How do you decide which crypto currency to buy?

So who bought into Shibu then?

Nope. I don’t tend to bother with any of the tiny alt-coins. I don’t have the time to be day trading stuff, so just regularly top-up the 3 coins I’m currently invested in; Bitcoin, Ethereum & Cardano.

Try to buy them when they have dips, but don’t manage it very well.
Still a decent amount into the black so it’s all good.

So how do you buy and sell this stuff? Is there an easy-to-use app or something?

So how do you buy and sell this stuff? Is there an easy-to-use app or something?

Coinbase is probably the easiest to start with. Plus you get a load of free money from them for watching short “educational” videos. $74 for me so far.

I use Coinbase and Blockfi.
Coinbase is really easy very intuitive, Coinbase pro is better for trading (you get that automatically with coinbase) as the fees are much lower.
Blockfi has fewer coins on it but they pay interest, better if you’re just buying and holding. Also splitting across two sites halves the chances of losing it all in a hack.

I use Kraken. It’s easy to use and fees seem low.

Quite a few vids on YouTube about how to make trades on the various platforms.

Or instead of buying crypto – you could earn it??

Sell something on the dark web – receiver payment in crypto.

Hack into a company and install some ransomware – receive payment in crypto.

Both methods would be considered income so taxable naturally.

I recommend you put your life savings into Bitcoin and Ethereum. You won’t regret it. You will be able to retire next year, easy, upgrade your wife, get a bigger house.
Seriously, I had a curiosity about crypto years back so studied it, bought some, exited it all in May this year. If it really tumbles again I may be interested but for the moment it just looks like an excellent opportunity for fools to be parted from their money.

Not really, just be realistic about it and don’t expect anything. You might make profit, you might lose it all.

Looks like a couple of people got out the bitter side of the bed this morning

Well, Bitcoin is at new all time highs… Every single holder is in profit.

Well, Bitcoin is at new all time

Wondering whether to sell my BTC and ETH now and buy back in the next dip.
It can’t stay this high forever can it?
It might all be one big bubble, which is fine if you time the exit right….
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Trouble is, most of mine is in Blockfi, great for earning interest, but has no stop-loss to take advantage this rapid rise

It can’t stay this high forever can it?

Potentially it can go a lot higher.

If you sell now, you’ll kick yourself.

This may be true.
But I could sold all my ETH at £3k at the last peak and bought back at £1.4k.
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If I was any good at this I could be rich….

🥳 free money bonanza. Take some profits and enjoy it. That’s what it’s all about isn’t it?

My belief is that all crypto will end up at zero sooner rather than later. This is a classic bubble, nothing more nothing less.

My brother is still holding his bitcoin. He could sell now and buy a modest house. I think he’s foolish to wager this.

My brother is still holding his bitcoin. He could sell now and buy a modest house. I think he’s foolish to wager this.

That’s a different ball game. If I was lucky enough to be there it would be on an exchange with a stop-loss set at enough to clear the mortgage. However, I guess most of us on here just have a couple of hundred, nice but not life changing so we can afford to take more risks.

Your brother can now buy a house from his investment, large financial institutions are buying, it’s a national payment method in El Salvador and soon to be other countries and you still think it’s going to go to zero? Mleh, your loss.

@getonyourbike

That kind of extreme exuberance is a sign of a bubble, and since when was El Salvador the barometer of financial futurism? 😀

Anyway, it’s possible that I’m wrong but otoh 12,000 altcoins cannot all be right, many of which I might add actually work much better than bitcoin as a means of exchange. BTC is just a big wager that an arbitrary digital token will become an accepted store of wealth over the long term.

Bitcoin isn’t intended as a means of exchange. It’s digital gold.

Anyway, I’m going to enjoy this bull market. There will be another “it’s dead” crash, after surpassing $100,000 but then the bottom will likely be $30000, 9 times what it was in March 2020.

Sure, it may reach those prices. Who knows? However, I don’t see it as a replacement for gold. It’s too arbitrary, has no actual use and could suffer from digital obsolescence.

Every single Salvadoran who didn’t instantly decide to exchange there free BTC for USD is in profit. Adopt will surely in increased in ES.

US companies like Starbucks and MacDonalds have been forced to develop pos systems to accept BTC. Cool. It’s a investment they will surely roll out in other countries?

BTC might be 60k+ but it’s still way smaller than the maker of iPhones.

Apparently….. I’ve heard that bitcoin will now double in value from today over the next 20-30 days then crash and all that money will then spill into the alt-coin market.

I take no heed of these predictions, I’ve got some coins and I’ll sell when I’m happy with the price or I’ll hold indefinitely, but it’ll be interesting to see if this prediction comes to anything!

If Bitcoin crashes the alts will go with it, it works in stages and usually Bitcoin pumps first then ETH and the alts will have there turn, sometimes ETH takes the lead. It’s more like BTC will retrace to the 50 day average on a particular timeframe and stabilize there rather than crash.

It’s all just speculation and risk. A few months ago I invested (an amount I was prepared to lose) in:

BTC (+23%)

ETH (+98%)

XRP (-42%)

MIOTA (-42%)

LTC (-40%)

DOGE (-62%)

TRX (-23%)

I’m actually just barely back in profit (as nearly half was in BTC and ETH), but also nearly half was in IOTA (that was my hail Mary play that didn’t work out :p ). If it was a serious amount of money I’d sell the ETH now to take the profit but it’s not so I figure I may as well hold on to it (you can thank me later when it crashes…)

Or you could just buy Solana and make lots of money. Not financial advice.

Wonder when we get the letters from the tax man 🤣
Even they want 20% of my tulips now

Only if you’re lucky enough to have realised a profit of £12300 or more.

@davros £12,300 a day, or what?

You don’t realise a profit until you sell 😉

Per annum of course. Yeah notional profit is meaningless.

Yes, it’s taxed as capital gains so you’ll get the allowance for that.
You can no longer buy through an ISA or SIPP though.
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No idea what crypto interest counts as, does that come out of your normal allowance for interest or does that get lumped in with the capital gain?
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Given how risky it is there may be an arguement for making it exempt like gambling winnings…

Not sure I was thinking taxed like dividends but I cannot see how.ive aways said on here it’s gambling to me

My mate has been DCA in for the last 4 months. Today his bank has blocked any movement of funds to the exchange. Too risky – too much like gambling they say.

So yes – if they consider it gambling they why don’t they tax it like gambling?

Anyhow – mate is 40+ and on the board of a international company. Yet the bank feels the need to protect him from his stupid financial decisions.

What bank is that? Sucks.

One of the high street banks.

Time to look for a modern progressive risky bank me thinks.

Too risky – too much like gambling they say.

I assume that the bank has therefore also blocked any transactions related to gambling, betting or lotteries then.

Natwest let’s me play the lottery online by direct debit but has blocked payments to Binance. This does seem very odd

Banks ban crypto payments over fraud spike