dilligaf Posted January 3, 2021 Share Posted January 3, 2021 21 minutes ago, horatiotheturd said: What's a euro? A physical coin or note that you can buy a pint with. Quote Link to comment Share on other sites More sharing options...
horatiotheturd Posted January 3, 2021 Share Posted January 3, 2021 3 minutes ago, dilligaf said: A physical coin or note that you can buy a pint Or something you can trade against in GBP without ever actually handling or spending an actually euro. You can just run a euro account and buy and sell as you see fit. Same as bitcoin Quote Link to comment Share on other sites More sharing options...
The Old Git Posted January 3, 2021 Share Posted January 3, 2021 I have a Revolut account with Sterling, Euros and Dollars in it. I had a little dabble in Bitcoin a few days ago, based on this thread. I simply spent Sterling in Revolut to buy Bitcoin in Revolut. Not a big amount, nothing that would upset me if it tanked. I’m up around 20% in a few days and can swap that back to spendable Sterling at the touch of a button. 2 Quote Link to comment Share on other sites More sharing options...
dilligaf Posted January 3, 2021 Share Posted January 3, 2021 7 minutes ago, horatiotheturd said: Or something you can trade against in GBP without ever actually handling or spending an actually euro. You can just run a euro account and buy and sell as you see fit. Same as bitcoin I will just concede that you are streets ahead of me. I am of an age when it is hard to change what is engrained in us from birth. Thanks for trying to help though. Cheers Quote Link to comment Share on other sites More sharing options...
AcousticallyChallenged Posted January 3, 2021 Share Posted January 3, 2021 2 hours ago, The Old Git said: I have a Revolut account with Sterling, Euros and Dollars in it. I had a little dabble in Bitcoin a few days ago, based on this thread. I simply spent Sterling in Revolut to buy Bitcoin in Revolut. Not a big amount, nothing that would upset me if it tanked. I’m up around 20% in a few days and can swap that back to spendable Sterling at the touch of a button. Caveat: you're not actually dealing in bitcoins you own there, you're just buying tokens pegged to the value of BTC, but at whatever rate Revolut deems fair. Quote Link to comment Share on other sites More sharing options...
jaymann Posted January 3, 2021 Share Posted January 3, 2021 (edited) 5 minutes ago, AcousticallyChallenged said: Caveat: you're not actually dealing in bitcoins you own there, you're just buying tokens pegged to the value of BTC, but at whatever rate Revolut deems fair. I'm not so sure. He may be, but Revolut has actual BTC balance options. Edited January 3, 2021 by jaymann Quote Link to comment Share on other sites More sharing options...
AcousticallyChallenged Posted January 3, 2021 Share Posted January 3, 2021 1 minute ago, jaymann said: I'm not so sure. He may be, but Revolut has actual BTC balance options. You can hold a BTC balance, but it's not a BTC wallet, you don't own the physical coins. You can only exchange them with Revolut back to fiat currency. That was the big bug bear when they first introduced it. I'm happy to be corrected if I'm wrong however. Quote Link to comment Share on other sites More sharing options...
jaymann Posted January 3, 2021 Share Posted January 3, 2021 (edited) 3 minutes ago, AcousticallyChallenged said: You can hold a BTC balance, but it's not a BTC wallet, you don't own the physical coins. You can only exchange them with Revolut back to fiat currency. That was the big bug bear when they first introduced it. I'm happy to be corrected if I'm wrong however. Ah, I'm more aware so I can't say I've ever used this feature within Revolut. Nor exactly sure why I pay for Metal to be honest. But it wouldn't surprise me if they weren't actually providing ownership of the crypto. I recall Revoluts liquidity looking very concerning overall when BTC tanked 18months ago, to the point they had to put a hold on crypto all together. I recommend any beginner look at Uphold. None of the complex charts and complications of an exchange, but ability to hold multiple balances in FIAT along with actual ownership and wallet for the crypto. Edited January 3, 2021 by jaymann Quote Link to comment Share on other sites More sharing options...
The Old Git Posted January 4, 2021 Share Posted January 4, 2021 5 hours ago, AcousticallyChallenged said: Caveat: you're not actually dealing in bitcoins you own there, you're just buying tokens pegged to the value of BTC, but at whatever rate Revolut deems fair. I realise that. I don’t actually trust a lot of money to Revolut and prefer Starling as I seem to have my own bank accounts with them, rather than a share of a pooled fund. TBH I couldn’t be bothered with setting up my own wallet for a little dabble. Heard too many stories of people losing access to them when they’ve forgotten passwords etc. 1 Quote Link to comment Share on other sites More sharing options...
mad_manx Posted January 4, 2021 Share Posted January 4, 2021 18 hours ago, The Old Git said: I realise that. I don’t actually trust a lot of money to Revolut and prefer Starling as I seem to have my own bank accounts with them, rather than a share of a pooled fund. TBH I couldn’t be bothered with setting up my own wallet for a little dabble. Heard too many stories of people losing access to them when they’ve forgotten passwords etc. Assume that you used a UK address for starling..They do not allow iom residents to set up accounts .. Quote Link to comment Share on other sites More sharing options...
mad_manx Posted January 4, 2021 Share Posted January 4, 2021 On 1/3/2021 at 9:19 PM, dilligaf said: A physical coin or note that you can buy a pint with. Majority of the Euro ( or pounds or dollars for that matter ) do not exist as paper notes or coins. They are all created on computers and transferred electronically. They make bitcoin and other crypto look tame when you think about it . Quote Link to comment Share on other sites More sharing options...
mad_manx Posted January 4, 2021 Share Posted January 4, 2021 18 hours ago, The Old Git said: I realise that. I don’t actually trust a lot of money to Revolut and prefer Starling as I seem to have my own bank accounts with them, rather than a share of a pooled fund. TBH I couldn’t be bothered with setting up my own wallet for a little dabble. Heard too many stories of people losing access to them when they’ve forgotten passwords etc. Not really a password. It's a passphrase . A collection of 12( usually ) random words that you can securely store somewhere and acces your wallet / funds with Basically these words generate the private key when entered into a wallet ..so the collection of words have to be kept securely. If someone gets your passphrase/ private keys they can steal your crypto. Its great being able to control of your funds just with that . No banks/ financial institutions can touch it and there is no limit to the amount of funds you can hold on one wallet . Quote Link to comment Share on other sites More sharing options...
finlo Posted January 4, 2021 Share Posted January 4, 2021 (edited) Are you taxed on any "gains"? Edited January 4, 2021 by finlo Quote Link to comment Share on other sites More sharing options...
jaymann Posted January 4, 2021 Share Posted January 4, 2021 4 minutes ago, finlo said: Are you taxed on an "gains"? Its a capital gain. I'm not a lawyer or tax specialist and you should always seek independent advice to verify tax status. Quote Link to comment Share on other sites More sharing options...
mad_manx Posted January 5, 2021 Share Posted January 5, 2021 3 hours ago, finlo said: Are you taxed on any "gains"? We are in the Isle of man. There is no capital gains tax here. In the UK you will end up owing the HMRC tax on the gain when you sell. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.