Crypto currency (IF banned from CA)

[LinekersLegs]

I just withdrew £250 from coinbase and it was in my bank account within a minute.

Sometimes that service may be down but that's like going to a cash point and it's not working. 24 hours later and it probably will be.

Apologies for being nosy and feel free to ignore but do you keep your funds on the exchange? Just wondering if there is a difference on ease of fiat conversion for those that own their own keys.

 

[LinekersLegs]

hello ms legs i have received pm from some1 who shall remain nameless calling u a “ wall st witch “ and “ does not know a thing about crypto or she would be invested in the hex “ i did not reply to rude person.

Not too far off tbh, still have an awful lot to learn about the asset class lol

 

[DuuuncanHadaPigeon]

If you need/want to convert your crypto to fiat would you typically use an exchange to do that? If I understand it correctly there are theoretically a couple of other ways to make the conversion such as a bitcoin ATM but I‘m not clear on how feasible in practice they are.

It is the most common method to cash out, but there are other on ramps that aren't exchanges where you can cash in/out

If i cash out through an exchange my money is on there for all of 5 minutes.

My biggest gripe against centralized exchanges is people who hold their crypto there, when there are much better methods out there such as a hardware wallet

 

[the sniderman]

For example - I keep some of my ETH on a metamask wallet where only I have the keys. If I want to cash out through an exchange, I send ETH to binance, trade ETH for GBP then cash out. Process takes about 5 mins.

hello buddy i have been trying to communicate but u must be busy i have new investment prospect for u. i can offer ur virginity for 0.0746 doge.

 

[LinekersLegs]

 

[The binman chronicles]

Apologies for being nosy and feel free to ignore but do you keep your funds on the exchange? Just wondering if there is a difference on ease of fiat conversion for those that own their own keys.

You probably read more about this than I ever have so I'm not sure if I can give you any great detail you're looking for. But in simple terms you have your assets which go up and down as they do in crypto and at anypoint you can sell all or part at the price at that given time. Those funds then sit in your 'wallet' in which you can use to buy more crypto in the future to save you adding funds from your bank account. Or you can withdraw and it goes to your registered bank account.

My timeline for this chunk was I put in about £70 to 80 last spring (2020) and about 2 months ago I sold for just a bit over £250 that has sat in my wallet since. As I saw in this thread some have had issues with exchanges I thought I would test it to see if a) it was working b) was it quick and c) would they charge me to release the funds. I was pleased on all accounts. Now I just have a couple of Litecoin left sitting there and as I have said before I'm not particularly bothered if they hit the floor, but if the do go up least I have some. On coinbase you pay commission when you buy and sell, to add or withdraw funds from an account is free.

 

[LinekersLegs]

You probably read more about this than I ever have so I'm not sure if I can give you any great detail you're looking for. But in simple terms you have your assets which go up and down as they do in crypto and at anypoint you can sell all or part at the price at that given time. Those funds then sit in your 'wallet' in which you can use to buy more crypto in the future to save you adding funds from your bank account. Or you can withdraw and it goes to your registered bank account.

My timeline for this chunk was I put in about £70 to 80 last spring (2020) and about 2 months ago I sold for just a bit over £250 that has sat in my wallet since. As I saw in this thread some have had issues with exchanges I thought I would test it to see if a) it was working b) was it quick and c) would they charge me to release the funds. I was pleased on all accounts. Now I just have a couple of Litecoin left sitting there and as I have said before I'm not particularly bothered if they hit the floor, but if the do go up least I have some. On coinbase you pay commission when you buy and sell, to add or withdraw funds from an account is free.

Thanks for the info. Nice timing on the trade entry/exit btw, congrats

 

[Efcjake]

I just withdrew £250 from coinbase and it was in my bank account within a minute.

Sometimes that service may be down but that's like going to a cash point and it's not working. 24 hours later and it probably will be.

Did you pay any tax?

 

[The binman chronicles]

Did you pay any tax?

I don't believe you pay capital gains tax under a certain level. I will check and let you know.

 

[LinekersLegs]

Magazine cover indicator sighting!

Magazine cover indicator - Wikipedia

en.wikipedia.org

 

[The binman chronicles]

Thanks for the info. Nice timing on the trade entry/exit btw, congrats

Not really great tbh, a few weeks later they would double in price, but I hit what I wanted. I bought in at around £26 average, they are running at £120 something now which is not too far under what I sold them for but I missed the peak by some way. Still kicking myself I didn't by some ETH at £70 that went up to around £2800 at peak.

 

[YoboCopter]

Not really great tbh, a few weeks later they would double in price, but I hit what I wanted. I bought in at around £26 average, they are running at £120 something now which is not too far under what I sold them for but I missed the peak by some way. Still kicking myself I didn't by some ETH at £70 that went up to around £2800 at peak.

Always want more dont ya

nature of the beast

 

[The binman chronicles]

Did you pay any tax?

Capital Gains Tax allowances​

You only have to pay Capital Gains Tax on your overall gains above your tax-free allowance (called the Annual Exempt Amount).
The Capital Gains tax-free allowance is:

• £12,300
• £6,150 for trusts

I think I'm safe with my £250 minus £50 for what I paid in the first place.

 

[the sniderman]

Always want more dont ya

nature of the beast

yes buddy where do u put them profits?? right up ur hooter i hope buddy.

 

[LinekersLegs]

Not really great tbh, a few weeks later they would double in price, but I hit what I wanted. I bought in at around £26 average, they are running at £120 something now which is not too far under what I sold them for but I missed the peak by some way. Still kicking myself I didn't by some ETH at £70 that went up to around £2800 at peak.

That is the thing with trading, it is so easy in retrospect isn’t it lol