Crypto Blowing Up

[james_112233]

Ok i'm a bit confused

How is it cold storage then if the wallet is still owned by the company / accessed by them ?

So if my device failed, I gave them my password (seed) they can issue a new device and load up my data on to it ?

What if this company goes bust ? does my money go with them ?

I also read CoinBase is the highest in fees because of how well regulated they are. They are also going on the stock exchange. Surely that brings some form of security knowing they are the biggest player ?

The wallet is only owned and accessible to you. No one can access your funds.

If your device failed you just input your 24 words in to another device and you have access to your funds again.

You can not lose your funds no matter what happens so long as you don't fall victim to a scam and give away your seed phrase to scammer.

[Freakzilla]

Dude, if you can't function due to the worry of having £5k in Bitcoin how would you be with your life savings in it?

Originally Posted by james_112233

What would you recommend, do you have a step by step ? or a link to a how to.

I'm tempted to buy back in when btc dips. Looks like it will hit atleast 50,000 GBP by the end of the year at some point so I do stand to make some money if I put in all of my savings.

[agent006140]

no risk,no reward,he wants to make money by playing some game he does not understand.

[agent006140]

50,000 GBP,there are alternative investments out there which make you sleep better at night!

[Soundofsilence]

People will need patiante to watch full video but do a favour to yourself and watxh it full. Thank me later. All doubts will get cleared and much money you're gonna save after understanding the concepts discussed here. The least popular youtube video but its a goldmine if you believe me and invest your 1 hour of life.

https://youtu.be/cwYa6Ywz7tY

[Soundofsilence]

Originally Posted by james_112233

Ok i'm a bit confused

How is it cold storage then if the wallet is still owned by the company / accessed by them ?

So if my device failed, I gave them my password (seed) they can issue a new device and load up my data on to it ?

What if this company goes bust ? does my money go with them ?

I also read CoinBase is the highest in fees because of how well regulated they are. They are also going on the stock exchange. Surely that brings some form of security knowing they are the biggest player ?

12 or 24 words key phrace is neither generated nor provided by trezor or ledger.

Its integrated part of block chain platform. Watch above video and you'll 100% change the way use bitcoins.

[nate]

If you guys are looking to just buy Bitcoin, swanbitcoin.com is the best/cheapest I know of. You can move coins from Swan to personal wallet.

pro.coinbase.com, gemini.com, and binance.us are going to be the most trustworthy exchanges in the United States for US residents.

Best hardware wallet is trezor

2nd best hardware wallet is ledger

If those wallets don't natively hold the coin you want you probably shouldn't be moving those coins from exchange, because when they pump you'll need to sell them fast. They will dump even faster 99% of the time.

[slokor]

Originally Posted by james_112233

What would you recommend, do you have a step by step ? or a link to a how to.

I'm tempted to buy back in when btc dips. Looks like it will hit atleast 50,000 GBP by the end of the year at some point so I do stand to make some money if I put in all of my savings.

If you want to be at the highest safety level just send it to yourself at whatever address and write down on a piece of paper the 'private address' of the BTC you sent. Put that piece of paper in your safety deposit box in the bank and youre as secure as can be.
You have other options such as the trezor offline 'hardware' wallet and such. You can do your research into those - many of those are sold on amazon so you can read the reviews about them there from others who bought and used them.

[slokor]

Originally Posted by SaiJin

THe prediction for BTC is 220k by end of 2021...
So that's what I'm gunning for.

This is coming from Max Keiser

Lots of predictions from lots of people.
I think 220k is a overly optimistic.
I do know that if it DOES reach $220k ill be retiring this year a multi millionaire with a mansion and a couple of lambos in my driveway - so crossing my fingers

[slokor]

Originally Posted by james_112233

What happens should your "cold storage" device fail ?

or is stolen from your home

Can someone then have access to all your crypto ?

What is the best p2p or exchange site to use in the UK ?

Always have everything backed up.
Example - I use an electrum wallet on my PC. Noone can just hack the password to get into it cause its not 'online (its on my own PC). And should my computer crash I can recreate the wallet using the seed - the 12 unique words generated to do just that. Those 12 words I split into 2 6 words batches and sent them to my 4 main emails -each batch to two of the emails - EVERYTHING is backed up.
In addition I have everything written down and in my safety deposit box as I mentioned before. Can never be too safe.

[SaiJin]

Originally Posted by nate

If you guys are looking to just buy Bitcoin, swanbitcoin.com is the best/cheapest I know of. You can move coins from Swan to personal wallet.

pro.coinbase.com, gemini.com, and binance.us are going to be the most trustworthy exchanges in the United States for US residents.

Best hardware wallet is trezor

2nd best hardware wallet is ledger

If those wallets don't natively hold the coin you want you probably shouldn't be moving those coins from exchange, because when they pump you'll need to sell them fast. They will dump even faster 99% of the time.

1. If we move it to a cold storage / hardware wallet, will we be taxed?

2. How fast can we transfer the coins from the hardware wallet to say binance to sell them for cash?

[GreenBean]

Originally Posted by james_112233

I also read CoinBase is the highest in fees because of how well regulated they are. They are also going on the stock exchange. Surely that brings some form of security knowing they are the biggest player ?

They lack good customer service. They deny access to accounts with little to no explanation. There are too many incidents where BTC clients are reporting they no longer have access to their holdings.

This does make trust an issue for many people. My account was frozen. Not a pleasant feeling.

[agent006140]

I hope it works out for all of you,running from 55K to 220k by end of 2021.$$

[slokor]

Originally Posted by SaiJin

1. If we move it to a cold storage / hardware wallet, will we be taxed?

2. How fast can we transfer the coins from the hardware wallet to say binance to sell them for cash?

1. Technically speaking I believe crypto is taxed as a capital gain at this point.
If you had your BTC in an exchange that knew your identity due to KYC procedures the taxman can track the BTC to any address you withdraw it to since the blockchain is transparent. If that BTC is then somehow cashed out they can track it down. BTC is not as anonymous as many think. You can always claim it was stolen and then 'launder' it through a tumbler service though. The issue will remain turning it into fiat - which can be simple or complex depending on your location. I for example have a physical crypto exchange within 3 minutes walk from my place that will buy up to $10k of BTC for cash per day - with no ID required. VERY convenient. Once the fiat is in your hands it is up to you how you wish to handle any taxation issues.
2.Moving it from a hardware wallet to Binance can be done pretty much instantly at any moment. Selling it then for cash would depend on the process with Binance which I am not familiar with. This of course negates any chance at anonymity as I described above.

[slokor]

Originally Posted by GreenBean

They lack good customer service. They deny access to accounts with little to no explanation. There are too many incidents where BTC clients are reporting they no longer have access to their holdings.

This does make trust an issue for many people. My account was frozen. Not a pleasant feeling.

I said it before and ill say it again - Coinbase is the paypal of crypto.

[Soundofsilence]

I have found very easy way for cash out. I used paxful many times with only 1 BTC trader who had highest feedbacks there along with btc trade volume. After that I started cashing out outside paxful with him and now its so simple. I just send btc directly from my trezor wallent to their btc address and they can send me money to requested payment method. Neither trezor wallet is tracked nor vendor has tracked data of KYC.

It may not be safe/easy to find for everyone but now the vendor has created automated site of their own which is totally non kyc based cashing out service. I wont share the site name because I dont want to be a cause here for anyone else's losses but definitely if I can find such a thing then you can also dig into such directions starting with low trade volume.

I never liked the idea of cashing out on KYC based platforms.

[Soundofsilence]

Originally Posted by slokor

If you want to be at the highest safety level just send it to yourself at whatever address and write down on a piece of paper the 'private address' of the BTC you sent. Put that piece of paper in your safety deposit box in the bank and youre as secure as can be.
You have other options such as the trezor offline 'hardware' wallet and such. You can do your research into those - many of those are sold on amazon so you can read the reviews about them there from others who bought and used them.

I was talking about giving steps/guide for cold storage but slokor has rightly explained it already so no point in re-iterating the same in different way.

[SaiJin]

Originally Posted by slokor

1. Technically speaking I believe crypto is taxed as a capital gain at this point.
If you had your BTC in an exchange that knew your identity due to KYC procedures the taxman can track the BTC to any address you withdraw it to since the blockchain is transparent. If that BTC is then somehow cashed out they can track it down. BTC is not as anonymous as many think. You can always claim it was stolen and then 'launder' it through a tumbler service though. The issue will remain turning it into fiat - which can be simple or complex depending on your location. I for example have a physical crypto exchange within 3 minutes walk from my place that will buy up to $10k of BTC for cash per day - with no ID required. VERY convenient. Once the fiat is in your hands it is up to you how you wish to handle any taxation issues.
2.Moving it from a hardware wallet to Binance can be done pretty much instantly at any moment. Selling it then for cash would depend on the process with Binance which I am not familiar with. This of course negates any chance at anonymity as I described above.

So basically move the crypto into a hardware wallet, look for a physical exchange locally and do a cash transaction. THat's smart. Not sure if I have those kind of exchanges here.

in terms of taxes I believe as long as the funds are still in crypto format and not sold to get $ they won't tax us.

[quest]

Originally Posted by SaiJin

So basically move the crypto into a hardware wallet, look for a physical exchange locally and do a cash transaction. THat's smart. Not sure if I have those kind of exchanges here.

in terms of taxes I believe as long as the funds are still in crypto format and not sold to get $ they won't tax us.

if you buy crypto online (your bank/card -> exchange..), you can be tracked and taxed

[slokor]

Originally Posted by SaiJin

in terms of taxes I believe as long as the funds are still in crypto format and not sold to get $ they won't tax us.

I believe that is correct.

[SaiJin]

Originally Posted by slokor

I believe that is correct.

what's your exchange called? I google mapped my area and the only ones here sell for cash, not the other way around. And I'm sure they are uptight when it comes to taxes.