Who's Holding BTC?

[ian]

Adam, be careful with Ledger, their hardware is solid but they had a seismic hack on customer data recently. Buy from them, but use a throw away email, no mobile number, and delivery to another address than your home if possible, a habit everyone should be using for items that suggest wealth. DO NOT buy from a third party, even 'fulfilled by Amazon'. Avoid.

Follow a specific procedure in setting up a hardware wallet, and be exceptionally careful with how you store the seed, and transfer funds.

Binance is fine, but for a newbie, Coinbase would be best. I'd also recommend Kraken over Binance.

Happy to go in to more detail, drop me a message pal.

 

[Adam H]

Thanks Ian, will certainly read up on it more, I had someone else tell me to always buy direct from ledger rather than any where else. I saw the little notice popup on my browser when visiting their site about a recent data leak. Will make sure I do plenty of research

Binance looks pretty straight forward for usage, its the moving the BTC to wallets/ledger etc which im not 100% sure about.

Will certainly take you up on asking questions bud, i'm sure ill have a few

 

[Admin]

Binance are good. Had no issues at all and can verify i've had bank transfers out no problem. Only issue i've had was my bank account (transferwise) refusing to accept money as crypto related and they wont accept crypto business related funds it seems. Lloyds did though.Took a few emails to get the funds actually back as it had processed as accepted (which it initially was)

They're spreads are very good aswell. Look at using BNB for transaction fees on there and it saves you a bit if you trade regularly. Good luck !

Strange, transferwise specificlly state they do accept transfers from crypto exchanges (they only say they wont send money to them). I can confirm I have received money from crypto exchanges to my transferwise account. I've currently got BTC disappeared into the ether thanks to Coinbases' incompetence and out of control customer signup. People waiting months for help. Will look at binance as they seem to have the best liquidity. Be prepared to do more verification once you start moving more in and out. I use a ledger but in reality, you have to keep your assets on exchange if you want to be light on your feet getting in or out.

 

[Admin]

re. the ledger, if you are storing a lot be sure to use the 25th passphrase security feature otherwise someone only needs your seed to take your assets

 

[dee]

Strange, transferwise specificlly state they do accept transfers from crypto exchanges (they only say they wont send money to them). I can confirm I have received money from crypto exchanges to my transferwise account. I've currently got BTC disappeared into the ether thanks to Coinbases' incompetence and out of control customer signup. People waiting months for help. Will look at binance as they seem to have the best liquidity. Be prepared to do more verification once you start moving more in and out. I use a ledger but in reality, you have to keep your assets on exchange if you want to be light on your feet getting in or out.

I thought it was strange. But nope.... absoloutly wouldn't accept a GBP transfer from Binance. They were however INCREDIBLY quick and helpful in sorting it out. It had disappeared at Binance end once returned as had already been accepted then refunded. They gave me transaction id, timestamp and all details needed within about 3 hours of contacting support. I'm pretty verified at Binance, and it's all been great so far. main thing are fees. SO much cheaper than say Etoro who pull your pants down when you trade anything.

I'm going to look into ledger for long term. I actively trade on Binance, so need to keep in exchange, but once BTC retraces properly Im sticking a chunk in and leaving. Will also be good to not have access on exchange so I cant trade it out.

 

[Admin]

just about to open with binance and then read this on a review site:

Can I Withdraw Money from Binance? You can withdraw cryptocurrencies from Binance. The option to withdraw fiat currencies from Binance is currently limited to AUD and RUB only (and not USD, EUR, etc.)

What the chuff? So you cannot turn crypto into 'real money'....

 

[dee]

just about to open with binance and then read this on a review site:

Can I Withdraw Money from Binance? You can withdraw cryptocurrencies from Binance. The option to withdraw fiat currencies from Binance is currently limited to AUD and RUB only (and not USD, EUR, etc.)

What the chuff? So you cannot turn crypto into 'real money'....

Ive transferred GBP out of Binance in the last 3 weeks. If your holding GBP in your account you can literally just input account number sort code etc and it takes about 20 mins to turn up. That may have been a verification issue for the user ?

Here you go..... withdrawal page

Edit...... so just to clarify, I convert to GBP internally in Binance and then its just available. So only holding GBP there want it transferred.

 

[Admin]

Edit...... so just to clarify, I convert to GBP internally in Binance and then its just available. So only holding GBP there want it transferred.

Sorry...so you dont in fact withdraw fiat from binance to a normal bank account?

 

[dee]

Sorry...so you dont in fact withdraw fiat from binance to a normal bank account?

Sorry. I probably didnt explain very well. Yes. Transferred to bank.

So if I wanted to get out cash for say 1 BTC. Convert BTC to GBP in binance, then you can transfer GBP to Bank account.

EDIT. I'd assume the same for EUR

 

[3gmedia]

I've been using Bitstamp recently, limited coin, transfered in and out a few times without a problem

 

[twostepsbehind]

@Adam H - just be careful my friend and only dip your toes in first

Bitcoin has dropped >25% since it's peak only a couple of weeks back

And just dipped below $30k

I'm not going to give you a prediction as some people don't like that, but just be careful...

 

[dee]

I'm not going to give you a prediction

I love a prediction Go for it

 

[twostepsbehind]

I love a prediction Go for it

<$15k by the end of February

 

[ian]

Equally, be careful of the doomsters that always appear on the hint of a drop. Down 25% in weeks, up 15% in a month, up 254% in a year!

The market is volatile, highs and lows happen brutally fast, best option is to dollar cost average in.

 

[Adam H]

@Adam H - just be careful my friend and only dip your toes in first

Thanks

I'm of the opinion that we're going to see a dump soon in the next few days, possibly down to 23k, crushing alot of people out, which will provider a lower price big buyers ( fortune 500 i) to enter and push the market soring to 50k+ after Feb 5th. Maybe sooner. I'll be waiting for the buy signals before taking the plundge and keeping an eye on traditional markets.

That said, I've started my Crypto Journey with some ETH and ADA. ETH following near identical growth patterns to bitcoin in its early years but with a bigger market price and AVA.........I think will be money earner.

 

[Admin]

Thanks

I'm of the opinion that we're going to see a dump soon in the next few days, possibly down to 23k, crushing alot of people out, which will provider a lower price big buyers ( fortune 500 i) to enter and push the market soring to 50k+ after Feb 5th. Maybe sooner. I'll be waiting for the buy signals before taking the plundge and keeping an eye on traditional markets.

That said, I've started my Crypto Journey with some ETH and AVA. ETH following near identical growth patterns to bitcoin in its early years but with a bigger market price and AVA.........I think will be money earner.

I sincerely hope you dont get that entry you are looking for but wish you all the best with your dabbling! Its on the up as i type...

 

[Adam H]

I sincerely hope you dont get that entry you are looking for but wish you all the best with your dabbling! Its on the up as i type...

Its going sideways, if it goes above 33k, then I agree we're heading up with no dump.

But I think its highly likely to test 29k again and if resistance doesnt hold, there will be the squeeze before a big pump.

Have to see what happens when the US Market opens as to what directoin it could take.

 

[Murray]

This /r/wallstreetbets stuff seems like it may tank things including bitcoin as the shorters have to liquidate positions to cover themselves

If they're sourcing excess funding it may be taking liquidity away from other non-affected funds too, who then would also need to liquidate positions to make up for it

 

[dee]

This /r/wallstreetbets stuff seems like it may tank things including bitcoin as the shorters have to liquidate positions to cover themselves

If they're sourcing excess funding it may be taking liquidity away from other non-affected funds too, who then would also need to liquidate positions to make up for it

Meh... I dont think it's sustainable. Traders are people. Joe public, and most of them selfish. Individuals arent going to start liquidation pensions and getting loans to carry on. People will start to pull out / take profit before everyone else does and before you know it it's a mass sell off with everyone bailing.

 

[dee]

This /r/wallstreetbets stuff seems like it may tank things including bitcoin as the shorters have to liquidate positions to cover themselves

They're doing the same with doge. Up over 200% today