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The Crypto coin thread


Rob D
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Just now, dan494 said:

How can you buy bitcoins or withdraw bitcoins to your currency without a bank account when the whole backbone of this is supposed to be making the process quick and easy?

Sending money abroad, I bought some saw bits from china last week, typed in my paypal password and the parcel is on the way. doesnt get much easier

Yep - I get that.

 

That is the now. Today this technology is in it's infancy so it is a pain to use and complicated. It is not at all practical..

 

Can you remember when people talked about Paypal being a scam and not being secure? I can.. but these days it is seen as safe and secure.

 

The person you paid in China paid a % to paypal for that transaction. What if he could take that payment without that % or at least a much much smaller %? I pay paypal almost £1,800-00 a month in fees at the moment...

 

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1 minute ago, Rob D said:

Yep - I get that.

 

That is the now. Today this technology is in it's infancy so it is a pain to use and complicated. It is not at all practical..

 

Can you remember when people talked about Paypal being a scam and not being secure? I can.. but these days it is seen as safe and secure.

 

The person you paid in China paid a % to paypal for that transaction. What if he could take that payment without that % or at least a much much smaller %? I pay paypal almost £1,800-00 a month in fees at the moment...

 

I dont do retail but can see your issue, but given the choice wouldn't people be more inclined to do a transfer which they understand rather than mess about with bitcoins and save you the % perhaps with a slight discount as an incentive and youd still be up?

 

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2 minutes ago, dan494 said:

I agree, ive started a stocks and shares isa and buying stuff with proven track records of growth over 5 years plus

 

 

Fair enough I pulled all my money out of the stocks and shares ISA I had because I reckon crypto currency is safer.

 

Stock market is as ripe as it ever was for a crash - money will look for a safe haven and that will be Bitcoin and the like.

But for long term investment the stock market will always do well.

 

Just my opinion of course...

 

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1 minute ago, dan494 said:

I dont do retail but can see your issue, but given the choice wouldn't people be more inclined to do a transfer which they understand rather than mess about with bitcoins and save you the % perhaps with a slight discount as an incentive and youd still be up?

 

Yep - but what if it becomes easier, cheaper and safer to pay someone with a payment system based on these crypto currencys? I have yet to be paid in a bitcoin or similar yet - you can't get more early days than that! Haha

 

At the moment it is a nightmare to understand and pay someone in say Bitcoin - but we are talking foetus in the womb times at the moment!

 

It's around 2-3 years away I reckon before it becomes the norm.

 

What did you think of Paypal before you got your head around it and started using it?

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I looked into this, couldn't even work out how to set up an account to buy coins :D

 

Where do you get yours Rob?

 

That aside, not quite convinced by the whole thing.  Undoubtedly the people who bought them a few years ago are set to make a small fortune, but at this point it does seem to be over inflated.  Like anything its a gamble, and if you're going to do it dont play with more than you can afford to lose.

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1 minute ago, Rob D said:

 

Fair enough I pulled all my money out of the stocks and shares ISA I had because I reckon crypto currency is safer.

 

Stock market is as ripe as it ever was for a crash - money will look for a safe haven and that will be Bitcoin and the like.

But for long term investment the stock market will always do well.

 

Just my opinion of course...

 

i totally agree, no point doing it short term, i'm looking more for pension so 30-40 years slow and steady and hopefully reliable growth as over the decades it always had. Pensions are too vunerable to being raided by governments or whatever

 

 

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Just now, dan494 said:

i totally agree, no point doing it short term, i'm looking more for pension so 30-40 years slow and steady and hopefully reliable growth as over the decades it always had. Pensions are too vunerable to being raided by governments or whatever

 

 

Fair enough and a good strategy as even if these pay off there will be a tax implication...

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2 minutes ago, Steve Bullman said:

I looked into this, couldn't even work out how to set up an account to buy coins :D

 

Where do you get yours Rob?

 

That aside, not quite convinced by the whole thing.  Undoubtedly the people who bought them a few years ago are set to make a small fortune, but at this point it does seem to be over inflated.  Like anything its a gamble, and if you're going to do it dont play with more than you can afford to lose.

Absolutely - go in with the attitude of 'I can afford to lose this money'.

 

Buying them properly is a nightmare - but so is strapping on a harness and climbing your first tree!

 

If you want to get into this you are looking at 1 to 2 months of reading watching videos talking to others involved etc - I would do this before buying anything myself.

 

After you do your NPTC you then need a couple of years climbing to get to know what you are doing. Same as this.. although you do get an idea after a few intensive months if you're obsessive like I am!

 

It is most definately not a get rich scheme and if folk approach you or you see the ads telling you this take a wide wide berth cause there are scams and nonsense now popping up all over the place...

 

These are much much more than just money. Bitcoin is but there are newer ones that will be used for everything - in computer games, for storing data, for record keeping, for running contracts.... it will be crazy in the future!!

 

 

 

 

 

 

 

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16 minutes ago, Rob D said:

Stock market is as ripe as it ever was for a crash

Its funny that since the dip caused by the last financial crisis the FTSE100 has approximately doubled off its lows, but the US equivalent the Dow Jones Industrial Average has nearly quadrupled.

All my savings are in my ISA, but I'm only paying a fixed 3% on my mortgage - so not much incentive to clear that first when some big companies yielding 5 or 6% dividends, if global interest rates normalize to historical levels my ISA is going to take a hit - I will still get my dividend income though. Capital at hazard, as they say.

Edited by tree-fancier123
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But that said - like investing in penny shares that became big companies there are cheap cryptos that could go big... which ones who knows!

 

This is how I do it:

 

  • I opened an account on Coinfloor
  • Send money to your Coinfloor account (I sent £20 to start with as address was in Poland!). But all good so sent more
  • Here you can bid and buy bitcoins on an exchange.

 

Capture22.JPG

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