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 Bitcoin and other Cryptocurrencies, Comprehensive guide on first page.

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Secruoser
post Jul 3 2017, 03:56 PM

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New to CRC here.

1) Who here has cashed out successfully? Meaning from CRC to RM in your local bank account. From which exchange? How much did you withdrew and how long did it take?

2) What's the cheapest hard wallet a Malaysian can get? Or paper wallet is still practical and reliable? I don't trust exchanges, or would you recommend any?

3) I'm looking at long-term investment, to hold for 5-10 years, or even more. It's quite late for Bitcoin now. Would you think there's still money to be made out of altcoins, to the extent Bitcoin's growth %? (Bitcoin grew ~3 million times from ICO iirc)

4) I have started out a bit with Luno, just to test how everything works. Bought BTC in Luno, transferred BTC to Jaxx. I will try transferring it to paper wallet soon. Any reliable and trusted website to generate paper wallet?

5) Please recommend neutral unbiased reliable websites to catch up on news/ICOs/warnings for CRC, and a good website for chart-reading on the most altcoins possible.

That's all I want to know now.

Thanks to all sifus!

p/s: this one is for fun question: any Malaysian BTC pioneer profiteer here? like you have made more than a Myvi's worth for BTC?

This post has been edited by Secruoser: Jul 3 2017, 04:02 PM
Secruoser
post Jul 3 2017, 04:10 PM

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QUOTE(wengherng @ Jul 3 2017, 04:04 PM)
Firstly, please read the first page for all relevant information.

On your specific questions:
1. I have not cashed out from Luno before, but have done so with XBit Asia. I transacted in the afternoon, and the proceeds were credit into my bank account the next morning.

2. Get a Ledger Nano S, it's about RM400 or thereabouts. Paper wallets are always reliable, provided you keep them safe, just not as convenient as hardware wallets. Never keep your cryptocurrencies on online exchanges, except what you need for short term trading.

3. It's never too late for bitcoin, if you believe in it. For altcoins, I personally think it would be rather difficult (though not impossible) to replicate the success of bitcoin in terms of absolute percentage, you would nevertheless still be able to get extremely good returns, especially since you mentioned that you are looking at 5 - 10 years horizon.
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Thanks for your kind reply.

I'm on the look out for legit CRC companies in Malaysia because so far there isn't any. Would love to join such company to maximize my level of exposure to this industry. I don't know about CRC, but I'm pretty sure blockchain technology will revolutionize the Internet and the world smile.gif

This post has been edited by Secruoser: Jul 3 2017, 04:13 PM
Secruoser
post Jul 3 2017, 04:18 PM

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QUOTE(wengherng @ Jul 3 2017, 04:15 PM)
What do you mean by "legit CRC companies in Malaysia"?
Online exchanges?
Companies that are issuing tokens, etc.?
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Can be any of the ones you mentioned. I don't mind. But if I find out that it's ran by china men looking to scam people, I'm out. biggrin.gif

This post has been edited by Secruoser: Jul 3 2017, 04:18 PM
Secruoser
post Jul 3 2017, 04:55 PM

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QUOTE(wengherng @ Jul 3 2017, 04:45 PM)
The others might know better than I do.
The only natively home-grown company in Malaysia that I know that works purely in the cryptocurrency industry is XBit Asia, which is a local online exchange. This is a legit company.
There is also a company in Kelantan called Climate Protectors Sdn Bhd that claims to want to start an ICO working on the NEM blockchain with tokens called EcoBits, but there's not too much information around it so I am not sure what is the current status of that company.
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XBit Asia is Malaysian-owned or Malaysia-based? Thanks anyway. I will look into it.
Secruoser
post Jul 3 2017, 05:16 PM

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QUOTE(WooTz @ Jul 3 2017, 05:07 PM)
Can someone fill me in on EOS and Yunbi?

A very serious glitch or madness unfolding?
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Kraken just opened up EOS on their exchange list yesterday. That could explain it. Not sure about Yunbi.
Secruoser
post Jul 3 2017, 05:25 PM

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QUOTE(blueblueoutofblue @ Jul 3 2017, 05:20 PM)
$5.09 (300.53%)  drool.gif

If ANS show $30.00 ( 300% ) tomorrow morning how?

Many will just slap own cheek just to check whether dreaming or not  laugh.gif

i will just knock my head on the wall just to confirm  laugh.gif
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nobody can tell... it's purely speculations after all.

as usual, put in what you expect to lose I guess?
Secruoser
post Jul 4 2017, 10:00 AM

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Anyone using Jaxx wallet? What's the average mining fee for sending BTC?
Secruoser
post Jul 4 2017, 10:06 AM

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QUOTE(sirxl @ Jul 3 2017, 10:50 PM)
Join us as we welcome Andreas for his second visit to Kuala Lumpur with his "Thoughts on the Future of Money, with Andreas M. Antonopoulos" - Organized by Bloktex, Hosted by Beeonpay.

http://bitcoinmalaysia.com/2017/07/03/live...m-antonopoulos/

DATE AND TIME: Fri, Jul 7, 2017, 8:00 PM
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I guess it's the same topic. The only difference it's the Q&A and how many questions he will answer. I want to go but I'll be very very late due to the traffic jam from Cheras, so might as well not go.


Secruoser
post Jul 4 2017, 10:11 AM

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QUOTE(wengherng @ Jul 4 2017, 10:09 AM)
Nothing wrong with Luno per se.
It works fine as an online exchange.
However, it is a terrible idea to put your cryptocurrencies parked in online exchanges, no matter how safe they say their wallets are.

Exchanges should just be the place where you do your trades, nothing more.
Never ever use exchanges as a permanent storage wallet for your cryptocurrencies.

Bottom line is, if you do not control your own private keys, you do not really own your coins.
Always keep your coins in your own hardware wallet.
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How much minimum initial capital investment would you suggest? An amount that I can easily transfer between wallets and exchanges, with the mining fee put into consideration? USD100? USD50? USD10?

This post has been edited by Secruoser: Jul 4 2017, 10:12 AM
Secruoser
post Jul 4 2017, 10:26 AM

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QUOTE(wengherng @ Jul 4 2017, 10:21 AM)
Sorry, I don't quite get the question.
You mean, how much minimum initial capital investment do I suggest to put in cryptocurrencies, in general?
Nobody can answer that question on your behalf, but yourself.
But the standard answer is: only as much as you can afford (and are prepared) to lose completely.
Meaning, if you bought something and the price drops 90% tomorrow, you can still sleep at night without having a panic attack.

Start by asking yourself, if I put in RM5k, and it drops 90% tomorrow, will I go crazy? Yes? Then OK, cut it to RM4k, then ask yourself again. Still yes? OK, then cut it to RM3k, and so on and so forth......until you get to a number that you say no.
That's your number.

Life is short, don't compromise your quality of life over some investment numbers.

When transferring between exchanges and wallets, the amount is practically irrelevant, it's just as easy to transfer RM100 or RM1 billion.
Depending on transaction congestion, you might need to pay a couple of ringgit in transaction fees, but that's pretty much it.
No such thing as "mining fee".

I recommend reading the first page for more detailed information.
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No I don't mean 'my' minimum. I mean the bare minimum to use the wallets/exchanges without limitations. I tried with 5 USD and Jaxx is saying something like I can transfer very little of that because the rest is paid to mining fee.

Example Maybank may say you can only transfer RM1 minimum and you cannot transfer 50 sen. Get what I mean?
Secruoser
post Jul 4 2017, 10:43 AM

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QUOTE(wengherng @ Jul 4 2017, 10:36 AM)
Ah OK, sorry, I misunderstood.
Unfortunately, there is also no one answer for that question.
Each wallet or exchange has a built in recommended fee structure, which typically adjusts to reflect the latest transaction congestion situation.
During times of high congestion like what we saw back in May with bitcoin, you have to pay several US dollars per transaction to even get a reasonable confirmation time.
(Trust me, I had a REALLY bad experience with that......  sad.gif  )

And then different coins have different transaction fee because they all have different transaction traffic situations.

ANS for example, cannot be divided and you have to pay 1 ANS as transaction fee, which is currently USD 8.20...!

In general, just my personal practice, I try to leave around USD 3 prepared for transaction fees.
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Ah great. So it's not advisable to keep transferring between exchanges and wallets since it will cost a lot of mining fee / commission in between?

Which exchange has the best list of altcoins? I just opened Kraken because they have EOS. Any other good exchanges? Or I need to use several exchanges and not stick to one?
Secruoser
post Jul 4 2017, 10:47 AM

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BTW, is there a Whatsapp or Discord group for Malaysian crypto investors?
Secruoser
post Jul 4 2017, 11:01 AM

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QUOTE(jack2 @ Jul 4 2017, 10:55 AM)
No, creating the group will make my whatapps is more congested with

Hi
Good Morning
Hello
Good nite...
laugh.gif
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haha right...

this guy legit? so if I invest Bitcoin now, I can get at least 30x return by year 2027

http://www.cnbc.com/2017/05/31/bitcoin-pri...n-10-years.html
Secruoser
post Jul 4 2017, 11:10 AM

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QUOTE(Xune @ Jul 4 2017, 11:08 AM)
Morning guys,

Just wondering in the case of us cashing out our gains through Luno to our local bank accounts, are we subjected to any tax in Malaysia?

Are those considered as taxable income? Would LHDN be able to trace us on this? Any forummer could shed some light on this matter?

Thank you.
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Since it's not fully anonymous, I guess it's subject to local laws too.

There are exchanges which offer high privacy/anonymity level but it's more complicated to set up I guess?
Secruoser
post Jul 4 2017, 11:26 AM

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QUOTE(wengherng @ Jul 4 2017, 11:21 AM)
There is no such thing as a "mining fee"......it's transactions fees or sometimes called miners' fees.
But yes, not advisable to keep transferring around unless you have a good reason to do so.
Check out the first page for more info on exchanges......Bittrex and Poloniex have quite a number of altcoins listed.
You can use as many exchanges as you want since account opening is free.
Again, please read the first page for more information.
Cryptocurrencies are not regulated in Malaysia because there is currently no legal framework for it.
Short answer is, capital gains from cryptocurrencies are not taxable in Malaysia (yet).
However, as many forummers here have pointed out, it is better to split your transactions into smaller amounts (below RM50k per transaction) to avoid any inconveniences.
It's not illegal, but just that when your transactions are above RM50k, you may get calls from banks asking you to explain where you got the money from, etc.
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Hahaha... so do people use the loophole and transfer RM49k instead?

This is why the Greek guy said cryptocurrency is about liberty. My money, I transfer how much, I sukak lar! Why authority needs to busy body asks me? biggrin.gif


Secruoser
post Jul 4 2017, 12:09 PM

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QUOTE(serdangonline @ Jul 4 2017, 11:56 AM)
Luno is an exchanger. Anything happened to the exchanger, u lost everything. Please remember Mt.Gox story. The exchanger got hacked. sweat.gif
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I heard Poloniex uses cold storage so they are more resistant to hacks, how about Bittrex?
Secruoser
post Jul 4 2017, 01:24 PM

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QUOTE(kmarc @ Jul 4 2017, 12:32 PM)
I'm mainly a HODLer. Those coins that are already in my hardware wallet e.g LTC, XRP, REP, ETH, etc, I'm not touching them. They will be in my ultra deep freezer for a few years.

For those on Polo, planning to convert a bit to USDT if I can manage to get a better price since the last Red Sea.
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How long the battery lasts for Ledger, assuming you are using it? If it's out of battery, will you lose the coins?

QUOTE(kmarc @ Jul 4 2017, 01:14 PM)
No wonder bitcoin going up. Japan has eliminated tax on bitcoin : https://cointelegraph.com/news/its-official...rading-expected

Hope to see more good news on cryptos and try to forget the ugly BTC war that's going on. Of course, be prepared for the worst.
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As with any investment, bubble is going to happen sooner or later. And as with any investment, it will still bounce back. Just don't exit out of fear. I don't think we can lost more than what we have invested in cryptocurrency right?
Secruoser
post Jul 4 2017, 01:48 PM

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QUOTE(WooTz @ Jul 4 2017, 01:33 PM)
Ledger Nano S doesn't run on batteries, you connect them to your PC or android phones.

And you don't lose your coins unless you lose your private keys.

And we can always lose all our money at all times, just keep that in mind.
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Cheapest hardware is around RM400 right? Can store unlimited amount of coins?
Secruoser
post Jul 4 2017, 02:05 PM

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QUOTE(kmarc @ Jul 4 2017, 01:58 PM)
Hmmm.... I think we don't have a section on how hardware wallet works. Many still think it holds coins. Will look thru the guide and cook something up later.....
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Sorry I was babbling... I know we don't actually hold the coins (the coins are always in the network), it just holds the 'access key' to the 'stash of coins' within the network. Is that slightly more accurate? So if anyone has the 'access key' then they can find the treasure. Something like that.
Secruoser
post Jul 4 2017, 02:37 PM

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QUOTE(xiaomoon @ Jul 4 2017, 02:32 PM)
if the hardware wallet spoil? all the coin loss also?
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no, because the wallet doesn't store the coins.

https://medium.com/@maxmiddelman/21-terms-t...cy-8bee30aa8dfc

This post has been edited by Secruoser: Jul 4 2017, 02:39 PM

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