Hey beginner to bitcoin and cryptocurrency here, just wondering which website to buy bitcoin from, that gives the best rates, and where to sell bitcoins on for the best rate? Are bitcoin australia and coinspot good? Also if anyone knows alot about cryptocurrencys, what actually makes the price go up? Would investing in ethereum be a good idea?
Thanks all.
Where did you do your research from if you don't mind me asking, quite curious about bitcoin?
Its not research its just fact. You cant research things that have not existed the way they are. For example, where will you research about the characteristics and movements of a crypto currency that has gone from nothing to $12.5k aud per coin? Nowhere, because thats never happened before. Buy bit coin, if you have a gut feeling it will go up, sell it when you have a gut feeling it will go down. Its as simple as that. Its just gambling with better odds and more contingency + oppoetunities to cash out. Anybody that tells you otherwise is plain lying.
Ps. You can buy and sell at BTC markets.
Any investment has an element of risk to it, be it cryptocurrency or traditional stock portfolios or property.
To say that you can't research bitcoin because cryptocurrency is relatively new is completely absurd, the more information you have the more informed your investment decisions will be.
Im not saying you cant research. You can research what it is, how it works, where to buy it, how to transact etc. What you cant research is, why it goes up and down and use that information to predict what is going to happen. There is not enough history or stability in the coin just yet to make these accurate informed decisions. Its all gut feel right now.
this is horsesh1t
sure there are no fundamentals, but there are legitimate factors that "influence" its value up or down legitimately
e.g.
macroeconomic factors: - when china tightens fx currency withdrawals, economic crisis in europe, SA or when india removed the 500rupee note
Since BTC is considered a store of wealth now, it fluctuates with factors that impact gold, with the added benefit of being decentralised
Also you can do plenty of technical analysis against BTC, this past week alone had you followed TA, you could have easily made 15-20% return in the last 4 days alone
All currency and finance is an illusion - there is no particular reason why any of it is worth anything.
To the OP, one of the chief benefits of bitcoin and it's ilk is avoiding currency controls and national finance structures that are wont to say "what's yours is mine". As such the more unstable is the world and currency trading, the more likely are people to use bitcoin and there have it's value appreciate.
However, the price of bitcoin has risen to some pretty extreme levels and to jump in now is to bet that values will go up with increased uncertainty.
The time to get in was 2009.
What are you talking about, you could have just about doubled your money by now if you bought a few months ago…
Ha!
I first heard about bitcoin in 2009. It didn't seem to have much point then, an academic exercise. If I had spent a short time mining with my PC then, I'd now be worth several hundred million.
As I say, the time was then.
If you want to gamble on bitcoin doubling over the next year, make sure you do it with money you don't mind losing entirely.
More than doubled which is why im so tempted to buy.
i tripled my money and i only bought in recently
All currency and finance is an illusion - there is no particular reason why any of it is worth anything.
Except there is.
Taxes to Australian government can be paid in Australian dollars only which creates demand for the currency. A lot of people have a debt which can be settled in Australian dollars only. You can be assured Australian dollars will be in demand for foreseeable future. Maybe to you Australian dollars are worthless, to a lot of people they do hold value because they can settle debts with them and avoid bad consequences (e.g. losing a home or even going to jail).
What creates demand for Bitcoins? Pure speculation that the price will keep going up. Are there any countries where taxes must be paid in Bitcoins? Are there any debts which can be settled in Bitcoins only? You know the answer… Bitcoin has basically all the attributed of tulip mania almost 400 years ago. Very interesting read - https://en.wikipedia.org/wiki/Tulip_mania or for lazy ones - https://www.youtube.com/watch?v=w6MeB5uLflo
Taxes to Australian government can be paid in Australian dollars only which creates demand for the currency. A lot of people have a debt which can be settled in Australian dollars only. You can be assured Australian dollars will be in demand for foreseeable future. Maybe to you Australian dollars are worthless, to a lot of people they do hold value because they can settle debts with them and avoid bad consequences (e.g. losing a home or even going to jail).
Tell that to Zimbabwe, or Germany, or Brazil even.
It's a lie that works, right up until it doesn't. Money has the value people place on it, and if people decide it's worthless, then it very quickly can be so.
"some single tulip bulbs sold for more than 10 times the annual income of a skilled craftsworker"
thats good to know, that means i can ride bitcoin upto approximately 600,000-800,000 before i sell out!
It's a lie that works, right up until it doesn't. Money has the value people place on it, and if people decide it's worthless, then it very quickly can be so.
If you call currencies a lie, then what else is a lie? Share prices on ASX? House prices in Sydney and Melbourne? Price of gold? You can literally exchange 1 gold bar for a house in Sydney. Do you agree house is more useful than gold bar? If currencies are a lie, how is gold bar not a lie too?
I mean where do you draw the line?
Yes, I am also happy that this is the case as I would probably cash out at 500-600k, too. Now I feel comfortable with my decision.
acx.io
What are the fees like on that website?
btcmarkets is the cheapest. most convenient would be coinbase. do more research on your own and make your own conclusion on whether or not you should, don't ask people on the internet cause there's too much confirmation bias.
Too late for the part, buddy. Everyone is selling and the bubble is about to burst. Better off shorting AUD to USD.
Why do you say that, is there any evidence that it's going to burst? Also how can you possibly make as much money from USD, as you can from bitcoin?
"Also how can you possibly make as much money from USD, as you can from bitcoin?"
If your USD rises 0%, but the value of your bitcoin goes down 20%, the USD investment has made more money than BTC. Nobody knows the future. Maybe BTC will be $100k in 2 years, maybe $1k. Who knows?
Bitcoin is a high risk, very high reward speculative vehicle. I wouldn't even call it an investment. Why is the price going up? Because other people are buying. Why are they buying? Because the price is going up, and vague promises about blockchain and the future of finance.
Just be aware that bitcoin crashes. Regularly.
http://www.zerohedge.com/news/2017-11-27/its-going-lot-lot-h…
http://www.zerohedge.com/sites/default/files/images/user5/im…
If it falls over 30% after you buy don't be surprised.
But after each crash it goes back up everytime?
It has in the past, which is no guarantee of the future.
IMO there is no point asking people on a bargain website about bitcoin. If anyone knew anything about/or had bitcoin
1) They wouldn't tell you. If they did for some reason, you wouldn't believe them anyway, because of 2.
2) they wouldn't be on this site hunting for bargains in the first place. They would be busy doing this: https://giphy.com/gifs/swag-money-make-it-rain-VTxmwaCEwSlZm
Or this: https://m.imgur.com/gallery/2WWbesi
I had lots of bitcoin back as far as 2011, but like most people back then sold them to pay for mining gear and electricity. Very few people hoarded years ago with the conviction the price would go up 1000x.
I don't think many people would have predicted the current price…
Haha, fantastic response, mate.
For me the fact lots of people still say "don't buy it" means there's still little understanding about Bitcoin around.
And the fact there are hedgefunds lining up for upcoming CME futures, means there'll be more rallying in BTC.
This will not end well for you.
Can you explain why? Would you recommend putting, $5000 in?
Haha, no one can answer that as no one knows anything about you.
If $5000 was your entire savings then maybe not. But if you are happy to potentially lose $5000, then maybe or yes.
If some random said yes put $5000, why would you listen to them anyway? You have no idea who they are plus, there is no repurcussions for them if they say yes. But for you there is, because it's your money.
100% yes
Hey OP,
There's a lot of hype around bitcoin lately as it gains more exposure in mainstream media (even a Big Bang episode is coming out). With hype you have to be more diligent before spending any money by doing research and defining your own financial goals - and how this investment will take you there. With no offence meant it does not seem like you have done this, it seems like you have started getting excited over the hype about it doubling and tripling in price recently (as evidenced by your comments above). Without any idea of what you're doing you will lose money, even with an idea of what you are doing you can lose money (but it's less likely). Do more research before you jump headfirst into bitcoin.
I'll put it this way, think about the amount you're going to spend on bitcoin, let's say 10k - would you go into a casino and bet 10k at a card table where you have no idea how the game is played or how the game works?
Please just think about it.
Alright thanks for the advice, ill do some research for sure.
I don't think we're quite at peak bitcoin mania yet: I haven't seen any 'buy bitcoin!' booths at my local shopping center yet. Back in 2010/2011 those 'sell your gold!' booths popped up in local centers, and I knew it was time to sell gold and silver. It's a sign the dumb money has entered the market and the peak is about to be hit.
OP doesn't understand the fundamentals of Bitcoin, where or how to buy it. Some of their telling comments are:
More than doubled which is why im so tempted to buy
how can you possibly make as much money from USD, as you can from bitcoin?
But after each crash it goes back up everytime?
OP is convinced you cannot lose from Bitcoin - that it's a sure thing. Is this whole post not one of those signs that the dumb money has entered the market???
Check out reddit - https://www.reddit.com/r/Bitcoin/
BTC Markets is the best place I've found to buy/sell.
And finally, as others have said, only put in money that you're willing to lose.
p.s enjoy the ride if you decide to get on :)
"Why you should invest in Bitcoin, even if it's a bubble"
http://www.smh.com.au/business/markets/why-you-should-invest…
Peak idiocy?
The author is suggesting even if bitcoin's price collapses and you lose a stack of money on it, it's all good! Progress is being made and people have to suffer and lose for it to happen.
"When cash burns, it often warms up the universe by a degree or two. Investments in progress are never entirely wasted."
:O smh
Hi OP
I made a video about the way I buy btc and altcoins. Fees are 0.5% and 0.05%! Best ones I could find in australia and both are quite popular and trusted sites.
Hopefully this helps.
Don't invest anything you aren't willing to lose. I think there's a huge amount of dumb money dinto crypto at the moment due to fomo (fear of missing out) and everyone trying to get rich real fast. most of them are just ideas and pure hype at this beginning stages but there are some real gems in there. I believe Perth based power ledger is one of them.
Do your own research, invest in one's with fundamentals. Most of these will die out, but the ones that stick around will be shooting to the moon. :). Invest for the long term. Hold, look for a good buying opportunity and don't try to be a trader. Generally will come out worse than you started. Don't be afraid to take profits every now and then. Maybe 10/20% at a time, and have a stop loss, be prepared to sell if it drops below a certain level.
Well, bitcoin soared and then fell almost 20% within a few hours. Just a reminder how volatile this commodity is. I'm still not sure how useful bitcoin is as a currency. Spending it seems like a silly thing to do if its value keeps going up. Taking payments is risky for the receiver as they may get 10% less value tomorrow. Instantly converting bitcoins to dollars on exchanges is substituting one middleman (banks) for another (exchanges, with their security risks).
Bitcoin is however fabulous as a speculative investment.
Especially if you lose it all because of a crappy USB drive!
http://www.news.com.au/finance/money/investing/dont-tell-my-…
I'm a beginner too and I've so far used coinspot and BTC Markets. Coinspot is good because it's easy to buy many altcoins, but the fees are higher on coinspot. BTC Markets has lower fees and you can often purchase coins at lower prices, but you can only trade Bitcoin, Ethereum, Litecoin, Ethereum Classic, Ripple, and Bcash.
BTC Markets fees for buying coins with AUD is 0.85% for $0-$500 and gets lower for bigger purchases.
Coinspot is 2-3%.
If you pay with Poli on coinspot there are no fees and you can use your money immediately. BTC markets takes 1-2 days and charges a fee for Poli (but Bpay is free and takes the same amount of time).
BTC Markets Fees - https://www.btcmarkets.net/fees
Coinspot Fees - https://www.coinspot.com.au/fees
Some other links that might help:
This is a comparison site that shows where the current best buy and sell prices are on the Australian markets - http://blockcoin.com.au/. Current best buy is independent reserve which I haven't used but I've seen a lot of people recommend.
An Australian comparison site which reviews the pros and cons of the Australian exchanges - http://www.bitcoinreviews.com.au/
I would also recommend reading the https://www.reddit.com/r/BitcoinBeginners/ and https://www.reddit.com/r/BitcoinAUS/ subreddits - the people there are quite helpful!
Hope that was helpful, and good luck out there if decide to jump in!
Thanks what do you think about dogecoin? It's gone up by 80% in 10 days, should it be something worth investing in?
Personally my plan is to only buy cryptocurrencies which I can see being of real use and value in the future. Like, which ones are most likely to be around in 10-20 years and have a real world application. I want to be able to hold them and believe that I'm getting in early on something which will become normal in the future (ie. everyone starting to use bitcoin as a currency). So for dogecoin I'm not going to invest in it because it was created as a joke and is unlikely to be taken seriously by the general population.
Having said that, it still could go up in value, I have no idea, and you might be able to make some money from it, but I prefer to invest long term and I wouldn't feel comfortable owning a 'joke' currency.
Thank you, this was helpful. Interested to know about others experience.
Question:
Whats the best place to store the Bitcoins or Ethereum etc after purchase? Do you guys recommend a different wallet. How do we do it?
I see your comment below saying you bought a ledger nano S, but I've already typed this so I'll post it in case it helps anyone else!
I haven't extensively researched every wallet, but there seems to be plenty of good options. I can't tell you which one is the best because it depends on what you value, whats convenient for you, and how you plan to use your coins.
The safest place to store your coins is in a hardware wallet - little devices that you can buy that keep your private keys safe and offline so they can't be hacked. Most popular ones seem to be the ledger nano S (~AU$119) and the Trezor (~AU$178). Good for long term storage but not great if you plan to trade frequently because you need to send the coins to an exchange to trade them (which costs fees). Both support Bitcoin, Ethereum and others. Fairly expensive so not worth it if you are only holding small amounts.
You can install wallets on your computer - some let you store multiple coins while others will only store one type of coin. The two most popular multi-coin wallets seem to be Exodus and Jaxx. You can do some googling to read up on their pros and cons but from memory the best thing about exodus is it has a really nice user interface and is very easy to use, and the best thing about Jaxx is that the source code is public (so the company can't be hiding anything bad in the program). Both are good options though and both give you full control of your private keys. Some of the single-coin wallets I've looked at are electrum for bitcoin (a bit complicated but powerful and secure), and https://www.myetherwallet.com/ which is a website that helps you manage your keys to send and receive Ethereum.
You can also store them on your phone which is great if you want to spend your coins at the shops but I'm worried I'd lose my phone and I just feel more comfortable storing on my computer so I haven't really looked into the phone apps much. Jaxx does have an android and iphone app though so if I wanted an app I would probably look there first.
You can store them on the exchange where you bought them, but this is highly discouraged because exchanges can be hacked, or just decide to take your coins if they want. On an exchange you don't control the private keys which means they are not really your coins. Really you should only keep coins on an exchange if you are trading them regularly.
After much research I decided to use Exodus because I wanted something that could store a few coins in the same wallet to reduce the amount of wallets I had to keep track of, and I liked how easy it was to use and how it shows a summary of your coin portfolio on the main screen. Jaxx would probably be just as good, but I found out about exodus first and just went with that. So if you're new to crypto coins I would suggest either Exodus or Jaxx because they're easy, secure, and free.
Hey thanks for all the info, after some good trades and bad trades(bcash) ive made roughly 800 from 3000 in a week or so. Is this good?
Google “ the greatest fool “
With that said, I have some bitcoins :) but when I got them they were about $200 a coin.
That's still over 6000% increase! Nice!
I nearly paid for some accomodation once with them. :)
But honestly, In my mind it could all come crashing down. I’ll just see how far this goes.
Wait do any shops actually allow bitcoins as a payment?
Which one do you mean, can you link?
How often are you guys cashing in profits? Besides transaction fees which are less than 1%, why wouldn't you cash in profits regularly along the ride? Any legitimate reasons?
CGT, and loss of compound gains I guess.
But if you cash out, where are you going to park our cash? 2.8% HISA?
Yeah HISA. Only cashing out profits though. Initial investment stays. Hoping to shield myself from the inevitable crash while taking away the gains.
But you are protected and have some dollars in the bank for when a crash comes.
What's HISA?
High Interest Savings Account. Examples - ING, UBank, RAMS. Paying less than 2% which is pretty low, but we are in a very low interest environment.
I'm asking because of the HODL memes on Reddit. Not sure if it was meant to be a joke or not but seems a bit ridiculous.
Guys, can people please answer the question of the OP that is what market is the best to use in Australia? Can we sell on BTC market with ease?
I may be a newbie too, but honestly I rather get honest answers rather than people going on a tangent with their opinions. It is appreciated, but these should occur on other threads. Its really annoying getting to read stuff that we are not interested to hear.
Myself like the OP has thought alot about whether to invest or not. That is my decision or the OP decision whether we invest or not. Please dont take my comment personally.
So can we please keep the discussion to the relevant topic and not go on a tangent. Your thoughts are sincerely appreciated.
P.S. can we buy on Coinbase and sell living in Australia? is there a way around it?
Many thanks :)
I buy from coinbase and send it to cointree for sale.
BTC Markets or GDAX (linked to Coinbase) both have lower fees than Coinbase.
Why not coinspot?
What about alt coins?
@SimpleRoger: I buy ETH/BTC and transfer to other exchanges to buy alts. I haven't used Coinspot but it looks like a good option if you don't want to bother with transferring coins between wallets.
If you read the full thread, you'll see the original questions were answered, which is why people started tangenting.
to answer your question, yes you can buy coins directly on coinbase with your debit/credit card, up to $250/week. but they charge a 4% fee. No there's no way around it, short of opening a US bank account
BTC Markets is the easiest to use, has BPAY, 0.85% fees and access to the big coins (except IOTA & DASH)
Thank you heaps.
Just purchased my first crypto.. Any suggestions where to store it? Should I but the Ledger nano s?
You could set up a wallet on your computer, or potentially get the Ledger.
But you have to assess the risk yourself.
whats really the risk of leaving it on the exchange? How much crypto do you hold? Is it worth buying a Ledger?
@cpho: Thank you for your reply. I have just purchased a ledger on eBay. I have invested a couple of grands already and hoping to invest more. Unfortunately the exchange has a limit and a big pain for purchasing as I have to wait…
@SimpleRoger: Its Hardware cold storage for maximum security. Ledger Nano S is available to buy on eBay
Coin base, base metals, fiat currency, my wallet, banks, investing, crypto currency, coin base.
My thought process.
Bitcoin is great, but you need to look at Alts right now. Litecoin surged today on the steam announcement. Vertcoin is going to go through the roof after the halving on the 12th (it will take a while to reach the supply/demand equilibrium, but it will shoot up) and Iota has a very bright future given it's partnerships. With atomic swaps, Vertcoin is also linked to Bitcoin, so your hedging your bets. You can use coinspot as an easy to use onramp; your 1-3% buying fees wont matter given the future of those Alts.
What do you think about RDN?
Not into Etherium at all. It might be fine to speculate on if that’s your game, but it’s second to Bitcoin and will be surpassed by Iota and Vert. I don’t see a future in it other than people HODLing and people jumping on board. I would only invest in Iota, Vert, Bitcoin and Litecoin right now. Can’t figure out the deal with Ark, looks like a Ponzi scheme, but has momentum and some redeeming qualities. Not sure why NXT keeps surging, someone must know something that I don’t (or it’s a cycle of pump and dumps).
How are you so certain about Iota and Vert
@SimpleRoger: Vert is the future, it has so many upsides and no downsides. The halving on the 12th is gaurenteed money by the end of the month and into the future. The fact that is one of 4 cryptos with atomic swaps with bitcoins make it a sure bet.
Miota has industry backing from 20 major companies including Microsoft. The dev team is super active in chasing partnerships and it’s seen now as the most main stream and useable crypto. It’s market cap is big already and I really feel it will be up there with bitcoin within the next year as the adoption rate grows.
Great team, lots of potentially, very undervalued, the next bitcoin killer. 😂
If you still havn't got there with the online material we have an in-person workshop this Saturday where can ask questions and get a hand from a few people who have done it before.
Where's this at?
What time is this?
Nobody knows what makes price of Bitcoins go up anymore… it goes up on good news and even more up on bad news. Warren Buffett has a rule to never invest in what he doesn't understand. You can choose to be like Warren Buffett or you can gamble. Hint: most gamblers are losers.
When you buy Bitcoins, understand there are no fundamentals. The price could double or easily drop by 90% within a month and nobody would know why. You need to take that possibility into an account too. It's pure speculation.