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Original poster

Cryptocurrency - what is it? Any real stories?

57 replies

Figgygal · 09/05/2021 17:28

Hi all
I’ve been looking at crypto this weekend and don’t understand a word of it
Is it easy to demystify?
Anyone have any success stories or horror stories?
My husband works in financial services so we aren’t exactly ignorant around investments but this I’m interested in learning more about

OP posts:
littlebillie · 12/05/2021 18:06

Just reading on another forum, banks are not accepting payments in from these sites or wallets? Has anyone tried to get their money back into their bank?

hiimjackie · 12/05/2021 20:39

@littlebillie

I m just looking at coinbase has anyone used it?
I vouch for that and binance as best exchanges!
hiimjackie · 12/05/2021 20:40

@littlebillie

Just reading on another forum, banks are not accepting payments in from these sites or wallets? Has anyone tried to get their money back into their bank?
I'm not sure which exchanges you mean? When you cash out it is bank transferred to you via your sort code and account number, banks will always accept it
hiimjackie · 12/05/2021 20:41

@Cleanmean

I'm just about to invest in some coins. Does anyone think new clings like VET and XLM have any staying power? Looking to invest for the long term . Any advice welcome as my research has taken me down some very long black holes!
XLM is a good long term hold, it's got strong fundamentals with a lot of hype into it which just improves it, I would also look into XEM coin as I have 4 figures in that coin long term

To MNHQ:This is not financial advice, just an opinion of my own

rach2713 · 12/05/2021 20:44

Watch YouTube videos to help you under stand..

crystalize · 12/05/2021 23:16

Coinbase so simple for beginners. Ethereum seems to be promising for the future. Research 'crypto for beginners' and someone on mn recommended Coinbureau and Investanswers on You tube.

LadyTrieste · 15/05/2021 18:35

littlebillie

I tried making a transfer of Fiat to my Paypal account and that worked.
My bank (HSBC) isn't allowing this, but I can make payments to the exchange from HSBC.

hiimjackie · 16/05/2021 15:12

@LadyTrieste

littlebillie

I tried making a transfer of Fiat to my Paypal account and that worked.
My bank (HSBC) isn't allowing this, but I can make payments to the exchange from HSBC.

I'm not sure why you can't, it's a standard bank transfer so I don't know why hsbc won't allow it, I've seen people link hsbc cards to Coinbase before anyway
LadyTrieste · 16/05/2021 15:44

I don't know why either except that they won't "process" the deposits. I read an article in The Times stating the following:

"Some banks will not accept transfers from bitcoin exchanges. HSBC, one of the biggest banks in the country, does not process cryptocurrency payments or allow customers to bank money from digital wallets. While other leading banks will accept transfers from digital wallets to current accounts, many will not allow customers to use their credit cards to buy or sell bitcoin."

Souther · 16/05/2021 15:56

I'm with Firstdirect I've not had any issues getting fiat back into my account. But I've heard HSBC is not very crypto friendly. So it might be worth trying a different bank.

whataboutbob · 16/05/2021 17:20

Bitcoin has just gone down because Elon Musk is no longer using it. Does this not worry folk about crypto currencies 🤔

hiimjackie · 16/05/2021 20:35

@whataboutbob

Bitcoin has just gone down because Elon Musk is no longer using it. Does this not worry folk about crypto currencies 🤔
If Warren Buffett slandered a stock it'd also go down Smile
LadyTrieste · 17/05/2021 10:46

whataboutbob It will go back up. This just means it's a good opportunity to buy more!

whataboutbob · 17/05/2021 11:48

I admire your confidence guys! Personally I don’t have the Adrenalin tolerance for cryptos.

hiimjackie · 17/05/2021 16:10

@whataboutbob

I admire your confidence guys! Personally I don’t have the Adrenalin tolerance for cryptos.
Its worst for your mental health when you're watching it every second on a 20x leverage short bet, but when you check every so often and see the green it's an amazing feeling Wink
Original poster
Figgygal · 17/05/2021 18:38

Just checking back in
It seems Bitcoin and ethereum are taking quite a hit the last week
I’m watching with interest

Anyone use Luno for purchasing?

OP posts:
hiimjackie · 17/05/2021 19:06

@Figgygal

Just checking back in It seems Bitcoin and ethereum are taking quite a hit the last week I’m watching with interest

Anyone use Luno for purchasing?

The alt crypto season will start when Elon musk announces a new crypto, chances are of it being nano, litecoin and others with very low energy use and reliability
Somebodyimportant1 · 19/05/2021 08:42

@hiimjackie I have been using binance and it easy to withdraw and I have made some profit. But right now, everything seems to be down and I do not even know which coins to buy (any suggestions please). I am not good at observing the market at all.

hiimjackie · 19/05/2021 08:45

[quote Somebodyimportant1]@hiimjackie I have been using binance and it easy to withdraw and I have made some profit. But right now, everything seems to be down and I do not even know which coins to buy (any suggestions please). I am not good at observing the market at all.[/quote]
Hi, just to start this isn't financial advice this is just my opinion Smile

Mainstream coin ETH is a good option, LTC and NANO recommended as the next coin musk backs

I'm also long on XEM, good chance of going upwards of a dollar

JellyBabiesFan · 19/05/2021 13:20

When people on mumsnet are thinking of buying crypto even though they do not understand it, then I think it is safe to say the market has peaked.

Look at the all time Bitcoin chart. That should tell you all you need to know. I personally believe a lot of the rise was due to people not being able to spend on holidays so got on the crypto bandwagon. I see it coming crashing down before very long.

Bitcoin sub $30k before mid June is my bet. But pays your money takes your chance and all that jazz.

JellyBabiesFan · 19/05/2021 13:21

If Warren Buffett slandered a stock it'd also go down

Disagree. A stock will still have fundamantals whereas Crypto is an almost pure sentiment investment.

hiimjackie · 19/05/2021 17:00

@JellyBabiesFan

When people on mumsnet are thinking of buying crypto even though they do not understand it, then I think it is safe to say the market has peaked.

Look at the all time Bitcoin chart. That should tell you all you need to know. I personally believe a lot of the rise was due to people not being able to spend on holidays so got on the crypto bandwagon. I see it coming crashing down before very long.

Bitcoin sub $30k before mid June is my bet. But pays your money takes your chance and all that jazz.

99bitcoins.com/bitcoin-obituaries/

I don't hold Bitcoin, but it's not gonna die out when it's crashed much more

hiimjackie · 19/05/2021 17:01

@JellyBabiesFan

If Warren Buffett slandered a stock it'd also go down

Disagree. A stock will still have fundamantals whereas Crypto is an almost pure sentiment investment.

Cryptos have fundamentals, all coins have their white papers publicly available
JellyBabiesFan · 20/05/2021 11:29

Cryptos have fundamentals, all coins have their white papers publicly available

Fundamentals are income, sales, ROI, gearing.

Nothing like so called white paper.

TOVCH · 20/05/2021 16:22

Yes, thought it is not the only option. I use an independent that gives very good customer service. You can even speak to them.

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