To ask if anyone dabbles with bitcoin?

[MollyWantsACracker]

Disclaimer: I am totally clueless

I bought a few euro worth today, just for fun really

Anyone else?

Would it still be worth your while? (In other words, even after the fees, would you end up getting anything out? )

@SersioulycanitgetWORSE that sounds very frustrating. I hope you hear soon.

I do know my account was verified, even before my account went 'live' but obviously don't know if my money will be easy to get out. I don't want to do anything too hasty, or make them suspicious. There's an extra £30ish showing now, so I'm not sure when to test the 'withdrawal' feature.

....or make them suspicious....??

Dear Goodness. Whose money is it?

PS - they'll charge you a transaction fee as well. They're not exactly doing you a favour.

If Seriously wants to avoid any additional Coinbase fees they just need to transfer their BTC to GDAX and then transfer out. No Coinbase or GDAX fees that way.

Personally, I’d be opening a Revolut account and getting my money out that way...

@cozietoesie, I didn't explain that well at all. I meant in the sense of them then making excuses or avoiding 'approving' the request to withdraw IYSWIM.

I will request a withdrawal of the original amount I added and take it from there.

Good luck .

Hope you got your money back. I see Bitcoin is due for another big crash pretty soon. Maybe even tonight.

What makes you say that Vivienne?

You seem to follow every bit of info on bitcoin which is odd considering you're so against it?

I had heard of it but didn't take much interest till a couple of months ago. Then I read up about it and read the posts on MN. I thought what a scam and read more and am more convinced it's a pyramid/Ponzi scheme. There is no profit at all. The only money coming out is money that has gone in. I don't like people being scammed and misled even strangers. It's wrong.

It really isn't a currency because it isn't used as one. How can it be an investment when there is no growth only money going in. I asked a few people with jobs in finance and they say the same. It's a con. And no regulation at all.

I am still waiting for the withdrawal request to be 'authorised' and appear in my account. Their website did say it would take 7 days though, so I'm still hoping.

Since I've put the request in, I've had so many missed calls from a UK number, but they've never left a message, so I don't know if it's related or not.

Out of interest, how easy is it to put money into these schemes as opposed to removing it?

@cozietoesie - I don't know about others, but this showed on my 'account' the same day, which was also when the account was verified.

When you put money in/bought that is?

Yes, that's right.

I've had a very frustrating conversation with somebody from KayaFX today.

He called to clearly encourage me to put more money in to see how things were going, so I took my opportunity to query why it hadn't gone back into my account, after 7 days like their 'withdrawal' page states. He made some sarcastic comment about it not being a bank. I very sternly told him that that's what they call it, so I was just using their terms.

Anyway, he said it's currently in a 'session' (whatever that is, as he didn't explain) and if I want to withdraw before it expires, then I'd get around a third of what is actually in there at the minute, because of fees and penalties.

Apparently if I wait until Monday when the session expires then I'll get the full amount.

There will be fees anyway, surely?

It took very short time to to put money in, one had to use passport to verify Id.

Can't get money out still, three months on still no bank account verification

What did you decide to do, Ijust?

The environmental impact is scary.

www.google.co.uk/amp/s/amp.theguardian.com/technology/2018/jan/17/bitcoin-electricity-usage-huge-climate-cryptocurrency

Solicitors are advised to think very carefully before accepting bitcoin in day, conveyanicng transactions, due to money laundering concerns. So unlikely you can easily buy a house with it.

Well that just sounds like a huge scam.

MLM of the ‘currency’ world

I feel completely foolish, and am so angry with myself.

Would you believe that I actually clicked on the link from a Martin Lewis interview, which automatically took me to KayaFX?!

I definitely expected fees, but when I queried why I'd only get a third he just spoke over me and was very dismissive. As if me, a woman, could actually speak to a business man!!

Snow I must be 'lucky' then as all that was verified/accepted/checked pretty quick. I really hope you have some luck.

I had no option but to leave it in. However, despite the balance only ever going up (albeit not a huge amount), and then maintaining, when I put the withdrawal request in, it's suddenly lost almost £50 overnight and I'm in no doubt that I'm not going to get anything back.

Even if you got money into and out of dodgy exchanges, you're not going to make money trading on them. They have a ton of tricks to knock you out of positions. Some of the exchanges just turn off and stop working when it favours them. Even scammier ones will pretend to have been "hacked" and run off with your money. On the biggest exchange in the world the owners trade their own accounts. If that's not a massive red flag then I don't know what is.

I do get slightly annoyed that all these people who want to support an anti-regulation philosophy suddenly turn round and complain because they can't get their money back. There's a reason we have hundreds of years of financial regulation - to stop people getting scammed. The financial world isn't perfect and some illegal stuff does go on, but it's nothing like the wild west of the crypto world.

Using an unregulated exchange is no different to going to a mafia run poker game where all the other players are part of the same gang running the game. You will lose.

starfro, I'm not really complaining. I'm merely chatting on a forum about my experiences and answering questions when asked.

I fully accept it's my fault and I won't get my money back. I'm still entitled to be very angry with myself though.

I was only planning on 'dabbling' and didn't expect to change my life at all.

I love this notion of someone phoning you 'to see how things are going' and then changing when you weren't overcome by their patter.

Feel free to berate yourself. Just don't let the chase consume you. (You'll get over it.)

There is a conspicuous silence from cryptocurrency traders like noofly who were so previously active on this thread.