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Bitcoin

r-u-s-x said:
I used Kraken to trade from coin to EUR (they don't do ETH/GBP) and then SEPA to the bank account - took about 2 days. ETH/EUR currently €359.70 and then the banks Exchange rate for EUR/GBP.

I think both, its defiantly a bubble and think it will pop in the medium term, but BTC it will level out a lot higher than it is in the future.

From a personal level the huge rise in Bitcoin tinkles me off, up about 90% in 7 months or so on ETH and a few ALT coins. Thought I was clever investing in the next Bitcoin but BTC is up about 500% in the same time. And now all the money is flooding to BTC so even my other stuff is falling.
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I wouldn’t lose faith in the alts yet mate. They are suffering double as people are switching out to fund their BTC. Once there’s a few corrections or dumps, people will turn to these, I’m convinced.

I’m holding the small amount i have of ETH. Against the grain, I’m also holding a small bit of XRP, and bought a little more yesterday. It’s the only one that’s at a minus at the moment, but have hope for it in 2018.
Also bought a small amount of IOTA.

I have a mate who has 12.5 BTC, 12.5 BTG, 32 ETH, 32 Litecoin and some BCH, either 12.5 or 32.. basically sitting on a approx 200K USD, from putting 10K quid, a couple of years ago! Lucky sod!
 
Quite fun reading the first page of this thread, from 4 years ago... do any of those posters care to comment now?

I don't have a clue how to get involved in these things... is there an idiots guide?
 
I think my method was pretty idiot-proof.

I bought a ledger nano S from Amazon, this is a 'hardware wallet' that looks like a USB stick. It stores your coins offline, and things not connected to the internet are impossible to hack. It was really simple to set up.

Once I'd set that up I went to coinmama and bought bitcoin with my credit card. Honestly not sure if it's good value or not but seemed the quickest way to buy bitcoin and the price was going up.

Now my coins are on my ledger and safely staying there.
 
Hashegotthesackyet? said:
I wouldn’t lose faith in the alts yet mate. They are suffering double as people are switching out to fund their BTC. Once there’s a few corrections or dumps, people will turn to these, I’m convinced.

I’m holding the small amount i have of ETH. Against the grain, I’m also holding a small bit of XRP, and bought a little more yesterday. It’s the only one that’s at a minus at the moment, but have hope for it in 2018.
Also bought a small amount of IOTA.

I have a mate who has 12.5 BTC, 12.5 BTG, 32 ETH, 32 Litecoin and some BCH, either 12.5 or 32.. basically sitting on a approx 200K USD, from putting 10K quid, a couple of years ago! Lucky sod!
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haven't lost faith still got 10+ ETH which I believe in and also took a big punt on a couple of Alt coins MOD & WTC - it is just a punt but there is a lot of upside or zip. Holding until next year and seeing.

Its just a shame that Bitcoin has blown up as its distorting the market that was growing quite well and no doubt there will be a correction that will then do it some more.
 
7percent said:
I think my method was pretty idiot-proof.

I bought a ledger nano S from Amazon, this is a 'hardware wallet' that looks like a USB stick. It stores your coins offline, and things not connected to the internet are impossible to hack. It was really simple to set up.

Once I'd set that up I went to coinmama and bought bitcoin with my credit card. Honestly not sure if it's good value or not but seemed the quickest way to buy bitcoin and the price was going up.

Now my coins are on my ledger and safely staying there.
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What happens when you drop it in the sink?
 
http://www.bbc.co.uk/news/technology-42275523

"Highly professional" hackers made off with around 4,700 Bitcoin from a leading mining service, a Bitcoin exchange has said.

The value of Bitcoin is currently extremely volatile, but at the time of writing, the amount stolen was worth approximately $80m.

The hacked service was NiceHash, a Slovenia-based mining exchange.

It said it was working hard to recover the Bitcoin for its users, adding: "Someone really wanted to bring us down."

The attack happened early on Wednesday, said NiceHash's chief executive Marko Kobal. Attackers accessed the company's systems at 01:18 CET (00:18 GMT). By 03:37 the hackers, whom the company believes were based outside the European Union, had begun stealing Bitcoin.

The theft comes as the price of Bitcoin continues to surge, dumbfounding experts and stoking concerns of a bubble.

High-stakes attacks like this are not uncommon, with several large breaches and thefts hitting Bitcoin and other related services over the past year.

NiceHash is a mining service, a company that pairs up people with spare computing power with those willing to pay to use it to mine for new Bitcoin.

'Forensic analysis'
Mr Kobal appeared on Facebook Live to address concerns about the hack.

"We have not abandoned you guys," he said.

He explained that an employee's computer was compromised in the attack. He added that "forensic analysis" involving local and international authorities was taking place, but did not expand on which specific agencies were involved when asked by the BBC.

The company was heavily criticised by its users who commented in droves on Facebook. Communications were complicated further when a spoof Facebook page for the company was set up and spreading disinformation about the breach.

Security issues involving Bitcoin and other related services are a frequent cause for concern for virtual currency traders.

Other recent controversies involving digital currencies include:

 
Bullet said:
Quite fun reading the first page of this thread, from 4 years ago... do any of those posters care to comment now?

I don't have a clue how to get involved in these things... is there an idiots guide?
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I still feel the same way

but I do have some
 
scaramanga said:
But you need the file encrypted right?

Otherwise anyone could use it I assume.
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Yes. You need to keep your private key safe. The private key is the link to your coins on the blockchain. Calling it a wallet is a bit misleading in a way as your bitcoin or whatever is not actually stored in the wallet. The wallet is a store of the private key and is normally the encryption device itself.
 
The 24 word thing is not a wallet per se. The combination of words generates the unique key using a bit of software.
 
My initial investment has tripled, so if I withdraw it I'll still have double my original amount in bitcoin. So if this bubble occurs I won't have actually lost anything.

Though I'm still really tempted to hodl for when bitcoin goes up more.
 
Is it still worth getting involved in? I had chances back years ago to invest, but didn’t have confidence in it. My mistake. I still can’t feel confident about the market, as it seems like a get rich quick scheme and those seldolomly work in to the future.
 
El Guepardo said:
Is it still worth getting involved in? I had chances back years ago to invest, but didn’t have confidence in it. My mistake. I still can’t feel confident about the market, as it seems like a get rich quick scheme and those seldolomly work in to the future.
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I'm not a financial advisor ;)

I think as well as enjoying this ride, and eyeing up the potential profit I've made I believe in the idea of bitcoin. There's tonnes of stories about people using it in Venezuela as their economy has well and truly tanked, and in Zimbabwe.

Now, I reckon if you were greek and had a few k invested in bitcoin before their banks closed up, or if you were syrian and had a few k in bitcoin before you had to run and leave your life behind.. You can access that money anywhere in the world. You don't even need a bank account to get bitcoin, on a planet where billions of people don't have bank accounts, all you need is access to the internet.

So I believe in bitcoin, I like the idea of just owning a bit. I bought £2k worth, but If I hadn't done that I think there's some value in even just buying £50 worth. Maybe just the novelty, but if that £50 is worth £350 in two years time you haven't done badly, and, well, if you lose £50 then fudge it.




*I realise that bitcoin probably wasn't around during the greek financial crisis or when the syrian war really kicked off.
 
El Guepardo said:
Is it still worth getting involved in? I had chances back years ago to invest, but didn’t have confidence in it. My mistake. I still can’t feel confident about the market, as it seems like a get rich quick scheme and those seldolomly work in to the future.
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I am seriously interested in putting a few grand in ether and leaving it for my son.
 
7percent said:
I'm not a financial advisor ;)

I think as well as enjoying this ride, and eyeing up the potential profit I've made I believe in the idea of bitcoin. There's tonnes of stories about people using it in Venezuela as their economy has well and truly tanked, and in Zimbabwe.

Now, I reckon if you were greek and had a few k invested in bitcoin before their banks closed up, or if you were syrian and had a few k in bitcoin before you had to run and leave your life behind.. You can access that money anywhere in the world. You don't even need a bank account to get bitcoin, on a planet where billions of people don't have bank accounts, all you need is access to the internet.

So I believe in bitcoin, I like the idea of just owning a bit. I bought £2k worth, but If I hadn't done that I think there's some value in even just buying £50 worth. Maybe just the novelty, but if that £50 is worth £350 in two years time you haven't done badly, and, well, if you lose £50 then fudge it.




*I realise that bitcoin probably wasn't around during the greek financial crisis or when the syrian war really kicked off.
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It is the buying of it and saving it in a safe place for 10 to 15 years that is the concern for me. How have you done it, I keep reading about these wallets but know nothing about it. I have brought some gold recently.
 
So the wallet I have is just a usb stick and it contains the key to accessing your bitcoin.

There are 24 (I think) words that you write down the first time you start the usb stick. You store these somewhere safe. Don't save them online in case you get hacked.

You can split the list of words, half somewhere, half somewhere else. You can duplicate them so you've got a spare if your house burns down. etc. The important thing to remember if these 24 words fall into someone else's hands they have access to your 'wallet' It would be the same as giving someone your online banking passwords and details and letting them do as you please.

Once your USB stick is set up and you've set a password to use it, you don't really have to think about it again. It's unhackable if it's not plugged in. it's the only copy of your private keys and nobody can get at them. That's pretty much all you need to do to buy some bitcoin.

There's nothing stopping you using an app or having an online wallet also, for smaller quantities, but if you have a significant amount then I highly suggest the hardware wallet route.
 
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