Cryptocurrency

[TheCyclingProgrammer]

Never bought any crypto currency before, but thinking about dipping my toes in and buying £500 of XRP. I never realised how big a faff all this was. Ive got a Toast wallet on my iPhone. I’ve signed up for Coinbase but who knows when that will be verified. I’ve got a EUR account I can use for funds (Revolut). Not sure where to go from here TBH.

[Jog On]

I would agree with you. But sometimes things happen, like they did with XRP which went up 37,000% in 2017. Though I defy anyone to have held on that long, else their nerves would be fried!

I am gutted I missed out on XLM, but I also know I would not have held on that long. Too much of a trader in/out mentality for me.

Am looking to get back into TRX again if it falls near 400 SATS again. There are some really positive vibes going around with this one.

I'm developing a more long term mindset for Stell and Ripple. Going to hodle them both and add to them when possible. Seeing the likes of DASH, BCH, ETH over, at or nearing $1k, if this were to happen to Stella or Ripple that's multiple 7 figures on either one just to hodl for a year or 2 or 3.

I wish. I've finally got all my debts down now and building a new warchest so while I would love to do it I can't risk the money
Was only saying to my wife the other day I was originally planning on 10k into my starting fund but couldn't really justify more than 2k (even to myself) as we are saving for a new house. Wish I had now but it could have all gone badly wrong.
As it stands my 2k is now about 15k so I'm happy anyway
EDIT:
Another 4k and I take out the original stake house money only

On the flip side I need a good cash out/profit taking strategy to keep enough skin in the game to reap big and take out enough along the way that if it all goes bang it's been worth it. My original £12.5k input is sitting at £36.6k today. I told myself that if it hits £50k I'll cash out original stake.

It will be very hard to do if that happens in the next month or so. Need a mechanical strategy that can be followed without allowing emotions to cloud judgement and override. This is absolutely key. I managed to do it in FX (after a long and painful/expensive journey) so time to do it here.

Trade and invest like a robot without emotion - have a strategy and execute it flawlessly. This is what sorts the 5% of successful from the 95% of failures in (retail) FX/stocks etc trading. It will definitely apply here. It's how banks and funds trade with their simulated risk/profit scenarios etc.

Time to treat this like a business!

[Jog On]

Never bought any crypto currency before, but thinking about dipping my toes in and buying £500 of XRP. I never realised how big a faff all this was. Ive got a Toast wallet on my iPhone. I’ve signed up for Coinbase but who knows when that will be verified. I’ve got a EUR account I can use for funds (Revolut). Not sure where to go from here TBH.

Use GDAX (coinbase's other platform for trading as opposed to buying and holding) to buy XRP. I don't think you can buy XRP for FIAT on Coincase yet although I've seen videos showing it in Beta. If not you'll have to buy XRP with BTC/ETH. I'd use ETH over BTC due to fees.

[TheCyclingProgrammer]

Use GDAX (coinbase's other platform for trading as opposed to buying and holding) to buy XRP. I don't think you can buy XRP for FIAT on Coincase yet although I've seen videos showing it in Beta. If not you'll have to buy XRP with BTC/ETH. I'd use ETH over BTC due to fees.

If I want to do this, how do I buy ETH without jumping through verification hoops?

[TheCyclingProgrammer]

Out of interest how are people declaring their gains for tax purposes? Are they treated as capital gains or if you’re regularly trading are the gains liable to income tax?

[Jog On]

If I want to do this, how do I buy ETH without jumping through verification hoops?

You won't be able to avoid verification hoops I don't think. An alternative to Coinbase is Uphold - but it will need verification as well.

Tax wise - GCT I believe, whether this is upon cashing out I'm not sure. In America they are taxing every individual alt trade. How they are going to police that I don't know - especially as alts are traded vs BTC or ETH which will have different $ values at the time.

[BrilloPad]

Out of interest how are people declaring their gains for tax purposes? Are they treated as capital gains or if you’re regularly trading are the gains liable to income tax?

I am sure when the market crashes the huge losses can be offset against tax bills......

[TheCyclingProgrammer]

You won't be able to avoid verification hoops I don't think. An alternative to Coinbase is Uphold - but it will need verification as well.

Tax wise - GCT I believe, whether this is upon cashing out I'm not sure. In America they are taxing every individual alt trade. How they are going to police that I don't know - especially as alts are traded vs BTC or ETH which will have different $ values at the time.

I don’t mind verification but I want to buy today, not in several weeks. I verified my revolut account today and it took 5 minutes using my driving licence.

[BrilloPad]

I don’t mind verification but I want to buy today, not in several weeks. I verified my revolut account today and it took 5 minutes using my driving licence.

So 1 minute to get out your driving licence. 4 minutes to scroll down to your year of birth.....

[Jog On]

I don’t mind verification but I want to buy today, not in several weeks. I verified my revolut account today and it took 5 minutes using my driving licence.

https://ripple.com/xrp/buy-xrp/