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  • FIRST POST
    • AG47
    • By AG47 22nd May 17, 6:39 PM
    • 614Posts
    • 147Thanks
    AG47
    Buy ethereum uk
    • #1
    • 22nd May 17, 6:39 PM
    Buy ethereum uk 22nd May 17 at 6:39 PM
    MoneySavingExpert Insert:

    You might like to read Martin's blog on Bitcoins. Read it here:

    Bitcoin: Four things you need to know

    Back to AG47's original post...

    ----

    Where is the best place to buy ethereum in the uk?

    Then to get it out into an offline wallet please?
    Last edited by MSE Andrea; 01-12-2017 at 10:16 AM.
    Nothing has been fixed since 2008, it was just pushed into the future
Page 5
    • krazyk
    • By krazyk 20th Jul 17, 6:34 PM
    • 264 Posts
    • 53 Thanks
    krazyk
    Cryptocurrency
    I recommend Bittylicious. I've used them for most of my transactions and the system is fairly simple, prices are OK and fees are reasonable (note to beginners, everything you do includes a fee - buying & selling coins, transfering coins from currency to currency and withdrawing coins to £ - so make sure you check for fees and how they are charged)

    I used Kraken once to withdraw Ethereum to £ and had too pay £60 on £195 worth of ETH! I wasn't pleased but did make a 'profit' from what I bought them for a few months ago.

    I'm tempted to use Coinbase but have noted the issues users have had here. I'd like a UK based exchange though. Bitstamp is based in London but I've never used them. The fees seem OK though. Anyone used them? Another note to beginners, when signing up to most exchanges you will need to get verified to start trading. This normally means uploading proof of address, identity etc. This can take up to 2 days to weeks.

    There are easy-to-use all-in-one apps like Cryptonator on Android. I've not used them myself but apps like these are designed for the beginner if you just want to try it out. I suspect fees are higher though.

    I highly recommend using a hardware wallet. I've just got my Nano S and need to set it up but it's a far more secure way to store your wallets than other ways. Note though, I had to wait quite a few weeks for the wallet to come through so stock levels are low.

    I also recommend tracking your altcoins on CoinTracking (app and website). You add your addresses and it fetches all your transactions and you can keep track of the values easily.

    There are more altcoins out there then Bitcoin and Ethereum. Litecoin, Dash, Monero and Zcash are particularly good alternatives right now but there are thousands. The problem is most altcoins seem to follow Bitcoin's price changes, so if BTC drops so does all other cryptocurrencies.

    There are also other ways to get coins, such as cloud mining (via the likes of Genesis or Hashing24), GPU, CPU and HD mining (basicaly hardware mining yourself - you can even mine on laptops and mobile devices with Minergate but after a quick try I found it's not worth the effort) and ASIC mining (buy a very expensive bit of kit like the Antminer L3+ from Bitmain but get 504Mh/s power and make a ROI after 9-12 months, in theory). All the above vary in cost, for example you spend a few dollars to $1000s on cloud mining, a few £100s to a few £1000s on a GPU mining rig or a few £1000s on ASIC mining kit.

    The advantage to cloud mining is there is no power cost to you. When you are doing your calculations for ROI you must remember to include the cost of power if you are mining yourself

    If you do go down the mining route, one thing to note is as more people mine the 'difficult' rises and this means it's harder to gain coins. So what you need to do is shift from currency to currency or use smart mining software, liike Nicehash, which mines the most profit currency at the time.

    The question is does the difficult get cancelled out by the price increases? I can't realy answer that but this could be possible but would mean the price needs to continouesly go up with the difficulty.

    Personaly I'm not sure which is best, I've been doing a lot of calculations (on CoinWarz etc.) and cloud & ASIC mining are similar ROI. But there is no one rule for all, for example, I've read that Dash is potentially better to cloud mine right now than hardware mine and Litecoin is the reverse. So use a calculator to check this.

    I cashed all my Bitcoins and Ethereum recently and waiting for this potential Bitcoin split on or near 1st August before diving in again. But from what I've learnt so far, I will definitely use a hardware wallet, I will use an exchange to only transfer from currency to currency and I will spread my money more across more altcoins. If I think of any more tips I'll post them on this thread.

    Sorry for rambling, it was only meant to be a short reply at first.
    Last edited by MSE Andrea; 01-12-2017 at 10:30 AM.
    • Trickzyy
    • By Trickzyy 25th Jul 17, 2:32 PM
    • 24 Posts
    • 17 Thanks
    Trickzyy
    I am 100% convinced that Blockchain technology is the future and now is the best time to get involved as this market is very much still in its infancy.

    This is my current method for purchasing BTC and buying altcoins:

    1) purchase BTC using fiat currency on www.blockchain.com - an online wallet
    2) transfer those BTC to an exchange such as Bittrex
    3) purchase your chosen altcoin
    4) withdraw that altcoin to its native wallet

    Selling altcoins:

    1) reverse the entire process above

    My advice would be to never keep coins on the exchange as this is technically just an IOU - the same as a bank, keep them in local wallets on your desktop, or better yet, a hardware wallet such as the Ledger Nano S.

    I have searched high and low for investment opportunities which offer 1000x returns and IMO, cryptocurrencies offer this potential, but only if you can stomach the volatility and the reality of losing your entire investment.

    The process to purchase altcoins currently is very convoluted, and this puts many people off, but as this industry develops, the process will no doubt become more streamlined.

    Sign up to Reddit and join all the relevant subreddits for daily news and insights on your chosen investments.

    Beware of all the 'scam coins' and research heavily before you invest.

    Good luck!
    Last edited by Trickzyy; 25-07-2017 at 2:37 PM.
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • edinburgher
    • By edinburgher 25th Jul 17, 4:23 PM
    • 10,764 Posts
    • 56,364 Thanks
    edinburgher
    What it offers currently is integrity, equity and unfettered access, what you're buying into is that in future that will continue to evolve, gain traction and compete with the traditional money printing fraud, currently living on borrowed time.
    Originally posted by JohnRo
    But surely 'unfettered access' is only so if the internet can be accessed without interference?
    • asc1991
    • By asc1991 25th Jul 17, 4:27 PM
    • 40 Posts
    • 6 Thanks
    asc1991
    My tips for a UK buyer.

    Buy on bittylicious - the site sounds silly, but it's simple and it works well. It takes a little while for them to let you buy larger amounts.

    You do not want an online wallet. Go for one on your PC. Exodus is really good and simple and gives you a 'paper wallet' key. Their transaction fees are a tiny bit higher than others when you're sending funds. But if you're in it for investment - don't worry about that.
    • savenator
    • By savenator 26th Jul 17, 2:50 PM
    • 6 Posts
    • 0 Thanks
    savenator
    Bittylicious
    Thanks for this tip. I find Kraken's fees extortionate. I've googled Bittylicious, and they've called out Santander for anticompetitive behaviour. Plus their fees are low.

    Any other sites for buying Ether?
    • Peacheyd
    • By Peacheyd 22nd Sep 17, 11:33 PM
    • 1 Posts
    • 0 Thanks
    Peacheyd
    A large part of crypto use which also may impact its value , is its use on the black market . Now that it's a widely used and accepted means to pay for prohibited goods and services with considerably less risk than other hard currencies , there will most probably always be SOME value to it.
    • Arthur Sleepstill
    • By Arthur Sleepstill 26th Oct 17, 11:52 AM
    • 2 Posts
    • 0 Thanks
    Arthur Sleepstill
    Hi,
    Can anyone please explain the difference between FIAT money (unlimited ceiling) and bitcoin being limited to 21 million but being infinitely divisible?
    Thanks
    • Malthusian
    • By Malthusian 26th Oct 17, 12:31 PM
    • 3,460 Posts
    • 5,302 Thanks
    Malthusian
    If I am a government which prints its own currency and also borrows money in that currency, then at any time I can say I'm going to print another billion pounds worth of fiat money and then hand it to my creditors. (We will ignore for the moment the question of why I would want to.)

    If I am a government which has borrowed money in Bitcoins, I can't say "we're going to double the amount of Bitcoins so that all my debts will cost half as much to repay". Firstly they don't have that power over Bitcoin. Secondly, what infinite divisibility means is that the network can decide to add some more decimal places to Bitcoins, should it turn out that the smallest possible unit (currently 0.00000001 BTC or one satoshi) is becoming unwieldy. (Google 'Triganic Pu'.)

    But if you owe someone 100 Bitcoin that just means that instead of having to repay 100.00000000 Bitcoin you now have to repay 100.0000000000 Bitcoin, i.e. nothing has changed.
    • JohnRo
    • By JohnRo 26th Oct 17, 1:12 PM
    • 2,488 Posts
    • 2,232 Thanks
    JohnRo
    Hi,
    Can anyone please explain the difference between FIAT money (unlimited ceiling) and bitcoin being limited to 21 million but being infinitely divisible?
    Thanks
    Originally posted by Arthur Sleepstill
    The effect of the difference you describe is that you'll need more fiat to buy less bitcoin, over time, as demand for and use of bitcoin continues to increase.

    Fiat trends towards a value of zero as more and more tickets are plucked from thin air and poured, by the trillion, into the financial system, assets then trend towards a value of.. a very large number, since their 'worth' is described and measured by the former.

    Whether demand for bitcoin continues to increase is a huge unknown though, all sorts of things could stop it's progress and/or adoption even while the technology itself remains infallible so it's far from a winning proposition long term.

    It's quite likely the fiat fraudsters will have to make some attempt to stamp it out at some point if it's adoption continues to gain traction.

    Beyond blacklisting and punishment it looks more likely an attempt to suffocate adoption of democratically distributed crypto ledgers will be undertaken by stealing adopting the technology themselves and corrupting it to retain existing privileged access, production and gate keeper controls in the guise of an official crypto backed by the same threats of government violence that fiat enjoys.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
    • Aegis
    • By Aegis 27th Oct 17, 6:18 AM
    • 4,794 Posts
    • 2,919 Thanks
    Aegis
    Hi,
    Can anyone please explain the difference between FIAT money (unlimited ceiling) and bitcoin being limited to 21 million but being infinitely divisible?
    Thanks
    Originally posted by Arthur Sleepstill
    Fiat money is ultimately backed by the economy of a country or bloc of countries which uses that currency, and will be controlled to at least some extent by the Central banks of those countries. It is therefore price controlled by those countries to at least some extent, so if the country is rationally run and a decent economic player, the currency should maintain purchasing power, subject to a target level of inflation.

    Bitcoin is a bit of code that people have ascribed a seemingly random value to, which is not price controlled or backed by any economy and could be replaced by another bit of code if the current fad passes and replaces it with something else.
    I am an Independent Financial Adviser
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
    • JohnRo
    • By JohnRo 27th Oct 17, 10:54 AM
    • 2,488 Posts
    • 2,232 Thanks
    JohnRo
    Private banks control fiat, via a central banking network. Countries in the context you're describing them are an abstract. Governments borrow money from banks at everyone else's expense, they authorize the fiat fraud operated by banks for a share of the spoils.

    Fiat doesn't maintain it's purchasing power, it cannot maintain it's purchasing power, suggesting otherwise is silly. Wealthy people hold assets.

    Inflation targets relate to prices of goods and services in the economy not the currency and are affected by pressures from a great many things, only one of which is ongoing, ceaseless currency devaluation.

    Ultimately fiat is backed by nothing but the threat of government violence. Manufactured consent if you prefer. The established means of exchange in the economy is simply a result of those forced to use it, using it. Render unto Caesar etc.

    The conflict arises when people start using something else outside government control.

    It's strange how a 'fad' for 'bits of code' has governments that haven't already declared it private money still debating and deciding how to deal with the growing threat to their cosy relationships, with fiat fraudsters desperately scrambling to catch up and somehow pull the rug/plug.

    When you have the likes of Jamie Dimon calling bitcoin a fraud, aside from the utter hypocrisy, it's a sure sign it's on the right path even if it is eventually prevented from getting there.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
    • grey gym sock
    • By grey gym sock 27th Oct 17, 5:23 PM
    • 4,131 Posts
    • 3,644 Thanks
    grey gym sock
    democratically distributed crypto ledgers
    Originally posted by JohnRo
    bitcoin (and similar systems) are not democratic. they are systems in which there is a new elite, which is mostly the early adopters, who have become rich.

    a few of those new rich have done something constructive to get there (e.g. coming up with the idea of bitcoin - it is fascinating, even if it's not clear yet what it will lead to). some have low cunning. some are just lucky. the level of reward has very little relation to any plausible notion of deserts. so that's much like any group of newly rich people.

    the distributed ledger is designed to evade control by any central authority, including governments. so that includes evading control by bankster-captured governments. but also by democratic governments. that makes bitcoin anti-democratic. it puts power in the hands of the new elite, instead of in the hands of governments.

    clearly bitcoiners are not very powerful yet, compared to existing elites. but it wouldn't be progress for them to become a lot more powerful. we are currently suffering from policies designed to favour a super-rich elite, which hides its wealth, doesn't pay its taxes (in full), and shows loyalty to no country. which is in several ways similar to the kind of elite bitcoiners would be, if they became more powerful! and in fact we now have the tools which could be used to blow apart most of the secrecy of the wealth of the superrich (viz. automatic disclose of information, disclosure of beneficial ownership, country-by-country reporting) - that's to say: we have the tools, though they aren't being used properly yet: the remaining problem is political; but of course these tools can't be applied to bitcoin.

    When you have the likes of Jamie Dimon calling bitcoin a fraud, aside from the utter hypocrisy, it's a sure sign it's on the right path
    Originally posted by JohnRo
    unfortunately, you can't work out the best way to run a financial system by just doing the opposite of what jamie dimon says (however seductive that idea may appear ).

    bitcoin would be dreadful as a currency (which doesn't mean it's a bad idea: it already has some uses, and there are probably more uses we haven't figured out yet), for the same reason that gold or silver were bad: it takes away governments' power to spend enough to get us out of recessions/depressions, to achieve full employment at a living wage, and to make the necessary investments in homes, clean energy, infrastructure, and so on.

    the fact that governments have mostly failed to do those things since the GFC, and have instead inflated asset prices and kept household debt a high level, doesn't change this. we may have governments captured by banksters, but the way forward is to take democratic control of our governments, not to hand over power to a new crypto-elite

    Fiat doesn't maintain it's purchasing power, it cannot maintain it's purchasing power, suggesting otherwise is silly. Wealthy people hold assets.
    Originally posted by JohnRo
    wealthy people also hold lots of fiat, and fiat-denominated debt. (with only slight over-simplification,) household debt is owed by the 99% to the 1% .

    positive real interest rates is a policy which favours the rich. perhaps the least bad way to defuse the high-house-prices, high-household-debt (mostly mortgages) time-bomb would be to keep house prices flat in nominal pounds, while having a moderate inflation (so house prices fall in real terms), and keeping interest rate (on mortgages) below inflation (so the debt burden reduces).
    • JohnRo
    • By JohnRo 27th Oct 17, 5:35 PM
    • 2,488 Posts
    • 2,232 Thanks
    JohnRo
    Of course it's democratic, you don't need anyone's permission to participate or use the system.

    You're conflating the speculative value and those early adopters who've benefited from that with any control they have over what happens next.

    The banks via their central banking network are not acting in anyone's interest but their own.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
    • grey gym sock
    • By grey gym sock 28th Oct 17, 12:53 AM
    • 4,131 Posts
    • 3,644 Thanks
    grey gym sock
    Of course it's democratic, you don't need anyone's permission to participate or use the system.
    Originally posted by JohnRo
    tax evasion is not democratic. we make a democratic decision to levy taxes. evading those taxes is anti-democratic.

    the same goes for evading other kinds regulation which have been democratically decided upon.

    bitcoin can be used (among other things) to evade taxes and other regulations.

    now, you can certainly criticize how the supposedly democratic political process decides to impose some regulations (or fails to impose others). but there is very broad public support for the principle that everybody should pay their taxes.

    You're conflating the speculative value and those early adopters who've benefited from that with any control they have over what happens next.
    well, apart from the issue of evading laws, wealth is a form of power. if you have a lot of it, you have the power to make a lot of other people do what you want. you can divert scarce human and physical resources to your choice of project.

    The banks via their central banking network are not acting in anyone's interest but their own.
    to a large extent, i agree. (though central banking is still in some ways an improvement on the pre-central-banking system, in which (for instance) there was no FSCS protection for small deposits.)

    my point is that we can democratically take over the central banking systems and use it in the interests of society as a whole. this is not entirely theoretical: the banking system was used more effectively in the public interest in the 1945-1971 (keynesian) period. though some things need to be done differently this time. we need to take more account of environmental limits, which were largely ignored in the keynesian period. and we need to do something now to reduce the excessive level of household debt (which has built up over the last 40 years).

    that's the change we should be aiming for. not switching to a gold-backed currency, or to a crypto-currency. either of which would be disastrous. crypto-currency has its uses, but not as a replacement for fiat.
    • JohnRo
    • By JohnRo 28th Oct 17, 11:08 AM
    • 2,488 Posts
    • 2,232 Thanks
    JohnRo
    People evading tax is a problem that's existed for as long as tax has, if someone uses a crypto currency to do that it's no more the fault of the crypto in question than it is the fault of the particular bank tickets people use to do the same, on a much wider scale.

    Banks and the sort of people running them have been and more than likely still are complicit in a great many shifty, underhand and borderline criminal dealings, including tax evasion, they are not the benign actors many seem to choose to believe they are, as scandal after scandal after scandal proves.

    In theory it's a simple problem to solve, strict rules governing behaviour and lengthy prison sentences for those that break them, in practice the rule makers, regulators and prosecutors are to varying degrees either on the payroll, complicit or willfully ignorant.

    The revolving door is a huge part of the problem. It's important to remember what brought about the creation of btc and the cryto revolution. The GFC wasn't some unforeseen anomaly, it was a greed fueled criminal conspiracy years in the making, the gargantuan bailouts the banks awarded themselves little more than theft.

    From that a desire to do things in a more equitable and accessible way was been developed that by design avoids all the inevitable corruption and crime associated with control by any one privileged individual or small group of individuals controlling an entire 'industry' that is in essence, if not entirely in practice, nothing but a gang of omnipotent crooks empowered by subordinate governments to administer and profit from an astronomically lucrative fraud on the people.

    Arguments about how effective or otherwise crypto has been or is going to be in disrupting the banking cesspit or in achieving anything it's intended to are a little premature as it's uses and adoption are still very much in the experimental and ongoing development stages.
    'We don't need to be smarter than the rest; we need to be more disciplined than the rest.' - WB
    • grey gym sock
    • By grey gym sock 29th Oct 17, 1:43 AM
    • 4,131 Posts
    • 3,644 Thanks
    grey gym sock
    In theory it's a simple problem to solve, strict rules governing behaviour and lengthy prison sentences for those that break them, in practice ...
    Originally posted by JohnRo
    yes: the solution is technically simple, but politically difficult. (that's the nature of politics: nothing fundamentally new happens; it's a matter having to fight repeatedly for the same things.)

    From that a desire to do things in a more equitable and accessible way was been developed that by design avoids all the inevitable corruption and crime associated with control by any one privileged individual or small group of individuals controlling an entire 'industry' that is in essence, if not entirely in practice, nothing but a gang of omnipotent crooks empowered by subordinate governments to administer and profit from an astronomically lucrative fraud on the people.
    well, if that's what crypto-currencies are trying to do, then they're solving the wrong problem. the distributed ledger solves the problem of not trusting anybody to keep a central ledger accurately. but that's not a kind of corruption that banks engage in - they don't tell people with positive balances in their accounts: "what account? you've never had an account with us!" and the like. there are various ways in which banks have been crooks, but they are OK as simple ledger keepers.

    Arguments about how effective or otherwise crypto has been or is going to be in disrupting the banking cesspit or in achieving anything it's intended to are a little premature as it's uses and adoption are still very much in the experimental and ongoing development stages.
    i agree that more uses for crypto-currencies are likely to emerge.

    so far, i don't see any sign that they will help with the problems of a corrupt banking system, for which we already have a technical solution, i.e. it's "just" a political problem.

    techies tend to be keen on coming up with a technical solution to every problem. (and the same often goes for other kinds of specialists.) sometimes, that's not what's needed.
    • Dev22
    • By Dev22 20th Nov 17, 1:34 PM
    • 1 Posts
    • 0 Thanks
    Dev22
    Does anyone have any updated info about purchasing Ethereum when you have a UK bank account?
    I'm thinking to try Bitstamp
    • Ed_Zep
    • By Ed_Zep 22nd Nov 17, 2:18 PM
    • 332 Posts
    • 259 Thanks
    Ed_Zep
    Does anyone have any updated info about purchasing Ethereum when you have a UK bank account?
    I'm thinking to try Bitstamp
    Originally posted by Dev22
    Did you try Bitstamp?
    • darren72
    • By darren72 22nd Nov 17, 4:07 PM
    • 1,075 Posts
    • 227 Thanks
    darren72
    I've purchased a few through Coinbase - Everything seems OK, although haven't needed to cash out yet.... They also offer free credit if you know someone who is already with them who can refer you.
    • MSE Andrea
    • By MSE Andrea 1st Dec 17, 10:17 AM
    • 8,838 Posts
    • 21,145 Thanks
    MSE Andrea
    Hi everyone

    You might like to read Martin's recent Bitcoins blog too.

    Could you do with a Money Makeover?


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