Author Topic: Cryptocurrency  (Read 16987 times)

StPatsAbu

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Re: Cryptocurrency
« Reply #210 on: April 08, 2021, 12:51:35 AM »
Looking to start into the Crypto game. Would any of you fine people care to point me in the right direction, on where to even begin?

Bonus from work needs spending, since holidays to USA out of the picture!

1) App to use
2) What to lean towards
3) What to buy into 1st etc.

After you have done what Mikhael suggested and got started with Binance I would suggest (but not financial advice) you could probably go for something like:
Bitcoin 50%
Ethereum 30%
And then split your other 20% between the next tier (Polkadot, Cardano, Chainlink or the true alt-coins where you can go after big potential gains as they are much riskier).

That's probably a decent long term strategy with the potential for good growth, but you aren't heavy on the coins that could go 30x or 40x in a short time.

Alternatively go 100% Bitcoin cos everything else depends on it and will will go tits up before it does

RedHand88

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Re: Cryptocurrency
« Reply #211 on: April 08, 2021, 08:03:26 AM »
Fella I know was 130k up yesterday, 85k of that shaved off today. This man works the typical 9-5. I dont know how these boys sleep at night.

That is crazy considering it is down by less than 4% today!!

Leverage trading, and its not bitcoin, its some obscure altcoins that go up and down 50% a day!

Seamus

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Re: Cryptocurrency
« Reply #212 on: April 08, 2021, 08:26:51 PM »
Looking to start into the Crypto game. Would any of you fine people care to point me in the right direction, on where to even begin?

Bonus from work needs spending, since holidays to USA out of the picture!

1) App to use
2) What to lean towards
3) What to buy into 1st etc.

After you have done what Mikhael suggested and got started with Binance I would suggest (but not financial advice) you could probably go for something like:
Bitcoin 50%
Ethereum 30%
And then split your other 20% between the next tier (Polkadot, Cardano, Chainlink or the true alt-coins where you can go after big potential gains as they are much riskier).

That's probably a decent long term strategy with the potential for good growth, but you aren't heavy on the coins that could go 30x or 40x in a short time.

Alternatively go 100% Bitcoin cos everything else depends on it and will will go tits up before it does

51% of all BTC miners are in China. How many miners you may ask? Just 4, so 4 miners control 51%. This could make BTC vulnerable to an attack and take over. Doubtful, but one can never be sure, especially in a communist country. XRP is the main coin in the middle of the new Financial System, so when they get through with their court case in June it will be on its way to far higher gains. It is highly possible that the court case is a charade. They are repeatedly mentioned in IMF, BIS and UN documents. Three other coins of note will be there along with XRP when it is finally rolled out.
"I wish I could inspire the same confidence in the truth which is so readily accorded to lies".

yellowcard

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Re: Cryptocurrency
« Reply #213 on: April 08, 2021, 10:11:53 PM »
Need to educate myself on the workings of this though Iím not sure Iíll be investing as it sounds like a boom or bust phenomenon.

Plus from what Iíve been told anecdotally, it is a haven for money laundering and to expect a spate of tax interventions in the future. What are the tax implications of any gains made is it similar to the buying and selling of shares?

imtommygunn

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Re: Cryptocurrency
« Reply #214 on: April 09, 2021, 07:21:21 AM »
I think you are ok unless you are into capital gains territory.

It is hugely volatile. Went in for a while, made a grand and pulled it out. Might do some smaller investments and keep them in long haul.

Smokin Joe

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Re: Cryptocurrency
« Reply #215 on: April 09, 2021, 07:23:48 AM »
Need to educate myself on the workings of this though Iím not sure Iíll be investing as it sounds like a boom or bust phenomenon.

Plus from what Iíve been told anecdotally, it is a haven for money laundering and to expect a spate of tax interventions in the future. What are the tax implications of any gains made is it similar to the buying and selling of shares?

I firmly believe that while there will be drops again there is less volatility over time as it becomes more established.  It is some sign when Blue Chip companies are publicly parking cash in Bitcoin.

And yes, a gain on a Crypto asset in the UK is treated just the same as a gain on a share outside of an ISA, ie an annual limit of something like £12,300 per annum.

gallsman

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Re: Cryptocurrency
« Reply #216 on: April 09, 2021, 10:05:23 AM »
One thing to be aware of given how easily it's done - exchanging one crypto for another is considered a taxable event.
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5times5times

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Re: Cryptocurrency
« Reply #217 on: April 09, 2021, 05:15:12 PM »
Pal has been doing the dollar cost averaging method on Coinbase.

Put £2000 in at the start, and puts £200 in per month.

Seems to be a good way of avoiding any major volatility / emotion of market movement?