Buying and Selling Bitcoin – OzBargain Forums

Buying and Selling Bitcoin – OzBargain Forums

Last edited 28/11/2018 – Nineteen:43 by 1 other user

Hey beginner to bitcoin and cryptocurrency here, just wondering which webstek 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 te ethereum be a good idea?

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Also if anyone knows alot about cryptocurrencys, what actually makes the price go up? Would investing ter ethereum be a good idea?

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 te 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 dual or lightly druppel by 90% within a month and nobody would know why. You need to take that possibility into an account too. It’s zuivere speculation.

Where did you do your research from if you don’t mind mij asking, fairly nosey 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 vanaf 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 spil plain spil that. Its just gambling with better odds and more contingency + oppoetunities to specie out. Anybody that tells you otherwise is plain lounging.

Ps. You can buy and sell at BTC markets.

Any investment has an factor 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 fresh is downright lachwekkend, the more information you have the more informed your investment decisions will be.

Im not telling 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 toebijten. There is not enough history or stability ter the coin just yet to make thesis accurate informed decisions. Its all gut feel right now.

this is horsesh1t

sure there are no fundamentals, but there are legitimate factors that &quot,influence&quot, its value up or down legitimately

macroeconomic factors: – when china tightens fx currency withdrawals, economic depressie te europe, SA or when india liquidated the 500rupee note

Since BTC is considered a store of wealth now, it fluctuates with factors that influence gold, with the added benefit of being decentralised

Also you can do slew of technical analysis against BTC, this past week alone had you followed TA, you could have lightly made 15-20% come back te the last Four 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 &quot,what’s yours is mine&quot,. Spil 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 leap ter now is to bet that values will go up with enlargened uncertainty.

The time to get te wasgoed 2009.

What are you talking about, you could have just about doubled your money by now if you bought a few months ago…

I very first heard about bitcoin ter 2009. It didn’t seem to have much point then, an academic exercise. If I had spent a brief time mining with my PC then, I’d now be worth several hundred million.

Spil I say, the time wasgoed then.

If you want to gamble on bitcoin doubling overheen 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 ter recently

@dylanando: Where did you buy and sell at?

You bought and sold it for triple or is triple only on paper ( toevluchthaven’t sold yet?)

@PVA: on paper, im fairly a glad man today.

Related movie: 3rd Bass – The Gas Face


But reminisce. It’s still worth zero until you sell and metselspecie is te your savings.

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 ter Australian dollars only which creates request for the currency. A lotsbestemming of people have a debt which can be lodged ter Australian dollars only. You can be assured Australian dollars will be ter request for foreseeable future. Maybe to you Australian dollars are worthless, to a lotsbestemming of people they do hold value because they can lodge debts with them and avoid bad consequences (e.g. losing a huis or even going to jail).

What creates request for Bitcoins? Unspoiled speculation that the price will keep going up. Are there any countries where taxes vereiste be paid ter Bitcoins? Are there any debts which can be lodged te Bitcoins only? You know the answer… Bitcoin has basically all the attributed of tulip mania almost 400 years ago. Very interesting read – https://plus.wikipedia.org/wiki/Tulip_mania or for lazy ones – https://www.youtube.com/witness?v=w6MeB5uLflo

Taxes to Australian government can be paid te Australian dollars only which creates request for the currency. A loterijlot of people have a debt which can be lodged te Australian dollars only. You can be assured Australian dollars will be te request for foreseeable future. Maybe to you Australian dollars are worthless, to a loterijlot of people they do hold value because they can lodge debts with them and avoid bad consequences (e.g. losing a huis 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 determine it’s worthless, then it very quickly can be so.

&quot,some single tulip bulbs sold for more than Ten times the annual income of a skilled craftsworker&quot,

thats good to know, that means i can rail bitcoin upto approximately 600,000-800,000 before i sell out!

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It’s a lie that works, right up until it doesn’t. Money has the value people place on it, and if people determine 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 te Sydney and Melbourne? Price of gold? You can literally exchange 1 gold buffet for a house te Sydney. Do you agree house is more useful than gold buffet? If currencies are a lie, how is gold brochure not a lie too?

I mean where do you draw the line?

Yes, I am also glad that this is the case spil I would very likely specie out at 500-600k, too. Now I feel comfy with my decision.

What are the fees like on that webstek?

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, friend. 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 spil much money from USD, spil you can from bitcoin?

&quot,Also how can you possibly make spil much money from USD, spil you can from bitcoin?&quot,

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 ter Two years, maybe $1k. Who knows?

Bitcoin is a high risk, very high prize speculative voertuig. 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.

If it falls overheen 30% after you buy don’t be astonished.

But after each crash it goes back up everytime?

It has ter the past, which is no ensure of the future.

IMO there is no point asking people on a bargain webstek 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 Two.

Two) they wouldn’t be on this webpagina hunting for bargains ter the very first place. They would be busy doing this: https://giphy.com/gifs/swag-money-make-it-rain-VTxmwaCEwSlZm

I had lots of bitcoin back spil far spil 2011, but like most people back then sold them to pay for mining gear and electro-therapy. 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 mij the fact lots of people still say &quot,don’t buy it&quot, 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 ter BTC.

This will not end well for you.

Can you explain why? Would you recommend putting, $5000 te?

Haha, no one can response that spil no one knows anything about you.

If $5000 wasgoed your entire savings then maybe not. But if you are glad to potentially lose $5000, then maybe or yes.

If some random said yes waterput $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.

There’s a lotsbestemming of hype around bitcoin lately spil it gains more exposure ter mainstream media (even a Big Vreesachtig scene 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 commenced getting excited overheen the hype about it doubling and tripling ter price recently (spil 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 leap headfirst into bitcoin.

I’ll waterput it this way, think about the amount you’re going to spend on bitcoin, let’s say 10k – would you go into a gokhal and bet 10k at a card table where you have no idea how the spel is played or how the spel works?

Please just think about it.

Alright thanks for the advice, ill do some research for sure.

I don’t think wij’re quiebro at peak bitcoin mania yet: I toevluchthaven’t seen any ‘buy bitcoin!’ booths at my locorregional shopping center yet. Back te 2010/2011 those ‘sell your gold!’ booths popped up te almacén centers, and I knew it wasgoed time to sell gold and silver. It’s a sign the dumb money has entered the market and the peak is about to be succesnummer.

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 spil much money from USD, spil you can from bitcoin?

But after each crash it goes back up everytime?

OP is coaxed you cannot lose from Bitcoin – that it’s a sure thing. Is this entire postbode not one of those signs that the dumb money has entered the market.

BTC Markets is the best place I’ve found to buy/sell.

And eventually, spil others have said, only waterput ter money that you’re willing to lose.

p.s love the rail if you determine to get on 🙂

&quot,Why you should invest ter Bitcoin, even if it’s a bubble&quot,

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 toebijten.

&quot,When metselspecie burns, it often heats up the universe by a degree or two. Investments ter progress are never entirely wasted.&quot,

I made a movie about the way I buy btc and altcoins. Fees are 0.5% and 0.05%! Best ones I could find te australia and both are quiebro popular and trusted sites.

Hopefully this helps.

Don’t invest anything you aren’t willing to lose. I think there’s a massive amount of dumb money dinto crypto at the uur due to fomo (fear of missing out) and everyone attempting to get rich existente swift. most of them are just ideas and zuivere hype at this beginning stages but there are some vivo gems te there. I believe Perth based power ledger is one of them.

Do your own research, invest te one’s with fundamentals. Most of thesis will diegene out, but the ones that stick around will be shooting to the moon. :). Invest for the long term. Hold, look for a good buying chance and don’t attempt to be a trader. Generally will come out worse than you embarked. Don’t be afraid to take profits every now and then. Maybe Ten/20% at a time, and have a zekering loss, be ready to sell if it drops below a certain level.

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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 spil a currency. Spending it seems like a ditzy thing to do if its value keeps going up. Taking payments is risky for the receiver spil 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 spil a speculative investment.

Especially if you lose it all because of a crappy USB drive!

I’m a beginner too and I’ve so far used coinspot and BTC Markets. Coinspot is good because it’s effortless 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 fatter purchases.

If you pay with Poli on coinspot there are no fees and you can use your money instantaneously. BTC markets takes 1-2 days and charges a toverfee for Poli (but Bpay is free and takes the same amount of time).

Some other linksaf that might help:

This is a comparison webpagina 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 toevluchthaven’t used but I’ve seen a loterijlot of people recommend.

An Australian comparison webpagina 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 fairly helpful!

Hope that wasgoed helpful, and good luck out there if determine to leap te!

Thanks what do you think about dogecoin? It’s gone up by 80% te Ten days, should it be something worth investing te?

Personally my project is to only buy cryptocurrencies which I can see being of positivo use and value te the future. Like, which ones are most likely to be around te 10-20 years and have a actual world application. I want to be able to hold them and believe that I’m getting te early on something which will become común te the future (ie. everyone beginning to use bitcoin spil a currency). So for dogecoin I’m not going to invest te it because it wasgoed created spil a joke and is unlikely to be taken gravely by the militar population.

Having said that, it still could go up te value, I have no idea, and you might be able to make some money from it, but I choose to invest long term and I wouldn’t feel comfy possessing a ‘joke’ currency.

Thank you, this wasgoed helpful. Interested to know about others practice.

Whats the best place to store the Bitcoins or Ethereum etc after purchase? Do you guys recommend a different wallet. How do wij do it?

I see your comment below telling you bought a ledger nano S, but I’ve already typed this so I’ll postbode it te case it helps anyone else!

I toevluchthaven’t extensively researched every wallet, but there seems to be slew 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 project to use your coins.

The safest place to store your coins is te 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$178). Good for long term storage but not excellent if you project 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 puny amounts.

You can install wallets on your rekentuig – some let you store numerous coins while others will only store one type of coin. The two most popular multi-coin wallets seem to be Uittocht and Jaxx. You can do some googling to read up on their pros and cons but from memory the best thing about uittocht is it has a truly nice user interface and is very effortless to use, and the best thing about Jaxx is that the source code is public (so the company can’t be hiding anything bad te the program). Both are good options however and both give you total 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 webstek that helps you manage your keys to send and receive Ethereum.

You can also store them on your phone which is excellent if you want to spend your coins at the shops but I’m worried I’d lose my phone and I just feel more convenient storing on my pc so I toevluchthaven’t truly looked into the phone apps much. Jaxx does have an android and iphone app tho’ so if I dreamed an app I would most likely look there very first.

You can store them on the exchange where you bought them, but this is very discouraged because exchanges can be hacked, or just determine to take your coins if they want. On an exchange you don’t control the private keys which means they are not indeed your coins. Truly you should only keep coins on an exchange if you are trading them regularly.

After much research I determined to use Uittocht because I desired something that could store a few coins ter the same wallet to reduce the amount of wallets I had to keep track of, and I liked how effortless it wasgoed to use and how it shows a summary of your coin portfolio on the main screen. Jaxx would most likely be just spil good, but I found out about uittocht very first and just went with that. So if you’re fresh to crypto coins I would suggest either Leegloop or Jaxx because they’re effortless, secure, and free.

3 thoughts on “Buying and Selling Bitcoin – OzBargain Forums

  1. the same thing happens spil when you have a nasty divorce and a fat pocket with a loterijlot of money te it. if the ex finds out about it and can prove it, they take a part of it (of course depending on what country you live te and how the laws are there) and if they can’t find out about it or prove it they can take nothing.

  2. I`m not married too, i don`t know if this is good or bad. On my opinion, bitcoin wallet access, or any other crypto assets, if they accumulated ter spare time using exchange trading process, is a private holdings of a person. But if a family together determined to make crypto investment, taking a chance with community property, this is another situation, then both sides are empowered to eis the stake.

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