Cryptocurrency

[Lance]

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?

Capital gains.

Personally I’m trousering it. I use a different bank account and have many complex transactions due to a lot of gambling.
When you sell on bittylicious it’s just a person to person fast transfer.

[SunnyInHades]

Not sure of the other 2 but binance is a load of rubbish. Constantly hangs when trade volume increases and you struggle to exit positions unless you guessed them correctly way in advance

but they do provide 'instant/anonymous/zero verification' access (provided you only want to withdraw upto 2BTC a day), provide some of the more obscure alts like IOTA and allow deposits using coins other than BTC - useful given BTC's now 'off the scale' transaction fees. Their new stop-limit orders (rather than stop-loss) are useful.

If the rumours are true there may be a new entrant soon .. the upcoming Bitconnectx
Hehe .. ICO in 6 days; claimed by some to likely be one of the most highly demanded FOMO driven ICOs of all time, claimed by others to be a Ponzi exit scam.
https://bitconnectx.co/

[TheCyclingProgrammer]

OK, well I managed to find a friend to buy me £20 worth of LTC as a test transaction although I've since become verified on Coinbase (though only have debit card as a deposit method currently which has higher fees).

Still trying to complete an end to end transaction. I've sent my LTC to Binance, I thought this stuff was supposed to be fast but here I am after 10 minutes and still no sign of it. Plan from there is to exchange to BTC and then buy Ripple. Please let me know if there's an easier way than this.

[Hobosapien]

... Please let me know if there's an easier way than this.

eToro?

https://www.etoro.com/discover/markets/cryptocurrencies

Ripple XRP up 20% today apparently.

[TheCyclingProgrammer]

I found an easier way using ShapeShift.

I sent another £50 worth of LTC over to Binance after the initial £20 a friend bought for me (which was a bit quicker this time) so I could get enough XRP to withdraw to my local wallet (so £70 total done that way) and £100 done directly from Coinbase using Shapeshifter.

After all fees (Coinbase debit card fees, transfer fees etc.) I ended up getting 32.817 XRP for my £70 via Binance and 47.377999 for my £100 via Shapeshifter, working out to a net cost of £2.13/XRP and £2.11/XRP respectively. This compares favourably with the rate on https://www.coingecko.com/en/price_charts/ripple/gbp which is £2.14 at the time of writing. I did end up with some dribs and drabs of LTC and BTC left in my Binance account too which I guess aren't much use (right now anyway).

I'm still planning to get the last £330 worth of XRP but as my bank account has been verified on Coinbase I've transferred the money from my Revolut account for this as this will save me 3% in fees on Coinbase, assuming XRP doesn't go up significantly in the time it takes for the transfer to arrive!

I've taken a punt on this fully expecting to lose it all so lets see where we are in a year.

[TheCyclingProgrammer]

I’m thinking of keeping £100 back or so instead of going all in on XRP and taking a punt on a few others. With such a small amount to spend what would you be looking at?

[VirtualMonkey]

I’m thinking of keeping £100 back or so instead of going all in on XRP and taking a punt on a few others. With such a small amount to spend what would you be looking at?

Don't think about it like a small amount. if a coin makes 20% you've made 20% regardless of whether the coin is $100 or $0.1
Stellar still looks strong though

[scooterscot]

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.

You're not the first person i've heard say this. There's thousands of folks in the same position.

For us holders there's a whole lot of new money coming in. Prepare yourself!

[scooterscot]

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.

True - but from my point of view I bought my first stellar at $0.0032 if you can believe that back in March was it.. so now at $0.86 / $0.0032 = 26,800%% So perhaps there's another 10,000% to be had to match Ripple's gains.

[Jog On]

True - but from my point of view I bought my first stellar at $0.0032 if you can believe that back in March was it.. so now at $0.86 / $0.0032 = 26,800%% So perhaps there's another 10,000% to be had to match Ripple's gains.

I'm considering moving my XLMs on to Bittrex and setting a stop order which I can trail manually to lock in profits. The 0.01 BTC I put into it is now worth 1.4 and I'm seriously thinking of locking in and trailing after such a parabolic move.

Also it's on CNBC and Yahoo finance which means we're at the top of a big move...