Rob D

So no need to actually confirm or deny this in or on a public forum, just food for thought. From this statement you have never done a cash job right? You have declared every penny you have ever earned and never hidden it?

The exchanges that Bitcoin is traded on got hacked. Bitcoin itself has never been hacked to date. Don't confuse the two things. Money in the bank is insured up to £80k - so what happens if you have more than £80k?? Said it once and said it a thousand times - I have researched how money £ notes began - how it stopped being backed by the gold standard... quantitive easing... the real 'scam' (in my humble opinion) is the bits of paper you currently carry in your wallet. That is when you see more value in the cryto currencies. My investment in cryptos tends not to be in Bitcoin because of the nonsense that has grown up with it. But that still does not change what Bitcoin is and isn't.

How has he possibly got a point? He's contradicted himself 3 times just in that 1 post!

You do not understand what Bitcoin is because I have read all of your posts and it's pretty clear you have little to no knowledge on the subject. And yet from that place of little knowing you feel entirely able to cast down weighty and mighty judgements. You'd have us all being bummed and burned to death in hell for our sins wouldn't yee given just half the chance Does life become tedious to have such strong feelings on everything all the time - most of which you know little or nothing about? I used to inhabit that same place and it has taken an awful lot of self discipline and work to move away from it. I'm not there yet but I am getting there. It was about the time I started boring myself with myself I thought 'enough is enough!'

There really is more to it than that Dan. The more I look into it (and this is going on 2 months + of online research and reading on average 2 hours a day) the more I see that Bitcoin is more real than the money we currently use today. I don't quite understand the pyramid selling anology either. And the vid you have just put up - he doesn't say it was a fraud or a con - he just says it's a bubble and that people are investing in something they don't know much about. There are pyramid schemes built around Bitcoin - yes - but Bitcoin itself is not a pyramid scheme.

Yep but I suppose it was always going to happen to a greater or lesser extent. Some coins will become more mainstream and some will stay more 'pure' to the original intention. I suppose up to the individual what they choose to invest in.

They do say don't store you crypto money on the exchanges - but it's easier said than done - so much handier to have it on there. But best to take off and put in a wallet each time.

Have a go with Cryptomate https://cryptomate.co.uk/

Yep answered this on the other thread but it may be because of the below: 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.

Ok well another (seems UK based) way to buy is Cryptomate. https://cryptomate.co.uk/ And in some ways better as seems you can buy the other coins here. BUT - they don't seem to allow you to sell coins here only buy them. I took my Bitcoin bought on Coinfloor the other day, traded it back to £ then sent it back to bank account and it came through a few days later. And that was with a small amount. Normally it would not be worth doing small amounts due to the high fees but you really always need to test with a small amount first to make sure it all works... If you buy on cryptomate then the procedure for sending to your Bitgo wallet is the same.

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.