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WeeStrom

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From a complete wannabe crypto newbie - how do I buy bitcoin? What do I need to do?

Once bought - if you ever want to sell and get the money paid into your SA bank account - is that possible? Must you inform SARS of any profits?

Thanks
I use the Luno app. Deposit money from a bank account to the app then buy Bitcoin. You can also later sell Bitcoin and withdraw the cash to a bank account. You can keep your Bitcoin on the Luno exchange or send it to a different wallet such as Coinomi.
Make sure you read up on wallet options and security keys.
And make sure your dog does not eat the paper on which you wrote down the key phrases.
 

TeeJay

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@1190
@WeeStrom
@iamgigglz

Thanks guys - appreciate the help. Can I download the Luno app on my laptop and do everything from there or must I download it to my cellphone and run things from there?
 

1190

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You can run luno on your pc or your phone...not sure but your phone might be a bit safer... Most banks have Luno as a bank approved beneficiary ( used it quite some time ago so not 100 % sure if its still like that)
@1190
@WeeStrom
@iamgigglz

Thanks guys - appreciate the help. Can I download the Luno app on my laptop and do everything from there or must I download it to my cellphone and run things from there?
 

TeeJay

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You can run luno on your pc or your phone...not sure but your phone might be a bit safer... Most banks have Luno as a bank approved beneficiary ( used it quite some time ago so not 100 % sure)
Great - thanks.
 

teebag

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plenty Luno scam emails and sms’s I just ignore them all

Anyone locally used FTX successfully?
 

teebag

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Moving in the right direction again…
 

Slainte Mhaith

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Bitcoin down 3% and ETH 5.6% in the last 24 hours...

So yesterday it was down by 3% over 24h

Over a 5 day period the fall yesterday looks almost flat:
1655962519974.png

If you look at today only then it looks like it is going to climb

1655962593187.png

Look a month back it has fallen but stabilised.

1655962686550.png

Looking at a 1year or 5 year curve then it has fallen and you can't say if it will fall some more or go up again.
1655962824382.png


A bit pointless using historic data to try and predict the future.
 

WeeStrom

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Historical data is what technical trading analysis is all about. There are patterns in price structure that can provide an incredible edge in anticipating a big move, both in direction, timing and targets.

The importance of targets can easily be overlooked. A successful trade involves buying low and selling high. It sounds obvious and indeed it is, but psychology and emotion can intervene and prevent closing a trade when the opportune target price is reached.
E.g. you buy, the price goes up, now you get excited, you don't sell because you hope the price goes up even more. You also don't want to be that sucker who sold too early and missed out on that jackpot price rally. But instead the price turns down again. You still don't sell because now you are hoping the price will turn back up at any moment.

Technical analysis results are based on probability so there is always the chance that the predictions can fail. Having an exit strategy is just as important to limit losses if things go pear-shaped.
 

1190

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Got a cupboard full of those tee shirts...😊 Now I just hodl....made some money with a trading bot awhile back but then decided to rather stake my coins, less risk with about the same reward👍 The question is what do you do with your money when everything is going to shit?
 

1190

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Anybody still mining coins?
What is the breakeven price now?
Still mining...only thing breaking is my bank account...difficulty doesn't seem to be going down either...I sure it's not worth mining now, to scared to go do the math🤓 Hopefully when ether goes to POS I'll get all my electricity money back plus interest🙏 Load shitting not helping either...
 

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KnopKop

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Historical data is what technical trading analysis is all about. There are patterns in price structure that can provide an incredible edge in anticipating a big move, both in direction, timing and targets.

The importance of targets can easily be overlooked. A successful trade involves buying low and selling high. It sounds obvious and indeed it is, but psychology and emotion can intervene and prevent closing a trade when the opportune target price is reached.
E.g. you buy, the price goes up, now you get excited, you don't sell because you hope the price goes up even more. You also don't want to be that sucker who sold too early and missed out on that jackpot price rally. But instead the price turns down again. You still don't sell because now you are hoping the price will turn back up at any moment.

Technical analysis results are based on probability so there is always the chance that the predictions can fail. Having an exit strategy is just as important to limit losses if things go pear-shaped.

So basically just gambling dressed up as trading..... 😊😊
 

m0lt3n

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Still mining...only thing breaking is my bank account...difficulty doesn't seem to be going down either...I sure it's not worth mining now, to scared to go do the math🤓 Hopefully when ether goes to POS I'll get all my electricity money back plus interest🙏 Load shitting not helping either...
a buddy has a nice approach to mining.
he knows breakeven point, so now that its low he puts the same electricity money directly into buying BTC (or ETH I think) and Holding
 
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