Exchange rate £ to TL

[dap2410]

The TL exchange rate seems to have gone mad, just look and it was 5.22. Does anyone know what's going on with the TL.

[Maisiemoo]

The £ has risen against the euro because of the political turmoil in Germany, so probably linked to that.

[Keithcaley]

The TL exchange rate seems to have gone mad, just look and it was 5.22. Does anyone know what's going on with the TL.

Just watched a News programme on the BBC which said that the value of the TL had fallen, rather than the Pound Sterling increasing - it seems to be because of 'Political Interference' if you follow me

[frontalman]

5.237 to the pound just now on bigpara.com

[waz-24-7]

£ against Tl is solely due to the weakness of tl.
The lira has lost massively against all currencies.
The political state within Turkey is disrupting business confidence and investors.

Sterling remains weak against US$ and the Euro.
This is now driving up fuel prices in UK and inflation set to rise again.
Interest rates in UK are set to rise again in an attempt to halt the massive rise in credit and debt held by players in an under pressure economy.

[erol]

Still bitcoin value continues to increase having broken 9000 usd in last few hours.

[johnny1]

did you buy any bitcoin erol? anybody?

[erol]

did you buy any bitcoin erol? anybody?

I did make a modest purchase of (part of) a bitcoin back in September and a even more modest purchase of ether. Nothing more than I could afford to lose.

[johnny1]

may i ask how and from where? im also interested

[Keithcaley]

may i ask how and from where? im also interested

To fill in the gap while you wait for Erol to reply, you might like to read through some of the information here

[erol]

may i ask how and from where? im also interested

You can always ask. I might even answer

So I first set up wallets for bitcoin and ethereum. For bitcoin I used blockchain.info. This can hold both bitcoin and ether but I just use it for bitcoin. For ether wallet I use myetherwallet.com. Both of these web based wallets give me my full private keys which means I can retain control of the wallet even if these websites stop operating.

My initial purchase of bitcoin and ether was done using coinmama.com. This is a convenient and easy way to buy but not the best price. I bought in euro and paid with a sterling credit/debit card, so incurred both foreign transaction fee and horrible conversion rate from euro to sterling but it did work. Bitcoins and ether were transferred to my respective wallets. I subsequently bought using an exchange - kraken.com is the one I use. This did require sending scans on my passport and the like to prove my identity but to reach the 'level' of limits I needed I was able to do all this online. I then transferred funds from my UK sterling account into my kraken.com (euro) account using a sepa transfer - for which my uk bank charged me £9.50 (and gave me horrible rate on sterling to euro conversion). Once the euro funds were in my kraken account I was able to purchase bitcoin and ether using these funds at much better rates than with coinmama. For example right now the coinmama price for 0.1 bitcoins in euros is 854 euro. On kraken I can buy the same .1 bitcoin for 794 euro. Once bought I then transfer my bitcoins or ether from kraken to my respective wallets as generally you do not want to leave funds in your exchange account unless you intend to trade with those funds, as it is inherently less secure than having the funds in your own wallet that you have the private keys for. I also tested getting real (fiat) money out of kraken just to be sure that all worked ok. I was able to transfer from my euro funds in kraken back into my uk account using a sepa transfer, which kraken charged me 9 euro cents for, vs the £9.50 charged my bank charged the other way and again my bank gave me a horrible rate from euros to sterling.

I have since set up a 'revolut' account, again all online sending scans of my passport and picture o my face. I have tested sending euro funds from kraken to revolut and this worked fine and the fee was again 9 euro cents. Once the euro funds are in revolut I was able to convert them to sterling at money market rates and then send them from there to my UK account at no charge, so this is a better way for me to get euro funds from kraken to my uk account in sterling.

So I bought some bitcoin and some ether and with some of the ether I also bought in to a few ICO's - cobinhood, smartbillions and also electroneum. The first two because they sounded like good ideas to me and the last simply because harry redknapp tweeted about them . The bulk however I am just HODLing in bitcoin and ether (hodl = hold on for dear life). Over all to date I am about 65% up on my initial stake. I also left 350 euro in my kraken account which I use to try and 'trade' to profit, trying to use the volatility of bitcoin to make profit. This 350 is currently worth 540 euro. Of course I understand that all this 'profit' and my initial stake may plunge to zero quicker than I can react to it but actually having studied crypto currencies for over a year now my belief is they are here to stay in one form or another. I almost bought last year when bitcoin price was around 500 euro but convinced myself then that i was 'too late' and 'had missed the boat' so I did not. This is one of the problems with bitcoin - it always feels like you are buying at the 'top' of the market because it is 'always' close to a new record high. The reverse is also true in terms of 'getting out'. Right now I have made great profit in just a couple of months and part of me is screaming 'get out - take your profit'. However if I were to get out now and the price of bitcoin were to go form its just short of 8000 euro to say 16000 euro in the next year or two, I would of course regret cashing out. My plan is , if things keep appreciating, is to remove my initial stake back in to real (fiat) currency whilst maintaining a position in bitcoin and ether,

[johnny1]

Think i need to go back to college to get all that explained in ABC baby language

[erol]

One piece of advise I read when looking in to crypto currencies was to only invest in them to the degree that you actually understand them. So if you do not understand them at all then do not invest in them at all. Understand them only a little bit then only invest a little bit and so on, As I said above I spent well over a year watching and trying to understand crypto currencies before spending any 'real' (fiat) money on purchasing them.

Bitcoin currently trading at around 9630 USD per BTC right now (600 odd USD up on the record high price of 9000 USD set only yesterday). It is a roller coaster and it may well drop far below yesterdays record high of USD 9000 in an even shorter space of time.

[johnny1]

thankyou erol

[Groucho]

House of cards... the major strength of the bitcoin is also its main weakness. The lunatics have taken over the asylum.

[tingtang]

House of cards... the major strength of the bitcoin is also its main weakness. The lunatics have taken over the asylum.

Hear, hear - like the SouthSea Bubble it will all end in tears.

Timing your exit wil;l be critical.

tt.

[mrsgee]

Well, spot on I think Erol.....just read the Bitcoin has fallen by over one fifth in the past 24 hours.......not for the faint hearted I think...