcoin/Cypto/blockchain, there is a documentary on Netflix called "Banking on Bitcoin". Worth a watch to get the basics and history. Really helped me! Then the usual Google research/articles starts to make more sense. :D
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Re: Bitcoin...

Post by ammo23 » Fri Nov 10, 2017 1:37 pm

Cupster wrote:For those struggling with the basics of Bitcoin/Cypto/blockchain, there is a documentary on Netflix called "Banking on Bitcoin". Worth a watch to get the basics and history. Really helped me! Then the usual Google research/articles starts to make more sense. :D
Thanks, will give that a look. I used Google & YouTube to make my decision! Start small, think big (fingers crossed!!). I'm making 0.75-1.25% return 5days a week so far :)


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