Cryptocurrencies

Houchens Head

Fairly well known member from Malvern
Jan 24, 2011
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So if you want to withdraw cash at some time, how is this done? I have a friend who has invested £200 in Bitcoin a few months back but now she wants to withdraw what she's made. She can't find out how to do this.
 

dutchman

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So if you want to withdraw cash at some time, how is this done? I have a friend who has invested £200 in Bitcoin a few months back but now she wants to withdraw what she's made. She can't find out how to do this.
You would normally withdraw it from the same Bitcoin exchange that was used to invest in it, usually by direct bank transfer. Any profits are subject to Capital Gains Tax and have to be declared on your tax return.
 

jimmyhillsfanclub

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Can you explain to me why you think so? Genuine question because I don't get it.

I understand it is useful for criminals wanting anonymity on the internet - but that's hardly a big market (I hope) - not big enough to make investors lots of money (and not the kind of thing that I would personally invest in even if it were lucrative). However it has nothing else going for it that I can see - it's not providing a service that isn't already available and it provide no income. Additionally there are risks of losing it to cyber theft or just losing ones hard drive.

Added: there is an investment I see big returns for just now - companies developing robotics. There are at least two exchange traded funds available: RBTX and RBOT. That's where I'm putting my speculative money.
It's not just useful to criminals is it tho......real time secure transactions with no bank charges, taxes etc. Offer many b2b opportunities in future....and that's before you look at the additional potential of the machine to machine micro transactions that the ever expanding Internet of things will utilise....

It's a punt...never said it wasn't.... trying to pick a winner from the emerging new crypto.....but there will be some winners and I'm hoping iota is one of them
 

dutchman

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It's not just useful to criminals is it tho......real time secure transactions with no bank charges, taxes etc.
It's far too volatile though. Lets say you want to transfer £10,000 for the sale or purchase of a car, at the time of transaction it could be worth as little as £7,000 or as much as £13,000.
 

jimmyhillsfanclub

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It's far too volatile though. Lets say you want to transfer £10,000 for the sale or purchase of a car, at the time of transaction it could be worth as little as £7,000 or as much as £13,000.
At the present time I agree.......The whole crypto market is a madhouse but when it's settled into the mainstream in future years then it could be adopted by business to business....plenty of benefits for international business transactions too
 

Houchens Head

Fairly well known member from Malvern
Jan 24, 2011
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Sorry lads, but I'm old school. I like the folding notes in my leather wallet, in my pocket. If I want something, I save for it.
 
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mrtrench

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Somewhere between the waitress and her table.
It's not just useful to criminals is it tho......real time secure transactions with no bank charges, taxes etc. Offer many b2b opportunities in future....and that's before you look at the additional potential of the machine to machine micro transactions that the ever expanding Internet of things will utilise....

It's a punt...never said it wasn't.... trying to pick a winner from the emerging new crypto.....but there will be some winners and I'm hoping iota is one of them
Pretty much as I thought - still cannot see the point. Everyone can all already make real time secure transactions with no bank charges, and they can be micro (as small as 1 penny). And if it evades tax that's illegal.

Bitcoin has fallen another 8% today. I think it's a double bull trap rather than the big tumble but we'll see over the coming days.
 

martcov

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Pretty much as I thought - still cannot see the point. Everyone can all already make real time secure transactions with no bank charges, and they can be micro (as small as 1 penny). And if it evades tax that's illegal.

Bitcoin has fallen another 8% today. I think it's a double bull trap rather than the big tumble but we'll see over the coming days.
I pay bank charges. A monthly charge and for some transactions. I sell lots of items of low value. The trend is higher charges because of low interest rates.

If I charge 7€ for a beer including glass deposit on an event, and then return the 2€ for the empty glass, how do I return the 2€ as a vendor ( without using cash )? The customer has to have an account and may have to pay a charge. I have to rent a machine and/ or pay commission. But I cannot give him the 2€ back easily and may have to pay to do that.

My aim, as an honest person, is to make the transactions without cash or any charges to me and my customer, and to be able to produce proof of turnover for the taxman.

The advantage over cash would be security and a proof for the taxman of our turnover, as with our volume the tills cannot keep up.

A totally cashless business. The taxman would have to accept my figures. Everything electronic and could be sent to the taxman at close of business.

I have just had over 2 years arguing about a tax assessment based on the theory that if you have a pure cash business you must have stolen some out of the business. Prove you haven’t.

I presume it could work over mobile phones. But I need speed when it is very busy.

Solve that and I‘m in.
 
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jimmyhillsfanclub

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I pay bank charges.....I don't know of any business that doesn't.
I also get charged transaction fees for international payments. I pay standing charges and transaction fees to paypal just to enable my business to take electronic payment.
Crypto has undoubtedly got the banking establishment rattled.....
 
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jimmyhillsfanclub

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Bitcoin has fallen another 8% today. I think it's a double bull trap rather than the big tumble but we'll see over the coming days.
Also....don't get blindsided by the bitcoin side show ...think of btc as the "friends reunited" or "myspace" of crypto
 

mrtrench

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Somewhere between the waitress and her table.
Be easy to hand two over at once without realizsing when they've just come out of the atm.
I never invest in anything I don't understand and I don't understand the appeal of cryptrocurrencies. However, if I were to invest in them, it wouldn't be a bet on which one of them eventually succeeds. I'd buy a basket of many of them as a fund. But I wouldn't do that either at the moment as even if they exist they'll be overweight in bitcoin with has another 80% to fall in the coming weeks.
 
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mrtrench

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Somewhere between the waitress and her table.
I pay bank charges.....I don't know of any business that doesn't.
I also get charged transaction fees for international payments. I pay standing charges and transaction fees to paypal just to enable my business to take electronic payment.
Crypto has undoubtedly got the banking establishment rattled.....
Yes, businesses pay transaction fees (albeit usually within a package of 100 txns per month for £x). Individuals do not.

I don't know if cryptocurrencies have txn fees but I'd bet even if they do not today they will have. Add to that the fx risk and money still wins. Where are you getting that banking is rattled by it? I've heard absolutely nothing, although it's true that from my semi-retired state I possibly wouldn't hear anything even if conversations are taking place.
 

Sick Boy

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I used to work with someone who was first involved in bitcoin in the gaming industry way back in 2009, not seen him for years but presume he has done very well out of it.
 

BackRoomRummermill

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Aug 4, 2010
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Guys and new financial experts that know all about BITCOIN and the like. You realise that this supposed to be dark web currency don't you ?90% of it value is rinsed criminal money and it requires no regulation and the like , you will also realise that the drug cartels cant rinse money normally ? Now all of a sudden armchair investors have jumped in and it has raised a little. My advice is if you had made 1p profit then sell now, I have good information its about to disappear, along with all the other trading platforms. Take my advice.
 

wingy

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Jul 9, 2011
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Thought I'd tag this in here as it's technology based, although could have gone in Petrol stations thread two above.
Brilliant article in the Gaurdian today about Hydrogen Cell cars, specifically a Company called Riversimple.
If anyone could post a link.
 

dutchman

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Mar 6, 2010
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Has everyone burned out their graphics card mining cryptocurrencies yet?

I've heard it said they can always flog off the graphics card when the cryptocurrency mania abates, who would want to buy a card that has been flogged to death and is probably clogged up with dust by now?

On the plus side it's a good way of generating cheap heat at this time of year.
 

dutchman

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Ostensibly about Bitcoin, there are some spectacular views of Tehran here which are well worth watching:

 

skyblue1991

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Dec 19, 2012
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I have a few hundred spare which isn't much I appreciate but it's enough I'm prepared to lose if it doesn't go to plan to double my investment etc...

What altcoin does anyone reccomend investing in? Also how does one select an altcoin?

I have a coin base account ready. Guessing these unprecedented times will make it more volatile that it was before Covid-19!

Sent from my I3113 using Tapatalk
 

OffenhamSkyBlue

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May 7, 2015
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I'm suddenly getting bombarded with spam about various cryptocurrencies, and i have no idea why! Will never invest in them in a million years! But thanks for bumping this thread - read the first 30 posts before noticing the date was over 2 years ago!
 
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Timperley

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Timperley
I have a few hundred spare which isn't much I appreciate but it's enough I'm prepared to lose if it doesn't go to plan to double my investment etc...

What altcoin does anyone reccomend investing in? Also how does one select an altcoin?

I have a coin base account ready. Guessing these unprecedented times will make it more volatile that it was before Covid-19!

Sent from my I3113 using Tapatalk
I own about 20 Litecoins on my Revolut account (if you haven't got one and you ever travel abroad consider getting one) I keep buying a few everytime they drop to about £20 per coin and will sell if they ever reach £200 again.

Edit: You cannot load existing Cryptos onto Revolut though.
 
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skyblue1991

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I own about 20 Litecoins on my Revolut account (if you haven't got one and you ever travel abroad consider getting one) I keep buying a few everytime they drop to about £20 per coin and will sell if they ever reach £200 again.
Litecoin is currently at £32.31

upload_2020-4-13_11-39-51.png

Is it worth buying some to hold for 6-12 motnhs or so or are there better value altcoins out there?
 

Timperley

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Litecoin is currently at £32.31

View attachment 14843

Is it worth buying some to hold for 6-12 motnhs or so or are there better value altcoins out there?
I've held some for a couple of years now, Selling and buying back at various points. For example it hit highs of £100 in June last year before dropping down to £20 some days it'll drop/rise sharply almost instantly. The beauty of having it on my Revolut account is that I can set a price alert that generates a push notification and can then buy/sell instantly via the app. There is a small commission for buying but not for selling.
I'm treating it more as a risky small savings account at the minute whilst the interest rates are non existent.
There are a few other cryptos available on their including bitcoin, Ethereum, Bitcoin cash, Ripple. But when one goes up they all tend to go up similar %s and drop at similar rates to.
 

jimmyhillsfanclub

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Thought I'd BUMP this one as BTC soars well over the $50K per coin mark.........

Looking back at this thread makes me kick myself though......although not as much as poor old shmmeee.

Never mind. I still hold a couple grand worth of various lower value crypto, so one day my crypto boat may still come in.
 

Timperley

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Jan 21, 2018
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Timperley
Thought I'd BUMP this one as BTC soars well over the $50K per coin mark.........

Looking back at this thread makes me kick myself though......although not as much as poor old shmmeee.

Never mind. I still hold a couple grand worth of various lower value crypto, so one day my crypto boat may still come in.
Yeah Bitcoin went as low as £4k last March and Etherium was around £90 (now £1300+) Could easily have gone the other way though.
Still... Nice little profit on mine at the minute.... Be nice if it followed the others though.
 

ccfc92

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Jul 7, 2012
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I've got over 3,000 XRP with Bittrex, but they have suspended all trading with XRP due to the owners being sued :rolleyes:

Not really sure what I can do. I still have access to the amount of coins, but can't convert them into BTC or Ethereum.