|
Title: Is it just this simple? Post by: Hopelesser on January 02, 2018, 04:05:54 PM Hi guys,
First post, so thanks to everyone who has provided help/info on here. I want to buy some crypto currency (using GBP), and keep it until I think it's the right time to sell it. I don't want to mine, buy or sell physical items, swap one crypto currency for another etc. Is it just as simple as going to the website for the currency I wish to buy, downloading their wallet..........and buying some coins? Then selling (using the same wallet) when I want to? Thanks in advance. Title: Re: Is it just this simple? Post by: LeGaulois on January 02, 2018, 04:19:25 PM Welcome to the forum @Hopelesser
You don't have to download "their wallet" I have never seen an exchange website having their own wallet and to be honest I surely wouldn't trust the whole website. 1) You have to download your own wallet, such as "Electrum" 2) Then you go to the website and buy some bitcoins or any other altcoins, as you wich 3) Then you move the coins from the exchange to your wallet If this is the path you want to follow, consider the transactions fees. Title: Re: Is it just this simple? Post by: Hopelesser on January 02, 2018, 04:37:59 PM Welcome to the forum @Hopelesser You don't have to download "their wallet" I have never seen an exchange website having their own wallet and to be honest I surely wouldn't trust the whole website. 1) You have to download your own wallet, such as "Electrum" 2) Then you go to the website and buy some bitcoins or any other altcoins, as you wich 3) Then you move the coins from the exchange to your wallet If this is the path you want to follow, consider the transactions fees. Thanks for the quick response. I have looked at some exchanges but, it looks like they want you to pay in Bitcoin (or some other crypto currency), I want to pay in GBP. I will take a look at the 'Wallet' section of the forum. Title: Re: Is it just this simple? Post by: iagyei259 on January 02, 2018, 04:43:38 PM Is not that simple. Most coins are tokens and dont' have their own wallet , and even those that have wallet have to be bought with a bitcoin or ether and you know this can be only purchase with a fiat via an exchange.
Title: Re: Is it just this simple? Post by: TrustedTrader on January 02, 2018, 04:47:50 PM 1. Convert GBP to BTC using LocalBitcoins.com.
2. Trade your preferred coin against BTC at a non-KYC exchange, e.g. Bitfinex.com. 3. Convert BTC to GBP using LocalBitcoins.com. Simple. Title: Re: Is it just this simple? Post by: LeGaulois on January 02, 2018, 05:12:19 PM Welcome to the forum @Hopelesser You don't have to download "their wallet" I have never seen an exchange website having their own wallet and to be honest I surely wouldn't trust the whole website. 1) You have to download your own wallet, such as "Electrum" 2) Then you go to the website and buy some bitcoins or any other altcoins, as you wich 3) Then you move the coins from the exchange to your wallet If this is the path you want to follow, consider the transactions fees. Thanks for the quick response. I have looked at some exchanges but, it looks like they want you to pay in Bitcoin (or some other crypto currency), I want to pay in GBP. I will take a look at the 'Wallet' section of the forum. Most of the biggest exchanges (such as Bitstamp, Bitfinex, Kraken, GDAX) can be used to deposit fiat with a bank transfer (or card for some). But if i remember it's not easy to use one with having GBP But yeah the exchange less popular have only bitcoin and altcoins for deposits/trade/withdrawals Title: Re: Is it just this simple? Post by: mrdrumspin on January 02, 2018, 06:57:55 PM it is simple. for keeping your money you need a wallet (different currency, different wallet choices). Markets/exchanges are for buying/selling coins and you basically need to send coins to your exchange acc to sell them. there is no other way unless you sell them to someone in real life - for cash - that would be most practical because you would pay the fee only once. good luck. I also advise you to familiarize yourself in how to keep your money's value once the price drops but you dont want to sell them for good. read the forums and you'll get it in no time :) good luck
Title: Re: Is it just this simple? Post by: JanCoppens on January 02, 2018, 08:10:43 PM It really is that simple! No taxes, no ID required, ...
Title: Re: Is it just this simple? Post by: Hopelesser on January 03, 2018, 01:23:23 PM Great stuff guys.
Thanks for all the advice. Particularly '..............how to keep your moneys value, when the price drops........', sounds like a good concept. I will endeavour to find some info on that. Title: Re: Is it just this simple? Post by: esfirvelius on January 03, 2018, 01:24:47 PM It is not simple as what you thinks because you need to go all the verification .
|