Search content
Sort by

Showing 4 of 4 results by owennbentley
Post
Topic
Board Beginners & Help
Re: Is now a good time to buy some BTC?
by
owennbentley
on 11/02/2018, 22:07:04 UTC
There are so many things that are troubling me about your original post. I don't know what the age of majority is in UK, but in certain places you would be considered a minor under law. This already poses a problem if you are trying to operate on exchanges; as they are not allowed to serve minors. This problem is made worse when you are using someone else's information in order to illegally access an exchange as a minor, and then made even worse if your mother is aware and acting as an accessory to this type of behavior. Unless your mother is actually the account holder making these purchases they very well could be illegal, but again I don't know your laws so you would have to figure that out for yourself.

That being a disclaimer, my biggest worst of advice would be to take control of your coins and stop allowing them to sit on an exchange. There are endless horror stories of exchanges and exchange accounts being hacked, leaked, deleted or disappearing entirely; if this happens you will have no recourse and be forced to bear the cost of whatever you left on the exchange. Having control over your coins means having the private key associated with whatever address(es) you are holding coins on. Download a wallet that allows you such control; Core is what I use, some use Electrum and there are many other solid alternatives. Exchanges are not a good hot-wallet, and if you ever get a substantial amount of bitcoin that you would be very upset losing then you should look into cold-storage wallets, which are hardware wallets much safer than any exchange, or regular hot-wallet.

There is a lot for your to learn, but you are approaching this somewhat decently; hold your coins, always assume it is a good time to buy BTC, build a stash of them and don't be tempted to get into day trading until you have practiced religiously for a long-time before using your real money. Bitcoin is a long-term investment, and a technology that is very sluggishly being adopted and garnering the value and attention it will undoubtedly attain.

This thread might be a better conversation for the Economics, or speculation section by the way; Beginners and Help is more for trouble your are experiencing or questions relating to other things.

Addressing your first point, I'm not 100% on the legalities of the way I'm trading and I haven't found anything about UK laws on parents consenting for minors to trade under their name. I just couldn't wait until I turned 18 (which is in August) and wanted to get into the market as soon as possible. My mom has consented to it but has never personally touched any of the accounts I've created. Everything is set up on my own devices (PC and mobile exchange apps) Do you think they could trace my IP and I could get caught? I'll deactivate all my accounts under my mom when I do turn 18 (unless she wants to start trading / investing herself) although that will probably look fishy when I transfer all my coins / fiat.

Secondly, I understand the risk of keeping my coins on an exchange. I've just been lazy and haven't researched whether it would actually be worth storing such a small amount of coins in a wallet. Literally I have like $3-5 dollars in each of the alt-coins I listed  so I just assumed it wasn't worth it with the fee of transfering these from binance to a wallet.

Always assume it's a good time to buy BTC? Could you explain why, I'm confused by this statement. Even when it was at ATH in Dec?

Thank you for your reply and feedback and good luck for the future.
 
Post
Topic
Board Beginners & Help
Re: Is now a good time to buy some BTC?
by
owennbentley
on 09/02/2018, 14:01:11 UTC
While we may be up at $8k from $6k, it's important to note that the major resistance is around $10k levels. Without momentum or an attempt to break $10k soon, we could see price fall below $6k.

Would you recommend buying €22.5 worth of BTC now and wait to see what happens when we reach the $10k resistance level?
Post
Topic
Board Beginners & Help
Re: Is now a good time to buy some BTC?
by
owennbentley
on 09/02/2018, 13:48:28 UTC
You should look into and study markets in general before investing as everything essentially has risk associated with it. The crypto market is one of the highest risk markets out there with large swings up and down. They are a virtual currency so they have no earnings, just move based on peoples sentiment and technical movement based on the charts.

So you should look into some technical analysis which is studying the price movement of the asset on a chart. (Tradingview has good charts for cryptos)  If you go long, you do not want to purchase when the price is declining as it can continue to drop further and you will lose money. So people wait for an uptrend before they purchase,,,,this is easier said than done and takes some charting analysis.

There are a lot of good books on technical analysis, check some out.

Thank you for your  reply. I did research on technical analysis from videos by Datadash and other youtubers but have forgot most of it as I haven't purchased any coins in a while, I will continue my research again! I was thinking of reading some books. Would I look at general trading books like from the stock market because I was thinking there wouldn't be many decent crypto books out there seen as the market it so young? Any recommendations?
Post
Topic
Board Beginners & Help
Is now a good time to buy some BTC?
by
owennbentley
on 09/02/2018, 13:13:57 UTC
I'm still a beginner in the market as I only joined late December last year. But, I think I possess a decent amount of knowledge on the whole concept of cryptocurrencies i.e. decentralisation and removing the middle man via the blockchain technology. I'm really excited to see how far these coin and token projects and I do hope they remove the need of a middle man. So I am investing to not just for profits.

I'm 17 so I've had to set up on exchanges under my mom's ID and bank details which has been awkward. As I live in the UK I use Coinbase, GDAX and Binance I do have accounts set up on Kucoin and Cryptopia but haven't verified ID on them. I currently hold a small porftolio of around $30 with half being in BTC and small positions in SUB, TRX, RCN LTC AND ADA. As I'm young I don't have a lot of money to throw around which is really frustrating because I know how much more I could make from this.

Anyway that's just some background info. I've currently got €45 in my GDAX account and I'm unsure when to buy BTC, I was about to buy when it was around €4,600 but bottled it because I was unsure whether it would drop even further. I know I need to DYOR and I've taken some recommendations of good news platforms yesterday such as Coindesk and Cointelligence and other websites such as this one. I also follow useful accounts on twitter, big exchanges and the coins I'm interested in. But, I'm still sitting on the fence whether to just buy today, I've read around that we've hit the bottom of the dip and BTC will go on a bull run. What are other people's thoughts? Also feel free to give me any constructive criticism or advice, I'd really appreciate it. This is my first ever post on anything crypto related.

(Edit) I'm currently just a hodler, not day or swing trader. My plan is to buy small positions now and wait for the next huge bull run and lock in some profits and buy back when the market corrects. Although I'm going to research into swing trading and get into that if / when I feel confident enough.