Is Bitcoin the Next Big Thing?

[Systreg]

@ian, thanks, I was reading other Bitcoin topics during the night and I had a look at coinbase, among others, if I register on there I'll use your link

I'm not going to be buying any Bitcoin, the wallet would only be used for accepting Bitcoin payments if anyone buys a domain using that method of payment.

I understand there are offline wallets/paper wallets, or are those the same thing? If I registered on coinbase, would I be allowed to remove any coins offline where I hold them myself, or do you need to keep all coins on their site all the time?

@dee, trading and world/news reasons for prices going up or down don't interest me, I would only be holding anything until it went up slightly in price and then cash it in, if it goes down, too bad, carry on holding until it recovers to the same level or more than what the price was when I accepted them as payment, then sell.

I might buy some Ethereum, purely for the same reason I've bought some domains in the past, because I like the name. Perhaps I'll have a dabble in some other coins that only cost pennies each for fun, buy loads of those on the off chance of a bigger return for a few quid, and no big loss if they tank.

 

[ian]

I understand there are offline wallets/paper wallets, or are those the same thing? If I registered on coinbase, would I be allowed to remove any coins offline where I hold them myself, or do you need to keep all coins on their site all the time?

Offline wallets are devices such as Ledger that use a USB type stick to store all the coins (and can be recovered if you have to replace it). Paper wallets are just that, a paper copy of your public and private key, which you store anywhere safe. Both options are much safer than keeping on an exchange and yes, coinbase and others will allow you to take 'offline', you just send the coins to a unique address supplied by the Ledger device (for example), or for paper, you'd use something like walletgenerator.net to create a public address to send to, then print out with the private key.

As always, I'd suggest if/when you do either, or transfer any coins in that matter anywhere, to do so on a small quantity first, so you know it works ok.

 

[Systreg]

Thanks, I looked at the Ledger Nano thing you mentioned in a post by @Marcoose last night, and I was expecting you could save them to your own standard memory stick, rather than the Ledger one.

I thought the paper wallet would be a simple case of printing off a webpage with details on it and then deleting something in the account on coinbase so that it was no longer on their site, hadn't thought about keys and techy stuff

 

[dee]

Perhaps I'll have a dabble in some other coins that only cost pennies each for fun, buy loads of those on the off chance of a bigger return for a few quid, and no big loss if they tank.

Check out Ripple ( XRP) if you fancy a dabble. Inter bank cross border exchange... funds transfer made quick for banks. Already making big inroads with large banks/financial institutions.

Its cheap right now

 

[ian]

Thanks, I looked at the Ledger Nano thing you mentioned in a post by @Marcoose last night, and I was expecting you could save them to your own standard memory stick, rather than the Ledger one.

I thought the paper wallet would be a simple case of printing off a webpage with details on it and then deleting something in the account on coinbase so that it was no longer on their site, hadn't thought about keys and techy stuff

You could use a standard USB stick, but it would probably be the case that you'd have to use the 'paper' method to create the code and then save a document to the USB, but the risk there is if your USB stick fails, or you lose it!

 

[Systreg]

@ian, right, so I could print a page, take a photo of it and upload that to the memory sticks I currently have, which would save having to buy the Ledger one, which could equally be lost or broken. I keep 2 x 64GB memory sticks which both hold identical files, I save to both any time I want to save something, in case of one getting damaged.

@dee, thanks, had a look at Ripple but it's not an actual coin like Bitcoin and Ethereum etc, and the chart shows it's been around the same 0.02 - 0.03 price for 3 years, so I probably wouldn't bother with that one, despite just reading something about $100 milion dollar something or other to do with it.

[edit]

The something or other thing I mentioned

http://fortune.com/2017/11/28/arrington-xrp/

 

[ian]

@ian, right, so I could print a page, take a photo of it and upload that to the memory sticks I currently have, which would save having to buy the Ledger one, which could equally be lost or broken. I keep 2 x 64GB memory sticks which both hold identical files, I save to both any time I want to save something, in case of one getting damaged.

You could do that, the difference is, if a Ledger breaks, you get a replacement one, enter security codes that are supplied on the initial setup, and it will transfer all your crypto across. If your USB sticks go faulty, you'd have to rely on your paper copy if you've kept one etc. Also bear in mind that USB sticks connected to a PC that has viruses on, or a direct link to the Internet could see your private key quickly stolen away.

 

[Pepto]

Makes me insane haha. Think i called for it to crash at the £2000 mark. How wrong was i. Well deserved for those that got in early despite the criticism from no coiners like myself. I had mined pennies years ago and checked my online wallet cashed it out for £20 .

 

[ClassicalGuitar]

I received a tip about an innovative Crypto earlier in the week, picked up a bag at 5 cents on monday, cashed most of it out at 12 cents last night

 

[dee]

@ClassicalGuitar Id be interested to know what exchange please

 

[Pepto]

I received a tip about an innovative Crypto called Cardano earlier in the week, picked up a bag at 5 cents on monday, cashed most of it out at 12 cents last night. Anyone else heard of Cardano? It seems there are other coins flying under the radar that may potentially offer better returns than Bitcoin and are ground floor opportunities, but you have to do your own due dilligence as there's a lot of volatility.

@systereg I've been using an exchange to purchase crypto via a verified Paypal account, PM me if interested. It may be an alternative if you don't have household bills to scan etc

Only tip i have heard of is a coin called 42 coin. There are only 42 in circulation but have a huge market value maybe one for sitting on but again swings and roundabouts. I used BTC & LTC(litecoin) but that really has taken a knock when it was 2nd in charge next to it . Never heard of Cardano but if your making profit why not .

Lots of meme coins aswell though look at doge for example.

I bought maxcoin (Max Kaiser's) Crypto never think it took off at all and he had some brains behind it.


There was also a coin years ago that sponsored an Italian football team (JetCoin)

 

[Pepto]

What wallet did you use for Cardano? I'm slightly interested

 

[Systreg]

picked up a bag at 5 cents on monday, cashed most of it out at 12 cents last night.

That's the sort of thing I'd rather do, buy 10,000 coins like that at 5 cents and sell for 12 cents or hold for a bit longer to see if it goes higher, it's currently trading at $0.109811 on one site and $0.1162995 on another.

Will PM about the exchange PayPal thing.

 

[Pepto]

That's the sort of thing I'd rather do, buy 10,000 coins like that at 5 cents and sell for 12 cents or hold for a bit longer to see if it goes higher, it's currently trading at $0.109811 on one site and $0.1162995 on another.

Will PM about the exchange PayPal thing.

It looks promising but there are a 1000 other coins it's picking that winning horse at the grand national.

 

[Admin]

I received a tip about an innovative Crypto called Cardano earlier in the week, picked up a bag at 5 cents on monday, cashed most of it out at 12 cents last night. Anyone else heard of Cardano? It seems there are other coins flying under the radar that may potentially offer better returns than Bitcoin and are ground floor opportunities, but you have to do your own due dilligence as there's a lot of volatility.

@systereg I've been using an exchange to purchase crypto via a verified Paypal account, PM me if interested. It may be an alternative if you don't have household bills to scan etc

There are over 500 alt coins, cardano has risen in value by over 100% in the last 24 hours and is now the top 10 cryptos list by market cap (over 3bn).

 

[Pepto]

There are over 500 alt coins, cardano has risen in value by over 100% in the last 24 hours and is now the top 10 cryptos list by market cap (over 3bn).

gonna pick some up hope it aint a pump and dump

 

[ClassicalGuitar]

I cashed out at 12 cents, it rose all the way to 18 cents, then retraced.

It could crash back to 5 cents or lower if this move was a pump and dump, or it could rise further, if the market believes it's a project with strong fundamentals

Yes there are so many horses competing in this crypto grand national, some are nags and some thoroughbreds

 

[bonusmedia]

[QUOTE="Pepto, post: 580206, member: 16114"Never heard of Cardano but if your making profit why not .
[/QUOTE]

See this is exactly how bubbles happen - it's no longer about utility or fundamental value and purely about jumping on because everyone else is.

 

[Pepto]

[QUOTE="Pepto, post: 580206, member: 16114"Never heard of Cardano but if your making profit why not .

See this is exactly how bubbles happen - it's no longer about utility or fundamental value and purely about jumping on because everyone else is.[/QUOTE]


There's no integrity to any crypto currency so why should the consumer be worried about ruining the eco system if you get my drift. I stated way back in the thread about organised pump and dumps of smaller crypto coins if anything it's the risk on the buyer only , not having a go btw . I'm all for crypto currency but Bitcoin has morphed into a frankenstein rather than alternative payment method it once was used as/for.

 

[Edwin]

How do you treat cap gains from sales of crypto currency? Same way as stocks and shares, and other investments? I imagine if you bought 10 Bitcoin a few years ago you'd be facing a hefty tax bill if you sold them today...