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It's not too late.
Buy a fraction of a bitcoin.
Just with what you can afford to lose.
Download a bread wallet.
Buy some.
Hold it and check what it's worth each month.
Remember .......Not your keys. Not your coins.
Keep your words safe on paper and never lose them. If someone finds your words (keys) they have your Bitcoin.
It's not too late.
Alt coins are skyrocketing at the moment. My portfolio increased by 40,000 GBP just in the last month.
My Vechain coins have gone up 2,400% since the time I bought them.
On top of that, I am staking all my coins (except XRP) and earning passive income from them.
i'm getting 4.8% on my Bitcoin currently.Originally Posted by Rock_Flock_of_Five
I wasn't aware you could stake Bitcoin, because it's Proof Of Work and not Proof Of Stake?
I'm getting 12% for my Polkadot coin.
What does staking mean?
Well its an interest account really
https://support.blockchain.com/hc/en...-Account-works
Looking at it in simple terms - it's like earning interest in a bank. When you have a high interest rate in a bank the money is usually locked in for a set period of time.
You can do similar with most cryptocurrencies nowadays. Most are locked in for a specific time (although not all coins) and you earn rewards which get paid into your storage wallet. Usually, the rewards are the native coin that you are staking.
Way higher than any bank could ever offer.
Interesting.
Your Bitcoin is on their wallet, are you holding the keys or are they?
Has anyone tried to withdraw money from their Bitcoin wallet? Was it easy? Do you get your cash immediately?
You have to convert your coins to fiat on an exchange and then send to your bank. I have only done this once, back in 2018.
It went through to Barclays without any hassle.
However, if you send anything above 10k it might get 'flagged' by your bank. As the amount I sent was below this level, I didn't get my bank account frozen.
It's a good idea to notify your bank in advance that you intend to make a significant deposit and try to show some proof of where the money has come from. For this specific reason, I have kept all my digital bank statements, showing my purchases from the very first time I used my debit card to buy crypto.
You will have to pay Capital Gains Tax too.
I've toyed with this opening a Crypto.com account and a Coinbase one - only put a small amount in but thinking of going larger as the funds do appear to increase...is that the sort of thing you mean?
Massive risks surely buying a unknown Crypto
Long term surely only Bitcoin will survive?
The website is Crypto.com , but the money is in Bitcoin?
You need to research the whitepaper of the coin you're interested in buying. Choose a coin that has a real practical everyday function.
There are literally thousands of cryptocurrencies, however, a huge amount of them are just 'shitcoins' and not likely to be around long.
My Vechain coin is used to track inventory and stop counterfeiting too. The Chinese government use it, so do Walmart and BMW, to name just a few.
XRP will replace SWIFT payments for international transactions, it can send money anywhere in the world in seconds
and for the cost of a few pennies. PayPal is already getting on board.
My Theta coin has the YouTube founder, Steven Chen as an advisor. It will be installed on all new Samsung TVs and is being adopted by Verizon and Google. It's purpose is to increase bandwidth when streaming videos (huge growth market).
In fact, all of the coins I hold have a real purpose. Bitcoin doesn't have any real purpose, other than being a store of value.
They do as they are lending it out, that's how they pay interest.
That's a bit risky. As the OP stated.. "not your keys, not your coins". They get hacked, you'll wave goodbye to your Bitcoin.
Except for my Polkadot, all my staked coins have the keys securely held on my Ledger Nano S.
My Polkadot coins are staked on Kraken exchange but I have a whiteaddress - this means that even if the exchange gets hacked, the coins can only be sent to an address owned by me (my Ledger).
Check to see if that exchange you are using has a similar feature.
This is more than risky.
Not your keys not your coins.
Who do you complain to if they don't give them back. Exchanges can and will go bust.
There are many people that think they own bitcoin that are being defrauded.
Of that I am certain
Not your keys not your coin.
Bottlepay is a good starting place for smaller investors.
Do your own research.
Well sometimes moving funds from wallet to exchange (on the blockchain' takes a little while but some exchanges now pay withdrawals almost instantly. Coinbase is in your bank in seconds if you have faster payments but the fees are huge. Tried a withdrawal on kraken recently and that was fast.
Today is the day that Coinbase gets listed on the NYSE. They are being listed for $100 billion.
Hats of to Coinbase for achieving that. Taking into consideration their Customer Service is non-existent, their platform is always going down when Bitcoin has major price action, it is full of glitches, they have the most limited amount of coins to choose from, they give poor rates and their fees are the highest there are. I avoid them at all costs these days.
So avoid Coinbase - ok - what about crypo.com and Bottlepay?
I really cannot comment on those two, I have never used them.
Perhaps I was being a little harsh on Coinbase. They are in fact the first port-of-call for most people getting into cryptocurrencies. Their platform interface is very user-friendly. The other exchanges, such as Binance, offer a far bigger selection of coins but can be a little daunting for any newbie.
I use Coinbase.
Pissed off that I sold 2k at around 30k.
Still doing well with it though over the last 3 years.
It is still very much in its infancy.
I would certainly recommend buying a little bit here and there (what you can afford to lose).
You also have ATM's where you can buy and sell instantly, not sure what limits exist.
I think this 'not your keys not your coins' mantra has some merit (in the sense that people should be aware of any risk) but it's a blocker to adoption and scares newbies from getting involved. The future of crypto is not about appealing to a few people who stuff cash under their mattress because they don't trust banks, it is going to depend on the crypto space creating further protections against fraud (rugs, hacks etc.) to ensure crypto and defi isn't a scary place to be.
well aware, bought my first btc around 2013/14 with 20 euros.
With today's prices that Macbook i bought from Overstock is probably the equivalent of a small apartment and the amount of grass routes and good causes I've given too, they'll probably build a statue of me.
Gave loads once to the Kurd's for a farming project in Rojava, if they sat on that they could probably buy a nuclear warhead. And god knows what i spent on the silk road
My stash isn't anywhere near what it used to be but i have no regrets and still try to use BTC as alternative whenever available.
If people are interested in serious investment Simon Dixon does great stuff https://bnktothefuture.com/
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