Rob D

Ah got this from them the other day: Dear Rob, As a reminder, from December 15th 2017, Coinfloor will discontinue the Express Buy service, increase fiat and cryptocurrency deposit minimums, and reinstate trading fees. Coinfloor has established its position as the most liquid bitcoin to Pound Sterling exchange in the world. We believe that these changes will allow us to exceed our clients expectations even further, offering the most competitive fees in the market and the lowest in our history. Please note that Express Buy transactions will continue to be completed by Coinfloor Brokers until December 15th, but we will only allow creation of new purchases until the end of Tuesday, December 12th.

Hmmm... you can always e-mail their support - they get back to you in 24 hours usually. Soon they are getting rid of the straight buy option or at least they are making it so the minimum buys are higher.

Haha - yep... but to be fair stray monkeys go for $1200 a pop near me so which village was that I'll swing by and offer them $450 and no doubt they'll bite my hand off (the villagers not the monkeys)! Margin trading - crazy stuff! Have done a bit - won big and lost big and also lost sleep and now not going to say not doing it... just going to be very careful doing it! When it goes well it's mad like Tom said - £1k one hour. But when it goes bad you become a slave to your mobile and let's face it.. ... we're slaves enough to them as it is

This is really why you need to get educated if you choose to go into this whole crypto market... I can totally see this happening - you move some bitcoin it now takes hours. Bitcoin Cash is the fresh faced upstart but still has the same speed as bitcoin had in the old days. Bitcoin is that very first chainsaw and already it is starting to show it's age... Sort of thing where if you bought in without thinking when it's all flying up you could be easily left holding the ball. This guy bought bitcoin at $1 and now has estimated $0.5 billion. But it ain't just about the money! This fellow was into the whole concept long before others were and saw the potential and good ruddy luck to him! To me this crypto world has laid bare what money is and isn't! Something has value ONLY because of what you and what others give it. A bottle of water in the supermarket - you'll pay £0.30 for. Same bottle of water in a gargage - you'll pay £1.20 for. Dying of thirst in the desert - same bottle of water = all your worldly possessions... It's the same bottle of water. So if the bottle of water has not changed then the only thing that has changed is your perception of that bottle of water. The constant question/comment I've seen is - why has this Bitcoin got any value? There is nothing there? Answer - there is more there than there is with the £ notes we currently use.

Yep - there really is no rush Steve cause at somepoint like the dot com boom there is going to be one almighty crash... too many scams, too many stupid new coins based on sod all, exchanges with dodgy practices, just too much nonsense - there needs to be a big crash to clear out the clutter. Save some money for then I would - there's also a book called Bitcoin gold which at least tells you a bit more of what's what - internet it is just too overwhelming with info on this topic...

Not read it all yet but this book comes highly recommended. Said this a few times (I know I know) but if you research the topic it gives you a better feel for what's what... At least then you can be informed and then make some better based opinions and decisions... When you start to see the implications of it all... WOW! I get £2-00 for every book sold so get one for all the family (That was a joke... I only get £1-60)

I would say IOTA, Ripple and Cardano could be the ones of the future... may take a year or two though.

Haha - I'm kkkk nackered! We'll see if a few folk are still interested to keep the thread going...

So now you should have sitting on the Coinfloor exchange a little bit of bitcoin! It is not good practice to keep coins on the exchange. Hence you hear about the theft and hacks... Open up your Bitcoin wallet Create new wallet Create a new address - this is in effect your sort code and account number Click receive Copy this address (the whole address) Go to your Coinfloor account where you bought Bitcoin Click your account then Withdraw Copy your Bitgo address in - confirm it Withdraw your Bitcoin Unknown to me minimum is 0.005 of a Bitcoin! If you have bought more than this then this will then go from your coinfloor account to your more secure Bitgo wallet. If you can't send it don't worry leave on the exchange small quantites should be fine. See how easy it is? I know I know simples - it gets more complicated when you look to buy other sorts of coins which we'll come to! Any issues or questions post below.

Yep but I suppose it's only history as tells you if a decision was good or bad... whether someone is a fraud or a genius. To balance the books so to speak few people have mentioned the word scam. Bitcoin (IMO) is not a scam however there have been scams around it. Could there be one going on at the moment? You have to look at each side of the coin (Bom Bom) and this is one that could be an ugly side. What if you made up a coin/token and then you could use that to buy Bitcoin. If you had enough of it maybe you could also influence the price as well.. This looks dodgy and exactly the sort of thing that could cause a massive drop... is it true? Who knows but smells fishy and am going to try and spend more time looking into it. https://qz.com/1149772/the-murky-relationship-between-bitfinex-and-tether-is-raising-suspicions/

Glad the thread gave you something positive to look forward to

The idea of this is to make people aware of crypto currency and how it works. In my opinion it will be a large part of life in the future. I'm not saying get into it to make money out of it. If you are getting into it just to make money then do so with your eyes open - ie. spend a long time researching first and only put in what you can afford to lose. The whole crypto world is prone to massive upswings, downswings and nonsense. Scams are rife at the moment and the industry is largely unregulated. There seems to be a lot of questions about the exchange Bitfinex exchange (largest exchange). New coins/tokens are springing up and no one knows what is behind them. Could Bitcoin come crashing down tomorrow? Course it could - it could drop like a stone at any time. Does this make it a scam? Is the stock market a scam when it is clearly manipulated and has had crashes in the past? You can invest/not invest/be interested/not be interested/read this thead/not read this thread... The idea is to be more informed as to how it all works. Whatever happens this new 'thing' is here to stay (IMO) and will start to make a larger impact especially next year as it becomes more mainstream. Some folk out there don't use or go near the internet - do they have less fulfilling lives or not? It's up to you if you get involved or not.

It is a right old faff - cause if it wasn't then everyone would be doing it! I started trading on etoro while my brother was opening wallets and going on exchanges. 'What a hassle' says I. 'You're paying loads more for your Bitcoin than me' says he. 'I am' says I... and so I thought I had better educate myself... Towards the end of next year it won't be a faff. It won't be so much of an unknown. But then loads more folk will be at it... Come the 18th Decemeber you will be able to trade BitCoin futures on the Nasdaq. This whole crytpo world will really start to emerge next year.

Hmmm... but you don't really see how it works do you! You've made a quick on the spot judegment haven't you! You have based your comments on little to no information isn't it! It's a dangerous gamble if you don't really know what you're doing. If you gave someone a rope and harness and said go and take the top out of that big beach over there - that would be a dangerous gamble. If you advised that person, showed them how it all worked, gave them some experience then sent them up to take the top out it would still be a gamble - but not a dangerous gamble. 'I think until we see how the herd acts?' Is that how you would live your life - cause I'd rather forge my own path thanks very much. And less of the 'I think it's irresponsible to go singing it's praises abroad'... come come now - I've read a lot of your posts on here remember

Right so my Bit of Bitcoin is now in the exchange. Tonight will do Step 4 sending this to BitGo wallet.

So hopefully you are now fully vallidated on Coinfloor. Exciting stuff - so now you're going to pull the trigger. This is just to test - £50-00.... You can afford £50... Hit EXCHANGE at the top. Now this is an inefficient way of doing things but it is fast and it will get you used to things Follow all the instructions given Set up a payment and send a bank transfer Make sure you get everything right! Now keep an eye on your dashboard - your bitcoin will come in and show on your account You just bought some BitCoin! You should not keep Bitcoin on an exchange so tonight we will then transfer that to our BitGo wallet where it is more secure.

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.

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!

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.

Bitcoin just seems to have gone crazy the last 48 hours... As Bitcoin moves more into the mainstream the more it moves away from what it was intended to be... Watched this video today and I know I know none of us have time but if you can have a go. It does seem to me in all areas of life folk will read 2 comments on facebook or listen to a scrap of conversaion from someone they know - then base very strong beliefs and opinions on this! Then spend lots of time discussing these strong opinions with others who have done the same thing If you are genuinely interested in something spend the time learning about it. Learn about how it started, who started it, what reasons they had for starting it, what their vision is. See what you think..

Ok so you've opened your Bitgo wallet - you're happy that you can log in and log out of it. If you're happy about that then Step 2. I was told I was an idiot to show these steps - if something goes wrong then it will be my fault... Nonsense says I - we are all grown up on arbtalk and would not possibly blame someone else for our own errors! Intall the 'Authy App' on your phone (and another phone if you can). This is similar to the Google authenticator app for the BitGo wallet. Ok this is how I did it. I used an exchange called Coinfloor https://www.coinfloor.co.uk/ Seems to be a UK company deals in £ and they reply to support tickets Sign up They send you a confirmaton e-mail - click that I used the mobile 2 factor authentication Add your mobile number - they will then text you a number to add here - add it Now will ask you to validate your account - put in all your details Keep following through - I can't upload screenshots as has my details in! In the end you come to a screen where you have to upload a document - I uploaded my passport Ok your account should be set - they will check and verify your account. Once the account is verified then you can move to Step 3.

Hmmm you're a tough crowd Dan;) You know that people trade £ on the stock market? The price goes up and down - so the £ is both a currency and for some also an investment. What makes a £ have value? Because you and others around you believe it has value - but what is a £5 note? It is simply a piece of paper. That is all it is. The reason that paper money has value is that you, me and others believe it has value. There is nothing behind it. It doesn't do anything. It has no function. Does the £ and other money have value because you can spend it? If that is what makes it valuable by that reason if a crypto currency can be widely used and everyone accepts it then does that make it OK? I'm not arguing here - just putting it out there. If you are interested then you need to read a bit about how Bitcoin started and do some research really - pretty good vid here (although beware the adverts for bitconnect on there as pretty sure this is a Ponzi style scheme..)

Just keep an open mind to it all I reckon best way to be... Will do Step 2 this evening - opening an exchange account and adding some £ to it.

Haha! Don't get too caught up in Bitcoin is my advice. The hype, the prices the nonsense... It's the newer ones coming out that I reckon will be amazing... Some of them are complete and utter tripe but others are looking really good. Anyways - get your wallet opened and wait for next instalment tonight... By the way where is this headed? Well how about buying an Echo CS-2511 TES for £140-00 (+vat) if paid for in the coin of our choosing? And I'm not even joking! But there are a good few steps to go yet and I need to make sure the website can accept it!

No need to if you'd bought 5 years ago some twenty-years-younger lovely would be feeding it to you