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Cryptocurrency mega-thread

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cotter101 said:
Yeah, come mid August/September is when everyone seems to think it’s likely to happen.
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I'm wanting to get back in, I dabbled with some extra cash I had a couple of years ago, but I feel like this is in a boom and a bad time to buy and I'm waiting for a dip before jumping in.

I used to use Coinspot, iknow there's probably better platforms but that was very easy to use.
 

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juss said:
I'm wanting to get back in, I dabbled with some extra cash I had a couple of years ago, but I feel like this is in a boom and a bad time to buy and I'm waiting for a dip before jumping in.

I used to use Coinspot, iknow there's probably better platforms but that was very easy to use.
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Depends what you want to buy when you re-enter.

There's still plenty of money to be made on the alt coins to get back into the swing of the market.

Swyftx is a good solid Aussie platform to use.
 
Bostonian said:
Depends what you want to buy when you re-enter.

There's still plenty of money to be made on the alt coins to get back into the swing of the market.

Swyftx is a good solid Aussie platform to use.
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Il have to do my research on the best platform to use to buy/hold. I do favour Aussie platforms as rightly or wrongly I have a higher level of trust there.
 
Bostonian said:
Don't be a greedy f***er either.

Sensible and planned out and you can double your money without huge risk.

Someone new to it could stake $1000 on VET and have a nice steady growth on their money as they learn the ropes.
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Would you suggest that as a good coin to initially put money into and leave for a while? Very new to this and trying to learn off those a lot more experience than me!

Also, how long does advanced facial verification approval take with Binance and Crypto.com? I can’t seem to buy anymore crypto until this is done
 
Ghost Patrol said:
Market dominance, 2021, difference between January/May

BTC 70%/45%
ETH 8%/17%
BNB 0.3%/4%
DOGE 0.3%/3.9%

Total market cap has grown a lot in that timeframe. BTC losing dominance, will it recover?
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Bitcoin is warming up.

This crypto season is gonna make 2017/18 look amateur.
 
Caught up with a few people last night and bought up crypto assets and they had no idea at all.

Weird how low profile crypto assets actually are.

Some have invested in the past lost money and never looked back.

I find it odd myself
 
maryjames said:
Caught up with a few people last night and bought up crypto assets and they had no idea at all.

Weird how low profile crypto assets actually are.

Some have invested in the past lost money and never looked back.

I find it odd myself
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Took a little bit of convincing for me to get on board, but I’m just starting to dabble now. Any advice for a newbie?
 
BACCS said:
Took a little bit of convincing for me to get on board, but I’m just starting to dabble now. Any advice for a newbie?
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Wait til it’s a sea of red to invest. Do that and everything should be fine. Don’t fomo into coins try to get in before they pop and follow people in the crypto space that talk sense.

And make it part of your life. Long term wins everytime.
 
Bostonian said:
Swyftx is a good solid Aussie platform to use.
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I joined Swyftx a couple of months ago due to a recommendation in here and have only had positive experiences so far.
 
BACCS said:
Would you suggest that as a good coin to initially put money into and leave for a while? Very new to this and trying to learn off those a lot more experience than me!

Also, how long does advanced facial verification approval take with Binance and Crypto.com? I can’t seem to buy anymore crypto until this is done
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Depends how much you have to put in and feel comfortable doing so. There's various levels of coins ranging from a few cents to bitcoin type dollars.

It's a real head **** when you first get into it and can be a bit overwhelming while also exciting, shit is addictive I warn you.

One of the biggest things to watch out for a new investor is buying in on spikes. It's very common for a new player to buy some coin only to see it instantly start going down in price because they bought at the top of a spike. Tough lesson first up.

Which is why learn how to read the charts a bit before committing to a buy. Won't even go into all the stuff of the charts but there is one valuable chart tool which can be learnt pretty easily by someone new and that's the EMA Cross.

Turn that on and it's just something you can look at that tells you whether a coin is in an upwards or downwards movement at the time you're thinking of buying. There's two lines that track along and when they cross over it's either a time to buy or wait. The image below shows in a basic way what you're looking for in regards to upward or downward trend. At the first arrow it's starting the upward movement of a bullish cross half way through April, then if you look hen the lines next cross over in November that's a bearish cross. The point you want to look to buy in is in that November period where the dip is occurring when the white line has gone below the greeny line.

Now that's a super super basic overview but it's handy to know when you're new and looking to buy in for the first time. So you don't buy in too high.


bitcoin_golden_cross_20192020-min.jpg


Being in Oz i'd suggest using swyftx as a platform simple because it's Australian and its a nice easy set up to sue with a lot of coins available.
 

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beez said:
I joined Swyftx a couple of months ago due to a recommendation in here and have only had positive experiences so far.
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It's very easy to use and lots of coins on the exchange. Takes a lot of the head ****ery of wallets and exchanges out of the equation until someone has learned more.
 
Bostonian said:
Depends how much you have to put in and feel comfortable doing so. There's various levels of coins ranging from a few cents to bitcoin type dollars.

It's a real head fu** when you first get into it and can be a bit overwhelming while also exciting, sh*t is addictive I warn you.

One of the biggest things to watch out for a new investor is buying in on spikes. It's very common for a new player to buy some coin only to see it instantly start going down in price because they bought at the top of a spike. Tough lesson first up.

Which is why learn how to read the charts a bit before committing to a buy. Won't even go into all the stuff of the charts but there is one valuable chart tool which can be learnt pretty easily by someone new and that's the EMA Cross.

Turn that on and it's just something you can look at that tells you whether a coin is in an upwards or downwards movement at the time you're thinking of buying. There's two lines that track along and when they cross over it's either a time to buy or wait. The image below shows in a basic way what you're looking for in regards to upward or downward trend. At the first arrow it's starting the upward movement of a bullish cross half way through April, then if you look hen the lines next cross over in November that's a bearish cross. The point you want to look to buy in is in that November period where the dip is occurring when the white line has gone below the greeny line.

Now that's a super super basic overview but it's handy to know when you're new and looking to buy in for the first time. So you don't buy in too high.


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Being in Oz i'd suggest using swyftx as a platform simple because it's Australian and its a nice easy set up to sue with a lot of coins available.
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Thanks everyone for the advice! I have signed up to both Binance and Swyftx, just to see how different platforms suit me. From reading a few articles, BTC, BNB and ETH are good ones to start investments with in 2021?
 
maryjames said:
I’m holding this year so far. After tax year back on trading some.

Done bit of both over the years. Bull runs mostly hold.
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When you withdraw from a Crypto wallet, is this something you have to declare as an income at tax time? I assume when it’s still in the Cryto wallet there is no tax involved?
 
BACCS said:
When you withdraw from a Crypto wallet, is this something you have to declare as an income at tax time? I assume when it’s still in the Cryto wallet there is no tax involved?
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The tax implications are what I dont fully understand. Capital loss/gain on a single asset I get. But when you tfer between coins and then sell later it gets more unclear for me
 

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BACCS said:
When you withdraw from a Crypto wallet, is this something you have to declare as an income at tax time? I assume when it’s still in the Cryto wallet there is no tax involved?
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Any move you make you have to declare. Loss or wins.

Let’s say I buy litecoin and swapped it to bitcoin that’s taxable income

www.ato.gov.au

Tax treatment of crypto-currencies in Australia - specifically bitcoin

Our current view of the income tax implications of common transactions involving cryptocurrencies like Bitcoin.
www.ato.gov.au www.ato.gov.au
 
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maryjames said:
Any move you make you have to declare. Loss or wins.

Let’s say I buy litecoin and swapped it to bitcoin that’s taxable income
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Is this only when you withdraw though? For someone like me just buying right now, even if the coins go up/down in value, I don’t have to declare this while in the Crypto wallet do I?
 
BACCS said:
Is this only when you withdraw though? For someone like me just buying right now, even if the coins go up/down in value, I don’t have to declare this while in the Crypto wallet do I?
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Yes you have to declare. If ASIO decides to target your history its all there to see. The resources are low but people will get done no doubts.

It sucks hard we get taxed. Bs complete bs really but what can you do.

I may move to Portugal or Dubai. They don’t get taxed at all.
 
maryjames said:
Yes you have to declare. If ASIO decides to target your history its all there to see. The resources are low but people will get done no doubts.

It sucks hard we get taxed. Bs complete bs really but what can you do.

I may move to Portugal or Dubai. They don’t get taxed at all.
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Can you set it up as a self managed super fund to reduce/avoid tax?
 
That's what I don't understand either, with Swyftx, can only sell to AUD, not trade? (Assuming that's still considering a trade) Probably completely missing something though.

Are these online crypto tax services that cost $50 the cheapest/easiest options for beginners?

Still have NFI how to do my tax when it comes to Crypto.
 
Ryz said:
That's what I don't understand either, with Swyftx, can only sell to AUD, not trade? (Assuming that's still considering a trade) Probably completely missing something though.

Are these online crypto tax services that cost $50 the cheapest/easiest options for beginners?

Still have NFI how to do my tax when it comes to Crypto.
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Set BTC as your default currency and you can trade the DOGE/BTC pair, for example. Some crypto exchanges will have ETH pairs as well, but not swyftx.

Also, if default is set to AUD, you are actually trading USD and swyftx just puts an AUD skin over the top so it all looks AUD

They convert your AUD to USD when you transfer money in.
 
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