Crypto The Simple Cryptocurrency Guide for Newbies

This is what I work with, I dont use coinspot. BTCMarkets, Binance and Bitgrail. I use coin stats on my phone to track the portfoilio.

As for people saying use a Ledger nano, I agree and have one however it only suports a small number of coins so you do need to get handy with wallets and keeping seed safe.

One other tip is only send the minimum amount as a test to a wallet or exchainge to ensure the adress is correct.

 

So this is essentially why you're bullish about BTC. With respect, but this is no reason to be bullish about it. You can pay with Litecoin, did you know? Ethereum too. Probably several more coins, Dogecoin maybe as well. I sorta get your point though.

Mass adoption is what will really propel this industry forward. Till then it's just speculators piling in their $$ hoping for a quick buck. I had a plasterer come in the other day, Moroccan guy, didnt speak a lotta English, he asked me if I knew about crypto. Turns out he bought some BTC last month and sold it off about a week ago. Everyone's in on this!

 

BTC needs to be euthanized to alow crypto to reach its potential. When it goes it will be messy.

 

No need to nuke it....Either a new technology will be implemented in BTC's current form or it will fork into something else.

 

this was an interesting read also

The Cryptocurrency Trading Bible

 

There's also the slang that comes with the crypto subculture - that seems a mix of terms taken form the worlds of financial trading, immature internet memes and gambling
Crypto Lingo
Crypto Slang - Lambos On The Moon | Crypto Briefing
HODL for instance started as a misspelling (who knows if it was intentional or not) in this post on the bitcointalk forum from 2013.
I AM HODLING
It was from a poster named GameKyuubi, in a drunk post, that then became a running meme and then entered the crypto vernacular (It was also backronymed to Hold on for Deal Life) .

 

Bitcoin

Bitcoin aficionados got an unexpected Christmas gift from the universe this year when bitcoin pricessuddenly dropped below $13,000 last weekend then buoyed back up to around $15,800 by Wednesday morning. Many tokens across the cryptocurrency market fluctuated along with bitcoin, such as litecoinand monero. Veteran traders saw this as an opportunity to “buy the dip,” or stock up on digital loot .

Most experts predict bitcoin prices will continue to oscillate wildly in 2018. Financial analyst Ronnie Moas, founder of Standpoint Research, reportedly predicted bitcoin prices will hit $28,000 in 2018. Julian Hosp, co-founder of the cryptocurrency startup TenX, told CNBC he expects bitcoin will fall as low as $5,000 this upcoming year yet also soar as high as $60,000.

 

And I expect that there will be some rainy days, and some with sunshine, and some places will get hail, and some will get droughts, while others flood.....

If you cast a net wide enough, and make sure predictions are so broad and vague, then you're bound to be correct at some point, right?.........

 

experts lol
these dudes have probably hear about it in the last 6 months

 

What's the cheapest and easiest way to buy the small coins? Coinspot isn't allowing deposits and BTCMarkets only have the majors.

 

Cryptopia. But if you're in Australia, you gotta trade with BTC/LTC/Doge.

 

Can you buy btc somewhere else then transfer to coinspot?

 

That should work.


I mainly use Binance and BTCM, cash transfers into BTCM then convert and send to where ever I need to.


Coinspot took too long to verify my account so I found other ways to acquire what I was looking for.

 

I agree. Coinspot's fees are way too expensive so I wouldn't bother with this advice. BTC Markets and Independent Reserve are cheaper.

Then you have to cross-currency pair it with ETH or BTC to Bittrex, Binance, etc. I wouldn't use BTC for this purpose though as there are problems like speed and high transaction fees.

I use the Blockfolio app to monitor the prices. You can also add your holdings there so you know if it went up xx% today. The news part also tells you what's going on in the Crypto world.

 

Thanks

I signed up to BTCM on Sunday but need to wait for a letter in the mail which could take 10 days. Was hoping to trade sooner

 

They're currently experiencing some delays as they didn't expect the masses to rush into crypto. It's on their FB.

You can always try Independent Reserve.

 

Is anyone able to confirm whether there is a limit on CoinSpot for an UNVERIFIED account in terms of the amount of LTC or BTC that can be deposited in, and also on the volume of coins that can be withdrawn?

 

news dot come dot au always print negative news about bitcoin stuff.
Today's one is interesting. Apprently, banks are closing down accounts.

 

Guys my opinion is that these times will never come back, get in until you can, it`s not too late. Crypto is going to change the future. We had the wheel, the compass, the engine, the telephone, the light bulb (to name few), we now have crypto.

I think the taxation is an interesting topic. I have few questions, I page @Terry_w and @Paul@PFI as I am pretty sure they know the answer but probably don`t read this topic:

a) "Being in the business of cryptocurrency": Is this profit or time related? Let`s say I have a full time job and trade crypto part time (nights and WEs) and I make money, is it treated as business or as hobby?

b) If the profits are generated on one exchange not Australian based, am I still subject to taxation while the money is kept in that exchange?

c) If I invest less than 10k, I make money but it is left in the exchange (I don`t transfer to AU account), do I need to declare the profits at the end of the FY?

d) If I invest less than 10k and every FY I use the profits to "pay private expenses" e.g. new car, rent, clothes and so on, am I subject to CGT?

Thanks