Anyone here have experience buying cryptocurrency??
I have played with a few different ones, what questions do you have?
Just bought some Ethereum (ETH) and some Ripple XRP within the past few days.
I do . . . place regular buys as part of a buy and hold strategy . . . in my opinion, stay away from everything else.
I have played a little bit. I mined some bitcoin about two years ago and sold most of it when I was around $400. Kicking myself now.
I recently bought 3ETH on a whim when it was $97. Planning to buy more and hold.
I guess I don’t really have a question. I just bought 18 litecoin and 5 ether last night. Just started learning about it. Some of my friends have made hundreds of thousands in the past few years. Seems too good
I’m pretty intrigued by Ripple right now considering how cheap it is. What platform did you use to purchase? I’m looking into Gatehub right now to potentially make a small purchase.
I have a Gatehub account but bought Ripple through Changelly exchange. Pretty sure I got ripped off on the fees.
Let me know where you end up buying from. I’d put in another $50-100 around these levels.
I ended up buying ETH on Coinbase, then sending that over to Gatehub. That was cheaper in terms of fees than doing a wire transfer straight to Gatehub. However, I still haven’t been able to convert the ETH to XRP as my Gatehub gateway is still pending (after 5 business days).
One of the big issues with crypto currency is fraud of the providers. You need to make sure that you set up a wallet properly and don’t keep any coins on a provider’s platform. The book Bitcoin for Dummies is a really good read, and is not really for Dummies, since there is a lot of solid advice about keeping your coins safe.
I lost a $200 with mt gox so I’m not making that mistake again.
Anyone use Coinbase to purchase Bitcoin or Ethereum?
I have been using Coinbase for almost a year and haven’t had any issues.
+1 to Coinbase.
While nothing you can do can prevent a Mt. Gox situation, you can protect yourself individually from fraud and theft by making sure you setup multi-factor and setup a wallet. There are a number of good step-by-step illustrated guides available by googling “how to setup a bitcoin wallet.” When using multi-factor, keep in mind that you really need to use a TOTP (Time based One Time Password) application like Google Authenticator or physical key like Yubikey as SMS and e-mail are easy to retrieve if you are being targeted.
Also, of note for US citizens, you and a legal obligation to report any earnings from trading crypto currencies.
Yes. I have been using since 2017
Just got into crytocurrency fairly recently and although my first goal was to try and do daytrading with it. The fees are impossible so I’m taking the buy and hold route instead. The first step I did take was creating a cold storage wallet for myself because keeping the currency online is risky.
The only problem I’m still having is in choosing what coin to invest in.
I’ve purchased a bit in the past.
I was more into the mining scene back when it was cool.
Reason this post grabbed my attention was because im thinking about getting into trading it.
After this last boom when it hit 20k Im counting my lucky stars i didnt purchase right before it tanked
i have a bit, most of which i just hold on to. bought most through Coinbase (ltc, btc, eth) but exchanged some via changely and shapeshift. i have a small amount i actively trade on the GDAX platform (pretty much the same as Coinbase) but just for fun.
The only cryptocurrency I hold is one backed by physical gold.
Here is an e-commere company thats been around since 2011 and allows the average joe the opportunity to save in 999.9 gold bullion a gram or more at a time. They recently launched their coin Karatgold on to the market at 0.05 cents.
Crypto is such an interesting topic from multiple perspectives. I’ve been studying the tax implications of mining and investing in these products. All I can say is just try to be mindful that most of whatever you do with Cypto can trigger a taxable event.