Off-Topic Bitcoins?

Discussion in 'Off-Topic Chat' started by Chunkylover53, Saturday 15th Feb, 2014.

  1. Chunkylover53 Expert Advisor ★ ★ ★ ★ ★

    Any of you guys ever bought/used or were lucky enough to invest in Bitcoins?

    I'm somewhat new to this world, I read about for ages in The Economist and online papers but I never really took it seriously even after the substantial price increases. However I need to buy something from overseas and bitcoins seem like the safest way to do things so I was wondering if you guys recommended any clients like Coinbase, Bitstamp etc?
     
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  2. candobill Valued Contributor ★ ★ ★ ☆ ☆

    never heard of them mate I tend to use paypal for that kind of thing but I don't buy a lot from outside the uk :Unknown:
     
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  3. Chunkylover53 Expert Advisor ★ ★ ★ ★ ★

    Bitcoins aren't a traditional form of payment, don't expect it to prop up any time soon. Following link sums it up perfectly: What Is Bitcoin? Here's Everything You Need to Know
     
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  4. RobB Expert Advisor ★ ★ ★ ★ ★

    I was way too late on this one. There is loads of new virtual currencies available now.
    Dogecoin was the latest one I've read about.
     
  5. candobill Valued Contributor ★ ★ ★ ☆ ☆

    I think I will be old fashioned and stick to real cash or banking facilities I trust :Thumbup:mate too many things can go wrong in the virtual world :Happy:
     
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  6. Chunkylover53 Expert Advisor ★ ★ ★ ★ ★

    Agreed - I knew I could have bought into this but I just didn't have the balls!
    Agreed - however if you rather not disclose bank info etc and prefer the transaction to be anonymous and untraceable then its perfect.
     
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  7. candobill Valued Contributor ★ ★ ★ ☆ ☆

    give it a try mate let us know what happens :Wink: lol lets hope you can trace any payments made
     
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  8. Chunkylover53 Expert Advisor ★ ★ ★ ★ ★

    I'm giving it a go but I just wanted to see if any of the other members here recommended certain clients.
     
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  9. AndyB1976 Valued Contributor ★ ★ ★ ★ ☆

    United Kingdom Andy Aberfoyle
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  10. candobill Valued Contributor ★ ★ ★ ☆ ☆

    sounds a nice place to get ripped off to me :Unknown:
     
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  11. DeviateDefiant Co-Founder Staff Team

    United Kingdom Leo Northants
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    2,977
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    I had 18 BTC a couple of years ago from £100 I invested, I cashed out due to the massive price fluctuations, though I did nearly double my money. At it's peak a couple of months back, that'd been worth £12,000. The irony? I later saw the rise coming again in January last year, and was going to invest £4,000 into it. If I'd gone ahead, it would have netted me over a quarter million. It's insane right?

    That £4,000 brought my Accord and paid the insurance, yeah, damn Accord :Rolf:
     
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  12. Chunkylover53 Expert Advisor ★ ★ ★ ★ ★

    Oh wow I feel for you, the fluctuations are massive as you've said. That said 250k :eek: , at least you put the money to good use eh.

    Anyway I used the bittylicous client in the end, I to buy and transfer the bitcoins I had to bank transfer to another UK account which was somewhat shady to say the least, but by the looks of it the bitcoins were released by the seller and are in the network waiting for delivery so to speak. I'll keep you guys updated, but on the plus side I've given away no personal details bar my name to the seller which is good.
     
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  13. DeviateDefiant Co-Founder Staff Team

    United Kingdom Leo Northants
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    Buying and selling Bitcoins has always been quite shady, though it's slowly gaining mainstream traction. Well, it's finally being accepted as a alternative currency, and not just a blackmarket currency to buy drugs and weapons.

    MtGox and Coinbase are the two most trusted places I know of (though I'm a bit out of the loop). I believe Gox just temporarily paused withdrawals to do maintenance which caused a bit of a public outcry, but all should be back to normal.

    Just remember the old adage, "Don't investment what you can't afford to lose." :Whistle:

    ...in hindsight, that didn't do well by me :Rolf:
     
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  14. ArcticFire-Account Closed Banned Getting Started

    Scotland Graham Scotland
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    I mind there was some guy in Europe who made a fair profit on them and then suddenly I'm reading a report that Germany are going to formally recognise them as currency. Why? So they can tax it.

    Sigh.... you just can't have anything these days without the Government wanting their cut for doing jack.
     
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  15. DeviateDefiant Co-Founder Staff Team

    United Kingdom Leo Northants
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    It's very hard to tax bitcoins, although they can be tracked publicly on the blockchain, proving that a particular wallet belongs to a particular person in a court of law, would be extremely hard.
     
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  16. ArcticFire-Account Closed Banned Getting Started

    Scotland Graham Scotland
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    I can only guess that a secondary advantage to officially recognising them for tax purposes also means they can create the means to track them? I've never looked into them as I don't think I could trust virtual currency. Is it regulated?
     
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  17. DeviateDefiant Co-Founder Staff Team

    United Kingdom Leo Northants
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    It cannot be tracked by design, the best you can do is trace transaction history between anonymous wallets. You'd have a hell of a time putting names to enough wallets to paint a proper concise financial history of someone. To make matters worse, it's a common practice for elicit use to "tumble" coins through several wallets before hitting the destination, in order to obfuscate the transaction further.

    Completely unregulated, that's all part of the design too. It's engineered to be completely decentralised, all data is held and transactions are computed on a "peer to peer" basis. That's what "mining" is, creating new coins for the network and processing transactions, you donate computational power to the network and get rewarded with a small return of Bitcoins. The fee for the miners is built into the system, and also aided by small transaction charges for every transfer.

    There's also several other virtual coin currencies that have sprung up lately, including Litecoin, Worldcoin and Dogecoin (seriously).
     
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  18. ArcticFire-Account Closed Banned Getting Started

    Scotland Graham Scotland
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    1,051
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    So at what point can it be exchanged for regulated currency as would that not then create a link and therefore subject it to tax? I'm guessing you don't have to and could just always trade with bitcoins but surely you are limited with where you can actually use them and therefore it's not really all that practical in the same sense as regular currency?
     
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  19. DeviateDefiant Co-Founder Staff Team

    United Kingdom Leo Northants
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    It can be exchanged for regular currency using various exchanges and bank transfer, that's at the point where there would be a traceable connection between your virtual wallet and your regulated bank account (if the exchange made this information available to authorities). However it's also very common to exchange your currency with a local trader for hard cash (to destroy the paper trail).

    Also Bitcoin ATMs are popping up slowly worldwide.
     
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  20. ArcticFire-Account Closed Banned Getting Started

    Scotland Graham Scotland
    3,521
    1,051
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    I suppose you could have two bitcoin accounts and use account 1 for all your online stuff and then transfer to account 2 only for cash withdrawals? Would perhaps muddy the waters....

    I think I'll stick with Sterling lol Although I just read recently that Scottish bank notes, even though they say Sterling, aren't technically legal tender even though they are pretty much accepted. Apparently only notes issues by the Bank of England are official tender. Of course if Scotland goes independent then my "Sterling" will probably be worth nothing anyway!
     
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