Buy ethereum uk

markj113

you dont need a hardware wallet, you can use a regular free to download wallet.

The main purpose of a hardware wallet is for additional security if storing a significant amount.

bassking

A very interesting thread and it seems that cypto-currencies are becoming more and more talked about amongst the general population. One of the issues that people seem to have (myself also) is the lack of intrinsic value and the fact that there are now so many. I'd be interested to hear anybody's opinion about the recent development of gold backed crypto-currencies. I'm currently researching and considering purchasing some 'OneGram' coins. This is a new (yet to be released) crypto-currency that will be backed by physical gold.

Linton

See here https://onegram.org/.

At last, the entrepreneurs and money men/women are taking over crypto currency. Every transaction generates a small fee which is used to buy more gold "net of admin charges". So hardly a decentralised operation with control spread over all the users.

Apparently this guarantees that OneGram will increase in value. It is also guaranteed that the price of a OneGram is always equal to or more than the spot gold price. Now lets think through what happens should there be a run on OneGram with everyone rushing to exchange their bits into a safer asset like gold. Presumably the backers will support the price by selling their gold reserves to buy up unwanted OneGrams, each sale generating a small fee "net of admin charges". I hope their reserves are large enough.

Why should I trust these central bankers more than Mark Carney? At least Mark Carney isnt charging me a small admin fee on every cash transaction.

Any scheme that encourages early adopters by the promise of security and guaranteed future wealth paid for by later adopters paying increasingly higher prices would worry me.

bassking

"Now lets think through what happens should there be a run on OneGram with everyone rushing to exchange their bits into a safer asset like gold."

The 'bitcoins' are backed by physical gold. For every onegram coin in circulation there is literally one gram of gold in the vault...so if everyone decided to sell at the same time then the gold would be taken from the vault and distributed to the sellers. I presume the owners of the company would then use the funds to then repurchase the gold and subsequently issue more coins (not entirely sure, as I say, i'm still researching). I would say that this is a better system than the FIAT system run by Mark Carney et al in which they are able to print money without anything to back it other than 'we promise to pay it back' ... which they inevitably never will because it's a debt based system.

bigadaj

bassking wrote: »

"Now lets think through what happens should there be a run on OneGram with everyone rushing to exchange their bits into a safer asset like gold."

The 'bitcoins' are backed by physical gold. For every onegram coin in circulation there is literally one gram of gold in the vault...so if everyone decided to sell at the same time then the gold would be taken from the vault and distributed to the sellers. I presume the owners of the company would then use the funds to then repurchase the gold and subsequently issue more coins (not entirely sure, as I say, i'm still researching). I would say that this is a better system than the FIAT system run by Mark Carney et al in which they are able to print money without anything to back it other than 'we promise to pay it back' ... which they inevitably never will because it's a debt based system.

So a bit like going back to the gold standard which major currencies were on early in the last century.

Isn't this going to end up as a circular system, presumably just additional costs involved, and gold is worth whatever it is in dollars or any other currency.

Malthusian

Linton wrote: »

Apparently this guarantees that OneGram will increase in value. It is also guaranteed that the price of a OneGram is always equal to or more than the spot gold price. Now lets think through what happens should there be a run on OneGram with everyone rushing to exchange their bits into a safer asset like gold. Presumably the backers will support the price by selling their gold reserves to buy up unwanted OneGrams, each sale generating a small fee "net of admin charges". I hope their reserves are large enough.

Sounds suspiciously like OneCoin and AurumCoin.

asc1991

bittylicious (terrible name) is really easy and reliable for most cryptocurrency. The prices are okay too.

The problem with things like coinbase is that it requires you to transfer to a non-uk account so your bank shafts you. Bittylicious uses UK banking and the website is very simple. Quite a low cap on buying though until you become a more established user.

angela2011

Could someone possibly post a dummies guide to buying Ethereum?

i.e. best place to buy it and what the best wallet is?

There seems to be various options and not sure what to do.

TIA

aldershot

at least you can buy it cheaper now as it's halved in a month. How are the bulls doing?

krazyk

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.