The Cryptocurrency Thread (Bitcoin, Ethereum, Ripple etc.)

Didn't see an up to date thread for this so thought I'd create one to see how many people have money invested in this sort of thing.

I've been reading up on various currencies quite a bit in the last couple of weeks after having the chance to invest in Ethereum at £6/ETH a couple of months ago before watching it shoot up to £200/ETH this week Typical. Same story with Bitcoin a few years back.

Some of it's quite difficult to get your head around but I bought a small number of Golem GNT today with my whopping 0.04 bitcoins balance I think it has decent potential and seems to be a genuinely interesting project.

Any tips?

 

That's why I invested in Vs, when TC takes over the world I'll be rich.

 

I thought the same until I saw the way Ethereum shot up in under a month. It's up 3200% since January.

Worth keeping an eye on some of the smaller coins while they're low value. Some interesting projects about.

 

Not a huge fan of her politics but this video kind of explained to me a bit better the way that crypto currencies work and why they are gaining popularity. Still confusing as * though.

Might buy some crypto currency just for a bit of a gamble. Apparently if you had bought 5$ worth of bit coin 7 years ago it would be worth 4.4 million today .

 

Any pointers were to start?

 

There is a general rule in investment that you dont buy something that you dont understand.

I read a sort of white paper on bitcoin years ago and I couldnt get my head around it at all. Fundamentally you are buying something that is not tangible, is backed by nothing, and were traditional rules of supply and demand dont seem to apply.

So by all means take a punt on these new currencies for a laugh but unless you have a real grasp of what you are buying you should not be putting any real sums of money into them.

 

Can I get these doon the Barras?

 

I did some bitcoin mining 2 - 3 years ago when i was off work for 2 months with broken shoulder/op etc.still have my bitcoin wallet but cant rem how to access! Dont think there was much on it something like 0.05 prob worth£1.50 knowing my luck

 

1 bitcoins £2100 at the minute so it's still a £100 odd or so

 

That would be ok if i knew my effing password i set it up with in the encription lol

 

Went down a bit of a wormhole on youtube today there are a ton of channels talking about it had no idea how many different coins there are pretty interesting stuff.

 

I signed up to a website to try and buy some cryptocurrency but couldn't understand how to buy it so I just gave up!

 

You want to start by signing up to a service like Coinbase that allows you to purchase Bitcoin, Ether and Litecoin with your debit card. Then you can use an exchange like Poloniex or Kraken to trade your bitcoin for the smaller lesser known altcoins. Your exchange site will have a deposit address for your account to send them over, and following purchase you have to store them in a secure wallet. It's worth reading up on as it does take some time to get your head around.

I've only got a small amount invested (£200) across Golem, Digibyte and Siacoin, because I actually understand what they're attempting to do and they seem like they have good potential. And £200 isn't a huge risk. Don't get me wrong, I don't want to lose it but they're all cheap enough that there's still good potential for growth too.

Golem essentially wants to be the AirBnb of computer processing. It's decentralised and the concept allows for people to essentially rent out their processing power to firms with large projects like rendering, mining and data analysis. Kind of like a sharing economy and it's encrypted to the point at which hacking it is extremely difficult, if at all possible.

Siacoin is a similar concept but it's more to do with shared storage. They aim to be a cost effective alternative to Amazon's storage concept, again allowing people to rent out their storage space.

I'm expecting Digibyte to rise pretty significantly tomorrow as they have an announcement with Citibank, but I'm holding on to them for the long term as I think they have good potential.

 

But definitely do your research before investing anything or getting started. I wouldn't put anything in that you aren't prepared to lose.

 

EDIT: Wrong thread.

 

can someone tell me how to withdraw your money out of coinbase and back to your account? if there is a way that is.

 

It's the illuminati's now

 

So not much different to the fiat money that we are forced to use and work for today.


The first time I was on Silk Road I was looking at soft black hash that was going for half a Bit Coin a gram. At the time that was about £6 in Sterling.