What are
/r/BitcoinAUS's
favorite Products & Services?
From 3.5 billion Reddit comments
The most popular Products mentioned in /r/BitcoinAUS:
The most popular Services mentioned in /r/BitcoinAUS:
Bitfinex
Bisq
Electrum
LocalMonero
Trustpilot
Exodus
PAXFUL
Binance
CryptoCompare
CoinMarketCap
ShapeShift
XE.com
Kraken
KeePassXC
Wise
The most popular Android Apps mentioned in /r/BitcoinAUS:
The most popular reviews in /r/BitcoinAUS:
If you had any experience in options then you could purchase some cheap insurance against wild price swings through Bitfinex or another solid exchange that offers more sophisticated trading possibilities. You can even make it such that you profit regardless of whether the price goes up or down ≥2% (although if the price stays within ±2% then you'd lose the cost of the option, which shouldn't be too much.
On the other hand, if you do not have experience in options, then it is probably best to sit this one out and just stay in BTC.
> it's online but you have your private keys?
If it's online, they can change their website backend at any time and steal your bitcoin.
> Can you explain what you mean by running your node?
I answered this in another thread, but I'll post it here.
Bitcoin is a blockchain, which is a distributed ledger/database. Every node has a copy of the blockchain. When you use a light wallet like electrum, you are communicating with bitcoin nodes (that you are trusting) that electrum uses to access their copies of the blockchain. When you, or an exchange, writes a transaction by sending someone bitcoin, they attempt to write a ledger entry to their copy of the blockchain. Their node then places this into a pool of every other transaction that is replicated between the nodes. Miners then take these transactions from any node, and orders them in a block, and performs a hashing function of them. If that hashing function meets the node consensus requirements, nodes accept that block, and add it to the blockchain. They then replicate that block to all of the other nodes.
An actual full-node requires no middleman and no trust. You validate your copy of the blockchain, and transactions you make are made to your copy of the blockchain, and that is replicated.
So whether you use a light wallet where you trust someone elses node, or you use your own node, you only ever write to a node, and the bitcoin network takes care of the rest.
Yes, I believe you do. From my understanding, the BTC and BCH are both tied to the same seed, you've essentially (by moving BTC to the markets) just moved your BTC on and haven't touched the BCH. Gotta remember that the fork was just the continuation of the same original chain into two directions which means anything pre-fork has essentially just duplicated in records and the ownership is tied to your wallet private keys/seed. Electrum wallet just doesn't show it because it doesn't support it currently (differences in tech/security).
i.e. pre-fork you had 10BTC, post-fork you have 10BTC and 10BCH under the same seed. You move 9BTC to exchange, you have left 1BTC and 10BCH.
Electrum have released this https://electrum.org/bcc.txt and an update to that as well. Which basically outlines that you should move all your BTC to a new wallet to separate your seed/keys. Then use your original wallet seed/keys to open a new wallet that supports BCH. Currently, there aren't many (if any) totally 'secure' ways to do this (i.e. could check out Electron Cash - but make sure you secure your BTC first because https://electrum.org/bcc2.txt), so if I were you I'd wait for a more trustable wallet (keep your eye out on forums and articles). Prices are high because there aren't many options but when there are, I wouldn't expect it to be worth as much. Just my opinions.
> Bitfinex is good for alts. I like their website too.
Me too! Unfortunately (for people not currently using it) when you go to https://www.bitfinex.com and try to create an account, it tells you that new acct. creation has been halted due to insane demand, till as late as Jan. 15th., 2018.
Here are some that apparently use BTCMarkets (which, if true, would be the ideal reference for us):
https://www.cryptocompare.com/coins/btc/charts/AUD?e=BTCMarkets&p=12M&t=LC
https://www.cryptocompare.com/coins/eth/charts/AUD?e=BTCMarkets&p=12M&t=LC
The next step would then be to download/install a wallet to store you Bitcoin. An simple and easy-to-use one is Electrum.
Once you have that all setup, you'll be given a receiving address that you can then withdraw/send your Bitcoin to from the exchange you bought from. Plus once they are in your wallet you can send/receive them to/from other people.
If you are going to buy a decent amount and want to hold it for investment, you should look into getting a hardware wallet, which is just like storing coins on Electrum (or any other desktop/hot wallets), but offers higher security and protection of your coins.
Move your coins to Exodus if you don't have a physical hardware wallet. Exodus is a multi-cryptocurrency desktop based wallet that boasts an easy-to-use UI. You can keep your Bitcoin, Ethereum, Litecoin, Dash etc in it and when you sign up to Exodus you get a 12-24 word seed phrase which acts as your back up. This is independent of Exodus and can be used with many Bitcoin wallets (e.g. Electrum, Trezor, Ledger) to restore funds .So as long as you have your backup seed there’s nothing to fear, even if Exodus goes out of business. Much safer option than storing coins on exchanges. https://www.exodus.io/
Geeks usually look at it the other way around, imagine. That is, what exchanges are a crypto traded on. If you click on the blue 'Price' icon here -- https://coinmarketcap.com -- you'll get that list.
If you are comfortable using computers and have a basic level of tech knowledge especially with regards to security you are probably better off using the Bitcoin Electrum Wallet, though be sure that for the amount you are buying that the fees are tolerable, since BTC has relatively high fees to move funds, which can add up quickly.
> any tips on what to invest in
Bitcoin is not an investment
Bitcoin is an on-line shopping token
> if you know of any wallets
Coinspot is an exchange
An exchange account is not a wallet
Use Electrum
https://electrum.org/
Or visit bitcoin.org to see a list of free Bitcoin wallet apps https://bitcoin.org/en/choose-your-wallet
> meeting people in person
This is how the site originated, although now the majority of the volume is through "online" trades.
I've used the escrow on LocalBitcoins a few thousand times, >90% trades in which I never met up with the person (oftentimes on different continents). The handful of times that the exchange became contentious it was resolved effectively by their support. Always fair, maybe not the fastest in the world, but I'm happy.
You will have much more difficulty finding comparable services for IOTA and LTC, although once in BTC it's trivially easy to convert to other cryptos, and for this you will not need any ID or verification either, from BFX or any of its competitors.
For multiple cryptocurrencies I like https://Bitfinex.com. And as long as you're not putting in or taking out gov't-backed paper then you don't need to verify any ID.
There are plenty of online calculators to determine exactly this. One example.
Capital gains tax is only payable when you have profits. So no about of CGT will ever make a venture unprofitable, as profit is calculated after expenses are accounted for.
If you want to hold for a period of time, the best advice is to not hold your bitcoin on an exchange.
You can easily and quickly purchase bitcoin directly from various of top Australian vendors with a number of payment methods (bank transfer, PayID, case, etc.) on LocalCoinSwap.com and then use a wallet where you control the private keys to hold.
For wallets, I'd recommend:
Mobile - Coinomi
Computer: Electrum
Webwallet: blockchain.com
Hardware: Trezor
There are plenty of great wallet options out there, but also lots of bad ones!
Why Binance?
Technical Architecture- Binance platform is engineered from the ground up with security, efficiency, speed and scalability taken into the consideration. The team has decades of combined experience building and maintaining world class financial systems that shape the economy. Our matching engine is capable of sustaining 1,400,000 orders / second, making Binance one of the fastest exchanges in the market today. You can be certain, on our exchange, that your orders will never be stuck due to the matching engine being overwhelmed.
Liquidity- Binance’s team have been in both the finance and crypto industry for many years. The team has worked on and operated a number of exchanges, and have accumulated a large network of partners in this space. These partners will be key in bootstrapping the exchange.
Customer Service- Binance shares support responsibilities across the entire staff and company. When a trader has a problem, he/she gets an answer directly from someone who knows the system and not someone reading from a script.
What is Binance Coin(Bnb)?
Binance has issued its own token coin, called the Binance Coin(BNB). A strict limit of 200MM BNC will be created, never to be increased. You can use BNB to pay for any fees on the platform, including but not limited to:
Exchange fees Withdraw fees Listing fees Any other fee
When you use BNB to pay for fees, you will receive significant discounts as follows:
First Year- 50% Second Year- 25% Third Year- 12.5% Fourth Year- 6.75% Fifth Year- No Discount
Move your coins to Exodus if you don't have a physical hardware wallet. Exodus is a multi-cryptocurrency desktop based wallet that boasts an easy-to-use UI. You can keep your Bitcoin, Ethereum, Litecoin, Dash etc in it and when you sign up to Exodus you get a 12-24 word seed phrase which acts as your back up. This is independent of Exodus and can be used with many Bitcoin wallets (e.g. Electrum, Trezor, Ledger) to restore funds .So as long as you have your backup seed there’s nothing to fear, even if Exodus goes out of business. Much safer option than storing coins on exchanges. https://www.exodus.io/
Look at open source desktop application called bisq. https://bisq.network a decentralized exchange. No private data or login required. Lots of great info on their website to get a grasp of it. It does not support cardless cash at the moment. However it does support normal cash deposit that you will need to share your bank account details to your trading peer. Also support normal user to user bsb national bank transfers. Risk of charge back on bank cash deposit in Australia is close to none right, might be best option? It is a community effort to get it to work how the users want. See this forum thread https://bisq.community/t/request-to-add-a-payment-method-for-au-cardless-cash-withdraw-cash-at-atm amd put your case forward about cardless cash, tell them you want this feature!! If no demand, no reason to spend time coding it. Face to Face is to be implemented soon if you want to use that. Bitcoin need people moving from local bitcoins, that place is not good anymore. There is little trust involved in using this exchange because it used the bitcoin multisig & arbitrators if things get funky (the devs at the moment, who will not fuck their project by stealing 1 users fraction of a bitcoin) Try the software out. Download and run. Just like bitcoin. localmonero is another alternative site. Im not a shill, this software is needed for this ecosystem, if you ONLY rely on trusting centralized exchanges and services that are can be hacked, leak data, sell your data, steal it themselves and claimed hax, shut down by gov, what the point of it all. This makes bitcoin more usable, valuable and censorship resistant. Spread the word.
try bisq.network No registration required, set your own margins and have $$$ delivered to your bank account.
It's not the fastest exchange though it's built with privacy, security and stability in mind.
If you have some BTC, try https://bisq.network as you need no permissios/signups. Can trade quite a few coins, but liquidity is low and it can be slow due to bitcoin network and low volume of users. So get on board to help with that. You probably want to trade shitcoins and you may not find them on bisq unless someone provides some code to bisq to support it. Spend some time on the site reading about how it works or you might have a bad time.
how many people here would have a UK bank account you think? close to zero. try https://bisq.network. its a decentralised peer to peer exchange running on a java desktop application. not for noobs. buy and sell. only share bank details with your direct trading partner. coins locked in multisig, so cant be stolen mid trade. read the faq.
ITS A Gosh Darn CURRENCY! TREAT IT AS SUCH.
Thats it, Darn the ATO, the Idea I have to calculate CGT on a currency I spend (But not if I spend Euros, USD, JPY, BRL, CAD, IDR, etc)
Fuck it. I dont have to calculate CGT if I spend any one of these currencies:
https://www.xe.com/iso4217.php
BTC deserves a place on this list. STOP TRYING TO TAX THE GAINS.
You could use Revolut or a similar service like transferwise that is basically a neobank and they provide you with virtual debit cards you access through the phone or web app (or you can order a physical card, but I think this may cost money?).
- No international transaction fees
- Excellent foreign exchange rates
- No withdrawal fees from Binance or anywhere else
The only fees will be whatever bittrex charge for using topup via a card (3%) which... is still rather nasty, but likely still cheaper than sending BTC or ETH from another exchange.