Crypto currency

8
Found 25th Dec 2017
hi guys,
so reading all these discussions recently regarding crypto currency, I was wondering if maybe this is the way forward ?
I too would like to invest a small amount as I know not much is known about it. but if I wanted to invest, is there any currency that hukd members would recommend ?
also if any members have experience in it,what would they recommend I should do ? and also how do I buy crypto currency ?
any answers would be very much appreciated. thank you.

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8 Comments

All I would say is that, 2010, the amount I would of invested would given me a mind blowing return. However, I wasn’t really bothered at the time, it’s your choice Op, but make sure you read up on it fully, like that saying. Never go in to something you’re not aware of or understand. Personally, some newer currency are growing, especially those which are ranked quite high and popular. A friend of mines had withdrawn over 60k but he had been in the game since 2012, also he had purchased many currencies. Not just one. A good place to start would be Coinbase. It’s a little expensive but it’s easy for beginners to understand.

Monero for steady long term gains and no trail for the tax man.

It’s going to be interesting to see how governments use the Blockchain to see every transaction and go after everyone for their share of the profits.

I’m playing around on Coinbase - just split £100 between the three currencies to see how they would rise and fall. Went up by 20% in the first 24 hours now I’m around 3% down...main issue is the costs of buying and selling make it difficult to jump in and out of micro movements in the market. If you were investing bigger amounts then it wouldn’t be such an issue. I suspect there’s going to be a bigger fall soon so wouldn’t invest a huge amount myself. My thinking is that bitcoin has already seen overinflated growth whereas other newer currencies might tank or might shoot up - higher risk but possibility of exponential gains

Taxman viewing as capital gains rather than trading income at the moment so you have your annual exemption to play with unless you have other capital gains in the year. Given the wealth of info that’s likely to be available to HMRC going forward I wouldn’t advise trying to do anything under the radar.
Edited by: "bluep" 25th Dec 2017

bluep12 m ago

I’m playing around on Coinbase - just split £100 between the three cu …I’m playing around on Coinbase - just split £100 between the three currencies to see how they would rise and fall. Went up by 20% in the first 24 hours now I’m around 3% down...main issue is the costs of buying and selling make it difficult to jump in and out of micro movements in the market. If you were investing bigger amounts then it wouldn’t be such an issue. I suspect there’s going to be a bigger fall soon so wouldn’t invest a huge amount myself. My thinking is that bitcoin has already seen overinflated growth whereas other newer currencies might tank or might shoot up - higher risk but possibility of exponential gainsTaxman viewing as capital gains rather than trading income at the moment so you have your annual exemption to play with unless you have other capital gains in the year. Given the wealth of info that’s likely to be available to HMRC going forward I wouldn’t advise trying to do anything under the radar.

I wouldn't buy small amounts of bitcoin just the fees alone will make your £100 go instantly.

I would have used the £100 and purchased 3altcoins

MrMan201115 m ago

I wouldn't buy small amounts of bitcoin just the fees alone will make your …I wouldn't buy small amounts of bitcoin just the fees alone will make your £100 go instantly. I would have used the £100 and purchased 3altcoins


Yeah like I said I was just messing about with bitcoin, ethereum and litecoin. Not planning to make any more purchases. Just leave it there and watch over time

bluep1 h, 4 m ago

I’m playing around on Coinbase - just split £100 between the three cu …I’m playing around on Coinbase - just split £100 between the three currencies to see how they would rise and fall. Went up by 20% in the first 24 hours now I’m around 3% down...main issue is the costs of buying and selling make it difficult to jump in and out of micro movements in the market. If you were investing bigger amounts then it wouldn’t be such an issue. I suspect there’s going to be a bigger fall soon so wouldn’t invest a huge amount myself. My thinking is that bitcoin has already seen overinflated growth whereas other newer currencies might tank or might shoot up - higher risk but possibility of exponential gainsTaxman viewing as capital gains rather than trading income at the moment so you have your annual exemption to play with unless you have other capital gains in the year. Given the wealth of info that’s likely to be available to HMRC going forward I wouldn’t advise trying to do anything under the radar.


if you buy from gdax directly (if you have a coinbase account you have a gdax acc) you skip the buying fees and get a better rate, so £100 would have gotten you £100 worth of currently (-15p for the 100£ deposit)

Cool that’s worth knowing thanks. Will check it out

It's gambling plain and simple. Like any commodity, it can go up or down. Never ever spend more on cryptos than you can afford to lose.
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