How to get started, and where?

[happy2]

Having read about cryptocurrencies in the past and thinking at the time I'd do something about it if it looked a bit simpler, I'm now kicking myself seeing the reported results in many of them in 2017, Ripple especially. So for someone who knows absolutely nothing about this stuff, two questions:

 

1) How to get started, spreading investments around Bitcoin, Ripple, Ethereum etc. Any really simple introduction I could read on the steps to do this for a non techie, as most discussions seem to be between those already in the know.

 

2) Although I live in Thailand most of the year and have a Thai bank account, my banking and savings mostly remain in the UK. Is it better and safer to buy there - if so how would I start? Any pros or cons regarding investing in Thailand vs the UK - I've noticed from the threads here that most posters seem to be discussing from the point of view of doing it in Thailand and not their home country. 

[taiping]

To start with, just sign up for an account at https://bx.in.th/ and send funds from your Thai bank account.

Or/and, if you prefer, an account at https://www.bitstamp.net/ to send funds from a UK bank account.

Safer to keep cryptos in your own wallet such as Exodus (https://www.exodus.io/) rather than leave them on an exchange.

For larger amounts, better to keep the cryptos offline in a "hard wallet" such as Ledger (https://www.ledgerwallet.com/).

 

[chicowoodduck]

Oh my Buddha,

 

You are a day late and a dollar short on this idea....???

[jesimps]

Bitcoin going through small correction at the moment, good buying opportunity.

[OmegaRacer]

Not too late at all. I started like you (non techie) middle of December and nearly doubled my investment. 2018 will see a lot of crypto coins rise.

My advice, diversify....Ripple is good, but don't put all your eggs in 1 basket.

Research the coins before you put money into them.

Invest and hold, don't buy and sell after the first rise.

And of course, invest only what you can afford to lose. Crypto is still in the early stages, so time will tell which coins will hold the test of time.

 

[punchjudy]

OP you are a bit late........it's nothing but a bag of hot air that is going to go pop.

[OmegaRacer]

Maybe....that's what they said about Bitcoin too though. Now around 580.000baht.

Many coins have real life applications and the backing of other big corporations, so very unlikely to go pop.

That's why it's important to research the coins first. 

[Sirbergan]

2 minutes ago, punchjudy said:

OP you are a bit late........it's nothing but a bag of hot air that is going to go pop.

Right ... several exchanges has had to close registration temporarily due to an enormous influx of new users (Cryptopia, for instance, went from 500k to 1.4 million users in a month). There is a huge amount of new money flowing into the market, expect several lower market cap coins to multiply by 10, 100 and more in value over the next few months.

[MadMuhammad]

Definitely be careful of exchanges and hacks. A hard wallet is really the only safe way to store IMO

 

https://blockonomi.com/mt-gox-hack/

 

https://www.theguardian.com/technology/2017/dec/07/bitcoin-64m-cryptocurrency-stolen-hack-attack-marketplace-nicehash-passwords

 

 

 

[Cylon]

How to buy into a Ponzi scheme.

[greenchair]

2 hours ago, taiping said:

To start with, just sign up for an account at https://bx.in.th/ and send funds from your Thai bank account.

Or/and, if you prefer, an account at https://www.bitstamp.net/ to send funds from a UK bank account.

Safer to keep cryptos in your own wallet such as Exodus (https://www.exodus.io/) rather than leave them on an exchange.

For larger amounts, better to keep the cryptos offline in a "hard wallet" such as Ledger (https://www.ledgerwallet.com/).

 

Oh thank you. 

That looks simple. 

[Brunolem]

Maybe you should start by reading the story of Joe Kennedy and the shoeshine boy...

 

http://www.exploringmarkets.com/2014/11/how-joe-kennedy-avoided-stock-market.html

[DineshR]

Read this ..... https://lopp.net/bitcoin.html

 

And better to buy on Bitstamp or an exchange outside Thailand ... prices in Thailand are high .... and the Thai exchange gets you coming and going ....

 

Many naysayers and many supporters of cryptocurrencies ... my view ... invest a little if you can afford to lose what you invest ... I bought bitcoin/ethereum/litecoin in June '17 and Ripple early this year ... overall , up greater than 600% .... many sides to the story ... and there's some truth to all of them ... in the end, it's really a gamble ... good luck !

[nahkit]

4 hours ago, taiping said:

To start with, just sign up for an account at https://bx.in.th/ and send funds from your Thai bank account.

Or/and, if you prefer, an account at https://www.bitstamp.net/ to send funds from a UK bank account.

Safer to keep cryptos in your own wallet such as Exodus (https://www.exodus.io/) rather than leave them on an exchange.

For larger amounts, better to keep the cryptos offline in a "hard wallet" such as Ledger (https://www.ledgerwallet.com/).

 

How easy/quick is it to transfer to/from wallets and what charges are associated with them? 

[taiping]

37 minutes ago, nahkit said:

How easy/quick is it to transfer to/from wallets and what charges are associated with them? 

Is it so difficult to check this information yourself online?

But for e.g. Bitcoin Thailand, the fees for deposits and withdrawals can be seen here . . . https://bx.in.th/info/fees/

Transaction fees for personal wallets depend on factors such as network congestion.  But for an overview see . . . https://bitinfocharts.com/comparison/transactionfees-bch-dash-btg.html#3m. Choose desired cryptos from list. Note transfer fees for Bitcoin are currently around USD 30 which is completely at odds with the original idea of a fast and cheap peer-to-peer money transfer system.

 

 

 

Edited January 8, 2018 by taiping

[Farangdanny]

Have a look at futuremoney.net

[Farangdanny]

42 minutes ago, nahkit said:

How easy/quick is it to transfer to/from wallets and what charges are associated with them? 

Have a look at future money.net

[nahkit]

8 minutes ago, taiping said:

Is it so difficult to check this information yourself online?

But for e.g. Bitcoin Thailand, the fees for deposits and withdrawals can be seen here . . . https://bx.in.th/info/fees/

Transaction fees for personal wallets depend on factors such as network congestion.  But for an overview see . . . https://bitinfocharts.com/comparison/transactionfees-bch-dash-btg.html#3m. Choose desired cryptos from list. Note transfer fees for Bitcoin are currently around USD 30 which is completely at odds with the original idea of a fast and cheap peer-to-peer money transfer system.

 

 

 

Yes, I can check for the charges online but I was hoping for someone to share personal experiences on how easy/quick it is to move between exchanges and a wallet.

 

[nahkit]

19 minutes ago, Farangdanny said:

Have a look at futuremoney.net

Says the domain is up for sale.

[taiping]

13 minutes ago, nahkit said:

Yes, I can check for the charges online but I was hoping for someone to share personal experiences on how easy/quick it is to move between exchanges and a wallet.

 

It depends on crypto transferred and other factors difficult to quantify. For Bitcoins expect several hours delay to reach the standard 6 confirmations. Other cryptos are cheaper and faster. 

Just try yourself and if you are not comfortable with it for any reason, then just forget about cryptos.

I first became interested in 2013. Gains have been phenomenal, but they might also be ephemeral !!!

Let the buyer beware !! I am NOT pushing cryptos.

 

 

 

 

Edited January 8, 2018 by taiping

[AaronC76]

Try etoro. You can use practice accounts that don't use real money or you can just copy other traders...

http://etoro.tw/2zKUNnf 

[taiping]

44 minutes ago, AaronC76 said:

Try etoro. You can use practice accounts that don't use real money or you can just copy other traders...

http://etoro.tw/2zKUNnf 

I think easier way is to just try buying on the crypto exchanges  I mentioned above, with a small amount of money, say for as little as 3,000 baht. No great loss if things don't work out.

If you can't afford to lose 3,000 baht you shouldn't be in this game, but I doubt if cryptos will go to zero.

Edited January 8, 2018 by taiping

[steve73]

It can be quite expensive buying in (and also cashing-out), typically around 5%.

But if you only want to try with relatively low outlay, you could try to find some one who wants to cash-out (some) and buy direct - that way you'll both save.

 

Problem with keeping them in a wallet rather than on an exchange is if you want to sell or trade there will be a delay in moving them, although I agree it probably safer if you just want to buy & hold.  I'm enjoying trading them.

[Slip]

2 hours ago, nahkit said:

Says the domain is up for sale.

I wonder if he meant http://moneyfuture.net/

[AaronC76]

2 hours ago, taiping said:

I think easier way is to just try buying on the crypto exchanges  I mentioned above, with a small amount of money, say for as little as 3,000 baht. No great loss if things don't work out.

If you can't afford to lose 3,000 baht you shouldn't be in this game, but I doubt if cryptos will go to zero.

The exchanges don't give you any advice like etoro does. Etoro is also good as you can talk to other members and traders

[Grumpy Duck]

Crypto currency, precious metals, commodities, stocks, all are no different than a vegas or atlantic city casino except the casinos give better odds. 

There is no security, don't count on any of them for a retirement income, not unless you have millions to spend and time to follow what's happening. If thats the case why ask here? Why not ask a legitimate financial advisor?

[Acemaker]

15 hours ago, punchjudy said:

OP you are a bit late........it's nothing but a bag of hot air that is going to go pop.

KNOB

[Acemaker]

14 hours ago, Cylon said:

How to buy into a Ponzi scheme.

Another comment from an  unintelligent KNOB.

[how241]

It's NOT  too late...This will be the year of big rally's in the coins as more and more get into this market...It's just the beginning, not the end...Forget about the bubble-popping stories...Just my opinion and I could be wrong...Good luck to all.

[happy2]

Thanks for the replies. I'd certainly take the approach of diversification and at a low level of investment where I'd be comfortable at taking a loss. However it's the monumental gains of not just one but many of these currencies in the past year that has me on the hook. Like many here I have the feeling that some of them have the potential to rise much further. 

 

I'm still not quite clear as to whether it's wiser to do this from here or the UK. For a start Thai bureaucracy is a notorious headache in any arena, and setting up accounts locally doesn't sound any exception. I prefer to keep most of my money in my home country anyway, and given that these transactions are carried out entirely online, wouldn't it make more sense to just do it UK side, from my UK bank account?