Bitcoins and Other Crypto-currencies

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Rightey
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PostRe: Bitcoins and Other Crypto-currencies
by Rightey » Tue Dec 12, 2017 11:44 pm

Hulohot wrote:I've invested a few hundred quid into just under 1000 XRP Ripple over the past few months.

It's cheap as chips and has some great potential with lots of banks worldwide jumping on board with them to use their swanky cost saving money transfer tech. Hopefully this will do something in 2-3 years time to the XRP price.

It's a good time to buy some, just in case it does explode.


I was just reading into it as well, it seems pretty interesting but it doesn't seem to be a crypto currency, it's an intermediary for processing transactions in different currencies. I'm not really sure why the value is going up so much as it's a totally centralized system, it's honestly more like that novelty money you get from some stores for being loyal.

I wonder if the creators will allow the price to continue to rise as that would threaten their primary business of facilitating currency exchange.

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satriales
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PostRe: Bitcoins and Other Crypto-currencies
by satriales » Wed Dec 13, 2017 6:29 am

Christmas CrackErrkal wrote:
Venom wrote:Also, now the value has exploded doesn't this make mining more cost-effective?


Nope, as the hash power in the network increases the higher the difficulty gets making it harder to crack a block meaning you need more power to get the same return.
It's why people had to move from CPU to gpu mining then into ASIC mining.

I work at a data centre and we have had a big surge in people buying racks purely for bitcoin mining. You obviously still need ASIC hardware, but the power cost has become negilible compared to the value of bitcoin.
In the past we saw the odd half rack here or there, but recently we're getting people buying 2 or 3 full racks at a time, which costs about £1k per month each. When that and the hardware is your only cost then you just need to mine one bitcoin every other month.

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SMPL
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PostRe: Bitcoins and Other Crypto-currencies
by SMPL » Wed Dec 13, 2017 2:04 pm

Return_of_the_STAR wrote:
satriales wrote:
pjbetman wrote:
satriales wrote:I paid £500 for a bitcoin at the start of the week. After a couple of wasted days where I left it while I created accounts at exchanges and synced my wallet, I then swapped it for 50 litecoins two days ago.

At current prices my investment is now worth $2500! :)

Edit: I also use my server at work to mine them but as it has no gpu I only have half a litecoin from that so far.


How's those Litecoins now? Heading towards £200 each, that's where!


At one point I had over 100 Litecoins, which would have been nice if it was simply a case of press withdraw and the cash goes into your bank account, but in reality getting the money back out is much more difficult. Also, the stress of seeing your investment constantly going up and down every other day, I'm okay with cashing out a few years ago.

The higher prices now just mean people are going to lose more the next time it crashes.

I got more enjoyment out of mining some smaller cryptocurrencies and hoping they hit big. If Fedoracoin ever costs $1 each then I become millionaire :)


Why is it much more difficult to get your money back out?

There are limits on exchanges unless you go through verification

Last edited by SMPL on Mon Nov 27, 2023 12:11 am, edited 1 time in total.
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Venom
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PostRe: Bitcoins and Other Crypto-currencies
by Venom » Thu Dec 14, 2017 9:51 pm

Slayerx wrote:Are most people using Coin Base?

Got some Bitcoin and ETH yesterday wish I'd got some LTC after seeing nearly 100% gains today!



Slayerx how easy did you find it to get started with the Coin Base app?


Anybody I have some newbie questions?
What's the best app to get started Coinbase or Bitstamp phone apps?
A review for the iOS Coinbase app says the guy was getting errors when trying to sell at peak because of an overload of transactions.

Do they offer most currencies including Ripple?

Storing online is risky because your currency can be hacked but storing on a physical drive seems risky to me - what is the best thing to do?

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satriales
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PostRe: Bitcoins and Other Crypto-currencies
by satriales » Thu Dec 14, 2017 10:25 pm

Venom wrote:Storing online is risky because your currency can be hacked but storing on a physical drive seems risky to me - what is the best thing to do?

I'd avoid keeping coins on an exchange for too long as if they get shut down (or run off) then you'll lose them.

Best bet is to store them locally in a wallet on your computer, but there's nothing to stop you also printing off the address and having it on a piece of paper in case your HDD fails.

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Slayerx
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PostRe: Bitcoins and Other Crypto-currencies
by Slayerx » Fri Dec 15, 2017 7:41 am

Venom wrote:
Slayerx wrote:Are most people using Coin Base?

Got some Bitcoin and ETH yesterday wish I'd got some LTC after seeing nearly 100% gains today!



Slayerx how easy did you find it to get started with the Coin Base app?


Anybody I have some newbie questions?
What's the best app to get started Coinbase or Bitstamp phone apps?
A review for the iOS Coinbase app says the guy was getting errors when trying to sell at peak because of an overload of transactions.

Do they offer most currencies including Ripple?

Storing online is risky because your currency can be hacked but storing on a physical drive seems risky to me - what is the best thing to do?



Coin Base only offer Bit Coin (BTC) Lite Coin (LTC) and Ethereum (ETH)

Setting up the account is easy but they need to see ID and most providers will need this. If you don't provide it your buying and selling limits if they allow you to trade will be very small.

Once you add a debit or bank account you are assigned a transaction limit.

I think the biggest issue from what I've seen is there fees.

I purchased £50 worth of BTC and they charge £1.99 but they take it off the £50 rather than add it so your only getting £48.01 worth of BTC.

Imo Coin Base for a UK user is easier as the others I've looked at like Luno don't trade in GBP so you would incurr money transfer fees to euros or dollars.

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Dual
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PostRe: Bitcoins and Other Crypto-currencies
by Dual » Fri Dec 15, 2017 7:44 am

I've bought £20 of litecoin when do I become a millionaire?

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Moggy
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PostRe: Bitcoins and Other Crypto-currencies
by Moggy » Fri Dec 15, 2017 7:52 am

Dual wrote:I've bought £20 of litecoin when do I become a millionaire?


£20 isn't quite enough, but if you convert it to Vietnamese Dong (hee hee Dong) then you will be close.

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Holpil
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PostRe: Bitcoins and Other Crypto-currencies
by Holpil » Fri Dec 15, 2017 11:33 am

Venom wrote:
Slayerx wrote:Are most people using Coin Base?

Got some Bitcoin and ETH yesterday wish I'd got some LTC after seeing nearly 100% gains today!



Slayerx how easy did you find it to get started with the Coin Base app?


Anybody I have some newbie questions?
What's the best app to get started Coinbase or Bitstamp phone apps?
A review for the iOS Coinbase app says the guy was getting errors when trying to sell at peak because of an overload of transactions.

Do they offer most currencies including Ripple?

Storing online is risky because your currency can be hacked but storing on a physical drive seems risky to me - what is the best thing to do?


Ripple can be bought from exchanges like Binance easily without further verification. Just use Coinbase to buy Ethereum (quicker transaction/lower fee compared to BTC), transfer to your Binance account and buy XRP. Once bought you can transfer to your own wallet.

I wouldn't recommend leaving any currency on exchanges long term, download a wallet for your PC, or if you're looking to hold multiple currencies then pick up a Ledger Nano which supports a ton of cryptos.

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Slayerx
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PostRe: Bitcoins and Other Crypto-currencies
by Slayerx » Fri Dec 15, 2017 2:29 pm

I would say a ledger nano depends on how much you hold as they aren't cheap.

I've only got just over £200 worth of crypto for now so don't feel the need.

Just my opinion for my circumstance.

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Holpil
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PostRe: Bitcoins and Other Crypto-currencies
by Holpil » Fri Dec 15, 2017 2:40 pm

Slayerx wrote:I would say a ledger nano depends on how much you hold as they aren't cheap.

I've only got just over £200 worth of crypto for now so don't feel the need.

Just my opinion for my circumstance.


I've held for a few years and not had one until now so I agree, but for multiple wallets/currencies they are very useful.

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Slayerx
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PostRe: Bitcoins and Other Crypto-currencies
by Slayerx » Fri Dec 15, 2017 3:09 pm

Holpil wrote:
Venom wrote:
Slayerx wrote:Are most people using Coin Base?

Got some Bitcoin and ETH yesterday wish I'd got some LTC after seeing nearly 100% gains today!



Slayerx how easy did you find it to get started with the Coin Base app?


Anybody I have some newbie questions?
What's the best app to get started Coinbase or Bitstamp phone apps?
A review for the iOS Coinbase app says the guy was getting errors when trying to sell at peak because of an overload of transactions.

Do they offer most currencies including Ripple?

Storing online is risky because your currency can be hacked but storing on a physical drive seems risky to me - what is the best thing to do?


Ripple can be bought from exchanges like Binance easily without further verification. Just use Coinbase to buy Ethereum (quicker transaction/lower fee compared to BTC), transfer to your Binance account and buy XRP. Once bought you can transfer to your own wallet.

I wouldn't recommend leaving any currency on exchanges long term, download a wallet for your PC, or if you're looking to hold multiple currencies then pick up a Ledger Nano which supports a ton of cryptos.


Any suggestions for desktop wallets? On windows 10.

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Holpil
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PostRe: Bitcoins and Other Crypto-currencies
by Holpil » Fri Dec 15, 2017 5:33 pm

Slayerx wrote:
Holpil wrote:
Venom wrote:
Slayerx wrote:Are most people using Coin Base?

Got some Bitcoin and ETH yesterday wish I'd got some LTC after seeing nearly 100% gains today!



Slayerx how easy did you find it to get started with the Coin Base app?


Anybody I have some newbie questions?
What's the best app to get started Coinbase or Bitstamp phone apps?
A review for the iOS Coinbase app says the guy was getting errors when trying to sell at peak because of an overload of transactions.

Do they offer most currencies including Ripple?

Storing online is risky because your currency can be hacked but storing on a physical drive seems risky to me - what is the best thing to do?


Ripple can be bought from exchanges like Binance easily without further verification. Just use Coinbase to buy Ethereum (quicker transaction/lower fee compared to BTC), transfer to your Binance account and buy XRP. Once bought you can transfer to your own wallet.

I wouldn't recommend leaving any currency on exchanges long term, download a wallet for your PC, or if you're looking to hold multiple currencies then pick up a Ledger Nano which supports a ton of cryptos.


Any suggestions for desktop wallets? On windows 10.


Bitcoin: Electrum - Open source, very fast, and able to recover your wallet from a 13 word seed.
Bitcoin Cash: Electron Cash - People were wary of this initially but I've used it to split my Bitcoin Cash with ease by importing my Electrum wallet.
Bitcoin Gold: Coinomi - This is android, but currently the only way I found to safely claim Bitcoin Gold by importing my private keys. Also supports a ton of other crypto's.
Litecoin: Electrum LTC - Fork of Electrum for Litecoin

Those are the only ones I've used aside from the Ledger apps. All support recovery of your account with a seed, so make sure you write them down and keep them safe. If you want to be really sure, test out the seed by taking note of your receiving address, delete your wallet file, create a new one and restore it from the seed. The receiving address should be the same.

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PostRe: Bitcoins and Other Crypto-currencies
by pjbetman » Sat Dec 16, 2017 12:14 am

Venom wrote:
Slayerx wrote:Are most people using Coin Base?

Got some Bitcoin and ETH yesterday wish I'd got some LTC after seeing nearly 100% gains today!



Slayerx how easy did you find it to get started with the Coin Base app?


Anybody I have some newbie questions?
What's the best app to get started Coinbase or Bitstamp phone apps?
A review for the iOS Coinbase app says the guy was getting errors when trying to sell at peak because of an overload of transactions.

Do they offer most currencies including Ripple?

Storing online is risky because your currency can be hacked but storing on a physical drive seems risky to me - what is the best thing to do?



I've only used Coinbase and it's fantastic - after you've got over the slow transaction/photo id verification/ confusing 'system' or protocols they use. The App is amazing. If you agree to a sale price, then it doesn't matter how long it takes. It has been known to crash a couple of times, due to volume of trades. They only offer BTC, ETH and LTC. And it couldn't be easier to keep track of each. Storing on the exchange (i.e coinbase) is 'risky' in that it can potentially be hacked, or they could decide to strawberry float off one day or their home country (Estonia) could ban cryptos or some such fuckery. All fairly unlikely I'd say. However, I think it's wise to try and store them in a wallet - which is supposedly saffer but I haven't got my had round that yet - still experimenting. Apparently the best way is to put them on a Ledger which is a fancy USB drive with a passcode entry system (but they cost about £60-70).

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Slayerx
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PostRe: Bitcoins and Other Crypto-currencies
by Slayerx » Sat Dec 16, 2017 1:51 pm

Looks like BTC could hit 14k in GBP today :)

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Clarkman
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PostRe: Bitcoins and Other Crypto-currencies
by Clarkman » Sat Dec 16, 2017 4:08 pm

Slayerx wrote:Looks like BTC could hit 14k in GBP today :)


There and past it now. $19k and rising. Looks like all those betting on 20k+ futures by Jan are going to be quids in.

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Slayerx
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PostRe: Bitcoins and Other Crypto-currencies
by Slayerx » Sun Dec 17, 2017 8:30 am

So experiment with sending BTC to a wallet and coin base take a large fee.

Sent just over £50.00 and they took just over £13!

It also took around 15 mins.

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Errkal
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PostRe: Bitcoins and Other Crypto-currencies
by Errkal » Sun Dec 17, 2017 8:35 am

Slayerx wrote:So experiment with sending BTC to a wallet and coin base take a large fee.

Sent just over £50.00 and they took just over £13!

It also took around 15 mins.


It isn't them as such it is the bitcoin network, coinbase add big fees on the transaction to speed up your transactions processing time.

You have to pay a network fee it is basically hwo miners make their money now, but you cans etc how much but the lower the fee the more likely you transaction won't process because their is no real reward for the miners to process the transaction.

It's an issue with he price going nuts as the transaction fee was always super low but now that low BTC amount is worth a gooseberry fool load more making transactions expensive if you want them to be attractive to the miners.

https://en.bitcoin.it/wiki/Transaction_fees

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Holpil
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PostRe: Bitcoins and Other Crypto-currencies
by Holpil » Sun Dec 17, 2017 2:36 pm

You can withdraw to a wallet via GDAX (Coinbase's trading platform) for free. If you have a verified Coinbase account and login to GDAX you should already be verified.

Now that it's in your wallet, if you transfer again you'll be able to choose a more reasonable fee. I usually follow this, choose the current median fee and get confirmations within an hour or so: https://bitcoinfees.earn.com/

pjbetman
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PostRe: Bitcoins and Other Crypto-currencies
by pjbetman » Sun Dec 17, 2017 3:17 pm

Bit of a noob question. I've set up a Litecoin wallet (Litecoin Core) and was going to transfer my coinbase LTC to it. Now I've done a couple of test transfers for 0.001LTC to test it and it works. However, my balance in Coinbase goes down. Is that right? Should it not still show the full amount that I have?


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