The Crypto coin thread

[Mark Bolam]

47 minutes ago, kevinjohnsonmbe said:

Could you clarify?  I'm assuming, either:

 

(a) £80 fell out of your wallet never to be seen again whilst you were at the bar purchasing a premium, cold, refreshing, continental alcoholic beverage....

 

Or,

 

(b) you spent £80 buying Stella...?

 

(a) being a foolish, careless and reckless act of irresponsible financial management

 

Whereas, 

(b) might be considered a sound financial investment...

 

 

 

 

Errrrr......

 

I can't remember really.

[Tom D]

1 hour ago, sloth said:

So if I get a wallet, can it hold multiple coin types? Or does each currency have its own wallet? Can one crypto currency be traded directly for another, and if so, is that trade liable for tax, or not?
I'm not really sure about all this! If it's decentralised and anonymous, how is it taxed? I appreciate if it's sold for GBP etc, then you'll theoretically owe tax on any profit made from increasing value since you purchased the crypto, but how would the government know when you originally got it? Hmm...

Some wallets are one coin only, others can take multiples, Exodus is the best desktop wallet I have tried, it supports about 20 coins, simple to use too...

[sloth]

Do the wallets cost?

[Tom D]

No, free downloads.

[Rough Hewn]

Hmmm big bitcoin heist in the news.

[Mark J]

You might want to look into 'hardware" wallets. There's loads on YouTube about them.' Ledger nano s' is what I'm happily using.

[Vespasian]

20 minutes ago, Mark J said:

You might want to look into 'hardware" wallets. There's loads on YouTube about them.' Ledger nano s' is what I'm happily using.

whats a hardware wallet?.. if you fail to put your bitcoin number on paper, and your hardware wallet gets nicked,what then..?

 

somethins thats not bin mentioned up to now, is not throwing you computer away by accident, but someone nicking you PC phone or other hardware paraphernalia..

 

 

[Rob D]

26 minutes ago, Vespasian said:

whats a hardware wallet?.. if you fail to put your bitcoin number on paper, and your hardware wallet gets nicked,what then..?

 

somethins thats not bin mentioned up to now, is not throwing you computer away by accident, but someone nicking you PC phone or other hardware paraphernalia..

 

 

 

Why not actually research stuff first? If you lose your wallet or lose your computer or lose your mind (you chose ) you have a seed or phrase that allows you to regain access.

 

If you lose that seed you are ficked! So yes you have some personal responsibility to make sure you copy it a few times and hide it a few places.

 

 

[Rob D]

52 minutes ago, Mark J said:

You might want to look into 'hardware" wallets. There's loads on YouTube about them.' Ledger nano s' is what I'm happily using.

I bought one of those and just did not like it at all - but it's one of those 'Is Stihl or Husky the best' type of things innit!

[Rob D]

Of course Bitcoin can be stolen same as your chipper can get stolen and any other possession can be stolen.

 

There is a risk there - but once you have seen the security involved you will see that risk is very small. But if you start taking short cuts and are lazy - that risk increases.

 

Hence do your research, understand what it is you are doing. Just like treework there is no quick way in - it will take some time and attention. Start off with small amounts until you get your eye in and are comfortable with how it all works.