Quote:
Originally Posted by SnoopZ
You seem to know your stuff, so maybe you can help with a few questions as i am seriously considering buying upto 1 bitcoin? 
1. Is it free to open a wallet online?
2. Where do you recommend to open a wallet?
3. Does a wallet have a monthly or annual maintenance charge?
4. When buying or selling a bitcoin i assume there is some kind of charge involved?
5. When the button is pressed to buy/sell a coin how quickly does it appear or leave the wallet?
6. Do we have to declare profits from bitcoins towards capital gains tax?
Thanks for your help if you have the time to answer these, normally i would google but i feel safer asking someone who has dabbled is this already. |
I'm a noob when it comes to bitcoins, know just enough to get by.
1) Yes
2)
https://www.coinbase.com/ (as mentioned before, turn on some 2 factor auth option)
3) No
4) Sending bitcoin there is something called a miners fee, like an amount to make sure other computers on the bitcoin network process the payment. Offline wallets like electrum can work out the charge for you and coinbase should do the same.
As for buying from an exchange such as Coinbase, I assume it's a bit like changing foreign currency where there may be a percentage charge. Never actually purchased bitcoin myself, mine have all come to me by other means.
5) It can leave the wallet immediately but usually for the rest of the bitcoin network to accept it's gone, it needs confirmation by a couple of different servers. This happens quicker the higher the miners fee is. Also if the fee is too low, it might not actually get processed.
6) No idea. My bitcoin are completely anonymous though and not pulled any out to a real bank account yet. Used it to buy services and put invest a little in some other crypto-currencies too, so all in limbo for me